Document:

Exhibit 4.2

 

EXECUTION VERSION

 

 

 

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

 

MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION,
as Servicer,

 

SITUS HOLDINGS, LLC,
as Special Servicer,

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Certificate Administrator and as Trustee

 

and

 

PARK BRIDGE LENDER SERVICES LLC,
as Operating Advisor

 

 

 

TRUST AND SERVICING AGREEMENT

 

Dated as of October 14, 2021

 

 

 

J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM
Commercial Mortgage Pass-Through Certificates, Series 2021-1MEM

 

 

    

     

    

 

TABLE OF CONTENTS

 

Page

 

	
ARTICLE 1.

	
 

	
DEFINITIONS

	
 

	
4

	
 

	
 

	
 

	
 

	
 

	
Section 1.1

	
 

	
Definitions

	
 

	
4

	
Section 1.2

	
 

	
Interpretation

	
 

	
61

	
Section 1.3

	
 

	
Certain Calculations in Respect of the Trust Loan or the Mortgage Loan

	
 

	
61

	
 

	
 

	
 

	
 

	
 

	
ARTICLE 2.

	
 

	
DECLARATION OF TRUST; ORIGINAL ISSUANCE OF CERTIFICATES

	
 

	
64

	
 

	
 

	
 

	
 

	
 

	
Section 2.1

	
 

	
Creation and Declaration of Trust; Conveyance of the Trust Loan

	
 

	
64

	
Section 2.2

	
 

	
Acceptance by the Trustee and the Certificate Administrator

	
 

	
67

	
Section 2.3

	
 

	
Representations and Warranties of the Trustee

	
 

	
70

	
Section 2.4

	
 

	
Representations and Warranties of the Certificate Administrator

	
 

	
71

	
Section 2.5

	
 

	
Representations and Warranties of the Servicer

	
 

	
72

	
Section 2.6

	
 

	
Representations and Warranties of the Special Servicer

	
 

	
73

	
Section 2.7

	
 

	
Representations and Warranties of the Depositor

	
 

	
74

	
Section 2.8

	
 

	
Representations and Warranties of the Operating Advisor

	
 

	
76

	
Section 2.9

	
 

	
Representations and Warranties Contained in the Trust Loan Purchase Agreement

	
 

	
77

	
Section 2.10

	
 

	
Execution and Delivery of Certificates; Issuance of Uncertificated Lower-Tier Interests

	
 

	
79

	
Section 2.11

	
 

	
Miscellaneous REMIC Provisions

	
 

	
79

	
Section 2.12

	
 

	
Resignation Upon Prohibited Risk Retention Affiliation

	
 

	
79

	
 

	
 

	
 

	
 

	
 

	
ARTICLE 3.

	
 

	
ADMINISTRATION AND SERVICING OF THE MORTGAGE LOAN

	
 

	
80

	
 

	
 

	
 

	
 

	
 

	
Section 3.1

	
 

	
Servicer to Act as the Servicer; Special Servicer to Act as the Special Servicer

	
 

	
80

	
Section 3.2

	
 

	
Sub-Servicing Agreements

	
 

	
82

	
Section 3.3

	
 

	
Cash Management Account

	
 

	
84

	
Section 3.4

	
 

	
Collection Account, Companion Loan Distribution Account and Interest Reserve Account

	
 

	
84

	
Section 3.5

	
 

	
Distribution Account

	
 

	
91

	
Section 3.6

	
 

	
Foreclosed Property Account

	
 

	
92

	
Section 3.7

	
 

	
Appraisal Reductions

	
 

	
92

	
Section 3.8

	
 

	
Investment of Funds in the Collection Account and Any Foreclosed Property Account

	
 

	
95

	
Section 3.9

	
 

	
Payment of Taxes, Assessments, etc.

	
 

	
97

	
Section 3.10

	
 

	
Appointment of Special Servicer

	
 

	
97

 

 

    -i-

     

    

 

	
Section 3.11

	
 

	
Maintenance of Insurance and Errors and Omissions and Fidelity Coverage

	
 

	
104

	
Section 3.12

	
 

	
Procedures with Respect to Defaulted Mortgage Loan; Realization upon the Property

	
 

	
106

	
Section 3.13

	
 

	
Certificate Administrator and Trustee to Cooperate; Release of Items in Mortgage File

	
 

	
109

	
Section 3.14

	
 

	
Title and Management of Foreclosed Property

	
 

	
109

	
Section 3.15

	
 

	
Sale of Foreclosed Property

	
 

	
112

	
Section 3.16

	
 

	
Sale of the Mortgage Loan

	
 

	
114

	
Section 3.17

	
 

	
Servicing Compensation

	
 

	
117

	
Section 3.18

	
 

	
Reports to the Certificate Administrator; Account Statements

	
 

	
122

	
Section 3.19

	
 

	
[Reserved]

	
 

	
123

	
Section 3.20

	
 

	
[Reserved]

	
 

	
123

	
Section 3.21

	
 

	
Access to Certain Documentation Regarding the Mortgage Loan and Other Information

	
 

	
123

	
Section 3.22

	
 

	
Inspections

	
 

	
124

	
Section 3.23

	
 

	
Advances

	
 

	
125

	
Section 3.24

	
 

	
Modifications of Mortgage Loan Documents

	
 

	
129

	
Section 3.25

	
 

	
Conflicts of Interests; Mandatory Resignation of Servicer and Special Servicer May Own Certificates; Conflicts of Interest

	
 

	
131

	
Section 3.26

	
 

	
The Operating Advisor

	
 

	
132

	
Section 3.27

	
 

	
Rating Agency Confirmation

	
 

	
138

	
Section 3.28

	
 

	
Miscellaneous Provisions

	
 

	
139

	
Section 3.29

	
 

	
Companion Loan Intercreditor Matters

	
 

	
140

	
Section 3.30

	
 

	
[Reserved]

	
 

	
141

	
Section 3.31

	
 

	
Credit Risk Retention

	
 

	
142

	
 

	
 

	
 

	
 

	
 

	
ARTICLE 4.

	
 

	
DISTRIBUTIONS AND STATEMENTS TO CERTIFICATEHOLDERS

	
 

	
142

	
 

	
 

	
 

	
 

	
 

	
Section 4.1

	
 

	
Distributions

	
 

	
142

	
Section 4.2

	
 

	
Withholding Tax

	
 

	
146

	
Section 4.3

	
 

	
Allocation and Distribution of Yield Maintenance Default Premiums

	
 

	
146

	
Section 4.4

	
 

	
Statements to Certificateholders

	
 

	
147

	
Section 4.5

	
 

	
Investor Q&A Forum; Investor Registry and Rating Agency Q&A Forum

	
 

	
150

	
 

	
 

	
 

	
 

	
 

	
ARTICLE 5.

	
 

	
THE CERTIFICATES

	
 

	
155

	
 

	
 

	
 

	
 

	
 

	
Section 5.1

	
 

	
The Certificates

	
 

	
155

	
Section 5.2

	
 

	
Form and Registration

	
 

	
157

	
Section 5.3

	
 

	
Registration of Transfer and Exchange of Certificates

	
 

	
159

	
Section 5.4

	
 

	
Mutilated, Destroyed, Lost or Stolen Certificates

	
 

	
166

	
Section 5.5

	
 

	
Persons Deemed Owners

	
 

	
167

	
Section 5.6

	
 

	
Access to List of Certificateholders’ Names and Addresses; Special Notices

	
 

	
167

 

 

    -ii-

     

    

 

	
Section 5.7

	
 

	
Maintenance of Office or Agency

	
 

	
168

	
 

	
 

	
 

	
 

	
 

	
ARTICLE 6.

	
 

	
THE DEPOSITOR, THE SERVICER, THE SPECIAL SERVICER AND THE OPERATING ADVISOR

	
 

	
168

	
 

	
 

	
 

	
 

	
 

	
Section 6.1

	
 

	
Respective Liabilities of the Depositor, the Servicer, the Special Servicer and the Operating Advisor

	
 

	
168

	
Section 6.2

	
 

	
Merger or Consolidation of the Servicer or the Special Servicer

	
 

	
168

	
Section 6.3

	
 

	
Limitation on Liability of the Depositor, the Servicer, the Special Servicer, the Operating Advisor and Others

	
 

	
169

	
Section 6.4

	
 

	
Servicer and Special Servicer Not to Resign; Replacement of Servicer or Special Servicer

	
 

	
170

	
Section 6.5

	
 

	
Ethical Wall

	
 

	
171

	
Section 6.6

	
 

	
Indemnification by the Servicer, the Special Servicer, the Operating Advisor and the Depositor

	
 

	
172

	
 

	
 

	
 

	
 

	
 

	
ARTICLE 7.

	
 

	
SERVICER TERMINATION EVENTS; TERMINATION OF SPECIAL SERVICER WITHOUT CAUSE

	
 

	
173

	
 

	
 

	
 

	
 

	
 

	
Section 7.1

	
 

	
Servicer Termination Events; Special Servicer Termination Events

	
 

	
173

	
Section 7.2

	
 

	
Trustee to Act; Appointment of Successor

	
 

	
181

	
Section 7.3

	
 

	
[Reserved]

	
 

	
183

	
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

	
 

	
184

	
 

	
 

	
 

	
 

	
 

	
ARTICLE 8.

	
 

	
THE TRUSTEE AND THE CERTIFICATE ADMINISTRATOR

	
 

	
184

	
 

	
 

	
 

	
 

	
 

	
Section 8.1

	
 

	
Duties of the Trustee and the Certificate Administrator

	
 

	
184

	
Section 8.2

	
 

	
Certain Matters Affecting the Trustee and the Certificate Administrator

	
 

	
187

	
Section 8.3

	
 

	
Neither the Trustee nor the Certificate Administrator is Liable for Certificates or the Mortgage Loan

	
 

	
189

	
Section 8.4

	
 

	
Trustee and Certificate Administrator May Own Certificates

	
 

	
191

	
Section 8.5

	
 

	
Trustee’s and Certificate Administrator’s Fees and Expenses

	
 

	
191

	
Section 8.6

	
 

	
Eligibility Requirements for the Trustee and the Certificate Administrator; Errors and Omissions Insurance

	
 

	
193

	
Section 8.7

	
 

	
Resignation and Removal of the Trustee or the Certificate Administrator

	
 

	
194

	
Section 8.8

	
 

	
Successor Trustee or Successor Certificate Administrator

	
 

	
196

	
Section 8.9

	
 

	
Merger or Consolidation of the Trustee or the Certificate Administrator

	
 

	
197

	
Section 8.10

	
 

	
Appointment of Co-Trustee or Separate Trustee

	
 

	
197

	
Section 8.11

	
 

	
Appointment of Authenticating Agent and Custodian

	
 

	
199

	
Section 8.12

	
 

	
Indemnification by the Trustee and the Certificate Administrator

	
 

	
200

	
Section 8.13

	
 

	
Certificate Administrator and Servicer Not Responsible for Inconsistent Payment Information

	
 

	
200

	
Section 8.14

	
 

	
Access to Certain Information

	
 

	
200

 

 

    -iii-

     

    

 

	
ARTICLE 9.

	
 

	
CERTAIN MATTERS RELATING TO THE DIRECTING CERTIFICATEHOLDER

	
 

	
210

	
 

	
 

	
 

	
 

	
 

	
Section 9.1

	
 

	
Selection and Removal of the Directing Certificateholder

	
 

	
210

	
Section 9.2

	
 

	
Limitation on Liability of Directing Certificateholder; Acknowledgements of the Certificateholders

	
 

	
211

	
Section 9.3

	
 

	
Rights and Powers of the Directing Certificateholder

	
 

	
212

	
Section 9.4

	
 

	
Directing Certificateholder Contact with Servicer and Special Servicer

	
 

	
216

	
 

	
 

	
 

	
 

	
 

	
ARTICLE 10.

	
 

	
TERMINATION

	
 

	
216

	
 

	
 

	
 

	
 

	
 

	
Section 10.1

	
 

	
Termination

	
 

	
216

	
Section 10.2

	
 

	
Additional Termination Requirements

	
 

	
217

	
Section 10.3

	
 

	
Trusts Irrevocable

	
 

	
218

	
 

	
 

	
 

	
 

	
 

	
ARTICLE 11.

	
 

	
MISCELLANEOUS PROVISIONS

	
 

	
218

	
 

	
 

	
 

	
 

	
 

	
Section 11.1

	
 

	
Amendment

	
 

	
218

	
Section 11.2

	
 

	
Recordation of Agreement; Counterparts

	
 

	
222

	
Section 11.3

	
 

	
Governing Law; Waiver of Trial by Jury; Submission to Jurisdiction

	
 

	
222

	
Section 11.4

	
 

	
Notices

	
 

	
223

	
Section 11.5

	
 

	
Notices to the Rating Agencies

	
 

	
227

	
Section 11.6

	
 

	
Severability of Provisions

	
 

	
227

	
Section 11.7

	
 

	
Limitation on Rights of Certificateholders

	
 

	
227

	
Section 11.8

	
 

	
Certificates Nonassessable and Fully Paid

	
 

	
228

	
Section 11.9

	
 

	
Reproduction of Documents

	
 

	
228

	
Section 11.10

	
 

	
No Partnership

	
 

	
229

	
Section 11.11

	
 

	
Actions of Certificateholders

	
 

	
229

	
Section 11.12

	
 

	
Successors and Assigns

	
 

	
229

	
Section 11.13

	
 

	
Acceptance by Authenticating Agent, Certificate Registrar

	
 

	
230

	
Section 11.14

	
 

	
Streit Act

	
 

	
230

	
Section 11.15

	
 

	
Assumption by Trust of Duties and Obligations of the Trust Loan Seller Under the Mortgage Loan Documents

	
 

	
230

	
Section 11.16

	
 

	
Grant of a Security Interest

	
 

	
230

	
 

	
 

	
 

	
 

	
 

	
ARTICLE 12.

	
 

	
REMIC ADMINISTRATION

	
 

	
231

	
 

	
 

	
 

	
 

	
 

	
Section 12.1

	
 

	
REMIC Administration

	
 

	
231

	
Section 12.2

	
 

	
Foreclosed Property

	
 

	
235

	
Section 12.3

	
 

	
Prohibited Transactions and Activities

	
 

	
236

	
Section 12.4

	
 

	
Indemnification with Respect to Certain Taxes and Loss of REMIC Status

	
 

	
237

 

 

    -iv-

     

    

 

	
ARTICLE 13.

	
 

	
EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE

	
 

	
238

	
 

	
 

	
 

	
 

	
 

	
Section 13.1

	
 

	
Intent of the Parties; Reasonableness

	
 

	
238

	
Section 13.2

	
 

	
Succession; Sub-Servicers; Subcontractors

	
 

	
238

	
Section 13.3

	
 

	
Other Securitization Trust’s Filing Obligations

	
 

	
240

	
Section 13.4

	
 

	
Form 10-D Disclosure

	
 

	
240

	
Section 13.5

	
 

	
Form 10-K Disclosure

	
 

	
241

	
Section 13.6

	
 

	
Form 8-K Disclosure

	
 

	
241

	
Section 13.7

	
 

	
Annual Compliance Statements

	
 

	
242

	
Section 13.8

	
 

	
Annual Reports on Assessment of Compliance with Servicing Criteria

	
 

	
243

	
Section 13.9

	
 

	
Annual Independent Public Accountants’ Servicing Report

	
 

	
244

	
Section 13.10

	
 

	
Significant Obligor

	
 

	
245

	
Section 13.11

	
 

	
Sarbanes-Oxley Backup Certification

	
 

	
246

	
Section 13.12

	
 

	
Indemnification

	
 

	
247

	
Section 13.13

	
 

	
Amendments

	
 

	
248

	
Section 13.14

	
 

	
Termination of the Certificate Administrator

	
 

	
248

	
Section 13.15

	
 

	
Termination of Sub-Servicing Agreements

	
 

	
248

	
Section 13.16

	
 

	
Notification Requirements and Deliveries in Connection with Securitization of a Companion Loan

	
 

	
248

 

 

    -v-

     

    

 

EXHIBITS

 

	
Exhibit A-1

	
 

	
Form of Class A Certificates

	
Exhibit A-2

	
 

	
Form of Class X Certificates

	
Exhibit A-3

	
 

	
Form of Class B Certificates

	
Exhibit A-4

	
 

	
Form of Class C Certificates

	
Exhibit A-5

	
 

	
Form of Class D Certificates

	
Exhibit A-6

	
 

	
Form of Class E Certificates

	
Exhibit A-7

	
 

	
Form of Class ELP Certificates

	
Exhibit A-8

	
 

	
Form of Class HRR Certificates

	
Exhibit A-9

	
 

	
Form of Class R Certificates

	
Exhibit B

	
 

	
Form of Request for Release

	
Exhibit C

	
 

	
Form of Transfer Certificate for Rule 144A Global Certificate to Temporary Regulation S Global Certificate

	
Exhibit D

	
 

	
Form of Transfer Certificate for Rule 144A Global Certificate to Regulation S Global Certificate

	
Exhibit E

	
 

	
Form of Transfer Certificate for Temporary Regulation S Global Certificate to Rule 144A Global Certificate during Restricted Period

	
Exhibit F

	
 

	
Form of Certification to be given by Beneficial Owner of Temporary Regulation S Global Certificate

	
Exhibit G

	
 

	
Form of Transfer Certificate 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 Affidavit Pursuant to Section 860E(e)(4) of the Internal Revenue Code of 1986, as amended

	
Exhibit J-2

	
 

	
Form of Transferor Letter

	
Exhibit J-3

	
 

	
Form of ERISA Representation Letter

	
Exhibit J-4

	
 

	
Form of Transferee Certificate for Transfers of Risk Retention Certificates

	
Exhibit J-5

	
 

	
Form of Transferor Certificate for Transfers of Risk Retention Certificates

	
Exhibit J-6

	
 

	
Form of Request of Sponsor Consent for Release of the HRR Certificates

	
Exhibit K-1

	
 

	
Form of Investor Certification for Non-Borrower Affiliates

	
Exhibit K-2

	
 

	
Form of Investor Certification for Borrower Affiliates

	
Exhibit L

	
 

	
Applicable Servicing Criteria

	
Exhibit M

	
 

	
Form of NRSRO Certification

	
Exhibit N-1

	
 

	
Form of Transferor Certificate for Transfer of the Excess Servicing Fee Rights

	
Exhibit N-2

	
 

	
Form of Transferee Certificate for Transfer of the Excess Servicing Fee Rights

	
Exhibit O

	
 

	
Form of Online Market Data Provider Certificate

	
Exhibit P

	
 

	
Form of Investment Representation Letter

	
Exhibit Q

	
 

	
CREFC® Payment Information

	
Exhibit R

	
 

	
Additional Form 10-D Disclosure

	
Exhibit S

	
 

	
Additional Form 10-K Disclosure

	
Exhibit T

	
 

	
Form 8-K Disclosure Information

	
Exhibit U

	
 

	
Additional Disclosure Notification

 

 

    -vi-

     

    

 

	
Exhibit V

	
 

	
Initial Sub-Servicers

	
Exhibit W

	
 

	
Form of Annual Compliance Statement

	
Exhibit X

	
 

	
Form of Report on Assessment of Compliance with Servicing Criteria

	
Exhibit Y-1

	
 

	
Form of Certification to be Provided to Depositor by Servicer

	
Exhibit Y-2

	
 

	
Form of Certification to be Provided to Depositor by Special Servicer

	
Exhibit Y-3

	
 

	
Form of Certification to be Provided to Depositor by Certificate Administrator

	
Exhibit Y-4

	
 

	
Form of Certification to be Provided to Depositor by Trustee

	
Exhibit Y-5

	
 

	
Form of Certification to be Provided to Depositor by Operating Advisor

	
Exhibit Z

	
 

	
Form of Operating Advisor Annual Report

	
Exhibit AA

	
 

	
Form of Notice from Operating Advisor Recommending Replacement of Special Servicer

	
Exhibit BB

	
 

	
Form of Certificate Administrator Receipt of Risk Retention Certificates

	
Exhibit CC

	
 

	
Performance Escrows or Reserves

 

    -vii-

     

    

 

THIS TRUST AND SERVICING AGREEMENT (“Agreement”) is dated as of October 14, 2021 among J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor.

 

INTRODUCTORY STATEMENT

 

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

 

JPMorgan Chase Bank, National Association (together with its successors-in-interest, “JPMCB”) originated a fixed rate, interest-only mortgage loan (the “Mortgage Loan”) with a ten-year term until maturity pursuant to that certain Loan Agreement, dated as of September 15, 2021 (as amended, restated, supplemented or otherwise modified from time to time, the “Mortgage Loan Agreement”), between JPMCB, as lender and OMD Owner, LLC (the “Borrower”), as borrower.

 

The Mortgage Loan consists of (a) a loan that has an unpaid principal balance as of the Closing Date of $255,850,000 (the “Trust Loan”) and is evidenced by two promissory notes designated as A-1 and B (as the same may hereafter be amended, restated, replaced, extended, renewed, supplemented, consolidated, severed, split or otherwise modified, the “Trust Notes”), and (b) one loan that has an aggregate unpaid principal balance as of the Closing Date of $158,150,000 (the “Companion Loan”) and is evidenced by the promissory notes designated as A-2, A-3, A-4, A-5 And A-6 (as the same may hereafter be amended, restated, replaced, extended, renewed, supplemented, consolidated, severed, split or otherwise modified, the “Companion Loan Notes”). The Trust Notes and the Companion Loan Notes are collectively referred to herein as the “Notes”.

 

The Trust Loan was sold and assigned by JPMCB (in such capacity, the “Trust Loan Seller”) to the Depositor pursuant to a trust loan purchase and sale agreement, dated as of October 14, 2021 (the “Trust Loan Purchase Agreement”), by and among the Trust Loan Seller and the Depositor. The Companion Loan is not part of the Trust Fund. The relative rights of the respective lenders in respect of the Mortgage Loan are set forth in a co-lender agreement dated as of October 14, 2021 (as amended, restated, supplemented or otherwise modified from time to time, the “Co-Lender Agreement”), among the holder of the Trust Notes and the holders of the Companion Loan Notes. From and after the Closing Date, the entire Mortgage 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 (exclusive of Excess Liquidation Proceeds Option) for federal income tax purposes as two separate real estate mortgage investment conduits (the “Upper-Tier REMIC” and the “Lower-Tier REMIC” and, each, a “Trust REMIC”). The Regular Certificates will represent the “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 addition, the portion of the Trust Fund consisting of the Excess Liquidation Proceeds Option with respect to the Mortgage Loan and the related proceeds. The Class of ELP Certificates will represent undivided beneficial interests in a Grantor Trust consisting of the Excess Liquidation Proceeds Option. As provided herein, the Certificate Administrator shall take all actions expressly required hereunder to ensure that the portion of the Trust Fund consisting of a Grantor Trust maintains its status as a grantor trust under federal income tax law and not be treated as part of the Trust REMICs.

 

In exchange for the Trust Loan and the Uncertificated Lower-Tier Interests, the Trust will issue to the Depositor the Class A, Class X, Class B, Class C, Class D, Class E, Class HRR, Class ELP 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 (exclusive of the rights of the Companion Loan Holders thereunder) and all payments under, and proceeds of, the Trust Loan from and after the Cut-off Date.

 

The Depositor intends to sell the Certificates to the Initial Purchasers (other than the Class HRR and Class ELP Certificates) in an offering exempt from the registration requirements of the federal securities laws, and to sell the Class HRR and Class ELP Certificates to the Third Party Purchaser in an offering exempt from the registration requirements of the federal securities laws.

 

UPPER-TIER REMIC

 

As further described in Section 2.11, the Class A, Class X, Class B, Class C, Class D, Class E and Class HRR Certificates will evidence “regular interests” in the Upper-Tier REMIC created hereunder. The Class UT-R Interest will constitute the sole Class of “residual interests” in the Upper-Tier REMIC created hereunder, and will be evidenced by the Class R Certificates. The following table sets forth the class designation, the Pass-Through Rate and the aggregate initial Certificate Balance (the “Original Certificate Balance”) or Notional Amount, as applicable, for each Class of Certificates and the Class UT-R Interest comprising the interests in the Upper-Tier REMIC created hereunder:

 

	
Class Designation 

	
 

	
Pass-Through Rate
(per annum) 

	
 

	
Original Certificate Balance or Notional 
Amount

	
Class A

	
 

	
2.51561%(1)

	
 

	
$                   100,000,000

	
 

	
Class X

	
 

	
Variable IO(2)

	
 

	
$                   100,000,000

	
(3)

	
Class B

	
 

	
2.74198%(4)

	
 

	
$                     24,270,000

	
 

	
Class C

	
 

	
2.74198%(4)

	
 

	
$                     26,620,000

	
 

	
Class D

	
 

	
2.74198%(4)

	
 

	
$                     45,970,000

	
 

	
Class E

	
 

	
2.74198%(4)

	
 

	
$                     43,275,000

	
 

	
Class HRR

	
 

	
2.74198%(4)

	
 

	
$                     15,715,000

	
 

	
Class UT-R

	
 

	
None(5)

	
 

	
None(5)   

	
 

 

 

    -2-

     

    

 

 

	
(1)

	The Pass-Through Rate applicable to the Class A Certificates will be a fixed rate per annum rate equal to the rate listed above.
	
 

	
 

	
(2)

	
The Class X Pass-Through Rate for any Certificate Interest Accrual Period is variable and, for each Distribution Date, will equal the Class X Strip Rate for the Class A Certificates for such Distribution Date. For income tax purposes, for each Certificate Interest Accrual Period and related Distribution Date, the Class X Certificates shall be entitled to a specified portion of the interest payable on the Class LA Uncertificated Interest equal to the excess, if any, of the WAC Rate for such Certificate Interest Accrual Period and related Distribution Date over a per annum rate equal to the Pass-Through Rate for the Class A Certificates for such Certificate Interest Accrual Period and related Distribution Date. During the initial Certificate Interest Accrual Period, it is expected that the Pass-Through Rate for the Class X Certificates will equal approximately 0.22637%.

 

	
(3)

	
The Class X Certificates will not have Certificate Balances and will not be entitled to receive distributions of principal. The Notional Amount of the Class X Certificates will be equal to the Certificate Balance of the Class A Certificates.

 

	
(4)

	
The Pass-Through Rate applicable to each of the Class B, Class C, Class D, Class E and Class HRR Certificates will be per annum rate equal to the WAC Rate. During the initial Certificate Interest Accrual Period, it is expected that the Pass-Through Rate for the Class B, Class C, Class D, Class E and Class HRR Certificates will each be a per annum rate listed above.

 

	
(5)

	
The Class UT-R Interest (evidenced by the Class R Certificates) will not have a Certificate Balance or Notional Amount, will not bear interest and will not be entitled to distributions of Prepayment Premiums. 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 2.11, the Class LA, Class LB, Class LC, Class LD 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)

	
 

	
$          100,000,000

	
 

	
Class LB

	
 

	
(1)

	
 

	
$            24,270,000

	
 

	
Class LC

	
 

	
(1)

	
 

	
$            26,620,000

	
 

	
Class LD

	
 

	
(1)

	
 

	
$            45,970,000

	
 

	
Class LE

	
 

	
(1)

	
 

	
$            43,275,000

	
 

	
Class LHRR

	
 

	
(1)

	
 

	
$            15,715,000

	
 

	
Class LT-R

	
 

	
None(2)

	
 

	
None(2)   

	
 

 

 

	
(1)

	
For any Distribution Date, the Pass-Through Rate for each Class of Uncertificated Lower-Tier Interests shall be the WAC Rate for such Distribution Date.

 

	
(2)

	
The Class LT-R Interest (evidenced by the Class R Certificates) will not have a Certificate Balance or Notional Amount, will not bear interest and will not be entitled to distributions of Prepayment Premiums. Any Available

 

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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).

 

The foregoing REMIC structure is intended to cause all of the cash from the Trust Notes to flow through to the Upper-Tier REMIC as cash flow on a REMIC regular interest, without creating any shortfall, actual or potential (other than for credit losses), to any REMIC regular interest. To the extent that the structure is believed to diverge from such intention, the parties identifying such ambiguity shall notify the other parties hereto and the parties involved will resolve such ambiguities to accomplish the intended result and will to the extent necessary rectify any drafting errors or seek clarification to the structure without Certificateholder approval (but with guidance of counsel) to accomplish such intention, including, to the extent necessary, making any amendments in accordance with Section 11.1 of this Agreement.

 

THE GRANTOR TRUST

 

The portion of the Trust Fund consisting of the Excess Liquidation Proceeds Option with respect to the Trust Loan will be treated as a Grantor Trust for federal income tax purposes, and the Class of ELP Certificates will represent undivided beneficial interests in a Grantor Trust consisting of the Excess Liquidation Proceeds Option. As provided herein, the Certificate Administrator shall not take any actions that would cause a 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.

 

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

 

The Class ELP Certificates will not have a Pass-Through Rate or Certificate Balance, but will be entitled to the right to exercise their Excess Liquidation Proceeds Option.

 

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

 

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

 

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.

 

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

 

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

 

“A Notes”: The promissory notes designated as A-1, A-2, A-3, A-4, A-5 and A-6.

 

“Acceptable Insurance Default”: Any default arising when the Mortgage Loan Documents require that the Borrower must maintain all risk casualty insurance or other insurance that covers damages or losses arising from acts of terrorism and the Special Servicer has determined, in its reasonable judgment in accordance with Accepted Servicing Practices, that (i) such insurance is not available at commercially reasonable rates and the subject hazards are not commonly insured against by prudent owners of similar real properties located in or near the geographic region in which the Property is located (but only by reference to such insurance that has been obtained by such owners at current market rates), or (ii) such insurance is not available at any rate. Each of the Servicer (at its own expense) and the Special Servicer (as a Trust Fund Expense) shall be entitled to rely on insurance consultants in making the determinations described in this definition.

 

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

 

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

 

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

 

“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 U.

 

“Additional Compensation”: Default Interest and late payment fees (after all payments pursuant to Section 3.4(c)(iv) and 3.4(c)(v)), Assumption Fees, Assumption Application Fees, substitution fees, release fees (including, without limitation, any fees payable in connection with a defeasance), Modification Fees, loan service transaction fees, consent fees, amounts collected for checks returned for insufficient funds, charges for beneficiary statements or demands, other loan processing fees, review fees and similar fees and expenses to which the Servicer and the Special Servicer, as applicable, is entitled (to the extent permitted by (or not otherwise prohibited by) and specifically allocated to such amounts in accordance with the terms of the Mortgage Loan Documents or pursuant to this Agreement and any income earned (net of losses (subject to Section 3.8(b)) on the investment of funds deposited in the Collection Account, any Foreclosed Property Account and any Reserve Account pursuant to Section 3.8 of this Agreement.

 

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“Additional Form 10-D Disclosure” The information described in the Form 10-D items set forth under the “Item on Form 10-D” column on Exhibit R 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 Exhibit S hereto.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Annual Budget”: As defined in the Mortgage Loan Agreement.

 

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

 

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

 

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“Applied Realized Loss Amount”: All reductions in the Certificate Balance of a Class of Certificates in respect of Realized Losses as described in Section 4.1(g).

 

“Appraisal”: With respect to the Property or the Foreclosed Property, an appraisal of such Property or Foreclosed Property, conducted by an Independent Appraiser in accordance with the standards of the Appraisal Institute and certified by such Independent Appraiser as having been prepared in accordance with the requirements of the Standards of Professional Practice of the Appraisal Institute with an “MAI” designation and the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation, as well as the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended; provided, that after an initial “Appraisal” has been obtained pursuant to the terms of this Agreement, an update of such initial Appraisal shall be considered an “Appraisal” hereunder for all purposes. All Appraisals (and updates thereof) obtained pursuant to the terms of this Agreement shall include a valuation using the “income capitalization – discounted cash flow approach” and set forth the discount rate and terminal capitalization rate utilized by the Independent Appraiser. All calculations under this Agreement requiring that a “value” or “appraised value” be used with respect to the Property or the Foreclosed Property (as applicable) shall use the most recently determined appraised value set forth in an Appraisal (or update thereof) unless a different valuation is specifically required (such as the appraised value of the Property as of the Origination Date). With respect to any Appraisal Reduction Amount calculated for purposes of determining an Appraisal Reduction Event, the appraised value (as determined by an updated Appraisal) of the Property 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 of any date of determination, an amount calculated by the Special Servicer equal to the excess of (i) the outstanding principal balance of the Mortgage Loan on such date plus the sum of (A) all accrued and unpaid interest on each Note at the applicable Note Rate, (B) all unreimbursed Administrative Advances, Property Protection Advances and interest on all Advances at the Advance Rate in respect of the Mortgage Loan or the Property and interest on all Companion Loan Advances, (C) the amount of any Advances and interest thereon previously reimbursed from principal collections on the Mortgage Loan that have not otherwise been recovered from the Borrower, (D) all currently due and unpaid real estate taxes and assessments and insurance premiums and all other amounts, including, if applicable, ground rents, 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 this Agreement over (ii) the sum of (A) 90% of the appraised value (as determined by an Appraisal) of the Property securing the Mortgage Loan less the amount of any liens (exclusive of Permitted Encumbrances) on the Property senior to the lien of the related Mortgage Loan Documents plus (B) any escrows with respect to the Mortgage Loan, including for taxes, insurance premiums and ground rent, if any. The Trust Loan and the Companion Loan shall be treated as a single mortgage loan for purposes of calculating the Appraisal Reduction Amount. Any Appraisal Reduction Amounts with respect to the Mortgage Loan shall be allocated, first, to the B Note, up to the full outstanding principal balance thereof, and then to the A Notes, on a pro rata and pari passu basis, up to the full outstanding principal balance thereof. Any Appraisal Reduction Amount allocated to the A Notes will be allocated to the Trust A Note and the Companion Loan Notes, on a pro rata and pari passu basis, based on their respective outstanding principal balances thereof.

 

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“Appraisal Reduction Event”: The earliest of (i) 60 days after an uncured payment delinquency (other than a delinquency in respect of the Balloon Payment) occurs in respect of the Mortgage Loan, (ii) 90 days after an uncured delinquency occurs in respect of the Balloon Payment for the Mortgage Loan unless a refinancing or sale is anticipated within 120 days after the Maturity Date of the Mortgage Loan (as evidenced by a fully executed term sheet or written refinancing commitment or a signed purchase and sale agreement in a manner consistent with CMBS market practices and that is satisfactory in form and substance to the Servicer from an acceptable lender or purchaser delivered on or prior to the due date of such Balloon Payment which provides that such refinancing or sale will occur within 120 days after the Maturity Date), in which case 120 days after such uncured delinquency, (iii) 60 days after a reduction in Monthly Payments or Balloon Payment or a material adverse economic change with respect to the terms of the Mortgage Loan has become effective, (iv) 60 days after an extension of the Maturity Date of the Mortgage 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 securing the Mortgage Loan on behalf of the Trust or any other creditor, (vi) immediately after the Borrower declares, or becomes the subject of, bankruptcy, insolvency or similar proceedings, admits in writing the inability to pay its debts as they come due or makes an assignment for the benefit of creditors, or (vii) immediately after the Property securing the Mortgage Loan becomes a Foreclosed Property.

 

“ASR Consultation Process”: As defined in Section 3.10(i).

 

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

 

“Assignment of Management Agreement”: With respect to the Property, as defined in the Mortgage Loan Agreement.

 

“Assignment of Mortgage”: An assignment of the applicable 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 Monthly Payment”: With respect to the Trust Loan for any Distribution Date (including any Distribution Date following a delinquency in the payment of the Balloon Payment or the foreclosure of the Trust Loan or acceptance by the Trustee on behalf of the Trust and the Companion Loan Holders of a deed-in-lieu of foreclosure or comparable conversion of the Trust Loan), shall be equal to the scheduled monthly payment of interest that would have been due in respect of the Trust Loan on its Maturity Date (excluding Default Interest) and each subsequent Payment Date (or Assumed Payment Date) if the Trust Loan had been required to continue to accrue interest in accordance with its terms (other than Default Interest), in effect immediately prior to, and without regard to the occurrence of the Maturity Date or after the occurrence of a foreclosure of the Mortgage Loan or acceptance by the Trustee of a deed-in-lieu of foreclosure or comparable conversion of the Mortgage Loan, in respect of the Trust Loan on the last Payment Date (or Assumed Payment Date) prior to its foreclosure or acceptance of a deed-in-lieu, in each case as such terms may have been modified, and such Maturity Date may have been extended, in

 

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connection with a bankruptcy or similar proceeding involving the Borrower or otherwise or a modification, waiver or amendment granted or agreed to by the Servicer or Special Servicer.

 

“Assumed 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 Mortgage Loan or acceptance by the Trustee on behalf of the Trust Fund and the Companion Loan Holders of a deed-in-lieu of foreclosure or comparable conversion of the Mortgage Loan, the date that would have been the Payment Date in such calendar month if the Maturity Date or the foreclosure of the Mortgage Loan or acceptance by the Trustee on behalf of the Trust Fund and the Companion Loan Holders of a deed-in-lieu of foreclosure or comparable conversion of the Mortgage Loan had not occurred.

 

“Assumption Application Fees”: With respect to the Mortgage Loan, any and all assumption application fees actually paid by or on behalf of the Borrower in accordance with the Mortgage Loan Documents, with respect to any application submitted to the Servicer or the Special Servicer for a proposed assumption or substitution transaction or proposed transfer of an interest in the Borrower.

 

“Assumption Fees”: Any and all assumption fees actually paid by or on behalf of the Borrower in accordance with the Mortgage Loan Documents, with respect to any assumption or substitution agreement entered into by the Servicer or the Special Servicer or paid by or on behalf of the Borrower with respect to any transfer of an interest in the Borrower.

 

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

 

“Available Funds”: On each Distribution Date, an amount equal to (i) all amounts (other than Yield Maintenance Default Premiums) received in respect of the Mortgage Loan during the related Collection Period or advanced in respect of interest with respect to such Distribution Date (including, without limitation, any Repurchase Price for the Trust Loan or purchase price of the Mortgage Loan received by the Trust, Condemnation Proceeds, Insurance Proceeds and/or Liquidation Proceeds received by the Trust), plus (ii) if such Distribution Date is the Distribution Date occurring in March of each year (or February, if such Distribution Date is the final Distribution Date), Withheld Amounts to be withdrawn from the Interest Reserve Account for such Distribution Date, minus (iii) an amount equal to the applicable Withheld Amount in the case of the February Distribution Date and any January Distribution Date occurring in a year that is not a leap year (unless, in either case, such Distribution Date is the final Distribution Date), minus (iv) Trust Fund Expenses, any portion of amounts received in respect of the Mortgage Loan that are required to be distributed to the Companion Loan Holders pursuant to the terms of the Co-Lender Agreement and any other Available Funds Reduction Amount for such Distribution Date.

 

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

 

“B Note”: The promissory note designated as B.

 

“Balloon Payment”: The payment of the outstanding principal balance of the Mortgage Loan, Trust Loan or a Companion Loan, as applicable, together with all unpaid interest,

 

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due and payable on the Maturity Date or such other date on which the outstanding principal balance of the Mortgage Loan, the Trust Loan or the Companion Loan becomes due and payable, whether by declaration of acceleration, or otherwise.

 

“Base Interest Fraction”: With respect to any principal prepayment on the Trust Loan and with respect to any Class of Sequential Pay Certificates, a fraction (A) whose numerator is the greater of (x) zero and (y) the positive difference between (i) the Pass-Through Rate on such Class of Certificates for the related Distribution Date, and (ii) the Prepayment Rate used in calculating the Yield Maintenance Default Premiums, with respect to such principal prepayment, and (B) whose denominator is the positive difference between (i) the Mortgage Rate on such Mortgage Loan and (ii) the Prepayment Rate used in calculating the Yield Maintenance Default Premiums, as applicable, with respect to such principal prepayment; provided, however, that under no circumstances will the Base Interest Fraction be greater than one. If the Prepayment Rate is greater than the Mortgage Rate on such Mortgage Loan, then the Base Interest Fraction shall equal zero.

 

“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.

 

“Borrower”: As defined in the Introductory Statement.

 

“Borrower Affiliate”: Any of the Borrower, the Borrower Sponsor, the Manager, the Sub-Manager, the general partner or managing member of any of the foregoing or any of their respective Control Affiliates or agents.

 

“Borrower Sponsor”: Collectively, Metropolitan Life Insurance Company and its affiliates and Norges Bank.

 

“Business Day”: Any day other than a Saturday, Sunday or any other day on which any of the following are not open for business: (a) national banks in New York, California, North Carolina, Kansas, Pennsylvania, (b) the place of business of the Trustee, the Certificate Administrator, the Servicer, the Special Servicer or the financial institution that maintains the Collection Account, the Foreclosed Property Account or any reserve accounts for the Mortgage Loan, or (c) the New York Stock Exchange or the Federal Reserve Bank of New York.

 

“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, 42 U.S. C. §§ 9601 et seq., as amended.

 

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“Certificate”: Any Class A, Class X, Class B, Class C, Class D, Class E, Class HRR, Class ELP and Class R Certificate.

 

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

 

“Certificate Administrator Fee”: With respect to the Trust Loan and for any Distribution Date, an amount accrued during the related Mortgage 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 Mortgage Loan Interest Accrual Period; provided that such amounts shall be computed for the same period and on the same interest accrual basis respecting which any related interest payment due or deemed due on the Trust Loan is computed and shall be prorated for partial periods. A portion of the Certificate Administrator Fee, namely the Trustee Fee, shall be payable to the Trustee. For the avoidance of doubt, the Certificate Administrator Fee shall be deemed to be payable from the Lower-Tier REMIC.

 

“Certificate Administrator Fee Rate”: With respect to the Trust Loan, a rate equal to 0.0123% per annum, calculated on the same interest accrual basis as the Trust Loan. A portion of the Certificate Administrator Fee Rate shall constitute the Trustee Fee Rate and shall be payable to the Trustee.

 

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

 

“Certificate Balance”: With respect to each outstanding Class of Sequential Pay Certificates at any date, an amount equal to the Original Certificate Balance of such Class as set forth in the Introductory Statement less the sum of (a) all amounts distributed to Certificateholders 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, on all previous Distribution Dates, if any, pursuant to Section 4.1(g). With respect to any individual Certificate in any Class, the product of (x) the Percentage Interest represented by such Certificate multiplied by (y) the Certificate Balance of such Class.

 

“Certificate Interest Accrual Period”: With respect to any Distribution Date and with respect to each Class of Regular Certificates, the calendar month preceding the month in which such Distribution Date occurs.

 

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

 

“Certificateholder” or “Holder”: With respect to any Certificate, the Person in whose name a Certificate is registered in the Certificate Register; provided, however, that solely for the purposes of providing, distributing or otherwise making available any reports, statements, communications or other information as required or permitted to be provided, distributed or made available to a Certificateholder under this Agreement, a Certificateholder shall include any Beneficial Owner to the extent that the Person providing, distributing or making available such

 

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reports, statements, communications or other information has received from such Beneficial Owner an Investor Certification that such Person is a Beneficial Owner; and provided further that, solely for the purposes of giving any consent, waiver, request or demand or taking any action (including, without limitation, selecting or appointing a Directing Certificateholder), any Certificate beneficially owned by the Servicer, the Special Servicer, the Trustee, the Certificate Administrator, any Borrower Affiliate, the Manager or any of their sub-servicers, or any of their respective Affiliates or agents, shall be deemed not to be outstanding and the Voting Rights to which it is entitled and the Certificate Balance of such Certificate shall not be taken into account in determining whether the requisite percentage of Voting Rights and/or of the Certificate Balance of the Certificates or any Class of Certificates necessary to take any such action or effect any such consent, waiver, request or demand has been obtained; provided that the foregoing limitation will not be construed so as to limit or prevent a Controlling Class Certificateholder or the Directing Certificateholder, solely based on it being an Affiliate of the Special Servicer, from exercising any appointment, consent or consultation rights it may have under this Agreement solely in its capacity as Controlling Class Certificateholder or Directing Certificateholder (unless, for the avoidance of doubt, the Controlling Class Certificateholder or Directing Certificateholder is the Servicer, the Trustee, the Certificate Administrator, any Borrower Affiliate, any Restricted Party, the Manager or any of the subservicers or respective Affiliates or agents of the foregoing). Notwithstanding the foregoing, for purposes of obtaining the consent of Certificateholders to an amendment of this Agreement, any Certificate beneficially owned by the Trustee, the Certificate Administrator, the Servicer, the Special Servicer or any of their respective Affiliates shall be deemed to be outstanding; provided that such amendment does not relate to the termination of, increase in compensation of or material reduction in obligations of, the Trustee, the Certificate Administrator, the Servicer, the Special Servicer or any of their Affiliates (other than solely in its capacity as a Certificateholder) in any material respect, in which case such Certificate shall be deemed not to be outstanding. The Trustee, the Certificate Administrator and the Certificate Registrar may obtain and conclusively rely upon an Officer’s Certificate of the Depositor, the Servicer, the Special Servicer, the Certificate Administrator (in the case of the Trustee), the Trustee (in the case of the Certificate Administrator), the Borrower, a Borrower Affiliate, the Manager, or any sub-servicer to determine whether a Certificate is beneficially owned by an Affiliate of any of them.

 

“Certificateholder Quorum”: In connection with any solicitation of votes in connection with the replacement of the Special Servicer described in Section 7.1(f) (other than at the recommendation of the Operating Advisor), the Holders of Certificates evidencing at least 50% of the aggregate Voting Rights (taking into account the application of Realized Losses and the application of any Trust Appraisal Reduction Amounts to notionally reduce the Certificate Balances of the Certificates pursuant to the terms of this Agreement) of all Sequential Pay Certificates.

 

“Class”: With respect to the Certificates, all of the Certificates bearing the same alphabetical and numerical class 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.

 

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“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-3 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 C 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 C Certificate.

 

“Class C Pass-Through Rate”: As set forth in the Upper-Tier REMIC section of the Introductory Statement of this Agreement.

 

“Class D Certificate”: A Certificate executed and authenticated by the Certificate Administrator in substantially the form set forth in Exhibit A-5 hereto and designated as a Class D Certificate.

 

“Class D Pass-Through Rate”: As set forth in the Upper-Tier REMIC section of the Introductory Statement of this Agreement.

 

“Class E Certificate”: A Certificate executed and authenticated by the Certificate Administrator in substantially the form set forth in Exhibit A-6 hereto and designated as a Class E Certificate.

 

“Class E Pass-Through Rate”: As set forth in the Upper-Tier REMIC section of the Introductory Statement of this Agreement.

 

“Class ELP Certificate”: A Certificate executed and authenticated by the Certificate Administrator in substantially the form set forth in Exhibit A-7 hereto and designated as a Class ELP Certificate. The Class ELP Certificates do not have a Pass-Through Rate or a Certificate Balance.

 

“Class HRR Certificate”: A Certificate executed and authenticated by the Certificate Administrator in substantially the form set forth in Exhibit A-8 hereto and designated as a Class HRR Certificate.

 

“Class HRR 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 Introductory Statement.

 

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

 

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

 

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

 

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

 

“Class 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 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-9 hereto and designated as a Class R Certificate. The Class R Certificates have neither a Certificate Balance nor a Pass-Through Rate. The Class R Certificates will evidence the 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.

 

“Class X Certificates”: The Class X Certificates.

 

 “Class X Certificate”: A Certificate executed and authenticated by the Certificate Administrator, in substantially the form set forth in Exhibit A-2 and designated as a Class X Certificate.

 

“Class X Notional Amount”: The aggregate Certificate Balance of the Class A Certificates.

 

“Class X Pass-Through Rate”: As set forth in the Upper Tier REMIC section of the Introductory Statement of this Agreement.

 

“Class X Strip Rate”: For any Distribution Date, for the Class A Certificates will equal the excess, if any, of (a) the WAC Rate for such Distribution Date over (b) the Pass-Through Rate for each the Class A Certificates for such Distribution Date.

 

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“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”: October 14, 2021.

 

“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.

 

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

 

“Collateral”: The Property securing the Mortgage Loan, the Mortgage Loan Documents assigned with respect to the Mortgage Loan, the Reserve Accounts (and all sums held, deposited or invested therein and all proceeds thereof) with respect to the Mortgage Loan and all other collateral that is subject to security interests and liens granted to secure the Mortgage Loan under the terms of the Mortgage Loan Documents.

 

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

 

“Collection Period”: (i) With respect to the first Distribution Date following the Closing Date, the period commencing on and including the Closing Date and ending on and including the Determination Date relating to such Distribution Date, and (ii) with respect to any other Distribution Date, the period commencing on and including the date immediately following the Determination Date relating to the immediately preceding Distribution Date and ending on and including the Determination Date relating to such Distribution Date.

 

“Commission”: The Securities and Exchange Commission.

 

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

 

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

 

“Companion Loan Notes”: As defined in the Introductory Statement.

 

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“Companion Loan Rating Agency”: With respect to a Companion Loan or any portion thereof, any rating agency that was engaged by a participant in the securitization of such Companion Loan or such portion 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 3.28(b) of this Agreement, the requirement for the Companion Loan Rating Agency Confirmation from the applicable Companion Loan Rating Agency with respect to such matter shall not apply. With respect to any matter affecting any Companion Loan, so long as such Companion Loan (or any portion thereof) is subject to a securitization transaction, any Rating Agency Confirmation will also refer to confirmation in writing (which may be in electronic format) by each applicable rating agency that a proposed action, failure to act or other event so specified will not, in and of itself, result in the downgrade, withdrawal or qualification of the then current rating assigned to any class of securities backed by such Companion Loan or any portion thereof (if then rated by such rating agency); provided that a written waiver (which may be in electronic format) or other acknowledgment from such rating agency indicating its decision not to review or to decline to review the matter for which the Rating Agency Confirmation is sought will be deemed to satisfy the requirement for the Rating Agency Confirmation from the rating agency with respect to such matter.

 

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

 

“Condemnation Proceeds”: The portion of the Net Proceeds relating to a Condemnation (as defined in the Mortgage Loan Agreement).

 

“Confidential Information”: With respect to the Servicer or the Special Servicer, as applicable, all material non-public information obtained in the course of and as a result of such Person’s performance of its duties as Servicer or Special Servicer, as applicable, with respect to the Mortgage Loan, the Borrower Affiliates 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 Servicer or Special Servicer, as applicable, (iii) is or becomes generally available to the public other than as a result of a disclosure by the Servicer Servicing Personnel or Special Servicer Servicing Personnel, except as such disclosure is allowed under this Agreement or (iv) is required to be disclosed by a court or administrative order or lawful discovery demand, provided such Person shall use reasonable efforts to obtain confidential treatment thereof. Notwithstanding the foregoing, the Trustee and the Certificate Administrator shall be permitted to comply with their respective obligations hereunder

 

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to make information available to the extent that such information was received by it in its capacity as Trustee or Certificate Administrator, as applicable.

 

“Consultation Termination Event”: The date on which the Class HRR Certificates no longer have a then-outstanding Certificate Balance at least equal to 25% of the initial Certificate Balance of such Class, without regard to the application of any Trust Appraisal Reduction Amounts.

 

“Control Affiliate”: As to any particular Person, any Person, directly or indirectly through one or more intermediaries, Controlling, Controlled by or under common Control with, such Person in question. As used solely in this definition of “Control Affiliate”, “Control” means (a) the ownership, directly or indirectly, in the aggregate of 10% or more of the beneficial ownership interests of an entity, or (b) the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of an entity”.  “Controlled by,” “Controlling” and “under common Control with” have the respective correlative meanings to such terms. The Trustee and/or the Certificate Administrator may obtain and rely upon a certification of the Borrower or the Borrower Sponsor, as applicable, to determine whether any Person is a Control Affiliate.

 

“Control Event”: With respect to any date of determination, if the Certificate Balance of the Class HRR Certificates on such date (taking into account the application of any Trust Appraisal Reduction Amounts to notionally reduce the Certificate Balance of such Class) is less than 25% of the initial Certificate Balance of such Class.

 

“Controlling Class”: The Class HRR Certificates. No other Class of Certificates will be eligible to act as a Controlling Class or appoint a Directing Certificateholder. If a Consultation Termination Event has occurred, there shall be no Controlling Class and no Directing Certificateholder.

 

“Controlling Class Certificateholder”: Each Holder (or Beneficial Owner, if applicable) of a Certificate of the Controlling Class as determined by the Certificate Registrar, from time to time, upon request by any party hereto. The Trustee, the Servicer, the Special Servicer or the Operating Advisor may from time to time request (the cost of which being an expense of the Trust) that the Certificate Administrator provide a list of the Holders (or Beneficial Owners, if applicable) of the Controlling Class and the Certificate Administrator shall promptly provide such list without charge to such Trustee, Servicer, Special Servicer or Operating Advisor, as applicable. The Trustee, the Servicer, the Special Servicer and the Operating Advisor shall be entitled to rely on any such list so provided. Notwithstanding the foregoing, for purposes of determining the Directing Certificateholder, exercising any rights of the Controlling Class or the Directing Certificateholder or receiving Asset Status Reports or any other information under this Agreement other than Distribution Date Statements, any holder of any interest in a Controlling Class Certificate who is a Borrower Affiliate, the Manager or an agent or Affiliate of the foregoing, or is a Restricted Party, will not be deemed to be a Holder of the related Controlling Class and will not be entitled to exercise such rights or receive such information, and any Directing Certificateholder previously appointed or selected by such holder will thereafter not be entitled to exercise any rights of the Directing Certificateholder. If, as a result of the preceding sentence, no

 

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Holder of Controlling Class Certificates would be eligible to exercise such rights, there will be no Directing Certificateholder or Controlling Class.

 

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

 

“Conveyed Property”: As defined in Section 2.1(a).

 

“Corporate Trust Office”: The principal 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 (i) with respect to Certificate transfers and surrenders, at 600 South 4th Street, 7th Floor MAC N9300-070, Minneapolis, Minnesota 55415, Attention: Certificate Transfer Services (CMBS) – Trustee JPMCC 2021-1MEM and (ii) for all other purposes, at 9062 Old Annapolis Road, Columbia, Maryland 21045, Attention: Corporate Trust Services (CMBS) – JPMCC 2021-1MEM, or the principal corporate trust office of any successor Trustee or Certificate Administrator, as applicable, qualified and appointed pursuant to Section 8.8.

 

“Credit Risk Retention Compliance Agreement”: As defined in Section 3.31(a).

 

“Credit Risk Retention Rules”: 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”) (which such joint final rule has been codified, inter alia, at 12 C.F.R. § 43) 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®”: The Commercial Real Estate Finance Council®, or any association or organization that is a successor thereto. If neither such association nor any successor remains in existence, “CREFC®” shall be deemed to refer to such other association or organization as may exist whose principal membership consists of servicers, trustees, issuers, placement agents and underwriters generally involved in the commercial mortgage loan securitization industry, which is the principal such association or organization in the commercial mortgage loan securitization industry and one of whose principal purposes is the establishment of industry standards for reporting transaction-specific information relating to commercial mortgage pass-through certificates and commercial mortgage-backed bonds and the commercial mortgage loans and foreclosed properties underlying or backing them to investors holding or owning such certificates or bonds, and any successor to such other association or organization. If an organization or association described in one of the preceding sentences of this definition does not exist, “CREFC®” shall be deemed to refer to such other association or organization as shall be reasonably acceptable to the Servicer, the Special Servicer, the Certificate Administrator, and the Trustee.

 

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“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.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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“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 recommended by the CREFC® for commercial mortgage securities transactions generally and is reasonably acceptable to the Servicer, the Special Servicer and the Certificate Administrator.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(ii)   the following nineteen supplemental reports and templates: (i) CREFC® Comparative Financial Status Report, (ii) CREFC® Delinquent Loan Status Report, (iii) CREFC® Historical Loan Modification/Forbearance and Corrected Mortgage Loan Report, (iv) CREFC® Operating Statement Analysis Report, (v) CREFC® NOI Adjustment Worksheet, (vi) CREFC® REO Status Report, (vii) CREFC® Servicer Watch List, (viii) CREFC® Loan Level Reserve/LOC Report, (ix) CREFC® Advance Recovery Report, (x) CREFC® 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, (xviii) CREFC® REO Liquidation Report and (xix) 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.

 

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“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 time be adopted by the CREFC® for commercial mortgage-backed securities transactions and is reasonably acceptable to the Servicer.

 

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

 

“Current Interest Distribution Amount”: With respect to any Distribution Date for (x) any Regular Certificate, interest accruing during the related applicable Certificate Interest Accrual Period at the applicable Pass-Through Rate for such Certificate Interest Accrual Period on the outstanding Certificate Balance or Notional Amount of such Certificate 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”: The Certificate Administrator, in its capacity as the Custodian, performing its role through the document custody division of the Certificate Administrator (including, as applicable, any agents or affiliates utilized thereby).

 

“Cut-off Date”: October 1, 2021.

 

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“DBRS”: DBRS, Inc., and its successors-in-interest.

 

“Default Interest”: With respect to any Payment Date, upon the occurrence and during the continuance of a Mortgage Loan Event of Default, interest accrued on the Trust Loan or Mortgage Loan, as applicable, at the excess of the Default Rate over the applicable Note Rate during the related Mortgage Loan Interest Accrual Period on the outstanding principal balance of such Note and, to the extent permitted by law, all accrued and unpaid interest on the Trust Loan or Mortgage Loan, as applicable, any other amounts then due and payable pursuant to the Mortgage Loan Documents, calculated from the date such payment was due without regard to any grace or cure periods.

 

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

 

“Defect”: As defined in the Trust Loan Purchase Agreement.

 

“Deficient Exchange Act Deliverable”: With respect to the Servicer, the Special Servicer, 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 V), 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 13 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 certificated form without interest coupons.

 

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

 

“Depositor”: J.P. Morgan Chase Commercial Mortgage Securities Corp., 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”: With respect to each Distribution Date, the fifth (5th) day of the calendar month in which such Distribution Date occurs or, if such fifth (5th) day is not a Business Day, the immediately preceding Business Day.

 

“Directing Certificateholder”: The initial Directing Certificateholder shall be Prima Capital Advisors LLC, as agent for its managed account. Thereafter, the Directing Certificateholder shall be the Controlling Class Certificateholder (or its representative) as identified to the Certificate Administrator selected by the Majority Controlling

 

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Class Certificateholders, as determined by the Certificate Registrar from time to time. No Borrower Affiliate may be appointed as or act as a Directing Certificateholder.

 

“Directing Certificateholder Asset Status Report Approval Process”: As defined in Section 3.10(i).

 

“Directly Operate”: With respect to any Foreclosed Property, the furnishing or rendering of services to the tenants thereof, that are not customarily provided to tenants in connection with the rental of space “for occupancy only” within the meaning of Treasury Regulations Section 1.512(b)-1(c)(5), the management or operation of such Foreclosed Property, the holding of such Foreclosed Property primarily for sale to customers, the use of such Foreclosed Property in a trade or business conducted by the Trust Fund or the performance of any construction work on the Foreclosed Property, other than through an Independent Contractor; provided, however, that a Foreclosed Property shall not be considered to be Directly Operated solely because the Trustee (or the Special Servicer on behalf of the Trustee) establishes rental terms, chooses tenants, enters into or renews leases, deals with taxes and insurance or makes decisions as to repairs or capital expenditures with respect to such Foreclosed Property or takes other actions consistent with Treasury Regulations Section 1.856-4(b)(5)(ii).

 

“Disclosable Special Servicer Fees”: With respect to the Mortgage Loan or any Foreclosed Property, any compensation and other remuneration (including, without limitation, in the form of commissions, brokerage fees, or rebates, or as a result of any other fee-sharing arrangement) received or retained by the Special Servicer or any of its Affiliates that is paid by any Person (including, without limitation, the Trust, any Loan Party, the Manager, any guarantor, any indemnitor or any other Borrower Affiliate in respect of the Mortgage Loan or any of their Affiliates and any purchaser of the Mortgage Loan, the Companion Loan or Foreclosed Property) in connection with the disposition, workout or foreclosure of the Mortgage Loan, the management or disposition of any Foreclosed Property, and the performance by the Special Servicer or any such Affiliate of any other special servicing duties under this Agreement, other than (1) any Permitted Special Servicer/Affiliate Fees and (2) any compensation to which the Special Servicer is entitled pursuant to Section 3.17 of this Agreement; provided, that any compensation and other remuneration that the Servicer or Certificate Administrator is permitted to receive or retain pursuant to this Agreement in connection with its duties in such capacity will not be Disclosable Special Servicer Fees.

 

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

 

“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.

 

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“Disqualified Organization”: Either (a) the United States, a State, or any agency or instrumentality of any of the foregoing (other than an instrumentality that is a corporation if all of its activities are subject to tax and, except for 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 Code Section 511 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 the Upper-Tier REMIC or the Lower-Tier REMIC to fail to qualify as a REMIC at any time that the Certificates are outstanding. The terms “United States,” “State” and “International Organization” have the meanings set forth in Section 7701 of the Code or successor provisions.

 

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

 

“Distribution Date”: The fourth Business Day after the Determination Date, beginning in November 2021. The first Distribution Date is expected to be November 12, 2021.

 

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

 

“Due Diligence Service Provider”: As defined in Section 8.15(b).

 

“Eligible Account”: A separate and identifiable account from all other funds held by the holding institution that is either (a) an account or accounts maintained with a federal or state-chartered depository institution or trust company which complies with the definition of Eligible Institution, (b) a segregated trust account or accounts maintained with a federal or state chartered depository institution or trust company acting in its fiduciary capacity, the long-term unsecured debt obligations of which are rated at least “BBB(high)” by DBRS (or, if not rated by DBRS, at least an equivalent rating by two other NRSROs) and “BBB” by Fitch, which, in the case of a state chartered depository institution or trust company, is subject to regulations substantially similar to 12 C.F.R. §9.10(b), having in either case a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authority, as applicable, or (c) such other account or accounts not listed in clauses (a) or (b) above with respect to which a Rating Agency Confirmation has been obtained from each Rating Agency. An Eligible Account will not be evidenced by a certificate of deposit, passbook or other instrument. If the holding institution for an account ceases to meet the requirements of this definition for an “Eligible Account”, then the party responsible for administering such account hereunder shall move such account to a holding institution meeting such requirements within 30 days.

 

“Eligible Institution”: (a) Wells Fargo Bank, provided that the long-term unsecured debt obligations of Wells Fargo Bank are rated at least “A” by Fitch and “BBB(high)” by DBRS (or, if not rated by DBRS, an equivalent (or higher) by at least two (2) NRSROs (which may include Fitch) or such other rating confirmed in a Rating Agency Confirmation), and the short-

 

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term unsecured debt obligations of Wells Fargo Bank, National Association are rated at least “F1” by Fitch and “R-1 (middle)” by DBRS, (or if not rated by DBRS, an equivalent rating (or higher) by at least two (2) NRSROs (which may include Fitch) or such other rating confirmed in a Rating Agency Confirmation), (b) PNC Bank, National Association, provided that the long-term unsecured debt obligations or deposits of PNC Bank, National Association are rated at least “A” by Fitch and “A” by DBRS (or such other rating confirmed in a Rating Agency Confirmation), and the short-term unsecured debt obligations or deposits of PNC Bank, National Association are rated at least “F1” by Fitch and “R-1(middle)” by DBRS (or such other rating confirmed in a Rating Agency Confirmation) (c) a depository institution or trust company insured by the Federal Deposit Insurance Corporation, the short term unsecured debt obligations or commercial paper of which are rated at least “F1” by Fitch and, if rated by DBRS, “R-1 (middle)” (or, if not rated by DBRS, an equivalent rating (or higher) by at least two (2) NRSROs (which may include Fitch) or such other rating confirmed in a Rating Agency Confirmation) and in the case of letters of credit or accounts in which funds are held for thirty (30) days or less (or, in the case of accounts in which funds are held for more than thirty (30) days), the long-term unsecured debt or deposit obligations of which are rated at least “A” by Fitch and, if rated by DBRS, “BBB(high)” (or if not rated by DBRS, an equivalent rating (or higher) by at least two (2) NRSROs (which may include Fitch) or such other rating confirmed in a Rating Agency Confirmation from DBRS) in the case of letters of credit or accounts in which funds are held for more than thirty (30) days or (d) an account maintained with any other insured depository institution that is the subject of a Rating Agency Confirmation, from each Rating Agency for which the minimum rating is not met, with respect to any account listed in the clauses above, or from each Rating Agency, with respect to any account other than one listed in the clauses above.

 

“Eligible Operating Advisor”: An entity (a) that is a special servicer or operating advisor on a commercial mortgage-backed securities transaction rated by the Rating Agencies (including, in the case of the Operating Advisor, this transaction) but has not been special servicer or operating advisor on a transaction for which the Rating Agencies have 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 Trust Loan Seller, the Trustee, the Certificate Administrator, the Servicer, the Special Servicer, any Borrower Affiliate, the Third Party Purchaser, the Directing Certificateholder, 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 (x) in respect of its obligations hereunder or (y) for the appointment or recommendation for replacement of a successor special servicer to become a special servicer under this Agreement; (e) that (x) has been regularly engaged in the business of analyzing and advising clients in commercial mortgage-backed securities matters and has at least five (5) years of experience in collateral analysis and loss projections and (y) has at least five (5) years of experience in commercial real estate asset management and experience in the workout and management of distressed commercial real estate assets; 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 Mortgage Loan or otherwise have any financial interest in the

 

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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 Eligible Certificate”: Any Certificate (other than a Class R Certificate) that meets the requirements of Prohibited Transaction Exemption 2002-19 (as such exemption may be amended from time to time) as of the date of the acquisition of such Certificate by a Plan. As of the Closing Date, each of the Class A, Class X, Class B, Class C and Class D Certificates is an ERISA Eligible Certificate.

 

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

 

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

 

“Excess Liquidation Proceeds”: As defined in Section 3.15(i).

 

“Excess Liquidation Proceeds Option”: As defined in Section 3.15(i).

 

“Excess Liquidation Proceeds Option Holder”: As defined in Section 3.15(i).

 

“Excess Liquidation Purchase Price”: Without duplication, the sum of (i) the unpaid principal balance of the Mortgage Loan, (ii) accrued and unpaid interest on each Component at the Component Rate (exclusive of the Default Rate) to and including the last day of the Mortgage Loan Interest Accrual Period in which the purchase is to occur, (iii) any unreimbursed Property Protection Advances and Administrative Advances and interest on such Advances, (iv) any unpaid interest accrued on any Monthly Payment Advance at the Advance Rate hereunder, (v) any unpaid additional Trust Fund Expenses and (vi) any other unpaid expenses reasonably incurred or expected to be incurred by the Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee or the Operating Advisor arising out of the sale of the Foreclosed Property, including Liquidation Fees.

 

“Excess Liquidation Reference Amount”: Without duplication, the sum of (i) the unpaid principal balance of the Trust Loan, (ii) accrued and unpaid interest on each Trust Note at the related Note Rate exclusive of the Default Rate to and including the last day of the related Mortgage Loan Interest Accrual Period in which the purchase is to occur, (iii) unreimbursed Property Protection Advances and Administrative Advances together with interest on such Advances allocable to the Trust Loan pursuant to the Co-Lender Agreement, (iv) any interest accrued on any Monthly Payment Advance made by a party to this Agreement at the rate specified herein), and (vi) any other expenses reasonably incurred or expected to be incurred by the Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee or the Operating Advisor arising out of the sale of the Foreclosed Property, including Liquidation Fees.

 

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

 

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the absence of any transfer of the Excess Servicing Fee Right, the Servicer shall be the owner of such Excess Servicing Fee Right. For the avoidance of doubt, in this transaction there will be no Excess Servicing Fee Right.

 

“Excess Servicing Fees”: With respect to the Mortgage Loan (and any successor Foreclosed Property with respect thereto), that portion of the Servicing Fees that accrue at a per annum rate equal to the Servicing Fee Rate minus the Servicing Fee Rate; provided that such rate shall be subject to reduction at any time following any resignation of a Servicer pursuant to Section 6.4 (if no successor is appointed in accordance with Section 6.4) or any termination of a Servicer pursuant to Section 7.1, 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. For the avoidance of doubt, in this transaction there will be no Excess Servicing Fees.

 

“Exchange Act”: The Securities Exchange Act of 1934, as amended from time to time.

 

“FHLMC”: The Federal Home Loan Mortgage Corporation and its successors-in-interest.

 

“Final Asset Status Report”: With respect to the Specially Serviced Mortgage Loan, the initial Asset Status Report (together with such other data or supporting information provided by the Special Servicer to the Directing Certificateholder that does not include any communication (other than the related Asset Status Report) between the Special Servicer and the Directing Certificateholder with respect to such Specially Serviced Mortgage 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 Certificateholder pursuant to the Directing Certificateholder Approval Process following completion of the ASR Consultation Process. For the avoidance of doubt, the Special Servicer may issue more than one Final Asset Status Report with respect to the Specially Serviced Mortgage Loan in accordance with the procedures described in Section 3.10(i). Each Final Asset Status Report will be labeled or otherwise identified or communicated as being final.

 

“Fitch”: Fitch Ratings, Inc., and its successors in interest.

 

“FNMA”: The Federal National Mortgage Association and its successors-in-interest.

 

“Foreclosed Companion Loan”: The Companion Loan while the Property is a Foreclosed Property.

 

“Foreclosed Property”: The Property or other Collateral securing the Mortgage Loan, title to which has been acquired on behalf of or in the name of the Trustee on behalf of the Trust and Companion Loan Holders through foreclosure, deed-in-lieu of foreclosure or otherwise.

 

“Foreclosed Property Account”: The account or accounts established and maintained by the Special Servicer pursuant to Sections 3.6 and 3.14.

 

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

 

“Form 8-K Disclosure” The information described in the Form 8-K items set forth under the “Item on Form 8-K” column on Exhibit R hereto.

 

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

 

“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 Excess Liquidation Proceeds Option.

 

 “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 Borrower Affiliates, any Companion Loan Holder, the Trustee, the Certificate Administrator, the Operating Advisor, the Servicer or the Special Servicer or in any of their respective Affiliates and (ii) is not connected with the Depositor, the Borrower Affiliates, any Companion Loan Holder, the Trustee, the Certificate Administrator, the Operating Advisor, the Servicer or the Special Servicer or any of their respective Affiliates as an officer, employee, promoter, underwriter, trustee, partner, director or person performing similar functions.

 

“Independent Appraiser”: An Independent professional real estate appraiser who (i) is a member in good standing of the Appraisal Institute, (ii) if the state in which the 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, the Operating Advisor or the Trust Fund, be delivered to the Trustee, the Certificate Administrator, the Special Servicer, the Servicer or the Operating Advisor 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

 

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(including the Special Servicer or the Servicer) if the Trustee, the Certificate Administrator and the 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 any Foreclosed Property by such Person, subject to any conditions therein specified, that is otherwise herein contemplated to be taken by an Independent Contractor will not cause such Foreclosed Property to cease to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code (determined without regard to the exception applicable for purposes of Section 860D(a) of the Code), or cause any income realized in respect of such Foreclosed Property to fail to qualify as Rents from Real Property.

 

“Initial Delivery Date”: As defined in Section 3.10(i).

 

“Initial Purchasers”: JPMS, Academy Securities, Inc. and Drexel Hamilton, LLC.

 

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

 

“Institutional Accredited Investor”: An institution, that is not a QIB, that is an “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Act, or any entity all of the equity owners of which are such institutions.

 

“Insurance Proceeds”: (a) The portion of Net Proceeds 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 Loan Parties 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, other than amounts applied to the restoration, preservation or repair of the Property in accordance with Accepted Servicing Practices, (b) amounts paid by any insurer pursuant to any insurance policy required to be maintained by the Servicer pursuant to Section 3.11, to the extent related to this Agreement only or (c) any other amounts paid by an insurer pursuant to any insurance policy required to be maintained by the Loan Parties, to the extent allocable to the Mortgage Loan under the Mortgage Loan Documents.

 

“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(f).

 

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

 

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“Investment”: Any direct or indirect ownership interest in any security, note or other financial instrument issued or executed by a Loan Party, or any Affiliate of any of the Loan Parties, 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 or any Affiliate thereof, the Special Servicer or any Affiliate thereof, the Certificate Administrator or any Affiliate thereof, as applicable, or any Person on whose behalf the Servicer or any Affiliate thereof or the Special Servicer or any Affiliate thereof has discretion in connection with Investments.

 

“Investment Representation Letter”: A letter substantially in the form attached hereto as Exhibit P.

 

“Investor Certification”: A certification representing that such Person executing the certificate is a Certificateholder, a Beneficial Owner of a Certificate, a Companion Loan Holder, a prospective purchaser of a Certificate, the Trust Loan Seller (if it has repurchased the Trust Loan in accordance with the Trust and Servicing Agreement and the Trust Loan Purchase Agreement) or the Directing Certificateholder (to the extent such Person is not a Certificateholder) and that either (a) such Person is not a Borrower Affiliate, a Manager, or an agent or Affiliate of any of the foregoing, in which case such Person shall have access to all the reports and information made available to Privileged Persons hereunder, or (b) such Person is a Borrower Affiliate or the Manager, or an agent or Affiliate of the foregoing, in which case such Person shall be permitted to receive access to the Distribution Date Statements prepared by the Certificate Administrator. The Investor Certification shall be substantially in the form of Exhibit K-1 or Exhibit K-2 hereto, as applicable, or may be in the form of an electronic certification contained on the Certificate Administrator’s Website containing the same information as Exhibit K-1 or Exhibit K-2, as applicable. Investor Certifications may be submitted electronically via the Certificate Administrator’s Website. The Certificate Administrator may require that Investor Certifications be resubmitted from time to time in accordance with its policies and procedures. The Certificate Administrator and Trustee may conclusively rely on any Investor Certification provided to it without any duty to verify the information on such submission.

 

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

 

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

 

“IRS”: The Internal Revenue Service.

 

“JPMCB”: As defined in the Introductory Statement.

 

“JPMS”: J.P. Morgan Securities LLC, a Delaware limited liability company, and its successors-in-interest.

 

“KBRA”: Kroll Bond Rating Agency, Inc., and its successors-in-interest.

 

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“Lease”: With respect to the Property, the “Lease” as defined in the Mortgage Loan Agreement.

 

“Lender”: As defined in the Mortgage Loan Agreement.

 

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

 

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

 

“Liquidation Fee”: A fee payable to the Special Servicer with respect to the Liquidated Property or the liquidation of the Specially Serviced Mortgage Loan, whether through judicial foreclosure, sale or otherwise, or in connection with the sale, full, partial or discounted payoff or other liquidation of the Specially Serviced Mortgage Loan or the Property, as to which the Special Servicer receives any Liquidation Proceeds, equal to the product of the Liquidation Fee Rate and the related Net Liquidation Proceeds; provided that any such Liquidation Fee shall be reduced by any Net Modification Fees paid by the Borrower with respect to the Specially Serviced Mortgage Loan or the Property that were received and retained by the Special Servicer, but only to the extent those Net Modification Fees have not previously been deducted from a Work-out Fee or Liquidation Fee; and provided, further, that the Special Servicer shall not be entitled to receive a Liquidation Fee in connection with (i) the repurchase of the Trust Loan by the Trust Loan Seller pursuant to the Trust Loan Purchase Agreement (so long as such repurchase occurs within the ninety (90) day time period required by the Trust Loan Purchase Agreement for the Trust Loan Seller to cure or repurchase the Trust Loan (including any applicable extended cure periods)) or (ii) a sale of all or any portion of the Mortgage Loan by the Special Servicer to the Servicer or the Special Servicer or any Affiliate of the foregoing in accordance with Section 3.16.

 

“Liquidation Fee Rate”: A rate equal to 0.25%.

 

“Liquidation Proceeds”: Amounts (other than Insurance Proceeds and Condemnation Proceeds) received by the Special Servicer and/or the Certificate Administrator in connection with the liquidation of the Specially Serviced Mortgage Loan, the Trust Loan, any Companion Loan, any Note or the Property, whether through judicial foreclosure, sale or otherwise, or in connection with the sale, discounted payoff or other liquidation of the Mortgage Loan, the Trust Loan, any Companion Loan or any Note (other than amounts required to be paid to the Loan Parties pursuant to law or the terms of the Mortgage Loan Agreement) including the

 

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proceeds of any full, partial or discounted payoff of the Mortgage Loan, the Trust Loan, any Companion Loan or any Note (exclusive of any portion of such payoff or proceeds that represents Default Interest).

 

“Loan Party”: The Borrower.

 

“Lockbox Agreement”: As defined in the Mortgage Loan Agreement.

 

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

 

“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 pursuant to Sections 4.1(b) and 4.1(g)).

 

“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.

 

“Major Decision”: Any of the following:

 

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

 

(ii)     any modification, consent to a modification or waiver of any monetary term (other than late fees and Default Interest) or material non-monetary term (including, without limitation, the timing of payments and acceptance of discounted payoffs) of the Mortgage Loan or any extension of the Scheduled Maturity Date of the Mortgage Loan;

 

(iii)     any sale of the defaulted Mortgage Loan or Foreclosed Property for less than the applicable Mortgage Loan Purchase 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 a Foreclosed Property;

 

(v)     any release of Collateral (excluding letters of credit) or any acceptance of substitute or additional collateral for the Mortgage Loan, or any consent to either of the foregoing, other than if required pursuant to the specific terms of the Mortgage Loan and for which there is no material lender discretion;

 

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(vi)     any waiver of a “due-on-sale” or “due-on-encumbrance” clause with respect to the Mortgage Loan or any consent to such a waiver or consent to a transfer of the Property or interests in the Borrower or consent to the incurrence of additional debt or mezzanine debt other than for which there is no material Lender discretion;

 

(vii)    any property management company changes or modifications, waivers or amendments to any Management Agreement or franchise agreement (if any) (in each case, with respect to the Mortgage Loan for which the lender is required to consent or approve under the Mortgage Loan Documents);

 

(viii)    releases of any escrow accounts, reserve accounts or letters of credit held as performance escrows or reserves set forth on Exhibit CC other than those required pursuant to the specific terms of the Mortgage Loan and for which there is no material lender discretion;

 

(ix)     any acceptance of an assumption agreement releasing the Borrower from liability under the Mortgage Loan other than pursuant to the specific terms of the Mortgage Loan and for which there is no material lender discretion;

 

(x)        any determination of an Acceptable Insurance Default or any modifications or waivers of the insurance requirements of the Mortgage Loan;

 

(xi)       approval of any Borrower plan of bankruptcy;

 

(xii)    the execution, termination or renewal of any lease, to the extent 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;

 

(xiii)    approving annual budgets (to the extent lender approval is required) if the debt service coverage ratio on the basis of the Mortgage Loan is below 2.0x that provide for operating expenses equal to more than 110% of the amount that was budgeted therefor in the prior year; or

 

(xiv)    approval of casualty/condemnation insurance settlements, any determination to apply casualty proceeds or condemnation awards to the reduction of the debt rather than to the restoration of the related Property other than pursuant to the specific terms of the Mortgage Loan

 

“Major Decision Reporting Package”: As defined in Section 9.3(a).

 

“Majority Controlling Class Certificateholders”: With respect to the Controlling Class, the Holder(s) of Certificates representing more than fifty percent (50%) of such Controlling Class, by Certificate Balance, as determined by the Certificate Registrar.

 

“Manager”: As defined in the Mortgage Loan Agreement.

 

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“Management Agreement”: As defined in the Mortgage Loan Agreement.

 

“Material Breach”: As defined in the Trust Loan Purchase Agreement.

 

“Material Document Defect”: As defined in the Trust Loan Purchase Agreement.

 

“Maturity Date”: The Scheduled Maturity Date or such other date on which the outstanding principal balance of the Mortgage Loan becomes due and payable, whether by declaration of acceleration, or otherwise.

 

“Midland”: Midland Loan Services, a Division of PNC Bank, National Association, and its successors in interest.

 

“Modification Fees”: With respect to the Mortgage Loan, any and all fees with respect to a modification, extension, waiver or amendment that modifies, extends, amends or waives any term of the Mortgage Loan Documents (as evidenced by a signed writing) agreed to by the Servicer or the Special Servicer (other than all Assumption Fees, Assumption Application Fees, defeasance fees, consent fees, loan service transaction fees, Special Servicing Fees, Liquidation Fees or Work-out Fees). With respect to each of the Servicer and the Special Servicer, in no event shall either Person be permitted to collect and retain as compensation Modification Fees by such Person from the Borrower (taken in the aggregate with any other Modification Fees collected and earned by such Person from the Borrower) in an aggregate amount in excess of $3,000,000 (i.e., shall be subject to an aggregate cap of $3,000,000).

 

“Monthly Payment”: With respect to the Trust Loan or the Mortgage Loan and any Distribution Date, the scheduled payment of interest on the Trust Loan or the Mortgage Loan, respectively, in each case which is due and payable on the immediately preceding Payment Date.

 

“Monthly Payment Advance”: Any advance made with respect to the Trust Loan by the Servicer or the Trustee pursuant to Section 3.23(a) or, if not made by the Servicer, made by the Trustee pursuant to Section 7.6, as applicable. Each reference to the reimbursement or payment of a Monthly Payment Advance shall be deemed to include, whether or not specifically referred to, payment or reimbursement of interest thereon at the Advance Rate through the date preceding the date of payment or reimbursement.

 

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

 

“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”: As defined in the Introductory Statement to this Agreement.

 

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

 

“Mortgage Loan Default”: A “Default” as defined in the Mortgage Loan Agreement.

 

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“Mortgage Loan Documents”: All documents executed or delivered by the Loan Parties (or their Affiliates) evidencing or securing the Mortgage Loan and any amendment thereof or thereafter or subsequently added to the Mortgage File, including without limitation the Mortgage Loan Agreement. For the avoidance of doubt, the Mortgage Loan Documents shall not include the Securitization Indemnification Agreements, and the rights of the Trust Loan Seller and other parties to the Securitization Indemnification Agreements thereunder will not be part of the Trust Fund.

 

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

 

“Mortgage Loan Interest Accrual Period”: With respect to any Payment Date and each Note, the period commencing on and including the 5th day of the prior calendar month during the term of the Mortgage Loan and ending on and including the 4th day of the calendar month in which such Payment Date occurs.

 

“Mortgage Loan Purchase Price”: An amount (without duplication) generally equal to the sum of (i) the unpaid principal balance of the defaulted Mortgage Loan, (ii) accrued and unpaid interest on each Note at the related Note Rate through and including the last day of the related Mortgage Loan Interest Accrual Period in which the repurchase is to occur, (iii) unreimbursed Property Protection Advances and Administrative Advances and fees and amounts owed to the Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor and the Trustee together with interest on Advances, (iv) an amount equal to the sum of (A) all interest on outstanding Monthly Payment Advances and (B) all interest on and all unreimbursed Companion Loan Advances and (v) any unpaid Trust Fund Expenses and any amounts owed to the parties to this Agreement or any Other Pooling and Servicing Agreement with respect to the related Companion Loan.

 

“Net Foreclosure Proceeds”: With respect to each related Foreclosed Property, the Foreclosure Proceeds with respect to such related 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 Mortgage Loan over the amount of Liquidation Expenses incurred with respect thereto.

 

“Net Modification Fees”: With respect to the Mortgage Loan, the sum of (A) the remainder, if any, of (i) any and all Modification Fees with respect to a modification, waiver, extension or amendment of any of the terms of the Mortgage Loan, minus (ii) all unpaid or unreimbursed additional expenses (including, without limitation, reimbursement of Advances and Companion Loan Advances and interest on such Advances and Companion Loan Advances at the Advance Rate to the extent not otherwise paid or reimbursed by the Borrower but excluding Special Servicing Fees, Work-out Fees and Liquidation Fees) either outstanding or previously incurred on behalf of the Trust or the Other Securitization Trust with respect to the Mortgage Loan and reimbursed from such Modification Fees and (B) expenses previously paid or reimbursed from

 

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Modification Fees as described in the preceding clause (A), which expenses have been subsequently recovered from the Borrower or otherwise.

 

“Net Proceeds”: As defined in the Mortgage Loan Agreement.

 

“Net Trust Note Rate”: With respect to any Trust Note and any Distribution Date, the annualized rate at which interest would have to accrue in respect of such Trust Note 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 applicable to the Trust Loan, the Certificate Administrator Fee Rate (including the portion that is the Trustee Fee), the Operating Advisor Fee Rate and the CREFC® Intellectual Property Royalty License Fee Rate and exclusive of any rate at which Default Interest accrues on such Trust Note) actually accrued on such Trust Note during the related Mortgage Loan Interest Accrual Period; provided, however, that for purposes of calculating Pass-Through Rates, each Net Trust Note Rate shall be determined without regard to any modification, waiver or amendment of the terms of the Trust Loan, whether agreed to by the Servicer, the Special Servicer or resulting from a bankruptcy, insolvency or similar proceeding involving the Borrower, or otherwise; provided, further, however, that (i) the Net Trust Note Rate for the Mortgage Loan Interest Accrual Period preceding the 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 (in the case of either (a) or (b), unless the related Distribution Date is the final Distribution Date), shall be the annualized rate at which interest would have to accrue in respect of such Trust Note 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 applicable to the Trust Loan, the Certificate Administrator Fee Rate (including the portion that is the Trustee Fee), the Operating Advisor Fee Rate and the CREFC® Intellectual Property Royalty License Fee Rate and exclusive of any rate at which Default Interest accrues on such Trust Note) actually accrued on such Trust Note during such Mortgage Loan Interest Accrual Period, minus the applicable Withheld Amounts and (ii) the Net Trust Note Rate for the Mortgage Loan Interest Accrual Period preceding the 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 in respect of such Trust Note 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 applicable to the Trust Loan, the Certificate Administrator Fee Rate (including the portion that is the Trustee Fee), the Operating Advisor Fee Rate and the CREFC® Intellectual Property Royalty License Fee Rate and exclusive of any rate at which Default Interest accrues on such Trust Note) actually accrued on such Trust Note during the related Mortgage Loan Interest Accrual Period, plus the applicable Withheld Amounts.

 

“New Lease”: Any lease with respect to a 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.

 

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

 

“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 cause (i) either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a

 

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REMIC at any time that any Certificates are outstanding or (ii) a “prohibited transaction” or “prohibited contributions” tax to be imposed on either the Lower-Tier REMIC or the Upper-Tier REMIC at any time that any Certificates are outstanding.

 

“Nonrecoverable Advance”: Any portion of an Advance previously made and not previously reimbursed, or proposed to be made, including interest thereon, which, in accordance with Accepted Servicing Practices (in the case of the Servicer) or good faith and reasonable business judgment (in the case of the Trustee) would not be ultimately recoverable from subsequent payments or collections (including Liquidation Proceeds, Condemnation Proceeds and Insurance Proceeds) in respect of the Mortgage Loan or the Property (in the case of Property Protection Advances or Administrative Advances) or the Trust Loan (in the case of Monthly Payment Advances) or from funds on deposit in the Collection Account pursuant to Section 3.4(c). The Trustee may rely conclusively upon a determination of non-recoverability made by the Servicer. The Servicer or the Special Servicer may consider (among other things) the items listed in Section 3.23(h) when making a determination regarding a Nonrecoverable Advance.

 

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

 

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

 

“Note Rate”: With respect to each Note, the per annum rate at which interest accrues on such Note as set forth in the Mortgage Loan Agreement without giving effect to the Default Rate.

 

“Notes”: As defined in the Introductory Statement to this Agreement.

 

“Notional Amount”: In the case of the Class X Certificates, the Class X Notional Amount.

 

“NRSRO”: Any nationally recognized statistical rating organization, as defined in Section 3(a)(62) of the Exchange Act, including the Rating Agencies.

 

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

 

“Offering Circular”: The Offering Circular, dated September 27, 2021, for the Certificates.

 

“Officer’s Certificate”: A certificate signed by (i) the Chairman of the Board, the Vice Chairman of the Board, the President or a Vice President (however denominated), the Treasurer, the Secretary, one of the Assistant Treasurers or Assistant Secretaries, any Servicing

 

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Officer, Responsible Officer or other officer of the Servicer, the Special Servicer, the Depositor, the Trust Loan Seller or any other entity referred to herein, as the case may be, customarily performing functions similar to those performed by any of the above designated officers and also with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject and (ii) with respect to the Certificate Administrator and the Trustee, a Responsible Officer.

 

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

 

“Operating Advisor Annual Report”: As defined in Section 3.26(c).

 

“Operating Advisor Consultation Event”: The event that occurs when the Certificate Balance of the Class HRR Certificates (as notionally reduced by any Appraisal Reduction Amounts allocable to such Class in accordance with Section 3.7(c) of this Agreement) are equal to or less than 25% of the initial Certificate Balance of such Class.

 

“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 Borrower pays with respect to such Mortgage Loan), payable pursuant to Section 3.26(h) 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 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 Mortgage Loan, the fee payable to the Operating Advisor pursuant to Section 3.26(h).

 

“Operating Advisor Fee Rate”: With respect to each Mortgage Loan, a per annum rate of 0.00617%.

 

“Operating Advisor Standard”: The requirement that the Operating Advisor must act solely on behalf of the Trust and in the best interest of, and for the benefit of, the Certificateholders (as a collective whole as if such Certificateholders constituted a single lender), and not for any particular class of Certificateholders (as determined by the Operating Advisor in the exercise of its good faith and reasonable judgment), but without regard to any conflict of

 

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interest arising from any relationship that the Operating Advisor or any of its Affiliates may have with the Borrower, the Manager, the Borrower Sponsor, the Trust Loan Seller, the Depositor, the Servicer, the Special Servicer, the Directing Certificateholder, any Certificateholder 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

 

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(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 or the Grantor Trust as a “grantor trust” 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 Operating Advisor, the Servicer or the Special Servicer, reasonably acceptable to the Trustee and the Certificate Administrator.

 

“Original Certificate Balance”: As defined in the Introductory Statement.

 

“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”: September 15, 2021.

 

“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, certificate administrator, master servicer, special servicer, operating advisor 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 13.7, 13.8, 13.9 and 13.16 only, the trustee, certificate administrator, master servicer, special servicer, operating advisor 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 applicable pooling and servicing agreement or other applicable comparable agreement governing the creation of any Other Securitization Trust and the issuance of securities with respect to any Companion Loan (or any portion thereof or interest therein).

 

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

 

“Pass-Through Rate”: For the following Classes of Certificates, the related Pass-Through Rate set forth below, and for each Uncertificated Lower-Tier Interest, the Net Trust Note

 

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Rate of the Trust Notes at which, in each case, interest accrues on the Certificate Balance, Notional Amount or Lower-Tier Principal Amount, as applicable, of such Class as set forth in the Introductory Statement to this Agreement.

 

	
Class of Certificates 

	
 

	
Pass-Through Rate 

	
Class A Certificates

	
 

	
Class A Pass-Through Rate

	
Class X Certificates

	
 

	
Class X Pass-Through Rate

	
Class B Certificates

	
 

	
Class B Pass-Through Rate

	
Class C Certificates

	
 

	
Class C Pass-Through Rate

	
Class D Certificates

	
 

	
Class D Pass-Through Rate

	
Class E Certificates

	
 

	
Class E Pass-Through Rate

	
Class HRR Certificates

	
 

	
Class HRR Pass-Through Rate

 

“Payment Date”: The fifth day of each calendar month during the term of the Mortgage Loan or, if such day is not a Business Day, the immediately preceding Business Day.

 

“Percentage Interest”: As to any Certificate (other than the Class ELP and Class R Certificates), the initial Certificate Balance or Notional Amount of such Certificate divided by the initial Certificate Balance or Notional Amount of all of the Certificates of the related Class. With respect to each of the Class ELP and 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 (including obligations or securities of the Certificate Administrator, or managed by the Certificate Administrator or any Affiliate of the Certificate Administrator, if otherwise qualifying hereunder), regardless of whether issued by the Depositor, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator, or any of their respective Affiliates and having the required ratings, if any, provided for in this definition and which shall not be subject to liquidation prior to maturity:

 

(i)        direct obligations of, and obligations fully guaranteed as to timely payment of principal and interest by, the United States of America, Fannie Mae, Freddie Mac or any agency or instrumentality of the United States of America, the obligations of which are backed by the full faith and credit of the United States of America that mature in one (1) year or less from the date of acquisition; provided that any obligation of, or guarantee by, any agency or instrumentality of the United States of America shall be a Permitted Investment only if such investment would not result in the downgrading, withdrawal or qualification of the then-current rating assigned by each Rating Agency to any Certificate as evidenced in writing, other than (a) unsecured senior debt obligations of the U.S. Treasury (direct or fully funded obligations), U.S. Department of Housing and Urban Development public housing agency bonds, Federal Housing Administration debentures, Government National Mortgage Association guaranteed mortgage-backed securities or participation certificates, RefCorp debt obligations and SBA-guaranteed

 

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participation certificates and guaranteed pool certificates and (b) Farm Credit System consolidated systemwide bonds and notes, Federal Home Loan Banks’ consolidated debt obligations, Freddie Mac debt obligations, and Fannie Mae debt obligations;

 

(ii)       federal funds, unsecured certificates of deposit, time deposits, banker’s acceptances, and repurchase agreements having maturities of not more than 365 days of any commercial bank organized under the laws of the United States of America or any state thereof or the District of Columbia, the short-term debt obligations of which are rated (a) in the case of such investments with maturities of 30 days or less, the short term obligations of which are rated at least “R-1(middle)” by DBRS and at least “F1+” by Fitch or the long term obligations of which are rated at least “A” by DBRS or, if not rated by DBRS, an equivalent (or higher) rating by two other NRSROs (which may include Fitch) and at least “AA-” by Fitch, (b) in the case of such investments with maturities of three months or less, but more than 30 days, the short term obligations of which are rated at least “R-1(middle)” by DBRS and at least “F1+” by Fitch and the long term obligations of which are rated at least “AA(low)” by DBRS or, if not rated by DBRS, an equivalent (or higher) rating by two other NRSROs (which may include Fitch) and at least “AA-” by Fitch, (c) in the case of such investments with maturities of six months or less, but more than three months, the short term obligations of which are rated at least “R-1(high)” by DBRS and at least “F1+” by Fitch and the long term obligations of which are rated at least “AA” by DBRS or, if not rated by DBRS, an equivalent (or higher) rating by two other NRSROs (which may include Fitch) and at least “AA-” by Fitch and (d) in the case of such investments with maturities of more than six months, the short term obligations of which are rated at least “R-1(high)” by DBRS and at least “F1+” by Fitch and the long term obligations of which are rated “AAA” by DBRS or, if not rated by DBRS, an equivalent (or higher) rating by two other NRSROs (which may include Fitch) (or, if permitted by the Mortgage Loan, if not rated by DBRS, otherwise acceptable to DBRS as confirmed in a Rating Agency Confirmation) and at least “AA-” by Fitch;

 

(iii)     deposits that are fully insured by the Federal Deposit Insurance Corp. (“FDIC”);

 

(iv)     commercial paper (including both non-interest-bearing discount obligations and interest-bearing obligations payable on demand or on a specified date not more than one year after the date of issuance thereof) with maturities of not more than 365 days, (A) (1) (a) in the case of such investments with maturities of 30 days or less, the short term obligations of which are rated at least “R-1(middle)” by DBRS or the long term obligations of which are rated at least “A” by DBRS or, if not rated by DBRS, an equivalent (or higher) rating by two other NRSROs (which may include Fitch), (b) in the case of such investments with maturities of three months or less, but more than 30 days, the short term obligations of which are rated at least “R-1(middle)” by DBRS and the long term obligations of which are rated at least “AA(low)” by DBRS or, if not rated by DBRS, an equivalent (or higher) rating by two other NRSROs (which may include Fitch), (c)

 

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in the case of such investments with maturities of six months or less, but more than three months, the short term obligations of which are rated at least “R-1(high)” by DBRS and the long term obligations of which are rated at least “AA” by DBRS or, if not rated by DBRS, an equivalent (or higher) rating by two other NRSROs (which may include Fitch), (d) in the case of such investments with maturities of more than six months (but less than 365 days), the short term obligations of which are rated at least “R-1(high)” by DBRS and the long term obligations of which are rated “AAA” by DBRS or, if not rated by DBRS, an equivalent (or higher) rating by two other NRSROs (which may include Fitch) (or, if permitted by the Mortgage Loan, if not rated by DBRS, otherwise acceptable to DBRS as confirmed in a Rating Agency Confirmation), and (2) (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 “AA-” 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 or (B) have such other ratings as confirmed in a Rating Agency Confirmation;

 

(v)       any money market funds that (a) has substantially all of its assets invested continuously in the types of investments referred to in clause (i) above, (b) has net assets of not less than $5,000,000,000, (c) maintains a constant net asset value and (d) has the highest rating obtainable from DBRS (or, if not rated by such Rating Agency, an equivalent rating (or higher) by at least two (2) NRSROs) and Fitch (if rated by Fitch); and

 

(vi)     the Wells Fargo Money Market Funds, so long as it maintains a constant net asset value and is rated by Fitch (if rated by Fitch) and DBRS in their highest respective money market fund ratings category (or, if not rated by any such Rating Agency, as otherwise acceptable to such Rating Agency as confirmed in a Rating Agency Confirmation);

 

(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) - (v) 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

 

(viii)     such other investments as to which each Rating Agency shall have delivered a Rating Agency Confirmation.

 

provided, however, that with respect to any Permitted Investment for which a rating by S&P is required as set forth above, such rating must be 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; provided, further, however, that each Permitted Investment qualifies as a “cash flow investment” pursuant to Section 860G(a)(6) of the Code, and that (a) it shall have a

 

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predetermined fixed dollar of principal due at maturity that cannot vary or change and (b) any such investment that provides for a variable rate of interest must have an interest rate that is tied to a single interest rate index plus a fixed spread, if any, and move proportionately with such index; and provided, further, however, that no such instrument shall be a Permitted Investment (a) if such instrument evidences principal and interest payments derived from obligations underlying such instrument and the interest payments with respect to such instrument provide a yield to maturity at the time of acquisition of greater than 120% of the yield to maturity at par of such underlying obligations, (b) if such instrument may be redeemed at a price below the purchase price or (c) if such investment is purchased at a premium over par; and provided, further, however, that no amount beneficially owned by the Upper-Tier REMIC or the Lower-Tier REMIC (even if not yet deposited in the Trust) may be invested in investments (other than money market funds) treated as equity interests for federal income tax purposes, unless the Servicer receives an Opinion of Counsel, at its own expense, to the effect that such investment will not adversely affect the status of the Upper-Tier REMIC or the Lower-Tier REMIC as a REMIC. Permitted Investments may not be interest-only securities. All investments shall mature or be redeemable upon the option of the holder thereof on or prior to the earlier of (x) three months from the date of their purchase and (y) the Business Day preceding the day before the date such amounts are required to be applied hereunder.

 

“Permitted Special Servicer/Affiliate Fees”: Any commercially reasonable treasury management fees, banking fees, insurance commissions or fees, property condition report fees and appraisal 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 Trust Loan, Companion Loan or Foreclosed Property in accordance with this Agreement.

 

“Permitted Transferee”: Any Person or agent of such Person other than (a) a Disqualified Organization, (b) any other Person so designated by the Certificate Registrar who is unable to provide an Opinion of Counsel (provided at the expense of such Person or the Person requesting the transfer) to the effect that the transfer of an ownership interest in any Class R Certificate to such Person would not cause the Lower-Tier REMIC or Upper-Tier REMIC to fail to qualify as a REMIC at any time that the Certificates are outstanding, (c) a Disqualified Non-U.S. Person, (d) any 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, bank, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing.

 

“Plan”: As defined in Section 5.3(m).

 

“Prepayment Premium”: Any Yield Maintenance Default Premium or other form of prepayment collected on the Mortgage Loan.

 

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“Prepayment Rate”: As defined in the Mortgage Loan Agreement.

 

“Prepayment Rate Determination Date”: As defined in the Mortgage Loan Agreement.

 

“Prime Rate”: The “prime rate” published in the “Money Rates” section of The Wall Street Journal; if The Wall Street Journal ceases to publish the “prime rate”, then the Servicer shall select an equivalent publication that publishes such “prime rate”, and if such “prime rate” is no longer generally published or is limited, regulated or administered by a governmental or quasi-governmental body, then the Servicer shall reasonably select a comparable interest rate index.

 

“Principal Distribution Amount”: For each Distribution Date, the sum of (i) the Regular Principal Distribution Amount for such Distribution Date and (ii) the aggregate unpaid Principal Shortfalls in respect of prior Distribution Dates.

 

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

 

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

 

“Privileged Information”: Any (i) correspondence between the Directing Certificateholder, on the one hand, and the Trustee, the Servicer or the Special Servicer, on the other hand, related to the Specially Serviced Mortgage Loan or the exercise of the Directing Certificateholder’s consent or consultation rights under this Agreement, (ii) strategically sensitive information (and, if provided to a third party, has been identified as privileged or confidential information) that the Special Servicer has reasonably determined could compromise the Trust Fund’s position in any ongoing or future negotiations with the Borrower or other interested party or (iii) information subject to attorney-client privilege; provided, however, that the Certificate Administrator shall not be under any obligation to review whether any inquiry or response contains such direct communication with the Directing Certificateholder.

 

“Privileged Information Exception”: With respect to any Privileged Information, at any time (a) such Privileged Information becomes generally available and known to the public other than as a result of a disclosure directly or indirectly by the party restricted from disclosing such Privileged Information (the “Restricted Party”), (b) it is reasonable and necessary for the Restricted Party to disclose such Privileged Information in working with legal counsel, auditors, arbitration parties, taxing authorities or other governmental agencies, (c) such Privileged Information was already known to such Restricted Party and not otherwise subject to a confidentiality obligation and/or (d) the Restricted Party is (in the case of the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee, as evidenced by written advice of counsel (which will be an additional expense of the Trust) delivered to each of the Servicer, the Special Servicer, the Directing Certificateholder, the Operating Advisor, the Certificate Administrator and the Trustee), required by law, rule, regulation, order, judgment or decree to disclose such information.

 

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“Privileged Person”: The Depositor and its designees, the Initial Purchasers, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, the Trust Loan Seller, any Companion Loan Holder that delivers an Investor Certification, any other Person who provides the Certificate Administrator with an Investor Certification and any NRSRO that delivers an NRSRO Certification to the Certificate Administrator, which Investor Certification and NRSRO Certification may be submitted electronically via the Certificate Administrator’s Website. For purposes of obtaining access to information in the possession of the Certificate Administrator and/or receiving any information or report from the Certificate Administrator’s Website (including accessing the Investor Q&A Forum), other than Distribution Date Statements only, each Borrower Affiliate, the Manager, and the respective agents or Affiliates of the foregoing (in each case, as evidenced by an Investor Certification in the form of Exhibit K-2 hereto) shall be deemed to not be a “Privileged Person”. Notwithstanding anything herein to the contrary, the provisions hereof shall not limit the Servicer’s ability to make accessible certain information regarding the Mortgage Loan at a website maintained by the Servicer.

 

“Pro Rata and Pari Passu Basis”: As defined in the Co-Lender Agreement.

 

“Property”: As defined in the Mortgage Loan Agreement.

 

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

 

“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) is not the Operating Advisor or an Affiliate of the Operating Advisor, (iii) is not obligated to pay the Operating Advisor (x) any fees or otherwise compensate the Operating Advisor in respect of its obligations under this Agreement, and (y) for the appointment of the successor special servicer or the recommendation by the Operating Advisor for the replacement special servicer to become a Special Servicer, (iv) is not entitled to receive any compensation from the Operating Advisor other than compensation that is not material and is unrelated to the Operating Advisor’s recommendation that such party be appointed as the replacement special servicer, (v) is not entitled to receive any fee from the Operating Advisor for its appointment as successor special servicer, in each case, unless such fee is expressly approved by 100% of the Certificateholders, (vi) is rated at least “CSS3” by Fitch and (vii) (A) has a ranking by DBRS higher than or equal to “MOR CS3” as a special servicer or (B) if not ranked by DBRS (I) such replacement Special Servicer is acting as special servicer in a commercial mortgage loan securitization that was rated by a Rating Agency within the 12-month period prior to the date of determination and (II) DBRS has not cited servicing concerns of the applicable replacement 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.

 

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

 

“RAC Decision”: Any of the following actions:

 

(i)        any action described in clauses (v), (vi), or (ix) of the definition of Major Decision;

 

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(ii)       to the extent not required pursuant to clause (i) above, any acceptance of an assumption agreement releasing the Borrower from liability under the Mortgage Loan;

 

(iii)    any incurrence of direct or indirect additional debt by a Borrower or any additional mezzanine financing (or issuance of preferred equity that is substantially equivalent to a mezzanine loan) by any beneficial owner of a Borrower other than pursuant to the specific terms of the Mortgage Loan and for which there is no material lender discretion; provided that, for the avoidance of doubt, any PACE Loan (as such term is defined in the Loan Agreement) will constitute a RAC Decision; and

 

(iv)      any determination as to the qualification of a manager (other than the Borrower, the Manager, the Sub-Manager, or any affiliate of the foregoing) as a “Qualified Manager” under the terms of the Mortgage Loan Agreement.

 

“Rated Final Distribution Date”: The Distribution Date in October 2041.

 

“Rating Agency”: DBRS and Fitch, as applicable.

 

“Rating Agency Confirmation”: With respect to any matter, confirmation in writing (which may be in electronic form) by a Rating Agency that a proposed action, failure to act or other specified event will not, in and of itself, result in the downgrade, withdrawal or qualification of the then-current rating assigned to any Class of Certificates (if then rated by a Rating Agency) immediately prior to the occurrence of the action, failure to act or other event with respect to which Rating Agency Confirmation is sought, which Rating Agency Confirmation may be obtained or deemed to be satisfied as set forth in Section 3.27 hereof; provided that with respect to any matter affecting any Companion Loan, so long as such Companion Loan (or any portion thereof) is subject to a securitization transaction, any Rating Agency Confirmation shall also refer to the Companion Loan Rating Agency Confirmation from each related Companion Loan Rating Agency to the extent provided in Section 3.27; provided, further, that a written waiver (which may be in electronic form) or other acknowledgment from each Rating Agency indicating its decision not to review or to decline to review the matter for which the Rating Agency Confirmation is sought shall be deemed to satisfy the requirement for the Rating Agency Confirmation from each 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.

 

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

 

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

 

“Realized Loss”: With respect to any Distribution Date, the amount, if any, by which (i) the aggregate Certificate Balances of the Sequential Pay Certificates after giving effect to distributions made on such Distribution Date exceeds (ii) the outstanding principal balance of the Trust Loan after giving effect to (a) any payments of principal received with respect to the Payment Date occurring immediately prior to such Distribution Date and (b) the aggregate

 

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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 each Distribution Date, the close of business on the last Business Day of the calendar month preceding the month in which such Distribution Date occurs.

 

“Regular Certificates”: The Class A, Class X, Class B, Class C, Class D, Class E and Class HRR Certificates.

 

“Regular Principal Distribution Amount”: For each Distribution Date, the sum of (a) all amounts collected or advanced in respect of principal with respect to the Trust Loan during the related Collection Period and (b) the principal portion of the Mortgage Loan Purchase Price or Repurchase Price or any purchase price, all amounts received in respect of principal from Net Liquidation Proceeds, Condemnation Proceeds or Insurance Proceeds or otherwise received in respect of principal on the Trust Loan.

 

“Regulation AB”: Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1125, as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time. Each of the parties hereto acknowledge that the Regulation AB provisions herein shall be construed as if the Certificates were publicly registered and reporting were required at all times.

 

“Regulation S”: Regulation S under the Act.

 

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

 

“Related Certificates”: For the following Classes of Certificates, Classes of Uncertificated Lower-Tier Interests and Notes, the related Class of Certificates, Class of Uncertificated Lower-Tier Interests or Note, 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 LC Uncertificated Interest

	
 

	
Class C

	
Class LD Uncertificated Interest

	
 

	
Class D

	
Class LE Uncertificated Interest

	
 

	
Class E

	
Class LHRR Uncertificated Interest

	
 

	
Class HRR

 

“Relevant Action”: As defined in Section 3.27(c).

 

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

 

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“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.

 

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

 

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

 

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

 

“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 2.2(d) only, any communication, whether oral or written, which need not be in any specific form.

 

“Repurchase Price”: An amount (without duplication) 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 weighted average of the Trust Note Rates (exclusive of the Default Rate) to and including the last day of the related Mortgage Loan Interest Accrual Period in which the repurchase is to occur, (iii) unreimbursed Property Protection Advances and Administrative Advances together with interest on Advances allocable to the Trust Loan pursuant to the Co-Lender Agreement, (iv) an amount equal to all interest on outstanding Monthly Payment Advances, (v) any unpaid Trust Fund Expenses allocable to the Trust Loan pursuant to the Co-Lender Agreement and (vi) any other out-of-pocket expenses reasonably incurred or expected to be incurred by the Servicer, Special Servicer, Certificate Administrator, Trustee or Operating Advisor arising out of the enforcement of the repurchase obligation. No Liquidation Fee shall be paid by the Trust Loan Seller in connection with a repurchase of the Trust Loan or indemnity payment made in lieu thereof due to a Material Breach or a Material Document Defect pursuant to the Trust Loan Purchase Agreement, so long as such repurchase occurs within the ninety (90) day time period required by the Trust Loan Purchase Agreement for the Trust Loan Seller to cure or repurchase the Trust Loan (including any applicable extended cure periods).

 

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

 

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

 

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

 

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“Repurchased Note”: As defined in Section 3.29.

 

“Repurchasing Seller”: As defined in Section 3.29.

 

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

 

“Requesting Party”: As defined in Section 3.26.

 

“Required Advance Amount”: With respect to any Distribution Date, an amount equal to (a) the amount of the Monthly Payment Advance with respect to the Trust Loan (taking into account any Trust Appraisal Reduction Amount as of such Distribution Date) that would be required to be made on the related Remittance Date by the Servicer had the Borrower not made any portion of the Monthly Payment (or an Assumed Monthly Payment) for the related Payment Date (or an assumed Payment Date) less (b) the aggregate compensation payable on such Remittance Date to the Servicer in respect of the Servicing Fee, 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 Fee.

 

“Required Third Party Purchaser Retention Amount”: The entire Certificate Balance of the Risk Retention 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”: When used with respect to (i) the Trustee, any officer of the Corporate Trust Office of the Trustee with direct responsibility for the administration of this Agreement and 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 (ii) the Certificate Administrator, any officer assigned to the Corporate Trust Services group, with direct responsibility for the administration of this Agreement and also, with respect to a particular matter, any other officer to whom a particular matter is referred by the Certificate Administrator because of such officer’s knowledge of and familiarity with the particular subject, and in the case of any certification or other document required to be signed by a Responsible Officer, an authorized signatory whose name and specimen signature appears on a list furnished to the Servicer or the Special Servicer, as applicable, by the Trustee or the Certificate Administrator, as applicable, as such list may from time to time be amended.

 

“Restricted Party”: As defined in the Mortgage Loan Agreement.

 

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

 

“Retaining Sponsor”: JPMCB.

 

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“Risk Retention Affiliate” or “Risk Retention Affiliated”: As “affiliate” or “affiliated” are defined in Section 43.2 of the Credit Risk Retention Rules.

 

“Risk Retention Agreement”: The Risk Retention Agreement, dated and effective as of September 27, 2021, by and among the Depositor, JPMCB and the Third Party Purchaser.

 

“Risk Retention Certificates”: The Class HRR Certificates.

 

“Risk Retention Period”: The period from the Closing Date until the date that is the earliest of (i) the latest of (A) the date on which the total unpaid principal balance of the Trust Loan has been reduced to 33% of the total unpaid principal balance of the Trust Loan as of the Cut-off Date; (B) the date on which the total outstanding Certificate Balance of the Certificates has been reduced to 33% of the total outstanding Certificate Balance of the Certificates as of the Closing Date; and (C) two years after the Closing Date; (ii) the date on which the Trust Loan has been defeased in accordance with §43.7(b)(8)(i) of the Credit Risk Retention Rules, or (iii) subject to the consent of the Retaining Sponsor (which consent shall not be unreasonably withheld), the date on which the Credit Risk Retention Rules have been officially repealed or abolished in their entirety or officially determined by the relevant regulatory agencies to be no longer applicable to the transaction or the Risk Retention Certificates.

 

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

 

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

 

“Rule 17g-5”: Rule 17g-5 under the Exchange Act.

 

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

 

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

 

“Rule 144A Information”: As defined in Section 3.21(d).

 

“Rule 144A Information Recipients”: As defined in Section 3.21(d).

 

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

 

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

 

“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 reasonably designated by the Depositor, notice of which designation shall be given to the Trustee, the Certificate Administrator, the Servicer, the Directing Certificateholder,

 

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the Operating Advisor 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.

 

“Scheduled Maturity Date”: The Payment Date occurring in October 2031.

 

“Securitization Cooperation Provisions”: The provisions set forth in Sections 9.1 and 9.2 of the Mortgage Loan Agreement (which sections provide for, among other things, indemnifications by the Borrower for certain information contained in the Offering Circular).

 

“Securitization Indemnification Agreements”: (i) The indemnification agreement, dated as of September 23, 2021, between the Depositor, the Initial Purchasers, the Trust Loan Seller and the Borrower, (ii) the indemnification agreement, dated as of September 27, 2021, between the Depositor, the Initial Purchasers, the Trust Loan Seller and the Borrower, and (iii) the indemnification agreement, dated as of October 14, 2021, between the Depositor, the Initial Purchasers, the Trust Loan Seller and the Borrower.

 

“Sequential Pay Certificates”: The Certificates other than the Class X, Class ELP and Class R Certificates.

 

“Servicer”: Midland Loan Services, a Division of PNC Bank, National Association, or if any successor Servicer is appointed as herein provided, such successor servicer.

 

“Servicer Customary Expense”: As defined in Section 3.17.

 

“Servicer Investment Personnel”: As defined in Section 6.5(a).

 

“Servicer Servicing Personnel”: As defined in Section 6.5(a).

 

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

 

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

 

“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, each Companion Loan and any Foreclosed Property, a fee payable monthly to the Servicer pursuant to Section 3.17, (which includes the Excess Servicing Fee), that will accrue at the Servicing Fee Rate, computed on the basis of the same principal amount, on the same interest accrual basis, and for the same Mortgage Loan Interest Accrual Period respecting which any related interest payment on the Trust Loan or such Companion Loan, as the case may be, is (or would have been) computed. For the avoidance

 

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of doubt, the Servicing Fee with respect to the Trust Loan shall be deemed payable from the Lower-Tier REMIC.

 

“Servicing Fee Rate”: With respect to the Trust Loan, 0.02% per annum; and with respect to the Companion Loan, 0.01% per annum.

 

“Servicing Function Participant”: Any Additional Servicer, Sub-Servicer, Subcontractor or any other Person, other than the Trustee, the Certificate Administrator, 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 Mortgage 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-Released Bid”: As defined in Section 7.2(b).

 

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

 

“Significant Obligor NOI Quarterly Filing Deadline”: With respect to each calendar quarter (other than the fourth calendar quarter of any calendar year), the date that is 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 Mortgage Loan Documents. The parties to this Agreement acknowledge that that in the event the Property securing a Companion Loan is a “significant obligor” (within the meaning of Item 1101(k) of Regulation AB) with respect to an Other Securitization Trust that includes such Companion Loan, the date on which quarterly financial statements are required to be delivered to the related lender under the Mortgage Loan Documents is, with respect to net operating income information, twenty (20) days following the end of each fiscal quarter, subject to the terms of the Mortgage Loan Agreement.

 

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

 

“Similar Law”: As defined in Section 5.3(m).

 

“Situs”: Situs Holdings, LLC, a Delaware limited liability company.

 

“Special Notice”: As defined in Section 5.6.

 

“Special Servicer”: Situs, or if any successor special servicer is appointed as herein provided, such successor special servicer.

 

“Special Servicer Customary Expense”: As defined in Section 3.17.

 

“Special Servicer Investment Personnel”: As defined in Section 6.5(b).

 

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“Special Servicer Servicing Personnel”: As defined in Section 6.5(b).

 

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

 

“Special Servicing Fee”: If the Mortgage Loan becomes a Specially Serviced Mortgage Loan, a fee payable monthly to the Special Servicer equal to an amount computed on the basis of the same principal amount and for the same period respecting which any related interest payment on the Specially Serviced Mortgage Loan is computed, at a rate of 0.25% per annum until the Special Servicing Loan Event with respect to the Specially Serviced Mortgage Loan no longer exists. Such fee shall be in addition to, and not in lieu of, any other fee or other sum payable to the Special Servicer under this Agreement. For the avoidance of doubt, the Special Servicing Fee shall be deemed payable from the Lower-Tier REMIC.

 

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

 

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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 Mortgage Loan”: The Mortgage Loan during the occurrence of a Special Servicing Loan Event.

 

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

 

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

 

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

 

“Sub-Manager”: As defined in the Mortgage Loan Agreement.

 

“Sub-Servicer”: Any Person that (i) Services the Mortgage Loan on behalf of the 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, Servicing Function Participant or an Additional Servicer, under this Agreement, with respect to the Mortgage 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 each Rating Agency, will not result in the downgrade, withdrawal or qualification of the ratings assigned to the Certificates or any Companion Loan Securities by such Rating Agency.

 

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

 

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

 

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

 

“Third Party Purchaser”: New York State Teachers’ Retirement System, a public pension fund, 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 Risk Retention Certificates.

 

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

 

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

 

“Trust”: The trust created hereby and to be administered hereunder. The Trust shall be named “J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM”.

 

“Trust A Note”: The promissory note designated as A-1.

 

“Trust Appraisal Reduction Amount”: Any portion of the Appraisal Reduction Amount allocated to the Trust Notes.

 

“Trust B Note”: The promissory note designated as B.

 

“Trust Fund”: The corpus of the Trust created by this Agreement, consisting of (i) the Trust Loan, including the Trust Notes together with the Mortgage File (exclusive of the original Companion Loan Notes) relating thereto (other than the rights of the Lender under the Securitization Cooperation Provisions, which rights shall be retained by the Trust Loan Seller and shall not be assigned to the Trustee under this Agreement); (ii) all scheduled and unscheduled payments on or collections in respect of the Trust Notes; (iii) any Foreclosed Property (but only to the extent of the Trust’s interest in such Foreclosed Property); (iv) all revenues received in respect of any Foreclosed Property (but only to the extent of the Trust’s interest in such Foreclosed Property); (v) the Servicer’s, Special Servicer’s and the Trustee’s rights under the insurance policies with respect to the Property required to be maintained pursuant to this Agreement and any proceeds thereof (but only to the extent of the Trust’s interest therein); (vi) any indemnities or guaranties given as additional security for the Trust Notes (but only to the extent of the Trust’s interest therein); (vii) all funds deposited in the Collection Account (but only to the extent of the Trust’s interest therein), the Interest Reserve Account and the Distribution Account, including reinvestment income thereon (except as otherwise provided herein); (viii) any environmental indemnity agreements relating to the Property (but only to the extent of the Trust’s interest therein); (ix) the rights and remedies of the Depositor under the Trust 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; (xiii) [reserved]; (xiv) [reserved] and (xv) the proceeds of any of the foregoing.

 

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

 

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

 

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

 

“Trust Loan Seller”: As defined in the Introductory Statement.

 

“Trust Note Rate”: With respect to any Trust Note, the Note Rate of such Trust Note.

 

“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, in its capacity as trustee, or if any successor trustee is appointed as herein provided, such successor trustee (including, as applicable, any agents or affiliates utilized thereby).

 

“Trustee Fee”: The portion of the Certificate Administrator Fee payable monthly by the Certificate Administrator to the Trustee pursuant to Section 8.5 which will accrue at the Trustee Fee Rate.

 

“Trustee Fee Rate”: As described in the definition of “Certificate Administrator Fee Rate”.

 

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

 

“Uninsured Cause”: Any cause of damage to the Property subject to the Mortgage such that the complete restoration of the 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 with respect to the Mortgage Loan or upon foreclosure or liquidation of the Property (net of related foreclosure expenses and Liquidation Expenses) during the related Collection Period including, but not limited to, prepayments due to acceleration of the Mortgage Loan, Net Liquidation Proceeds, Net Proceeds, Net Foreclosure Proceeds, Condemnation Proceeds, Insurance Proceeds, voluntary prepayments and other payments and collections on the Mortgage Loan not scheduled to be received, other than Monthly Payments or the Balloon Payment.

 

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

 

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

 

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

 

“U.S. Securities Person”: A “U.S. person” as defined in Rule 902(k) of Regulation S.

 

“Voting Rights”: The portion of the voting rights of all of the Certificates that is allocated to any Certificate or Class of Certificates. At any time that any Certificates are outstanding, the Voting Rights shall be allocated among the respective Classes of Certificateholders as follows: (1) (x) except as described in clause (y) of this clause (1), 4.0% in the aggregate to the Class X Certificates (for so long as the related Notional Amount of such Classes has not been reduced to zero) allocated to such Classes, pro rata, based on their respective Notional Amounts and (y) 0% to the Class X Certificates in the case of votes pertaining to terminating and replacing the Special Servicer as described in Section 7.1 and (2) in the case of any other Class of Regular Certificates, a percentage equal to the product of (x) the percentage of Voting Rights remaining after allocations in clause (1) above, and (y) a percentage equal to the aggregate Certificate Balances (and in connection with certain votes described in this Agreement, taking into account any notional reduction in the Certificate Balance for the Trust Appraisal Reduction Amounts allocated to the Certificates) of the Class, in each case, determined as of the prior Distribution Date, divided by the aggregate Certificate Balance (and in connection with certain votes under this Agreement, taking into account any notional reduction in the Certificate Balance for the Trust Appraisal Reduction Amounts allocated to the Certificates) of all Classes of Sequential Pay Certificates, in each case determined as of the prior Distribution Date. The Class ELP and Class R Certificates shall not be entitled to any Voting Rights.

 

“WAC Rate”: With respect to any Distribution Date is equal to the weighted average of the applicable Net Trust Note Rates of the Trust Notes as of the first day of the related Collection Period, weighted on the basis of their respective principal balances as of the first day of such Collection Period (after giving effect to any payments received during any applicable grace period).

 

“Weighted Average Note Rate”: With respect to any Distribution Date and the Mortgage Loan, the weighted average of the Note Rates (weighted based on the outstanding principal balance of the related Note as of such date).

 

“Wells Fargo Bank”: Wells Fargo Bank, National Association, a national banking association, and its successors-in-interest.

 

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

 

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

 

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

 

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

 

“Work-out Fee”: A fee payable to the Special Servicer pursuant to Section 3.17 equal to 0.25% (for so long as another Special Servicing Loan Event does not occur); provided that any such Work-out Fee shall be reduced by any Net Modification Fees paid by the Borrower with respect to the Mortgage Loan that were received and retained by the Special Servicer but only to the extent those Net Modification Fees have not previously been deducted from a Work-out Fee or Liquidation Fee (each amount of the Work-out Fee will be reduced to an amount (but not to an amount less than zero) until the aggregate amount of such reductions equals such Net Modification Fees).

 

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

 

“YM Group A”: As defined in Section 4.3(a).

 

“YM Group B”: As defined in Section 4.3(a).

 

Section 1.2     Interpretation. (a) Whenever this Agreement refers to a Distribution Date and a “related” Collection Period, Mortgage Loan Interest Accrual Period, Certificate Interest Accrual Period or Payment Date, such reference shall be to the Collection Period, Mortgage Loan Interest Accrual Period, Certificate Interest Accrual Period or Payment Date, as applicable, occurring immediately preceding or most recently ended prior to, as applicable, 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)          Calculations of interest on the Regular Certificates shall be computed 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 Mortgage Loan. (a) All amounts collected by or on behalf of the Trust in respect of the Mortgage Loan in

 

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the form of payments from or on behalf of the Loan Parties, Liquidation Proceeds, Condemnation Proceeds or Insurance Proceeds (other than amounts related to clause (b) of the definition thereof required to be applied to the restoration, preservation or repair of the Property or to be released to the Borrower in accordance with the Loan Documents) shall be applied to amounts due and owing under the Mortgage Loan Documents and the Co-Lender Agreement (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 or if and to the extent that such terms authorize the mortgagee to use its discretion and in any event for purposes of calculating distributions hereunder after a Mortgage Loan Event of Default, all such amounts collected that are not required to be distributed to the Companion Loan Holders pursuant to the Co-Lender Agreement shall be deemed to be applied in the following order of priority: first, as a recovery of any unreimbursed Advances plus interest accrued thereon at the Advance Rate and, if applicable, unreimbursed Liquidation Expenses and unpaid Trust Fund Expenses; second, as a recovery of Nonrecoverable Advances or interest thereon to the extent previously reimbursed from principal collections with respect to the Mortgage Loan or the Trust Loan, as applicable; third, as a recovery of accrued and unpaid interest on the Trust Notes that have not been the subject of a Monthly Payment Advance, to the extent of the excess of (i) accrued and unpaid interest on each outstanding Trust Note at the applicable Net Trust Note Rate (without giving effect to any increase in such Net Trust Note Rate required under the Mortgage Loan Agreement as a result of a Mortgage Loan Event of Default) through and including the end of the Mortgage Loan Interest Accrual Period in which such collections were received by or on behalf of the Trust, over (ii) 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 theretofore occurred under Section 3.23(a) in connection with Trust 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 sequentially to accrued and unpaid interest on the Trust A Note and Trust B Note, in that order); fourth, as a recovery of principal of the Trust Loan then due and payable on the Trust Loan, including by reason of acceleration of the Mortgage Loan following a Mortgage Loan Event of Default (or, if the Trust Loan has been liquidated, as a recovery of principal to the extent of its entire unpaid principal balance), first, to the Trust A Note and then to the Trust B Note, in each case until their respective principal balances have been reduced to zero; 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 theretofore occurred under Section 3.23(a) in connection with Trust Appraisal Reduction Amounts (to the extent that collections have not been applied as recovery of accrued and unpaid interest pursuant to this clause fifth on earlier dates) (such accrued and unpaid interest to be applied sequentially to accrued and unpaid interest on the Trust A Note and Trust B Note, in that order); 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 Mortgage Loan; seventh, as a recovery of any other reserves to the extent then required to be held in escrow with respect to the Mortgage Loan; eighth, as a recovery of any Yield Maintenance Default Premium on the Trust Loan; ninth, as a recovery of any Assumption Fees, Assumption Application Fees, consent fees, loan service transaction fees and Modification Fees then due and owing under the Mortgage Loan; tenth, as a recovery of any Default Interest or late charges then due and owing under the Mortgage Loan; and eleventh, as a recovery of any other amounts then

 

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due and owing under the Mortgage Loan (if both consent fees and Operating Advisor Consulting Fees are due and owing, first, allocated to consent fees and then, allocated to Operating Advisor Consulting Fees); provided that, to the extent required under the REMIC Provisions, payments or proceeds received with respect to the release of all or 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 Mortgage Loan in the manner permitted by such REMIC Provisions if, immediately following such release, the loan-to-value ratio of the Mortgage Loan exceeds 125% (based solely on real property and excluding any personal property and going concern value).

 

(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) that are not required to be distributed to Companion Loan Holders pursuant to the Co-Lender Agreement shall be deemed to be applied in the following order of priority: first, as a recovery of any related and unreimbursed Advances, plus interest accrued thereon and, if applicable, unreimbursed Liquidation Expenses and unpaid Trust Fund Expenses; second, as a recovery of Nonrecoverable Advances or interest thereon to the extent previously reimbursed from principal collections with respect to the Mortgage Loan; third, as a recovery of accrued and unpaid interest on the Trust Notes that have not been the subject of a Monthly Payment Advance, to the extent of the excess of (i) accrued and unpaid interest on each outstanding Trust Note at the applicable Net Trust Note Rate (without giving effect to any increase in such Net Trust Note Rate required under the Mortgage Loan Agreement as a result of a Mortgage Loan Event of Default) through and including the end of the Mortgage Loan Interest Accrual Period in which such collections were received by or on behalf of the Trust, over (ii) 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 theretofore occurred under Section 3.23(a) in connection with Trust 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 sequentially to accrued and unpaid interest on the Trust A Note and Trust B Note, in that order); fourth, as a recovery of principal due and payable on the Trust Loan, including by reason of acceleration of the Trust Loan following a Mortgage Loan Event of Default (or, if the Mortgage Loan has been liquidated, as a recovery of principal to the extent of its entire remaining unpaid principal balance), first, to the Trust A Note and then to the Trust B Note, in each case until their respective principal balances have been reduced to zero; 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 theretofore occurred under Section 3.23(a) in connection with Trust Appraisal Reduction Amounts (to the extent that collections have not theretofore been applied as a recovery of accrued and unpaid interest pursuant to this clause fifth on earlier dates) (such accrued and unpaid interest to be applied sequentially to accrued and unpaid interest on the Trust A Note and Trust B Note, in that order); sixth, as a recovery of Yield Maintenance Default Premiums on the Trust Loan; seventh, as a recovery of any Default Interest then deemed to be due and owing under the Mortgage Loan; and eighth, as a recovery of any other amounts deemed to be due and owing under the Mortgage Loan (if both consent fees and Operating Advisor Consulting Fees are due and owing, first, allocated to consent fees and then, allocated to Operating Advisor Consulting Fees).

 

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

 

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, to and under 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 Trust 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 (collectively, the “Conveyed Property”). Such transfer and assignment includes all payments of interest on the Trust Loan due and payable on and after the Cut-off Date and all principal payments received on or after the Cut-off Date.

 

Such sale, transfer and assignment include any related escrow accounts and any security interest 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 Loan Parties 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 (other than the Securitization Cooperation Provisions). Notwithstanding anything to the contrary herein, the rights of the Lender under the Securitization Cooperation Provisions shall be retained by the Trust Loan Seller and shall not be part of the Trust Fund.

 

(b)          In connection with such sale, transfer and assignment, the Depositor does hereby deliver to, and deposit with the Custodian (i) the original Trust Notes (or if any Trust Note has been lost, a lost note affidavit with a customary indemnity provision, together with a copy of such Note), endorsed without recourse to the order of the Trustee in the following form: “Pay to the order of Wells Fargo Bank, National Association, as Trustee for the benefit of Holders of J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM, Commercial Mortgage Pass-

 

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Through Certificates, Series 2021-1MEM without recourse or warranty except as set forth in the Trust and Servicing Agreement, dated as of October 14, 2021, between J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, and as Trustee, and Park Bridge Lender Services 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 fifth day after the Closing Date (the “Delivery Date”), the following documents or instruments with respect to the Mortgage Loan (collectively with the original Trust Notes required under clause (i) above, the “Mortgage File”), in each case executed by the parties thereto:

 

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

 

(B)         an original recorded counterpart of the Mortgage or certified copies thereof from the applicable recording office (or copies thereof from the applicable recording office if (to the knowledge of the Trust 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 Trust Loan Seller or third-party vendor and shall not be required to investigate whether any recording office cannot provide a certified copy);

 

(C)          the original Assignment of Mortgage, in favor of the Trustee, and in a form that is complete and suitable for recording in the applicable jurisdiction in which the Property is located to “Wells Fargo Bank, National Association, as Trustee, for the benefit of Holders of J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM, Commercial Mortgage Pass-Through Certificates, Series 2021-1MEM and the Companion Loan Holders, as their interests may appear” without recourse;

 

(D)          the original Environmental Indemnity;

 

(E)          a copy of the Management Agreement;

 

(F)          the original Assignment of Management Agreement;

 

(G)          the original Subordination of Sub-Management Agreement;

 

(H)          the original Cash Management Agreement;

 

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

 

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(J)           the lender’s title insurance policy obtained in connection with the origination of the Mortgage Loan (or marked, signed commitments to insure or a pro forma title insurance policy), which may be an electronically issued policy, together with any endorsements thereto;

 

(K)         copies of any other material written agreements related to the Mortgage Loan or any other loan documents executed by the Loan Parties or any other obligor or related party in connection with the origination of the Mortgage Loan or amendment thereof and any legal opinions delivered in connection with the origination of the Mortgage Loan;

 

(L)          all other instruments, if any, constituting additional security for the repayment of the Mortgage Loan;

 

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

 

(N)         an original of the Lockbox Agreement; and

 

(O)         any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing.

 

The Depositor shall provide the Servicer promptly following the Closing Date, at its own expense, with copies of all such documents in its possession constituting part of the Mortgage File.

 

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

 

Each Assignment of Mortgage and UCC-3 financing statements to be filed in the appropriate filing offices or record depositories shall be filed or recorded, as applicable, by a designee of the Depositor, with instructions to return all such recorded documents, or other evidences of filing issued by the applicable governmental offices, to the Custodian, with a copy to the Servicer. In the event that any such document is determined to be defective or not to be in compliance with the requirements of the applicable filing office or recording depository, or if any such document is lost or returned unrecorded because of a defect therein, the Depositor shall promptly prepare a substitute document, and shall cause each such document to be duly submitted for filing or recording, as applicable. Notwithstanding anything to the contrary contained in this Section 2.1(b), in those instances where the public recording office retains the original Mortgage or Assignment of Mortgage, if applicable, after any has been recorded, the obligations of the Depositor hereunder and the obligations of the Trust Loan Seller under the Trust Loan Purchase Agreement shall be deemed to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, or Assignment of Mortgage, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof.

 

The ownership of the Trust Notes, all other contents of the Mortgage File and the other assets in the Trust Fund shall be vested in the Trust or the Trustee for the benefit of the

 

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Certificateholders and (other than the Trust Notes) the Companion Loan Holders. The Depositor, the Servicer and the Special Servicer agree to take no action inconsistent with the Trustee’s ownership of the Trust Loan and to promptly indicate to all inquiring parties that the Trust Loan has been sold and to claim no ownership interest in the Trust Loan. All original documents relating to the 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.

 

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

 

(b)          The execution and delivery of this Agreement by the Certificate Administrator shall constitute certification by the Certificate Administrator of its acceptance of its appointment hereunder as Custodian and, in such capacity, that (i) the original Trust Notes specified in clause (i) of the definition of “Mortgage File” and all allonges thereto, if any, have been received by the Custodian; and (ii) such original Trust 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 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 thirty (30) days after the Closing Date, and to deliver to the Depositor, the Companion Loan Holders, the Trustee, the Certificate Administrator, the Directing Certificateholder (but only prior to the occurrence of a Consultation Termination Event), the Servicer and the Special Servicer a report 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 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 Mortgage Loan. The Custodian shall have no responsibility for reviewing the Mortgage File except as expressly set forth in this Section 2.2(b). The Custodian shall be under no duty or obligation to inspect, review, or examine any such documents, instruments or certificates to independently determine that they are valid, genuine, enforceable, legally sufficient, duly authorized, or appropriate for the represented purpose, whether the text of any assignment or endorsement is in proper or recordable form (except to determine if the endorsement conforms to the requirements of Section 2.1(b)), whether any document has been recorded in accordance with the requirements of any applicable jurisdiction, to independently determine that any document has actually been filed or recorded in the appropriate office, that any document is other than what it purports to be on its face, or whether the title insurance policies relate to the Property.

 

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 (I) of Section 2.1(b) with evidence of filing or recording thereon (if intended to be recorded or filed), solely because of a delay caused

 

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by the public filing or recording office where such document or instrument has been delivered for filing or recordation, the delivery requirements of Section 2.1 shall be deemed to have been satisfied on a provisional basis as of the Delivery Date as to such non-delivered document or instrument, and such non-delivered document or instrument shall be deemed to have been included in the Mortgage File, if a duplicate original or a photocopy of such non-delivered document or instrument (certified by the applicable public filing or recording office, the applicable title insurance company or the Trust Loan Seller to be a true and complete copy of the original thereof submitted for filing or recording) is delivered to the Custodian on or before the Delivery Date, and either the original of such non-delivered document or instrument, or a photocopy thereof (certified by the appropriate county recorder’s office, in the case of the documents and/or instruments referred to in clause (ii)(B), (C) and (I) of 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 18 months, after the Closing Date as the Custodian shall consent to so long as the Trust Loan Seller provide a certification in writing to the Custodian no less often than every 90 days that they are attempting in good faith to obtain from the appropriate public filing office or county recorder’s office such original or photocopy).

 

(c)      Upon the first anniversary of the Closing Date, the Custodian shall deliver a final exception report as to any remaining documents that are not in the Mortgage File, whereupon, within 90 days, the Depositor shall either: (i) cause such document deficiency to be cured; or (ii) use commercially reasonable efforts to cause the Trust Loan Seller to repurchase the Trust Loan pursuant to the Trust Loan Purchase Agreement if such exception is a Material Document Defect. Notwithstanding anything to the contrary herein, no Defect (except for a Defect with respect to the documents 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)) or a Defect that relates to the Trust Loan being other than a Qualified Mortgage 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 mortgagee’s rights or remedies under the Trust Loan; (B) defending any claim asserted by the 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. The Trustee’s sole remedy against the Trust Loan Seller in connection with a Material Document Defect is to enforce the repurchase claim in accordance with the provisions of the Trust Loan Purchase Agreement.

 

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

 

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

 

A Repurchase Request Recipient shall not be required to provide any information in a Rule 15Ga-1 Notice protected by the attorney-client privilege or attorney work product doctrines. The Trust Loan Purchase Agreement will provide that (i) any Rule 15Ga-1 Notice provided pursuant to this Section 2.2(d) is so provided only to assist the Trust Loan Seller and Depositor or their respective Affiliates to comply with Rule 15Ga-1 under the Exchange Act and any other requirement of law or regulation and (ii) (A) no action taken by, or inaction of, a Repurchase Request Recipient and (B) no information provided pursuant to this Section 2.2(d) by a Repurchase Request Recipient, shall be deemed to constitute a waiver or defense to the exercise of any legal right the Repurchase Request Recipient may have with respect to the Trust Loan Purchase Agreement, including with respect to any Repurchase Request that is the subject of a Rule 15Ga-1 Notice.

 

In the event that the Depositor, the Trustee or the Certificate Administrator receives a Repurchase Communication of a Repurchase Request or a Repurchase Request Withdrawal, then such party shall promptly forward such Repurchase Communication of such Repurchase Request or Repurchase Request Withdrawal to the Servicer (or to the Special Servicer, if a Special Servicing Loan Event has occurred and is continuing), and include the following statement in the related correspondence: “This is a “Repurchase Request Withdrawal” under Section 2.2 of the Trust and Servicing Agreement relating to the J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM, Commercial Mortgage Pass-Through Certificates, Series 2021-1MEM 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 Servicer or the Special Servicer, as applicable, such party shall be deemed to be the Repurchase Request Recipient of such Repurchase Communication of such Repurchase Request or Repurchase Request Withdrawal, and such party shall comply with the procedures set forth in this Section 2.2(d) with respect to such Repurchase Request or Repurchase Request Withdrawal.

 

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

 

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

 

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Section 2.3      Representations and Warranties of the Trustee. (a) Wells Fargo Bank, as 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; 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;

 

(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 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 its properties or might have consequences 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;

 

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(vii)   no litigation is pending or, to the best of the Trustee’s knowledge, 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 and/or otherwise complies with the requirements of Section 8.6(c); and

 

(ix)    to its actual knowledge, 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 and the Certificateholders.

 

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

 

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

 

(ii)     the execution and delivery of this Agreement by the Certificate Administrator and its performance and compliance with the terms of this Agreement will not violate the Certificate Administrator’s articles of association or constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material contract, agreement or other instrument to which the Certificate Administrator is a party or which may be applicable to the Certificate Administrator or any of its assets;

 

(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);

 

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(v)     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 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 its properties or might have consequences 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)   the Certificate Administrator is covered by errors and omissions insurance coverage which is in full force and effect and/or otherwise complies with the requirements of Section 8.6(b);

 

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

 

(ix)    to its actual knowledge, 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 2.4 shall survive until the termination of this Agreement, and shall inure to the benefit of the other parties hereto and the Certificateholders.

 

Section 2.5      Representations and Warranties of the Servicer. (a) Midland, as 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; 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

 

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of time or both, would constitute a default) under any material contract, agreement, or other instrument to which it is a party or which may be applicable to any of its assets, which violation or default would have consequences that would materially and adversely affect its financial condition or operations or its properties taken as a whole or its ability to perform its obligations hereunder, or materially impair the ability of the Trust Fund to realize on the Collateral;

 

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

 

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

 

(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 with respect to such risks, which in either case, complies with the requirements of Section 3.11(f) hereof; and

 

(viii)  to its actual knowledge, 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 2.5 shall survive until termination of this Agreement, and shall inure to the benefit of the parties hereto and the Certificateholders.

 

Section 2.6      Representations and Warranties of the Special Servicer. (a) Situs, as 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 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

 

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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 certificate of organization and limited liability company operating agreement, or any other material instrument governing its operations, or any laws, regulations, orders or decrees of any governmental authority applicable to it and will not constitute a default (or any event which, with notice or lapse of time or both, would constitute a default) under any material contract, agreement, or other instrument to which it is a party or which may be applicable to any of its assets, which violation or default would have consequences that would materially and adversely affect its financial condition or operations or its properties taken as a whole or its ability to perform its obligations hereunder, or materially impair the ability of the Trust Fund to realize on the Collateral;

 

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

 

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

 

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

 

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

 

(vii)   it has errors and omissions insurance and fidelity bond coverage which is in full force and effect or is self-insuring with respect to such risks, which in either case, complies with the requirements of Section 3.11 hereof.

 

(b)          The representations and warranties of the Special Servicer set forth in this Section 2.6 shall survive until termination of this Agreement, and shall inure to the benefit of the parties hereto and the Certificateholders.

 

Section 2.7      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 Delaware corporation, duly organized, validly existing and in good standing under the laws of Delaware, with full power and authority to own its

 

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property, to carry on its business as presently conducted, to enter into and perform its obligations under this Agreement, and to create the trust pursuant hereto;

 

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

 

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

 

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

 

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

 

(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;

 

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

 

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

 

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

 

 (c)    Neither the Depositor nor any of its Affiliates shall insure or guarantee distributions on the Certificates. Subject to Section 2.9(a) and (b), neither the Certificateholders, the Trustee, or the Certificate Administrator on their behalf shall have any rights or remedies against the Depositor for any losses or other claims in connection with the Certificates or the Trust Loan.

 

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 New York, 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)    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;

 

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

 

(vi)    the Operating Advisor has errors and omissions insurance coverage that is in full force and effect or is self-insuring with respect to such risks, which in either case complies with the requirements of Section 3.11 hereof;

 

(vii)   no litigation is pending or, to the best of the Operating Advisor’s knowledge, threatened against the Operating Advisor, which would prohibit the Operating Advisor from entering into this Agreement or, in the Operating Advisor’s good faith and reasonable judgment, is likely to materially and adversely affect the ability of the Operating Advisor to perform its obligations under this Agreement;

 

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

 

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

 

Section 2.9      Representations and Warranties Contained in the Trust Loan Purchase Agreement. (a) Upon discovery by the Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the Operating Advisor of (i) a Material Breach of any representation and warranty set forth in Exhibit A to the Trust Loan Purchase Agreement, which representation and warranty was made by the Trust Loan Seller in the Trust Loan Purchase Agreement and has been assigned to the Trustee pursuant to Section 2.1 hereof, or (ii) a Material Document Defect, such Person shall give prompt notice thereof to the other parties hereto and the Companion Loan Holders, and upon receipt or delivery, as applicable, of such notice the Servicer or Special Servicer, as applicable, shall use efforts consistent with Accepted Servicing Practices to cause the Trust Loan Seller, to the extent obligated to do so under the Trust Loan Purchase Agreement, to cure such default or defect or repurchase the Trust Loan under the terms of and within the time period specified by the Trust Loan Purchase Agreement, it being understood and agreed that none of such Persons has an obligation to conduct any investigation with respect to such matters; provided, that within ninety (90) days of (1) the receipt by the Trust Loan Seller of notice of such Material Document Defect or Material Breach, as the case may be, or (2) the discovery of such Defect or breach by any party hereto, in the case of a Defect or breach that would cause the Trust Loan not

 

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to be a “qualified mortgage” within the meaning of Code Section 860G(a)(3) (but without regard to the rule in Treasury Regulations Section 1.860G-2(f)(2) (a “Qualified Mortgage”)), will be a Material Breach or Material Document Defect, respectively, and with respect to any such Material Breach or Material Document Defect, the Trust Loan Seller shall (x) repurchase the Trust Loan at the Repurchase Price, (y) promptly cure such Material Document Defect or Material Breach, as the case may be, in all material respects or (z) if such Material Document Defect or Material Breach is not related to the Trust Loan not being a “qualified mortgage” within the meaning of Code Section 860G(a)(3), indemnify the Trust for the losses directly related to such Material Document Defect or Material Breach, subject to receipt of Rating Agency Confirmation from each Rating Agency with respect to such action; provided, that in the event that such Material Document Defect or Material Breach does not cause the Trust Loan to be other than a “qualified mortgage” as described in Code Section 860G(a)(3) and is capable of being cured but not within such 90-day period if the Trust Loan Seller has commenced and is diligently proceeding with the cure of such Material Document Defect or Material Breach, the Trust Loan Seller will have an additional 90 days to complete such cure, or failing such cure, to repurchase the Trust Loan or indemnify the Trust in an amount equal to the Repurchase Price; provided, further, that with respect to such additional 90-day period, the Trust Loan Seller shall have delivered an officer’s certificate to the Trustee, the Certificate Administrator and the Servicer setting forth the reason why such Material Document Defect or Material Breach is not capable of being cured within the initial 90-day period and what actions the Trust Loan Seller is pursuing in connection with the cure thereof and stating that the Trust Loan Seller anticipates that such Material Document Defect or Material Breach will be cured within the additional 90-day period. For the avoidance of doubt, no Liquidation Fee will be payable by the Trust Loan Seller in connection with a repurchase of the Trust Loan due to a Material Breach or a Material Document Defect if made in accordance with and within the 90 day period set forth in the Trust Loan Purchase Agreement (including any applicable extended period).

 

(b)       Upon receipt by the Servicer from the Trust Loan Seller of the Repurchase Price for the Trust Loan, the Servicer shall deposit such amount in the Collection Account, and the Custodian shall, upon receipt of a certificate of a Servicing Officer certifying as to (1) the receipt by the Servicer of the Repurchase Price and the deposit of the Repurchase Price into the Collection Account pursuant to this Section 2.8(b) and (2) if applicable, compliance with the conditions set forth in clauses (c) and (d) below, (i) release or cause to be released to the designees of the Trust Loan Seller the Mortgage File and the Trustee shall execute and deliver such instruments of transfer or assignment, in each case without recourse, representation or warranty (except that the Trust Loan is owned by the Trust and is being sold free and clear of liens and encumbrances), as shall be prepared by such designee to vest in such designee the Trust Loan released pursuant hereto and the Certificate Administrator, the Trustee, the Servicer and the Special Servicer shall have no further responsibility with regard to the Mortgage File and (ii) release or cause to be released to the Trust Loan Seller any escrow payments and reserve funds held by the Trustee, or on the Trustee’s behalf, in respect of the Trust Loan.

 

(c)       [Reserved].

 

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

 

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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 Trustee of the Trust 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 Trustee 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 the Class ELP Certificates, 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 X, Class B, Class C, Class D, Class E and Class HRR Certificates are hereby designated as the “regular interests” in the Upper-Tier REMIC within the meaning of Section 860G(a)(1) of the Code. 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, Class LC, Class LD, Class LE and Class LHRR Uncertificated Interests are hereby designated as the “regular interests” in the Lower-Tier REMIC within the meaning of Section 860G(a)(1) of the Code, and the Class LT-R Interest, represented by the Class R Certificates, is hereby designated as the sole class of “residual interests” in the Lower-Tier REMIC within the meaning of Section 860G(a)(2) of the Code.

 

Section 2.12      Resignation Upon Prohibited Risk Retention Affiliation.

 

(a)      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, the Trust Loan Seller, or any Initial Purchaser that the Servicer, the Certificate Administrator or the Trustee, as applicable, is or has become an Impermissible TPP Affiliate, or (iii) 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 3.26(m), Section 6.4 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 each Rating Agency

 

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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 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.

 

Section 2.13      Creation of the Grantor Trust.

 

The portion of the Trust Fund consisting of the Excess Liquidation Proceeds Option with respect to the Mortgage Loan and related proceeds will be treated as a Grantor Trust for federal income tax purposes, and the Class ELP Certificates will represent undivided beneficial interests in a Grantor Trust consisting of the Excess Liquidation Proceeds Option. As provided herein, the Certificate Administrator shall take all actions expressly required hereunder to ensure that each portion of the Trust Fund consisting of a Grantor Trust maintains its status as a grantor trust under federal income tax law and not be treated as part of the Trust REMICs.

 

ARTICLE 3.

ADMINISTRATION AND SERVICING OF THE MORTGAGE LOAN

 

Section 3.1      Servicer to Act as the Servicer; Special Servicer to Act as the Special Servicer. The Servicer and the Special Servicer, each as an independent contractor, shall service and administer the Mortgage Loan and administer Foreclosed Property solely on behalf of the Trust and the Companion Loan Holders, in the best interest of, and for the benefit of, all the Certificateholders and the Companion Loan Holders as a collective whole (taking into account the subordination of the B Note 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 which it owns or for foreclosed properties it owns and administers; (ii) with a view to the timely collection of (a) all scheduled payments of principal and interest under the Mortgage Loan or, if the Mortgage 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 Mortgage Loan to the Certificateholders and the Companion Loan Holders as a collective whole (taking into account the interests of each of the holders of the Notes and the subordination of the B Note to the A Notes) on a net present value basis and (b) the payment of Trust Fund Expenses that are reimbursable or payable by the Loan Parties under the Mortgage Loan Agreement; and (iii) without regard to:

 

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(A)        any relationship that the Servicer or the Special Servicer or any Affiliate thereof may have with any Borrower Affiliate, the Trust Loan Seller, any Companion Loan Holder, the Depositor or any of their respective Affiliates;

 

(B)       the ownership of any Certificate or any portion of the Companion Loan or any interest in the Companion Loan or other indebtedness secured by the Property or any certificate backed by a Companion Loan by the Servicer or the Special Servicer or by any Affiliate thereof;

 

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

 

(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 properties by the Servicer or the Special Servicer, as applicable, or any Affiliate of the foregoing.

 

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

 

The liability of each of the Servicer and the Special Servicer, as applicable, for actions and omissions in its capacity as Servicer and the Special Servicer, respectively, hereunder is limited as provided herein (including, without limitation, pursuant to Section 6.3). Nothing contained in this Agreement shall be construed as an express or implied guarantee by the Servicer or the Special Servicer of the collectibility of the Trust Loan and the Companion Loan. In connection with any ground lease, the Servicer shall promptly, and in any event within 60 days

 

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following the later of receipt of the applicable ground lease and the Closing Date, notify the related ground lessor of the transfer of the Trust Loan to the Trust Fund pursuant to this Agreement and inform such ground lessor that any notices of default under such ground lease should thereafter be forwarded to the Servicer.

 

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 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.

 

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 the Companion Loan, provided that (i) any such sub-servicing agreement shall be upon such terms and conditions as are not inconsistent with this Agreement and as the Servicer 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 Mortgage 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, 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 Trustee, the Certificate Administrator, the Operating Advisor, the Borrower and the Depositor in writing promptly upon the appointment of any sub-servicer and promptly furnish the Trustee, 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 the Companion Loan in accordance with the provisions of Section 3.1 without diminution of such obligation or liability by virtue of such sub-servicing agreement, or by

 

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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 Mortgage 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 successor Servicer, the Trust or the Trust Fund.

 

(d)      Any sub-servicing agreement, and any other transactions or services relating to the Mortgage Loan involving a sub-servicer, shall be deemed to be between the Servicer and such sub-servicer alone, and the Trustee, the Certificate Administrator, the Special Servicer, 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, the Special Servicer or the Depositor to indemnify any such sub-servicer. Notwithstanding anything in this Agreement to the contrary, the Servicer and the Special Servicer are permitted, at their own expense, or to the extent that a particular expense is provided herein to be an Advance or a Trust Fund Expense, 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 each of their obligations under this Agreement (including but not limited to inspectors, appraisers, engineers, insurance consultants, underwriters, property tax service providers, and property managers).

 

(e)      Notwithstanding anything herein, each of the initial Servicer and the initial Special Servicer may delegate certain of its duties and obligations hereunder to an Affiliate of the Servicer or Special Servicer, as applicable. Such delegation shall not be considered a sub-servicing agreement hereunder, and the requirements and obligations set forth herein applicable to sub-servicing agreements, sub-servicers or Servicing Function Participants shall not be applicable to such arrangement. Notwithstanding any such delegation, the Servicer and the Special Servicer shall remain obligated and liable for the performance of their respective obligations and duties under this Agreement in accordance with the provisions hereof to the same extent and under the same terms and conditions as if each alone were servicing and administering the Mortgage Loan as required hereby.

 

(f)      The parties hereto acknowledge that the Mortgage 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 Mortgage 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 Mortgage 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 Mortgage Loan, the Servicer (if the Mortgage Loan is not a Specially Serviced Mortgage Loan) or the Special Servicer (if the Mortgage Loan has become a Specially Serviced Mortgage Loan or the Property has been converted to an Foreclosed Property) shall prepare and provide to each Companion Loan Holder

 

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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 with respect to the Mortgage Loan.

 

(g)      Notwithstanding anything to the contrary herein, at no time shall the Servicer or the Trustee be required to make any advance of delinquent scheduled monthly payments of principal or interest with respect to any Companion Loan or any Administrative Advance 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 Lender, maintain a Notes register for the Mortgage Loan. Upon request, the Servicer shall promptly provide a copy of the Notes register to the Special Servicer.

 

Section 3.3      Cash Management Account. A Cash Management Account has been established pursuant to the terms of the Mortgage Loan Agreement and the Cash Management Agreement. The Servicer shall exercise and enforce the rights of the Trust Fund with respect to the Cash Management Account under the Mortgage Loan Agreement and the Cash Management 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, Companion Loan Distribution Account and Interest Reserve Account. (a) The Servicer shall establish and maintain (1) in the name of “Midland Loan Services, a Division of PNC Bank, National Association, as 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 Trust 2021-1MEM, Commercial Mortgage Pass-Through Certificates, Series 2021-1MEM, Collection Account” one or more deposit accounts on behalf of the Trustee for the benefit of the Certificateholders and (2) in the name of “Midland Loan Services, a Division of PNC Bank, National Association, as 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 Trust 2021-1MEM, Commercial Mortgage Pass-Through Certificates, Series 2021-1MEM, Companion Loan Distribution Account” one deposit account and for the benefit of the Companion Loan Holders (the “Companion Loan Distribution Account”), which may be a subaccount of the Collection Account, and funds in such account shall be remitted to the Companion Loan Holders (collectively, the “Collection Account”). The Collection Account must be an Eligible Account maintained with an Eligible Institution. The Servicer shall deposit into the Collection Account within two (2) Business Days of receipt of properly identified and available funds the following amounts representing payments and collections received or made during each Collection Period on or with respect to the Mortgage Loan (and not otherwise required to be deposited in the Reserve Accounts):

 

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

 

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(ii)     all payments on account of interest on the Mortgage Loan, including Default Interest and Yield Maintenance Default Premiums;

 

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

 

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

 

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

 

(vi)    all Net Foreclosure Proceeds received from the Special Servicer pursuant to Section 3.14, all Net Liquidation Proceeds, Insurance Proceeds and Condemnation Proceeds; 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 pursuant to Section 2.7(b) hereof and the Trust Loan Purchase Agreement, (2) proceeds of the sale of the Mortgage Loan by the Special Servicer pursuant to Section 3.16 hereof or (3) 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 Loan Parties of expenses of the Servicer or the Special Servicer need not be deposited in the Collection Account by the Servicer or Special Servicer and, to the extent permitted by applicable law, the Servicer or the Special Servicer, as applicable, shall be entitled to retain any such fees and expense reimbursements received with respect to the Mortgage Loan.

 

(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 (with a copy to the Loan Parties) of the location and account number of the Collection Account and shall notify the Certificate Administrator in writing (with a copy to the Loan Parties) 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 (xiii) below, the earlier of (1) the Remittance Date or (2) the Business Day immediately succeeding the “determination date” set forth in the related Other Pooling and Servicing Agreement), prior to the remittance of funds to the Certificate Administrator for deposit in the Distribution Account pursuant to Section 3.4(a), the Servicer shall make

 

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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 constituting an order of priority for such withdrawals):

 

(i)      to withdraw funds deposited therein in error;

 

(ii)     to reimburse the Trustee (and the trustee with respect to each Other Securitization Trust) and the Servicer (and the master servicer with respect to each Other Securitization Trust), in that order, out of general collections on the Mortgage Loan for any Nonrecoverable Advances made by each and not previously reimbursed pursuant to clause (v)(A) below together with unpaid interest thereon at the Advance Rate as follows: (A) first, to reimburse Nonrecoverable Advances that are Property Protection Advances and Administrative Advances relating to the Mortgage Loan and the Property and interest thereon; (B) second, to first reimburse Nonrecoverable Advances that are Monthly Payment Advances or Companion Loan Advances on the A Notes and interest thereon, on a pro rata and pari passu basis, then to reimburse Nonrecoverable Advances that are Monthly Payment Advances on the Trust B Note and interest thereon; and (C) third, to reimburse the master servicer with respect to each Other Securitization Trust for its pro rata share of Nonrecoverable Advances previously paid from general collections on the related Other Securitization Trust;

 

(iii)    concurrently, to pay the Servicing Fee to the Servicer, to pay the Certificate Administrator Fee (including the portion that is the Trustee Fee) to the Certificate Administrator, and to pay the Operating Advisor Fee to the Operating Advisor;

 

(iv)     to pay to the Operating Advisor the Operating Advisor Consulting Fee (but only to the extent actually received from the Borrower);

 

(v)     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 (b) the Special Servicing Fee, if any, the Work-out Fee, if any, and the Liquidation Fee, if any, to the Special Servicer; provided that such fees may be paid out of other amounts on deposit in the Collection Account to the extent Default Interest and late payment charges are not sufficient to pay such fees (with respect to clauses (a) and (b), in that order);

 

(vi)    to reimburse the Trustee and the Servicer, in that order, for (A) Advances made by each and not previously reimbursed from late payments received during the applicable period on the Mortgage Loan, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and other collections on the Mortgage Loan; provided that any Advance which has been determined to be a Nonrecoverable Advance shall be reimbursed pursuant to clause (ii) above and (B) unpaid interest on such Advances at the Advance Rate; provided, however, that, with respect to Advances that are not deemed to be Nonrecoverable Advances, prior to (x) final liquidation of the Property or (y) the final payment and release of the Mortgage, interest on such Advances shall only be paid out of Default Interest or late payment charges collected in the related Collection Period and after (A) final liquidation of the Property or (B) the final payment and release of the Mortgage,

 

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interest on such Advances may be paid out of other amounts on deposit in the Collection Account to the extent Default Interest and late payment charges are not sufficient to pay for such interest on Advances;

 

(vii)   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 Mortgage Loan or the Property, and not otherwise covered and paid by an insurance policy or deducted from the proceeds of liquidation or not previously reimbursed pursuant to clauses (ii) or (v) above;

 

(viii)  to pay to the Servicer, the Special Servicer or the Operating Advisor, as applicable, as additional compensation, (A) to the extent actually received from the Borrower (and permitted by (or not otherwise prohibited by) and allocated as such pursuant to the terms of the Mortgage Loan Documents or this Agreement) and deposited into the Collection Account by the Servicer, any payments in the nature of late payment fees and Default Interest (to the extent remaining after payment or reimbursement of any Special Servicing Fees, Liquidation Fees or Work-out Fees pursuant to clause (v) above and reimbursement of Advances and interest on Advances pursuant to clause (vi) above), release fees, defeasance fees, Assumption Fees, Assumption Application Fees, defeasance fees, substitution fees, Net Modification Fees, consent fees, amounts collected for checks returned for insufficient funds, charges for beneficiary statements or demands, loan processing fees, loan service transaction fees and similar fees and expenses; and (B) any income earned on the investment of funds deposited in the Collection Account and the Foreclosed Property Account; provided that such amounts received during each Collection Period shall be deemed to have been deposited in the Collection Account and withdrawn pursuant to this clause (vii) solely for the purpose of determining the Available Funds Reduction Amount in connection with the calculation of Available Funds for the related Distribution Date;

 

(ix)    to pay or reimburse the Depositor, the Trustee, the Certificate Administrator, the Servicer, the Special Servicer and the Operating Advisor in that order, for any indemnities, expenses and other amounts then due and payable or reimbursable to each pursuant to the terms of this Agreement and not previously paid or reimbursed pursuant to the preceding clauses (subject to clause (xiii) below);

 

(x)     to the extent not previously paid or advanced, to remit to the Certificate Administrator, to pay (or set aside for eventual payment) any and all taxes imposed on the Trust or the Trust Fund or any Grantor Trust by federal or state governmental authorities, including, without limitation amounts paid pursuant to Section 12.1(k); 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, such amounts may not be withdrawn from the Collection Account, but shall be paid by such party that was negligent, acted in bad faith or engaged in willful misconduct pursuant to Sections 6.6 and 8.12, as applicable;

 

(xi)    [RESERVED]

 

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(xii)   to pay CREFC® the CREFC® Intellectual Property Royalty License Fee (according to the payment instructions set forth on Exhibit Q hereto or such other payment instructions as CREFC® may provide from time to time in writing at least two Business Days prior to the Remittance Date); and

 

(xiii)  to pay the Companion Loan Holders any portion of such collections that are required to be distributed to the Companion Loan Holders in respect of the Companion Loan pursuant to the terms of the Co-Lender Agreement;

 

provided that in no event shall the Servicer be permitted to apply any portion of collections that are required to be distributed to the Companion Loan Holders in respect of the Companion Loan pursuant to the terms of the Co-Lender Agreement to pay or reimburse any CREFC® Intellectual Property Royalty License Fee, the Certificate Administrator Fee, the Operating Advisor Fee, any Monthly Payment Advance on the Trust Loan (or interest accrued and payable on such Monthly Payment Advance) or any Trust Fund Expenses that are not related to the servicing and administration of the Mortgage Loan or the Property.

 

Notwithstanding the foregoing, with respect to any Remittance Date, in no event shall the Servicer be permitted to make a withdrawal pursuant to clauses 3.4(c)(iii), (v)(b), (vi), (vii), (ix) or (xi) above if, as a result of such withdrawal, the amount on deposit in the Collection Account after giving effect to such withdrawal would be less than the Required Advance Amount; provided that the Servicer shall be permitted to make withdrawals in the order of priority specified above up to the amount on deposit in the Collection Account that would result in funds equaling or exceeding the Required Advance Amount remaining in the Collection Account. Notwithstanding the foregoing, such withdrawal limitations shall not apply (and accrued amounts previously eligible for withdrawal pursuant to clauses (iii), (v)(b), (vi), (vii), (ix) or (xi) but which remain unpaid due to the operation of this paragraph may then be withdrawn and paid) upon (1) the final liquidation of the Mortgage Loan or the Property, (2) the final payment of the Mortgage Loan and release of the Mortgage or (3) the determination that any Advance that would increase the currently unreimbursed Advances in the aggregate such that it would be a Nonrecoverable Advance.

 

The Servicer shall pay to the Certificate Administrator 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 therefrom, promptly upon receipt of certificates of a Responsible Officer of the Certificate Administrator or the Trustee or an officer of the Special Servicer describing the item and amount to which the Special Servicer, the Certificate Administrator and the Trustee, as the case may be, are entitled unless such payment to the Special Servicer, the Certificate Administrator or the Trustee, as the case may be, is clearly required pursuant to this Agreement, in which case a written certificate shall not be required. 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.

 

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

 

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principal portion of general collections on the Mortgage Loan deposited in the Collection Account and available for distribution on the next Distribution Date, the 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 this Section 3.4(c) 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. If the 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 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 Servicer or the Trustee shall further be authorized (in its sole discretion) to wait for Principal Collections on the Trust Loan and the Companion Loan 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, however, that if, at any time Servicer or the Trustee elects, in its sole discretion, not to refrain from obtaining such reimbursement or otherwise determines that the reimbursement of a Nonrecoverable Advance during a one month collection period will exceed the full amount of the principal portion of general collections deposited in the Collection Account for such Distribution Date, then the Servicer or the Trustee, as applicable, shall use its 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 8.14(b) 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 Loan unless extraordinary circumstances make such notice impractical, and thereafter shall deliver such notice to the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 8.14(b) of this Agreement) as soon as reasonably practical thereafter. Neither the Servicer nor the Trustee shall have any liability for any loss, liability or expense resulting from any notice provided to each Rating Agency contemplated by the immediately preceding sentence. Notwithstanding the foregoing, the failure to give such notice shall in no way affect the Servicer’s or the Trustee’s election as to whether to refrain from obtaining reimbursement pursuant to this Section 3.4(c).

 

(d)          The foregoing shall not, however, be construed to limit any liability that may otherwise be imposed on such Person for any failure by such Person to comply with the conditions to making such an election under this section or to comply with the terms of this section and the other provisions of this Agreement that apply once such an election, if any, has been made, provided, however, that the fact that a decision to recover such Nonrecoverable Advances over time, or not to do so, benefits some classes of Certificateholders to the detriment of other classes shall not, with respect to the Servicer constitute a violation of the Accepted Servicing Practices and/or with respect to the Trustee (solely in its capacity as Trustee), constitute a violation of any fiduciary duty to Certificateholders or any contractual obligation hereunder. If the Servicer or the

 

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Trustee, as applicable, determines, in its sole discretion, that its ability to fully recover the Nonrecoverable Advances has been compromised, then the Servicer or the Trustee, as applicable, shall be entitled to immediate reimbursement of Nonrecoverable Advances with interest thereon at the Advance Rate from all amounts in the Collection Account for such Distribution Date (deemed first from principal and then interest). Any such election by any such party to refrain from reimbursing itself or obtaining reimbursement for any Nonrecoverable Advance or portion thereof with respect to any one or more collection periods shall not limit the accrual of interest at the Advance Rate on such Nonrecoverable Advance for the period prior to the actual reimbursement of such Nonrecoverable Advance. The Servicer’s or the Trustee’s, as applicable, agreement to defer reimbursement of such Nonrecoverable Advances as set forth above is an accommodation to the Certificateholders and shall not be construed as an obligation on the part of the Servicer or the Trustee, as applicable, or a right of the Certificateholders. Nothing herein shall be deemed to create in the Certificateholders a right to prior payment of distributions over the Servicer’s or the Trustee’s, as applicable, right to reimbursement for Advances (deferred or otherwise) and accrued interest thereon. In all events, the decision to defer reimbursement or to seek immediate reimbursement of Nonrecoverable Advances shall be deemed to be in accordance with Accepted Servicing Practices and none of the Servicer, the Trustee or the other parties to this Agreement shall have any liability to one another or to any of the Certificateholders or any of the Companion Holders for any such election that such party makes as contemplated by this section or for any losses, damages or other adverse economic or other effects that may arise from such an election.

 

(e)           The Servicer shall withdraw from the Collection Account and, to the extent sufficient funds are on deposit therein, pay the CREFC® Intellectual Property Royalty License Fee to CREFC® in accordance with Section 3.4(c)(x) on a monthly basis, solely from funds on deposit in the Collection Account.

 

(f)           The Certificate Administrator shall establish and maintain a reserve account (which may be a subaccount of the Distribution Account) (the “Interest Reserve Account”) for the benefit of the Trustee and for the benefit of the Certificateholders. The Interest Reserve Account must be an Eligible Account maintained with an Eligible Institution. Funds on deposit in the Interest Reserve Account shall be uninvested. On each Distribution Date occurring in any February and on any Distribution Date occurring in any January which occurs in a year that is not a leap year (unless, in either case, such Distribution Date is the final Distribution Date), the Certificate Administrator shall deposit into the Interest Reserve Account an amount equal to one day’s net interest collected on the principal balance of each Trust Note as of the Payment Date occurring in the month preceding the month in which such Distribution Date occurs at the applicable Trust Note Rate (net of interest at the Servicing Fee Rate applicable to the Trust Loan, the Certificate Administrator Fee Rate (including the portion that is the Trustee Fee Rate), the Operating Advisor Fee Rate and the CREFC® Intellectual Property Royalty License Fee Rate and exclusive of Default Interest allocable to the Trust Loan payable therefrom) to the extent a full Monthly Payment or Monthly Payment Advance is made in respect thereof (all amounts so deposited in any consecutive January and February, “Withheld Amounts”). On each Remittance Date occurring in March (or February, if the related Distribution Date is the final Distribution Date), the Certificate Administrator shall withdraw from the Interest Reserve Account an amount equal to the Withheld Amounts from the preceding January and February, if any, and transfer such amounts into the Distribution Account.

 

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Section 3.5              Distribution Account. (a) The Certificate Administrator shall establish and maintain in the name of “Wells Fargo Bank, National Association, as Certificate Administrator, on behalf of Wells Fargo Bank, National Association, as Trustee, for the benefit of the holders of J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM, Commercial Mortgage Pass-Through Certificates, Series 2021-1MEM, Distribution Account”, a deposit 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 maintained with an Eligible Institution. On each Remittance Date, the Servicer shall transfer from the Collection Account to the Certificate 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 and the Interest Reserve Account shall not be invested.

 

The Certificate Administrator shall make withdrawals from the Distribution Account to withdraw any amounts deposited in error, 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), and then 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 and the Trustee 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);

 

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(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 10.2 as applicable; and

 

(iii)    to clear and terminate the Upper-Tier Distribution Account at the termination of this Agreement pursuant to Section 10.1.

 

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 holders of J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM, Commercial Mortgage Pass-Through Certificates, Series 2021-1MEM and the Companion Loan Holders, Foreclosed Property Account” related to the Foreclosed Property, if any, held in the name of the Special Servicer on behalf of the Trustee for the benefit of the Certificateholders and the Companion Loan Holders or (b) the limited liability company wholly owned by the Trust and which is managed by the Special Servicer, formed to hold title to the Foreclosed Property pursuant to Section 3.14. Each Foreclosed Property Account must be an Eligible Account maintained with an Eligible Institution. The Special Servicer shall deposit into the Foreclosed Property Account within two (2) Business Days of receipt of all properly identified 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 any Foreclosed Property Account, net of certain expenses and/or reserves (the amount of such expenses and/or reserves as determined in the Special Servicer’s reasonable discretion), and deposit them into the Collection Account in accordance with Section 3.4(a). The Special Servicer shall notify the Certificate Administrator in writing of the location and account number of each Foreclosed Property Account and shall notify the Certificate Administrator in writing prior to any subsequent change thereof.

 

Section 3.7      Appraisal Reductions. (a) Within 60 days after the occurrence of an Appraisal Reduction Event with respect to the Mortgage Loan, the Special Servicer shall (i) notify the Servicer, the Operating Advisor, the Trustee and the Certificate Administrator and, so long as no Consultation Termination Event has occurred, the Directing Certificateholder, of such occurrence of an Appraisal Reduction Event, (ii) order (which order shall be placed within 30 days of the occurrence of the Appraisal Reduction Event) and use efforts consistent with Accepted Servicing Practices to obtain an Appraisal of the Property (provided that the Special Servicer will not be required to obtain an Appraisal of the Property with respect to which there exists an Appraisal which was performed less than nine (9) months prior to the Appraisal Reduction Event and the Special Servicer has no knowledge 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 with respect to such Property shall be used by the Special Servicer), (iii) determine whether there exists any Appraisal Reduction Amount on the basis of the applicable Appraisal, and receipt of information reasonably requested by the Special Servicer from the Servicer necessary to calculate the Appraisal Reduction Amount, (iv) calculate the Appraisal Reduction Amount and (v) allocate the Appraisal Reduction Amount to the Trust Loan and the Companion Loan and give reasonably prompt notice of such Appraisal Reduction Amount, the Trust Appraisal Reduction Amount and the portion of the Appraisal Reduction Amount allocated to the Companion Loan to the Companion Loan Holder (or, in the case of a Companion Loan that is part of an Other Securitization Trust, the master

 

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servicer, special servicer and trustee with respect to such Other Securitization Trust), the Trustee, the Certificate Administrator (to the extent not already reported to such parties on the CREFC® Reports provided by the Servicer and posted on the Certificate Administrator’s website) and the Operating Advisor. 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 a Trust Fund Expense. Updates of such Appraisals shall be obtained by the Special Servicer, and paid for by the Servicer as a Property Protection Advance or an Administrative Advance (or paid for by the Trust if the Servicer determines that such Advance would constitute a Nonrecoverable Advance) every nine (9) months for so long as an Appraisal Reduction Event exists, and the Appraisal Reduction Amount shall be adjusted accordingly. If required in accordance with any such adjustment, the Special Servicer shall redetermine the Appraisal Reduction Amount and notify the Servicer of such redetermination and each Class of Certificates that has been notionally reduced for purposes of determining Voting Rights as a result of the application of the Trust Appraisal Reduction Amount shall have its related Certificate Balance notionally restored by the Certificate Administrator or the Trustee to the extent required by such adjustment of the Trust Appraisal Reduction Amount, and there shall be a redetermination of whether a Control Event has occurred by the Certificate Administrator. Any such Appraisal obtained under this Section shall be delivered by the Special Servicer to the Trustee, the Certificate Administrator and the Operating Advisor, in electronic format and, so long as no Consultation Termination Event has occurred, the Directing Certificateholder in electronic format and the Certificate Administrator shall make such Appraisal available to Privileged Persons pursuant to Section 8.14(b). The Servicer shall provide (via electronic delivery) the Special Servicer with information in its possession that is reasonably required to calculate or recalculate any Appraisal Reduction Amount pursuant to the definition thereof, using reasonable efforts to deliver such information within four (4) Business Days of the Special Servicer’s written request (which request shall be made promptly, but in no event later than ten (10) Business Days, after the Special Servicer’s receipt of the applicable Appraisal or preparation of the applicable internal valuation) provided, however, that the Special Servicer’s failure to timely make such a request shall not relieve the Servicer of its obligation to provide such information to the Special Servicer in the manner and timing set forth in this sentence. Accordingly, the Special Servicer shall not be obligated to calculate, recalculate, determine or redetermine any Appraisal Reduction Amount until such time as it receives from the Servicer the information reasonably required by the Special Servicer to make such calculation, recalculation, determination or redetermination. The Servicer shall not calculate Appraisal Reduction Amounts.

 

(b)      While any Trust Appraisal Reduction Amount (or deemed Trust Appraisal Reduction Amount pursuant to Section 3.7(e)) exists with respect to the Mortgage Loan, (i) the amount of any Monthly Payment Advances shall be reduced as provided in Section 3.23(a) and (ii) the existence thereof (other than any deemed Trust Appraisal Reduction Amount calculated pursuant to Section 3.7(e)) will be taken into account for purposes of determining the Voting Rights of certain Classes of Certificates as provided in Section 3.7(c) and (iii) except with respect to any deemed Trust Appraisal Reduction Amount pursuant to Section 3.7(e), there shall be a determination of whether a Control Event (or an Operating Advisor Consultation Event) has occurred.

 

(c)      The Certificate Balance of each of the Sequential Pay Certificates shall be notionally reduced solely for purposes of determining (x) the Voting Rights of the related Classes

 

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to the extent set forth in this Agreement and (y) whether a Control Event (or an Operating Advisor Consultation Event) has occurred on any Distribution Date to the extent of any Trust Appraisal Reduction Amount allocated to such Class on such Distribution Date. The Trust Appraisal Reduction Amount 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; second, to the Class E Certificates; third, to the Class D Certificates, fourth, to the Class C Certificates, and fifth, 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). Trust Appraisal Reduction Amounts shall not be applied to notionally reduce the Certificate Balance of the Class A Certificates.

 

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

 

(e)      If (i) an Appraisal Reduction Event has occurred, (ii) either (A) no Appraisals or updates of the Appraisals have been obtained or conducted with respect to the Property or Foreclosed Property, as the case may be, during the nine-month period prior to the date of such Appraisal Reduction Event or (B) the Special Servicer has knowledge of a material change in the circumstances surrounding the Property or Foreclosed Property, as the case may be, has occurred since the date of the most recent Appraisal that would materially adversely affect the value of the Property or Foreclosed Property, as the case may be, and (iii) no new Appraisal has been obtained or conducted for the Property or Foreclosed Property, as the case may be, within 60 days after the Appraisal Reduction Event, then (x) until each new Appraisal is conducted, the Appraisal Reduction Amount for the Property or Foreclosed Property, as the case may be, shall be deemed to be equal to 25% of the outstanding principal balance of the Mortgage Loan, and (y) upon receipt or performance of the new Appraisal by the Special Servicer, the Appraisal Reduction Amount for the Property or Foreclosed Property, as the case may be, shall be recalculated in accordance with the definition of Appraisal Reduction Amount. Such deemed Appraisal Reduction Amount shall be allocated to the Notes in the same manner in which the actual Appraisal Reduction Amount is allocated to the Notes. Notwithstanding the foregoing, such deemed Trust Appraisal Reduction Amounts shall not be allocated to any Class of Certificates for purposes of (i) determining whether a Control Event (or an Operating Advisor Consultation Event) has occurred and is continuing or (ii) allocating Voting Rights; provided, however, this sentence shall not affect in any manner the effect of Trust Appraisal Reduction Amounts based upon anything other than clause (x) of the preceding sentence, including when the related Appraisals are received.

 

With respect to any Appraisal Reduction Amount calculated for purposes of determining an Appraisal Reduction Event, the appraised value (as determined by an updated Appraisal) of the Property securing the Mortgage Loan will be determined on an “as-is” basis,

 

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based upon the current physical condition, use and zoning of the Property as of the date of the Appraisal.

 

If the Certificate Balance of the Class HRR Certificates (taking into account the application of any Trust Appraisal Reduction Amounts (other than any deemed Trust Appraisal Reduction Amount pursuant to Section 3.7(e)) to notionally reduce the Certificate Balance of such Class) has been reduced to less than 25% of its Initial Certificate Balance, such Class will be referred to as the “Appraised-Out Class”. The Holders of the majority (by Certificate Balance) of the Appraised-Out Class shall have the right, at their sole expense, to require the Special Servicer to order a second Appraisal of the Property (such Holders, the “Requesting Holders”). The Special Servicer shall use commercially reasonable efforts to ensure that such Appraisal is delivered within 60 days from receipt of the Requesting Holders’ written request and shall ensure that such Appraisal is prepared by an Independent Appraiser).

 

In addition, if subsequent to the Class HRR Certificates becoming an Appraised-Out Class there is a material change with respect to the Property related to the Appraisal Reduction Amounts that caused such Class to become an Appraised-Out Class, the Requesting Holders shall have the right to request, in writing, that the Special Servicer obtain an additional Appraisal, which request shall set forth the Requesting Holder’s belief of what constitutes a material change to the Property (including any related documentation). The costs of obtaining such additional Appraisal shall be paid by the Requesting Holders. Subject to the Special Servicer’s confirmation, determined in accordance with Accepted Servicing Practices, that there has been a change with respect to such Property and such change was material, the Special Servicer shall order another Appraisal from an Independent Appraiser, the identity of which shall be determined by the Special Servicer in accordance with Accepted Servicing Practices (provided that such Independent Appraiser may not be the same Independent Appraiser that provided the Appraisal in respect of which the Requesting Holders are requesting the Special Servicer to obtain an additional Appraisal). Appraisals that are permitted to be requested by any Appraised-Out Class shall be in addition to any Appraisals that the Special Servicer may otherwise be required to obtain in accordance with Accepted Servicing Practices upon the occurrence of such material change or that the Special Servicer is otherwise required or permitted to order under this Agreement without regard to any Appraisal requests made by any Requesting Holder.

 

Upon receipt of any supplemental Appraisal pursuant to the two preceding paragraphs, the Special Servicer shall recalculate the Appraisal Reduction Amount and the Trust Appraisal Reduction Amount based upon such second Appraisal. If required by any such recalculation, the Appraised-Out Class shall be reinstated as the Controlling Class and the Appraised-Out Class shall have its Certificate Balance notionally restored to the extent required by such recalculation of the Appraisal Reduction Amount and the Trust Appraisal Reduction Amount.

 

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

 

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

 

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

 

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

 

     (b)      All net income and gain realized from investment of funds deposited in the Collection Account and the Reserve Accounts (to the extent not payable to the Loan Parties under applicable law or the Mortgage Loan Documents) shall be for the benefit of the Servicer in accordance with the terms and priorities of this Agreement. All net income and gain realized from investment of funds deposited in the Foreclosed Property Account shall be for the benefit of the Special Servicer. Any net losses on funds in the Collection Account, the Reserve Accounts (except, in the case of any such loss with respect to a Reserve Account, to the extent any such losses are incurred on amounts invested for the benefit of the Borrower under the terms of the Mortgage Loan Documents) or the Foreclosed Property Account shall be reimbursed by the Servicer or the Special Servicer, as applicable, from its own funds promptly, but in any event on

 

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or prior to the Remittance Date following the realization of such loss. Notwithstanding the above, neither the Servicer nor the Special Servicer shall be required to deposit any loss on an investment of funds in an Investment Account if such loss (i) was incurred solely as a result of the bankruptcy or insolvency of the federal or state chartered depository institution or trust company that holds such Investment Account, so long as such depository institution or trust company satisfied the qualifications set forth in the definition of “Eligible Institution” included in Section 1.1 at the time such investment was made, (ii) such loss was incurred within thirty (30) days of the date of such insolvency, (iii) such loss is not the result of fraud, negligence or the willful misconduct of the Servicer or the Special Servicer, as applicable and (iv) and such institution was not an Affiliate of the Servicer, Special Servicer, the Certificate Administrator, the Operating Advisor or Trustee, as applicable.

 

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

 

(d)      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.

 

Section 3.9      Payment of Taxes, Assessments, etc. The Servicer (other than with respect to Foreclosed Property) and the Special Servicer (with respect to Foreclosed Property) shall maintain, accurate records with respect to the Property (or such 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 such 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 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 Loan Parties do 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.

 

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Section 3.10      Appointment of Special Servicer. (a) Situs is hereby appointed as the initial Special Servicer to service the Mortgage 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 Sections 7.1 and 7.2. The Trustee shall, promptly after receiving notice of any such Special Servicer Termination Event notify the Servicer, the Companion Loan Holders, the Certificate Administrator (which shall post such notice on the Certificate Administrator’s Website in accordance with Section 8.14(b)) and the 17g-5 Information Provider (which shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b)). The appointment of any such successor Special Servicer shall not relieve the Servicer or the Trustee of their respective obligations to make Advances as set forth herein; provided, however, the initial Special Servicer specified above shall not be liable for any actions or any inaction of such successor Special Servicer. No termination fee shall be payable to the terminated Special Servicer. No termination of the Special Servicer and appointment of a successor Special Servicer shall be effective until the successor Special Servicer has assumed all of its responsibilities, duties and liabilities hereunder in writing, and a Rating Agency Confirmation with respect to such appointment has been delivered to the Trustee and the Certificate Administrator and their respective counterparts with respect to each Other Securitization Trust. Any successor Special Servicer shall be deemed to make the representations and warranties provided for in Section 2.5 mutatis mutandis as of the date of its succession. The terminated Special Servicer shall retain all rights accruing to it under this Agreement, including the right to receive fees accrued prior to its termination and other amounts payable to it (including indemnification payments).

 

(c)      Upon determining that a Special Servicing Loan Event has occurred and is continuing with respect to the Mortgage Loan, the Servicer shall promptly give notice thereof to each other party hereto 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 Mortgage 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 Communications, to the Operating Advisor). The Servicer shall use its reasonable efforts to comply with the preceding sentence within five (5) Business Days of the date that a Special Servicing Loan Event has occurred. The Servicer in any event shall continue to act as Servicer and administrator of the Mortgage Loan until the Special Servicer has commenced the servicing of the Mortgage Loan, which shall occur upon the receipt by the Special Servicer of the information, documents and records referred to in the preceding sentence. The Special Servicer shall instruct the Loan Parties to continue to remit all payments in respect of the Mortgage Loan to the Servicer. The Servicer shall forward any notices it would otherwise send to the Loan Parties under the Mortgage Loan to the Special Servicer who shall send such notice to the Loan Parties while a Special Servicing Loan Event has occurred and is continuing.

 

(d)      Upon determining that a Special Servicing Loan Event is no longer continuing with respect to the Mortgage Loan, the Special Servicer shall promptly give notice thereof to the Companion Loan Holders and each other party hereto, and upon giving such notice

 

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such Special Servicing Loan Event shall cease, the Special Servicer’s obligation to service the Mortgage Loan shall terminate and the obligations of the Servicer to service and administer the Mortgage 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 Mortgage Loan during the continuance of a Special Servicing Loan Event, the Special Servicer 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 Special Servicer) and copies of any additional related Mortgage Loan information, including written correspondence with the Loan Parties, and the Special Servicer shall promptly provide copies of all of the foregoing to the Servicer as well as copies of any analysis or internal review prepared by or for the benefit of the Special Servicer; provided that, such materials shall not include any Privileged Information.

 

(f)      During any period in which a Special Servicing Loan Event is continuing, not later than 4:00 p.m. (New York Time) on each Determination Date, the Special Servicer shall deliver to the Servicer, to the extent not included in the CREFC® Special Servicer Loan File, a written statement describing (i) the amount of all payments on account of interest received on the Mortgage Loan, the amount of all payments on account of principal received on the Mortgage Loan, the amount of Insurance Proceeds, Condemnation Proceeds and Net Liquidation Proceeds received, the amount of any Foreclosure Proceeds received with respect to the Property, and the amount of net income or net loss, as determined from management of a trade or business on, the furnishing or rendering of a non-customary service to the tenants of, or the receipt of any rental income that does not constitute Rents from Real Property with respect to, any Foreclosed Property, in each case in accordance with Section 12.2 and (ii) such additional information relating to the Mortgage Loan as the Servicer or Certificate Administrator reasonably requests to enable it to perform its duties under this Agreement.

 

(g)      [Reserved.]

 

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

 

(i)      Not later than sixty (60) days after a Special Servicing Loan Event occurs (the “Initial Delivery Date”), the Special Servicer shall deliver in electronic format (i) a report (an “Asset Status Report”) for the Specially Serviced Mortgage Loan and the Property and (ii) one or more additional Asset Status Reports with respect to such Specially Serviced Mortgage Loan subsequent to the issuance of a Final Asset Status Report to the extent that during the course of the resolution of such Specially Serviced Mortgage 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 recommendation as to how the Specially Serviced Mortgage Loan might be returned to performing status or otherwise liquidated in accordance with the Accepted Servicing Practices (each such report a “Subsequent Asset Status Report”). The Special Servicer shall deliver each Final Asset Status Report in electronic form to: (i) the Servicer, (ii) the Directing

 

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Certificateholder (but only so long as no Consultation Termination Event has occurred), (iii) the Operating Advisor (but only after the occurrence and during the continuance of an Operating Advisor Consultation Event), (iv) the 17g-5 Information Provider in accordance with Section 8.14(b) (who shall promptly post it to the 17g-5 Information Provider’s Website pursuant to Section 8.14(b)) and (v) the Companion Loan Holders. Such Asset Status Report shall set forth the following information (other than Privileged Information) to the extent reasonably determinable:

 

(i)      summary of the status of the Mortgage Loan and any negotiations with the Loan Parties;

 

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

 

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

 

(iv)    the Special Servicer’s recommendations on how the Mortgage Loan might be returned to performing status and returned to the Servicer for regular servicing or otherwise realized upon;

 

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

 

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

 

(vii)   a description of any proposed amendment, modification or waiver of a material term of any ground lease;

 

(viii)  a description of any proposed actions;

 

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

 

(x)     the decision that the Special Servicer 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 net 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;

 

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(xi)    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

 

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

 

      (j)   The Special Servicer shall (x) deliver to the 17g-5 Information Provider (which shall post to the 17g-5 Information Provider’s Website pursuant to Section 8.14(b)) the Final Asset Status Report, (y) deliver to the Certificate Administrator a proposed notice to 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 will be a brief summary of the current status of the Property and current strategy with respect to the resolution and workout of the Mortgage Loan), and the Certificate Administrator shall post such summary (but not the Final Asset Status Report itself) on the Certificate Administrator’s Website pursuant to Section 8.14(b) and (z) implement the Final Asset Status Report in the form delivered to the 17g-5 Information Provider. Subject to the consent and consultation rights of the Directing Certificateholder described in this Section 3.10(i), the Special Servicer shall not be required to deliver a summary of any interim or draft Asset Status Report. The Special Servicer may, from time to time, modify any Asset Status Report it has previously delivered. Upon such modification, the Special Servicer shall prepare an updated summary and deliver the updated summary to the Certificate Administrator and deliver the modified Asset Status Report to the 17g-5 Information Provider. The 17g-5 Information Provider shall post such modified Asset Status Report on the 17g-5 Information Provider’s Website pursuant to Section 8.14(b), and the Certificate Administrator shall post such summary on the Certificate Administrator’s Website.

 

      (k)   Subject to the last paragraph of Section 9.3(a), prior to the occurrence and continuance of a Control Event, if within ten (10) Business Days of receiving an Asset Status Report, the Directing Certificateholder does not disapprove such Asset Status Report in writing, the Special Servicer shall implement the recommended action as outlined in such Asset Status Report. In addition, so long as no Control Event has occurred or is continuing, if the Directing Certificateholder disapproves such Asset Status Report within ten (10) Business Days of receipt and the Special Servicer has not made the determination described below, the Special Servicer shall revise such Asset Status Report and deliver a new Asset Status Report as soon as practicable, but in no event later than thirty (30) days after such disapproval, to the Directing Certificateholder, the Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, the Companion Loan Holders and the 17g-5 Information Provider (which shall promptly post such revised Asset Status Report on the 17g-5 Information Provider’s Website in accordance with Section 8.15(b)). Prior to the occurrence and continuance of a Control Event, the Special Servicer shall continue to revise such Asset Status Report as described above in this Section 3.10(i) until the Directing Certificateholder shall fail to disapprove such revised Asset Status Report in writing within ten (10) Business Days of receiving such revised Asset Status Report, until the Directing Certificateholder’s approval is no longer required or until the Special Servicer makes the determination described below. Notwithstanding the foregoing, the Special Servicer (A) may, following the occurrence of an extraordinary event with respect to the Property or the Mortgage Loan or, if a failure to take any such action at such time would be inconsistent with Accepted Servicing Practices, take any action set forth in such Asset Status Report before the expiration of a ten (10) Business Day period and (B) shall implement the action recommended in the Asset

 

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Status Report, in each case if it makes a determination in accordance with Accepted Servicing Practices that such affirmative disapproval is not in the best interest of all the Certificateholders; provided, however, that, if the Directing Certificateholder does not approve or is not deemed to have approved an Asset Status Report within ninety (90) days from the first submission of an Asset Status Report, then the Special Servicer and the Directing Certificateholder shall use reasonable efforts to negotiate a mutually agreeable Asset Status Report during the next thirty (30) days, and if they are unable to reach an agreement within such 30-day period, the Special Servicer shall take the action recommended in its most recently submitted Asset Status Report; provided, further, that such Asset Status Report is not intended to replace or satisfy any other specific consent or approval right which the Directing Certificateholder may have pursuant to Section 9.3.

 

(l)       Prior to the occurrence and continuance of an Operating Advisor Consultation Event, the Special Servicer shall be required to deliver each Final Asset Status Report to the Operating Advisor following completion of the Directing Certificateholder Asset Status Report Approval Process. Prior to the occurrence and continuance of an Operating Advisor Consultation Event, the Operating Advisor’s review of a Final Asset Status Report shall only provide background information to support the Operating Advisor’s duties concerning the Special Servicer’s compliance with the Accepted Servicing Practices, and the Operating Advisor shall not provide comments to the Special Servicer in respect of such Final Asset Status Report. After the occurrence and 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) Business Days following the later of (i) receipt of such Asset Status Report or (ii) receipt of such additional information reasonably requested by the Operating Advisor related thereto, and propose possible alternative courses of action to the extent it determines such alternatives to be in the best interest of the Certificateholders (including any Certificateholders that are holders of the Controlling Class Certificates), 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 occurred and is continuing, the Directing Certificateholder) 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 and is continuing, the Directing Certificateholder), to the extent the Special Servicer determines that the Operating Advisor’s and/or the Directing Certificateholder’s input and/or recommendations are consistent with Accepted Servicing Practices and in the best interest of the Certificateholders as a collective whole. Promptly upon determining whether or not to revise any Asset Status Report to take into account any input and/or comments from the Operating Advisor or the Directing Certificateholder, the Special Servicer shall deliver to the Operating Advisor and the Directing Certificateholder 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.

 

(m)      In connection with the approval or consultation rights of the Directing Certificateholder and the consultation rights of the Operating Advisor with respect to any Asset Status Report, if the Special Servicer determines that any action recommended in an Asset Status Report 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

 

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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 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 would materially adversely affect the interest of the Certificateholders, and the Special Servicer has made a reasonable effort to contact the Directing Certificateholder or the Operating Advisor, as applicable.

 

(n)          After the occurrence and during the continuance of a Control Event, the Directing Certificateholder 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 Event but prior to the occurrence of a Consultation Termination Event, the Directing Certificateholder, 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) on a non-binding basis and may propose alternative courses of action and provide other feedback in respect of any Asset Status Report. After the occurrence of a Consultation Termination Event, the Directing Certificateholder (other than in its capacity as a Certificateholder) shall have no right to receive any Asset Status Report or otherwise consult with the Special Servicer with respect to Asset Status Reports and the Special Servicer shall only 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 Certificateholder during the applicable periods described above, but is under no obligation to follow any particular recommendation of the Operating Advisor or the Directing Certificateholder. The consultation process with the Operating Advisor and any revisions to the Asset Status Report made by the Special Servicer in response to such consultation described in this section are collectively referred to as the “ASR Consultation Process”. The consent or consultation process with the Directing Certificateholder and any revisions to the Asset Status Report made by the Special Servicer in response to such consultation described in this section are collectively referred to as the “Directing Certificateholder Asset Status Report Approval Process”.

 

Notwithstanding anything herein to the contrary: (i) the Servicer or Special Servicer shall have no right or obligation to consult with or to seek and/or obtain consent, approval or direction from any Directing Certificateholder prior to or after acting or making any determination (and provisions of this Agreement requiring such consultation, consent or approval shall be of no effect) during the period following any resignation or removal of a Directing Certificateholder and before a replacement is selected and/or identified; and (ii) no advice, direction or objection from or by the Directing Certificateholder, as contemplated by Section 9.3, or pursuant to any other provision of this Agreement, as contemplated by this Agreement or the Co-Lender Agreement, may (and the applicable Special Servicer may ignore and act without regard to any such advice, direction or objection that such Special Servicer has determined, in its reasonable, good faith judgment, would): (A) require or cause such Servicer or Special Servicer to violate applicable law, the terms of the Mortgage Loan Documents, the Co-Lender Agreement or this Agreement, including the Special Servicer’s obligation to act in accordance with Accepted Servicing Practices, (B) result in an Adverse REMIC Event, (C) expose the Trust, the Depositor, the Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or any of their respective Affiliates, members, managers, officers, directors, employees

 

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or agents, to any claim, suit or liability or (D) materially expand the scope of the Servicer’s or Special Servicer’s responsibilities under this Agreement.

 

(o)      The Servicer and the Special Servicer shall comply with applicable law, the Accepted Servicing Practices, this Agreement, the Co-Lender Agreement and the Mortgage Loan Documents.

 

(p)      During the continuance of a Special Servicing Loan Event, the Special Servicer shall have the authority to meet with the Loan Parties and, subject to the rights of the Directing Certificateholder (so long as no Consultation Termination Event is continuing) and take any actions consistent with Section 3.24, Accepted Servicing Practices and the most recent Final Asset Status Report.

 

(q)      Upon request of any Certificateholder (or any Beneficial Owner, if applicable), which shall have provided the Certificate Administrator with an Investor Certification in the form of Exhibit K-1, the Certificate Administrator shall mail, without charge, to the address specified in such request a copy of the most current Final Asset Status Report that it has received from the Special Servicer.

 

(r)      In addition, during the continuance of a Special Servicing Loan Event, not later than 4:00 p.m. (New York time) on each Determination Date the Special Servicer shall prepare and deliver to the Servicer the CREFC® Special Servicer Loan File with respect to the Mortgage Loan.

 

(s)       The Special Servicer shall be required to deliver to the Servicer such reports and other information as the Servicer needs in its reasonable discretion to perform its obligations under this Agreement. In no event, however, shall the Special Servicer be required to deliver a summary of any interim or draft Asset Status Report.

 

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 Borrower (or if the Borrower fails to maintain such insurance in accordance with the Mortgage Loan Documents, the Servicer shall cause to be maintained to the extent such insurance is available at commercially reasonable rates, and to the extent the Trustee, as mortgagee, has an insurable interest) insurance with respect to the Property of the types and in the amounts required to be maintained by the Borrower under the Mortgage Loan Documents and to monitor the Borrower’s compliance with such insurance requirements. The cost of any such insurance maintained by the Servicer shall be advanced by the Servicer, as a Property Protection Advance unless it would be a Nonrecoverable Advance. Neither the Servicer nor the Special Servicer shall be required to maintain, and shall not cause the Borrower to be in default with respect to the failure of the Borrower to obtain, all-risk casualty insurance which does not contain any carve-out for terrorist or similar acts, if and only if the Special Servicer has (and, prior to the occurrence and continuance of a Control Event, with the consent of the Directing Certificateholder) determined, on an annual basis, that such failure is an Acceptable Insurance Default. Neither the Servicer nor the Special Servicer shall be required to obtain terrorism

 

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insurance pursuant to this Agreement to the extent the 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 any Foreclosed Property as the Borrower is required to maintain with respect to the Property referred to in subsection (a) of this Section 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 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 Foreclosed Property shall only be so required to the extent such insurance is available at commercially reasonable rates and the Trust has an insurable interest in the Foreclosed Property. 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 5 Business Days of its receipt of notice of the Servicer’s failure to make such Advance) shall make an Advance of the premiums to maintain such insurance; provided that, in each such case, such obligations shall be subject to the provisions of this Agreement concerning Nonrecoverable Advances, the Trustee as mortgagee having an insurable interest and the availability of such insurance at commercially reasonable rates.

 

(c)      The Servicer or the Special Servicer, as applicable, may satisfy its obligations to cause insurance policies to be maintained by maintaining a master force placed or blanket insurance policy insuring against losses on the Property or the Foreclosed Property, as the case may be for which coverage is otherwise required to be maintained as set forth in the preceding subsections of this Section 3.11. The incremental cost of such insurance allocable to the Property or Foreclosed Property, if not borne by the applicable Loan Parties, 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 Trust 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 with an insurance company with a claims-paying ability rating at least equal to (a) “A3” by Moody’s, (b) “A-” by S&P, (c) “A-” by Fitch, (d) “A-:VIII” by A.M. Best Company, (e) “A-” or its equivalent by KBRA (if rated by KBRA) or (f) “A(low)” by DBRS (or such other rating as to which a Rating Agency Confirmation has been obtained) covering the directors, officers and employees of the Servicer or the Special Servicer, as applicable, in connection with its activities under this Agreement. Each such insurance policy shall protect the Servicer or the Special Servicer, as applicable, against losses resulting

 

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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 at least be equal to the coverage that is required by the applicable governmental authorities having regulatory power over the Servicer and Special Servicer. The amount of coverage shall be in such form and amount as are consistent with Accepted Servicing Practices. In the event that any such bond or policy ceases to be in effect, the Servicer or the Special Servicer, as applicable, shall obtain a comparable replacement bond or policy. Each shall use reasonable 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 Special Servicer shall be entitled to self-insure with respect to such risks so long as the long term debt obligations or deposits of the Servicer or Special Servicer, as applicable (or its immediate or remote parent) is rated at least “A(low)” by DBRS (or, if not rated by DBRS, then the equivalent rating by two other NRSROs) (or such other rating as to which a Rating Agency Confirmation has been obtained) or “A-” by Fitch.

 

(e)      No provision of this Section 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 Trustee 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 Trustee, a certificate of insurance from the surety and insurer certifying that such insurance is in full force and effect. The Trustee 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 with an insurance company with a claims-paying ability rating at least equal to (a) “A(low)” by DBRS or (b) “A-:X” by A.M. Best, (or such other rating as to which a Rating Agency Confirmation has been obtained) covering the directors, officers and employees of the Operating Advisor in connection with its activities under this Agreement.

 

Section 3.12      Procedures with Respect to Defaulted Mortgage Loan; Realization upon the Property. (a) Following, and during the continuance of, a Special Servicing Loan Event, the Special Servicer on behalf of the Trustee (with notification to and consent of the Directing Certificateholder prior to the occurrence and continuance of a Control Event and upon consultation with the Directing Certificateholder after the occurrence and during the continuance of a Control Event but so long as no Consultation Termination Event has occurred, and upon consultation with the Operating Advisor after the occurrence and during the continuance of the Operating Advisor Consultation Event), for the benefit of the Certificateholders and the Companion Loan Holders, subject to the terms of the Mortgage Loan Documents, and the Co-Lender Agreement, shall promptly pursue the remedies set forth therein or such resolution as is otherwise available to the Special Servicer, each in accordance with Accepted Servicing Practices, including foreclosure or otherwise realization on the Property and the other collateral for the Mortgage Loan. In connection with any foreclosure, enforcement of the applicable 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

 

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determines, in accordance with Accepted Servicing Practices, that such Advance would constitute a Nonrecoverable Advance.

 

(b)      Any proposed acceleration of the Mortgage 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 Mortgage 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 cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the REMIC Provisions or subject either such Trust REMIC to any tax (other than a tax on “net income from foreclosure property” under Code Section 860G(c)).

 

(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)      In connection with any foreclosure or other acquisition, the Special Servicer shall request the Servicer to pay, and the Servicer shall pay, the out-of-pocket costs and expenses in any such proceedings as a Property Protection Advance unless the Servicer determines, in its sole discretion exercised in accordance with Accepted Servicing Practices, that such Advance would constitute a Nonrecoverable Advance. The Servicer shall be entitled to reimbursement of Advances (with interest at the Advance Rate) made pursuant to the preceding sentence in accordance with Section 3.23. Subject to Section 9.3(a), for so long as a Control Event is not continuing, while negotiating a workout with the Borrower, the Special Servicer shall pursue any appropriate remedial action to but not including actual foreclosure until such negotiations, in the judgment of the Special Servicer and in accordance with Accepted Servicing Practices and subject to Section 9.3(a), are not reasonably likely to produce a greater recovery on a net present value basis than foreclosure.

 

(e)      Notwithstanding the foregoing, the Special Servicer may not foreclose on the Property on behalf of the Trust and the Companion Loan Holders and thereby cause the Trust to be the beneficial owner of the Property, or take any other action with respect to such Property that would cause the Trustee, on behalf of the Trust Fund and the Companion Loan Holders, to be considered to hold title to, to be a “mortgagee-in-possession” of, or to be an “owner” or “operator” of the Property within the meaning of CERCLA or any comparable law, subject to the rights of the Directing Certificateholder to consent to and/or consult in respect of such action, as applicable, unless the Special Servicer has previously determined, based on a report prepared as a Trust Fund

 

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Expense by an independent person who regularly conducts site assessments for purchasers of comparable properties (a copy of such report to be provided to the Certificate Administrator, the Companion Loan Holders and the Trustee by the Special Servicer), that (i) the Property is in compliance with applicable environmental laws or that taking the remedial actions necessary to comply with such laws is reasonably likely to produce a greater recovery on a net present value basis than not taking such actions and (ii) there are no circumstances known to the Special Servicer relating to the use of hazardous substances or petroleum-based materials which require investigation or remediation, or that if such circumstances exist taking such remedial actions is reasonably likely to produce a greater recovery on a net present value basis than not taking such actions. The Special Servicer shall deliver a copy of any such report to the 17g-5 Information Provider in electronic format and the 17g-5 Information Provider shall make such report available to the Rating Agencies and NRSROs pursuant to Section 8.14(b). The Certificate Administrator shall post a copy of such report on the Certificate Administrator’s Website promptly upon receipt.

 

If the Special Servicer has so determined based on satisfaction of the criteria in this Section 3.12(e) that it would be in the best economic interest (as determined in accordance with Accepted Servicing Practices) of the Trust Fund and the Companion Loan Holders as a collective whole (taking into account the subordination of the B Note to the A Notes) to institute a foreclosure or take any other actions described in the immediately preceding paragraph, subject to the rights of (i) the Directing Certificateholder to consent to, and (ii) the Directing Certificateholder and the Operating Advisor to consult in respect of such action, as applicable, pursuant to the terms hereof, 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 cause the imposition of a tax on the Upper-Tier REMIC or the Lower-Tier REMIC (other than a tax on “net income from foreclosure property” under Code Section 860G(c)) under the REMIC Provisions or cause the Lower-Tier REMIC or Upper-Tier REMIC to fail to qualify as a REMIC at any time that the Certificates are outstanding.

 

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 that such Advance would constitute a Nonrecoverable Advance.

 

(f)      The environmental site assessments contemplated by Section 3.12(e) 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.

 

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(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) to the effect that the holding of such personal property by the Trust Fund will not cause the imposition of a tax on the Upper-Tier REMIC or the Lower-Tier REMIC under the REMIC Provisions or cause the Upper-Tier REMIC or the Lower-Tier REMIC to fail to qualify as a REMIC at any time that any Uncertificated Lower-Tier Interest or Certificate is outstanding (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 acquisition of title to the Property following a Mortgage Loan Event of Default under the Mortgage Loan and cancellation of the Mortgage Loan, the Trust Loan and each Companion Loan shall be deemed to remain outstanding and, in the case of the Trust Loan, held in the Trust, and in the case of the Companion Loan, held by the Companion Loan Holders, 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 each Companion Loan shall be deemed to remain outstanding in accordance with the preceding sentence, (i) it shall be assumed that the unpaid principal balance of the Trust Loan and each Companion Loan immediately after any discharge is equal to the unpaid principal balance of the Trust Loan and such Companion Loan immediately prior to such discharge and (ii) Foreclosure Proceeds shall be applied as provided in Section 1.3(b) and the Co-Lender Agreement.

 

Section 3.13      Certificate Administrator and Trustee to Cooperate; Release of Items in Mortgage File. From time to time and as appropriate for the servicing of the Mortgage Loan or foreclosure of or realization on the Property, the Certificate Administrator shall, upon request of the Servicer or the Special Servicer and delivery to the Certificate Administrator of a request for release in the form of Exhibit B hereto, release or cause to be released any items from the Mortgage File to the Servicer or the Special Servicer, as the case may be, within the lesser of (i) seven (7) calendar days and (ii) five (5) Business Days of its receipt of the related request for release and the Trustee shall execute such documents furnished to it as shall be necessary to the prosecution of any such proceedings. Such request for release shall obligate the Servicer or the Special Servicer to (and the Servicer or Special Servicer, as applicable, shall) return such items to the Certificate Administrator when the need therefor by the Servicer or the Special Servicer no longer exists. The foregoing duties of the Certificate Administrator shall be performed by the Custodian.

 

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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, as trustee for the Certificateholders, or its nominee (which shall not include the Special Servicer), on behalf of the Trust Fund and the Companion Loan Holders or as otherwise contemplated pursuant to Section 8.10. Title may be taken in the name of a limited liability company wholly owned by the Trust and which is managed by the Special Servicer (the costs of which shall be advanced by the Servicer, provided that such Advance would not be a Nonrecoverable Advance). Promptly after such acquisition of title, the Special Servicer shall consult with counsel to determine when an Acquisition Date shall be deemed to occur under the REMIC Provisions with respect to the Property, the expense of such consultation being treated as a reimbursable expense of the Special Servicer related to the foreclosure. The Special Servicer, on behalf of the Trust Fund and the Companion Loan Holders, shall dispose of any Foreclosed Property held by the Trust Fund as expeditiously as appropriate in accordance with Accepted Servicing Practices, but in any event within the time period, and subject to the conditions, set forth in Sections 3.15 and 12.2. Subject to Sections 12.2 and 3.14(d), the Special Servicer shall hire on behalf of the Trust Fund and the Companion Loan Holders a Successor Manager to manage, conserve, protect and operate such Foreclosed Property for the Certificateholders and the Companion Loan Holders solely for the purpose of its prompt disposition and sale. In connection with such management and subject to Section 3.4(c)(vii), the Successor Manager shall be entitled to the REO Management Fee solely from the Foreclosed Property Account or the Collection Account pursuant to Section 3.4(c)(vii).

 

(b)      The Special Servicer shall segregate and hold all funds collected and received in connection with the operation of any Foreclosed Property separate and apart from its own funds and general assets and shall establish and maintain with respect to any Foreclosed Property a Foreclosed Property Account pursuant to Section 3.6.

 

(c)       The Special Servicer shall have full power and authority, subject to Accepted Servicing Practices and the specific requirements and prohibitions of this Agreement, to do any and all things in connection with Foreclosed Property for the benefit of the Trust Fund and the Companion Loan Holders as a collective whole (taking into account the subordination of the B Note to the A Notes) on such terms as are appropriate and necessary for the efficient liquidation of such Foreclosed Property, so long as the Special Servicer deems such actions to be consistent with Accepted Servicing Practices.

 

The Special Servicer shall deposit or cause to be deposited on a daily basis in the related Foreclosed Property Account all properly identified revenues received with respect to Foreclosed Property, and the Special Servicer shall cause to be withdrawn therefrom funds necessary for the proper operation, management and maintenance of such Foreclosed Property and for other expenses related to the preservation and protection of such Foreclosed Property, including, but not limited to:

 

(i)      all insurance premiums due and payable in respect of such Foreclosed Property;

 

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(ii)     all taxes, assessments, charges or other similar items in respect of such Foreclosed Property that could result or have resulted in the imposition of a lien thereon; and

 

(iii)    all costs and expenses necessary to preserve such Foreclosed Property, including the payment of ground rent, if any.

 

To the extent that amounts on deposit in the Foreclosed Property Account are insufficient for the purposes set forth in clauses (i) through (iii) above (and all similar amounts or expenses), the Special Servicer shall direct the Servicer to, and the Servicer shall, make a Property Protection Advance unless the Servicer determines, in accordance with Accepted Servicing Practices, that such Advance would constitute a Nonrecoverable Advance.

 

(d)       The Special Servicer, in the name of the Trust Fund, shall (subject to Section 3.14(a)) contract with any Successor Manager for the operation and management of 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 the 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;

 

(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 the 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 Mortgage 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)(vi). 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 

 

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 the Companion Loan Holders. Expenses incurred by the Special Servicer in connection herewith shall qualify as Property Protection Advances.

 

(e)      On or before the last day of each Collection Period, the Special Servicer shall withdraw from the Foreclosed Property Account and deposit into the Collection Account the proceeds and collections received or collected since the preceding Remittance Date through the Business Day prior to the Remittance Date on or with respect to the Foreclosed Property (including any funds no longer needed in any reserves established as provided below), net of expenses paid therefrom and amounts reasonably expected to be needed to fund any reserves deemed necessary for the operation, preservation and protection of such Foreclosed Property in the event that the Foreclosed Property is a real property, including without limitation, the creation of reasonable reserves for working capital, repairs, replacements and necessary capital improvements and other related expenses.

 

Section 3.15    Sale of Foreclosed Property. (a) The Special Servicer, on behalf of the Trust Fund and the Companion Loan Holders, shall sell any Foreclosed Property as expeditiously as appropriate in accordance with Accepted Servicing Practices in a manner designed to preserve the capital of the Certificateholders and the Companion Loan Holders as a collective whole (taking into account the subordination of the B Note to the A Notes) and not with a view to the maximization of profit, but in no event later than the time period set forth in Section 12.2 in a manner provided under this Section 3.15.

 

(b)      If the Special Servicer or an Affiliate acquires any Foreclosed Property in the name of and on behalf of the Trust Fund and the Companion Loan Holders, the Special Servicer shall be empowered, subject to the Code and to the specific requirements and prohibitions of this Agreement, to do any and all things in connection with the management and operation of such Foreclosed Property in accordance with Accepted Servicing Practices, all on such terms and for such period as the Special Servicer deems to be in the best interest of the Certificateholders and the Companion Loan Holders as a collective whole, as if they constituted a single lender (taking into account the subordination of the B Note to the A Notes) and consistent with the REMIC Provisions.

 

(c)       Subject to the consent and consultation rights of the Directing Certificateholder, as applicable, the Special Servicer shall accept the highest cash offer for any Foreclosed Property received from any person. In no event may such offer be less the Mortgage Loan Purchase Price for such Foreclosed Property. In the absence of any offer and purchase of any Foreclosed Property at least equal to the Mortgage Loan Purchase Price for such Foreclosed Property, the Special Servicer shall accept the highest offer received from any Person that is determined by the Special Servicer to be a fair price for such Foreclosed Property. In determining whether any offer from a Person other than an Interested Person constitutes a fair price for any Foreclosed Property, the Special Servicer is required to take into account (in addition to the results of any appraisal, updated appraisal or narrative appraisal that it may have obtained pursuant to this Agreement within the prior nine months), among other factors, the period and amount of the occupancy level and physical condition of the Foreclosed Property and the state of the local economy. If the highest offeror is an Interested Person or any Certificateholder, then the Trustee shall determine the fairness of the highest offer based upon such Appraisal or, if no Appraisal has been obtained within the last nine (9) months, based on an Appraisal obtained at the expense of

 

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the Trust; provided that if the Trustee is required to determine whether a cash offer by an Interested Person constitutes a fair price, the Trustee may designate an Independent Appraiser expert in real estate or commercial mortgage loan matters with at least five (5) years’ experience in valuation of or investment in comparable properties, which such expert shall be selected with reasonable care by the Trustee for the sole purpose of determining whether any such cash offer constitutes a fair price for the Foreclosed Property; provided, further, that if the Trustee so designates any such third party to make such determination, the Trustee shall be entitled to rely conclusively upon such third party’s determination and the reasonable costs of all Appraisals, inspection reports and broker opinions of value incurred by the Trustee in making such determination shall be reimbursable to it first, by the Servicer as an Advance, subject to the Servicer’s determination that such amounts are not Nonrecoverable Advances, and then, as a Trust Fund Expense. Notwithstanding the foregoing, and subject to the rights of the Directing Certificateholder and the Operating Advisor, the Special Servicer shall not be obligated to accept the highest cash offer if the Special Servicer determines, in accordance with Accepted Servicing Practices, that rejection of such offer would be in the best interests of the Certificateholders and the Companion Loan Holders (as a collective whole as if they constituted a single lender (taking into account the subordination of the B Note to the A Notes)), and the Special Servicer may accept a lower cash offer (from any Person other than itself or an Affiliate) if it determines, in accordance with Accepted Servicing Practices, that acceptance of such offer would be in the best interests of the Certificateholders and the Companion Loan Holders (as a collective whole)). For avoidance of doubt, the Directing Certificateholder may submit bids on the Foreclosed Property in the same manner and at the same time and place as any other bidder. Neither the Trustee, in its individual capacity, nor any of its Affiliates may make an offer for or purchase any Foreclosed Property.

 

(d)     Subject to the provisions of Sections 3.14 and 12.2, the Special Servicer shall act on behalf of the Trust Fund and the Companion Loan Holders in negotiating and taking any other action necessary or appropriate in connection with the sale of Foreclosed Property, including the collection of all amounts payable in connection therewith. Any sale of Foreclosed Property shall be without recourse to the Trustee, the Depositor, the Certificate Administrator, the Servicer, the Special Servicer, the Operating Advisor, the Trust or the Certificateholders and the Companion Loan Holders (except that any contract of sale and assignment and conveyance documents may contain customary warranties, so long as the only recourse for breach thereof is to the Trust) and if consummated in accordance with the terms of this Agreement, none of the Trustee, the Depositor, the Certificate Administrator, the Special Servicer or the Certificate Administrator shall have any liability to any Certificateholder with respect to the purchase price thereof accepted by the Special Servicer or the Trustee.

 

(e)     The proceeds of any sale effected pursuant to this Section 3.15, after deduction of the expenses incurred in connection therewith, shall be deposited in the Collection Account in accordance with Section 3.4(a).

 

(f)      Within 30 days of the sale of Foreclosed Property, if not previously included in a CREFC® Report provided by the Servicer or the Special Servicer, the Special Servicer shall provide to the Servicer, the Trustee, the 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 such Foreclosed Property, (iii) the gross sale price and

 

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related selling and other expenses, (iv) accrued interest with respect to the outstanding balance of the Mortgage Loan immediately prior to the acquisition of the Foreclosed Property, calculated from the date of acquisition to the disposition date, and (v) such other information as the Trustee, the Companion Loan Holders or Certificate Administrator may reasonably request.

 

(g)      If the Mortgage Loan is a Specially Serviced Mortgage Loan or the Property is a Foreclosed Property, the Servicer shall prepare and file on a timely basis the reports of foreclosures and abandonments of the Property required by Section 6050J of the Code and the reports of discharges of indebtedness income in respect of the Trust Loan and each Companion Loan required by Section 6050P of the Code.

 

(h)      The Special Servicer shall deliver to the Servicer such reports and other information as the Servicer needs in its reasonable discretion to perform its obligations under this Agreement.

 

(i)        In connection with the acquisition of a Foreclosed Property pursuant to Section 3.15(c), 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 the Foreclosed Property on the date of the completion of the acquisition of the Property by foreclosure is less than the estimated Excess Liquidation Reference Amount as of that date, then the Holders or Beneficial Owners of Certificates representing more than 50% of the Class ELP Certificates (the “Excess Liquidation Proceeds Option Holder”) shall have the right to exercise an option (referred to herein as, the “Excess Liquidation Proceeds Option”) pursuant to which they shall be deemed to have acquired, in connection with and immediately prior to the consummation of the sale of the Foreclosed Property to a third party, all of the Trust’s interest in the Foreclosed Property (including, if the Special Servicer has transferred the Foreclosed Property to a single member limited liability company holding only the Foreclosed Property (the “REO LLC”), the Trust’s interests in the REO LLC in respect of the Mortgage Loan) 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.

 

The Excess Liquidation Proceeds Option may only be cash-settled on the closing of a sale of the Foreclosed Property by the Trust or the REO LLC, as applicable, to a third-party purchaser, and only if the Net Liquidation Proceeds realized in connection with such sale exceed the Excess Liquidation Reference Amount. Upon the closing of a qualifying sale to a third-party purchaser, the Special Servicer shall deliver, or cause the REO LLC to deliver, to the Excess Liquidation Proceeds Option Holder a cash settlement amount equal to the excess of (i) the Net Liquidation Proceeds over (ii) the Excess Liquidation Reference Amount (such excess, if any, the “Excess Liquidation Proceeds”). Such qualifying sale shall be deemed to be treated as a sale of the Foreclosed Property by the Special Servicer on behalf of the Holders of the Class ELP Certificates to the extent of the Trust’s interests in the Foreclosed Property.

 

For the avoidance of doubt, the exercise of the Excess Liquidation Proceeds Option will only be permitted in conjunction with, or following, a “qualified liquidation” (as defined in the REMIC Provisions) of each Trust REMIC.

 

Section 3.16    Sale of the Mortgage Loan.

 

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(a)      (i) Within sixty (60) days after the occurrence of a Special Servicing Loan Event and notice of the occurrence is received by the Special Servicer, the Special Servicer shall order (but shall not be required to have received) an Appraisal, the cost of which shall be a Trust Fund Expense. The Servicer shall promptly notify in writing the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, the Companion Loan Holders and the Directing Certificateholder (prior to the occurrence and continuance of a Consultation Termination Event) 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 Certificateholder and the Operating Advisor, the Special Servicer may offer to sell to any Person the Mortgage Loan or may offer to purchase the Mortgage Loan, if and when the Special Servicer determines, consistent with Accepted Servicing Practices, that no satisfactory arrangements can be made for collection of delinquent payments thereon and such a sale would be in the best economic interests of the Trust and the Companion Loan Holders as a collective whole (taking into account the subordination of the B Note to the A Notes) on a net present value basis. The Special Servicer shall provide the Trustee, the Companion Loan Holders, the Certificate Administrator, the Operating Advisor and the Directing Certificateholder (prior to the occurrence of a Consultation Termination Event) not less than five (5) Business Days’ prior written notice of its intention to sell the Mortgage Loan, in which case the Special Servicer is required to accept the highest offer received from any Person, other than any Interested Person, for the Mortgage Loan so long as such offer is at least equal to the Mortgage Loan Purchase Price. At the Special Servicer’s option, if it has received no offer at least equal to the Mortgage Loan Purchase Price for the Mortgage Loan, an Interested Person (other than the Manager or any Borrower Affiliate) may purchase the Mortgage Loan at the Mortgage Loan Purchase Price. Any Companion Loan is 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 (including, without limitation, Section 5 of the Co-Lender Agreement).

 

(ii)     In the absence of any offer and purchase at least equal to the Mortgage Loan Purchase Price, the Special Servicer shall accept the highest offer received from any Person that is determined by the Special Servicer to be a fair price for the Mortgage Loan. In determining whether any offer from a person other than an Interested Person constitutes a fair price for any defaulted Mortgage Loan, the Special Servicer shall take into account (in addition to the results of any appraisal, updated appraisal or narrative appraisal that it may have obtained pursuant to this Agreement within the prior nine months), among other factors, the period and amount of the occupancy level and physical condition of the Property and the state of the local economy. However, if the highest offeror is a Person who is the Depositor, the Servicer, the Special Servicer (or any independent contractor engaged by the Special Servicer), the Operating Advisor, the Certificate Administrator, the Directing Certificateholder (or any of its Affiliates), any Borrower Affiliate, an Other Depositor, the master servicer, the special servicer (or any independent contractor engaged by such special servicer) or the trustee for an Other Securitization Trust, a Companion Loan Holder or any known Affiliate of any of them (any such Person, an “Interested Person”), then the Trustee (based upon, among other things, the Appraisals ordered pursuant to the preceding paragraph, the cost of which shall be paid by the Servicer as a Property Protection Advance, and copied or otherwise delivered to the Trustee and any other information reasonably requested by the Trustee) shall determine if the highest offer is a fair price, and such determination shall be binding upon all parties; provided that no offer

 

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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 Mortgage Loan Purchase Price, at least two other offers are received from independent third parties. Any such determination shall be binding upon all parties. All reasonable costs and fees of the Trustee and any third party hired by the Trustee in accordance with this Agreement in making such determination shall be reimbursable to it first, by the Servicer as an Advance, or if the Servicer determines that such amounts are Nonrecoverable Advances, then as a Trust Fund Expense. The Directing Certificateholder may submit bids on the defaulted Trust Loan in the same manner and at the same time and place as any other bidder. If the Trustee designates any such third party to make such determination, the Trustee shall be entitled to rely conclusively upon such third party’s determination. Neither the Trustee, in its individual capacity, nor any of its Affiliates may make an offer for or purchase the Mortgage Loan.

 

(iii)    Notwithstanding anything contained in the preceding paragraph to the contrary, if an Interested Person offers to purchase the Mortgage Loan and 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 as a Trust Fund Expense) designate an Independent third party 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 Mortgage Loan, that has been selected with reasonable care by the Trustee to determine if such cash offer constitutes a fair price for the Mortgage Loan. If the Trustee designates such a third party to make such determination, the Trustee shall be entitled to rely conclusively upon such third party’s determination. The reasonable fees of, and 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 reimbursable by, the Interested Person, and if such fees or costs are not reimbursed by such Interested Person, such expense shall be reimbursable as a Trust Fund Expense; provided that the Trustee shall not engage a third party expert whose fees exceed a commercially reasonable amount as determined by the Trustee.

 

(iv)    Notwithstanding the foregoing, the Special Servicer shall not be obligated to accept the highest offer if the Special Servicer determines, in accordance with Accepted Servicing Practices, that the rejection of such offer would be in the best interests of the Certificateholders and the Companion Loan Holders as a collective whole as if they constituted a single lender (taking into account the subordination of the B Note 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 Certificateholders and the Companion Loan Holders as collective whole as if they constituted a single lender (taking into account the subordination of the B Note 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 Special Servicer or a Person that is an Affiliate of the Special Servicer. The Special Servicer shall use efforts consistent with Accepted Servicing Practices to sell the Mortgage Loan prior to the Rated Final Distribution Date.

 

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(v)     Unless and until the Mortgage Loan is sold pursuant to this Section 3.16(a), the Special Servicer shall pursue such other resolution strategies with respect to the Mortgage Loan, including, without limitation, workout and foreclosure, as the Special Servicer may deem appropriate, consistent with the Asset Status Report, Accepted Servicing Practices and the REMIC Provisions.

 

(b)      Prior to the occurrence and continuance of a Control Event, any sale of the Mortgage Loan by the Special Servicer shall be subject to the Directing Certificateholder’s consent rights (subject to limitations on such consent pursuant to Section 9.3 herein) and after the occurrence and continuance of a Control Event but prior to the occurrence of a Consultation Termination Event, any sale of the Mortgage Loan will be subject to the consultation rights of the Directing Certificateholder as described in Section 9.3 herein.

 

(c)      The right of the Special Servicer to purchase or sell the Mortgage 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 Mortgage 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 Mortgage 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 Mortgage Loan has become subject to a fully executed agreement reflecting the terms of the workout arrangement, or (iii) the Mortgage Loan has otherwise been resolved (including by a full or discounted pay-off).

 

(d)       Any sale of the Mortgage Loan shall be for cash only, and shall be in accordance with and subject to the provisions of the Co-Lender Agreement.

 

(e)       Notwithstanding anything to the contrary herein, the Special Servicer shall not sell the Mortgage 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 Borrower or an Affiliate of the 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 Mortgage 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 Mortgage Loan, and any documents in the Loan File reasonably requested by such Companion Loan Holder that are material to the price of the Mortgage 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 that are not Borrower Affiliates will be permitted to make offers to purchase, and either such party is permitted to be the purchaser at any sale of, the Mortgage Loan.

 

Section 3.17    Servicing Compensation. (a) The Servicer shall be entitled to receive the Servicing Fee with respect to the Trust Loan, the Companion Loan and any Foreclosed

 

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Property payable monthly from the Collection Account from payments of interest on the Trust Loan or the Companion Loan or otherwise in accordance with and subject to Section 3.4(c)(iii); provided that if such collections on the Trust Loan and Companion Loan are not sufficient to pay all accrued and unpaid Servicing Fees on the Mortgage Loan upon the final liquidation of the Mortgage Loan, any accrued but unpaid Servicing Fees will be payable out of other amounts on deposit with respect to the Mortgage Loan in accordance with 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 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 (the “Servicer Customary Expenses”).

 

(b)     In addition, the Servicer shall be entitled to the following items as additional servicing compensation, to the extent that such items are actually collected on the Mortgage Loan: (i) (x) so long as the Mortgage Loan is not a Specially Serviced Mortgage Loan, 50% of the Modification Fees actually collected during the related Collection Period and paid in connection with a consent, approval or other action that the Servicer is not permitted to take or grant in the absence of the consent or approval (or deemed consent or approval) of the Special Servicer under this Agreement and (y) so long as the Mortgage Loan is not a Specially Serviced Mortgage Loan, 100% of the Modification Fees actually collected during the related Collection Period and paid in connection with a consent, approval or other action that the Servicer is permitted to take or grant in the absence of the consent or approval (or deemed consent or approval) of the Special Servicer under this Agreement; (ii) so long as the Mortgage Loan is not a Specially Serviced Mortgage Loan, 100% of Assumption Fees collected during the related Collection Period in connection with a consent, approval or other action that the Servicer is permitted to take or grant in the absence of the consent or approval (or deemed consent or approval) of the Special Servicer under this Agreement and 50% of Assumption Fees collected during the related Collection Period in connection with a consent, approval or other action that the Servicer is not permitted to take or grant in the absence of the consent or approval (or deemed consent or approval) of the Special Servicer under this Agreement; (iii) so long as the Mortgage Loan is not a Specially Serviced Mortgage Loan, 100% of Assumption Application Fees collected during the related Collection Period; (iv) so long as the Mortgage Loan is not a Specially Serviced Mortgage Loan, 100% of consent fees and any loan service transaction fees in connection with a consent that involves no modification, waiver or amendment of the terms of the Mortgage Loan and is paid in connection with a consent the Servicer is permitted to grant in the absence of the consent or approval (or deemed consent or approval) of the Special Servicer under this Agreement and 50% of consent fees in connection with a consent that involves no modification, waiver or amendment of the terms of the Mortgage Loan and is paid in connection with a consent that the Servicer is not permitted to grant in the absence of the consent or approval (or deemed consent or approval) of the Special Servicer under this Agreement; (v) any and all amounts collected for checks returned for insufficient funds relating to the accounts held by the Servicer; (vi) all or a portion of charges for

 

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beneficiary statements or demands actually paid by the Borrower; (vii) if the Mortgage Loan is not a Specially Serviced Mortgage Loan, 100% of other loan processing fees actually paid by the Borrower; (viii) interest or other income earned on deposits in the Collection Account or other accounts maintained by the Servicer (but only to the extent of the net investment earnings, if any, with respect to any such account for each Collection Period and, further, in the case of a servicing account or Reserve Account, only to the extent such interest or other income is not required to be paid to the Borrower under applicable law or under the Mortgage Loan Documents); (ix) 100% of late payment charges and net Default Interest that accrue when the Mortgage Loan is not a Specially Serviced Mortgage Loan to the extent not applied to pay other amounts in accordance with Section 3.4(c) and (x) 100% of defeasance fees.

 

(c)       If a Special Servicing Loan Event occurs and is continuing, the Special Servicer shall be entitled to receive a Special Servicing Fee with respect to the Mortgage Loan for so long as such Special Servicing Loan Event continues. The Special Servicer shall also be entitled to retain as compensation any late payment charges and certain other customary charges and fees to the extent described below, as well as reimbursement for all other costs or expenses incurred by it in performing its duties hereunder other than: (i) 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 (the “Special Servicer Customary Expenses”). If a Special Servicing Loan Event is terminated following resolution of such Special Servicing Loan Event by a written agreement with the Loan Parties negotiated by the Special Servicer, the Special Servicer shall be entitled to receive the Work-out Fee on all payments of principal and interest made on the Mortgage Loan following such written agreement for so long as another Special Servicing Loan Event does not occur. If the Special Servicer is terminated (other than for cause) or resigns after such written agreement is entered into and before or after the Special Servicing Loan Event is terminated, it shall retain the right to receive any and all Work-out Fees on all payments of principal and interest made on the Mortgage 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. In addition, the Special Servicer shall be entitled to receive a Liquidation Fee with respect to Liquidated Property or the liquidation of the Specially Serviced Mortgage Loan whether through judicial foreclosure, sale or otherwise, or in connection with the sale, full, partial or discounted payoff or other liquidation of the Specially Serviced Mortgage Loan or the Property as to which the Special Servicer receives Liquidation Proceeds, except that no Liquidation Fee shall be payable in connection with (i) any repurchase of the Trust Loan by the Trust Loan Seller pursuant to the Trust Loan Purchase Agreement (so long as such repurchase occurs within the 90 day time period required by the Trust Loan Purchase Agreement for the Trust Loan Seller to cure or repurchase the Trust Loan, respectively (including any applicable extension period)), or (ii) a sale of the Trust Loan by the Special Servicer to the Servicer or the Special Servicer pursuant to Section 3.16 hereof. The Liquidation Fee shall be payable from, and shall be calculated using the related Net Liquidation Proceeds. Each of the foregoing fees shall be payable from funds on deposit in the Collection Account as provided in Section 3.4(a). Notwithstanding anything herein to the contrary, with respect to the Mortgage Loan and any

 

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amount collected in a Collection Period, the Special Servicer shall only be entitled to receive a Work-out Fee or a Liquidation Fee, but not both.

 

(d)       The Special Servicer shall also be entitled to the following items as additional special servicing compensation, to the extent that such items are actually collected on the Mortgage Loan: (i) if the Mortgage Loan is a Specially Serviced Mortgage Loan or with respect to a Foreclosed Property, 100% of Modification Fees actually collected during the related Collection Period; (ii) if the Mortgage Loan is not a Specially Serviced Mortgage Loan, 50% of Modification Fees collected during the related Collection Period in connection with a consent, approval or other action that the Servicer is not permitted to take or grant in the absence of the consent or approval (or deemed consent or approval) of the Special Servicer under this Agreement; (iii) if the Mortgage Loan is a Specially Serviced Mortgage Loan, 100% of Assumption Fees collected during the related Collection Period and if the Mortgage Loan is not a Specially Serviced Mortgage Loan, 50% of Assumption Fees collected during the related Collection Period in connection with a consent, approval or other action that the Servicer is not permitted to take or grant in the absence of the consent or approval (or deemed consent or approval) of the Special Servicer under this Agreement; (iv) if the Mortgage Loan is a Specially Serviced Mortgage Loan, 100% of Assumption Application Fees collected during the related Collection Period; (v) if the Mortgage Loan is a Specially Serviced Mortgage Loan, 100% of consent fees in connection with a consent that involves no modification, waiver or amendment of the terms of the Mortgage Loan and if the Mortgage Loan is not a Specially Serviced Mortgage Loan, 50% of consent fees in connection with a consent that involves no modification, waiver or amendment of the terms of the Mortgage Loan and is paid in connection with a consent that the Servicer is not permitted to grant in the absence of the consent or approval (or deemed consent or approval) of the Special Servicer under this Agreement; (vi) if the Mortgage Loan is a Specially Serviced Mortgage Loan, all or a portion of charges for beneficiary statements or demands and other loan processing fees actually paid by the Borrower; (vii) any and all amounts collected for checks returned for insufficient funds relating to the accounts held by the Special Servicer; (viii) if the Mortgage Loan is a Specially Serviced Mortgage Loan, 100% of other loan processing fees actually paid by the Borrower; (ix) interest or other income earned on deposits in the Foreclosed Property Account (but only to the extent of the net investment earnings, if any, for each Collection Period); and (x) 100% of late payment charges and Default Interest (to the extent not applied to pay other amounts pursuant to Section 3.4(c)) that accrue when the Mortgage Loan is a Specially Serviced Mortgage Loan.

 

(e)     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 Loan Parties (to the extent the Loan Parties are required to do so under the Mortgage Loan Agreement); (ii) failure of the Loan Parties to reimburse for such payment constitutes a Mortgage Loan Event of Default; (iii) such expense would qualify as an “unanticipated expense incurred by the REMIC” within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(ii) or is otherwise an unanticipated expense (it being understood that the Servicer Customary Expenses and the Special Servicer Customary Expenses are not unanticipated); or (iv) such reimbursement is expressly provided for herein or such expense is expressly described herein as a Trust Fund Expense.

 

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(f)       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 compensation (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.

 

(g)      As compensation for its activities hereunder, on each Distribution Date the Certificate Administrator shall be entitled to the Certificate Administrator Fee (including that portion which is payable to the Trustee as the Trustee Fee). Except as otherwise provided herein, the Certificate Administrator’s fee includes all routine expenses of the Trustee, the Certificate Administrator and the Authenticating Agent. Each of the Trustee’s and Certificate Administrator’s rights to the Certificate Administrator Fee (including that portion of the Certificate Administrator Fee that represents the Trustee Fee, which is payable to the Trustee) may not be transferred in whole or in part except in connection with the transfer of all of the Trustee’s or Certificate Administrator’s, as applicable, responsibilities and obligations under this Agreement.

 

(h)       Midland and any successor holder of the Excess Servicing Fee Rights shall be entitled, at any time, at its own expense, to transfer, sell, pledge or otherwise assign such Excess Servicing Fee Rights in whole (but not in part), to a QIB or Institutional Accredited Investor (other than a Plan), provided that no such transfer, sale, pledge or other assignment shall be made unless (i) that transfer, sale, pledge or other assignment is exempt from the registration and/or qualification requirements of the Act and any applicable state securities laws and is otherwise made in accordance with the Act and such state securities laws, (ii) the prospective transferor shall have delivered to the Depositor a certificate substantially in the form attached as Exhibit N-1 hereto, and (iii) the prospective transferee shall have delivered to Midland and the Depositor a certificate substantially in the form attached as Exhibit N-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 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. Midland 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 Midland 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, the Special Servicer and the Operating Advisor 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. Following any transfer, sale, pledge or assignment of an Excess Servicing Fee Right or the termination of Midland 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

 

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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 Trustee, the Certificate Administrator or the Operating Advisor shall have any obligation whatsoever regarding payment of the Excess Servicing Fee or the assignment or transfer of the Excess Servicing Fee Right.

 

(i)      The Special Servicer and its Affiliates shall be prohibited from receiving or retaining any Disclosable Special Servicer Fees and any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates shall be remitted to the Servicer to be deposited by the Servicer into the Collection Account within two (2) Business Days of the receipt of such Disclosable Special Servicer Fees by the Special Servicer or its Affiliates.

 

(j)       On any Distribution Date immediately following receipt of any Disclosable Special Servicer Fees, the Special Servicer shall deliver or cause to be delivered to the Servicer within two (2) Business Days following the Determination Date related to such Distribution Date, and the Servicer, to the extent it has received such report, shall deliver to the Certificate Administrator, without charge, one Business Day prior to the Distribution Date an electronic report, which may include HTML, word or excel compatible format, clean and searchable PDF format or such other format as mutually agreeable between the Certificate Administrator, the Servicer and the Special Servicer that discloses and contains an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates, if any, with respect to such Distribution Date.

 

(k)       With respect to any fees as to which both the Servicer and the Special Servicer are entitled to receive a portion, the Servicer and the Special Servicer 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 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. If the Servicer decides not to charge any fee, the Special Servicer will 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 will not be entitled to any of such fee charged by the Special Servicer. If the Special Servicer decides not to charge any fee, the Servicer will nevertheless be entitled to charge its portion of the related fee to which the Servicer would have been entitled if the Special Servicer had charged a fee and the Special Servicer will not be entitled to any of such fee charged by the Servicer.

 

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 reasonably acceptable to the Certificate Administrator, consistent with Accepted Servicing Practices, not later than (i) 9:00 a.m. (New

 

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York time) one (1) Business Day prior to each Distribution Date, the CREFC® Loan Periodic Update File and CREFC® Appraisal Reduction Template, (ii) 2:00 p.m. (New York time) one (1) Business Day prior to each Distribution Date, any updated CREFC® Loan Periodic Update File, if applicable, and (iii) 3:00 p.m. (New York time) one (1) Business Day prior to each Distribution Date, the remaining CREFC® Reports.

 

With respect to Companion Loans, the Servicer shall make the CREFC® Reports (except the CREFC® Bond Level Files, the CREFC® Collateral Summary File, the CREFC® Special Servicer File, the CREFC® Operating Statement Analysis Report and the 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 securitization of the Companion Loan, to the master servicer of the Other Securitization Trust no later than two (2) Business Days after the Determination Date.

 

The CREFC® Operating Statement Analysis Report and the CREFC® NOI Adjustment Worksheet shall be delivered to the Certificate Administrator by the Servicer (with respect to a Specially Serviced Mortgage Loan or Foreclosed Property, to the extent received from the Special Servicer) on a quarterly and annual basis (commencing with the quarter ending March 30, 2022 and year ending December 31, 2021), each within 30 days after receipt by the Servicer or the Special Servicer, as applicable, of the financial statements, operating statements, rent rolls, or other information required to prepare (or, if previously prepared, update) the CREFC® Operating Statement Analysis Report and the CREFC® NOI Adjustment Worksheet, but will not be deemed to have been received by the Certificate Administrator until such time as it is actually received; provided, however, that any analysis or report with respect to the first calendar quarter of each year shall not be required to the extent provided in the then-current applicable CREFC® guidelines.

 

Additionally, the Servicer shall deliver the CREFC® Operating Statement Analysis Report and CREFC® NOI Adjustment Worksheet on a monthly basis to the Certificate Administrator; provided, however, the Servicer shall have no obligation to update such reports except as set forth in the immediately preceding paragraphs, and no analysis or update shall be required to the extent such analysis or update is not required to be provided under the then-current applicable CREFC® guidelines.

 

(b)       The Servicer shall furnish to the Certificate Administrator in electronic format the CREFC® Reports produced by it pursuant to this Agreement not later than the time period specified in Section 3.18(a), and thereafter, upon the request of a Rating Agency, to the 17g-5 Information Provider, who shall make such reports available to the Rating Agencies on its website.

 

(c)        The Servicer shall produce the reports described in this Section 3.18 solely from information provided to the Servicer by the Loan Parties pursuant to the Mortgage Loan Agreement (without modification, interpretation or analysis) or by the Special Servicer, the Trust Loan Seller 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). The Special Servicer shall promptly deliver to the

 

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Servicer the CREFC® Special Servicer Loan File and any applicable CREFC® Loan Liquidation Reports, CREFC® Loan Modification Reports and CREFC® REO Liquidation Reports and the most recently prepared or updated CREFC® Operating Statement Analysis Report and CREFC® NOI Adjustment Worksheet with respect to the Mortgage Loan if it is a Specially Serviced Mortgage Loan and any Foreclosed Property in an electronic format, reasonably acceptable to the Servicer and the Special Servicer as of the Determination Date.

 

Section 3.19       [Reserved].

 

Section 3.20       [Reserved].

 

Section 3.21        Access to Certain Documentation Regarding the Mortgage Loan and Other Information.

 

(a)    Upon reasonable advance notice, the Certificate Administrator or the Custodian, as applicable, shall provide reasonable access during its normal business hours at its Corporate Trust Office to certain reports and to information and documentation in its possession or in its control regarding the Mortgage Loan to any Privileged Person (other than a Borrower Affiliate, the Manager or their respective agents or Affiliates); provided, however, that to the extent such reports, information and documentation is provided to a Rating Agency, the 17g-5 Information Provider shall first post such information to the Certificate Administrator’s Website. Such information shall include, but shall not be limited to, the CREFC® Reports provided to the Certificate Administrator by the Servicer.

 

(b)     Upon request of the Depositor or a Rating Agency, the 17g-5 Information Provider shall post on the 17g-5 Information Provider’s Website any additional information requested by the Depositor or a Rating Agency to the extent such information is delivered to the 17g-5 Information Provider electronically in accordance with Section 8.14(b). In no event shall the 17g-5 Information Provider disclose on the 17g-5 Information Provider’s Website which Rating Agency requested such additional information. In addition, 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 prior to the Closing Date, the 17g-5 Information Provider shall post such information on the 17g-5 Information Provider’s Website pursuant to Section 8.14(b).

 

(c)       [Reserved]

 

(d)       Upon the request of a Certificateholder or any Beneficial Owner or a prospective purchaser of a Certificate that is a QIB and is designated as a prospective purchaser by a Certificateholder or Beneficial Owner and, in any case, has delivered an Investor Certification in the form of Exhibit K-1 hereto to the Depositor and the Certificate Administrator (collectively, the “Rule 144A Information Recipients”), the Certificate Administrator shall make available to the Rule 144A Information Recipients such information as is specified pursuant to Rule 144A(d)(4) under the Act (“Rule 144A Information”), to the extent such Rule 144A Information has been received by the Certificate Administrator. If the Certificate Administrator receives a request for Rule 144A Information in connection with the resale of any Certificate by a Certificateholder or

 

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Beneficial Owner, and such Rule 144A Information has not previously been provided to the Certificate Administrator by the Depositor, the Certificate Administrator shall, within three (3) Business Days of receipt of such request, notify the Depositor of such request and identify the Rule 144A Information requested. The Depositor shall use commercially reasonable efforts to provide the requested Rule 144A Information to the Certificate Administrator, to the extent the requested Rule 144A Information is in the Depositor’s possession. The Certificate Administrator shall, within three (3) Business Days of receipt of any additional Rule 144A Information from the Depositor (i) convey such additional requested Rule 144A Information to the requesting Rule 144A Information Recipient and (ii) post such additional requested Rule 144A Information on the Certificate Administrator’s Website.

 

Section 3.22      Inspections. (a) The Servicer shall inspect or cause to be inspected the Property not less frequently than once each year commencing in 2023, so long as a Special Servicing Loan Event is not then continuing. The Special Servicer shall inspect or cause to be inspected the Property, as applicable, promptly 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 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 and Companion Loan Holders in electronic format. The Certificate Administrator shall post such report on the Certificate Administrator’s Website pursuant to Section 8.14(b).

 

(b)    The Special Servicer, if the Mortgage Loan is a Specially Serviced Mortgage Loan, and the Servicer, if the Mortgage Loan is not a Specially Serviced Mortgage Loan, shall make reasonable efforts to collect promptly and review from the Borrower quarterly and annual operating statements, financial statements, budgets and rent rolls of the Properties, and the quarterly and annual financial statements of such Borrower, and any other reports or documents required to be delivered under the terms of the Mortgage Loan. The Servicer and the Special Servicer shall not be required to request such operating statements or rent rolls more than once if the Borrower are not required to deliver such statements pursuant to the terms of the Mortgage Loan documents. The Servicer or Special Servicer, as applicable, shall deliver copies of any of the foregoing items so collected thereby, upon the request of a Rating Agency, to the 17g-5 Information Provider who shall post such items to the 17g-5 Information Provider’s Website.

 

Section 3.23     Advances. (a) In the event that all or a portion of any Monthly Payment (other than the Balloon Payment and Default Interest) or an Assumed Monthly Payment, as applicable, representing interest on the Trust Loan has not been received by the close of business on the Business Day immediately prior to any 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 interest portion of such

 

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Monthly Payment (or portion thereof) (or in the amount of the Assumed Monthly Payment, or portion thereof, as applicable) with respect to the Trust Loan that has not been received by the close of business on the Business Day immediately prior to such Remittance Date (net of the Servicing Fee with respect to the Trust Loan, which shall not be paid to the Servicer until funds in the Collection Account are available for payment of such fee); provided that neither the Servicer nor any other party shall be entitled to interest accrued on the amount of any Monthly Payment Advance with respect to the Trust Loan if the delinquent amount of the Monthly Payment (or, if applicable, the Assumed Monthly Payment) in respect of such Trust Loan is received by the Servicer or the Certificate Administrator, as applicable, by 2:00 p.m., New York time, on such Remittance Date. The portion of any Monthly Payment Advance equal to the CREFC® Intellectual Property Royalty License Fee for the Trust Loan and such Distribution Date will not be remitted to the Certificate Administrator but will be remitted to CREFC® by the Servicer. The Servicer shall also advance in respect of each Payment Date following (x) a delinquency in the payment of the Balloon Payment of the Trust Loan or foreclosure (or acceptance of a deed-in-lieu of foreclosure or comparable conversion) of the Mortgage Loan or (y) not later than the related Remittance Date, to the Distribution Account, the amount of any Assumed Monthly Payment deemed due with respect to the Trust Loan on such Payment Date. For the avoidance of doubt, in the event that the amount of interest and/or principal on the Trust Loan is reduced as a result of any modification to the Trust Loan, any 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. For the avoidance of doubt, the Servicer shall make Monthly Payment Advances on the basis of the original terms of the Mortgage Loan, including if it is subject to a forbearance agreement or other temporary deferral or payment accommodation, unless (1) the terms of the Mortgage Loan have been permanently modified to reduce or forgive a monetary obligation or (2) the Servicer has determined the given Monthly Payment Advance is or will be nonrecoverable. Notwithstanding anything to the contrary herein and subject to the determination of nonrecoverability provided in this Section 3.23, in the event that the Property becomes Foreclosed Property, the Servicer shall continue to make advances as required pursuant to this Section 3.23(a) with respect to each Payment Date following such event in an amount equal to the Monthly Payment or Assumed Monthly Payment (other than the Balloon Payment and Default Interest), as applicable, due or deemed due with respect to the Trust Loan on such Payment Date, as if the Property had not become a Foreclosed Property and the Trust Loan continued to be outstanding. If and to the extent such information is not already included in the Distribution Date Statement for the month in which such Monthly Payment Advance is made, the Servicer shall notify the master servicer and trustee with respect to each Other Securitization Trust of the amount of any Monthly Payment Advance made pursuant to this Section 3.23(a) within two Business days of making such advance. The Servicer shall maintain a record of each Monthly Payment Advance it has made pursuant to this Section 3.23(a) on the Trust Loan and shall notify the Certificate Administrator thereof in the appropriate CREFC® Reports in order to permit allocation thereof pursuant to Sections 3.4 and 3.5. In the event that the Servicer does not remit any amounts required to be remitted to the Certificate Administrator on each Remittance Date (including any amounts required to be remitted pursuant to Section 3.5 and any required Monthly Payment Advance) to the Certificate Administrator for deposit in the Distribution Account on the Remittance Date, the Servicer shall pay to the Certificate Administrator interest on such amounts at the federal funds rate for the period from and including the Remittance Date to but excluding the Distribution Date or, if earlier, the actual remittance date.

 

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At any time that a Trust Appraisal Reduction Amount exists with respect to the Mortgage Loan, the amount that would otherwise be required to be advanced by the Servicer in respect of delinquent payments of interest on the Trust Loan shall be reduced by multiplying such amount by a fraction, the numerator of which is the then-outstanding principal balance of the Trust Loan minus the Trust Appraisal Reduction Amount allocable to the Trust Loan (including any deemed Trust Appraisal Reduction Amount) 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 respective 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, ground rents and governmental charges that may be levied or assessed against any Loan Party or any of its Affiliates or the Property or revenues therefrom or which become liens on the Property, (B) insurance premiums and (C) the out-of-pocket costs and expenses of the Servicer or the Special Servicer, as applicable (including, without limitation, reasonable attorneys’ fees and expenses) to the extent not paid by the applicable Loan Parties that are incurred in connection with a sale of the Mortgage Loan, the negotiation of a workout of the Mortgage Loan, an assumption of the Mortgage Loan or a release of the Property from the lien of the Mortgage, (iii) any enforcement or judicial proceedings, including foreclosures and including, but not limited to, court costs, reasonable attorneys’ fees and expenses and costs for third party experts, including Independent Appraisers, environmental and engineering consultants, and (iv) the management, operation and liquidation of the Property if the Property is acquired by the Trust (collectively, “Property Protection Advances”). In addition, subject to Section 3.23(e), the Servicer shall advance amounts eligible for withdrawal from the Collection Account pursuant to clauses (iii) (other than Servicing Fees), (v)(b), (vi) (to the extent reimbursements of such amounts are owed to the Trustee only), (vii), (ix) or (xi) of Section 3.4(c) (collectively, “Administrative Advances”) on or prior to the related Distribution Date to the extent (A) such amounts are not paid from the Collection Account pursuant to the second paragraph of Section 3.4(c) and (B) it determines that such amounts are payable or reimbursable by the Borrower and would not be a Nonrecoverable Advance. During the continuation of a Special Servicing Loan Event, the Special Servicer shall give the Servicer and the Trustee not less than five (5) Business Days’ written notice before the date on which the Servicer is requested to make any Property Protection Advance with respect to the Mortgage Loan or any Foreclosed Property; provided, however, that only three (3) Business Days’ written notice shall be required in respect of Property Protection Advances required to be made on an urgent or emergency basis (which may include, without limitation, Property Protection Advances required to make tax or insurance payments). In addition, the Special Servicer shall provide the Servicer with such information in its possession as the Servicer may reasonably request to enable the Servicer to determine whether a requested Property Protection Advance would constitute a Nonrecoverable Advance. Subject to Section 6.3, 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; provided, however, that the Special Servicer shall not

 

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be entitled to make such a request more frequently than once per calendar month with respect to Advances other than emergency Advances (although such request may relate to more than one Advance). The Special Servicer shall not be obligated to make any Advance.

 

(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 (subject to the applicable recoverability determination), and shall continue to apply with respect to the Trust Loan after any modification or amendment of the Mortgage Loan pursuant to Section 3.24 hereof, beyond the Maturity Date of the Mortgage Loan if a payment default shall have occurred on such date and through any court appointed stay period or similar payment delay resulting from any insolvency of any Loan Party or related bankruptcy, notwithstanding any other provision of this Agreement, subject to the requirement of recoverability, until the earliest of (i) the payment in full of the Mortgage Loan, (ii) the date on which the Property becomes liquidated or (iii) the date on which the Mortgage Loan is sold.

 

(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 (and, solely with respect to the Servicer, subject to a floor of 2% per annum, compounded annually) (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. If the context requires, each reference to the reimbursement or payment of an Advance also includes, whether or not specifically referred to, payment or reimbursement of interest thereon at the Advance Rate through but excluding the date of payment or reimbursement.

 

(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 interest thereon at the Advance Rate, would not constitute a Nonrecoverable Advance if made. The Trustee and the Servicer, in that order, shall be entitled to reimbursement for any such Advances relating to the Trust Loan or the Mortgage Loan, as applicable, from the Collection Account and shall obtain such reimbursement in accordance with Section 3.4(c). If the context requires, each reference to the reimbursement or payment of an Advance shall be deemed to include, whether or not specifically referred to, payment or reimbursement of interest thereon at the Advance Rate through but excluding the date of payment or reimbursement.

 

(f)      The determination by the Servicer or the Trustee that it has made a Nonrecoverable Advance or that any proposed Advance, if made, would constitute a Nonrecoverable Advance, shall be evidenced by the delivery of an Officer’s Certificate in electronic format to the Companion Loan Holders, the Operating Advisor, the Certificate Administrator, the Trustee (if such determination is made by the Servicer), the Servicer (if such determination is made by the Trustee) and the Special Servicer, detailing the reasons for such determination with supporting documents attached. Such Officer’s Certificate shall be made available to any Privileged Person by the Certificate Administrator posting such Officer’s Certificate to the Certificate Administrator’s Website in accordance with Section 8.14(b). The

 

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costs of any appraisals, engineering reports, environmental reports or surveys and other information requested by the Servicer or the Trustee establishing an Advance as a Nonrecoverable Advance shall be treated as Trust Fund Expenses, payable from the Collection Account pursuant to Section 3.4(c), and shall constitute a Property Protection Advance or Administrative Advance, as applicable, if paid by the Servicer or the Trustee from its funds. Subject to Section 6.3, the Servicer’s reasonable 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 commercially reasonable judgment, solely in its capacity as Trustee.

 

(g)     The Servicer and the Trustee are not obligated to advance or pay (i) delinquent scheduled payments with respect to any Companion Loan, (ii) any Balloon Payment with respect to the Trust Loan (but are obligated to advance the related Assumed Monthly Payment in accordance with the terms of this Agreement), (iii) any Default Interest, Late Payment Charges or Yield Maintenance Default Premiums, (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 interest in the Property or (vii) subordinated obligations. In addition, the Servicer and the Trustee shall have no obligation to make any Monthly Payment Advances with respect to the Companion Loan.

 

(h)      The Servicer or the Trustee may consider (among other things) the following when making a non-recoverability determination: (a) the existence of any outstanding Nonrecoverable Advance (plus accrued and unpaid interest thereon) with respect to the Trust Loan, the Mortgage Loan or any Foreclosed Property the reimbursement of which, at the time of such consideration, is being deferred or delayed by the Servicer or the Trustee, (b) the obligations of the Borrower under the terms of the Mortgage Loan as it may have been modified, (c) the Property in its “as-is” or then-current conditions and occupancies, as modified by such party’s assumptions (consistent with Accepted Servicing Practices in the case of the Servicer and the Special 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, (d) future expenses and (e) the timing of recoveries.

 

Section 3.24     Modifications of Mortgage Loan Documents. (a) (i) The Servicer (if no Special Servicing Loan Event has occurred and is continuing) or the Special Servicer (if a Special Servicing Loan Event occurs and is continuing) may, subject to (x) the consent of the Directing Certificateholder (subject to limitations on such consent pursuant to Section 9.3(a) herein) prior to the occurrence and continuance of a Control Event, (y) the consultation and review rights of the Directing Certificateholder (subject to limitations on such rights pursuant to Section 9.3(a) herein) after the occurrence and during the continuance of a Control Event but prior to the occurrence of a Consultation Termination Event and (z) the consultation and review rights of the Operating Advisor after the occurrence and during the

 

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continuance of an Operating Advisor Consultation Event, modify, waive or amend any term of the Mortgage Loan if such modification, waiver or amendment (a) is consistent with Accepted Servicing Practices and (b) does not either (i) cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or a Grantor Trust to fail to qualify as a grantor trust under the Code or (ii) subject either such Trust REMIC to any tax under the REMIC Provisions (and the Servicer or the Special Servicer, as applicable, may obtain and be entitled to rely upon an Opinion of Counsel in connection with such determination). Notwithstanding anything herein to the contrary, in no event may the Servicer or the Special Servicer permit an extension of the Maturity Date beyond the date that is the earlier of (a) five (5) years prior to the latest Rated Final Distribution Date and (b) 20 years or, to the extent consistent with Accepted Servicing Practices giving due consideration to the remaining term of the ground lease, 10 years, prior to the end of the current term of the ground lease, plus any options to extend the ground lease exercisable unilaterally by the Borrower. In connection with (i) the release of the Property or portion thereof from the lien of the related 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. The Servicer shall provide to the Special Servicer notice of all Borrower requests related to any Mortgage Loan modification or assumption and, so long as no Consultation Termination Event is continuing, the Special Servicer shall forward such notice to the Directing Certificateholder.

 

(b)    All modifications, waivers or amendments of the Mortgage 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 each other, the Trustee, the Certificate Administrator, the Companion Loan Holders, the Operating Advisor and the Depositor and, so long as no Consultation Termination Event has occurred, the Directing Certificateholder, in writing, of any modification, waiver or amendment of any term of the Mortgage Loan and the date thereof, and shall deliver to the Custodian (with a copy to the Trustee, the Operating Advisor and each Companion Loan Holder) an original recorded (if applicable) counterpart of the agreement relating to such modification, waiver or amendment within ten (10) Business Days following the execution and recordation (if applicable) thereof. In the event the Servicer or Special Servicer, or a court of competent jurisdiction in connection with a workout or proposed workout of the Mortgage Loan, modifies the interest rate applicable to the Mortgage Loan, the aggregate adverse economic effect of the modification (if any) required to be borne by the holders of the Trust Notes pursuant to the Co-Lender Agreement shall be applied to the Certificates, in reverse order of seniority. If all or any portion of the Mortgage Loan is modified, the Net Trust Note Rate shall not change for purposes of distributions on the Certificates.

 

(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 Loan Parties’ expense in accordance with the

 

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Mortgage Loan Agreement or, if not so provided in the Mortgage Loan Agreement or if the Loan Parties do not pay, as a Trust Fund Expense.

 

(d)    Notwithstanding the foregoing or anything to the contrary in Section 9.3, the Servicer and (if a Special Servicing Loan Event is continuing) the Special Servicer may, in accordance with Accepted Servicing Practices (without any Rating Agency Confirmation or consent of the Directing Certificateholder), grant the Borrower’s request for consent to subject the Property to an easement, right-of-way or similar agreement for utilities, access, parking, public improvements or another similar purpose and may consent to subordination of the Mortgage Loan to such easement, right-of-way or similar agreement. Neither the Servicer nor the Special Servicer may condition the granting of any of the above on receipt of Rating Agency Confirmation if such condition would not be consistent with or permitted by the Mortgage Loan Documents.

 

(e)      Subject to Section 3.26 of this Agreement, prior to implementing any of the actions under the definition of RAC Decision, the Servicer or Special Servicer shall obtain a Rating Agency Confirmation from each Rating Agency.

 

(f)      Notwithstanding the foregoing, the Servicer shall not permit the substitution of the Property pursuant to the defeasance provisions of the Mortgage Loan Agreement unless such defeasance complies with Treasury Regulations Section 1.860G-2(a)(8)(ii) and the Servicer has (i) received replacement collateral consisting of government securities within the meaning of Treasury Regulations Section 1.860G-2(a)(8)(ii), which satisfies the requirements of the Mortgage Loan Documents, in an amount sufficient to make all scheduled payments required under the terms of the Mortgage Loan when due, (ii) received a certificate of an Independent certified public accountant to the effect that such substituted property will provide cash flows sufficient to meet all payments of interest and principal (including payments at maturity) on the Mortgage Loan in compliance with the requirements of the terms of the Mortgage Loan Documents, (iii) received one or more Opinions of Counsel (at the expense of the related Borrower) to the effect that the Trustee, on behalf of the Trust Fund, will have a first priority perfected security interest in such substituted property; provided, however, that, to the extent consistent with the Mortgage Loan Documents, the Borrower shall pay the cost of any such opinion as a condition to granting such defeasance, (iv) to the extent consistent with the Mortgage Loan Documents, the Borrower shall have designated a single purpose entity to act as a successor mortgagor, if so required by a Rating Agency, (v) to the extent permissible under the Mortgage Loan Documents, the Servicer shall use its reasonable efforts to require the Borrower to pay all costs of such defeasance, including but not limited to the cost of maintaining any successor mortgagor, and (vi) to the extent permissible under the Mortgage Loan Documents, the Servicer shall obtain, at the expense of the Borrower, Rating Agency Confirmation from each Rating Agency. If the Servicer receives notice of a request for defeasance with respect to the Mortgage Loan, the Servicer shall provide upon receipt of such notice, written notice of such defeasance request to each Trust Loan Seller or its respective assignee and until such time as the Trust Loan Seller provides written notice to the contrary, notice of a defeasance of the Mortgage Loan shall be delivered to the Trust Loan Seller pursuant to the notice provisions of the Trust Loan Purchase Agreement.

 

(g)      The Servicer shall deposit all payments received by it from defeasance collateral substituted for the Property into the Collection Account and treat any such payments as payments made on the Mortgage Loan in advance of its Payment Date, and not as a prepayment

 

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of the Mortgage Loan. The Servicer shall deposit all payments received by it from defeasance collateral substituted for the Property into the Collection Account and treat any such payments as payments made on the Mortgage Loan in advance of its Payment Date, and not as a prepayment of the Mortgage Loan. Notwithstanding anything herein to the contrary, in no event shall the Servicer permit such amounts to be maintained in the Collection Account for a period in excess of 365 days (or 366 days in the case of a leap year).

 

(h)          Subject to the terms of this Section 3.24, each of the Servicer and Special Servicer, respectively, shall be permitted in its sole discretion to waive all or any portion of Default Interest to the extent consistent with Accepted Servicing Practices. Failure to waive any Default Interest by the Servicer or Special Servicer shall not in any way be deemed a violation of Accepted Servicing Practices.

 

Section 3.25      Conflicts of Interests; Mandatory Resignation of Servicer and Special Servicer May Own Certificates; Conflicts of Interest. (a) The Servicer, the Special Servicer and any agent thereof in its individual or any other capacity may become the owner or pledgee of Certificates with the same rights it would have if it were not the Servicer or the Special Servicer or such agent except as otherwise provided herein subject to the restrictions on voting set forth in the definition of Certificateholder.

 

(b)          Neither the Special Servicer nor any of its Affiliates shall resign from its obligations and duties as Servicer or Special Servicer, as applicable, under this Agreement, except as provided in Section 6.4 hereof. In the event that the Special Servicer becomes a Borrower Affiliate, the Special Servicer shall promptly notify the Trustee and the Certificate Administrator of such affiliation. Upon receipt of such notice, the Trustee shall promptly send a request to the Special Servicer requesting that the Special Servicer resign as Special Servicer and promptly appoint a replacement special servicer in accordance with Section 6.4 of this Agreement. In the event that no replacement Special Servicer is appointed within thirty (30) days for any reason after receipt by the Trustee of a notice of such affiliation, the Trustee may petition the court for appointment of a successor Special Servicer at the expense of resigning Special Servicer.

 

Section 3.26      The Operating Advisor.

 

(a)           The Operating Advisor shall review (i) the actions of the Special Servicer with respect to the Mortgage Loan when it is a Specially Serviced Mortgage Loan and the actions of the Special Servicer with respect to Major Decisions relating to the Mortgage Loan when it is not a Specially Serviced Mortgage Loan 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. The Operating Advisor shall perform its duties hereunder in accordance with the Operating Advisor Standard.

 

(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 the Directing Certificateholder in connection with the Directing

 

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Certificateholder’s exercise of its rights under this Agreement (including, without limitation, in connection with the review and/or approval of any Asset Status Report or Final Asset Status Report) or otherwise in connection with this transaction, except under the circumstances described in Section 3.26(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 information received from the Special Servicer pursuant to the terms of this Agreement solely for purposes of complying with its duties and obligations hereunder.

 

(c)           (i) Based on the Operating Advisor’s review of (x) any assessment of compliance, attestation report and other information delivered to the Operating Advisor by the Special Servicer made available to Privileged Persons that are posted on the Certificate Administrator’s Website during the prior calendar year, (y) prior to the occurrence and continuance of an Operating Advisor Consultation Event, with respect to the Mortgage Loan when it is a Specially Serviced Mortgage Loan, any Final Asset Status Report or Major Decision Reporting Package, and (z) after the occurrence and continuance of an Operating Advisor Consultation Event, any Asset Status Report and any Major Decision Reporting Package, the Operating Advisor shall (if, at any time during the prior calendar year, (A) the Mortgage Loan was a Specially Serviced Mortgage Loan or (B) 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 8.14(b)) 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 Z (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 (1) which, if any, standards the Operating Advisor believes, in its sole discretion exercised in good faith, the Special Servicer has failed to comply and (2) any material deviations from the Special Servicer’s obligation hereunder with respect to the resolution or liquidation of any Specially Serviced Mortgage Loan or Foreclosed Property; 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 3.26(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 Mortgage Loan or Foreclosed Property and (B) comply with all of 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

 

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Website in accordance with Section 8.14(b)) and the 17g-5 Information Provider (who shall post it to the 17g-5 Information Provider’s Website in accordance with Section 8.14(b)); provided, however, that the Special Servicer shall be given an opportunity to review the Operating Advisor Annual Report at least five (5) Business Days prior to its delivery to the Certificate Administrator and the 17g-5 Information Provider. In preparing the Operating Advisor Annual Report, the Operating Advisor 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. 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 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 resulting 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(c) used in the Special Servicer’s determination of that course of action to take in connection with the workout or liquidation of the Mortgage Loan when it is a Specially Serviced Mortgage Loan, the Special Servicer shall forward such calculations, together with any supporting material or additional information necessary in support thereof (including such additional information reasonably requested by the Operating Advisor and in the Special Servicer’s possession or reasonably available to it 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 3.26(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 order to resolve any inaccuracy in the mathematical calculations (other than a de minimis inaccuracy) 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

 

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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).

 

(e)           Notwithstanding the foregoing, prior to the occurrence and continuance of an Operating Advisor Consultation Event, the Operating Advisor will be limited to an after-the-action review of any assessment of compliance, attestation report, Major Decision Reporting Package, Asset Status Report, Final Asset Status Report and other information delivered to the Operating Advisor by the Special Servicer or made available to Privileged Persons that are posted on the Certificate Administrator’s Website during the prior calendar year (together with any additional information and material reviewed by the Operating Advisor), and, therefore, it shall have no 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.

 

(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 Certificateholder, disclose such information to any other Person (including any Certificateholders other than the Directing Certificateholder), 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 or the Special Servicer’s obligations under this Agreement (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 Certificateholder, 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 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.

 

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(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 Mortgage Loan. As to the Mortgage 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 Mortgage Loan Interest Accrual 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 3.26(n) 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 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 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 Borrower if it determines that such full or partial waiver is in accordance with the 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)           The Operating Advisor may be removed upon (i) the written direction of Holders of Certificates evidencing not less than 25% of the Voting Rights (taking into account the application of any Appraisal Reduction Amounts to notionally reduce the Certificate Balances of Classes to which such Appraisal Reduction Amounts are allocable) 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), (ii) payment by such Holders to the Certificate Administrator of the reasonable fees and expenses to be incurred by the Certificate Administrator in connection with administering such vote and (iii) receipt by the Trustee and the Certificate Administrator of Rating Agency Confirmation from each Rating Agency (which confirmations will be obtained by the Certificate Administrator at the expense of such Holders and will not constitute an additional expense of the Trust). The Certificate Administrator shall promptly provide written notice to all Certificateholders 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

 

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Certificate Register. Upon the vote or written direction of Holders of a majority of the aggregate Certificate Balance of all Classes of Principal Balance Certificates (taking into account the application of Appraisal Reduction Amounts to notionally reduce the Certificate Balances of Classes to which such Appraisal Reduction Amounts are allocable), the Trustee shall 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 Holders of the Certificates that initiated the vote to replace the Operating Advisor shall pay the costs and expenses incurred in connection with the removal and replacement of the Operating Advisor pursuant to this Section 3.26(i). The Certificate Administrator shall include on each Distribution Date Statement a statement that each Certificateholder may access such notices on the Certificate Administrator’s Website and that each Certificateholder may register to receive e-mail notifications when such notices are posted thereon.

 

(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 the Operating Advisor for cause and appoint a replacement Operating Advisor that is an Eligible Operating Advisor; provided, that no such termination shall be effective until a successor Operating Advisor has been appointed and has assumed all of the obligations of the Operating Advisor under this Agreement. 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 thirty (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 Certificateholder (only if no Control Event or 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 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)           Prior to the occurrence and continuance of a Control Event, the Directing Certificateholder shall have the right to consent, such consent not to be unreasonably withheld, conditioned or delayed, to the identity of any replacement Operating Advisor appointed pursuant to this Section 3.26; provided, further, that such consent will be deemed to have been granted if no

 

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objection is made within ten (10) Business Days following the Directing Certificateholder’s receipt of the request for consent and, if granted or deemed granted, such consent cannot thereafter be revoked or withdrawn.

 

(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 Certificateholder, 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 each 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 thirty (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 3.26.

 

(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 3.26(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 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 3.26. 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

 

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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 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 3.27      Rating Agency Confirmation. Notwithstanding the terms of any related Mortgage Loan Documents or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written confirmation from the Rating Agencies that any action will not cause a downgrade, withdrawal or qualification of the then-current ratings on the Certificates as a condition precedent to such action, if the party (the “Requesting Party”) seeking to obtain such Rating Agency Confirmation or written confirmation has made a request to each Rating Agency for such Rating Agency Confirmation or written confirmation and, within ten (10) Business Days of such request being sent to the applicable Rating Agency, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is either declining to review such request or waiving the requirement for Rating Agency Confirmation or written confirmation, then such Requesting Party shall be required to (i) confirm (through direct communication and not by posting any confirmation on the 17g-5 Information Provider’s Website) that the applicable Rating Agency has received the Rating Agency Confirmation or written confirmation request, and, if it has, promptly request the related Rating Agency Confirmation or written confirmation again, and (ii) if there is no response to either such Rating Agency Confirmation or written confirmation request within five (5) Business Days of such second request, then (x) with respect to any condition in any Mortgage Loan Document requiring such Rating Agency Confirmation or such written confirmation or any other matter under this Agreement relating to the servicing of the Mortgage Loan (other than as set forth in clause (y) below), such condition shall be deemed to be satisfied (provided that granting such request is in accordance with Accepted Servicing Practices), and (y) with respect to a replacement of the Servicer or Special Servicer, such condition shall be deemed to be satisfied with respect to (1) Fitch, if the replacement servicer is rated at least “CMS3” or the replacement special servicer is rated at least “CSS3”, as applicable or (2) DBRS, (i) if such replacement servicer or special servicer, as applicable, has a current ranking by DBRS higher than or equal to “MOR CS3” as a master servicer or special servicer, as applicable or (ii) if not ranked by DBRS, such replacement servicer or special servicer is acting as master servicer or special servicer, as applicable, in a CMBS securitization that was rated by DBRS within the 12-month period prior to the date of determination and DBRS has not cited servicing concerns of the applicable replacement servicer or special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the then-current rating or ratings of one or more classes of such commercial mortgage-backed securities.

 

Any Rating Agency Confirmation requests made by the Servicer, Special Servicer, Certificate Administrator, Trustee or Operating Advisor, as applicable, pursuant to this Agreement, shall be made in writing (and e-mail 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

 

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back-up material the Servicer, the Special Servicer, the Certificate Administrator, Trustee or Operating Advisor, as applicable, reasonably deems necessary for the Rating Agencies to process such request. Such written Rating Agency Confirmation request shall be provided in electronic format to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b).

 

Promptly following the Servicer’s or the Special Servicer’s determination to take any action discussed in this Section 3.27 following any requirement to obtain a Rating Agency Confirmation being considered satisfied, the Servicer or the Special Servicer, as applicable, shall provide written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 8.14(b).

 

Section 3.28      Miscellaneous Provisions.

 

(a)           Without limiting any other obligation of the Servicer or the Special Servicer under the Mortgage Loan Agreement to respond to certain Borrower requests, the Servicer and the Special Servicer each hereby agree and acknowledge that the Servicer and the Special Servicer, as applicable, shall respond to any request by the Borrower under Section 5.1.11(d) of the Mortgage Loan Agreement for written approval of the Annual Budget.

 

(b)          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 servicing and administration of the Mortgage Loan or any Foreclosed Property, any amendment to this Agreement or replacement of the Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the Operating Advisor (a “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 Companion Loan Rating Agency Confirmation to the master servicer, the special servicer, the certificate administrator or the operating advisor to any Other Securitization Trust 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 or the Special Servicer, as applicable, depending on whichever such party is seeking the corresponding Rating Agency Confirmation(s) in connection with a Relevant Action. The requirement to obtain a Companion Loan Rating Agency Confirmation with respect to any Companion Loan Securities 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 or Special Servicer, as applicable, depending on which is seeking the subject Companion Loan Rating Agency Confirmation, shall forward to one or more of its counterparts (i.e., the master servicer or special servicer, as applicable), the 17g-5 Information Provider’s counterpart, or such other party or parties (as are agreed to by the Servicer or the Special Servicer, as applicable, and the applicable parties for the related Other Securitization Trust), at the expense of the Other Securitization Trust to the extent not borne by the Borrower, and in such format as the sender and recipient may reasonably agree, (i) the request for such Companion Loan Rating Agency Confirmation all materials forwarded to the 17g-5 Information Provider under this Agreement in connection with seeking the Rating Agency Confirmation(s) for the applicable

 

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Relevant Action at approximately the same time that such materials are forwarded to the 17g-5 Information Provider, and (ii) any other materials that the applicable Companion Loan Rating Agency may reasonably request in connection with such Companion Loan Rating Agency Confirmation promptly following such request.

 

Section 3.29       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 Trust Notes under the Co-Lender Agreement. All portions of the Mortgage File and (to the extent provided under the Trust Loan Purchase Agreement) other documents pertaining to the Trust Loan shall be endorsed or assigned to the extent necessary or appropriate to the purchaser of the Trust Loan in its capacity as the holder of the Trust Notes (as a result of such purchase, repurchase or substitution) and (except for the original Companion Notes) on behalf of the holders of the Companion Notes. Thereafter, such Mortgage File shall be held by the holder of the Trust Notes or a custodian appointed thereby for the benefit thereof, on behalf of itself and the Companion Loan Holders as their interests appear under the Co-Lender Agreement. If the related servicing file is not already in the possession of such party, it shall be delivered to the master servicer or special servicer, as the case may be, under any separate servicing agreement for the Mortgage Loan.

 

(b)          With respect to any Companion Loan that 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 Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the Custodian shall reasonably cooperate with the asset representations reviewer or any other party to the Other Pooling and Servicing Agreement in connection with such asset review by providing the asset representations reviewer or such other requesting party with any documents reasonably requested by the asset representations reviewer or such other requesting party (at the expense of the Trust Loan Seller or requesting party), but only to the extent (i) the requesting party or asset representations reviewer has not been able to obtain such documents from the Trust Loan Seller or a party to the Other Pooling and Servicing Agreement and (ii) such documents are in the possession of the Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Custodian, as the case may be. For the avoidance of doubt, none of the Servicer, the Special Servicer, the Trustee or the Custodian shall (i) have further obligations for such asset review or be bound by it or shall (ii) be obligated to provide such documents if providing such documents would, in its reasonable determination, be a violation of this Agreement or the Co-Lender Agreement.

 

(c)           Notwithstanding anything in this Agreement to the contrary, but only to the extent required under the Co-Lender Agreement, the Servicer with respect to the Mortgage Loan when it is not a Specially Serviced Mortgage Loan or Special Servicer with respect to the Mortgage Loan when it is a Specially Serviced Mortgage Loan, as applicable, shall consult with the Companion Loan Holders with respect to any matters with respect to the servicing of the 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

 

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deliver reports and notices to each Companion Loan Holder to the extent required under the Co-Lender Agreement.

 

(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 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.

 

Section 3.30      [Reserved].

 

Section 3.31      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 Custodian, the Servicer, the Special Servicer or the Operating Advisor shall be obligated to monitor, supervise or enforce the performance of any party under the Credit Risk Retention Compliance Agreement.

 

ARTICLE 4.

DISTRIBUTIONS 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 and Class X Certificates, on a pro rata basis, based on the Interest Distribution Amounts for each such Class and such Distribution Date, in an amount up to such Interest Distribution Amount for such Class and such Distribution Date;

 

second, to the Class A Certificates, in an amount up to the Principal Distribution Amount for such Distribution Date, until the Certificate Balance of such Class is reduced to zero;

 

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third, to the Class A Certificates, in an amount 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 an amount up to the Interest Distribution Amount for such Class and such Distribution Date;

 

fifth, to the Class B Certificates, in an amount up to the Principal Distribution Amount for such Distribution Date less any portion of such Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero;

 

sixth, to the Class B Certificates, in an amount up to the amount of all Applied Realized Loss Amounts previously allocated to such Class and not reimbursed on prior Distribution Dates;

 

seventh, to the Class C Certificates, in an amount up to the Interest Distribution Amount for such Class and such Distribution Date;

 

eighth, to the Class C Certificates, in an amount up to the Principal Distribution Amount for such Distribution Date less any portion of such Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero;

 

ninth, to the Class C Certificates, in an amount up to the amount of all Applied Realized Loss Amounts previously allocated to such Class and not reimbursed on prior Distribution Dates;

 

tenth, to the Class D Certificates, in an amount up to the Interest Distribution Amount for such Class and such Distribution Date;

 

eleventh, to the Class D Certificates, in an amount up to the Principal Distribution Amount for such Distribution Date less any portion of such Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero;

 

twelfth, to the Class D Certificates, in an amount up to the amount of all Applied Realized Loss Amounts previously allocated to such Class and not reimbursed on prior Distribution Dates;

 

thirteenth, to the Class E Certificates, in an amount up to the Interest Distribution Amount for such Class and such Distribution Date;

 

fourteenth, to the Class E Certificates, in an amount up to the Principal Distribution Amount for such Distribution Date less any portion of such Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero;

 

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fifteenth, to the Class E Certificates, in an amount up to the amount of all Applied Realized Loss Amounts previously allocated to such Class and not reimbursed on prior Distribution Dates;

 

sixteenth, to the Class HRR Certificates, in an amount up to the Interest Distribution Amount for such Class and such Distribution Date;

 

seventeenth, to the Class HRR Certificates, in an amount up to the Principal Distribution Amount for such Distribution Date less any portion of such Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero;

 

eighteenth, to the Class HRR Certificates, in an amount up to the amount of all Applied Realized Loss Amounts previously allocated to such Class and not reimbursed on prior Distribution Dates; and

 

nineteenth, 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 which 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 (A) receive 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) be allocated Realized Losses in an amount equal to the amount of Realized Losses actually allocated 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 and the Interest Distribution Amount and Interest Shortfall in respect of the Class X Certificates (based on the proportion of the interest accrued at the Class X Strip Rate on each respective Class of Related Certificates to the aggregate interest accrued at the Class X Strip Rates on all of the respective Classes of Related Certificates), to the extent actually distributable thereon as provided in Section 4.1(a). Amounts distributable pursuant to this paragraph, together with amounts distributable pursuant to Section 4.3(b), 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 on each Distribution Date.

 

As of any date, the principal balance of each Uncertificated Lower-Tier Interest shall equal its Lower-Tier Principal Amount. The Pass-Through Rate with respect to each Uncertificated Lower-Tier Interest shall be the rate per annum set forth in the Introductory Statement hereto.

 

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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 Default 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 Class R Certificateholders (in respect of the Class LT-R Interest) from the Lower-Tier Distribution Account and to the Class R Certificateholders (in respect of the Class UT-R Interest) and to other Certificateholders from the Upper-Tier Distribution Account on each Distribution Date shall be made by the Certificate Administrator to each Certificateholder of record on the related Record Date (other than as provided in Section 10.1 in respect of the final distribution), by wire transfer in immediately available funds to the account of such Certificateholder at a bank or other entity located in the United States and having appropriate facilities therefor; provided that the Certificate Administrator has received appropriate wire transfer instructions therefrom, or by check by first class mail to the address set forth therefor in the Certificate Register if wiring instructions have not been received at least five (5) Business Days prior to the Distribution Date.

 

(c)           All amounts distributable to a Class of Certificates pursuant to Section 4.1(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 (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 Record Date by wire transfer of immediately available funds to the account of such Certificateholder at a bank or other entity located in the United States and having appropriate facilities therefor, provided that the Certificate Administrator has received appropriate wire transfer instructions therefrom, or by check by first class mail to the address set forth therefor in the Certificate Register if wiring instructions have not been received at least five (5) Business Days prior to the Distribution Date. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the location specified by the Certificate Administrator in the notice to Certificateholders of such final distribution.

 

(d)          The Certificate Administrator shall, as soon as reasonably possible after notice thereof by the Servicer to the Certificate Administrator that the final distribution with respect to any Class of Certificates is expected to be made, post a notice on the Certificate Administrator’s Website pursuant to Section 8.14(b) and mail to each Holder of such Class of Certificates on such date 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 end of the Certificate Interest Accrual Period related to such Distribution Date.

 

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(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 (6) months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect thereto. If within one (1) year after the second notice not all of such Certificates shall have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting such Certificateholders shall be paid out of such funds. All such amounts shall be held by the Certificate Administrator in trust in accordance herewith until the expiration of a two-year period following such second notice, notwithstanding any termination of the Trust Fund. If within two (2) years after the second notice any such Certificates shall not have been surrendered for cancellation, the Certificate Administrator shall, to the extent permitted by law, 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 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 shall not be invested.

 

(f)           The Certificate Administrator shall be responsible for the calculations with respect to distributions from the Trust so long as the Trust Fund has not been terminated in accordance with this Agreement. The Certificate Administrator shall have no duty to recompile, recalculate or verify the accuracy of information provided to it by the Servicer pursuant to Section 3.18(a) and, in the absence of manifest error in such information, may conclusively rely upon it.

 

(g)           On each Distribution Date, Realized Losses with respect to the Trust Loan shall be allocated to each Class of Certificates in the following order:

 

first, to the Class HRR Certificates;

 

second, to the Class E Certificates;

 

third, to the Class D Certificates;

 

fourth, to the Class C Certificates;

 

fifth, to the Class B Certificates; and

 

sixth, to the Class A Certificates;

 

in each case until the Certificate Balance of each such Class has been reduced to zero.

 

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(h)          The Notional Amount of the Class X Certificates will be reduced by the amount of Realized Losses allocated to the Class A Certificates.

 

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 and other 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 such Certificateholders shall furnish any information as may be required for the Certificate Administrator to comply with any withholding requirements. In the event the Certificate Administrator withholds any amount from interest payments or advances thereof or other amounts to any Certificateholder or payee pursuant to federal withholding requirements, amounts so withheld shall be treated as having been entirely distributed to such Certificateholder or payee, and the Certificate Administrator shall indicate the amount withheld to such Certificateholder or payee through a report.

 

Section 4.3         Allocation and Distribution of Yield Maintenance Default Premiums. (a) On each Distribution Date, Yield Maintenance Default Premiums, if any, collected by the Servicer in respect of the Trust Loan during the related Collection Period shall be remitted from the Servicer on the Remittance Date to the Certificate Administrator and shall be distributed by the Certificate Administrator to the Holders of each Class of Certificates (excluding the Class R Certificates) on the related Distribution Date in the following manner:

 

(i)      pro rata, between the (x) the group of Class A and Class X Certificates (the “YM Group A”) and (y) the group of the Class B, Class C, Class D, Class E and Class HRR Certificates (the “YM Group B” and together with the YM Group A, the “YM Groups”), based upon the total amount of principal distributed to all of the Sequential Pay Certificates in each YM Group on such Distribution Date; and

 

(ii)     among the Classes of Certificates in each YM Group, in the following manner: (A) the holders of each Class of Sequential Pay Certificates in such YM Group will be entitled to receive on each Distribution Date an amount of Yield Maintenance Default Premiums equal to the product of (a) a fraction whose numerator is the amount of principal distributed to such Class on such Distribution Date and whose denominator is the total amount of principal distributed to all of the Sequential Pay Certificates in such YM Group on such Distribution Date, (b) the Base Interest Fraction for the related principal prepayment and such Class of Certificates, and (c) the Yield Maintenance Default Premiums collected with respect to the Trust Loan during the related Collection Period and allocated to such YM Group, and (B) any Yield Maintenance Default Premium amounts allocated to YM Group A collected during the related Collection Period remaining after such distributions shall be distributed to the Class X Certificates in such YM Group.

 

If there is more than one such Class of Certificates entitled to distributions of principal on any particular Distribution Date on which Yield Maintenance Default Premiums are distributable, the aggregate amount of such Yield Maintenance Default Premiums shall be allocated among all such Classes of Certificates up to, and on a pro rata basis in accordance with, their respective entitlements thereto in accordance with the first sentence of this Section 4.3.

 

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(b)          All Yield Maintenance Default Premiums distributable pursuant to clause (a) of this Section 4.3 shall first be deemed to have been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Class LA Uncertificated Interest (whether or not the Lower-Tier Principal Amount of such Uncertificated Lower-Tier Interest has been reduced to zero).

 

Section 4.4          Statements to Certificateholders. (a) On each Distribution Date, based on information provided by the Servicer and the Special Servicer, as applicable, the Certificate Administrator shall prepare and make available pursuant to Section 8.14(b) to any Privileged Person (including a Privileged Person who provides the Certificate Administrator with an Investor Certification in the form of Exhibit K-2 hereto) and shall deliver to the Initial Purchasers, a statement, based upon information supplied to it by the Servicer and the Special Servicer, as applicable, in respect of the distributions on such Distribution Date (a “Distribution Date Statement”) setting forth:

 

(i)      for each Class of Regular Certificates (1) 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 (and specifying the source of such payments)), (2) the amount of any Yield Maintenance Default Premiums collected on the Trust Loan allocable to each Class of Certificates and (3) the amount of interest paid on Advances from Default Interest and allocable to such Class;

 

(ii)     if the amount of the distribution to the Holders of each Class of Certificates was less than the full amount that would be distributable to such Holders if there were sufficient Available Funds, the amount of the shortfall allocable to such Class, stating separately the amounts allocable to principal and interest;

 

(iii)    the amount of any Monthly Payment Advance for such Distribution Date;

 

(iv)    the Certificate Balance or Notional Amount, as the case may be, of each Class of Regular Certificates after giving effect to any distribution in reduction of the Certificate Balance or Notional Amount, as the case may be, on such Distribution Date and the allocation of Realized Losses on such Distribution Date;

 

(v)     the principal balance of the Trust Loan and the Certificate Balance or Notional Amount of each Class of Certificates as of the end of the Collection Period for such Distribution Date and the amount of Realized Losses allocated to each Class;

 

(vi)    the aggregate amount of Unscheduled Payments (and the source of such payments) made with respect to the Mortgage Loan during the related Collection Period, and the aggregate amount of such payments allocable to the Trust Loan;

 

(vii)   identification of any Mortgage Loan Event of Default or any Special Servicing Loan Event, any Servicer Termination Event, any Special Servicer Termination Event or any Operating Advisor Termination Event under this Agreement 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;

 

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(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 Work-out Fees and any other Borrower charges retained by the Servicer or the Special Servicer and the amount of compensation paid to the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Trustee and CREFC®, separately listing the Certificate Administrator Fee (including the portion that is the Trustee Fee), the Special Servicing Fee, the Operating Advisor Fee and the CREFC® Intellectual Property Royalty License Fee with respect to such Distribution Date;

 

(ix)    the number of days the Borrower is delinquent in the event that the Borrower is delinquent at least thirty (30) days and the date upon which any foreclosure proceedings have been commenced;

 

(x)     whether the Property, as of the close of business on the Payment Date preceding such Distribution Date had become a Foreclosed Property, together with an identification of same;

 

(xi)    information with respect to any declared bankruptcy of the 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 any portion of the Property by the Borrower reported to the Certificate Administrator to the extent not already reported on the CREFC® Reports provided by the Servicer and posted on the Certificate Administrator’s Website;

 

(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 or the Trustee;

 

(xvi)  any Appraisal Reduction Amount and any Trust Appraisal Reduction Amount;

 

(xvii) the amount of Default Interest, if any, and late payment charges, if any, paid by the Loan Parties during the related Collection Period;

 

(xviii) an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates with respect to the related Distribution Date;

 

(xix)  the aggregate amount of any Trust Fund Expenses reimbursable or payable by the Loan Parties under the Mortgage Loan Agreement, and the amount collected from the Loan Parties in respect of such Trust Fund Expenses;

 

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(xx)   the amount and type of Prepayment Premiums, if any, collected in respect of the Trust Loan during the related Collection Period and distributed on such Distribution Date to the Certificateholders or the Companion Loan Holders; and

 

(xxi)  the Trust Note Rate and Net Trust Note Rate for each Trust Note and the related Mortgage Loan Interest Accrual Period.

 

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.

 

Within a reasonable period of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during the calendar year was a Holder of a Certificate upon written request to the Certificate Administrator, a statement containing the information set forth in clauses (i) and (ii) 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 required by applicable law, or that a Certificateholder or beneficial owner of a Certificate reasonably requests, to enable Certificateholders to prepare their tax returns for such calendar year or as otherwise required by law. Such obligation of the Certificate Administrator shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Certificate Administrator pursuant to any requirements of the Code as from time to time are in force.

 

(b)          The Certificate Administrator shall make the Distribution Date Statement available to Privileged Persons (including for this purpose a Privileged Person who provides the Certificate Administrator with an Investor Certification in the form of Exhibit K-2 hereto) on each Distribution Date pursuant to Section 8.14(b). The Certificate Administrator’s obligation to provide such information 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 Loan Parties 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 Loan Parties 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 Loan Parties, the Special Servicer’s obligation to furnish such information shall be contingent upon receipt of its receipt of such information from the Loan Parties. The Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall be entitled to rely on information supplied by the Loan Parties 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 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 Loan Parties or the Special Servicer.

 

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If so authorized by the Depositor, the Certificate Administrator may make available on its Internet website to any Privileged Person certain other information with respect to the Trust Loan (subject to the limitations of Section 3.18).

 

In addition, the Certificate Administrator shall make available on its website such information as set forth in Section 8.14(b).

 

Section 4.5    Investor Q&A Forum; Investor Registry and Rating Agency Q&A Forum. (a) The Certificate Administrator shall make available, only to Privileged Persons (which for this purpose excludes a Privileged Person who provided the Certificate Administrator with an Investor Certification substantially in the form of Exhibit K-2 hereto), the Investor Q&A Forum. The “Investor Q&A Forum” shall be a service available on the Certificate Administrator’s Website, where (i) Certificateholders and Beneficial Owners of Certificates who provide the Certificate Administrator with an Investor Certification substantially in the form of Exhibit K-1 may submit questions to (a) the Certificate Administrator relating to the Distribution Date Statement, (b) the Servicer or the Special Servicer, as applicable, relating to the reports being made available pursuant to Section 8.14(b)(ii)(B), the Trust Loan or the Property and (c) the Operating Advisor relating to annual or other reports or recommendations to replace the Special Servicer prepared by the Operating Advisor or actions by the Special Servicer referenced in such reports (each an “Inquiry” and collectively, “Inquiries”), and (ii) Privileged Persons may view Inquiries that have been previously submitted and answered, together with the answers thereto. Upon receipt of an Inquiry for the Servicer, the Special Servicer or the Operating Advisor, the Certificate Administrator shall forward the Inquiry to the appropriate Person (as identified to the Certificate Administrator by the Servicer, the Special Servicer or the Operating Advisor, as applicable) in each case via electronic mail 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, the Special Servicer or the Operating Advisor, as applicable, shall be by email to the Certificate Administrator. The Certificate Administrator shall post (within a commercially reasonable period of time following preparation or receipt of such answer, as the case may be) such Inquiry and the related answer to the Certificate Administrator’s Website. If the Certificate Administrator, the Servicer, the Special Servicer or the Operating Advisor, as applicable, determines, in its respective sole discretion, that (i) any Inquiry is beyond the scope of the topics described above, (ii) answering any Inquiry would not be in the best interests of the Trust and/or the Certificateholders, (iii) answering any Inquiry would be in violation of applicable law, the 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 work product, (v) answering any Inquiry would materially increase the duties of, or would result in significant additional cost or expense to, the Trustee, the Certificate Administrator, the Servicer, the Special Servicer or the Operating Advisor, as applicable, (vi) answering any Inquiry would result in the disclosure of communications between the Directing Certificateholder and the Special Servicer, (vii) answering any Inquiry would require the disclosure of Privileged Information or (viii) 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, the Special Servicer or the Operating Advisor, shall promptly notify the Certificate Administrator of such determination. The Certificate Administrator shall notify the Person who submitted such Inquiry in the event that the Inquiry will not be answered. Any notice by the

 

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Certificate Administrator to the Person who submitted an Inquiry that will not be answered shall include the following statement: “Because the Trust and Servicing Agreement provides that the Certificate Administrator, the Servicer, the Special Servicer or the Operating Advisor shall not answer an Inquiry if it determines, in its respective sole discretion, that (i) any Inquiry is beyond the scope of the topics described in the 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 work product, (v) answering any Inquiry would materially increase the duties of, or result in significant additional cost or expense to, the Trustee, the Certificate Administrator, the Servicer, the Special Servicer or the Operating Advisor, as applicable, (vi) answering any Inquiry would result in the disclosure of communications between the Directing Certificateholder and the Special Servicer, (vii) answering any Inquiry would require the disclosure of Privileged Information or (viii) answering any Inquiry is otherwise, for any reason, not advisable to answer, no inference should be drawn from the fact that the Certificate Administrator, the Servicer, the Special Servicer and/or the Operating Advisor has declined to answer the Inquiry.” Answers posted on the Investor Q&A Forum will be attributable only to the respondent, and shall not be deemed to be answers from any of the Depositor, any Initial Purchaser or any of their respective Affiliates. None of the Initial Purchasers, the Depositor, the Servicer, the Special Servicer, the Operating Advisor, the Trustee or the Certificate Administrator or any of their respective Affiliates will certify to any of the information posted in the Investor Q&A Forum and no such party shall have any responsibility or liability for the content of any such information. The Certificate Administrator shall not be required to post to the Certificate Administrator’s Website any Inquiry or answer thereto that the Certificate Administrator determines, in its sole discretion, is administrative or ministerial in nature. No party shall post or otherwise disclose direct communications with the Directing Certificateholder as part of its response to any Inquiries; provided, that the Certificate Administrator shall have no obligation to review any inquiry or answer received by it for posting to the Investor Q&A Forum to determine if such inquiry or answer contains any such direct communication with the Directing Certificateholder, or otherwise to consult with the party from whom such Inquiry or answer is received to confirm the same, and the Certificate Administrator shall have no liability in connection with its posting to the Investor Q&A Forum of any Inquiry or answer containing such direct communication. The Investor Q&A Forum will not reflect questions, answers and other communications that are not submitted via the Certificate Administrator’s Website.

 

(b)      The Certificate Administrator shall make available to any Certificateholder and any Beneficial Owner the Investor Registry. The “Investor Registry” shall be a voluntary service available on the Certificate Administrator’s Website, where Certificateholders and Beneficial Owners can register and thereafter obtain contact 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 45 days from the date of such certification to Persons entitled to access the Investor Registry. Such Person shall then be asked to enter certain mandatory fields such as the individual’s name, the company name and e-mail address, as well as certain optional fields such as address, phone, and Class(es) of Certificates owned. If any Certificateholder or Beneficial Owner notifies the Certificate Administrator that it wishes to be

 

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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.

 

(c)       The Certificate Administrator shall, with the consent of the Depositor, make the Distribution Date Statements, CREFC® Reports, and supplemental notices available to certain market data providers upon receipt by the Certificate Administrator from such Person of a certification substantially in the form of Exhibit O hereto, which certification may be submitted electronically via the Certificate Administrator’s Website. The Depositor hereby consents to the provision of such information to Bloomberg, L.P., Trepp, LLC, Intex Solutions, Inc., BlackRock Financial Management, Inc., Interactive Data Corporation, CMBS.com, Thomson Reuters, Moody’s Analytics, Markit Group Limited, MBS Data, LLC and DealView Technologies Ltd., and the provision of such information shall not constitute a breach of this Agreement by the Certificate Administrator.

 

(d)       The 17g-5 Information Provider shall make available, only to NRSROs, the Rating Agency Q&A Forum and Document Request Tool. The “Rating Agency Q&A Forum and Document Request Tool” shall be a service available on the 17g-5 Information Provider’s Website, where NRSROs may (i) submit inquiries to the Certificate Administrator relating to the Distribution Date Statement, (ii) submit inquiries to the Servicer or the Special Servicer, as applicable, relating to the reports prepared by such parties, (iii) submit requests for information about the Trust Loan or the Property (each such submission identified in sub-clauses (i), (ii) and (iii) hereof, a “Rating Agency Inquiry”) or (iv) view Rating Agency Inquiries that have been previously submitted and answered, together with the responses thereto. Upon receipt of a Rating Agency Inquiry for the Servicer, the Special Servicer or the Certificate Administrator, the 17g-5 Information Provider shall forward the Rating Agency Inquiry to the appropriate Person, in each case within a commercially reasonable period of time following receipt thereof. Following receipt of a Rating Agency Inquiry from the 17g-5 Information Provider, the Certificate Administrator, the Servicer or the Special Servicer, as applicable, unless it determines not to answer such Rating Agency Inquiry as provided below, shall reply by e-mail to the 17g-5 Information Provider. The 17g-5 Information Provider shall post (within a commercially reasonable period of time following receipt of such response) such Rating Agency Inquiry and the related response (or such reports, as applicable) to the Rating Agency Q&A Forum and Document Request Tool. If the Certificate Administrator, the Servicer or the Special Servicer determines, in its respective sole discretion, that (i) answering any Rating Agency Inquiry would be in violation of applicable law, Accepted Servicing Practices, this Agreement or the Mortgage Loan Documents, (ii) answering any Rating Agency Inquiry would or is reasonably expected to result in a waiver of an attorney-client privilege with, or the disclosure of attorney work product of, any counsel engaged by the Certificate Administrator, the Servicer or the Special Servicer, as applicable, or (iii)(A) answering any Rating Agency Inquiry would materially increase the duties of, or result in significant additional cost or expense to, the Certificate Administrator, the Servicer or the Special Servicer, as applicable, and (B) the Certificate Administrator, the Servicer or the Special Servicer, as applicable, determines in accordance with Accepted Servicing Practices (or in good faith, in the case of the Certificate Administrator) that the performance of such duties or the

 

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payment of such costs and expenses is beyond the scope of its duties in its capacity as Certificate Administrator, Servicer or Special Servicer, as applicable, under this Agreement, it shall not be required to answer such Rating Agency Inquiry and shall promptly notify the 17g-5 Information Provider by e-mail of such determination. The 17g-5 Information Provider shall promptly thereafter post the Rating Agency Inquiry with the reason it was not answered to the Rating Agency Q&A Forum and Document Request Tool. The 17g-5 Information Provider will not be liable for the failure by any other such Person to answer any such Rating Agency Inquiry. Questions posted on the Rating Agency Q&A Forum and Document Request Tool shall not be attributed to the submitting NRSRO. Answers posted on the Rating Agency Q&A Forum and Document Request Tool will be attributable only to the respondent, and shall not be deemed to be answers from any other Person. None of the Initial Purchasers, the Depositor, or any of their respective Affiliates will certify to any of the information posted in the Rating Agency Q&A Forum and Document Request Tool and no such party shall have any responsibility or liability for the content of any such information. The 17g-5 Information Provider shall not be required to post to the 17g-5 Information Provider’s Website any Rating Agency Inquiry or answer thereto that the 17g-5 Information Provider determines, in its sole discretion, is administrative or ministerial in nature. The Rating Agency Q&A Forum and Document Request Tool will not reflect questions, answers and other communications that are not submitted via the 17g-5 Information Provider’s Website.

 

Section 4.6       Grantor Trust Reporting.(a) The Certificate Administrator shall maintain adequate books and records to account for the separate entitlements of the Grantor Trust.

 

(b)        The parties intend that the Grantor Trust 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, the Certificate Administrator shall not intentionally or knowingly vary the assets of the Grantor Trust so as to take advantage of market fluctuations so as to improve the rate of return of the Regular Certificates. The Certificate Administrator shall file or cause to be filed with the IRS Form SS-4, Form 1041, Form 1099 or such other form as may be applicable and shall furnish or cause to be furnished to the Holders of the applicable Certificates their allocable share of income and expense, as such amounts are received or accrue, as applicable.

 

(c)           As of the Closing Date, no Class ELP Certificate is held through a “middleman.” If the Certificate Administrator receives notice that any Class ELP Certificate is held through a “middleman” as defined by WHFIT Regulations, then the Grantor Trust will be treated as a WHFIT that is a WHMT. In such event, 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. With respect to the applicable Classes of Certificates, the Certificate Administrator is hereby directed to assume that the Depository is the only “middleman” as defined by the WHFIT Regulations unless it has actual knowledge to the contrary or is notified by the Depositor. The Certificate Administrator will not be liable for any tax reporting penalties that may arise under the WHFIT Regulations in the event that the IRS makes a determination that is contrary to the first sentence of this paragraph.

 

(d)          The Certificate Administrator, in its discretion, shall report required WHFIT information using either the cash or accrual method, except to the extent the WHFIT

 

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Regulations specifically require a different method. The Certificate Administrator shall be under no obligation to determine whether any Certificateholder uses the cash or accrual method. The Certificate Administrator shall make available (via its website) WHFIT information with respect to the Grantor Trust to the 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.

 

(e)       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, shall 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.

 

(f)         To the extent required by the WHFIT Regulations, the Certificate Administrator shall use reasonable efforts to make available the CUSIPs for the Certificates that represent ownership of a WHFIT. The CUSIPs so published shall represent the Rule 144A CUSIPs. The Certificate Administrator will not make available any associated Regulation S CUSIPs. Absent the receipt of a CUSIP, the Trustee shall use a reasonable identifier number in lieu of a CUSIP. The Certificate Administrator shall not be liable for investor reporting delays that result from the receipt of inaccurate or untimely CUSIP information.

 

ARTICLE 5.

THE CERTIFICATES

 

Section 5.1       The Certificates.

 

(a)      The Certificates shall be issued in substantially the respective forms set forth as Exhibits A-1 through A-9 hereto, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Agreement or as may, in the reasonable judgment of the Certificate Registrar, be necessary, appropriate or convenient to comply, or facilitate compliance, with applicable laws, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required by law, or as may, consistently herewith, be determined by the officers executing such Certificates, as evidenced by their execution thereof.

 

(b)       The Certificates of each Class of Sequential Pay Certificates shall be issued in minimum denominations of $100,000 and integral multiples of $1,000 in excess thereof. If the Initial Certificate Balance of any Class of Sequential Pay Certificates does not equal an integral multiple of $1,000, then a single additional Certificate of such Class may be issued in a minimum denomination of authorized Initial Certificate Balance that includes the excess of (i) the Initial

 

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Certificate Balance of such Class over (ii) the largest integral multiple of $1,000 that does not exceed such amount. The Class X Certificates shall be issued, maintained and transferred only in minimum denominations of authorized initial notional amount of not less than $1,000,000 and integral multiples of $1 in excess thereof. The Class R Certificates shall be issued, maintained and transferred in minimum percentage interests of 10% of such Class R Certificates and integral multiples of 1% in excess thereof. The Class ELP Certificates shall be issued, maintained and transferred in minimum percentage interests of 10% of such Class ELP Certificates plus integral multiples of 0.1% in excess of 10%.

 

(c)           One authorized signatory shall sign the Certificates for the Certificate Registrar by manual or facsimile signature. If an authorized signatory whose signature is on a Certificate no longer holds that office at the time the Certificate Registrar countersigns the Certificate, the Certificate shall be valid nevertheless. A Certificate shall not be valid until an authorized signatory of the Certificate Registrar (who may be the same officer who executed the Certificate) manually countersigns the Certificate. The signature shall be conclusive evidence that the Certificate has been executed and countersigned under this Agreement.

 

(d)          During the Risk Retention Period, the Risk Retention 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 Risk Retention Certificates shall be registered on the Certificate Register), unless otherwise consented to by the Retaining Sponsor. During the Risk Retention Period, the Certificate Administrator shall hold the Risk Retention Certificates in safekeeping and shall release the same only upon receipt of written instructions in accordance with Section 5.1(e), and in accordance with any authentication procedures as may be utilized by the Certificate Administrator and in accordance with this Agreement. 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 Risk Retention 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 Risk Retention Certificates. The Risk Retention Certificates to be delivered in physical form to the Certificate Administrator shall be delivered as set forth herein. No amounts distributable to the Risk Retention Certificates shall be remitted to the Third Party Purchaser Safekeeping Account, but shall be remitted directly to the Holder of the Risk Retention Certificates in accordance with written instructions (which shall be in the form of Exhibit P to this Agreement) provided separately by the Holder of the Risk Retention Certificates to the Certificate Registrar. Under no circumstances by virtue of safekeeping the Risk Retention 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 Risk Retention Certificates or (ii) have any obligation to monitor, supervise or enforce the performance of any party under the Risk Retention 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, subject to Section 5.1(e), with respect to the Certificate Administrator’s obligation to obtain the Retaining Sponsor’s consent prior to any release of the Risk Retention Certificates. The Certificate Administrator shall hold the Definitive Certificate representing the Risk Retention Certificates at

 

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the below location, or any other location; provided the Certificate Administrator has given notice to the Holder of the Risk Retention Certificates of such new location:

 

Wells Fargo Bank, National Association
Attention: Security Control and Transfer (SCAT)
MAC: N9345-010
425 E. Hennepin Avenue
Minneapolis, Minnesota 55414

 

On the Closing Date, and upon completion of any transfer during the Risk Retention Period, the Certificate Administrator shall deliver written confirmation to the Depositor, the Retaining Sponsor and the Third Party Purchaser substantially in the form of Exhibit BB to this Agreement evidencing its receipt of the Risk Retention Certificates.

 

The Certificate Administrator shall make available to the Holder of the Risk Retention Certificates a statement of Third Party Purchaser Safekeeping Account as mutually agreed upon by the Certificate Administrator and the Holder of the Risk Retention Certificates, and in accordance with the Certificate Administrator’s policies and procedures. Any transfer of the Risk Retention 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 Risk Retention Certificates from the Third Party Purchaser Safekeeping Account, the Third Party Purchaser 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 of 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 (other than an automated email response)) 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. 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 Risk Retention Certificates and the Class R Certificates) sold to an institution that is a non-U.S. Securities Person in “offshore transactions” (as defined in Rule 902(h) of Regulation S) 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

 

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designated agents holding on behalf of the Euroclear System (“Euroclear”) and/or Clearstream Banking, société anonyme (“Clearstream”). Prior to the expiration of the 40-day period commencing on the later of the commencement of the offering and the Closing Date (the “Restricted Period”), beneficial interests in each Temporary Regulation S Global Certificate may be held only through Euroclear or Clearstream. After the expiration of the Restricted Period, a beneficial interest in a Temporary Regulation S Global Certificate may be exchanged for an interest in the related permanent global certificate of the same Class (each, 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 an 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)     Except as otherwise set forth in this Agreement, Certificates of each Class offered and sold to QIBs in reliance on Rule 144A under the Act (“Rule 144A”) shall be represented by a single, global certificate in definitive, fully registered form without interest coupons, substantially in the applicable form set forth as an exhibit hereto (each, a “Rule 144A Global Certificate” and, collectively 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.

 

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 Rule 144A Global Certificate.

 

(c)     Certificates of each Class (other than the Class R Certificates) that are initially offered and sold to investors that are Institutional Accredited Investors that are not QIBs, the Risk Retention Certificates (during the Risk Retention Period), the Class ELP 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, issued 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; provided, that

 

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prior to such transfer the investor executes and delivers to the Certificate Registrar an Investment Representation Letter.

 

(d)       Owners of beneficial interests in Global Certificates of any Class shall not be entitled to receive physical delivery of Definitive 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 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; provided, however, that under no circumstances will Definitive 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.

 

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.

 

(c)      Rule 144A Global Certificate to Temporary Regulation S Global Certificate. If a holder of a beneficial interest in a Rule 144A Global Certificate deposited with the Certificate Registrar as custodian for the Depository wishes at any time to exchange its interest in such Rule 144A Global Certificate for an interest in the Temporary Regulation S Global Certificate of the same Class, or to transfer its interest in such Rule 144A Global Certificate to an institution 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

 

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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, 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 a 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, of (1) instructions given in accordance with the Depository’s procedures from a Depository Participant directing the Certificate Registrar to credit or cause to be credited a beneficial interest in the Regulation S Global Certificate in an amount equal to the beneficial interest in the Rule 144A Global Certificate to be exchanged, (2) a written order given in accordance with the Depository’s procedures containing information regarding the participant account of the Depository to be credited with such increase and (3) a certificate in the form of Exhibit D hereto given by the holder of such beneficial interest stating (A) that the transfer of such interest has been made in compliance with the transfer restrictions applicable to the Global Certificates and pursuant to and in accordance with Regulation S, (B) that the Certificate being transferred is not a “restricted security” as defined in Rule 144 under the Act or (C) that the transferee is otherwise entitled to hold its interest in the applicable Certificates in the form of an interest in the Regulation S Global Certificate, without any registration of such Certificates under the Act (in which case such certificate shall enclose an Opinion of Counsel to such effect and 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

 

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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, of (1) instructions from Euroclear or Clearstream, if applicable, and the Depository, directing the Certificate Registrar, as registrar, to credit or cause to be credited a beneficial interest in the Rule 144A Global Certificate equal to the beneficial interest in the Temporary Regulation S Global Certificate or Regulation S Global Certificate to be exchanged, such instructions to contain information regarding the participant account with the Depository to be credited with such increase, (2) with respect to a transfer of an interest in the Regulation S Global Certificate, information regarding the participant account of the Depository to be debited with such decrease and (3) with respect to a transfer of an interest in the Temporary Regulation S Global Certificate (but not the Regulation S Global Certificate) for an interest in the Rule 144A Global Certificate, a certificate in the form of Exhibit E hereto given by the holder of such beneficial interest and stating that the Person transferring such interest in the Temporary Regulation S Global Certificate reasonably believes that the Person acquiring such interest in the Rule 144A Global Certificate is a QIB and is obtaining such beneficial interest in a transaction meeting the requirements of Rule 144A, then the Certificate Registrar shall instruct the Depository to reduce, or cause to be reduced, the Certificate Balance of the Temporary Regulation S Global Certificate or Regulation S Global Certificate and to increase, or cause to be increased, the Certificate Balance of the Rule 144A Global Certificate by the aggregate Certificate Balance of the beneficial interest in the Temporary Regulation S Global Certificate or Regulation S Global Certificate to be exchanged, and the Certificate Registrar shall instruct the Depository, concurrently with such reduction, to credit, or cause to be credited, to the account of the Person specified in such instructions, a beneficial interest in the Rule 144A Global Certificate equal to the reduction in the Certificate Balance of the Temporary Regulation S Global Certificate or Regulation S Global Certificate and to debit, or cause to be debited, from the account of the Person making such exchange or transfer the beneficial interest in the Temporary Regulation S Global Certificate or Regulation S Global Certificate that is being transferred.

 

(f)        Temporary Regulation S Global Certificate to Regulation S Global Certificate. Interests in a Temporary Regulation S Global Certificate as to which the Certificate Registrar has received from Euroclear or Clearstream, as the case may be, a certificate (a

 

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“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 Risk Retention Certificate during the Risk Retention Period, or a Class ELP Certificate or a Class R Certificate) wishes at any time to exchange its interest in such Non-Book Entry Certificate for an interest in a Global Certificate of the same Class, or to transfer all or part of such Non-Book Entry Certificate to a Person who is entitled to take delivery thereof in the form of an interest in a Global Certificate, such Holder may, subject to the rules and procedures of Euroclear or Clearstream, if applicable, and the Depository, cause the exchange of all or part of such Non-Book Entry Certificate for an equivalent beneficial interest in the appropriate Global Certificate of the same Class. Upon receipt by the Certificate Registrar, as registrar, at its office designated in Section 5.7, of (1) such Non-Book Entry Certificate, duly endorsed as provided herein, (2) instructions from such Holder directing the Certificate Registrar, as registrar, to credit, or cause to be credited, a beneficial interest in the applicable Global Certificate equal to the portion of the Certificate Balance of the Non-Book Entry Certificate to be exchanged, such instructions to contain information regarding the participant account with the Depository to be credited with such increase and (3) a certificate in the form of Exhibit G hereto (in the event that the applicable Global Certificate is the Temporary Regulation S Global Certificate), in the form of Exhibit H hereto (in the event that the applicable Global Certificate is the Regulation S Global Certificate) or in the form of Exhibit I hereto (in the event that the applicable Global Certificate is the Rule 144A Global Certificate), then the Certificate Registrar, as registrar, shall cancel, or cause to be canceled, all or part of such Non-Book Entry Certificate, shall, if applicable, execute, authenticate and deliver to the transferor a new Non-Book Entry Certificate equal to the aggregate Certificate Balance of the portion retained by such transferor and shall instruct the Depository to increase, or cause to be increased, 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

 

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beneficial interest in the applicable Global Certificate equal to the Certificate Balance of the portion of the Non-Book Entry Certificate so canceled.

 

(h)    Non-Book Entry Certificates on Initial Issuance Only. Subject to the issuance of Definitive Certificates, if and when permitted by Section 5.2(d), no Non-Book Entry Certificate shall be issued to a transferee of an interest in any Rule 144A Global Certificate, Temporary Regulation S Global Certificate or Regulation S Global Certificate or to a transferee of a Non-Book Entry Certificate (or any portion thereof).

 

(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) above (including the certification requirements intended to ensure that such transfers comply with Rule 144A or Regulation S, at the case may be) and such other procedures as may from time to time be adopted by the Certificate Registrar.

 

(j)        Restricted Period. Prior to the termination of the Restricted Period with respect to the issuance of the Certificates, transfers of interests in the Temporary Regulation S 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.

 

(k)      If Certificates are issued upon the transfer, exchange or replacement of Certificates bearing a restrictive legend relating to compliance with the Act, or if a request is made to remove such legend on Certificates, the Certificates so issued shall bear the restrictive legend, or such legend shall not be removed, as the case may be, unless there is delivered to the Certificate Registrar such satisfactory evidence, which may include an Opinion of Counsel that neither such legend nor the restrictions on transfer set forth therein are required to ensure that transfers thereof comply with the provisions of Rule 144A, Rule 144 or Regulation S under the Act or, with respect to Non-Book Entry Certificates, that such Certificates are not “restricted” within the meaning of Rule 144 under the Act. Upon provision of such satisfactory evidence, the Certificate Registrar shall authenticate and deliver Certificates that do not bear such legend.

 

(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 E, Class HRR, Class ELP or Class R Certificate may be purchased by or transferred to any prospective purchaser or transferee that is or will be an employee benefit plan or other plan subject to the fiduciary responsibility provisions of ERISA or to Section 4975 of the Code or a governmental plan (as defined in Section 3(32) of ERISA) or other plan that is subject to any federal, state or local law that is, to a material extent, similar to the foregoing provisions of ERISA or the Code (“Similar Law”) (each, a “Plan”), or (ii) any person acting on behalf of any such Plan or using the assets of a Plan to purchase such Certificate, other than (in the case of the Class E or Class HRR Certificates) an insurance company using assets of its general account under circumstances whereby such purchase and the subsequent holding of such Certificates by such insurance company will be exempt from the prohibited transaction provisions of Sections 406 and 407 of ERISA and Code Section 4975 under Sections I and III of U.S. 

 

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Department of Labor Prohibited Transaction Class Exemption 95-60, or in the case of a Plan subject to Similar Law, where the acquisition, holding and disposition of any such Certificate will not constitute or result in a non-exempt violation under Similar Law. Each prospective transferee of a Class E, Class HRR, Class ELP or Class R Certificate in the form of a Definitive Certificate shall deliver to the transferor, the Certificate Registrar and the Certificate Administrator a representation letter, substantially in the form of Exhibit J-3, stating that the prospective transferee is not a Person described in clause (i) or (ii) of the preceding sentence. Each transferee of an interest in a Class E, Class HRR, Class ELP or Class R Certificate in the form of Global Certificate will be deemed to have represented that it meets the requirements of the second preceding sentence. No ERISA Eligible Certificate may be purchased by or transferred to any prospective purchaser or transferee that is or will be a Plan, or any Person acting on behalf of any such plan or using the assets of a Plan to purchase such Certificate, unless (A) the purchaser is an “accredited investor” within the meaning of Rule 501(a)(1) of Regulation D of the Act and (B) the acquisition, holding and disposition of such Certificate by the purchaser will not constitute or otherwise result in a non-exempt prohibited transaction under ERISA or Section 4975 of the Code (or a non-exempt violation of Similar Law). Any attempted or purported transfer in violation of these transfer restrictions shall be null and void ab initio and shall vest no rights in any purported transferee and shall not relieve the transferor of any obligations with respect to the applicable Certificates.

 

In addition, each purchaser of Certificates (other than the Class ELP or Class R Certificates) or any interest therein that is a Plan subject to Section 406 of ERISA or Section 4975 of the Code (an “ERISA Plan”) or that is acting on behalf of or using the assets of an ERISA Plan will be deemed to have represented by its acquisition of such Certificates that: (i) none of the Depositor, the Trustee, the Initial Purchasers, the Certificate Administrator, the Special Servicer or the Servicer or any of their respective affiliated entities, has provided any investment recommendation or investment advice on which the ERISA Plan or the fiduciary making the investment decision for the ERISA Plan has relied in connection with the decision to acquire any such ERISA Eligible Certificates, Class E or Class HRR Certificates, and they are not acting as a fiduciary (within the meaning of Section 3(21) of ERISA or Section 4975(e)(3) of the Code) to the ERISA Plan in connection with the ERISA Plan’s acquisition of any such Certificates (unless an applicable prohibited transaction exemption is available (all of the applicable conditions of which are satisfied) to cover the purchase or holding of the Certificates or the transaction is not otherwise prohibited) and (ii) the ERISA Plan fiduciary making the decision to acquire such Certificates is exercising its own independent judgment in evaluating the investment in such Certificates.

 

(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 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

 

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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-1 (a “Transferee Affidavit”) of the proposed transferee (A) that such proposed transferee is a Permitted Transferee and (B) stating that (1) the proposed transferee historically has paid its debts as they have come due and intends to do so in the future, (2) the proposed transferee understands that, as the holder of a Residual Ownership Interest, it may incur liabilities in excess of cash flows generated by the residual interest, (3) the proposed transferee intends to pay taxes associated with holding the Residual Ownership Interest as they become due, (4) the proposed transferee will not cause income with respect to the Residual Ownership Interest to be attributable to a foreign permanent establishment or fixed base, within the meaning of an applicable income tax treaty, of such proposed transferee or any other U.S. Person, (5) the proposed transferee will not transfer the Residual Ownership Interest to any Person that does not provide a Transferee Affidavit or as to which the proposed transferee has actual knowledge that such Person is not a Permitted Transferee or is acting as an agent (including a broker, nominee or other middleman) for a Person that is not a Permitted Transferee, (6) it is a QIB purchasing for its own account, or a person purchasing for the account of another QIB, and (7) 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-2 (the “Transferor Letter”), that the proposed transferor has no actual knowledge that the proposed transferee is not a Permitted Transferee and has no actual knowledge or reason to know that the proposed transferee’s statements in the Transferee Affidavit are false.

 

(iii)    Notwithstanding the delivery of a Transferee Affidavit by a proposed transferee under clause (ii) above, if a Responsible Officer of the Certificate Registrar has actual knowledge that the proposed transferee is not a Permitted Transferee, no Transfer to such proposed transferee shall be effected and such proposed Transfer shall not be registered on the Certificate Register; provided, however, the Certificate Registrar shall not be required to conduct any independent investigation to determine whether a proposed transferee is a Permitted Transferee. Upon notice to the Certificate Registrar that there has occurred a Transfer to any Person that is a Disqualified Organization or an agent thereof (including a broker, nominee or middleman) in contravention of the foregoing restrictions, and in any event not later than 60 days after a request for information from the transferor of such Residual Ownership Interest or such agent, the Certificate Registrar and the

 

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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)      No transfer, sale, pledge or other disposition of any Certificate 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 Servicer, the Special Servicer, the Trustee, the Certificate Administrator nor the Certificate Registrar are obligated to register or qualify the 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 Certificates without registration or qualification.

 

(p)      At all times during the Risk Retention Period if a transfer of the Risk Retention Certificates is to be made, then the following documents shall be submitted to the Certificate Administrator at Wells Fargo Bank, National Association, 9062 Old Annapolis Road, Columbia, Maryland 21045, Attention: Risk Retention Custody (CMBS) – JPMCC 2021-1MEM, who shall facilitate such transfer with the Certificate Registrar who shall refuse to register such transfer unless it receives (and, upon receipt, may conclusively rely upon) each of the following: (A) an executed written request for the Sponsor’s consent to such release for the purposes of transfer substantially in the form attached hereto as Exhibit J-6, (B) a certification from such Certificateholder’s prospective transferee substantially in the form attached hereto as Exhibit J-4, (C) a certification from the Certificateholder desiring to effect such transfer substantially in the form attached hereto as Exhibit J-5, (D) a W-9 completed by the prospective transferee and (E) wire instructions and contact information of the prospective transferee. Upon receipt of the foregoing documents, the Certificate Registrar shall, subject to Section 5.1(d), Section 5.1(e) and Section 5.3, reflect the Risk Retention Certificates in the name of the prospective transferee and shall deliver written confirmation to the transferee with a copy via email to each of the Retaining Sponsor, and the transferor, of such transfer and the safekeeping of such Risk Retention Certificates in the form of Exhibit V to this Agreement. After the termination of the Risk Retention Period, if a transfer of the Risk Retention 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: (A) either (x) the original Risk Retention Certificates released to the Certificate Registrar or (y) an executed written request for the Sponsor’s consent to such release for the purposes of transfer substantially in the form attached hereto as Exhibit J-6, (B) a certification from such Certificateholder’s prospective transferee substantially in the form attached hereto as Exhibit J-4 and (C) 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

 

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event shall the Risk Retention Certificates be held as a Global Certificate during the Risk Retention Period.

 

(q)       The Class ELP Certificates may only be issued as Definitive Certificates and transferred to and owned by QIBs. The Class ELP Certificates may only be held by the holder of the Class HRR Certificates or its affiliate.

 

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, or 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 by a Beneficial Owner (or prospective transferee of a Certificate), such party to this Agreement shall distribute such report, statement or other information to such Beneficial Owner (or such prospective transferee).

 

Section 5.6       Access to List of Certificateholders’ Names and Addresses; Special Notices.

 

The Certificate Registrar shall maintain in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of the Certificateholders. If any Certificateholder that has provided an Investor Certification (a) requests in writing from the Certificate Registrar a list of the names and addresses of Certificateholders, (b) states that such Certificateholder desires to communicate with other Certificateholders with respect to its rights under this Agreement or under the Certificates and (c) provides a copy of the communication which such Certificateholder proposes to transmit, then the Certificate Registrar shall, within ten (10) Business Days after the receipt of such request, afford such Certificateholder access during normal business hours to a current list of the Certificateholders. Every Certificateholder, by receiving and holding a Certificate, agrees that the Certificate Registrar and the Certificate Administrator shall not be held accountable by reason of the disclosure of any such information as

 

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to the list of the Certificateholders hereunder, regardless of the source from which such information was derived. The Servicer, the Special Servicer, the Trustee and the Depositor shall be entitled to a list of the names and addresses of Certificateholders from time to time upon request therefor and any reasonable costs associated therewith shall be a Trust Fund Expense.

 

Upon the written request of any Certificateholder or Beneficial Owner that (a) has provided an Investor Certification, (b) states that such Certificateholder or Beneficial Owner desires the Certificate Administrator to transmit a notice to all Certificateholders or Beneficial Owner stating that such Certificateholder or Beneficial Owner wishes to be contacted by other Certificateholders or Beneficial Owners, setting forth the relevant contact information and briefly stating the reason for the requested contact (a “Special Notice”) and (c) provides a copy of the Special Notice which such Certificateholder or Beneficial Owner proposes to transmit, the Certificate Administrator shall post such Special Notice to the Certificate Administrator’s Website pursuant to Section 8.14(b) and shall mail such Special Notice to all Certificateholders at their respective addresses appearing on the Certificate Register. The costs and expenses of the Certificate Administrator associated with delivering any such Special Notice shall be borne by the party requesting such Special Notice. Every Certificateholder and Beneficial Owner, by receiving and holding 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 Wells Fargo Bank, National Association, 600 South 4th Street, 7th Floor, MAC N9300-070, Minneapolis, MN 55415 as its office for such purposes. The Certificate Registrar shall give prompt written notice to the Certificateholders and the Loan Parties 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 AND THE OPERATING ADVISOR

 

Section 6.1      Respective Liabilities of the Depositor, the Servicer, the Special Servicer and the Operating Advisor. The Depositor, the Servicer, the Special Servicer and the Operating Advisor each shall be liable in accordance herewith only to the extent of the obligations specifically imposed by this Agreement.

 

Section 6.2     Merger or Consolidation of the Servicer or the Special Servicer. Each of the Servicer, the Special Servicer and the Operating Advisor shall keep in full effect its existence and rights as an entity under the laws of the jurisdiction of its organization, and shall be in compliance with the laws of all jurisdictions to the extent necessary to perform its duties under this Agreement.

 

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Any Person into which the Servicer, the Special Servicer or the Operating Advisor may be merged or consolidated, or any Person resulting from any merger or consolidation to which the Servicer, the Special Servicer or the Operating Advisor shall be a party, or any Person succeeding to the business of the Servicer, the Special Servicer or the Operating Advisor shall be the successor of the Servicer or Special Servicer, as the case may be, hereunder, and shall be deemed to have assumed all of the liabilities and obligations of such Servicer, 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, unless such successor or surviving Person is the Servicer, the Special Servicer or the Operating Advisor, each of the Certificate Administrator and the Trustee shall have received a Rating Agency Confirmation before any such surviving Person shall be deemed to be the successor of the Servicer, the Special Servicer or the Operating Advisor, as the case may be, hereunder.

 

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, the Certificateholders, any Companion Loan Holder or the Directing Certificateholder for any action taken or for refraining from the taking of any action in good faith pursuant to this Agreement, actions taken or not taken at the direction of Certificateholders or the Companion Loan Holders that does not violate any law or Accepted Servicing Practices or the provisions of 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 Section 15 of the Act or Section 20 of the Exchange Act (“Controlling Persons”), shall be indemnified by the Trust (in accordance with the procedures set forth in Section 3.4(c)) and held harmless against any loss, liability, claim, demand or expense (including reasonable legal fees and expenses and costs of enforcing this indemnity) incurred in connection with any legal action or other claims, losses, penalties, fines, foreclosures, judgments or liabilities relating to this Agreement, the Mortgage Loan, the Co-Lender Agreement, the Property, or the Certificates (except as any such loss, liability or expense shall be otherwise reimbursable and reimbursed pursuant to this Agreement), other than any loss, liability or expense incurred by reason of willful misconduct, bad faith or negligence by it in the performance of its duties hereunder or by reason of its negligent disregard of its obligations and duties hereunder. Neither the Depositor, the Operating Advisor, the Servicer nor Special Servicer shall be under any obligation to appear in, prosecute or defend any legal action which is not incidental to its respective duties under this Agreement and which in its opinion may involve it in any expense or liability; provided, however, that the Depositor, the Operating Advisor, the Servicer or the Special Servicer may, in its discretion, undertake any such action which it may deem necessary or desirable (in the case of the

 

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Servicer or Special Servicer, 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 liabilities of the Trust, 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 or the Distribution Account. Subject to Section 6.6, neither the Servicer nor the Special Servicer shall be accountable for the use or application by the Depositor of any of the Certificates or of the proceeds of such Certificates or for the use or application by the Trustee or Certificate Administrator of any funds paid to the Trustee or the Certificate Administrator, as applicable, in respect of the Mortgage Loan deposited into or withdrawn from the Distribution Account or any account (other than the Collection Account and the Foreclosed Property Account and any other account maintained by the Servicer, the Special Servicer or any Sub-Servicer pursuant to this Agreement) maintained by or on behalf of the Trustee or the Certificate Administrator (except to the extent that any such account is held by the Servicer or the Special Servicer in its commercial capacity), or for investment of such amounts (other than investments made with the Servicer or the Special Servicer in its commercial capacity).

 

(b)      In order to comply with Applicable Banking Law, the Servicer and the Special Servicer, as the case may be, may be required to obtain, verify and record certain information relating to individuals and entities that maintain a business relationship with the Servicer or the Special Servicer. Accordingly, each of the parties hereto agrees to provide to the Servicer and the Special Servicer, upon its respective request from time to time, such identifying information and documentation as may be available for such party in order to enable the Servicer and the Special Servicer to comply with Applicable Banking Law.

 

(c)     The Depositor shall not have rights or be obligated to monitor or supervise the performance of the Servicer, the Special Servicer, the Operating Advisor, the Trustee or the Certificate Administrator under this Agreement.

 

Section 6.4        Servicer and Special Servicer Not to Resign; Replacement of Servicer or Special Servicer. (a) Each of the Servicer and Special Servicer may resign and assign its rights and delegate its duties and obligations under this Agreement to any Person or to an entity, provided that:

 

(i)      the Person accepting such assignment and delegation (A) shall be an established mortgage finance institution, bank or mortgage servicing institution having a net worth of not less than $25,000,000, organized and doing business under the laws of the United States or of any state of the United States or the District of Columbia, authorized under such laws to perform the duties of the Servicer or the Special Servicer, as the case may be, of the Mortgage Loan, (B) shall execute and deliver to the Trustee an agreement in form and substance reasonably satisfactory to the Trustee, which contains an assumption by such Person of the due and punctual performance and observance of each covenant and condition to be performed or observed by the Servicer or the Special Servicer, as the case may be, under this Agreement from and after the date of such agreement; provided, however that to the extent such agreement modifies in any respect any of the covenants, terms or conditions in this Agreement to be performed by the Servicer or the Special Servicer, as the case may be, such agreement shall be subject to the approval of the Trustee,

 

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such approval not to be unreasonably withheld, (C) shall make such representations and warranties of the Servicer or the Special Servicer, as the case may be, as provided in Section 2.5 or 2.6, as applicable, and (D) shall not be a Borrower Affiliate;

 

(ii)     Rating Agency Confirmation has been received;

 

(iii)    the Servicer or the Special Servicer, as the case may be, shall not be released from its obligations under this Agreement that arose prior to the effective date of such assignment and delegation under this Section 6.4(a);

 

(iv)    the rate at which any servicing compensation (or any component thereof) is calculated shall not exceed the rate specified herein; and

 

(v)     the Servicer or the Special Servicer, as the case may be, shall reimburse the Trustee, the Trust, and the Rating Agencies for any expenses of such assignment, sale or transfer.

 

Upon satisfaction of the foregoing requirements and acceptance of such assignment, such Person shall be the successor Servicer or the Special Servicer, as the case may be, hereunder.

 

(b)          Subject to (and except as otherwise provided in) the provisions of Sections 6.2 and 6.4(a), neither the Servicer nor the Special Servicer shall resign from its obligations and duties hereby imposed on it, except upon determination that performance of its duties hereunder is no longer permissible under applicable law or are in material conflict by reason of applicable law with any other activities carried on by it. Any such determination permitting the resignation of the Servicer or the Special Servicer, as the case may be, shall be evidenced by an Opinion of Counsel delivered to the Trustee, the Depositor, and, so long as no Consultation Termination Event is continuing, the Directing Certificateholder. No resignation by the Servicer or the Special Servicer, as applicable, under this Agreement shall become effective until the Trustee or a successor Servicer or Special Servicer, as applicable, shall have assumed the responsibilities and obligations of the Servicer or the Special Servicer, as applicable, under this Agreement in accordance with Section 7.2. Notwithstanding the previous sentence, each of the Servicer and the Special Servicer may assign its duties and obligations under this Agreement under certain limited circumstances as described herein. In connection with any such resignation, the successor special servicer shall either (i) prior to a Control Event, be appointed by the Directing Certificateholder in accordance with Section 7.1; or (ii) after a Control Event, be appointed by the Trustee and otherwise satisfy the requirements for a successor special servicer set forth in Section 6.4(a).

 

Section 6.5       Ethical Wall.

 

(a)       The Servicer shall maintain reasonable policies and procedures, taking into account the nature of its business, to ensure that divisions and individuals of the Servicer making Investment Decisions (such division and individuals, “Servicer Investment Personnel”) will not use Confidential Information received from the division and individuals of the Servicer who are involved in the performance of the duties of the Servicer hereunder (such divisions and individuals, “Servicer Servicing Personnel”) in a manner that violates any applicable law including, but not limited to, any securities laws and the Servicer Servicing Personnel will not provide information

 

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regarding its decisions related to Investments in the Certificates to Servicer Investment Personnel. The Servicer represents that policies and procedures restricting the flow of information exist, and shall be maintained by the Servicer, between Servicer Investment Personnel, on the one hand, and Servicer Servicing Personnel, on the other, and that such policies and procedures restricting the flow of information operate in both directions so as to include (i) policies and procedures against the disclosure of Confidential Information from Servicer Servicing Personnel to Servicer Investment Personnel, except as such disclosure is expressly allowed under this Agreement and (ii) policies and procedures restricting the disclosure of information regarding Servicer Investment Personnel decisions relating to Investment in the Certificates to Servicer Servicing Personnel. The senior management personnel of the Servicer and/or its Affiliate who have obtained Confidential Information in the course of their exercise of general managerial responsibilities may not use that information to influence Investment Decisions with respect to the Certificates; nor may they pass that information to others for use in such activities to the extent the use of such Confidential Information violates securities laws; nor may such senior management personnel who have obtained information regarding Investments in the course of their exercise of general managerial responsibilities use that information to influence servicing recommendations. Notwithstanding anything herein to the contrary, the delivery or provision by the Servicer of information or reports as required by this Agreement shall not constitute a violation or default of this Section 6.5(a).

 

(b)       The Special Servicer shall maintain reasonable policies and procedures, taking into account the nature of its business, to ensure that divisions and individuals of the Special Servicer making Investment Decisions (such division and individuals, “Special Servicer Investment Personnel”) will not use Confidential Information received from the division and individuals of the Special Servicer who are involved in the performance of the duties of the Special Servicer hereunder (such divisions and individuals, “Special Servicer Servicing Personnel”) in a manner that violates any applicable law including, but not limited to, any securities laws and the Special Servicer Investment Personnel will not provide information regarding its decisions relating to Investments in the Certificates to Special Servicer Servicing Personnel. The Special Servicer represents that policies and procedures restricting the flow of information exist, and shall be maintained by the Special Servicer, between Special Servicer Investment Personnel, on the one hand, and Special Servicer Servicing Personnel, on the other, and that 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 Special Servicer Servicing Personnel to Special Servicer Investment Personnel and (b) policies and procedures restricting the disclosure of information regarding Special Servicer Investment Personnel decisions relating to Investments in the Certificates to Special Servicer Servicing Personnel. The senior management personnel of the Special Servicer and/or its Affiliate who have obtained Confidential Information in the course of their exercise of general managerial responsibilities may not use that information to influence Investment Decisions with respect to the Certificates; nor may they pass that information to others for use in such activities, to the extent the use of such Confidential Information violates the securities laws; nor may such senior management personnel who have obtained information regarding Investments in the course of their exercise of general managerial responsibilities use that information to influence servicing recommendations. Notwithstanding anything herein to the contrary, the delivery or provision by the Special Servicer of information or reports as required by this Agreement shall not constitute a violation or default of this Section 6.5(b).

 

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The Servicer and the Special Servicer shall afford the Depositor, upon reasonable notice, during normal business hours access to all non-confidential, non-proprietary records, including those in electronic form, documentation, records or any other information regarding the Trust Loan that are in its possession or control hereunder and access to its officers responsible therefor. The Depositor shall not have any responsibility or liability for any action or failure to act by the Servicer or the Special Servicer and is not obligated to supervise the performance of the Servicer and the Special Servicer under this Agreement or otherwise.

 

Section 6.6      Indemnification by the Servicer, the Special Servicer, the Operating Advisor and the Depositor. (a) Each of the Servicer, the Special Servicer, the Operating Advisor and the Depositor, severally and not jointly, shall indemnify and hold harmless the Trust 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 that arise out of or are based upon (i) a breach by the Servicer, the Special Servicer, the Operating Advisor or the Depositor, as applicable, of its representations and warranties, as applicable, 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 in the performance of such obligations or its negligent disregard of its obligations and duties under this Agreement.

 

(b)          Each of the Servicer and the Special Servicer, severally and not jointly, shall indemnify and hold harmless the Companion Loan Holders from and against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, fees and expenses that the Companion Loan Holders may sustain in connection with this Agreement that arise out of or are based upon the Servicer’s or the Special Servicer’s, as the case may be, willful misconduct, bad faith or negligence in the performance of its obligations and duties hereunder or by reason of negligent disregard of its obligations and duties hereunder.

 

ARTICLE 7.

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 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 the Special Servicer, as applicable, to remit any payment required to be made or remitted by it (other than Advances described under clause (ii) below) when required to be remitted under the terms of this Agreement by 11:00 a.m., New York time, on the Business Day following the day on which such remittance was required to be made;

 

(ii)     any failure of the Servicer to (a) make any Monthly Payment Advance required to be made pursuant to this Agreement on or prior to the applicable Remittance

 

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Date that is not cured by 11:00 a.m., New York time, on the related Distribution Date, (b) 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) make any Property Protection Advance required to be made pursuant to this Agreement when the same is due and such failure continues unremedied for ten (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 day on which the Servicer receives notice of such lapse or delinquency thereof or should have received such notice if it had been acting in accordance with Accepted Servicing Practices;

 

(iii)    any failure by the Servicer or the Special Servicer, as applicable, to observe or perform in any material respect any other of its covenants or agreements or the material breach of its representations or warranties under this Agreement, which failure shall continue unremedied for a period of thirty (30) days after the day on which written notice of such failure shall have been given to the Servicer or the Special Servicer, as applicable, by the Trustee or to the Servicer or the Special Servicer, as applicable, and the Trustee by the Holders of Sequential Pay Certificates having greater than 25% of the aggregate Voting Rights of all then outstanding Sequential Pay Certificates or, with respect to a Companion Loan affected by such breach, by the related Companion Loan Holder; provided, however, that, with respect to any such failure that is not curable within such thirty (30) day period, the Servicer or the Special Servicer, as appropriate, will have an additional cure period of thirty (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 thirty (30) day period and has provided the Trustee with an officer’s certificate certifying that it has diligently pursued, and is continuing to diligently pursue, such cure;

 

(iv)    a decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Servicer or the Special Servicer, as applicable, and such decree or order shall have remained in force undischarged or unstayed for a period of 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 applicable, will have an additional period of thirty (30) days to effect such discharge, dismissal or stay so long as it has commenced proceedings to have such decree or order dismissed, discharged or stayed within the initial sixty (60) day period and has diligently pursued, and is continuing to pursue, such discharge, dismissal or stay;

 

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

 

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

 

(vii)   (A) the Servicer or the Special Servicer, as applicable, has failed to maintain a ranking by DBRS equal to or higher than “MOR CS3” as a master servicer or a special servicer, as applicable, and such ranking is not reinstated within 60 days of such event (if the Servicer or the Special Servicer, as applicable, has or had a DBRS ranking on or after the Closing Date) or (B) if the Servicer or the Special Servicer, as applicable, has not been ranked by DBRS on or after the Closing Date, and DBRS has qualified, downgraded or withdrawn the then-current ratings or ratings of one or more classes of certificates or placed one or more classes of certificates in this or another commercial mortgage backed securitization on “watch status” in contemplation of a rating downgrade or withdrawal, publicly citing servicing concerns with the Servicer or the Special Servicer, as applicable, as the sole or material factor in such rating action (and such qualification, downgrade, withdrawal or “watch status” placement has not been withdrawn by DBRS within 60 days of such event);

 

(viii)  the Servicer ceases to have a commercial master servicer rating of at least “CMS3” from Fitch and such rating is not reinstated within 60 days of such event or the Special Servicer ceases to have a commercial special servicer rating of at least “CSS3” from Fitch and such rating is not reinstated within 60 days of such event, as the case may be;

 

(ix)    a Companion Loan Rating Agency has (A) qualified, downgraded or withdrawn its rating or ratings of one or more classes of Companion Loan Securities, or (B) placed one or more classes of Companion Loan Securities on “watch status” in contemplation of rating downgrade or withdrawal and, in the case of either of clauses (A) or (B), 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

 

(x)     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 to such Other Securitization Trust as required by this Agreement to enable such Other Securitization Trust to comply with its reporting obligations under the Exchange Act within 5 Business Days of such failure to comply with the requirements set forth in Article 13, including any applicable grace periods (and 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, the Trustee shall, upon actual knowledge by a Responsible Officer or receipt

 

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of notice from the Servicer or the Special Servicer, promptly notify the Certificate Administrator in writing. The Certificate Administrator shall, upon receipt of such notice (or receipt of a notice from the Servicer or the Special Servicer of the occurrence of a Servicer Termination Event or Special Servicer Termination Event), (i) post such notice on the Certificate Administrator’s Website pursuant to Section 8.14(b), (ii) provide such notice to the 17g-5 Information Provider who shall post written notice thereof to the 17g-5 Information Provider’s Website pursuant to Section 8.14(b), (iii) provide notice to the Companion Loan Holders, and (iv) provide notice of the same to the Certificateholders by mail, to the addresses set forth on the Certificate Register, unless the related Servicer Termination Event or Special Servicer Termination Event, as applicable, shall have been cured or waived. For avoidance of doubt, (i) the occurrence of a Servicer Termination Event with respect to the Servicer shall not cause there to have occurred a Special Servicer Termination Event with respect to the Special Servicer unless the relevant event also constitutes a Special Servicer Termination Event and (ii) the occurrence of a Special Servicer Termination Event with respect to the Special Servicer shall not cause there to have occurred a Servicer Termination Event with respect to the Servicer unless the relevant event also constitutes a Servicer Termination Event. 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.

 

(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 Sequential Pay Certificates having at least 25% of the Voting Rights (taking into account the application of the Trust Appraisal Reduction Amount to notionally reduce the Certificate Balances of the Certificates) of the Sequential Pay Certificates or, if affected thereby, of the applicable Companion Loan Holders (solely with respect to a Special Servicer Termination Event), the Trustee shall terminate all of the rights and obligations of the Servicer or the Special Servicer, as applicable, under this Agreement, other than rights and obligations accrued prior to such termination, and in and to the Mortgage Loan and the proceeds thereof by notice in writing to the Servicer or the Special Servicer, as applicable; provided that, notwithstanding anything to the contrary, if a Special Servicer Termination Event under clauses (i), (iii), (ix) and/or (x) of Section 7.1(a) only has an adverse effect on a Companion Loan, a Companion Loan Holder or a rating on any Companion Loan Securities, but has no adverse effect on the Trust Loan, the Certificateholders or a rating on any of the Certificates, then (A) the Special Servicer shall not be terminated by the Trustee pursuant to clause (i) above of this sentence without the written direction of the affected Companion Loan Holders or upon the written direction of the Holders of Certificates pursuant to clause (ii) above of this sentence, and (B) (x) with respect to a Special Servicer Termination Event under clause (x) of Section 7.1(a), the related Other Depositor shall be able to require termination of the Special Servicer pursuant to clause (ii) above of this sentence. In addition, (A) if any Servicer Termination Event on the part of the Servicer affects a Companion Loan, a Companion Loan Holder or a rating on any Companion Loan Securities, and if the Servicer is not otherwise terminated or (B) if a Servicer Termination Event on the part of the Servicer affects only a Companion Loan, a Companion Loan Holder or a rating on any Companion Loan Securities, then the Servicer may not be terminated by or at the direction of the related Companion Loan Holder or the holder of any Companion Loan Securities, but upon the written direction of the related Companion Loan Holder, the Servicer will be required to appoint a sub-servicer that will be responsible for servicing the Mortgage Loan. Upon any termination of the Servicer or the

 

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Special Servicer, as applicable, or appointment of a successor to the Servicer or the Special Servicer, as applicable, the Trustee shall notify the Certificate Administrator and the Certificate Administrator shall post such written notice thereof on the Certificate Administrator’s Website and provide the same to the 17g-5 Information Provider who shall post written notice thereof to the 17g-5 Information Provider’s Website pursuant to Section 8.14(b), and thereafter, give written notice to the Depositor, the Companion Loan Holders and the Certificateholders by mail to the addresses set forth in the Certificate Register. 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. Prior to the occurrence and continuance of a Control Event, the Directing Certificateholder shall have the right to select the successor special servicer following any Special Servicer Termination Event.

 

(d)       Prior to the occurrence and continuance of a Control Event, and 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 this Section 7.1(i), the Directing Certificateholder shall have the right to direct the Trustee to terminate the Special Servicer (subject to such terminated Special Servicer’s rights to indemnification, payment of outstanding fees, reimbursement of Advances, and other rights set forth in this Agreement which survive termination) at any time, with or without cause, and the Directing Certificateholder shall have the right to, and shall, appoint a successor special servicer who shall execute and deliver to the other parties hereto an agreement, in form and substance reasonably satisfactory to the Trustee, whereby the successor Special Servicer agrees to assume and perform punctually the duties of the Special Servicer specified in this Agreement; provided that the Trustee shall have received a Rating Agency Confirmation from each Rating Agency prior to the termination of the Special Servicer. The Special Servicer shall not be terminated pursuant to this paragraph until a successor special servicer shall have been appointed. The Directing Certificateholder shall pay any costs and expenses incurred by the Trustee or the Trust in connection with the removal and appointment of a Special Servicer pursuant to this paragraph (unless such removal is based on any of the events or circumstances set forth in Section 7.1(a)). Notwithstanding anything to the contrary in this Agreement, no successor special servicer appointed by the Directing Certificateholder (including, without limitation, the initial Special Servicer) pursuant to Section 6.4, Section 7.1(c) or this Section 7.1(d) or otherwise pursuant to this Agreement shall be required to meet any independent net worth or similar financial covenant; provided, however, that notwithstanding the foregoing, any successor special servicer (i) shall satisfy the eligibility requirements applicable to the Special Servicer contained in this Agreement; (ii) shall not be a Borrower Affiliate; and (iii) shall satisfy any Rating Agency conditions set forth in the Rating Agency Confirmation delivered by such Rating Agency with respect to such successor special servicer and any other conditions as set forth in this Agreement.

 

Notwithstanding the foregoing, if a Servicer Termination Event occurs and such Servicer Termination Event only has an adverse effect on the Companion Loan or the rating of a Companion Loan Security and the Servicer is not otherwise terminated, then the Trustee, at the direction of the Companion Loan Holder or the Depositor (in the case of clause (x) of the definition “Servicer Termination Event”), will be required to direct the Servicer to (and the Servicer shall) appoint a sub-servicer that will be responsible for servicing the Mortgage Loan, or if the Mortgage

 

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Loan is currently being sub-serviced, then the Trustee will be required to direct the Servicer to (and the Servicer shall) replace such sub-servicer with a new sub-servicer (but only if such original sub-servicer is in default (beyond any applicable cure periods) under the related sub-servicing agreement, and the Servicer is permitted to terminate the sub-servicing agreement due to such default); provided that the Servicer shall be required to obtain a Rating Agency Confirmation from each Rating Agency (including a Companion Loan Rating Agency Confirmation) with respect to the appointment of such sub-servicer (at the expense of the Servicer).

 

(e)         [Reserved].

 

(f)         During the continuance of a Control Event, upon the written direction of Holders of Sequential Pay Certificates evidencing not less than 25% of the Voting Rights (taking into account the application of any Trust Appraisal Reduction Amounts to notionally reduce the Certificate Balances of the Certificates) of the Sequential Pay Certificates requesting a vote to replace the Special Servicer with a new special servicer designated in such written direction (which must be a Qualified Replacement Special Servicer), the Certificate Administrator shall promptly post such written direction to the Certificate Administrator’s Website pursuant to Section 8.14(b). Upon (i) delivery by such Holders to the Certificate Administrator of Rating Agency Confirmation from each Rating Agency with respect to the termination of the Special Servicer and the appointment of a new Special Servicer (which confirmation shall be obtained at the expense of such holders) and (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), the Certificate Administrator shall promptly post written notice of a request for such a vote to the Certificate Administrator’s Website pursuant to Section 8.14(b), provide written notice to all Certificateholders of such request by mail, and shall conduct the solicitation of votes of all Certificates. Such votes will be effective only if received by the Certificate Administrator within 180 days of the posting of such notice on the Certificate Administrator’s Website. Any votes not received within such 180-day period shall be of no force and effect. If Holders of Sequential Pay Certificates evidencing at least 66-2/3% of a Certificateholder Quorum vote in favor of replacing the Special Servicer within such 180-day period, the Certificate Administrator shall notify the Trustee and the Trustee shall terminate all of the rights (subject to such terminated Special Servicer’s rights to indemnification, payment of outstanding fees, reimbursement of Advances, and other rights set forth in this Agreement which survive termination) and obligations of the Special Servicer under this Agreement and appoint the successor Special Servicer designated by such Certificateholders; provided, however, such successor Special Servicer shall (i) satisfy the eligibility requirements applicable to the Special Servicer contained in this Agreement and (ii) not also be a Borrower Affiliate or the current Special Servicer. The provisions set forth in the foregoing sentences of this paragraph shall be binding upon and inure to the benefit of solely the Certificateholders and the Trustee as between each other. As between the Special Servicer, on the one hand, and the Certificateholders, on the other, the Certificateholders shall be entitled in their sole discretion to vote for the termination or not vote for the termination of the Special Servicer. The Holders of the Certificates that initiated the vote to replace the Special Servicer shall pay the costs and expenses incurred in connection with the removal and replacement of the Special Servicer pursuant to this paragraph. The Certificate Administrator shall include on each Distribution Date Statement a statement that each Certificateholder may access such notices on the

 

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Certificate Administrator’s Website and that each Certificateholder may register to receive e-mail notifications when such notices are posted thereon.

 

(g)           [Reserved].

 

(h)         In the event that the Servicer or Special Servicer is terminated pursuant to this Section 7.1, the Trustee shall notify the Certificate Administrator of the effective date of the Servicer’s or Special Servicer’s, as the case may be, termination and the Certificate Administrator shall, upon receiving such notice, notify the outgoing Servicer or Special Servicer, as the case may be, of the effective date of its termination, and 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 Certificate Administrator, and the 17g-5 Information Provider (who shall post it to its website)), terminate all of its rights and obligations under this Agreement and in and to the Mortgage Loan and the proceeds thereof, other than any rights the Terminated Party may have hereunder as a Certificateholder, to the Excess Servicing Fee Right, and to any rights or obligations that accrued prior to the date of such termination (including the right to receive all amounts accrued or owing to it under this Agreement with respect to periods prior to the date of such termination and the right to the benefits of Section 6.3 notwithstanding any such termination). On or after the receipt by the Terminated Party of such written notice, subject to the foregoing, all of its authority and power under this Agreement, whether with respect to the Certificates (except that the Terminated Party shall retain its rights as a Certificateholder in the event and to the extent that it is a Certificateholder) or the Mortgage Loan or otherwise, shall pass to and be vested in the Terminating Party pursuant to and under this Section 7.1 (absent the appointment of a successor, and such successor’s assumption of obligations hereunder) 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 Servicer or Special Servicer’s rights and obligations with respect to the Mortgage Loan and related documents, or otherwise. The Servicer and the Special Servicer, as applicable, each agrees that, in the event it is terminated pursuant to this Section 7.1, or resigns under Section 6.4(b), to promptly (and in any event no later than ten (10) Business Days subsequent to such notice) provide, at its own expense, the Terminating Party (which term shall include for the purposes of the remainder of this Section 7.1(g), the Trustee (or a successor Servicer or Special Servicer) in connection with a resignation of the Servicer or the Special Servicer under Section 6.4(b)) with all documents and records requested by the Terminating Party to enable the Terminating Party to assume its functions hereunder, and to cooperate with the Terminating Party and the successor to its responsibilities hereunder in effecting the termination of its responsibilities and rights hereunder, including, without limitation, the transfer to the successor Servicer or Special Servicer, as applicable, or the Terminating Party, as applicable, for administration by it of all cash amounts which shall at the time be or should have been credited by the Terminated Party (which term shall include, for the purposes of the remainder of this Section 7.1(g), the resigning party in connection with a resignation of the Servicer or the Special Servicer under Section 6.4(b)) to the Collection Account, any Foreclosed Property Account or shall thereafter be received with respect to the Mortgage Loan, and shall promptly provide the Terminating Party or such successor Servicer or Special Servicer, as applicable (which may include the Trustee), as applicable, all documents and records reasonably requested by it, such documents and records to be provided in such form

 

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as the Terminating Party or such successor Servicer or Special Servicer, as applicable, shall reasonably request (including electronic form), to enable it to assume the function of the Servicer or Special Servicer, as applicable, hereunder. All reasonable 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 ninety (90) days after the presentation of reasonable documentation, such expense shall be reimbursed by the Trust pursuant to Section 3.4(c); provided that the Terminated Party shall not thereby be relieved of its liability for such expenses. Notwithstanding the foregoing, in the event that the Special Servicer is terminated without cause pursuant to this Section 7.1, all costs and expenses incurred or payable by the terminated Special Servicer under this Section 7.1 shall be paid by the Trust Fund, except that such costs shall be paid by the Directing Certificateholder, if the Special Servicer is terminated under Section 7.1(d) and shall be paid by the Certificateholders who initiated the vote to replace the Special Servicer pursuant to Section 7.1(f) if the Special Servicer is terminated under Section 7.1(f), as applicable.

 

(i)           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 (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 AA 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 8.14(b), and concurrently 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 Beneficial Owners that are not Risk Retention Affiliates) and (ii) receipt of Rating Agency Confirmation from each Rating Agency with respect to the termination of the Special Servicer and the appointment of a successor special servicer recommended by the Operating Advisor 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 (including reasonable

 

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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 an additional expense of the Trust. 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 7.1, the Directing Certificateholder may not subsequently reappoint such terminated Special Servicer or any Risk Retention Affiliate thereof. For the sake of clarity, the recommendation of replacement of the Special Servicer by the Operating Advisor and the approval of the Certificateholders of such Qualified Replacement Special Servicer shall not preclude the Directing Certificateholder from appointing a replacement special servicer, provided that such replacement may not be the removed Special Servicer or its Affiliate.

 

(j)           Neither the Operating Advisor nor its Affiliates may be appointed as a successor Servicer or Special Servicer.

 

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 6.4(b)) shall, unless prohibited by law, be the successor to the Terminated Party (which term shall include, for the purposes of the remainder of this Section 7.2, the resigning party in connection with a resignation of the Servicer of the Special Servicer under Section 6.4(b)) in all respects under this Agreement and the transactions set forth or provided for herein and, except as provided herein, shall be subject to all the responsibilities, duties, limitations on liability and liabilities relating thereto and arising thereafter placed on the Terminated Party by the terms and provisions hereof; provided, however, that (i) neither the Trustee nor the Terminating Party (or any successor Servicer or Special Servicer, as the case may be) shall have responsibilities, duties, liabilities or obligations with respect to any act or omission of the Terminated Party and (ii) any failure to perform, or delay in performing, such duties or responsibilities caused by the Terminated Party’s failure to provide, or delay in providing, records, tapes, disks, information or monies or failure to cooperate as required by this Agreement shall not be considered a default by the Terminating Party or such successor hereunder. The Trustee, as successor Servicer, and any other successor Servicer or Special Servicer, as the case may be, shall be indemnified to the full extent provided to the Trustee under this Agreement. The appointment of a successor Servicer or Special Servicer, as the case may be, shall not affect any liability of the Terminated Party that may have arisen prior to its termination as such. The Terminating Party shall not be liable for any of the representations and warranties of the Terminated Party herein or in any related document or agreement, for any acts or omissions of the Terminated Party or for any losses incurred in respect of any Permitted Investment by the Terminated Party nor shall the Terminating Party or any

 

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successor Servicer or Special Servicer be required to purchase the Mortgage 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 Mortgage Loan to which the Terminated Party would have been entitled that accrues after the date of the Terminating Party’s succession to which the Terminated Party would have been entitled if it had continued to act hereunder and, in the case of a successor Special Servicer, the Special Servicing Fee. Notwithstanding the above, the Trustee may, if it shall be unwilling to so act, or shall, if it is unable to so act, or during the continuance of a Control Event if the Holders of Sequential Pay Certificates having greater than 25% of the aggregate Voting Rights (taking into account the application of the Trust Appraisal Reduction Amount to notionally reduce the Certificate Balances of the Certificates) of all then outstanding Sequential Pay Certificates so request in writing to the Trustee, or the Trustee is not approved by each Rating Agency as a Servicer or Special Servicer, as the case may be, as evidenced by a Rating Agency Confirmation, or if a Rating Agency do not provide a Rating Agency Confirmation with respect to the succession of the Trustee as Servicer or Special Servicer, as the case may be, promptly appoint, or petition a court of competent jurisdiction to appoint, any established Mortgage Loan servicing institution reasonably satisfactory to the Trustee the appointment for which a Rating Agency Confirmation is obtained, as the successor to the Servicer or Special Servicer, as applicable, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer or Special Servicer, as applicable, hereunder. No appointment of a successor to a Terminated Party hereunder shall be effective until the assumption by such successor of all the Terminated Party’s responsibilities, duties and liabilities hereunder. Pending appointment of a successor to a Terminated Party hereunder, unless the Trustee shall be prohibited by law from so acting, the Trustee shall act in the applicable capacity as herein above provided. Any appointment or succession by the Trustee to the rights and obligations of the Special Servicer hereunder shall be subject to the Directing Certificateholder’s right to replace the Special Servicer prior to the occurrence and continuance of a Control Event. 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 Mortgage Loan as it and such successor shall agree; provided, however, that no such compensation shall be in excess of that permitted the Terminated Party hereunder, except that if no successor to the Terminated Party can be obtained to perform the obligations of such Terminated Party hereunder, additional amounts shall be paid to such successor and such amounts in excess of that permitted the Terminated Party shall be paid pursuant to Section 3.4(c). The Depositor, the Trustee, the 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) of this Agreement, if a Servicer receives a notice of termination solely due to a Servicer Termination Event under Section 7.1(a)(vii) or (viii) and the terminated Servicer provides the Trustee with the appropriate “request for proposal” materials within five (5) Business Days after such termination, then such Servicer shall continue to serve as Servicer, if requested to do so by the Trustee, and the Trustee shall promptly thereafter (using such “request for proposal” materials provided by the terminated Servicer) solicit good faith bids for the rights to master service the Mortgage Loan from at least three (3) Persons qualified to act as successor Servicer hereunder in accordance with Section 6.4 and Section 7.2 for which the Trustee has received Rating Agency Confirmation (any such Person so qualified, a “Qualified Bidder”) or, if three (3) Qualified Bidders cannot be located, then from as many Persons as the Trustee can determine are Qualified Bidders; provided, however, that (i) at the Trustee’s request,

 

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the terminated Servicer shall supply the Trustee with the names of Persons from whom to solicit such bids; and (ii) the Trustee shall not be responsible if less than three (3) or no Qualified Bidders submit bids for the right to master service the Mortgage 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 Mortgage 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 Mortgage Loan at a sub-servicing fee rate per annum equal to the excess of the Servicing Fee Rate over the Excess Servicing Fee Rate (each, a “Servicing-Retained Bid”) and (ii) on the basis of having no obligation to enter into a Sub-Servicing Agreement with the terminated Servicer (each, a “Servicing-Released Bid”). The Trustee shall select the Qualified Bidder with the highest cash Servicing-Retained Bid (or, if none, the highest cash Servicing-Released Bid) (the “Successful Bidder”) to act as successor Servicer hereunder. The Trustee shall direct 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 Certificate Administrator shall remit or cause to be remitted to the terminated Servicer the amount of such cash bid received from the Successful Bidder (net of “out-of-pocket” expenses incurred in connection with obtaining such bid and transferring servicing).

 

If the Trustee or an Affiliate acts pursuant to this Section 7.2 as successor to the resigning or terminated Servicer, it may reduce such terminated Servicer’s 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.

 

Section 7.3              [Reserved].

 

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

 

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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 Sequential Pay Certificates evidencing not less than 66 2/3% of the aggregate Voting Rights of all then outstanding Sequential Pay Certificates may, on behalf of all Certificateholders and upon adequate indemnification of the Trustee by the requesting Holders of Certificates, waive any default by the Servicer or the Special Servicer in the performance of its obligations hereunder and its consequences, except a default in making any required deposits (including Monthly Payment Advances) to or payments from the Collection Account, the Distribution Account or any Foreclosed Property Account or in remitting payments as received, in each case in accordance with this Agreement. Upon any such waiver of a past default, such default shall cease to exist, and the related Servicer Termination Event or Special Servicer Termination Event arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other default or impair any right related thereto.

 

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 Servicer shall notify the Trustee of its failure to make such Advances as promptly as possible, but in the case of any Monthly Payment Advances no later than 3:00 p.m. (New York time) on the related Remittance Date, and the Certificate Administrator shall notify the Trustee of the Servicer’s failure to make any Advances as promptly as possible, but in the case of any Monthly Payment Advances no later than 6:00 p.m. (New York time) on the related Remittance Date. The Trustee shall, subject to its own determination of recoverability (made in the same manner as required of the Servicer pursuant to the terms of this Agreement), perform such obligations (w) within five (5) Business Days (or such shorter period (but not less than one (1) 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 provided that the Trustee has received notice from the Servicer or the Certificate Administrator by 6:00 p.m. (New York time) on the Remittance Date of the failure of the Servicer to make a required Monthly Payment Advance. With respect to any such Advance made by the Trustee, the Trustee shall succeed to all of the Servicer’s rights 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 default in its obligations hereunder and further subject to the Trustee’s standard of good faith judgment); provided, however, that if Advances made by the Trustee and/or the 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 for

 

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such Advances and interest accrued thereon. The Trustee shall be entitled to conclusively rely on any notice given by the Servicer 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 AND THE CERTIFICATE ADMINISTRATOR

 

Section 8.1     Duties of the Trustee and the Certificate Administrator. (a) Each of the Trustee and the Certificate Administrator, prior to the occurrence of a Servicer Termination Event or Special Servicer Termination Event, as the case may be, and after the curing or waiver of any Servicer Termination Event or Special Servicer Termination Event that may have occurred, undertakes with respect to the Trust Fund to perform such duties and only such duties as are specifically set forth in this Agreement. Neither the Depositor nor the Servicer nor the Special Servicer shall be obligated to monitor or supervise the performance by the Trustee or the Certificate Administrator of its duties hereunder. In case a Servicer Termination Event or Special Servicer Termination Event has occurred (which has not been cured or waived), the Trustee, subject to the provisions of Sections 7.2 and 7.4, shall exercise such of the rights and powers vested in it by this Agreement, and shall use the same degree of care and skill in their exercise, as a prudent institution would exercise or use under the circumstances in the conduct of such institution’s own affairs. Any permissive right of the Trustee or the Certificate Administrator set forth in this Agreement shall not be construed as a duty. The Trustee (or the Servicer or the Special Servicer on its behalf) and the Certificate Administrator (or the Servicer or the Special Servicer on its behalf), as applicable, shall have the power to exercise all the rights of a holder of the Mortgage 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 and any other party to any Other Pooling and Servicing Agreement), subject to the terms of the Mortgage Loan Documents and the Co-Lender Agreement; provided, however, that the Lender’s obligations under the Mortgage Loan Documents shall be exercised by the Servicer or Special Servicer, as the case maybe, pursuant to this Agreement.

 

(b)          Subject to Sections 8.2(a) and 8.3, each of the Trustee and the Certificate Administrator, upon receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Trustee or the Certificate Administrator that are specifically required to be furnished 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 and the Certificate Administrator shall take such action as it deems appropriate to have the instrument corrected, and if the instrument is not corrected to the Trustee’s or the Certificate Administrator’s reasonable satisfaction, the Trustee or the Certificate Administrator, as applicable, may or may not act upon same.

 

(c)           Subject to Section 8.3, no provision of this Agreement shall be construed to relieve the Trustee or the Certificate Administrator, as applicable, from liability for its own

 

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negligent action, its own negligent failure to act or its own willful misconduct, its negligent failure to perform its obligations in compliance with this Agreement, or any liability which would be imposed by reason of its negligence, willful misconduct or bad faith; provided, however, that:

 

(i)      No implied covenants or obligations shall be read into this Agreement against the Trustee or the Certificate Administrator and each of the Trustee and the Certificate Administrator may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates, resolutions, certificates, statements, opinions, reports, documents, orders, opinions or other instruments furnished to the Trustee and/or the Certificate Administrator 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)     neither the Trustee nor the Certificate Administrator shall be liable for an error of judgment made in good faith by a Responsible Officer of the Trustee or the Certificate Administrator, as applicable, unless it shall be proved that the Trustee, the Certificate Administrator or such Responsible Officer was negligent in ascertaining the pertinent facts;

 

(iii)    neither the Trustee nor the Certificate Administrator shall be liable with respect to any action taken, suffered or omitted to be taken by it in good faith in accordance with this Agreement or at the direction of Holders of Certificates evidencing, in the aggregate, not less than 25% of the Voting Rights of the Certificates, relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee or the Certificate Administrator, or exercising any trust or power conferred upon the Trustee or the Certificate Administrator, under this Agreement;

 

(iv)    neither the Trustee nor the Certificate Administrator shall be charged with knowledge of a Mortgage Loan Event of Default or any failure by the Servicer or the Special Servicer to comply with any of their respective obligations referred to in Section 7.1 or any other act or circumstance upon the occurrence of which the Trustee or the Certificate Administrator, as applicable, may be required to take action unless a Responsible Officer of the Trustee or the Certificate Administrator, as applicable, obtains actual knowledge of such failure, act or circumstance or the Trustee or the Certificate Administrator, as applicable, receives written notice of such failure from the Servicer, the Special Servicer, the Depositor or Holders of the Certificates evidencing, in the aggregate, not less than 25% of the Voting Rights of the Regular Certificates; and

 

(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 under this Agreement and which in its opinion may involve it in any expense or liability and for which it would not be indemnified for pursuant to this Agreement.

 

(d)          None of the provisions contained in this Agreement shall in any event require the Trustee or the Certificate Administrator to (i) expend or risk its own funds or otherwise

 

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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, neither the Trustee nor the Certificate Administrator shall be responsible and shall have liability in connection with the duties assumed by the Authenticating Agent, and the Certificate Registrar hereunder, unless the Trustee or the Certificate Administrator is acting in any such capacity hereunder; provided further that in any such capacity each of the Trustee and the Certificate Administrator shall have all of the rights, protections and indemnities provided to it as Trustee and Certificate Administrator hereunder, as applicable.

 

Section 8.2       Certain Matters Affecting the Trustee and the Certificate Administrator. (a) Except as otherwise provided in Sections 8.1:

 

(i)      each of the Trustee and the Certificate Administrator may request and rely upon and shall be protected in acting or refraining from acting upon any resolution, Officer’s Certificate, direction of the Depositor, auditor’s certificate or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;

 

(ii)     each of the Trustee and the Certificate Administrator may consult with counsel, and any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it hereunder in good faith and in accordance with such Opinion of Counsel;

 

(iii)    neither the Trustee nor the Certificate Administrator shall be under any obligation to exercise any of the trusts or powers vested in it by this Agreement or to institute, conduct or defend any litigation hereunder or in relation hereto at the request, order or direction of any of the Certificateholders, pursuant to the provisions of this Agreement, unless such Certificateholders shall have offered to the Trustee or the Certificate Administrator security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities, including reasonable legal fees, which may be incurred therein or thereby; provided, however, that nothing contained herein shall relieve the Trustee or the Certificate Administrator of the obligation, upon the occurrence of a Servicer Termination Event or Special Servicer Termination Event, as the case may be, that a Responsible Officer of the Trustee or the Certificate Administrator, as the case may be, has actual knowledge of (which has not been cured or waived), 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;

 

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(iv)    neither the Trustee nor the Certificate Administrator shall be liable for any action reasonably taken, suffered or omitted by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Agreement;

 

(v)     prior to the occurrence of a Servicer Termination Event or Special Servicer Termination Event hereunder and after the curing or waiver of such Servicer Termination Event or Special Servicer Termination Event that may have occurred, neither the Trustee nor the Certificate Administrator shall be bound to ascertain or inquire as to the performance or observance of any of the terms, conditions, covenants or agreements herein (except as specifically required by this Agreement) or to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing so to do by Holders of Certificates evidencing, in the aggregate, not less than 25% of the Voting Rights of the outstanding Certificates; provided, however, that if the payment within a reasonable time to the Trustee or the Certificate Administrator of the costs, expenses or liabilities likely to be incurred by either party in the making of such investigation is, in the opinion of the Trustee or the Certificate Administrator, not reasonably assured to the Trustee or the Certificate Administrator by the security afforded to it by the terms of this Agreement, the Trustee or the Certificate Administrator, as applicable, may require indemnity reasonably 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;

 

(vi)    each of the Trustee and the Certificate Administrator may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents, affiliates or attorneys selected by it with due care, but the Certificate Administrator and the Trustee shall not be relieved of any of its duties or obligations by virtue of the appointment of any agents, affiliates or attorneys;

 

(vii)   each of the Trustee and the Certificate Administrator shall not be liable for any loss on any investment of funds made by the Trustee or the Certificate Administrator, as applicable, pursuant to the terms of this Agreement, provided, however, this clause (vii) shall not relieve the Trustee or the Certificate Administrator (solely in their respective commercial capacities and not in their respective capacities hereunder) of any liabilities with respect to investments issued by such entity, as applicable, in their respective commercial capacities;

 

(viii)  neither the Trustee nor the Certificate Administrator hereunder shall be personally liable hereunder solely by reason of any act or failure to act of any predecessor or successor Trustee or Certificate Administrator hereunder;

 

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(ix)    neither the Trustee nor the Certificate Administrator shall be required to post any kind of bond or surety in connection with the execution and performance of its duties hereunder;

 

(x)     in no event shall the Trustee or the Certificate Administrator be liable for any failure or delay in the performance of its obligations hereunder due to force majeure or acts of God;

 

(xi)    other than in the case of actual fraud (as determined by a non-appealable final court order), neither the Trustee nor the Certificate Administrator shall 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 has been advised of the likelihood of such loss or damage and regardless of the form of action;

 

(xii)   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; and

 

(xiii)  nothing herein shall require the Trustee or the Certificate Administrator to act in any manner that is contrary to applicable law.

 

Except as otherwise specifically provided herein, 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).

 

(b)          Following the Closing Date, neither the Trustee nor the Certificate Administrator shall accept any contribution of assets to the Trust Fund not specifically contemplated by this Agreement.

 

(c)           All rights or actions under this Agreement or under any of the Certificates, enforceable by the Trustee or the Certificate Administrator may be enforced by such party without the possession of any of the Certificates, or the production thereof at the trial or other proceeding relating thereto, and any such suit, action or proceeding instituted by the Trustee or the Certificate Administrator, as applicable, shall be brought in its name for the benefit of all the Holders of such Certificates, subject to the provisions of this Agreement.

 

(d)          In order to comply with 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 Banking 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 Banking Law.

 

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Section 8.3     Neither the Trustee nor the Certificate Administrator is Liable for Certificates or the Mortgage Loan. The recitals contained herein and in the Certificates (other than the signature and authentication of the Certificate Administrator on the Certificates) shall not be taken as the statements of the Trustee or the Certificate Administrator and the Trustee and the Certificate Administrator assume no responsibility for their correctness. The Trustee and the Certificate Administrator make no representation as to the validity or sufficiency of this Agreement (other than its execution of this Agreement), the Certificates, the Trust Loan, the Companion Loan or of the Mortgage Loan or related documents except as expressly set forth herein. The Trustee and the Certificate Administrator shall not be liable for any action or failure of any action by the Depositor, the Servicer or the Special Servicer hereunder. The Trustee and the Certificate Administrator shall not at any time have any responsibility or liability for or with respect to the legality, validity or enforceability of the Mortgage or the Mortgage Loan, or the perfection and priority of the Mortgage 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 Loan Parties, the Servicer and the Special Servicer with any warranty or representation made under this Agreement or in any related document or the accuracy of any such warranty or representation made under this Agreement or in any related document prior to the Trustee’s receipt of notice or other discovery of any noncompliance therewith or any breach thereof; any investment of monies by or at the direction of the Servicer or the Special Servicer or any loss resulting therefrom (other than investments made with the Trustee or the Certificate Administrator in its commercial capacity); the failure of the Servicer, the Special Servicer or any sub-servicer to act or perform any duties required of it hereunder; or any action by the Trustee or the Certificate Administrator taken at the direction of the Servicer or the Special Servicer (other than with respect to the Trustee, if the Trustee shall assume the duties of the Servicer or the Special Servicer); provided, however, that the foregoing shall not relieve the Trustee or the Certificate Administrator, as applicable, of its obligation to perform its duties under this Agreement. Except with respect to a claim based on either the Trustee’s or the Certificate Administrator’s negligent action, negligent failure to act 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 or the Trust Loan or assignment thereof against the Trustee or the Certificate Administrator, as applicable, in its respective individual capacity, and neither the Trustee nor the Certificate Administrator shall have any personal obligation, liability or duty whatsoever to any Certificateholder or any other Person with respect to any such claim, and any such claim shall be asserted solely against the Trust Fund or any indemnitor who shall furnish indemnity as provided in this Agreement. Neither the Trustee nor the Certificate Administrator shall have any responsibility for filing any financing or continuation statements in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or lien granted to it hereunder or to record this Agreement (unless, with respect to the Trustee, the Trustee shall have become the successor Servicer or Special Servicer). Neither the Trustee nor the Certificate

 

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Administrator 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 Mortgage Loan deposited into or withdrawn from the Collection Account or any account maintained by or on behalf of the Servicer or the Special Servicer (except to the extent that any such account is held by the Trustee or the Certificate Administrator in its commercial capacity), or for investment of such amounts (other than, and to the extent of, investments made with the Trustee or the Certificate Administrator in its commercial capacity).

 

The Trustee and the Certificate Administrator, by reason of the action or inaction of a responsible officer or officers of the Trustee or the Certificate Administrator, as applicable, nor any of its directors, officers, members, managers, partners, employees, Affiliates or agents shall have no liability to the Trust, the Certificateholders or the Companion Loan Holders for any action taken or for refraining from the taking of any action in good faith pursuant to this Agreement, or for errors in judgment; provided, however, that this provision shall not protect the Trustee, the Certificate Administrator (including in its capacity as Certificate Registrar, Authenticating Agent, Custodian, paying agent or 17g-5 Information Provider) 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 (including in its capacity as Certificate Registrar, Authenticating Agent, Custodian, paying agent or 17g-5 Information Provider) or any such Person, as applicable, or by reason of negligent disregard of the Trustee, the Certificate Administrator or any such Person, as applicable, of its obligations and duties hereunder. The Trustee, the Certificate Administrator in each of its capacities under this Agreement and any of their respective directors, officers, members, managers, partners, employees, Affiliates, agents or Controlling Persons shall be indemnified by the Trust pursuant to Section 3.4(c) out of amounts on deposit in the Collection Account, and held harmless against any loss, liability, claim, demand or expense (including reasonable legal fees and expenses and costs of enforcing this indemnity) incurred in connection with any legal action or other claims, losses, penalties, fines, foreclosures, judgments or liabilities relating to or related to the Trustee’s or the Certificate Administrator’s performance of their respective powers and duties under this Agreement (including, without limitation, performance under Section 8.1 hereof); 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 Custodian, the Certificate Administrator or any such Person or by reason of negligent disregard of the Trustee, the Certificate Administrator or any such Person, as applicable, of its obligations and duties hereunder. The indemnification provided hereunder shall survive the resignation or removal of the Trustee or the Certificate Administrator and the termination of this Agreement. Notwithstanding anything herein to the contrary, the Trustee shall be responsible for its acts or failure to act as the Servicer and/or the Special Servicer (in accordance with Accepted Servicing Practices) during the time and to the extent the Trustee is serving as Servicer to the same extent that the Servicer or Special Servicer would be liable for the Servicer’s or Special Servicer’s, as applicable, acts or failure to act under the terms of this Agreement.

 

Section 8.4     Trustee and Certificate Administrator May Own Certificates. The Trustee and the Certificate Administrator in their individual or any other capacity may become the owner or pledgee of Certificates with the same rights, powers, and privileges as it would have if they were not the Trustee or the Certificate Administrator.

 

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Section 8.5              Trustee’s and Certificate Administrator’s Fees and Expenses. (a) The Trustee and the Certificate Administrator shall be entitled to the Certificate Administrator Fee (including that portion of the Certificate Administrator Fee that represents the Trustee Fee, which is payable to the Trustee), payable pursuant to Section 3.4(c). The Certificate Administrator 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 (unless otherwise set forth herein) 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 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, disbursements and advances incurred or made by the Trustee or the Certificate Administrator, as applicable, in accordance with any of the provisions of this Agreement (including the reasonable fees and expenses of its counsel and of all Persons not regularly in its employ), provided such cost would qualify as an “unanticipated expense incurred by the REMIC” within the meaning of the REMIC Provisions, except any such expense, disbursement or advance as may arise from its negligence, willful misconduct or bad faith or which is expressly the responsibility of a Certificateholder or Certificateholders hereunder, all of which reimbursements to be paid from amounts on deposit in the Collection Account pursuant to Section 3.4(c); provided, however, that neither the Trustee nor the Certificate Administrator shall refuse to perform any of their obligations hereunder solely as a result of the failure to be paid any fees and expenses so long as payment of such fees and expenses are reasonably assured to it. The Trustee and the Certificate Administrator shall provide the Servicer with an invoice, on or prior to each 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.

 

(b)          Each of the Depositor, the Servicer and the Special Servicer (each, for purposes of this Section 8.5(b) only, an “Indemnifying Party”) shall (severally and not jointly) indemnify the Trustee (both in its capacity as Trustee and individually) and the Certificate Administrator (in each of its capacities as Certificate Administrator, Custodian, Certificate Registrar, Authenticating Agent, paying agent and 17g-5 Information Provider) and each of their Affiliates and each of the directors, officers, employees and agents of the Trustee and the Certificate Administrator and each of their Affiliates (each, for purposes of this Section 8.5(b) only, 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, costs, reasonable fees and disbursements of counsel incurred by the Indemnified Party in any action or proceeding (including any enforcement action) 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 Servicer, any agent of the Servicer or sub-servicer).

 

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(c)           Each of the Certificate Administrator (including in its capacities as Custodian, Certificate Registrar, Authenticating Agent, paying agent and 17g-5 Information Provider) and the Trustee (in each case with respect to itself only, for purposes of this Section 8.5(c) only, an “Indemnifying Party”) shall (severally and not jointly) indemnify the Depositor, the Servicer and the Special Servicer and their respective Affiliates and each of the directors, officers, employees and agents of the Servicer and the Special Servicer and their respective Affiliates (each, for purposes of this Section 8.5(c) only, 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 and costs of enforcing such indemnity) 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.

 

Section 8.6              Eligibility Requirements for the Trustee and the Certificate Administrator; Errors and Omissions Insurance. (a) Each of the Trustee and the Certificate Administrator hereunder shall at all times be a corporation, association or trust company organized and doing business under the laws of any state or the United States of America, authorized under such laws to exercise corporate trust powers and to accept the trust conferred under this Agreement, which has a combined capital and surplus of at least $50,000,000, is subject to supervision or examination by federal or state authority and, solely with respect to the Trustee, has a rating on its unsecured long term debt of at least: (x) “A” by DBRS, or if not rated by DBRS, then at least an equivalent rating by two other NRSROs or (y) as is otherwise acceptable to each Rating Agency as evidenced by the receipt of a Rating Agency Confirmation, and shall not be an Affiliate of the Servicer or the Special Servicer (except during any period when the Trustee has assumed the duties of the Servicer and/or Special Servicer pursuant to Section 7.2). If a corporation, association or trust company publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for purposes of this Section 8.6 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 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 shall cease to be eligible in accordance with the provisions of this Section 8.6, the Trustee or the Certificate Administrator, as applicable, shall resign immediately in the manner and with the effect specified in Section 8.7.

 

(b)          The Certificate Administrator shall obtain and maintain at its own expense, and keep in full force and effect throughout the term of this Agreement, a blanket fidelity bond and an errors and omissions insurance policy covering the Certificate Administrator’s directors, officers and employees in connection with its activities under this Agreement; provided that if the

 

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Certificate Administrator is not rated at least “A” or its equivalent by DBRS (or, if not rated by DBRS, then the equivalent rating by two other NRSROs), such applicable error and omissions insurance policy must be rated at least “A(low)” by DBRS (or, if not rated by DBRS, then the equivalent rating by two other NRSROs). Such insurance policy shall protect the Certificate Administrator against losses, forgery, theft, embezzlement, fraud, errors and omissions of such covered Persons. The amount of coverage shall be at least equal to the coverage that is required by applicable governmental authorities having regulatory power over the Certificate Administrator. In the event that any such bond or policy ceases to be in effect, the Certificate Administrator shall obtain a comparable replacement bond or policy. In lieu of the foregoing, the Certificate Administrator shall be entitled to self-insure with respect to such risks so long as the Certificate Administrator is rated at least “A” or its equivalent by DBRS (or, if not rated by DBRS, then the equivalent rating by two other NRSROs).

 

(c)           The Trustee shall obtain and maintain at its own expense, and keep in full force and effect throughout the term of this Agreement, a blanket fidelity bond and an errors and omissions insurance policy covering the Trustee’s directors, officers and employees in connection with its activities under this Agreement; provided that if the Trustee is not rated at least “A(low)” or its equivalent by DBRS (if then rated by DBRS), such applicable error and omissions insurance policy must be rated at least “A(low)” by DBRS. Such insurance policy shall protect the Trustee against losses, forgery, theft, embezzlement, fraud, errors and omissions of such covered Persons. The amount of coverage shall be at least equal to the coverage that is required by applicable governmental authorities having regulatory power over the Trustee. In the event that any such bond or policy ceases to be in effect, the Trustee shall obtain a comparable replacement bond or policy. In lieu of the foregoing, the Trustee shall be entitled to self-insure with respect to such risks so long as the Trustee is rated at least “A(low)” or its equivalent by DBRS (if then rated by DBRS).

 

Section 8.7              Resignation and Removal of the Trustee or the Certificate Administrator. Each of the Trustee and the Certificate Administrator may at any time resign and be discharged from the trusts hereby created by (i) giving written notice of resignation to the Depositor, the Initial Purchasers, the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator (if applicable), the Certificate Registrar (if other than the Certificate Administrator), the Companion Loan Holders, the Trustee and the 17g-5 Information Provider, who shall post such notice on the 17g-5 Information Provider’s Website pursuant to Section 8.14(b) and after such posting by the 17g-5 Information Provider, to the Rating Agencies, and by mailing notice of resignation by first Class mail, postage prepaid, to the Certificateholders at their addresses appearing on the Certificate Register, not less than sixty (60) days before the date specified in such notice when, subject to Section 8.8, such resignation is to take effect, and (ii) acceptance by a successor Trustee or Certificate Administrator, as applicable, appointed by the Depositor in accordance with Section 8.8 meeting the qualifications set forth in Section 8.6. Upon such notice of resignation, the Depositor shall promptly appoint a successor Trustee or Certificate Administrator, as applicable, and a Rating Agency Confirmation is provided with respect to such appointment, which Rating Agency Confirmation shall be delivered to the resigning Trustee or Certificate Administrator, and the successor Trustee or Certificate Administrator, as applicable. If no successor Trustee or Certificate Administrator shall have been so appointed and shall have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Trustee or Certificate Administrator, as applicable, may petition any court of competent

 

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jurisdiction for appointment of a successor Trustee or Certificate Administrator, as applicable and any expenses associated with such petition shall be an expense of the Trust.

 

Upon the resignation, assignment, merger, consolidation, or transfer of the Trustee or the Certificate Administrator or its respective business to a successor, or upon the termination of the Trustee or the Certificate Administrator, (a) the outgoing Trustee or Certificate Administrator shall cooperate with any successor, as requested (i) to endorse the original executed Notes for the Trust Loan (to the extent that the original executed Notes for the Trust Loan were endorsed to the outgoing Trustee or Certificate Administrator or), without recourse, representation or warranty, express or implied, to the order of the successor, as trustee for the registered holders of J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM, Commercial Mortgage Pass-Through Certificates, Series 2021-1MEM or in blank, and (ii) in the case of the other assignable Mortgage Loan Documents (to the extent such other Mortgage Loan Documents were assigned to the outgoing Trustee or Certificate Administrator), to assign such Mortgage Loan Documents to such successor, and such successor shall review the documents delivered to it with respect to the Trust Loan, and certify in writing that, as to the Trust Loan then subject to this Agreement, such endorsement and assignment has been made, and record such assignment documents (if applicable); (b) if any original executed Note for the Trust Loan was not endorsed to the outgoing Trustee, the Certificate Administrator (in its capacity as Custodian) shall, upon its receipt of a request for release in the form of Exhibit B hereto, deliver such Note to the Depositor or the successor Trustee, as requested, and the Servicer and the Depositor shall cooperate with any successor Trustee to ensure that such Note is endorsed (without recourse, representation or warranty, express or implied) to the order of the successor, as trustee for the registered holders of J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM, Commercial Mortgage Pass-Through Certificates, Series 2021-1MEM or in blank; (c) if any other assignable Mortgage Loan Document was not assigned to the outgoing Trustee, the Certificate Administrator shall, upon its receipt of a request for release, deliver such Mortgage Loan Document to the Depositor or the successor Trustee, as requested, and the Servicer and the Depositor shall cooperate with any successor Trustee to ensure that such Mortgage Loan Document is assigned to such successor Trustee; and (d) in any case, such successor Trustee shall review the documents delivered to it or to the Certificate Administrator with respect to the Trust Loan, and certify in writing that, as to the Trust Loan then subject to this Agreement, such endorsements and assignments have been made, and record such assignment documents (if applicable) or, in the event such endorsement or assignment cannot be made for any reason, to note the same in such certification. The resigning or terminated Trustee or Certificate Administrator, as the case may be, shall reimburse the Trust for any expenses of such endorsement, assignment and recording.

 

If at any time any of the following occur: (x) the Trustee or the Certificate Administrator shall cease to be eligible in accordance with the provisions of Section 8.6 and shall fail to resign after written request for the Trustee’s or the Certificate Administrator’s resignation by the Depositor, the Servicer or the Special Servicer, as applicable; (y) the Trustee or the Certificate Administrator shall materially default in the performance of its obligations under this Agreement; or (z) if at any time the Trustee or the Certificate Administrator shall become incapable of action, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or the Certificate Administrator or of either of their property shall be appointed, or any public officer shall take charge or control of the Trustee or Certificate Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation then, in any such case, (1) the

 

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Depositor may remove the Trustee or the Certificate Administrator, as applicable, and appoint a successor Trustee or Certificate Administrator, as applicable, by written instrument, in duplicate, executed by an authorized officer of the Depositor, one copy of which instrument shall be delivered to the Trustee or the Certificate Administrator, as applicable, so removed and one copy to the successor Trustee or Certificate Administrator, as applicable, or (2) any Certificateholder who has been a bona fide Certificateholder for at least six (6) months may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee or the Certificate Administrator and the appointment of a successor Trustee or Certificate Administrator, as applicable. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee or Certificate Administrator, as applicable, which removal and appointment shall become effective upon acceptance of appointment by the successor Trustee or Certificate Administrator, as applicable, as provided in Section 8.8. The successor Trustee or Certificate Administrator, as applicable, so appointed by such court shall immediately and without further act be superseded by any successor Trustee or Certificate Administrator, as applicable, appointed by the Certificateholders as provided below within one (1) year from the date of appointment by such court. Holders of Certificates evidencing, in the aggregate, not less than a majority of the Voting Rights of the outstanding Certificates, may at any time upon 30 days’ notice to the Trustee or Certificate Administrator remove the Trustee or the Certificate Administrator and appoint a successor Trustee or Certificate Administrator, as applicable, by written instrument or instruments, in triplicate, signed by such Holders or their attorney-in-fact 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), one complete set to the Trustee or the Certificate Administrator, as applicable, so removed and one complete set to the successor(s) so appointed. Notice of any removal of the Trustee or the Certificate Administrator and acceptance of appointment by the successor Trustee or Certificate Administrator shall be given to the Companion Loan Holders, the Rating Agencies (through the successor 17g-5 Information Provider’s website, as applicable) and the Initial Purchasers by the successor Trustee or Certificate Administrator, as applicable. No removal of the Trustee or the Certificate Administrator shall be effective until all reasonable fees, costs, expenses and Advances (including interest thereon) have been paid to the Trustee or Certificate Administrator, as applicable, in full.

 

Any resignation or removal of the Trustee or Certificate Administrator shall not become effective until acceptance of the appointment by the successor Trustee or Certificate Administrator, as applicable, as provided in Section 8.8.

 

If the Certificate Administrator is terminated pursuant to this Section 8.7, all of its rights and obligations under this Agreement and in and to the Trust Loan 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).

 

In the event of any resignation or removal of the Trustee or the Certificate Administrator (in any of its capacities) under this Agreement (other than a resignation of the Trustee that is required solely due to a change in law or a conflict of interest arising after the Closing Date that is not waived by all of the parties in conflict or is unwaivable), such resignation or removal shall be effective with respect to each of such party’s other capacities hereunder

 

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(including, without limitation, such party’s capacities as Trustee, Custodian, Certificate Administrator, Certificate Registrar and 17g-5 Information Provider, as the case may be).

 

Section 8.8              Successor Trustee or Successor Certificate Administrator. Any successor Trustee or Certificate Administrator appointed as provided in Section 8.7 shall execute, acknowledge and deliver to the Depositor, the Servicer, the Special Servicer and to its predecessor Trustee or Certificate Administrator an instrument (i) accepting such appointment hereunder and (ii) making the representations and warranties of the Trustee or the Certificate Administrator, as applicable, as provided in Section 2.3 and Section 2.4, respectively, and thereupon the resignation or removal of the predecessor Trustee or Certificate Administrator shall become effective and such successor Trustee or Certificate Administrator, as applicable, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with the like effect as if originally named as trustee or certificate administrator herein. The predecessor Certificate Administrator shall deliver or cause to be delivered to the successor Certificate Administrator, as applicable, the Mortgage File and related documents and statements held by it hereunder, and the Depositor, the Servicer, the Special Servicer and the predecessor Trustee or Certificate Administrator shall execute and deliver such instruments and do such other things as may reasonably be required for more fully and certainly vesting and confirming in the successor Trustee or Certificate Administrator all such rights, powers, duties and obligations.

 

No successor Trustee or Certificate Administrator shall accept appointment as provided in this Section 8.8 unless at the time of such acceptance such successor Trustee or Certificate Administrator shall be eligible under the provisions of Section 8.6 and a Rating Agency Confirmation is received with respect to its appointment (prior to the resignation or termination of the Trustee or Certificate Administrator).

 

Upon acceptance of appointment by a successor Trustee or Certificate Administrator as provided in this Section 8.8, the successor Trustee or Certificate Administrator shall mail notice of the succession of such Trustee or Certificate Administrator hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register, the Depositor, the Servicer, the Special Servicer, the Loan Parties and the Initial Purchasers and the Companion Loan Holders.

 

Section 8.9              Merger or Consolidation of the Trustee or the Certificate Administrator. Any Person into which the Trustee or the Certificate Administrator may be merged or converted or with which either may be consolidated or any Person resulting from any merger, conversion or consolidation to which the Trustee or the Certificate Administrator shall be a party, or any Person succeeding to all or substantially all of the corporate trust business of the Trustee or the Certificate Administrator shall be the successor of the Trustee or the Certificate Administrator, as applicable, hereunder, provided that (i) such Person shall be eligible under the provisions of Section 8.6, without the execution or filing of any paper or further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding and (ii) Rating Agency Confirmation shall have been delivered to such Person.

 

Section 8.10            Appointment of Co-Trustee or Separate Trustee. (a) At any time or times, for the purpose of meeting any legal requirements of any jurisdiction in which any part of

 

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the Property may at the time be located or in which any action of the Trustee may be required to be performed or taken, the Trustee, the Depositor or the Holders of Certificates evidencing, in the aggregate, a majority of the Voting Rights of the outstanding Certificates, by an instrument in writing signed by it or them, may appoint one or more individuals or corporations to act as separate trustee or separate trustees or co-trustees, acting jointly with the Trustee, of all or any part of the Property, to the full extent that local law makes it necessary for such separate trustee or separate trustees or co-trustee acting jointly with the Trustee to act. The fees and expenses of any separate trustee or co-trustee shall be paid by the Trust Fund pursuant to Section 3.4(c).

 

(b)          The Trustee shall execute, acknowledge and deliver all such instruments as may be required by the legal requirements of any jurisdiction or by any such separate trustee or separate trustees or co-trustee for the purpose of more fully conferring such title, rights or duties to such separate trustee or separate trustees or co-trustee, it, he, she or they shall be vested with such title to the Property or any part thereof, and with such rights, powers, duties and obligations as shall be specified in the instrument of appointment, and such rights, powers, duties and obligations shall be conferred or imposed upon and exercised or performed by the Trustee, or the Trustee and such separate trustee or separate trustees or co-trustees jointly with the Trustee subject to all the terms of this Agreement, except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed shall be exercised and performed by such separate trustee or separate trustees or co-trustee, as the case may be. Any separate trustee or separate trustees or co-trustee may, at any time by an instrument in writing, constitute the Trustee, its attorney-in-fact and agent with full power and authority to do all acts and things and to exercise all discretion on its behalf and in its, her or his name. In the event that any such separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, the title to any applicable 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 Certificate Administrator, Certificate Registrar, Authenticating Agent, Custodian, paying agent and 17g-5 Information Provider, as applicable.

 

(d)          Every co-trustee and separate trustee hereunder shall, to the extent permitted by law, be appointed and act and the Trustee shall act, subject to the following provisions and conditions: (i) all powers, duties, obligations and rights conferred upon the Trustee in respect of the receipt, custody, investment and payment of monies shall be exercised solely by the Trustee; (ii) all other rights, powers, duties and obligations conferred or imposed upon the Trustee shall be conferred or imposed and exercised or performed by the Trustee and such co-trustee or trustees and separate trustee or trustees jointly except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed, the Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations shall be exercised and performed by such co-trustee or trustees; (iii) no power hereby given to, or exercisable by, any such co-trustee or separate trustee shall be exercised hereunder by such co-

 

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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.

 

Section 8.11            Appointment of Authenticating Agent and Custodian. (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 8.11 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 8.11, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section 8.11. 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 8.11,

 

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without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent.

 

(c)        An Authenticating Agent may resign at any time by giving at least thirty (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 the 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 8.11, the Certificate Administrator may appoint a successor Authenticating Agent and shall mail written notice of such appointment by first class mail, postage prepaid to all Certificateholders as their names and addresses appear in the Certificate Register. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent herein. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section 8.11.

 

(d)          The Certificate Administrator is hereby appointed as the initial Custodian. Any successor Certificate Administrator appointed pursuant to Section 8.7 and Section 8.8 shall be deemed to be appointed as the successor Custodian upon the effectiveness of its appointment as the successor Certificate Administrator.

 

Section 8.12         Indemnification by the Trustee and the Certificate Administrator. The Trustee and the Certificate Administrator, as applicable, severally and not jointly, shall indemnify and hold harmless the Trust 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 that arise out of or are based upon (i) a breach by the Trustee or the Certificate Administrator (including in its capacity as 17g-5 Information Provider) of its representations and warranties, as applicable, under this Agreement or (ii) negligence, bad faith or willful misconduct on the part of the Trustee or the Certificate Administrator (including in its capacities as Custodian, Certificate Registrar, Authenticating Agent, paying agent and 17g-5 Information Provider), as applicable, in the performance of its obligations or its negligent disregard of such obligations under this Agreement.

 

The Certificate Administrator shall indemnify and hold harmless the Depositor from and against any claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments and other costs and expenses incurred by the Depositor or its Affiliates that arise out of or are based upon (i) a breach by the Certificate Administrator, in its capacity as 17g-5 Information Provider, of its obligations under this Agreement or (ii) negligence, bad faith or willful misconduct on the part of the Certificate Administrator, in its capacity as 17g-5 Information Provider, in the performance of such obligations or its negligent disregard of its obligations and duties under this Agreement.

 

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 Loan Parties of the Trust Loan or any portion thereof,

 

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the Certificate Administrator shall report the amount of such prepayment or payment to the Depository based on information received from the Servicer or the Special Servicer in reliance on notices received from the Loan Parties. In the event of any inconsistencies in payments or prepayments made by the Loan Parties with the previously delivered notices by the Loan Parties, all costs and expenses incurred as a result of a failure by the Loan Parties to make any such payments or prepayment, shall be paid by the Loan Parties 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 the Special Servicer. If the Loan Parties fail to do so, such costs and expenses shall be reimbursed to the Certificate Administrator and to the Servicer or the 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 (which for this purpose excludes a Privileged Person who provides the Certificate Administrator with an Investor Certification substantially in the form of Exhibit K-2 hereto) 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 possession or within its control, including without limitation:

 

(i)      the Mortgage Loan files, including any and all modifications, waivers and amendments to the terms of the Mortgage Loan entered into or consented to by the Servicer or the Special Servicer and delivered to the Certificate Administrator;

 

(ii)     the annual, quarterly and monthly operating statements, if any, collected by or on behalf of the Servicer or the Special Servicer, as applicable, and delivered to the Certificate Administrator for the Property, and

 

(iii)    all notices and reports delivered to the Certificate Administrator with respect to the Property as to which environmental testing revealed any failure of such Property to comply with any applicable law, including any environmental law, or which revealed an environmental condition present at the Property requiring further investigation, testing, monitoring, containment, clean up, or remediation.

 

Such access shall be afforded without charge but only upon reasonable prior written request and during normal business hours at the offices of the Certificate Administrator.

 

The Certificate Administrator will provide copies of the items described in this Section 8.14(a) to the extent in its possession to, and upon reasonable written request of, the Certificateholders (other than a Borrower Affiliate, the Manager or any of their respective agents or affiliates who provides the Certificate Administrator with an Investor Certification in the form of Exhibit K-2 hereto). The Certificate Administrator may require payment for the reasonable costs and expenses of providing the copies and may also require a confirmation executed by the

 

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requesting Person, in a form reasonably acceptable to the Certificate Administrator, to the effect that the Person making the request is a Beneficial Owner or prospective purchaser of Certificates, is requesting the information solely for use in evaluating its investment in the Certificates and will otherwise keep the information confidential. Certificateholders, by the acceptance of their Certificates, will be deemed to have agreed to keep this information confidential.

 

(b)          The Certificate Administrator shall make available to Privileged Persons (which for this purpose excludes a Privileged Person who provided the Certificate Administrator with an Investor Certification in the form of Exhibit K-2 hereto), via the Certificate Administrator’s Website, the following items (to the extent such items were prepared by or delivered to the Certificate Administrator in electronic format to trustadministrationgroup@wellsfargo.com):

 

(i)      The following “deal documents”:

 

(A)       the Offering Circular and any other disclosure document relating to the Certificates, in the form most recently provided to the Certificate Administrator by the Depositor or by any Person designated by the Depositor;

 

(B)         this Agreement, each sub-servicing agreement delivered to the Certificate Administrator since the Closing Date (if any), the Trust Loan Purchase Agreement and any amendments and exhibits hereto or thereto; and

 

(C)          the CREFC® loan setup file prepared by the Servicer and delivered to the Certificate Administrator;

 

(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 (other than the CREFC® loan setup file) prepared by, or delivered to, the Certificate Administrator pursuant to Section 3.18(a); 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, environmental reports delivered to the Certificate Administrator pursuant to Section 3.12(e), Appraisals delivered to the Certificate Administrator pursuant to Section 3.7(a), and any updates to such reports and Appraisals;

 

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(C)          all Appraisals and any updates to Appraisals delivered to the Certificate Administrator pursuant to Section 3.7(a); and

 

(D)          any amendment, modification or waiver of a material term of any ground lease;

 

(iv)    The following “special notices”:

 

(A)          any notice of final payment on the Certificates delivered to the Certificate Administrator pursuant to Section 4.1(d);

 

(B)          any notice of termination of the Servicer, the Special Servicer or the Operating Advisor delivered to the Certificate Administrator pursuant to Section 7.1;

 

(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) and Section 3.26(j);

 

(D)          any request by the Certificateholders representing at least 25% of the Voting Rights of all the then-outstanding Sequential Pay Certificates to terminate the Special Servicer pursuant to Section 7.1(e) or the Operating Advisor pursuant to Section 3.26(j);

 

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

 

(F)          any notice of resignation of the Trustee, the Certificate Administrator or the Operating Advisor and any notice of the acceptance of appointment by the successor Trustee or successor Certificate Administrator pursuant to Section 8.7 or the successor Operating Advisor pursuant to Section 3.26;

 

(G)          any and all Officer’s Certificates and other evidence delivered to the Certificate Administrator to support the Trustee’s, the Servicer’s or the Special Servicer’s, as the case may be, determination that any Advance was (or, if made, would be) a Nonrecoverable Advance, pursuant to Section 3.23(f);

 

(H)           any Special Notice delivered to the Certificate Administrator pursuant to Section 5.6;

 

(I)            any amendment to this Agreement pursuant to Section 11.1;

 

(J)            any annual statements as to compliance and related Officer’s Certificates delivered to the Certificate Administrator under Section 13.7; and

 

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(K)          any annual independent public accountants’ servicing reports delivered to the Certificate Administrator pursuant to Section 13.9;

 

(L)          notice of any request by the holders of Certificates evidencing at least 25% of the Voting Rights of the Certificates (taking into account the application of the Trust Appraisal Reduction Amount to notionally reduce the Certificate Balance of the Certificates) to terminate and replace the Special Servicer;

 

(M)         notice of the occurrence or cessation of a Control Event, a Consultation Termination Event or Operating Advisor Consultation Event; and

 

(N)         any notice sent by the Trustee requesting the resignation of the Special Servicer or providing notice of the appointment of a replacement Special Servicer in the event that the Special Servicer becomes a Borrower Affiliate;

 

(O)          any notice or documents delivered to the Certificate Administrator by the depositor or the Servicer directing the Certificate Administrator to post such notice or documents to the “Special Notices” tab;

 

(v)           the “Investor Q&A Forum” pursuant to Section 4.5(a); and

 

(vi)          solely to Certificateholders and Beneficial Owner of Certificates, the “Investor Registry” pursuant to Section 4.5(b).

 

(vii)         subject to Section 3.31(b), the following “U.S. Risk Retention Special Notices” to the extent delivered by the Retaining Sponsor, if any, shall be posted to the “Investor Notices” tab on the Certificate Administrator’s Website:

 

(A)          the disclosure required pursuant to Section 43.4(c)(1)(ii) of the Credit Risk Retention Rules; and

 

(B)          any noncompliance of the applicable credit risk retention requirements under Section 15G of the Exchange Act 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 requirements under Section 15G of the Exchange Act;

 

The foregoing information shall be made available by the Certificate Administrator on the Certificate Administrator’s Website promptly following receipt. The Certificate Administrator shall have no obligation or duty to verify, confirm or otherwise determine whether the information being delivered is accurate, complete, conforms to the transaction, or otherwise is or is not anything other than what it purports to be. In the event that any such information is delivered or posted in error, the Certificate Administrator may remove it from the Certificate Administrator’s Website. The Certificate Administrator has not obtained and shall not be deemed to have obtained actual knowledge of any information posted to the Certificate Administrator’s Website or its filing of such information pursuant to this Agreement to the extent such information was not produced by the Certificate Administrator. In connection with providing access to the

 

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Certificate Administrator’s Website, the Certificate Administrator may require registration and the acceptance of a disclaimer. The Certificate Administrator shall not be liable for the dissemination of information in accordance with the terms of this Agreement, makes no representation or warranty as to the accuracy or completeness of such information being made available, and assumes no responsibility for such information, other than such information prepared by the Certificate Administrator. Assistance in using the Certificate Administrator’s Website may be obtained by calling (866) 846-4526. The Certificate Administrator shall provide a mechanism to notify each Person that has signed-up for access to the Certificate Administrator’s Website in respect of the transaction governed by this Agreement each time an additional document is posted to the Certificate Administrator’s Website.

 

The Certificate Administrator shall, in addition to posting the applicable notices on the “U.S. Risk Retention Special Notices” tab described in clause (vii) 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 and has opted in to receive email notifications that a notice has been posted to the “U.S. Risk Retention Special Notices” tab.

 

The 17g-5 Information Provider shall make available solely to the Depositor, the Rating Agencies and NRSROs the following items to the extent such items are delivered to it via e-mail at 17g5informationprovider@wellsfargo.com, specifically with a subject reference of “J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM” and an identification of the type of information being provided in the body of the e-mail, or via any alternate e-mail address following notice to the parties hereto or any other delivery method established or approved by the 17g-5 Information Provider if or as may be necessary or beneficial:

 

(i)      any Asset Status Report delivered by the Special Servicer under Section 3.10(i);

 

(ii)     any environmental reports delivered by the Special Servicer under Section 3.12(e);

 

(iii)    any annual statements as to compliance and related Officer’s Certificates delivered under Section 13.19;

 

(iv)    any annual independent public accountants’ servicing reports delivered pursuant to Section 13.20;

 

(v)     any Appraisals delivered to the 17g-5 Information Provider pursuant to Section 3.7(a);

 

(vi)    any information requested by the Depositor or the Rating Agencies pursuant to Section 3.21(b) (it being understood the 17g-5 Information Provider shall not disclose on the 17g-5 Information Provider’s Website which Rating Agency requested such information as provided in Section 3.21(b));

 

(vii)   any notice to the Rating Agencies relating to the Servicer’s determination to take action without receiving Rating Agency Confirmation as set forth in Section 3.28(a);

 

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(viii)  any requests for Rating Agency Confirmation that are delivered to the 17g-5 Information Provider pursuant to Section 3.28(a);

 

(ix)    any notice of resignation of the Trustee, the Certificate Administrator or the Operating Advisor and any notice of the acceptance of appointment by the successor Trustee or successor Certificate Administrator pursuant to Section 8.7 or the successor Operating Advisor pursuant to Section 3.26;

 

(x)     any and all Officer’s Certificates and other evidence to support the Trustee’s, the Servicer’s or the Special Servicer’s, as the case may be, determination that any Advance was (or, if made, would be) a Nonrecoverable Advance, pursuant to Section 3.23(f);

 

(xi)    any notice of a Servicer Termination Event, Special Servicer Termination Event or Operating Advisor Termination Event delivered pursuant to Section 7.1(b) or Section 3.26(j);

 

(xii)   any summary of oral communications with a Rating Agency that are delivered to the 17g-5 Information Provider pursuant to Section 8.14(c); provided that the summary of such oral communications shall not attribute which Rating Agency the communication was with;

 

(xiii)  notice of any amendments to the Trust Loan Purchase Agreement;

 

(xiv)  any amendment to this Agreement pursuant to Section 11.1;

 

(xv)   notice of final payments on the Certificates;

 

(xvi)  notice of any material modifications or amendments to the Mortgage Loan Documents;

 

(xvii) notice of any change to a Manager;

 

(xviii) any notice sent by the Trustee requesting the resignation of the Special Servicer or providing notice of the appointment of a replacement Special Servicer in the event that the Special Servicer becomes a Borrower Affiliate; and

 

(xix)  the Rating Agency Q&A Forum and Document Request Tool pursuant to Section 4.5(f).

 

The foregoing information shall be made available by the 17g-5 Information Provider on the 17g-5 Information Provider’s Website. Information will be posted on the same Business Day of receipt provided that such information is received by 2:00 p.m. (eastern time) or, if received after 2:00 p.m., on the next Business Day by 12:00 p.m. 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

 

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Provider’s Website. The Certificate Administrator and the 17g-5 Information Provider have not obtained and shall not be deemed to have obtained actual knowledge of any information posted to the 17g-5 Information Provider’s Website to the extent such information was not produced by the Certificate Administrator. Access will be provided by the 17g-5 Information Provider to (i) the NRSROs upon receipt of an NRSRO Certification and (ii) the Depositor. If a Rating Agency requests access to the 17g-5 Information Provider’s Website, access shall be granted by the 17g-5 Information Provider on the same Business Day, provided that such request is made prior to 2:00 p.m. (eastern time) on such Business Day, or, if received after 2:00 p.m. (eastern time), on the following Business Day. Questions regarding delivery of information to the 17g-5 Information Provider may be directed to www.ctslink.com or 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 e-mail, such report, statement, document, file or other data may be uploaded to an alternate location provided by the 17g-5 Information Provider, and the party uploading such report, statement, document, file or other data shall notify the 17g-5 Information Provider via e-mail 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.

 

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 provide a mechanism to promptly notify each NRSRO 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 e-mail. The 17g-5 Information Provider shall send such notice to such Person’s e-mail address provided by and used by such Person for the purpose of accessing the 17g-5 Information Provider’s Website, including a general e-mail address if such general e-mail address has been provided to the 17g-5 Information Provider in connection with a completed NRSRO Certification in the form of Exhibit M hereto. In connection with providing access to the Certificate Administrator’s Website or the 17g-5 Information Provider’s Website, the 17g-5 Information Provider may require registration and the acceptance of a disclaimer. The 17g-5 Information Provider shall not be liable for the dissemination of information in accordance with the terms of this Agreement, makes no representation or warranty as to the accuracy or completeness of such information being made available, and assumes no responsibility for such information. The 17g-5 Information Provider shall not be liable for failing to make any information available to the Rating Agencies or NRSROs unless same was delivered to it at its e-mail address set forth above, with the proper subject heading. Assistance in using the Certificate Administrator’s Website or the 17g-5 Information Provider can be obtained by calling (866) 846-4526.

 

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, as defined in Rule 17g-10 under the Exchange Act, such party may have provided with respect to the Mortgage 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

 

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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.

 

(c)           Each of the 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 CREFC® reports and any additional information relating to the Mortgage Loan, the Property or the Loan Parties, for review by the Depositor, the Initial Purchasers, the Trustee, each Companion Loan Holder, the Certificate Administrator and any other Persons who deliver an Investor Certification or confidentiality agreement in accordance with this Section 8.14(c), and the Rating Agencies (only to the extent such additional information was previously delivered to the 17g-5 Information Provider or is simultaneously delivered to the 17g-5 Information Provider in accordance with the provisions of Section 8.14(b), who shall post such additional information on the 17g-5 Information Provider’s Website in accordance with the provisions of Section 8.14(b)) (collectively, the “Disclosure Parties”), in each case, except to the extent doing so is prohibited by this Agreement, applicable law or by the Mortgage Loan Documents. Each of the 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, the Certificate Administrator and the Trustee, deliver an Investor Certification or enter into a confidentiality agreement acceptable to the Servicer or the Special Servicer, as the case may be, and (B) acknowledge that the Servicer or the Special Servicer may contemporaneously provide such information to any other Disclosure Party. In addition, to the extent access to such information is provided via the Servicer’s or the Special Servicer’s website, the Servicer and the Special Servicer may require registration and the acceptance of a reasonable and customary disclaimer and/or an additional or alternative agreement as to the confidential nature of such information. In connection with providing access to or copies of the information described in this Section 8.14(c) to current or prospective Certificateholders the form of confidentiality agreement used by the Servicer or the Special Servicer, as applicable, shall be: (i) in the case of a Certificateholder, an Investor Certification executed by the requesting Person indicating that such Person is a Holder of Certificates and will keep such information confidential (except that such Certificateholder may provide such information (x) to its auditors, legal counsel and regulators and (y) to any other Person that holds or is contemplating the purchase of any Certificate or interest therein (provided that such other Person confirms in writing such ownership interest or prospective ownership interest and agrees to keep such information confidential)); and (ii) in the case of a prospective purchaser of Certificates or interests therein, an Investor Certification indicating that such Person is a prospective purchaser of a Certificate or an interest therein and is requesting the information for use in evaluating a possible investment in Certificates and will otherwise keep such information confidential. In the case of a licensed or registered investment advisor acting on behalf of a current or prospective Certificateholder, the Investor Certification shall be executed and delivered by both the investment advisor and such current or prospective Certificateholder.

 

The Special Servicer, subject to the limitations on delivery of Privileged Communications, shall deliver to the Operating Advisor such reports and other information produced or otherwise available to the Directing Certificateholder or Certificateholders generally, requested by the Operating Advisor in support of the performance of its obligations under this Agreement in electronic format.

 

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Neither the Servicer nor the Special Servicer shall be liable for the dissemination of information in accordance with this Agreement. Neither the Servicer nor the Special Servicer shall be responsible or have any liability for the completeness or accuracy of the information delivered, produced or otherwise made available pursuant to this Section 8.14(c) unless such information was produced by the Servicer or Special Servicer, as applicable.

 

The Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor shall be permitted (but not obligated) to orally communicate with each Rating Agency; provided that such party summarizes the information provided to a 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 Section 8.14(b) on the same day such communication takes place; provided that the summary of such oral communications shall not be attributed to the Rating 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 8.14(b).

 

None of the foregoing restrictions in this Section 8.14 or otherwise in this Agreement shall prohibit or restrict oral or written communications, or providing information, between the Servicer or the Special Servicer, on the one hand, and a 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 Servicer or the Special Servicer, as applicable, (ii) such Rating Agency’s or NRSRO’s approval of the Servicer or the Special Servicer, as applicable, as a commercial mortgage master, special or primary servicer or (iii) such Rating Agency’s or NRSRO’s evaluation of the Servicer’s or the Special Servicer’s, as applicable, servicing operations in general; provided, that the Servicer or the Special Servicer, as applicable, shall not provide any information relating to the Certificates or the Trust Loan to a Rating Agency or NRSRO in connection with such review and evaluation by such Rating Agency or NRSRO unless (x) borrower, property and other deal specific identifiers are redacted, (y) such information has already been provided to the 17g-5 Information Provider and has been uploaded on to the 17g-5 Information Provider’s Website or (z) a Rating Agency or NRSRO confirms in writing that it does not intend to use such information in undertaking credit rating surveillance with regard to the Certificates.; provided, however, that the Rating Agencies may use information delivered in reliance on the certification in this clause (z) for any purpose to the extent it is publicly available (unless the availability results from a breach of this Agreement or any other confidentiality agreement to which such Rating Agency is subject) or comprised of information collected by the applicable Rating Agency from the 17g-5 Information Provider’s Website (or another 17g-5 information provider’s website that they have access to) other than pursuant to this Section 8.14(c).

 

In connection with the delivery by the Servicer or the Special Servicer to the 17g-5 Information Provider of any information, report, notice or document for posting to the 17g-5 Information Provider’s Website, the 17g-5 Information Provider shall notify the Servicer or the Special Servicer when such information, report, notice or document has been posted. The Servicer or the Special Servicer, as applicable, may, but shall not be obligated to, send such information, report, notice or other document to the applicable Rating Agency so long as such information, report, notice or document (i) was previously provided to the 17g-5 Information Provider or (ii) is simultaneously provided to the 17g-5 Information Provider.

 

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Each of the Servicer and the Special Servicer (each, a “17g-5 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, a “17g-5 Indemnified Party”), from and against any and all losses, liabilities, damages, claims, judgments, costs, fees, penalties, fines, forfeitures or other expenses (including reasonable legal fees and expenses) to which any such 17g-5 Indemnified Party may become subject, under the Securities Act, the Exchange Act 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 such 17g-5 Indemnifying Party’s breach of (i) any obligation relating to the provision of information to the Rating Agencies set forth in the first paragraph of Section 8.14(c) or (ii) any obligation set forth in the third, fourth and fifth paragraphs of Section 8.14(c), and shall reimburse such 17g-5 Indemnified Party for any legal or other expenses reasonably incurred by such 17g-5 Indemnified Party in connection with investigating or defending any such action or claim, as such expenses are incurred. The foregoing indemnity obligation shall be in addition to the indemnity obligation of any 17g-5 Indemnifying Party under Section 6.6 and shall not be construed as limiting such 17g-5 Indemnifying Party’s indemnity obligations under Section 6.6.

 

ARTICLE 9.

CERTAIN MATTERS RELATING TO THE DIRECTING CERTIFICATEHOLDER

 

Section 9.1              Selection and Removal of the Directing Certificateholder.

 

(a)           The Directing Certificateholder shall be selected by the Majority Controlling Class Certificateholders, as determined by the Certificate Registrar from time to time. Each Holder of the Certificates of the Controlling Class shall be entitled to vote in each election of the Directing Certificateholder. Notwithstanding anything to the contrary herein, the (x) Directing Certificateholder cannot be any Borrower Affiliate or the Manager or any of their servicers or respective agents or Affiliates and (y) for purposes of determining the Majority Controlling Class Certificateholders and/or appointing the Directing Certificateholder, any Borrower Affiliate, the Manager or any of their servicers or respective agents or Affiliates shall be deemed not to be a Certificateholder and shall not be entitled to exercise such right. Notwithstanding anything to the contrary herein, each of the Trustee and the Certificate Administrator may conclusively rely on any Investor Certification provided to it in connection with the foregoing and may require that Investor Certifications are resubmitted from time to time in accordance with its policies and procedures.

 

(b)          The identity of the initial Directing Certificateholder is set forth in the definition of “Directing Certificateholder”. The Majority Controlling Class Certificateholders shall give written notice to the Trustee, the Certificate Administrator, the Servicer and the Special Servicer of the appointment of any subsequent Directing Certificateholder (in order to receive notices hereunder). Any Controlling Class Certificateholder that owns, and is identified (with contact information) to the Servicer, the Special Servicer, the Trustee and the Certificate Administrator as owning, the largest aggregate Certificate Balance of Certificates of the Controlling Class, shall give written notice to the Trustee, the Certificate Administrator, the Servicer and the Special Servicer of the appointment of a Directing Certificateholder (if any) (in

 

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order to receive notices hereunder) by such Controlling Class Certificateholder for so long as such Controlling Class Certificateholder owns the largest aggregate Certificate Balance of the Controlling Class and shall also state that such Directing Certificateholder is not a Borrower or Borrower Affiliate.

 

(c)           The Directing Certificateholder may be removed at any time by the written vote of the Majority Controlling Class Certificateholders, and a copy of the results of such vote shall be delivered to the Certificate Administrator, the Trustee, the Servicer and the Special Servicer.

 

(d)        Each Controlling Class Certificateholder is hereby deemed to have agreed by virtue of its purchase of a Certificate to provide its name and address to the Certificate Administrator and the Trustee and to notify the Certificate Administrator and all the parties hereto of the selection of a Directing Certificateholder or the resignation or removal thereof. Any Certificateholder or its designee at any time appointed Directing Certificateholder is hereby deemed to have agreed by virtue of its purchase of a Certificate to notify the Certificate Administrator when such Certificateholder or its designee is appointed Directing Certificateholder and when it is removed or resigns. Upon receipt of such notice, the Certificate Administrator shall notify the Trustee, the Special Servicer and the Servicer of the identity of the Directing Certificateholder and any resignation or removal thereof. In addition, upon the request of the Servicer or the Special Servicer, as applicable, the Certificate Administrator shall provide the name of the then-current Directing Certificateholder and a list of the Certificateholders (or Beneficial Owners, if applicable, at the expense of the requesting party) of the Controlling Class to such requesting party. In addition, (i) any Holder owning more than fifty percent (50%) of the applicable Controlling Class (by Certificate Balance) is hereby deemed to have agreed by virtue of its purchase of a Certificate to notify the Trustee and the Certificate Administrator when it no longer holds the majority of the Controlling Class Certificates (by Certificate Balance), and (ii) each of the Holders of the Controlling Class Certificates who collectively own more than fifty percent (50%) of the applicable Controlling Class (by Certificate Balance) is hereby deemed to have agreed by virtue of its purchase of a Certificate to notify the Trustee and the Certificate Administrator when it transfers its Controlling Class Certificate (or its beneficial interest in the Controlling Class Certificates) and, as a result of such transfer, such Holders who collectively appointed the Directing Certificateholder no longer collectively own more than the applicable percentage of the Controlling Class Certificates (by Certificate Balance) set forth above, provided in no event with respect to either clause (i) or (ii) shall any Controlling Class Certificateholder have any liability to any Person for the failure to provide any such notices.

 

(e)           Once a Directing Certificateholder has been selected, each of the Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor, the Trustee and each other Certificateholder (or Beneficial Owner, if applicable) shall be entitled to rely on such selection unless the Majority Controlling Class Certificateholders shall have notified each other party to this Agreement and each other Certificateholder of the Controlling Class, in writing, of the resignation of such Directing Certificateholder or the selection of a new Directing Certificateholder.

 

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(f)           Until it receives notice to the contrary, each party to this Agreement shall be entitled to rely on the most recent notification with respect to the identity of the Certificateholders of the Controlling Class and the Directing Certificateholder.

 

(g)           The Directing Certificateholder shall be responsible for its own expenses.

 

(h)          Notwithstanding any other provision to this Agreement, in the event that no Directing Certificateholder has been appointed or identified to the Servicer or the Special Servicer, as applicable, and the Servicer or Special Servicer, as applicable, has attempted to obtain such information from the Certificate Administrator and no such entity has been identified to the Servicer or the Special Servicer, as applicable, then the Servicer or the Special Servicer, as applicable, shall have no duty to consult with, provide notice to, or seek the approval or consent of any such Directing Certificateholder as the case may be until such time as a Directing Certificateholder meeting the definition thereof is so appointed or identified. Upon request, the Certificate Administrator shall provide such information as is then in its possession to identify the Directing Certificateholder to the Servicer and the Special Servicer.

 

Section 9.2              Limitation on Liability of Directing Certificateholder; Acknowledgements of the Certificateholders.

 

Neither the Controlling Class nor the Directing Certificateholder shall have any liability to the Trust or the Certificateholders for any action taken, or for refraining from the taking of any action, or for errors in judgment.

 

By its acceptance of a Certificate, each Certificateholder acknowledges and agrees that the Directing Certificateholder and/or the Controlling Class Certificateholders (i) may have special relationships and interests that conflict with those of Holders of one or more Classes of the Certificates, including owning securities backed by the Companion Loan or any interest in the Companion Loan, (ii) may act solely in the interests of the Holders of the Controlling Class, including the Directing Certificateholder, (iii) does not have any duties or liability to the Holders of any Class of Certificates, (iv) may take actions that favor the interests of one or more Classes of the Certificates, including the Holders of the Controlling Class, over the interests of the Holders of one or more other Classes of the Certificates, and (v) shall have no liability whatsoever to the Trust, any other party to this Agreement, any Certificateholder or any other Person (including any Borrower Affiliate) for having so acted as set forth in clauses (i) through (iv) above, and no Certificateholder may take any action whatsoever against the Directing Certificateholder, the Controlling Class Certificateholders or any director, officer, employee, partner, member, shareholder, agent or principal of the Directing Certificateholder or the Controlling Class Certificateholders, as applicable, as a result of the Directing Certificateholder or the Controlling Class Certificateholders having so acted.

 

Section 9.3              Rights and Powers of the Directing Certificateholder.

 

(a)           Notwithstanding anything herein to the contrary, but subject to the next sentence, except as set forth in, and in any event subject to, Section 3.24(d), Section 9.3(b), Section 9.3(c) and the second (2nd) and third (3rd) paragraphs of this Section 9.3(a), (i) the Servicer shall not be permitted to take any of the actions constituting a Major Decision unless it

 

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has obtained the consent of the Special Servicer, which consent will be deemed given if the Special Servicer does not object within fifteen (15) Business Days (after delivery of a written recommendation and analysis to the Special Servicer and information reasonably requested by the Special Servicer) unless such actions are part of an Asset Status Report approved by the Directing Certificateholder under Section 3.10(i) or is otherwise implemented by the Special Servicer in accordance with the terms of this Agreement and (ii) prior to the occurrence and continuance of a Control Event, the Special Servicer shall not be permitted to (A) consent to the Servicer’s taking any of the actions constituting a Major Decision, or (B) itself take any of the actions constituting a Major Decision, but subject to Section 3.10(i) if, in either case, the Directing Certificateholder has objected to the action in writing within ten (10) Business Days after receipt of a written report by the Special Servicer describing in reasonable detail (i) the background and circumstances requiring action of the Servicer or the Special Servicer, as applicable, (ii) the proposed course of action recommended, and (iii) any direct or indirect conflict of interest in the action (the “Major Decision Reporting Package”) (provided that if such written objection has not been received by the Special Servicer within such ten (10) Business Day period, then the Directing Certificateholder shall be deemed to have approved such action). In the event that the Special Servicer or Servicer, as applicable, determines that immediate action, with respect to a Major Decision, or any other matter requiring consent of the Directing Certificateholder prior to the occurrence and continuance of a Control Event under this Agreement (or consultation with the Directing Certificateholder after the occurrence and during the continuance of a Control Event, but prior to the occurrence of a Consultation Termination Event), is necessary to protect the interests of the Certificateholders, the Special Servicer or Servicer, as the case may be, may take any such action without waiting for the Directing Certificateholder’s response (or without such consultation) so long as the Servicer or the Special Servicer, as applicable, has made a reasonable effort to contact the Directing Certificateholder to inform it of such need. The Special Servicer is not required to obtain the consent of the Directing Certificateholder for any Major Decision upon the occurrence and during the continuance of a Control Event; provided, however, that after the occurrence and during the continuance of a Control Event but prior to the occurrence of a Consultation Termination Event, the Special Servicer shall not be required to obtain the consent of the Directing Certificateholder but shall consult with the Directing Certificateholder in connection with any Major Decision (and such other matters that are subject to consent, approval, direction or consultation rights of the Directing Certificateholder hereunder) and to consider alternative actions recommended by the Directing Certificateholder in respect of such matters. With respect to any action requiring the Directing Certificateholder’s consent, if the Directing Certificateholder does not respond to a request for its consent within ten (10) Business Days (or such other length of time as specified in this Agreement with respect to any particular action requiring consent), such consent will be deemed to have been given. In the event that no Directing Certificateholder has been appointed or identified to the Servicer or the Special Servicer, as applicable, and the Servicer or Special Servicer, as applicable, has attempted to obtain such information from the Certificate Administrator and no such entity has been identified to the Servicer or the Special Servicer, as applicable, then until such time as the new Directing Certificateholder is identified, the Servicer or the Special Servicer, as applicable, shall have no duty to consult with, provide notice to, or seek the approval or consent of any such Directing Certificateholder as the case may be. The Servicer or Special Servicer may request the Certificate Administrator to identify the current Directing Certificateholder, if any.

 

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In addition, for so long as no Control Event has occurred and is continuing, but subject to the second sentence of the preceding paragraph, Section 9.3(b), Section 9.3(c) and the immediately following paragraph, the Directing Certificateholder may direct the Special Servicer to take, or to refrain from taking, such other actions with respect to the Trust Loan as the Directing Certificateholder may reasonably deem advisable.

 

Notwithstanding anything to the contrary contained herein, if the Special Servicer or Servicer, as applicable, determines that a refusal to consent by the Directing Certificateholder or any objection, consultation or direction or advice from the Directing Certificateholder, the Controlling Class Certificateholders or any other Person would (A) otherwise require or cause the Special Servicer or Servicer, as applicable, to violate the terms of the Mortgage Loan Documents, the Co-Lender Agreement, applicable law, provisions of the Code resulting in an Adverse REMIC Event or this Agreement, (including without limitation, actions inconsistent with Accepted Servicing Practices), (B) expose any Certificateholder, the Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or the Trust or their respective Affiliates, officers, directors or agent to any claim, suit or liability, (C) result in the imposition of a tax upon the Trust (other than a tax on “net income from foreclosure property”) or loss of REMIC status or (D) materially expand the scope of the Special Servicer’s, the Servicer’s, the Operating Advisor’s, the Trustee’s or the Certificate Administrator’s responsibilities hereunder, then the Special Servicer or Servicer, as applicable, shall disregard such refusal to consent, direction or advice and notify the Directing Certificateholder, the Trustee, the Certificate Administrator and the 17g-5 Information Provider of its determination, including a reasonably detailed explanation of the basis therefor. The taking of, or refraining from taking, any action by the Servicer or Special Servicer in accordance with the direction of or approval of the Directing Certificateholder that does not violate the Mortgage Loan Documents, the Co-Lender Agreement, this Agreement, any applicable law, provisions of the Code resulting in an Adverse REMIC Event or Accepted Servicing Practices or any other provisions of this Agreement, shall not result in any liability on the part of the Servicer or the Special Servicer.

 

(b)          Notwithstanding anything to the contrary contained herein (i) after the occurrence and during the continuance of a Control Event, the Directing Certificateholder shall have no right to consent to or direct any action taken or not taken by any party to this Agreement; (ii) after the occurrence and during the continuance of a Control Event but so long as no Consultation Termination Event is continuing, the Directing Certificateholder shall remain entitled to receive any notices, reports or information to which it is entitled pursuant to this Agreement, and the Servicer, Special Servicer and any other applicable party shall consult with the Directing Certificateholder in connection with any action to be taken or refrained from taking to the extent set forth herein; and (iii) during the continuance of a Consultation Termination Event, the Directing Certificateholder shall have no direction, consultation or consent rights hereunder and no right to receive any notices, reports or information (other than notices, reports or information required to be delivered to all Certificateholders) or any other rights as Directing Certificateholder, and the Controlling Class will not be entitled to appoint a Directing Certificateholder; provided that the Directing Certificateholder (if and to the extent that it is a Certificateholder) and a holder of a Controlling Class Certificate will maintain the right to exercise its Voting Rights for the same purposes as any other Certificateholder under this Agreement. No Borrower Affiliate may be appointed as or act as the Directing Certificateholder.

 

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If a Control Event no longer exists, then the Directing Certificateholder shall regain all the consent and direction rights of the Directing Certificateholder set forth in this Agreement and the Controlling Class will regain the right to appoint a Directing Certificateholder.

 

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 Certificateholder. With respect to any particular Major Decision and related Major Decision Reporting Package and any Asset Status Report, the Special Servicer shall make available to the Operating Advisor servicing officers with relevant knowledge regarding the Mortgage 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 and/or Asset Status Report and potential conflicts of interest and compensation with respect to such Major Decision, Major Decision Reporting Package and/or Asset Status Report.

 

In addition, after the occurrence and during the continuance of an Operating Advisor Consultation Event, the Special Servicer shall consult with the Operating Advisor (telephonically or electronically) 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 (10) Business Days following the later of (i) its written request for input (which such request shall include a Major Decision Reporting Package when made) on any required consultation and (ii) delivery of all such additional information reasonably requested by the Operating Advisor related to the subject matter of such consultation, the Special Servicer shall not be obligated to consult with the Operating Advisor on the specific matter; provided, however, that the failure of the Operating Advisor to respond on any specific matters shall not relieve the Special Servicer from its obligation to consult with the Operating Advisor on any future matter with respect to the Mortgage Loan.

 

In connection with the Directing Certificateholder’s right to consent or consult and 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 may take actions with respect to the Property before the expiration of the applicable period for the Operating Advisor or the Directing Certificateholder 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 Certificateholder, as applicable.

 

After the occurrence and during the continuance of a Consultation Termination Event, the Directing Certificateholder 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

 

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Certificateholder. However, the Directing Certificateholder shall maintain the right to exercise its Voting Rights for the same purposes as any other Certificateholder.

 

(c)           For purposes of determining the Directing Certificateholder, exercising any rights of the Controlling Class or receiving Asset Status Reports or any other information under this Agreement other than Distribution Date Statements, any holder of any interest in a Controlling Class Certificate who is a Borrower Affiliate, the Manager or an agent or Affiliate of the foregoing shall not be deemed to be a Holder or Beneficial Owner of the related Controlling Class and shall not be entitled to exercise such rights or receive such information. If, as a result of the preceding sentence, no Holder or Beneficial Owner of Controlling Class Certificates would be eligible to exercise such rights, there will be no Controlling Class.

 

(d)          The Certificate Administrator shall, within five (5) Business Days after its determination that a Control Event or a Consultation Termination Event has occurred or ceased to exist, post a notice of such occurrence or cessation of a Control Event or Consultation Termination Event on the Certificate Administrator’s Website. The Certificate Administrator shall notify the Operating Advisor, the Servicer and the Special Servicer within ten (10) Business Days of the existence or cessation of any Control Event, Consultation Termination Event or Operating Advisor Consultation Event.

 

(e)           For so long as no Consultation Termination Event has occurred and is continuing, the Special Servicer shall provide notice to the Directing Certificateholder of any annual meeting with the Borrower and the Manager pursuant to the Mortgage Loan Documents, consult with the Directing Certificateholder regarding an agenda for such meeting, and invite the Directing Certificateholder to attend such meeting (which invitation the Directing Certificateholder may accept or decline in its discretion). The Special Servicer shall provide advance notice to the Borrower and the Manager that the Directing Certificateholder has no authority to act on behalf of the holder of the Trust Loan.

 

(f)           For so long as no Consultation Termination Event has occurred, the Special Servicer shall provide notice to the Directing Certificateholder of any material notices that the Special Servicer has received under or related to any franchise agreement, management agreement, comfort letter, subordination, non-disturbance and attornment agreement, recognition agreement or similar agreement and the Special Servicer is required to consult with the Directing Certificateholder with respect to the contents of such notice.

 

Section 9.4              Directing Certificateholder Contact with Servicer and Special Servicer.

 

Upon reasonable request, each of the Servicer and the Special Servicer shall, without charge, make a Servicing Officer available to answer questions from the Directing Certificateholder (prior to the occurrence and continuance of a Control Event) regarding the performance and servicing of the Trust Loan (or, in the case of the Special Servicer, the Special Servicer’s operational activities related to the servicing of the Trust Loan after a Special Servicing Loan Event and the servicing of any Foreclosed Property) for which the Servicer or the Special Servicer, as the case may be, is responsible.

 

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Notwithstanding any provision of this Agreement to the contrary, the failure of the Servicer or the Special Servicer to disclose any information otherwise required to be disclosed by it pursuant to this Agreement shall not constitute a breach of this Agreement if the Servicer or the Special Servicer, as applicable, determines, in its reasonable and good faith judgment and consistent with Accepted Servicing Practices, that such disclosure would constitute a waiver of the attorney-client privilege on behalf of the Trust or the Trust Fund or otherwise materially harm the Trust or the Trust Fund.

 

ARTICLE 10.

TERMINATION

 

Section 10.1            Termination. (a) The respective obligations and responsibilities of the Servicer, the Special Servicer, the Operating Advisor, the Depositor, the Certificate Administrator and the Trustee created hereby (other than the obligation to make certain payments to the Companion Loan Holders, other than the obligation of the Certificate Administrator to make certain payments to Certificateholders after the final Distribution Date to the extent set forth in this Agreement and other than the obligation of the Certificate Administrator to file final tax returns for the Upper-Tier REMIC and the Lower-Tier REMIC, to maintain books and records of the Trust Fund for such period of time as it maintains its own books and records, and the indemnification rights and obligations of the parties hereto) shall terminate upon the last action required to be taken by the Certificate Administrator on the final Distribution Date pursuant to this Article 10 following the later of (i) the final payment on the Certificates and the Uncertificated Lower-Tier Interests or (ii) the liquidation of the Trust Loan (including, without limitation, the sale of the Trust Loan pursuant to this Agreement) or the liquidation or abandonment of the Property and all other Collateral for the Trust Loan, provided, however, that in no event shall the Trust continue beyond the expiration of twenty-one (21) years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late United States Ambassador to the Court of St. James’s, living on the date hereof.

 

(b)          On the final Distribution Date, all amounts on deposit in the Collection Account and not otherwise payable to a Person other than the Certificateholders, shall be applied generally as described in Section 4.1.

 

(c)           Notice of any termination, specifying the final Distribution Date (which shall be a date that would otherwise be a Distribution Date) upon which the Certificateholders of any Class may surrender their Certificates to the Certificate Administrator for payment of the final distribution and cancellation, shall be given promptly by the Certificate Administrator by letter to Certificateholders mailed as soon as practicable specifying (A) the final Distribution Date upon which final payment of the Certificates shall be made upon presentation and surrender of Certificates at the office or agency of the Certificate Administrator therein designated, (B) the amount of any such final payment and (C) that the Record Date otherwise applicable to such Distribution Date is not applicable, payments being made only upon presentation and surrender of the Certificates at the office or agency of the Certificate Administrator therein specified.

 

Section 10.2            Additional Termination Requirements. In connection with any termination pursuant to Section 10.1 other than final payment on the Trust Loan, the Trust Fund

 

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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 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 (a) and Section 4.1(g).

 

Section 10.3            Trusts Irrevocable. Except as expressly provided herein, all trusts created hereby are irrevocable.

 

ARTICLE 11.

MISCELLANEOUS PROVISIONS

 

Section 11.1         Amendment. (a) This Agreement may be amended from time to time by the parties hereto, without the consent of any of the Certificateholders or the Companion Loan Holders:

 

(i)      to correct any inconsistency, defect or ambiguity in this Agreement or to correct any manifest error in any provision of this Agreement;

 

(ii)     to cause the provisions in this Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular with respect to the Certificates, the Trust or this Agreement or to correct or supplement any of the provisions of this Agreement which may be inconsistent with any other provisions in this Agreement or to correct any error; provided that such amendment or supplement would not adversely affect in any material respect the interests of the Companion Loan Holders not consenting thereto, as evidenced by (x) an Opinion of Counsel or (y) if any securities backed by any Companion Loan is then rated, receipt of a Rating Agency Confirmation;

 

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(iii)    to change the timing and/or nature of deposits in the Collection Account, the Distribution Account or the Foreclosed Property Account, provided that (A) the Remittance Date shall in no event be later than the Business Day prior to the related Distribution Date and (B) the change would not adversely affect in any material respect the interests of any Certificateholder or the Companion Loan Holders not consenting thereto, as evidenced by (1) an Opinion of Counsel (at the expense of the party requesting the amendment or at the expense of the Trust if the requesting party is the Trustee or the Certificate Administrator) or (2) if the related Class of Certificates or Companion Loan Securities is rated by a Rating Agency or a Companion Loan Rating Agency, as applicable, Rating Agency Confirmation or Companion Loan Rating Agency Confirmation, as applicable, is obtained;

 

(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 or a Grantor Trust as a “grantor trust” at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Lower-Tier REMIC or the Upper-Tier REMIC that would be a claim against the Lower-Tier REMIC or the Upper-Tier REMIC or a Grantor Trust; provided that the Trustee and the Certificate Administrator 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 the Companion Loan Holders or (B) to the extent necessary for the Trust or any Other Securitization Trust 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 shall not adversely affect in any material respect the interests of any Certificateholder or the Companion Loan Holders not consenting thereto, as evidenced by an Opinion of Counsel or a Rating Agency Confirmation from each Rating Agency; provided, further, prior to the occurrence of a Consultation Termination Event, any amendment pursuant to this clause (vi) that would adversely affect the rights of the Controlling Class Certificateholder or the Directing Certificateholder shall be subject to the consent of such affected party or parties;

 

(vii)   to amend or supplement any provision of this Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by

 

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each Rating Agency, as evidenced by Rating Agency Confirmation; provided, that such amendment or supplement pursuant to this clause (vii) would not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Holders not consenting thereto, as evidenced by an Opinion of Counsel;

 

(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 or a Grantor Trust as a “grantor trust”, as evidenced by an Opinion of Counsel, and (C) Rating Agency Confirmation is obtained; provided, that prior to the occurrence of a Consultation Termination Event, any amendment pursuant to this clause (viii) that would adversely affect the rights of the Controlling Class Certificateholder or the Directing Certificateholder will be subject to the consent of such affected party or parties;

 

(ix)    to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment does not materially increase the responsibilities of any of the Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information Provider, the Operating Advisor or the Trustee, unless such party consents thereto; provided, further that such amendment shall not adversely affect in any material respects the interests of any Certificateholders or the Companion Loan Holders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate or Companion Loan Securities is then rated, receipt of Rating Agency Confirmation from each Rating Agency;

 

(x)     to modify, eliminate or add to any of its provisions in the event the Credit Risk Retention Rules, Regulation RR or any other 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; and

 

(xi)    to modify, eliminate or add to any of the provisions of this Agreement to such extent as will be necessary for any Other Securitization Trust to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv).

 

No other amendment to the Trust and Servicing Agreement may be made without the consent of the Companion Loan Holders if such amendment materially adversely affects the rights of the Companion Loan Holders under this Agreement.

 

Notwithstanding the foregoing, no such amendment may change in any manner any defined term used in any Trust Loan Purchase Agreement or the obligations of the Trust Loan

 

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Seller under the Trust Loan Purchase Agreement or otherwise or change any rights of the Trust Loan Seller as a third party beneficiary hereunder, without the consent of the Trust Loan Seller.

 

(b)          Subject to the rights of the Companion Loan Holder to consent to certain amendments to this Agreement under Section 11.1(a), this Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee with the written consent of the Holders of Certificates evidencing, in the aggregate, not less than 51% of the Percentage Interests of each Class of Certificates adversely affected thereby (as evidenced by an Opinion of Counsel) 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; provided, however, that no such amendment shall (i) 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; (ii) alter in any manner the liens on any Collateral securing payments on the Trust Loan; (iii) alter the obligations of the Servicer, or the Trustee to make an Advance or alter the Accepted Servicing Practices set forth herein; (iv) change the percentages of Voting Rights or Percentage Interests of Certificateholders that are required to consent to any action or inaction under this Agreement; (v) change in any manner any defined term used in the Trust Loan Purchase Agreement or the obligations of the Trust Loan Seller under the Trust Loan Purchase Agreement or otherwise or change any rights of the Trust Loan Seller as third party beneficiaries hereunder, without the consent of the Trust Loan Seller or (vi) amend this Section 11.1.

 

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 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.

 

It shall not be necessary for the consent of Certificateholders under this Section 11.1 to approve the particular form of any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents and of evidencing the authorization of the execution thereof by Certificateholders shall be subject to such reasonable regulations as the Certificate Administrator may prescribe.

 

Notwithstanding any contrary provisions of this Agreement, (i) neither the Trustee nor the Certificate Administrator shall consent to any amendment to this Agreement unless it shall have first been furnished with an Opinion of Counsel to the effect that such amendment is authorized or permitted hereunder and all conditions to such amendment have been satisfied and (ii) no amendment shall be made to this Agreement without the Trustee and the Certificate Administrator first receiving in writing an Opinion of Counsel, at the expense of the party requesting the amendment, that the amendment will not result in an Adverse REMIC Event.

 

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Notwithstanding any contrary provision contained in this Agreement, no amendment to this Agreement may be made that changes in any manner the rights and/or obligations of the Trust Loan Seller under this Agreement or under the Trust Loan Purchase Agreement without the consent of the Trust Loan Seller, or the rights of the Initial Purchasers hereunder without the written consent of each Initial Purchaser, and each of the Trustee or Certificate Administrator may, but will not be obligated to, enter into any amendment to this Agreement that it determines affects its respective rights, duties or immunities or creates any additional liability for the Trustee or Certificate Administrator, as applicable, under this Agreement.

 

(c)         Promptly after the execution of any amendment to this Agreement, the Certificate Administrator shall post a copy of the same to the Certificate Administrator’s Website, deliver a copy of the same to the 17g-5 Information Provider who shall post a copy of the same on the 17g-5 Information Provider’s Website pursuant to Section 8.14(b), and thereafter, the Certificate Administrator shall furnish written notification of the substance of such amendment to each Certificateholder, the Trustee, the Depositor, the Servicer, the Special Servicer, the Initial Purchasers and the Rating Agencies.

 

(d)          In the event that neither the Depositor nor any successor thereto is in existence, any amendment under this Section 11.1 shall be effected with the consent of the Trustee, the Certificate Administrator and the Servicer or Special Servicer, as applicable, and, to the extent required by this Section 11.1, the required Certificateholders, Companion Loan Holders, Trust Loan Seller and/or Initial Purchasers, as applicable.

 

(e)           The costs and expenses associated with any such amendment, including without limitation, Opinions of Counsel and Rating Agency Confirmations, shall be borne by the party requesting such amendment or as otherwise provided in Section 11.1(a) (or, if such amendment is required by any of the Rating Agencies to maintain the rating issued by it or requested by the Trustee or the Certificate Administrator (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).

 

Section 11.2            Recordation of Agreement; Counterparts. (a) This Agreement or an abstract hereof, if acceptable by the applicable recording office, is subject to recordation in all appropriate public offices for real property records in the county in which the Property subject to the Mortgage is situated, and in any other appropriate public recording office or elsewhere, such recordation to be effected by the Trustee or the Certificate Administrator as a Trust Fund Expense 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 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

 

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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 11.3            Governing Law; Waiver of Trial by Jury; Submission to Jurisdiction. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF. THE PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.

 

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 OF THE TRANSACTIONS CONTEMPLATED HEREBY.

 

EACH OF THE PARTIES HERETO IRREVOCABLY (I) SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK FOR THE PURPOSE OF ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT; (II) WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM IN ANY ACTION OR PROCEEDING IN ANY SUCH COURT; (III) AGREES THAT A FINAL JUDGMENT IN ANY ACTION OR PROCEEDING IN ANY SUCH COURT SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN ANY OTHER JURISDICTION BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW; AND (IV) CONSENTS TO SERVICE OF PROCESS UPON IT BY MAILING A COPY THEREOF BY CERTIFIED MAIL ADDRESSED TO IT AS PROVIDED FOR NOTICES HEREUNDER.

 

Section 11.4            Notices. All demands, notices and communications hereunder shall be in writing, shall be deemed to have been given upon receipt (except that notices to Holders of any Class of Certificates held in registered, definitive form shall be deemed to have been given upon being sent by first class mail, postage prepaid) as follows:

 

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If to the Trustee, to:

Wells Fargo Bank, National Association
9062 Old Annapolis Road
Columbia, Maryland 21045
Attention: Corporate Trust Services (CMBS) – JPMCC 2021-1MEM

 

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
Attention: Corporate Trust Services (CMBS) – JPMCC 2021-1MEM

 

with a copy to be sent contemporaneously via email to: 

cts.cmbs.bond.admin@wellsfargo.com, and to trustadministrationgroup@wellsfargo.com, except as otherwise set forth herein

 

If to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website: 17g5informationprovider@wellsfargo.com

 

If to the Certificate Registrar, with respect to Certificate transfers other than the Risk Retention Certificates to:

 

Wells Fargo Bank, N.A.
600 South 4th Street, 7th Floor
MAC: N9300-070
Minneapolis, Minnesota 55415
Attention: Certificate Transfer Services – CTS – JPMCC 2021-1MEM

 

or in the case of a transfer of the Risk Retention Certificates:

Wells Fargo Bank, National Association
9062 Old Annapolis Road
Columbia, Maryland 21045-1951
Attention: Risk Retention Custody (CMBS) – JPMCC 2021-1MEM

 

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with a copy to: 

riskretetentioncustody@wellsfargo.com

 

or in the case of the Custodian, to:

Wells Fargo Bank, National Association
1055 10th Avenue, Southeast
Minneapolis, Minnesota 55414
Attention: CTS – Document Custody Group – JPMCC 2021-1MEM

 

with a copy to:

E-mail: 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, 21st Floor
New York, New York 10004
Attention: SPG Legal
E-mail: US_CMBS_Notice@jpmorgan.com

 

If to the Servicer, to:

 

               Midland Loan Services, a Division of PNC Bank, National Association
10851 Mastin Street, Suite 300
Overland Park, Kansas 66210
Attention: Executive Vice President – Division Head
Fax Number: (888) 706-3565
Email: NoticeAdmin@midlandls.com
Reference: JPMCC 2021-1MEM

 

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with a copy to: 

Stinson LLP
1201 Walnut Street, Suite 2900
Kansas City, Missouri 64106
Attention: Kenda K. Tomes
Facsimile: (816) 412-9338

 

Email: kenda.tomes@stinson.com

 

If to the Special Servicer, to:
Situs Holdings, LLC
 2 Embarcadero Center, 8th Floor
San Francisco, California 94111
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:

Park Bridge Lender Services LLC
600 Third Avenue, 40th Floor
New York, New York 10016
Attention: JPMCC 2021-1MEM - Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

 

If to JPMS, as Initial Purchaser, to:

J.P. Morgan Securities LLC
383 Madison Avenue, 8th Floor
New York, New York 10179
Attention: SPG Syndicate
E-mail: ABS_Synd@jpmorgan.com

 

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with a copy to:

J.P.
Morgan Securities LLC
4 New York Plaza, 21st Floor
New York, New York 10004
Attention: SPG Legal
E-mail: US_CMBS_Notice@jpmorgan.com 

If to Academy Securities, Inc., as an Initial Purchaser, to:

               Academy Securities, Inc.

               140 East 45th Street, 5th Floor

               New York, New York 10017

               Attention: Michael Boyd

 

If to Drexel Hamilton, LLC, as an Initial Purchaser, to:

               Drexel Hamilton, LLC

               77 Water Street

               New York, New York 10005

               Attention: John D. Kerin, Director of Debt Syndicate,

 

               Fax number: (646) 412-1500

 

If to any Certificateholder, to:

the address set forth in the Certificate Register

 

If to the Loan Parties:

at the respective addresses therefor set forth in the
Mortgage Loan Agreement

 

In the case of any Companion Loan Holder:

The address set forth in the related Co-Lender 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 11.5            Notices to the Rating Agencies. Any notices or documents required to be delivered to the Rating Agencies under this Agreement and any other information regarding the Trust Fund as may be reasonably requested by the Rating Agencies from any party hereto to the extent such party has or can obtain such information without unreasonable effort or expense shall be delivered to the Rating Agencies at the addresses set forth below; provided, however, that such other information shall be provided to the 17g-5 Information Provider in accordance with the procedures set forth in Section 8.14(b); provided, further, that responses, information, reports and

 

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communications with respect to any Rating Agency Inquiry conducted or submitted on the Rating Agency Q&A Forum and Document Request Tool shall not be required to be delivered to the 17g-5 Information Provider. The 17g-5 Information Provider shall not disclose which Rating Agency has requested such information. Notwithstanding the foregoing, the failure to deliver such notices or copies shall not constitute a Servicer Termination Event or Special Servicer Termination Event, as the case may be, under this Agreement. Any confirmation of the rating by the Rating Agencies required hereunder shall be in writing.

 

Any notices to the Rating Agencies shall be sent to the following address:

DBRS, Inc.
22 West Washington Avenue
Chicago, Illinois 60602
Attention: CMBS Surveillance
Facsimile No.: (312) 332-3492
Email: cmbs.surveillance@dbrs.com

 

Fitch Ratings, Inc.
300 West 57th Street
New York, New York 10019
Attention: Commercial Mortgage Backed Securities Surveillance
E-mail: info.cmbs@fitchratings.com

 

Section 11.6            Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then, to the extent permitted by applicable law, such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement or of the Certificates or the rights of the Holders thereof.

 

Section 11.7          Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s legal representative or heirs to claim an accounting or to take any action or to commence any proceeding in any court for a petition or winding up of the Trust Fund, or otherwise affect the rights, obligations and liabilities of the parties hereto or any of them.

 

No Certificateholder, solely by virtue of its status as a Certificateholder, shall have any right to vote (except as provided herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time as partners or members of an association; nor shall any Certificateholders be under any liability to any third party by reason of any action by the parties to this Agreement pursuant to any provision hereof.

 

No Certificateholder, solely by virtue of its status as a Certificateholder, shall have any right by virtue or by availing itself of any provisions of this Agreement or the Certificates to institute any suit, action or proceeding in equity or at law upon or under or with respect to this

 

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Agreement or the Certificates, 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 50% 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 or the Certificates 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 or therein with respect to entitlement to payments or to enforce any right under this Agreement or the Certificates, 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. By virtue of its purchase of a certificate, each Certificateholder will be deemed to have acknowledged that it will make its own decisions regarding its rights and protections relevant to the Trust and will not be relying on the Trustee or any other deal party.

 

Section 11.8            Certificates Nonassessable and Fully Paid. The Certificateholders shall not be personally liable for obligations of the Trust Fund, that the interests in the Trust Fund represented by the Certificates shall be nonassessable for any reason whatsoever, and the Certificates, upon due authentication thereof by the Certificate Administrator pursuant to this Agreement, are and shall be deemed fully paid.

 

Section 11.9            Reproduction of Documents. This Agreement and all documents relating thereto, including, without limitation, (i) consents, waivers and modifications which may hereafter be executed, (ii) documents received by any party at the closing, and (iii) financial statements, certificates and other information previously or hereafter furnished, may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic or other similar process. The parties agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.

 

Section 11.10          No Partnership. Nothing herein contained shall be deemed or construed to create a partnership or joint venture between the parties hereto.

 

Section 11.11        Actions of Certificateholders. (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Agreement to be given or taken by Certificateholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Certificateholders in person or by agent duly appointed in writing; and except as herein otherwise expressly provided, such action shall

 

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become effective when such instrument or instruments are delivered to the Certificate Administrator and, where required, to the Depositor, the Trustee, the Servicer, the Special Servicer or the Operating Advisor. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Agreement and conclusive in favor of the Certificate Administrator, the Trustee, the Depositor, the Servicer, the Special Servicer and the Operating Advisor if made in the manner provided in this Section.

 

(b)          The fact and date of the execution of any Certificateholder of any such instrument or writing may be proved in any reasonable manner which the Certificate Administrator deems sufficient.

 

(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, the Special Servicer or the Operating Advisor in reliance thereon, whether or not notation of such action is made upon such Certificate.

 

(d)          The Certificate Administrator may require additional proof of any matter referred to in this Section as it shall deem reasonably necessary.

 

Section 11.12          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 benefit of and be binding upon the Depositor, the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee and their respective permitted successors and assigns. No Person other than a party to this Agreement, the Initial Purchaser and any Certificateholder shall have any rights with respect to the enforcement of any of the rights or obligations hereunder. Without limiting the foregoing, the parties to this Agreement specifically agree that (i) the Trust Loan Seller shall be a third-party beneficiary of this Agreement with respect to any provisions relating to the Trust Loan Seller, (ii) unless it is a Borrower Affiliate, each Companion Loan Holder 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 12, and (iv) none of the Borrower Affiliates, the Manager or other party to the Mortgage Loan is an intended third-party beneficiary of this Agreement.

 

Section 11.13          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 11.14          Streit Act. Any provisions required to be contained in this Agreement by Section 126 and/or Section 130-k or Article 4-A of the New York Real Property Law are hereby incorporated herein, and such provisions shall be in addition to those conferred or imposed by this Agreement; provided, however, that to the extent that such Section 126 and/or 130-k shall not have any effect, and if said Section 126 and/or Section 130-k should at any time

 

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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 11.15          Assumption by Trust of Duties and Obligations of the Trust Loan Seller Under the Mortgage Loan Documents. The Trustee and the Certificate Administrator on behalf of the Trust as assignee of the Trust Loan and the Servicer and Special Servicer hereby acknowledge that the Trust assumes all of the rights and obligations of the Trust Loan Seller as lender under the Mortgage Loan Documents and agrees to be bound thereby, and in accordance with the terms thereof.

 

Section 11.16         Grant of a Security Interest. The Depositor intends that the conveyance of the Conveyed Property shall constitute a sale and not a pledge of security for a loan. If such conveyance is deemed to be a pledge of security for a loan, however, the Depositor intends that the rights and obligations of the parties to such loan shall be established pursuant to the terms of this Agreement. The Depositor also intends and agrees that, in such event, (i) the Depositor shall be deemed to have granted to the Trustee (in such capacity) a first priority security interest in the Depositor’s entire right, title and interest, whether now owned or hereafter acquired, now existing or hereafter arising, wherever located, in, to and under the Conveyed Property (other than the Retained Interest Amount) and all proceeds thereof and (ii) this Agreement shall constitute a security agreement under applicable law and (ii) this Agreement shall constitute a security agreement under applicable law. The Depositor shall file or cause to be filed, as a precautionary filing, UCC Financing Statements in all appropriate locations promptly following the initial issuance of the Certificates to reflect the assignments made by the Loan Seller to the Depositor (and the Trustee) and by the Depositor to the Trustee (copies of which shall be delivered no later than ten (10) days following the Closing Date), and the Certificate Administrator shall, at the expense of the Depositor (to the extent reasonable), but in no event at the expense of the Trust, prepare and file continuation statements with respect thereto, in each case in the six-month period prior to every fifth anniversary of the date of the initial UCC Financing Statement. This Section 11.16 shall constitute notice to the Trustee pursuant to any of the requirements of the applicable UCC.

 

Section 11.17          Cooperation with the Trust Loan Seller 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 Trust Loan Seller and the Depositor be able to obtain the benefit of the Securitization Cooperation Provisions and the Securitization Indemnification Agreement shall be retained by the Trust Loan Seller and shall not be part of the Trust Fund. Therefore, the Depositor and Trustee hereby agree to cooperate with the Trust Loan Seller and the Depositor with respect to the benefits of the Securitization Cooperation Provisions and the Securitization Indemnification Agreement, including, without limitation, reassignment to the Trust Loan Seller or the Depositor, as applicable, of such provisions, but no other portion of the Mortgage Loan Documents, to permit the Trust Loan Seller,

 

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the Depositor and their affiliates to enforce the Securitization Cooperation Provisions and the Securitization Indemnification Agreement for their respective benefits.

 

Section 11.18        PNC Bank, National Association. PNC Bank, National Association, by execution hereof by its division, Midland Loan Services, a Division of PNC Bank, National Association, acknowledges and agrees that this Agreement is binding upon and enforceable against PNC Bank, National Association to the full extent of the obligations set forth herein with respect to Midland Loan Services, a Division of PNC Bank, National Association.

 

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 later Rated Final Distribution Date.

 

(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

 

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Certificate Administrator shall also be directed to execute such IRS Form W-9 (in lieu of the Trustee) if permitted by Treasury 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 12.1(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 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. The Holders of the Class R Certificates, by acceptance of the Class R Certificates, agree, on behalf of themselves and all successor Holders of such Class R Certificates, to the irrevocable appointment of the Certificate Administrator as the “partnership representative” for the Upper-Tier REMIC and the Lower-Tier REMIC.

 

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(i)         The Certificate Administrator, the Holders of the Class R Certificates, the Servicer and the Special Servicer shall perform their obligations under this Agreement and the REMIC Provisions in a manner consistent with the status of each of the Lower-Tier REMIC and the Upper-Tier REMIC as a REMIC.

 

(j)           The Certificate Administrator, any Holder of the Class R Certificates, the Servicer and the Special Servicer shall not take any action or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to take any action, within their respective control and the scope of their specific respective duties under this Agreement that, under the REMIC Provisions, could reasonably be expected to (i) endanger the status of either the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC or (ii) unless permitted under Section 12.2(a), result in the imposition of a tax upon either the Lower-Tier REMIC or the Upper-Tier REMIC (including but not limited to the tax on prohibited transactions as defined in Code Section 860F(a)(2) and the tax on prohibited contributions as defined in Code Section 860G(d)) (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 an Adverse REMIC Event.

 

(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, 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.

 

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(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 (which shall be 0% CPY (as defined in the Offering Circular)) 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 12.1 that result from any failure of the Depositor to provide or to cause to be provided, accurate information or data to the Certificate Administrator (but not resulting from the methodology employed by the Certificate Administrator) on a timely basis and such indemnifications shall survive the termination of this Agreement and the termination of the Certificate Administrator.

 

The Certificate Administrator agrees that all such information or data so obtained by it shall be regarded as confidential information and agrees that it shall use its best reasonable efforts to retain in confidence, and shall ensure that its officers, employees and representatives retain in confidence, and shall not disclose, without the prior written consent of the Depositor, any or all of such information or data, or make any use whatsoever (other than for the purposes contemplated by this Agreement) of any such information or data without the prior written consent of the Depositor, unless such information is generally available to the public (other than as a result of a breach of this Section) or is required by law or applicable regulations to be disclosed.

 

(o)          The Certificate Administrator’s authority under this Agreement includes the authority to make, and the Certificate Administrator is hereby directed to make, any elections allowed under the Code (i) to avoid the application of Code Section 6221 (or successor provisions) to either the Lower-Tier REMIC or the Upper-Tier REMIC and (ii) to avoid payment by either the Lower-Tier REMIC or the Upper-Tier REMIC under Code Section 6225 (or successor provisions) of any tax, penalty, interest or other amount imposed under the Code that would otherwise be imposed on any Holder of a Class R Certificate, past or present. A Holder of any Class R Certificate agrees, by acquiring such Certificate, to any such elections.

 

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 the Property in a manner consistent with the manner in which the Property is currently owned and operated by the Loan Parties, through a Successor Manager, some portion or all of the income derived in the Lower-Tier REMIC from such Foreclosed Property may be

 

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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 any Foreclosed Property, the Special Servicer, acting on behalf of the Trustee 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 if the Trust Fund were to net lease the Foreclosed Property or were not to acquire and hold the Foreclosed Property. If the Trust Fund acquires any Foreclosed Property, the Special Servicer, acting on behalf of the Trustee, if the 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 on a net after-tax basis to operate the Foreclosed Property in a manner such that the Lower-Tier REMIC or Upper-Tier REMIC shall receive, based upon an Opinion of Counsel, “net income from foreclosure property” under the REMIC Provisions, the Special Servicer shall maintain or cause to be maintained such records of income and expense as to enable such amounts to be computed accurately, and shall pay or retain or cause to be paid or retained from Foreclosure Proceeds such amounts as are necessary to pay such tax or, to the extent such amounts are insufficient, from the Collection Account pursuant to Section 3.4(c)(ix).

 

Without limiting the generality of the foregoing, the Special Servicer shall not, to the extent within its power:

 

(i)     permit the Trust Fund to enter into, renew or extend any New Lease with respect to the Foreclosed Property, if the New Lease by its terms will give rise to any income that does not constitute Rents from Real Property;

 

(ii)     permit any amount to be received or accrued under any New Lease other than amounts that will constitute Rents from Real Property;

 

(iii)    authorize or permit any construction on the Foreclosed Property, other than the completion of a building or other improvement thereon, and then only if more than 10% of the construction of such building or other improvements was completed before default on the Mortgage Loan became imminent, all within the meaning of Section 856(e)(4)(B) of the Code; or

 

(iv)    Directly Operate, other than through an Independent Contractor, or allow any other Person to Directly Operate, other than through an Independent Contractor, the Foreclosed Property on any date more than ninety (90) days after its acquisition date.

 

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(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 any Foreclosed Property as soon as is practicable but in no event later than the close of the third calendar year following the year in which the Acquisition Date occurs unless the Special Servicer, on behalf of the Trustee, has received (or has not been denied) an extension of time (an “Extension”) by the 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 Trustee, has received (or has not been denied) such Extension, then the Special Servicer, acting on behalf of the Trustee hereunder, shall continue to attempt to sell the Foreclosed Property for its fair market value for such longer period as such Extension permits (the “Extended Period”). If the Special Servicer, acting on behalf of the Trustee, has not received such an Extension and the Special Servicer, acting on behalf of the Trustee hereunder, is unable to sell the Foreclosed Property, within the foregoing period or if the Special Servicer, acting on behalf of the Trustee hereunder, has received such an Extension, and the Special Servicer, acting on behalf of the Trustee hereunder, is unable to sell the Foreclosed Property within the Extended Period, the Special Servicer shall, before the end of the above-referenced period or the Extended Period, as the case may be, auction the Foreclosed Property to the highest bidder (which may be the Special Servicer) in accordance with Accepted Servicing Practices.

 

(c)        Within 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 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 respect thereto is not reasonably foreseeable (except in a disposition pursuant to (i) the bankruptcy or insolvency of the Lower-Tier REMIC or (ii) the termination of the Lower-Tier REMIC in a “qualified liquidation” as defined in Section 860F(a)(4) of the Code), nor acquire any assets for either the Lower-Tier REMIC or the Upper-Tier REMIC (other than Foreclosed Property), nor sell or dispose of any investments in the Collection Account or Distribution Account for gain, nor receive any amount representing a fee or other compensation for services, nor accept any contributions to either the Lower-Tier REMIC or the Upper-Tier REMIC (other than a cash contribution during the three-month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of the Person requesting it to take such action) to the effect that such disposition, acquisition, substitution or acceptance will not (a) affect adversely the status of either the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or of the Certificates as

 

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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.

 

(b)          If either the Lower-Tier REMIC or the Upper-Tier REMIC fails to qualify as a REMIC, loses its status as a REMIC, or incurs state or local taxes, or a tax as a result of a prohibited transaction or contribution subject to taxation under the REMIC Provisions due to the willful misconduct, bad faith or negligent performance of the Servicer or the Special Servicer in the performance of its duties and obligations set forth herein, or by reason of the Servicer’s or Special Servicer’s negligent disregard of its obligations and duties thereunder, the Servicer or the Special Servicer, as the case may be, shall indemnify the Trust 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 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.

 

ARTICLE 13.

EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE

 

Section 13.1            Intent of the Parties; Reasonableness. The parties hereto acknowledge and agree that the purpose of Article 13 of this Agreement is, among other things, to facilitate compliance by any Other Depositor with the provisions of Regulation AB and the related rules and regulations of the Commission. Except as expressly required by Sections 13.7, 13.8 and

 

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13.9, 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 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 J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM, Commercial Mortgage Pass-Through Certificates, Series 2021-1MEM, 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 the Depositor or any Other Depositor, as applicable, to comply with the provisions of Regulation AB, together with such disclosures relating to the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee, as applicable, and any Sub-Servicer, or the servicing of the Mortgage 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 13.2            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 13.7 of this Agreement), in connection with the succession to the Servicer and Special Servicer or any Sub-Servicer as servicer or sub-servicer (to the extent such Sub-Servicer is a “servicer” meeting the criteria contemplated by Item 1108(a)(2) of Regulation AB) under this Agreement by any Person (i) into which the Servicer and Special Servicer or such Sub-Servicer may be merged or consolidated, or (ii) which may be appointed as a successor to the Servicer and Special Servicer or any such Sub-Servicer, the Servicer or Special Servicer, as applicable (depending on whether such succession involves it or one of its Sub-Servicers), shall provide (other than in the case of a succession pursuant to an appointment under Section 7.1 or 7.2, in which case the successor Servicer or successor Special Servicer, as applicable, shall provide) to any 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,

 

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the Operating Advisor, the Trustee and the Certificate Administrator (each of the Servicer, the Special Servicer, the Operating Advisor, the Trustee and the Certificate Administrator and each Sub-Servicer, for purposes of this Section 13.2(b) and Section 13.2(c), a “Servicing Party”) is permitted to utilize one or more Subcontractors to perform certain of its obligations hereunder. Such Servicing Party shall promptly upon request provide to any 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 13.8 and Section 13.9 of this Agreement to the same extent as if such Subcontractor were such Servicing Party. Such Servicing Party shall obtain from each such Subcontractor (or, in the case of each Sub-Servicer set forth on Exhibit V, shall use commercially reasonable efforts to obtain from such Sub-Servicer) and deliver to the applicable Persons any assessment of compliance report and related accountant’s attestation required to be delivered by such Subcontractor under Section 13.8 and Section 13.9 of this Agreement, in each case, as and when required to be delivered.

 

(c)           For so long as any 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 (other than such agreements set forth on Exhibit S hereto) 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

 

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applicable law or any applicable confidentiality agreement, no later than the time required under Section 13.6 of this Agreement) and shall furnish pursuant to Section 13.6 of this Agreement to each 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 13.3         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 V, 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 13.4       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 R 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 R 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 V, 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 U to this Agreement. The Certificate Administrator has no duty under this Agreement to monitor or enforce the performance by the parties listed on Exhibit R to this Agreement of their duties under this paragraph or proactively solicit or procure from such parties any Additional Form 10-D Disclosure information.

 

Section 13.5          Form 10-K Disclosure. For so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, no later than March 1, commencing in March 2022, (i) the parties listed on Exhibit S 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

 

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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 S to this Agreement applicable to such party, and (ii) the parties listed on Exhibit S 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 V, 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 U to this Agreement. The Certificate Administrator has no duty under this Agreement to monitor or enforce the performance by the parties listed on Exhibit S to this Agreement of their duties under this paragraph or proactively solicit or procure from such parties any Additional Form 10-K Disclosure information.

 

Section 13.6            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 the close of business (New York City time) on the second Business Day after the occurrence of a Reportable Event, (i) the parties set forth on Exhibit T 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 V, 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 T to this Agreement as applicable to such party, if applicable, and (ii) the parties listed on Exhibit T 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 V, 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 U. The Certificate Administrator has no 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 Form 8-K Disclosure Information.

 

Section 13.7            Annual Compliance Statements. On or before March 1 of each year, commencing in 2022, each of the Servicer, the Special Servicer (regardless of whether the Special

 

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Servicer has commenced special servicing of the Mortgage Loan) and, for so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, 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 V with which it has entered into a servicing relationship with respect to the Mortgage Loan, shall use commercially reasonable efforts to cause such Servicing Function Participant to furnish, and (ii) with respect to any other Servicing Function Participant of such party (other than any party to this Agreement), shall cause such Servicing Function Participant to furnish) (each such Servicing Function Participant and each of the Servicer, Special Servicer and the Certificate Administrator, a “Certifying Servicer”) to the Certificate Administrator (who shall post it to the Certificate Administrator’s Website pursuant to Section 8.14(b)), the Trustee, the Depositor and the Companion Loan Holders (or, in the case of a Companion Loan that is part of an Other Securitization Trust, the applicable Other Depositor and Other Exchange Act Reporting Party), an Officer’s Certificate substantially in the form of Exhibit W stating, as to the signer thereof, that (A) a review of such Person’s activities during the preceding calendar year or portion thereof and of such Person’s performance under this Agreement or the applicable sub-servicing agreement, as applicable, has been made under such officer’s supervision and (B) to the best of such officer’s knowledge, based on such review, such Person has fulfilled all its obligations under this Agreement or the applicable sub-servicing agreement, as applicable, in all material respects throughout such year or portion thereof, or, if there has been a failure to fulfill any such obligation in any material respect, specifying each such failure known to such officer and the nature and status thereof. For so long as any 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 Loan in the fulfillment of any Certifying Servicer’s obligations hereunder or under the applicable sub-servicing or primary servicing agreement. The obligations of each Certifying Servicer under this Section apply to each such Certifying Servicer that serviced the Trust Loan or a Companion Loan during the applicable period, whether or not the Certifying Servicer is acting in such capacity at the time such Officer’s Certificate is required to be delivered. Copies of all Officer’s Certificates delivered pursuant to this Section 13.7 shall be made available to any Privileged Person by the Certificate Administrator by posting such Compliance Report to the Certificate Administrator’s Website pursuant to Section 8.14(b).

 

Section 13.8            Annual Reports on Assessment of Compliance with Servicing Criteria. (a) On or before March 1 of each year, commencing in 2022, the Servicer, the Special Servicer (regardless of whether the Special Servicer has commenced special servicing of the Mortgage Loan) and, for so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the Operating Advisor, 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

 

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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 V with which it has entered into a servicing relationship with respect to the Mortgage 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 Certificate Administrator, the Trustee and any Servicing Function Participant, as the case may be, a “Reporting Servicer”) to the Certificate Administrator and the 17g-5 Information Provider (who shall post it to the Certificate Administrator’s Website and the 17g-5 Information Provider’s Website, as applicable, pursuant to Section 8.14(b)) (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 substantially in the form of Exhibit X or such other form provided by such Reporting Servicer that complies in all material respects with the requirements of Item 1122 of Regulation AB that contains (A) a statement by such Reporting Servicer of its responsibility for assessing compliance with the Applicable Servicing Criteria, (B) a statement that, to the best of such Reporting Servicer’s knowledge, such Reporting Servicer used the Servicing Criteria to assess compliance with the Applicable Servicing Criteria, (C) such Reporting Servicer’s assessment of compliance with the Applicable Servicing Criteria as of the end of and for the preceding calendar year, including, if there has been any material instance of noncompliance with the Applicable Servicing Criteria, a discussion of each such failure and the nature and status thereof and (D) a statement that a registered public accounting firm that is a member of the American Institute of Certified Public Accountants has issued an attestation report on such Reporting Servicer’s assessment of compliance with the Applicable Servicing Criteria as of and for such period. Copies of all compliance reports delivered pursuant to this Section 13.8 shall be provided to any Certificateholder, upon the written request therefor and submission of an Investor Certification in the form of Exhibit K-1, by the Certificate Administrator.

 

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 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 and the Certificate Administrator each acknowledge and agree that Exhibit L to this Agreement sets forth the Applicable Servicing Criteria for such party.

 

(c)         No later than 30 days after the end of each fiscal year for the Trust, the Servicer, the Special Servicer and, for so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, 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

 

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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 13.8(a) of this Agreement, such parties, as applicable, will also at such time include the assessment (and related attestation pursuant to Section 13.9) of each Servicing Function Participant engaged by it. The fiscal year for the Trust shall be January 1 through and including December 31 of each calendar year.

 

(d)          In the event the Servicer, the Special Servicer or, for so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the Certificate Administrator and 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 V, shall use commercially reasonable efforts to cause) any Servicing Function Participant engaged by it to provide (and the Servicer, the Special Servicer and the Certificate Administrator shall, with respect to any Servicing Function Participant that resigns or is terminated under any applicable servicing agreement, cause such Servicing Function Participant to provide) an annual assessment of compliance pursuant to this Section 13.8, coupled with an attestation as required in Section 13.9 in respect of the period of time that the Servicer, the Special Servicer or, for so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the Certificate Administrator and 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 13.9            Annual Independent Public Accountants’ Servicing Report. On or before March 1 of each year, commencing in 2022, 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 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 each Servicing Function Participant that is a Sub-Servicer set forth on Exhibit V with which it has entered into a servicing relationship with respect to the Mortgage 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 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 8.14(b)), to the effect that (i) it has obtained a representation regarding certain matters from the management of such Reporting Servicer, which includes an assessment from such Reporting Servicer of its compliance with the Applicable Servicing Criteria and (ii) on the basis of an examination conducted by such firm in accordance

 

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with standards for attestation engagements issued or adopted by the Public Company Accounting Oversight Board, it is expressing an opinion as to whether such Reporting Servicer’s assessment of compliance with the Servicing Criteria was fairly stated in all material respects, or it cannot express an overall opinion regarding such party’s assessment of compliance with the Applicable Servicing Criteria. In the event that an overall opinion cannot be expressed, such registered public accounting firm shall state in such report why it was unable to express such an opinion. Each accountant’s attestation report required hereunder shall be made in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Act and the Exchange Act. Such report must be available for general use and not contain restricted use language. Copies of all statements delivered pursuant to this Section 13.9 shall be made available to any Privileged Person by the Certificate Administrator posting such statement on the Certificate Administrator’s Website pursuant to Section 8.14(b).

 

For so long as any 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 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 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 Certificate Administrator’s, the Trustee’s or the applicable Servicing Function Participants’ obligations hereunder or under the applicable sub-servicing agreement.

 

Section 13.10          Significant Obligor. With respect to any Property that secures a Companion Loan that the applicable Other Depositor has notified the Servicer and Special 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 Trust that includes such Companion Loan, to the extent that the Servicer is in receipt of the updated financial statements of such “significant obligor” for any calendar quarter (other than the fourth calendar quarter of any calendar year) from the Borrower or Special Servicer, beginning with the first calendar quarter following receipt of such notice from the Other Depositor, or the updated financial statements of such “significant obligor” for any calendar year, beginning for the calendar year following such notice from the Other Depositor, as applicable, the 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 Servicer in accordance with CREFC® guidelines and (B) if such financial statement receipt occurs less than twelve (12) Business Day prior to the related Significant Obligor NOI Quarterly Filing Deadline or less than seventeen (17) Business Days prior

 

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to the related Significant Obligor NOI Yearly Filing Deadline, as applicable, such financial statements of the “significant obligor”, together with the net operating income of such “significant obligor” for the applicable period as reported by the Borrower in such financial statements.

 

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 (10) Business Days after the date such financial information is required to be delivered under the Mortgage 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 such financial information. 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 Borrower under the Mortgage Loan Documents.

 

The Servicer shall (and shall cause each applicable sub-servicing agreement entered into after receipt of written notice from the Other Depositor that such Companion Loan is a significant obligor to require any related Sub-Servicer to) retain written evidence of each instance in which it (or a Sub-Servicer) attempts to contact the 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, within five (5) Business Days prior to the date in which a Form 10-D or Form 10-K, as applicable, is required to be filed by the Other Securitization 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 13.11          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 Operating Advisor and the Trustee shall provide (and with respect to any other Servicing Function Participant of such party, shall cause such Servicing Function Participant to provide) to the Person who signs the Sarbanes-Oxley Certification with respect to such Other Securitization Trust (the “Certifying Person”) no later than March 1 of the year following the year to which the Form 10-K of such Other Securitization Trust relates or, if March 1 is not a Business Day, on the immediately following Business Day, a certification in the form attached to this Agreement as Exhibit Y-1, Exhibit Y-2, Exhibit Y-3, Exhibit Y-4 and Exhibit Y-5, as applicable, on which the Certifying Person, the entity for which the Certifying Person acts as an officer, and such entity’s officers, directors and Affiliates (collectively with the Certifying Person, “Certification Parties”) can reasonably rely. In the event any Reporting Servicer is terminated or resigns pursuant to the terms of this Agreement, or any applicable sub-servicing agreement or primary servicing agreement, as the case may be, such Reporting Servicer shall provide a certification to the Certifying Person pursuant to this Section 13.11 with respect to the period of time it was subject to this Agreement or the applicable sub-servicing or primary servicing agreement, as the case may be.

 

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Section 13.12          Indemnification. For so long as the other Trust is subject to the reporting requirements of the Exchange Act, each of the Servicer, the Special Servicer, the Operating Advisor, 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 13, (ii) negligence, bad faith or willful misconduct on the part of the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Trustee, as applicable, in the performance of such obligations or (iii) delivery of any Deficient Exchange Act Deliverable regarding such party and delivered by or on behalf of such party.

 

The Servicer, the Special Servicer, the Operating Advisor, 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 V (and with respect to any Servicing Function Participant of such party that is a Sub-Servicer set forth on Exhibit V, 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 13.2(b)) to identify a Servicing Function Participant pursuant to Section 13.2(b) or (iv) delivery of any Deficient Exchange Act Deliverable regarding such party and delivered by or on behalf of such party.

 

If the indemnification provided for in, or contemplated by, either of the prior two paragraphs is unavailable or insufficient to hold harmless the Depositor, any 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 13 (or breach of its obligations under the applicable sub-servicing agreement to provide any of the annual compliance statements or annual servicing criteria compliance reports or attestation reports) or the Performing party’s negligence, bad faith or willful misconduct in connection therewith.

 

The Servicer, the Special Servicer, the Operating Advisor, 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 V (and with respect to any Servicing Function Participant of such party that is a Sub-Servicer set forth on Exhibit V, shall use commercially reasonable efforts to cause such Servicing Function Participant) to agree to the foregoing indemnification and

 

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contribution obligations. This Section 13.12 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 13.13  Amendments. This Article 13 may be amended by the parties hereto pursuant to Section 11.1 of this Agreement for purposes of complying with Regulation AB, the Act or the Exchange Act and/or to conform to standards developed within the commercial mortgage-backed securities market and the Sarbanes-Oxley Act without any Opinions of Counsel, Officer’s Certificates, Rating Agency Confirmations or the consent of any Certificateholder, notwithstanding anything to the contrary contained in this Agreement.

 

Section 13.14  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 13; provided that such termination shall not be effective until a successor Certificate Administrator shall have accepted the appointment.

 

Section 13.15  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 13 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 otherwise contemplated by this Article 13. 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 13.16 Notification Requirements and Deliveries in Connection with Securitization of a Companion Loan. (a) Any other provision of this Article 13 to the contrary notwithstanding, including, without limitation, any deadlines for delivery set forth in this Article 13, in connection with the requirements contained in this Article 13 that provide for the delivery of information and other items to, and the cooperation with, the 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 party shall be entitled to rely on such notice), setting forth the contact information for such Person(s) and, except as regards the deliveries and cooperation contemplated by Section 13.7, Section 13.8 and Section 13.9 of this Agreement, stating that such Other Securitization Trust is subject to the

 

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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 of the Servicer, Special Servicer, Operating Advisor, 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 13 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 13 in connection therewith and (i) upon such confirmation, the parties shall comply with the deadlines for delivery set forth in this Article 13 with respect to such 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 shall be required in connection with any delivery of the items contemplated by Section 13.7, Section 13.8 and Section 13.9 of this Agreement. Such confirmation shall be deemed given if the 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 accordance with the terms of Section 13.16(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, the Certificate Administrator or the 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 13.16(a) above, shall each timely provide (to the extent the reasonable cost thereof is paid or caused to be paid by the requesting party) to the 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 13.16(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

 

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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.

 

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, the
parties hereto have caused their names to be signed hereto by their respective officers thereunto duly authorized as of the day
and year first above written.

 

	 	J.P. MORGAN CHASE COMMERCIAL
MORTGAGE SECURITIES CORP.
	 	 	 
	 	By:	/s/
                                         Harris Rendelstein
	 	 	Name: 	Harris Rendelstein
	 	 	Title:   	Vice President

  

	 	MIDLAND LOAN SERVICES, A DIVISION
OF PNC BANK, NATIONAL ASSOCIATION, as Servicer
	 	 	 
	 	By:	/s/
                                         David A. Eckels
	 	 	Name: 	David A. Eckels
	 	 	Title:   	Senior Vice President

   

	 	SITUS
                                         HOLDINGS, LLC (Special Servicer)
	 	 	 
	 	By:	/s/
                                         Adriana Boudreaux
	 	 	Name: 	Adriana
                                         Boudreaux
	 	 	Title:   	Deputy
                                         General Counsel

  

	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Trustee

	 	 	 
	 	By:	/s/
                                         AMY MOFSENSON
	 	 	Name:	AMY
                                         MOFSENSON
	 	 	Title:	Vice
                                         President

  

JPMCC
2021-1MEM: TRUST AND SERVICING AGREEMENT

 

    

     

    

 

	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Certificate Administrator

	 	 	 
	 	By:	/s/
                                         AMY MOFSENSON
	 	 	Name:	AMY
                                         MOFSENSON
	 	 	Title:	Vice
                                         President

 

	 	PARK
                                         BRIDGE LENDER SERVICES LLC
 (Operating Advisor)
	 	 	 

		By:	/s/
                                         Robert J. Spinna, Jr.
	 	 	Name:	Robert
                              J. Spinna, Jr.
	 	 	Title:	Managing Member

  

JPMCC
2021-1MEM: 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 BORROWER, THE SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE

 

 

 

		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

     

    

 

ADMINISTRATOR, THE CUSTODIAN, THE OPERATING ADVISOR, THE 17G-5 INFORMATION
PROVIDER, THE INITIAL PURCHASERS, THE TRUST LOAN SELLER OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE
UNDERLYING MORTGAGE LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”),
WITHIN THE MEANING OF RULE 144A, OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER,
RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS NOT A “U.S. PERSON”
IN AN “OFFSHORE TRANSACTION,” AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE
SECURITIES ACT, OR (3) UPON INITIAL ISSUANCE ONLY, TO AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING
OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE
INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D
UNDER THE SECURITIES ACT, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”), OR
ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS

 

    Exhibit A-1-2

     

    

 

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
OTHERWISE CONSTITUTE OR 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 REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE AND CERTAIN OTHER ASSETS.

 

    Exhibit A-1-3

     

    

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2021-1MEM

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-1MEM, CLASS A

 

	Pass-Through
    Rate:  2.51561%	 	 
	 	 	 
	First
    Distribution Date:  November 12, 2021	 	 
	 	 	 
	Aggregate
    Initial Certificate Balance of the Class A Certificates:  $100,000,000	 	Rated
    Final Distribution Date:

    October 2041
	 	 	 
	CUSIP:
46654BAA5

ISIN: US46654BAA52 

        Common
Code: [_]4
	 	Initial
    Certificate Balance of this

    Certificate:  $[_]
	 	 	 
	CUSIP:
                                         U4816BAA6

                                         ISIN: USU4816BAA62

                                         Common Code: [_]5

         

        CUSIP:
        46654BAB3

        ISIN: US46654BAB366

         

        No.:
        A-[1]

         
	 	 

This
certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced by this Certificate in the distributions
to be made from the Trust Fund with respect to the Class A Certificates. The Trust Fund consists primarily of two promissory notes
secured by certain Collateral held in trust by the Trustee 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 X, Class B, Class
C, Class D, Class E, Class HRR, Class R and Class ELP 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 October 14,
2021 (the “Trust 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 Servicer, Situs Holdings, LLC, as

 

 

  

		4	For Certificate sold in
reliance on Rule 144A only.

 

		5	For Regulation S Global
Certificate only.

 

		6	For IAI Certificates.

 

    Exhibit A-1-4

     

    

 

 

Special
Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and as Trustee, and Park Bridge Lender Services
LLC, as Operating Advisor. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto
in the Trust and Servicing Agreement.

 

Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after
the Determination Date, beginning in November 2021 (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 calendar month preceding the month in which such 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 then distributable and any Prepayment Premiums and any other amounts allocable to the Class A Certificates for such
Distribution Date, all as more fully described in the Trust and Servicing Agreement.

 

All
distributions will be made to the Persons entitled thereto by check mailed by first class mail to the address set forth therefor
in the Certificate Register or, provided that such Certificateholder shall have provided the Certificate Administrator with a
written request for payment by wire transfer, together with wire instructions, at least five Business Days prior to the related
Distribution Date, by wire transfer of immediately available funds to the account of such Certificateholder at a bank or other
entity located in the United States and having appropriate facilities therefor. The final distribution on each Certificate shall
be made in like manner, but only upon presentment and surrender of such Certificate at the location 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 this Certificate and the Trust and
Servicing Agreement, the Trust and Servicing Agreement shall control.

 

As
provided in the Trust and Servicing Agreement, subject to certain restrictions on transfer and other procedures 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 Certificate Administrator, the Operating
Advisor, the Servicer, the Special Servicer, the Certificate Registrar, and any agent of the Trustee, the Certificate Administrator,
the Operating Advisor, the Servicer, the Special Servicer or the Certificate Registrar may treat the Person in

 

    Exhibit A-1-5

     

    

 

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 Certificate Administrator, the Operating
Advisor, the Servicer, the Special Servicer, the Certificate Registrar, nor any agent of the Trustee, the Certificate Administrator,
the Operating Advisor, the Servicer, the Special Servicer or the Certificate Registrar shall be affected by any notice to the
contrary.

 

The
Trust and Servicing Agreement may be amended from time to time by the Depositor, the Certificate Administrator, the Servicer,
the Special Servicer, the Trustee and the Operating Advisor, without the consent of any of the Certificateholders, in certain
circumstances specified in the Trust and Servicing Agreement, subject to certain exceptions set forth in the Trust and Servicing
Agreement. The Trust and Servicing Agreement may also be amended from time to time by the Depositor, the Certificate Administrator,
the Servicer, the Special Servicer, the Trustee and the Operating Advisor with the written consent of the Holders of Certificates
evidencing, in the aggregate, not less than 51% of the Percentage Interests of each Class of Certificates adversely affected by
the amendment 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 Certificateholders. In addition, no amendment may
be made under the Trust and Servicing Agreement without the Trustee and Certificate Administrator first receiving in writing an
Opinion of Counsel, at the expense of the party requesting the amendment, that the amendment will not result in the imposition
of federal income tax on the Trust or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC
or cause the Grantor Trust to fail to qualify as a grantor trust under the Code.

 

The
Trust and Servicing Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer,
the Depositor, the Certificate Administrator, the Trustee and the Operating Advisor created with respect to the Certificates (other
than the obligation of the Certificate Administrator to make certain payments to Certificateholders after the final Distribution
Date to the extent set forth in the Trust and Servicing Agreement and other than the obligation of the Certificate Administrator
to file final tax returns for the Upper-Tier REMIC and the Lower-Tier REMIC, to maintain books and records of the Trust Fund for
such period of time as it maintains its own books and records, and the indemnification rights and obligations of the parties to
the Trust and Servicing Agreement) shall terminate upon the last action required to be taken by the Certificate Administrator
on the final Distribution Date pursuant to Article 10 of the Trust and Servicing Agreement following the later of (i) the
final payment on the Certificates and the Uncertificated Lower-Tier Interests or (ii) the liquidation of the Trust Loan (including,
without limitation, the sale of the Trust Loan pursuant to the Trust and Servicing Agreement) or the liquidation or abandonment
of the Property and all other Collateral for the Trust Loan, provided, however, that in no event shall the trust
created by the Trust and Servicing Agreement continue beyond the expiration of twenty-one years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late United States ambassador 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,

 

    Exhibit A-1-6

     

    

 

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: October
14, 2021

 

	 	WELLS FARGO BANK, NATIONAL 
 ASSOCIATION, 
 not in its individual capacity but solely as 
 Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

Certificate
of Authentication

 

This
is one of the Class A Certificates referred to in the Trust and Servicing Agreement.

 

Dated: October
14, 2021

 

	 	WELLS FARGO BANK, NATIONAL 
 ASSOCIATION,
 not in its individual capacity but solely as 
 Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit A-1-8

     

    

 

SCHEDULE
A

 

SCHEDULE
OF EXCHANGES

 

The
following payments of principal and exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global
Certificate] [Regulation S Global Certificate] have been made:

 

	Date of
 Exchange or
 Payment of
 Principal	 	 	 	Certificate
 Balance
 Prior to
 Exchange or
 Payment	 	 	 	Certificate
 Balance
 Exchanged
 or Principal
 Payment
 Made	 	 	 	Type of
 Certificate
 Exchanged
 for	 	 	 	Remaining
 Certificate
 Balance
 Following
 Such
 Exchange or
 Payment	 	 	 	Notation
 Made by	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Exhibit A-1-9

     

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.

 

I
(we) further direct the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the
within Certificate to the above-named Assignee(s) and to deliver such Certificate to the following address:

 

	 
	 
	 
	 
	Date: __________________

	 	 	 
	 	Signature
    by or on behalf of
	 	Assignor(s):
	 	 	 
	 	 
	 	Taxpayer
    Identification Number: _________

 

    Exhibit A-1-10

     

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions:

_____________________________________________________________________.

 

Distributions,
if being made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.

 

This
information is provided by _______________________________________ the Assignee(s) named above, or ________________________________________________
as its (their) agent.

 

	 	By:	     
	 	 	[Please print or type
    name(s)]

 

	 	Title:	        
	 	 
	 	Taxpayer
    Identification Number:

 

    Exhibit A-1-11

     

    

 

EXHIBIT
A-2

 

FORM
OF CLASS X CERTIFICATES

 

CLASS
X

 

[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 BORROWER, THE SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE

 

 

 

		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

     

    

 

ADMINISTRATOR, THE CUSTODIAN, THE OPERATING ADVISOR, THE 17G-5 INFORMATION
PROVIDER, THE INITIAL PURCHASERS, THE TRUST LOAN SELLER OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE
UNDERLYING MORTGAGE LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

THE
NOTIONAL AMOUNT OF THIS CERTIFICATE WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE PRINCIPAL BALANCE OF THE CLASS A CERTIFICATES.
ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET FORTH BELOW.

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”),
WITHIN THE MEANING OF RULE 144A, OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER,
RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS NOT A “U.S. PERSON”
IN AN “OFFSHORE TRANSACTION,” AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE
SECURITIES ACT, OR (3) UPON INITIAL ISSUANCE ONLY, TO AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING
OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE
INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D
UNDER THE SECURITIES ACT, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”), OR
ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS

 

    Exhibit A-2-2

     

    

 

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
OTHERWISE CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE (OR A NON-EXEMPT
VIOLATION OF SIMILAR LAW).

 

THIS
CLASS X CERTIFICATE WILL NOT BE ENTITLED TO RECEIVE DISTRIBUTIONS OF PRINCIPAL.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE.

 

    Exhibit A-2-3

     

    

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2021-1MEM

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-1MEM, CLASS X

 

	Pass-Through
    Rate:  Variable IO4	 	 
	 	 	 
	First
    Distribution Date:  November 12, 2021	 	 
	 	 	 
	Aggregate
    Initial Notional Amount of the Class X Certificates:  $100,000,0005	 	Rated
    Final Distribution Date:

    October 2041
	 	 	 
	CUSIP:
46654BAC1

ISIN: US46654BAC19 

        Common
        Code: [_]6

         
	 	Initial
    Notional Amount of this

    Certificate:  $[_]
	CUSIP:
U4816BAB4

ISIN: USU4816BAB46

Common Code: [_]7

         

        CUSIP:
46654BAD9

ISIN: US46654BAD918

         

        No.:
        X-[1]

         
	 	 

This
certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced by this Certificate in the distributions
to be made from the Trust Fund with respect to the Class X Certificates. The Trust Fund consists primarily of two promissory notes
secured by certain Collateral held in trust by the Trustee evidencing a fixed rate loan (the “Trust Loan”).
The Trust Fund was created, and the Trust Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below).
The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Trust
and Servicing Agreement and is bound thereby. Also issued under the Trust and Servicing Agreement are the Class A, Class B, Class
C, Class D, Class E, Class HRR, Class R and Class ELP Certificates (collectively with the Class X Certificates, the “Certificates”;
the Holders of Certificates issued

 

 

  

4
       The Class X Pass-Through Rate for any Certificate
Interest Accrual Period is variable and, for each Distribution Date, will equal the Class X Strip Rate for the Class A Certificates.
During the initial Certificate Interest Accrual Period, it is expected that the Pass-Through Rate for the Class X Certificates
will equal approximately 0.22637%.

 

5
       The Class X Certificates will not have Certificate
Balances and will not be entitled to receive distributions of principal. The Notional Amount of the Class X Certificates will
be equal to the Certificate Balance of the Class A Certificates.

 

6
       For Certificate sold in reliance on Rule 144A
only.

 

7
       For Regulation S Global Certificate only.

 

8
       For IAI Certificates.

 

    Exhibit A-2-4

     

    

 

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 October 14,
2021 (the “Trust 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 Servicer, Situs Holdings, LLC, as Special
Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and as Trustee, and Park Bridge Lender Services
LLC, as Operating Advisor. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto
in the Trust and Servicing Agreement.

 

Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after
the Determination Date, beginning in November 2021 (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 calendar month preceding the month in which such 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 interest
then distributable and any Prepayment Premiums and any other amounts allocable to the Class X Certificates for such Distribution
Date, all as more fully described in the Trust and Servicing Agreement.

 

All
distributions will be made to the Persons entitled thereto by check mailed by first class mail to the address set forth therefor
in the Certificate Register or, provided that such Certificateholder shall have provided the Certificate Administrator with a
written request for payment by wire transfer, together with wire instructions, at least five Business Days prior to the related
Distribution Date, by wire transfer of immediately available funds to the account of such Certificateholder at a bank or other
entity located in the United States and having appropriate facilities therefor. The final distribution on each Certificate shall
be made in like manner, but only upon presentment and surrender of such Certificate at the location 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 this Certificate and the Trust and
Servicing Agreement, the Trust and Servicing Agreement shall control.

 

As
provided in the Trust and Servicing Agreement, subject to certain restrictions on transfer and other procedures set forth therein,
upon surrender for registration of transfer of any Certificate, the Certificate Registrar shall execute, authenticate and deliver,
in the name of

 

    Exhibit A-2-5

     

    

 

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 Certificate Administrator, the Operating
Advisor, the Servicer, the Special Servicer, the Certificate Registrar, and any agent of the Trustee, the Certificate Administrator,
the Operating Advisor, the Servicer, the Special Servicer or the Certificate Registrar may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Trust
and Servicing Agreement and for all other purposes whatsoever, and none of the Trustee, the Certificate Administrator, the Operating
Advisor, the Servicer, the Special Servicer, the Certificate Registrar, nor any agent of the Trustee, the Certificate Administrator,
the Operating Advisor, the Servicer, the Special Servicer or the Certificate Registrar shall be affected by any notice to the
contrary.

 

The
Trust and Servicing Agreement may be amended from time to time by the Depositor, the Certificate Administrator, the Servicer,
the Special Servicer, the Trustee and the Operating Advisor, without the consent of any of the Certificateholders, in certain
circumstances specified in the Trust and Servicing Agreement, subject to certain exceptions set forth in the Trust and Servicing
Agreement. The Trust and Servicing Agreement may also be amended from time to time by the Depositor, the Certificate Administrator,
the Servicer, the Special Servicer, the Trustee and the Operating Advisor with the written consent of the Holders of Certificates
evidencing, in the aggregate, not less than 51% of the Percentage Interests of each Class of Certificates adversely affected by
the amendment 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 Certificateholders. In addition, no amendment may
be made under the Trust and Servicing Agreement without the Trustee and Certificate Administrator first receiving in writing an
Opinion of Counsel, at the expense of the party requesting the amendment, that the amendment will not result in the imposition
of federal income tax on the Trust or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC
or cause the Grantor Trust to fail to qualify as a grantor trust under the Code.

 

The
Trust and Servicing Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer,
the Depositor, the Certificate Administrator, the Trustee and the Operating Advisor created with respect to the Certificates (other
than the obligation of the Certificate Administrator to make certain payments to Certificateholders after the final Distribution
Date to the extent set forth in the Trust and Servicing Agreement and other than the obligation of the Certificate Administrator
to file final tax returns for the Upper-Tier REMIC and the Lower-Tier REMIC, to maintain books and records of the Trust Fund for
such period of time as it maintains its own books and records, and the indemnification rights and obligations of the parties to
the Trust and Servicing Agreement) shall terminate upon the last action required to be taken by the Certificate Administrator
on the final Distribution Date pursuant to Article 10 of the Trust and Servicing Agreement following the later of (i) the
final payment on the Certificates and the Uncertificated Lower-Tier Interests or (ii) the liquidation of the Trust Loan (including,
without limitation, the sale of the Trust Loan pursuant to the Trust and Servicing Agreement) or the liquidation or abandonment
of the Property and all other Collateral for the Trust Loan, provided, however, that in no event shall the trust
created by the Trust and

 

    Exhibit A-2-6

     

    

 

Servicing Agreement continue beyond the expiration of twenty-one years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late United States ambassador 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-2-7

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Certificate to be duly executed.

 

Dated: October
14, 2021

 

	 	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 Certificates referred to in the Trust and Servicing Agreement.

 

Dated: October
14, 2021

 

	 	WELLS FARGO BANK, NATIONAL 
 ASSOCIATION,
 not in its individual capacity but solely as 
 Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit A-2-8

     

    

 

SCHEDULE
A

 

SCHEDULE
OF EXCHANGES

 

The
following payments of principal and exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global
Certificate] [Regulation S Global Certificate] have been made:

 

	Date of
 Exchange or
 Payment of
 Principal	 	 	 	Certificate
 Balance
 Prior to
 Exchange or
 Payment	 	 	 	Certificate
 Balance
 Exchanged
 or Principal
 Payment
 Made	 	 	 	Type of
 Certificate
 Exchanged
 for	 	 	 	Remaining
 Certificate
 Balance
 Following
 Such
 Exchange or
 Payment	 	 	 	Notation
 Made by	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Exhibit A-2-9

     

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.

 

I
(we) further direct the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the
within Certificate to the above-named Assignee(s) and to deliver such Certificate to the following address:

 

 

	 
	 
	 
	 
	Date: __________________

	 	 	 
	 	Signature
    by or on behalf of
	 	Assignor(s):
	 	 	 
	 	 
	 	Taxpayer
    Identification Number: _________

  

    Exhibit A-2-10

     

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions:

_____________________________________________________________________.

 

Distributions,
if being made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.

 

This
information is provided by _______________________________________ the Assignee(s) named above, or ________________________________________________
as its (their) agent.

 

	 	By:	 
	 	 	[Please print or type
    name(s)]

 

	 	Title:	        
	 	 
	 	Taxpayer
    Identification Number:

 

    Exhibit A-2-11

     

    

 

EXHIBIT
A-3

 

FORM
OF CLASS 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 BORROWER, THE SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE

 

 

  

1       Temporary Regulation S Global Certificate
legend.

 

2       Legend required as long as DTC is the Depository
under the Trust and Servicing Agreement.

 

3       Global Certificate legend.

 

    Exhibit A-3-1

     

    

 

ADMINISTRATOR, THE CUSTODIAN, THE OPERATING ADVISOR, THE 17G-5 INFORMATION
PROVIDER, THE INITIAL PURCHASERS, THE TRUST LOAN SELLER OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE
UNDERLYING MORTGAGE LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”),
WITHIN THE MEANING OF RULE 144A, OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER,
RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS NOT A “U.S. PERSON”
IN AN “OFFSHORE TRANSACTION,” AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE
SECURITIES ACT, OR (3) UPON INITIAL ISSUANCE ONLY, TO AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING
OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE
INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D
UNDER THE SECURITIES ACT, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”), OR
ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS

 

    Exhibit A-3-2

     

    

 

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
OTHERWISE CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE (OR A NON-EXEMPT
VIOLATION OF SIMILAR LAW).

 

THIS
CLASS B CERTIFICATE IS SUBORDINATED TO THE CLASS A AND CLASS X CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE AND CERTAIN OTHER ASSETS.

 

    Exhibit A-3-3

     

    

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2021-1MEM

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-1MEM, CLASS B

 

	Pass-Through
    Rate: VARIABLE IN ACCORDANCE WITH THE TRUST AND SERVICING AGREEMENT	 	 
	 	 	 
	First
    Distribution Date:  November 12, 2021	 	 
	 	 	 
	Aggregate
    Initial Certificate Balance of the Class B Certificates:  $24,270,000	 	Rated
    Final Distribution Date:

    October 2041
	 	 	 
	CUSIP:
46654BAE7

ISIN: US46654BAE74 

        Common
Code: [_]4

         
	 	Initial
    Certificate Balance of this

    Certificate:  $[__]
	CUSIP:
U4816BAC2

ISIN: USU4816BAC29 

        Common
Code: [_]5

         

        CUSIP:
46654BAF4

ISIN: US46654BAF406

         

        No.:
        B-[1]

         
	 	 

This
certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced by this Certificate in the distributions
to be made from the Trust Fund with respect to the Class B Certificates. The Trust Fund consists primarily of two promissory notes
secured by certain Collateral held in trust by the Trustee 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 X, Class
C, Class D, Class E, Class HRR, Class R and Class ELP 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 October 14,
2021 (the “Trust and Servicing Agreement”),

 

 

 

4       For Certificate sold in reliance on Rule 144A
only.

 

5       For Regulation S Global Certificate only.

 

6       For IAI Certificates.

 

    Exhibit A-3-4

     

    

 

between J.P. Morgan Chase Commercial Mortgage Securities Corp.,
as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Servicer, Situs Holdings, LLC, as Special
Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and as Trustee, and Park Bridge Lender Services
LLC, as Operating Advisor. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto
in the Trust and Servicing Agreement.

 

Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after
the Determination Date, beginning in November 2021 (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 calendar month preceding the month in which such 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 then distributable and any Prepayment Premiums and any other amounts allocable to the Class B Certificates for such
Distribution Date, all as more fully described in the Trust and Servicing Agreement.

 

All
distributions will be made to the Persons entitled thereto by check mailed by first class mail to the address set forth therefor
in the Certificate Register or, provided that such Certificateholder shall have provided the Certificate Administrator with a
written request for payment by wire transfer, together with wire instructions, at least five Business Days prior to the related
Distribution Date, by wire transfer of immediately available funds to the account of such Certificateholder at a bank or other
entity located in the United States and having appropriate facilities therefor. The final distribution on each Certificate shall
be made in like manner, but only upon presentment and surrender of such Certificate at the location 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 this Certificate and the Trust and
Servicing Agreement, the Trust and Servicing Agreement shall control.

 

As
provided in the Trust and Servicing Agreement, subject to certain restrictions on transfer and other procedures 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 Certificate Administrator, the Operating
Advisor, the Servicer, the Special Servicer, the

 

    Exhibit A-3-5

     

    

 

Certificate Registrar, and any agent of the Trustee, the Certificate Administrator,
the Operating Advisor, the Servicer, the Special Servicer or the Certificate Registrar may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Trust
and Servicing Agreement and for all other purposes whatsoever, and none of the Trustee, the Certificate Administrator, the Operating
Advisor, the Servicer, the Special Servicer, the Certificate Registrar, nor any agent of the Trustee, the Certificate Administrator,
the Operating Advisor, the Servicer, the Special Servicer or the Certificate Registrar shall be affected by any notice to the
contrary.

 

The
Trust and Servicing Agreement may be amended from time to time by the Depositor, the Certificate Administrator, the Servicer,
the Special Servicer, the Trustee and the Operating Advisor, without the consent of any of the Certificateholders, in certain
circumstances specified in the Trust and Servicing Agreement, subject to certain exceptions set forth in the Trust and Servicing
Agreement. The Trust and Servicing Agreement may also be amended from time to time by the Depositor, the Certificate Administrator,
the Servicer, the Special Servicer, the Trustee and the Operating Advisor with the written consent of the Holders of Certificates
evidencing, in the aggregate, not less than 51% of the Percentage Interests of each Class of Certificates adversely affected by
the amendment 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 Certificateholders. In addition, no amendment may
be made under the Trust and Servicing Agreement without the Trustee and Certificate Administrator first receiving in writing an
Opinion of Counsel, at the expense of the party requesting the amendment, that the amendment will not result in the imposition
of federal income tax on the Trust or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC
or cause the Grantor Trust to fail to qualify as a grantor trust under the Code.

 

The
Trust and Servicing Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer,
the Depositor, the Certificate Administrator, the Trustee and the Operating Advisor created with respect to the Certificates (other
than the obligation of the Certificate Administrator to make certain payments to Certificateholders after the final Distribution
Date to the extent set forth in the Trust and Servicing Agreement and other than the obligation of the Certificate Administrator
to file final tax returns for the Upper-Tier REMIC and the Lower-Tier REMIC, to maintain books and records of the Trust Fund for
such period of time as it maintains its own books and records, and the indemnification rights and obligations of the parties to
the Trust and Servicing Agreement) shall terminate upon the last action required to be taken by the Certificate Administrator
on the final Distribution Date pursuant to Article 10 of the Trust and Servicing Agreement following the later of (i) the
final payment on the Certificates and the Uncertificated Lower-Tier Interests or (ii) the liquidation of the Trust Loan (including,
without limitation, the sale of the Trust Loan pursuant to the Trust and Servicing Agreement) or the liquidation or abandonment
of the Property and all other Collateral for the Trust Loan, provided, however, that in no event shall the trust
created by the Trust and Servicing Agreement continue beyond the expiration of twenty-one years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late United States ambassador to the Court of St. James’s, living on the date
of execution of the Trust and Servicing Agreement.

 

    Exhibit A-3-6

     

    

 

Unless
the certificate of authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing
Agreement or be valid for any purpose.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator
under the Trust and Servicing Agreement.

 

    Exhibit A-3-7

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Certificate to be duly executed.

 

Dated: October
14, 2021

 

	 	WELLS FARGO BANK, NATIONAL 
 ASSOCIATION, 
 not in its individual capacity but solely as 
 Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Certificate
of Authentication

 

This
is one of the Class B Certificates referred to in the Trust and Servicing Agreement.

 

Dated: October
14, 2021

 

	 	WELLS FARGO BANK, NATIONAL 
 ASSOCIATION,
 not in its individual capacity but solely as 
 Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit A-3-8

     

    

 

SCHEDULE
A

 

SCHEDULE
OF EXCHANGES

 

The
following payments of principal and exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global
Certificate] [Regulation S Global Certificate] have been made:

 

	Date of
 Exchange or
 Payment of
 Principal	 	 	 	Certificate
 Balance
 Prior to
 Exchange or
 Payment	 	 	 	Certificate
 Balance
 Exchanged
 or Principal
 Payment
 Made	 	 	 	Type of
 Certificate
 Exchanged
 for	 	 	 	Remaining
 Certificate
 Balance
 Following
 Such
 Exchange or
 Payment	 	 	 	Notation
 Made by	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Exhibit A-3-9

     

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.

 

I
(we) further direct the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the
within Certificate to the above-named Assignee(s) and to deliver such Certificate to the following address:

 

	 
	 
	 
	 
	Date: __________________

	 	 	 
	 	Signature
    by or on behalf of
	 	Assignor(s):
	 	 	 
	 	 
	 	Taxpayer
    Identification Number: _________

 

    Exhibit A-3-10

     

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions:

_____________________________________________________________________.

 

Distributions,
if being made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.

 

This
information is provided by _______________________________________ the Assignee(s) named above, or ________________________________________________
as its (their) agent.

 

	 	By:	 
	 	 	[Please print or type
    name(s)]

 

	 	Title:	        
	 	 
	 	Taxpayer
    Identification Number:

 

    Exhibit A-3-11

     

    

 

EXHIBIT
A-4

 

FORM
OF CLASS C CERTIFICATES

 

CLASS
C

 

[THIS
CERTIFICATE IS A TEMPORARY REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY
INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO
BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST
HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]1

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]2

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWER SPONSOR, THE BORROWER, THE SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE

 

 

  

1       Temporary Regulation S Global Certificate
legend.

 

2       Legend required as long as DTC is the Depository
under the Trust and Servicing Agreement.

 

3       Global Certificate legend.

 

    Exhibit A-4-1

     

    

 

ADMINISTRATOR, THE CUSTODIAN, THE OPERATING ADVISOR, THE 17G-5 INFORMATION
PROVIDER, THE INITIAL PURCHASERS, THE TRUST LOAN SELLER OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE
UNDERLYING MORTGAGE LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”),
WITHIN THE MEANING OF RULE 144A, OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER,
RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS NOT A “U.S. PERSON”
IN AN “OFFSHORE TRANSACTION,” AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE
SECURITIES ACT, OR (3) UPON INITIAL ISSUANCE ONLY, TO AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING
OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE
INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D
UNDER THE SECURITIES ACT, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT 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

 

    Exhibit A-4-2

     

    

 

OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A) SUCH PERSON
IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION
UNDER THE SECURITIES ACT OF 1933, AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THE CERTIFICATES BY SUCH PERSON WILL NOT
OTHERWISE CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE (OR A NON-EXEMPT
VIOLATION OF SIMILAR LAW).

 

THIS
CLASS C CERTIFICATE IS SUBORDINATED TO THE CLASS A, CLASS X AND CLASS B CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE TRUST
AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE AND CERTAIN OTHER ASSETS.

 

    Exhibit A-4-3

     

    

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2021-1MEM

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-1MEM, CLASS C

 

	Pass-Through
    Rate: VARIABLE IN ACCORDANCE WITH THE TRUST AND SERVICING AGREEMENT	 	 
	 	 	 
	First
    Distribution Date:  November 12, 2021	 	 
	 	 	 
	Aggregate
    Initial Certificate Balance of the Class C Certificates:  $26,620,000	 	Rated
    Final Distribution Date:

    October 2041
	 	 	 
	CUSIP:
46654BAG2

ISIN: US46654BAG23 

        Common
        Code: [_]4

         
	 	Initial
    Certificate Balance of this

    Certificate:  $[__]
	CUSIP:
U4816BAD0

ISIN: USU4816BAD02 

        Common
        Code: [_]5

        

         

        CUSIP:
        46654BAH0

        ISIN: US46654BAH066

         

        No.:
        C-[1]

         
	 	 

This
certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced by this Certificate in the distributions
to be made from the Trust Fund with respect to the Class C Certificates. The Trust Fund consists primarily of two promissory notes
secured by certain Collateral held in trust by the Trustee 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 X, Class
B, Class D, Class E, Class HRR, Class R and Class ELP Certificates (collectively with the Class C Certificates, the “Certificates”;
the Holders of Certificates issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).

 

 

 

4
       For Certificate sold in reliance on Rule 144A only.

 

5
       For Regulation S Global Certificate only.

 

6
       For IAI Certificates.

 

 

    Exhibit A-4-4

     

    

 

This
Certificate is issued pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement dated as of October 14,
2021 (the “Trust 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 Servicer, Situs Holdings, LLC, as Special
Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and as Trustee, and Park Bridge Lender Services
LLC, as Operating Advisor. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto
in the Trust and Servicing Agreement.

 

Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after
the Determination Date, beginning in November 2021 (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 calendar month preceding the month in which such 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 then distributable and any Prepayment Premiums and any other amounts allocable to the Class C Certificates for such
Distribution Date, all as more fully described in the Trust and Servicing Agreement.

 

All
distributions will be made to the Persons entitled thereto by check mailed by first class mail to the address set forth therefor
in the Certificate Register or, provided that such Certificateholder shall have provided the Certificate Administrator with a
written request for payment by wire transfer, together with wire instructions, at least five Business Days prior to the related
Distribution Date, by wire transfer of immediately available funds to the account of such Certificateholder at a bank or other
entity located in the United States and having appropriate facilities therefor. The final distribution on each Certificate shall
be made in like manner, but only upon presentment and surrender of such Certificate at the location 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 this Certificate and the Trust and
Servicing Agreement, the Trust and Servicing Agreement shall control.

 

As
provided in the Trust and Servicing Agreement, subject to certain restrictions on transfer and other procedures 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.

 

    Exhibit A-4-5

     

    

 

Prior
to due presentation of this Certificate for registration of transfer, the Trustee, the Certificate Administrator, the Operating
Advisor, the Servicer, the Special Servicer, the Certificate Registrar, and any agent of the Trustee, the Certificate Administrator,
the Operating Advisor, the Servicer, the Special Servicer or the Certificate Registrar may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Trust
and Servicing Agreement and for all other purposes whatsoever, and none of the Trustee, the Certificate Administrator, the Operating
Advisor, the Servicer, the Special Servicer, the Certificate Registrar, nor any agent of the Trustee, the Certificate Administrator,
the Operating Advisor, the Servicer, the Special Servicer or the Certificate Registrar shall be affected by any notice to the
contrary.

 

The
Trust and Servicing Agreement may be amended from time to time by the Depositor, the Certificate Administrator, the Servicer,
the Special Servicer, the Trustee and the Operating Advisor, without the consent of any of the Certificateholders, in certain
circumstances specified in the Trust and Servicing Agreement, subject to certain exceptions set forth in the Trust and Servicing
Agreement. The Trust and Servicing Agreement may also be amended from time to time by the Depositor, the Certificate Administrator,
the Servicer, the Special Servicer, the Trustee and the Operating Advisor with the written consent of the Holders of Certificates
evidencing, in the aggregate, not less than 51% of the Percentage Interests of each Class of Certificates adversely affected by
the amendment 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 Certificateholders. In addition, no amendment may
be made under the Trust and Servicing Agreement without the Trustee and Certificate Administrator first receiving in writing an
Opinion of Counsel, at the expense of the party requesting the amendment, that the amendment will not result in the imposition
of federal income tax on the Trust or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC
or cause the Grantor Trust to fail to qualify as a grantor trust under the Code.

 

The
Trust and Servicing Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer,
the Depositor, the Certificate Administrator, the Trustee and the Operating Advisor created with respect to the Certificates (other
than the obligation of the Certificate Administrator to make certain payments to Certificateholders after the final Distribution
Date to the extent set forth in the Trust and Servicing Agreement and other than the obligation of the Certificate Administrator
to file final tax returns for the Upper-Tier REMIC and the Lower-Tier REMIC, to maintain books and records of the Trust Fund for
such period of time as it maintains its own books and records, and the indemnification rights and obligations of the parties to
the Trust and Servicing Agreement) shall terminate upon the last action required to be taken by the Certificate Administrator
on the final Distribution Date pursuant to Article 10 of the Trust and Servicing Agreement following the later of (i) the
final payment on the Certificates and the Uncertificated Lower-Tier Interests or (ii) the liquidation of the Trust Loan (including,
without limitation, the sale of the Trust Loan pursuant to the Trust and Servicing Agreement) or the liquidation or abandonment
of the Property and all other Collateral for the Trust Loan, provided, however, that in no event shall the trust
created by the Trust and Servicing Agreement continue beyond the expiration of twenty-one years from the death of the

 

    Exhibit A-4-6

     

    

 

last survivor
of the descendants of Joseph P. Kennedy, the late United States ambassador 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-4-7

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Certificate to be duly executed.

 

Dated: October
14, 2021

 

	 	WELLS FARGO BANK, NATIONAL 
 ASSOCIATION, 
 not in its individual capacity but solely as 
 Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Certificate
of Authentication

 

This
is one of the Class C Certificates referred to in the Trust and Servicing Agreement.

 

Dated: October
14, 2021

 

	 	WELLS FARGO BANK, NATIONAL 
 ASSOCIATION,
 not in its individual capacity but solely as 
 Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit A-4-8

     

    

 

SCHEDULE
A

 

SCHEDULE
OF EXCHANGES

 

The
following payments of principal and exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global
Certificate] [Regulation S Global Certificate] have been made:

 

	Date of
 Exchange or
 Payment of
 Principal	 	 	 	Certificate
 Balance
 Prior to
 Exchange or
 Payment	 	 	 	Certificate
 Balance
 Exchanged
 or Principal
 Payment
 Made	 	 	 	Type of
 Certificate
 Exchanged
 for	 	 	 	Remaining
 Certificate
 Balance
 Following
 Such
 Exchange or
 Payment	 	 	 	Notation
 Made by	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Exhibit A-4-9

     

    

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.

 

I
(we) further direct the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the
within Certificate to the above-named Assignee(s) and to deliver such Certificate to the following address: 

 

	 
	 
	 
	 
	Date: __________________

	 	 	 
	 	Signature
    by or on behalf of
	 	Assignor(s):
	 	 	 
	 	 
	 	Taxpayer
    Identification Number: _________

 

    Exhibit A-4-10

     

    

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions:

_____________________________________________________________________.

 

Distributions,
if being made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.

 

This
information is provided by _______________________________________ the Assignee(s) named above, or ________________________________________________
as its (their) agent.

 

	 	By:	 
	 	 	[Please print or type
    name(s)]

 

	 	Title:	        
	 	 
	 	Taxpayer
    Identification Number:

 

    Exhibit A-4-11

     

    

 

EXHIBIT
A-5

 

FORM
OF CLASS D CERTIFICATES

 

CLASS
D

 

[THIS
CERTIFICATE IS A TEMPORARY REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY
INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO
BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST
HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]1

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]2

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWER SPONSOR, THE BORROWER, THE SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE

 

 

 

1
       Temporary Regulation S Global Certificate
legend.

 

2
       Legend required as long as DTC is the Depository
under the Trust and Servicing Agreement.

 

3
       Global Certificate legend.

 

    Exhibit A-5-1

     

    

 

ADMINISTRATOR, THE CUSTODIAN, THE OPERATING ADVISOR, THE 17G-5 INFORMATION
PROVIDER, THE INITIAL PURCHASERS, THE TRUST LOAN SELLER OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE
UNDERLYING MORTGAGE LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”),
WITHIN THE MEANING OF RULE 144A, OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER,
RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS NOT A “U.S. PERSON”
IN AN “OFFSHORE TRANSACTION,” AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE
SECURITIES ACT, OR (3) UPON INITIAL ISSUANCE ONLY, TO AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING
OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE
INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D
UNDER THE SECURITIES ACT, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”), OR
ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS

 

    Exhibit A-5-2

     

    

 

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
OTHERWISE CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE (OR A NON-EXEMPT
VIOLATION OF SIMILAR LAW).

 

THIS
CLASS D CERTIFICATE IS SUBORDINATED TO THE CLASS A, CLASS X, CLASS B AND CLASS C CERTIFICATES AS AND TO THE EXTENT SET FORTH IN
THE TRUST AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE AND CERTAIN OTHER ASSETS.

 

    Exhibit A-5-3

     

    

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2021-1MEM

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-1MEM, CLASS D

 

	Pass-Through
    Rate:  VARIABLE IN ACCORDANCE WITH THE TRUST AND SERVICING AGREEMENT	 	 
	 	 	 
	First
    Distribution Date:  November 12, 2021	 	 
	 	 	 
	Aggregate
    Initial Certificate Balance of the Class D Certificates:  $45,970,000	 	Rated
    Final Distribution Date:

    October 2041
	 	 	 
	CUSIP:
46654BAJ6

ISIN: US46654BAJ61 

        Common
        Code: [_]4

         
	 	Initial
    Certificate Balance of this

    Certificate:  $[__]
	CUSIP:
U4816BAF5

ISIN: USU4816BAE8 

        Common
Code: [_]5

 

        CUSIP:
        46654BAK3

        ISIN: US46654BAK356

         

        No.:
        D-[1]

         
	 	 

This
certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced by this Certificate in the distributions
to be made from the Trust Fund with respect to the Class D Certificates. The Trust Fund consists primarily of two promissory notes
secured by certain Collateral held in trust by the Trustee 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 X, Class
B, Class C, Class E, Class HRR, Class R and Class ELP Certificates (collectively with the Class D Certificates, the “Certificates”;
the Holders of Certificates issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).

 

This
Certificate is issued pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement dated as of October 14,
2021 (the “Trust and Servicing Agreement”),

 

 

 

4       For Certificate sold in reliance on Rule 144A
only.

 

5       For Regulation S Global Certificate only.

 

6       For IAI Certificates.

 

    Exhibit A-5-4

     

    

 

between J.P. Morgan Chase Commercial Mortgage Securities Corp.,
as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Servicer, Situs Holdings, LLC, as Special
Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and as Trustee, and Park Bridge Lender Services
LLC, as Operating Advisor. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto
in the Trust and Servicing Agreement.

 

Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after
the Determination Date, beginning in November 2021 (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 calendar month preceding the month in which such 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 then distributable and any Prepayment Premiums and any other amounts allocable to the Class D Certificates for such
Distribution Date, all as more fully described in the Trust and Servicing Agreement.

 

All
distributions will be made to the Persons entitled thereto by check mailed by first class mail to the address set forth therefor
in the Certificate Register or, provided that such Certificateholder shall have provided the Certificate Administrator with a
written request for payment by wire transfer, together with wire instructions, at least five Business Days prior to the related
Distribution Date, by wire transfer of immediately available funds to the account of such Certificateholder at a bank or other
entity located in the United States and having appropriate facilities therefor. The final distribution on each Certificate shall
be made in like manner, but only upon presentment and surrender of such Certificate at the location 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 this Certificate and the Trust and
Servicing Agreement, the Trust and Servicing Agreement shall control.

 

As
provided in the Trust and Servicing Agreement, subject to certain restrictions on transfer and other procedures 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 Certificate Administrator, the Operating
Advisor, the Servicer, the Special Servicer, the

 

    Exhibit A-5-5

     

    

 

Certificate Registrar, and any agent of the Trustee, the Certificate Administrator,
the Operating Advisor, the Servicer, the Special Servicer or the Certificate Registrar may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Trust
and Servicing Agreement and for all other purposes whatsoever, and none of the Trustee, the Certificate Administrator, the Operating
Advisor, the Servicer, the Special Servicer, the Certificate Registrar, nor any agent of the Trustee, the Certificate Administrator,
the Operating Advisor, the Servicer, the Special Servicer or the Certificate Registrar shall be affected by any notice to the
contrary.

 

The
Trust and Servicing Agreement may be amended from time to time by the Depositor, the Certificate Administrator, the Servicer,
the Special Servicer, the Trustee and the Operating Advisor, without the consent of any of the Certificateholders, in certain
circumstances specified in the Trust and Servicing Agreement, subject to certain exceptions set forth in the Trust and Servicing
Agreement. The Trust and Servicing Agreement may also be amended from time to time by the Depositor, the Certificate Administrator,
the Servicer, the Special Servicer, the Trustee and the Operating Advisor with the written consent of the Holders of Certificates
evidencing, in the aggregate, not less than 51% of the Percentage Interests of each Class of Certificates adversely affected by
the amendment 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 Certificateholders. In addition, no amendment may
be made under the Trust and Servicing Agreement without the Trustee and Certificate Administrator first receiving in writing an
Opinion of Counsel, at the expense of the party requesting the amendment, that the amendment will not result in the imposition
of federal income tax on the Trust or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC
or cause the Grantor Trust to fail to qualify as a grantor trust under the Code.

 

The
Trust and Servicing Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer,
the Depositor, the Certificate Administrator, the Trustee and the Operating Advisor created with respect to the Certificates (other
than the obligation of the Certificate Administrator to make certain payments to Certificateholders after the final Distribution
Date to the extent set forth in the Trust and Servicing Agreement and other than the obligation of the Certificate Administrator
to file final tax returns for the Upper-Tier REMIC and the Lower-Tier REMIC, to maintain books and records of the Trust Fund for
such period of time as it maintains its own books and records, and the indemnification rights and obligations of the parties to
the Trust and Servicing Agreement) shall terminate upon the last action required to be taken by the Certificate Administrator
on the final Distribution Date pursuant to Article 10 of the Trust and Servicing Agreement following the later of (i) the
final payment on the Certificates and the Uncertificated Lower-Tier Interests or (ii) the liquidation of the Trust Loan (including,
without limitation, the sale of the Trust Loan pursuant to the Trust and Servicing Agreement) or the liquidation or abandonment
of the Property and all other Collateral for the Trust Loan, provided, however, that in no event shall the trust
created by the Trust and Servicing Agreement continue beyond the expiration of twenty-one years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late United States ambassador to the Court of St. James’s, living on the date
of execution of the Trust and Servicing Agreement.

 

    Exhibit A-5-6

     

    

 

Unless
the certificate of authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing
Agreement or be valid for any purpose.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator
under the Trust and Servicing Agreement.

 

    Exhibit A-5-7

     

    

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Certificate to be duly executed.

 

Dated: October
14, 2021

 

	 	WELLS FARGO BANK, NATIONAL 
 ASSOCIATION, 
 not in its individual capacity but solely as 
 Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Certificate
of Authentication

 

This
is one of the Class D Certificates referred to in the Trust and Servicing Agreement.

 

Dated: October
14, 2021

 

	 	WELLS FARGO BANK, NATIONAL 
 ASSOCIATION,
 not in its individual capacity but solely as 
 Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit A-5-8

     

    

 

SCHEDULE
A

 

SCHEDULE
OF EXCHANGES

 

The
following payments of principal and exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global
Certificate] [Regulation S Global Certificate] have been made:

 

	Date of
 Exchange or
 Payment of
 Principal	 	 	 	Certificate
 Balance
 Prior to
 Exchange or
 Payment	 	 	 	Certificate
 Balance
 Exchanged
 or Principal
 Payment
 Made	 	 	 	Type of
 Certificate
 Exchanged
 for	 	 	 	Remaining
 Certificate
 Balance
 Following
 Such
 Exchange or
 Payment	 	 	 	Notation
 Made by	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Exhibit A-5-9

     

    

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.

 

I
(we) further direct the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the
within Certificate to the above-named Assignee(s) and to deliver such Certificate to the following address:

 

	 
	 
	 
	 
	Date: __________________

	 	 	 
	 	Signature
    by or on behalf of
	 	Assignor(s):
	 	 	 
	 	 
	 	Taxpayer
    Identification Number: _________

  

    Exhibit A-5-10

     

    

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions:

_____________________________________________________________________.

 

Distributions,
if being made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.

 

This
information is provided by _______________________________________ the Assignee(s) named above, or ________________________________________________
as its (their) agent.

 

	 	By:	 
	 	 	[Please print or type
    name(s)]

 

	 	Title:	        
	 	 
	 	Taxpayer
    Identification Number:

 

    Exhibit A-5-11

     

    

 

EXHIBIT
A-6

 

FORM
OF CLASS E CERTIFICATES

 

CLASS
E

 

[THIS
CERTIFICATE IS A TEMPORARY REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY
INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO
BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST
HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]1

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]2

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWER SPONSOR, THE BORROWER, THE SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE

 

 

 

1       Temporary Regulation S Global Certificate
legend.

 

2       Legend required as long as DTC is the Depository
under the Trust and Servicing Agreement.

 

3       Global Certificate legend.

 

    Exhibit A-6-1

     

    

 

ADMINISTRATOR, THE CUSTODIAN, THE OPERATING ADVISOR, THE 17G-5 INFORMATION
PROVIDER, THE INITIAL PURCHASERS, THE TRUST LOAN SELLER OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE
UNDERLYING MORTGAGE LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”),
WITHIN THE MEANING OF RULE 144A, OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER,
RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS NOT A “U.S. PERSON”
IN AN “OFFSHORE TRANSACTION,” AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE
SECURITIES ACT, OR (3) UPON INITIAL ISSUANCE ONLY, TO AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING
OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE
INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D
UNDER THE SECURITIES ACT, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”), OR
ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS

 

    Exhibit A-6-2

     

    

 

CERTIFICATE, OTHER THAN AN INSURANCE
COMPANY USING ASSETS OF AN INSURANCE COMPANY GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND SUBSEQUENT HOLDING
OF THE CERTIFICATE BY SUCH INSURANCE COMPANY WILL BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTION 406 OF ERISA
AND SECTION 4975 OF THE CODE UNDER SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, OR, IN THE CASE OF A PLAN
SUBJECT TO SIMILAR LAW, WHERE THE ACQUISITION, HOLDING AND DISPOSITION OF SUCH CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT VIOLATION UNDER SIMILAR LAW.

 

THIS
CLASS E CERTIFICATE IS SUBORDINATED TO THE CLASS A, CLASS X, CLASS B, CLASS C AND CLASS D CERTIFICATES AS AND TO THE EXTENT SET
FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE AND CERTAIN OTHER ASSETS.

 

    Exhibit A-6-3

     

    

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2021-1MEM

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-1MEM, CLASS E

 

	Pass-Through
    Rate:  VARIABLE IN ACCORDANCE WITH THE TRUST AND SERVICING AGREEMENT	 	 
	 	 	 
	First
    Distribution Date:  November 12, 2021	 	 
	 	 	 
	Aggregate
    Initial Certificate Balance of the Class D Certificates:  $43,275,000	 	Rated
    Final Distribution Date:

    October 2041
	 	 	 
	CUSIP:
46654BAL1

ISIN: US46654BAL18 

        Common
        Code: [_]4

         
	 	Initial
    Certificate Balance of this

    Certificate:  $[__]
	CUSIP:
U4816BAF5

ISIN: USU4816BAF59 

        Common
        Code: [_]5

        

         

        CUSIP:
        46654BAM9

        ISIN: US46654BAM906

         

        No.:
        E-[1]

         
	 	 

This
certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced by this Certificate in the distributions
to be made from the Trust Fund with respect to the Class E Certificates. The Trust Fund consists primarily of two promissory notes
secured by certain Collateral held in trust by the Trustee 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 X, Class
B, Class C, Class D, Class HRR, Class R and Class ELP Certificates (collectively with the Class E Certificates, the “Certificates”;
the Holders of Certificates issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).

 

This
Certificate is issued pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement dated as of October 14,
2021 (the “Trust and Servicing Agreement”),

 

 

 

4
       For Certificate sold in reliance on Rule 144A only.

 

5
       For Regulation S Global Certificate only.

 

6
       For IAI Certificates.

 

 

    Exhibit A-6-4

     

    

 

between J.P. Morgan Chase Commercial Mortgage Securities Corp.,
as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Servicer, Situs Holdings, LLC, as Special
Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and as Trustee, and Park Bridge Lender Services
LLC, as Operating Advisor. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto
in the Trust and Servicing Agreement.

 

Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after
the Determination Date, beginning in November 2021 (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 calendar month preceding the month in which such 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 then distributable and any Prepayment Premiums and any other amounts allocable to the Class E Certificates for such
Distribution Date, all as more fully described in the Trust and Servicing Agreement.

 

All
distributions will be made to the Persons entitled thereto by check mailed by first class mail to the address set forth therefor
in the Certificate Register or, provided that such Certificateholder shall have provided the Certificate Administrator with a
written request for payment by wire transfer, together with wire instructions, at least five Business Days prior to the related
Distribution Date, by wire transfer of immediately available funds to the account of such Certificateholder at a bank or other
entity located in the United States and having appropriate facilities therefor. The final distribution on each Certificate shall
be made in like manner, but only upon presentment and surrender of such Certificate at the location 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 this Certificate and the Trust and
Servicing Agreement, the Trust and Servicing Agreement shall control.

 

As
provided in the Trust and Servicing Agreement, subject to certain restrictions on transfer and other procedures 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 Certificate Administrator, the Operating
Advisor, the Servicer, the Special Servicer, the

 

    Exhibit A-6-5

     

    

 

Certificate Registrar, and any agent of the Trustee, the Certificate Administrator,
the Operating Advisor, the Servicer, the Special Servicer or the Certificate Registrar may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Trust
and Servicing Agreement and for all other purposes whatsoever, and none of the Trustee, the Certificate Administrator, the Operating
Advisor, the Servicer, the Special Servicer, the Certificate Registrar, nor any agent of the Trustee, the Certificate Administrator,
the Operating Advisor, the Servicer, the Special Servicer or the Certificate Registrar shall be affected by any notice to the
contrary.

 

The
Trust and Servicing Agreement may be amended from time to time by the Depositor, the Certificate Administrator, the Servicer,
the Special Servicer, the Trustee and the Operating Advisor, without the consent of any of the Certificateholders, in certain
circumstances specified in the Trust and Servicing Agreement, subject to certain exceptions set forth in the Trust and Servicing
Agreement. The Trust and Servicing Agreement may also be amended from time to time by the Depositor, the Certificate Administrator,
the Servicer, the Special Servicer, the Trustee and the Operating Advisor with the written consent of the Holders of Certificates
evidencing, in the aggregate, not less than 51% of the Percentage Interests of each Class of Certificates adversely affected by
the amendment 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 Certificateholders. In addition, no amendment may
be made under the Trust and Servicing Agreement without the Trustee and Certificate Administrator first receiving in writing an
Opinion of Counsel, at the expense of the party requesting the amendment, that the amendment will not result in the imposition
of federal income tax on the Trust or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC
or cause the Grantor Trust to fail to qualify as a grantor trust under the Code.

 

The
Trust and Servicing Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer,
the Depositor, the Certificate Administrator, the Trustee and the Operating Advisor created with respect to the Certificates (other
than the obligation of the Certificate Administrator to make certain payments to Certificateholders after the final Distribution
Date to the extent set forth in the Trust and Servicing Agreement and other than the obligation of the Certificate Administrator
to file final tax returns for the Upper-Tier REMIC and the Lower-Tier REMIC, to maintain books and records of the Trust Fund for
such period of time as it maintains its own books and records, and the indemnification rights and obligations of the parties to
the Trust and Servicing Agreement) shall terminate upon the last action required to be taken by the Certificate Administrator
on the final Distribution Date pursuant to Article 10 of the Trust and Servicing Agreement following the later of (i) the
final payment on the Certificates and the Uncertificated Lower-Tier Interests or (ii) the liquidation of the Trust Loan (including,
without limitation, the sale of the Trust Loan pursuant to the Trust and Servicing Agreement) or the liquidation or abandonment
of the Property and all other Collateral for the Trust Loan, provided, however, that in no event shall the trust
created by the Trust and Servicing Agreement continue beyond the expiration of twenty-one years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late United States ambassador to the Court of St. James’s, living on the date
of execution of the Trust and Servicing Agreement.

 

    Exhibit A-6-6

     

    

 

Unless
the certificate of authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing
Agreement or be valid for any purpose.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator
under the Trust and Servicing Agreement.

 

    Exhibit A-6-7

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Certificate to be duly executed.

 

Dated: October
14, 2021

 

	 	WELLS FARGO BANK, NATIONAL 
 ASSOCIATION, 
 not in its individual capacity but solely as 
 Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Certificate
of Authentication

 

This
is one of the Class E Certificates referred to in the Trust and Servicing Agreement.

 

Dated: October
14, 2021

 

	 	WELLS FARGO BANK, NATIONAL 
 ASSOCIATION,
 not in its individual capacity but solely as 
 Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit A-6-8

     

    

 

SCHEDULE
A

 

SCHEDULE
OF EXCHANGES

 

The
following payments of principal and exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global
Certificate] [Regulation S Global Certificate] have been made:

 

	Date of
 Exchange or
 Payment of
 Principal	 	 	 	Certificate
 Balance
 Prior to
 Exchange or
 Payment	 	 	 	Certificate
 Balance
 Exchanged
 or Principal
 Payment
 Made	 	 	 	Type of
 Certificate
 Exchanged
 for	 	 	 	Remaining
 Certificate
 Balance
 Following
 Such
 Exchange or
 Payment	 	 	 	Notation
 Made by	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Exhibit A-6-9

     

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.

 

I
(we) further direct the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the
within Certificate to the above-named Assignee(s) and to deliver such Certificate to the following address:

 

	 
	 
	 
	 
	Date: __________________

	 	 	 
	 	Signature
    by or on behalf of
	 	Assignor(s):
	 	 	 
	 	 
	 	Taxpayer
    Identification Number: _________

 

 

    Exhibit A-6-10

     

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions:

_____________________________________________________________________.

 

Distributions,
if being made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.

 

This
information is provided by _______________________________________ the Assignee(s) named above, or ________________________________________________
as its (their) agent.

 

	 	By:	 
	 	 	[Please print or type
    name(s)]

 

	 	Title:	        
	 	 
	 	Taxpayer
    Identification Number:

 

    Exhibit A-6-11

     

    

 

EXHIBIT
A-7

 

FORM
OF CLASS HRR CERTIFICATES

 

CLASS
HRR

 

THIS
CERTIFICATE IS SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERS, HEDGING AND PLEDGING PURSUANT TO THE CREDIT RISK RETENTION RULES. 
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(p) OF THE TRUST AND SERVICING AGREEMENT.

 

[FOR
BOOK-ENTRY CERTIFICATES AND SOLELY FOLLOWING THE RISK RETENTION PERIOD: UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

[FOR
BOOK-ENTRY CERTIFICATES AND SOLELY FOLLOWING THE RISK RETENTION PERIOD: 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.]2

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWER SPONSOR, THE BORROWER, THE SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE

 

 

 

		1	Legend
                                         required as long as DTC is the Depository under the Trust and Servicing Agreement.

 

		2	Book-Entry
                                         Certificate legend.

 

    Exhibit A-7-1

     

    

 

ADMINISTRATOR, THE CUSTODIAN, THE OPERATING ADVISOR, THE 17G-5 INFORMATION
PROVIDER, THE INITIAL PURCHASERS, THE TRUST LOAN SELLER OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE
UNDERLYING MORTGAGE LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”),
WITHIN THE MEANING OF RULE 144A, OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER,
RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS NOT A “U.S. PERSON”
IN AN “OFFSHORE TRANSACTION,” AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE
SECURITIES ACT, OR (3) UPON INITIAL ISSUANCE ONLY, TO AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING
OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE
INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D
UNDER THE SECURITIES ACT, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”), OR
ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS

 

    Exhibit A-7-2

     

    

 

CERTIFICATE, OTHER THAN AN INSURANCE
COMPANY USING ASSETS OF AN INSURANCE COMPANY GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND SUBSEQUENT HOLDING
OF THE CERTIFICATE BY SUCH INSURANCE COMPANY WILL BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTION 406 OF ERISA
AND SECTION 4975 OF THE CODE UNDER SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, OR, IN THE CASE OF A PLAN
SUBJECT TO SIMILAR LAW, WHERE THE ACQUISITION, HOLDING AND DISPOSITION OF SUCH CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT VIOLATION UNDER SIMILAR LAW.

 

THIS
CLASS HRR CERTIFICATE IS SUBORDINATED TO THE CLASS A, CLASS X, CLASS B, CLASS C, CLASS D AND CLASS E CERTIFICATES AS AND TO THE
EXTENT SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE AND CERTAIN OTHER ASSETS..

 

    Exhibit A-7-3

     

    

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2021-1MEM

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-1MEM, CLASS HRR 

 

	Pass-Through
    Rate:  VARIABLE IN ACCORDANCE WITH THE TRUST AND SERVICING AGREEMENT	 
	 	 
	First
    Distribution Date:  November 12, 2021	 
	 	 
	Aggregate
    Initial Certificate Balance of the Class HRR Certificates:  $15,715,000	Rated
    Final Distribution Date:

    October 2041
	 	 
	CUSIP:
        46654BAN7

        ISIN: US46654BAN733

         

        CUSIP:
        U4816BAG3

        ISIN: USU4816BAG334

        
	Initial
    Certificate Balance of this

    Certificate:  $[__]

                        
	 	 
	

        

        CUSIP:
        46654BAP2

        ISIN: US46654BAP225

          

        No.:
        HRR-[1]

         
	

This
certifies that New York State Teachers’ Retirement System is the registered owner of the Percentage Interest evidenced by
this Certificate in the distributions to be made from the Trust Fund with respect to the Class HRR Certificates. The Trust Fund
consists primarily of two promissory notes secured by certain Collateral held in trust by the Trustee 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 X, Class B, Class C, Class D, Class E, Class R and Class ELP 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 October 14,
2021 (the “Trust 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 Servicer, Situs Holdings, LLC, as

 

 

 

		3	For
Certificate sold in reliance on Rule 144A only.

 

		4	For
Regulation S Global Certificate only.

 

		5	For
IAI Certificates.

    Exhibit A-7-4

     

    

 

Special
Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and as Trustee, and Park Bridge Lender Services
LLC, as Operating Advisor. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto
in the Trust and Servicing Agreement.

 

Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after
the Determination Date, beginning in November 2021 (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 calendar month preceding the month in which such 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 then distributable and any Prepayment Premiums and any other amounts allocable to the Class HRR Certificates for
such Distribution Date, all as more fully described in the Trust and Servicing Agreement.

 

All
distributions will be made to the Persons entitled thereto by check mailed by first class mail to the address set forth therefor
in the Certificate Register or, provided that such Certificateholder shall have provided the Certificate Administrator with a
written request for payment by wire transfer, together with wire instructions, at least five Business Days prior to the related
Distribution Date, by wire transfer of immediately available funds to the account of such Certificateholder at a bank or other
entity located in the United States and having appropriate facilities therefor. The final distribution on each Certificate shall
be made in like manner, but only upon presentment and surrender of such Certificate at the location 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 this Certificate and the Trust and
Servicing Agreement, the Trust and Servicing Agreement shall control.

 

As
provided in the Trust and Servicing Agreement, subject to certain restrictions on transfer and other procedures 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 Certificate Administrator, the Operating
Advisor, the Servicer, the Special Servicer, the Certificate Registrar, and any agent of the Trustee, the Certificate Administrator,
the Operating Advisor, the Servicer, the Special Servicer or the Certificate Registrar may treat the Person in

 

    Exhibit A-7-5

     

    

 

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 Certificate Administrator, the Operating
Advisor, the Servicer, the Special Servicer, the Certificate Registrar, nor any agent of the Trustee, the Certificate Administrator,
the Operating Advisor, the Servicer, the Special Servicer or the Certificate Registrar shall be affected by any notice to the
contrary.

 

The
Trust and Servicing Agreement may be amended from time to time by the Depositor, the Certificate Administrator, the Servicer,
the Special Servicer, the Trustee and the Operating Advisor, without the consent of any of the Certificateholders, in certain
circumstances specified in the Trust and Servicing Agreement, subject to certain exceptions set forth in the Trust and Servicing
Agreement. The Trust and Servicing Agreement may also be amended from time to time by the Depositor, the Certificate Administrator,
the Servicer, the Special Servicer, the Trustee and the Operating Advisor with the written consent of the Holders of Certificates
evidencing, in the aggregate, not less than 51% of the Percentage Interests of each Class of Certificates adversely affected by
the amendment 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 Certificateholders. In addition, no amendment may
be made under the Trust and Servicing Agreement without the Trustee and Certificate Administrator first receiving in writing an
Opinion of Counsel, at the expense of the party requesting the amendment, that the amendment will not result in the imposition
of federal income tax on the Trust or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC
or cause the Grantor Trust to fail to qualify as a grantor trust under the Code.

 

The
Trust and Servicing Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer,
the Depositor, the Certificate Administrator, the Trustee and the Operating Advisor created with respect to the Certificates (other
than the obligation of the Certificate Administrator to make certain payments to Certificateholders after the final Distribution
Date to the extent set forth in the Trust and Servicing Agreement and other than the obligation of the Certificate Administrator
to file final tax returns for the Upper-Tier REMIC and the Lower-Tier REMIC, to maintain books and records of the Trust Fund for
such period of time as it maintains its own books and records, and the indemnification rights and obligations of the parties to
the Trust and Servicing Agreement) shall terminate upon the last action required to be taken by the Certificate Administrator
on the final Distribution Date pursuant to Article 10 of the Trust and Servicing Agreement following the later of (i) the
final payment on the Certificates and the Uncertificated Lower-Tier Interests or (ii) the liquidation of the Trust Loan (including,
without limitation, the sale of the Trust Loan pursuant to the Trust and Servicing Agreement) or the liquidation or abandonment
of the Property and all other Collateral for the Trust Loan, provided, however, that in no event shall the trust
created by the Trust and Servicing Agreement continue beyond the expiration of twenty-one years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late United States ambassador 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,

 

    Exhibit A-7-6

     

    

 

this Certificate shall not be entitled to any benefit under the Trust and Servicing
Agreement or be valid for any purpose.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator
under the Trust and Servicing Agreement.

 

    Exhibit A-7-7

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Certificate to be duly executed.

 

Dated: October
14, 2021

 

	 	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, 

not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Certificate
of Authentication

 

This
is one of the Class HRR Certificates referred to in the Trust and Servicing Agreement.

 

Dated: October
14, 2021

 

	 	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION,

not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit A-7-8

     

    

 

SCHEDULE
A

 

SCHEDULE
OF EXCHANGES

 

The
following payments of principal and exchanges of a part of this [Rule 144A Global Certificate] [Regulation S Global Certificate
[Definitive Certificate] have been made:

 

	Date of
 Exchange or
 Payment of
 Principal	 	 	 	Certificate
 Balance
 Prior to
 Exchange or
 Payment	 	 	 	Certificate
 Balance
 Exchanged
 or Principal
 Payment
 Made	 	 	 	Type of
 Certificate
 Exchanged
 for	 	 	 	Remaining
 Certificate
 Balance
 Following
 Such
 Exchange or
 Payment	 	 	 	Notation
 Made by	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

    Exhibit A-7-9

     

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.

 

I
(we) further direct the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the
within Certificate to the above-named Assignee(s) and to deliver such Certificate to the following address:

 

 

 

 

 

 

 

Date:
__________________

 

	 	Signature by or on behalf of
	 	Assignor(s):
	 		 
	 	 	 
	 	Taxpayer Identification Number:  _________

 

    Exhibit A-7-10

     

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions:
_____________________________________________________________________.

 

Distributions,
if being made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.

 

This
information is provided by _______________________________________ the Assignee(s) named above, or ________________________________________________
as its (their) agent.

 

	 	By:	      
	 	 	[Please print or type name(s)]

 

	 	Title:	           
	 	 	 
	 	Taxpayer Identification Number:

 

    Exhibit A-7-11

     

    

 

EXHIBIT
A-8

 

FORM
OF CLASS R CERTIFICATES

 

CLASS
R

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWER SPONSOR, THE BORROWER, THE SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE CUSTODIAN, THE OPERATING ADVISOR, THE 17G-5 INFORMATION
PROVIDER, THE INITIAL PURCHASER, THE TRUST LOAN SELLER OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE
UNDERLYING MORTGAGE 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) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (A “QIB”),
WITHIN THE MEANING OF RULE 144A, OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER,
RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”), OR
ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE.

 

THIS
CERTIFICATE REPRESENTS A “RESIDUAL INTEREST” IN TWO “REAL ESTATE MORTGAGE INVESTMENT CONDUITS” AS THOSE
TERMS ARE

 

    Exhibit A-8-1

     

    

 

DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(2) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. EACH TRANSFEREE
OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY
TO DISQUALIFIED ORGANIZATIONS, DISQUALIFIED NON-U.S. PERSONS OR AGENTS OF EITHER, AS SET FORTH IN SECTION 5.03 OF THE TRUST AND
SERVICING AGREEMENT, AND SHALL BE REQUIRED TO FURNISH AN AFFIDAVIT TO THE TRANSFEROR AND THE CERTIFICATE ADMINISTRATOR TO THE
EFFECT THAT, AMONG OTHER THINGS, (A) IT IS NOT A DISQUALIFIED ORGANIZATION, AS SUCH TERM IS DEFINED IN CODE SECTION 860E(e)(5),
OR AN AGENT (INCLUDING A BROKER, NOMINEE OR OTHER MIDDLEMAN) FOR SUCH DISQUALIFIED ORGANIZATION AND IS OTHERWISE A PERMITTED TRANSFEREE,
(B) IT HAS HISTORICALLY PAID ITS DEBTS AS THEY HAVE COME DUE AND INTENDS TO PAY ITS DEBTS AS THEY COME DUE IN THE FUTURE,
(C) IT UNDERSTANDS THAT IT MAY INCUR TAX LIABILITIES WITH RESPECT TO THIS CERTIFICATE IN EXCESS OF CASH FLOWS GENERATED HEREBY,
(D) IT INTENDS TO PAY ANY TAXES ASSOCIATED WITH HOLDING THIS CERTIFICATE AS THEY BECOME DUE, (E) IT WILL NOT CAUSE INCOME
WITH RESPECT TO THIS CERTIFICATE TO BE ATTRIBUTABLE TO A FOREIGN PERMANENT ESTABLISHMENT OR FIXED BASE, WITHIN THE MEANING OF
AN APPLICABLE INCOME TAX TREATY, OF SUCH PERSON OR ANY OTHER U.S. PERSON AND (F) IT WILL NOT TRANSFER THIS CERTIFICATE TO
ANY PERSON OR ENTITY THAT DOES NOT PROVIDE A SIMILAR AFFIDAVIT. ANY PURPORTED TRANSFER TO A DISQUALIFIED ORGANIZATION OR OTHER
PERSON THAT IS NOT A PERMITTED TRANSFEREE OR OTHERWISE IN VIOLATION OF THESE RESTRICTIONS SHALL BE ABSOLUTELY NULL AND VOID AND
SHALL VEST NO RIGHTS IN ANY PURPORTED TRANSFEREE. BECAUSE THIS CERTIFICATE REPRESENTS MULTIPLE “NON-ECONOMIC RESIDUAL INTERESTS,”
AS DEFINED IN TREASURY REGULATIONS SECTION 1.860E-1(c), TRANSFERS OF THIS CERTIFICATE MAY BE DISREGARDED FOR FEDERAL INCOME TAX
PURPOSES. IN ORDER TO SATISFY A REGULATORY SAFE HARBOR UNDER 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-8-2

     

    

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2021-1MEM

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-1MEM, CLASS R

 

	Pass-Through
    Rate:  N/A	 
	 	 
	First
    Distribution Date:  N/A	 
	 	 
	Percentage
    Interest of the Class R 

Certificates:  100%	Rated
    Final Distribution Date: N/A
	 	 
	CUSIP:
        46654BAQ0

        ISIN: US46654BAQ051

         

        CUSIP:
        U4816BAH1

        ISIN: USU4816BAH162

         

        CUSIP:
        46654BAR8

        ISIN: US46654BAR873

         

        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 the Trust Fund with respect to the Class R Certificates. The Trust Fund consists primarily of two promissory notes
secured by certain Collateral held in trust by the Trustee 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 X, Class
B, Class C, Class D, Class E, Class HRR and Class ELP 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 October 14,
2021 (the “Trust 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 Servicer, Situs Holdings, LLC, as Special
Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and as Trustee, and Park Bridge Lender Services
LLC, as Operating Advisor. To the extent not defined

 

 

 

		1	For
Certificate sold in reliance on Rule 144A only.

 

		2	Regulation
S Global Certificate only.

 

		3	For
IAI Certificates.

 

    Exhibit A-8-3

     

    

 

herein, capitalized terms used herein shall have the meanings assigned thereto
in the Trust and Servicing Agreement.

 

Pursuant
to the terms of the Trust and Servicing Agreement, distributions, if any, on this Certificate shall be made by the Certificate
Administrator in an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate)
and to the extent and subject to the limitations set forth in the Trust and Servicing Agreement, on the 4th Business Day after
the Determination Date, beginning in November 2021 (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 calendar month preceding the month in which such Distribution Date occurs.

 

All
distributions will be made to the Persons entitled thereto by check mailed by first class mail to the address set forth therefor
in the Certificate Register or, provided that such Certificateholder shall have provided the Certificate Administrator with a
written request for payment by wire transfer, together with wire instructions, at least five Business Days prior to the related
Distribution Date, by wire transfer of immediately available funds to the account of such Certificateholder at a bank or other
entity located in the United States and having appropriate facilities therefor. The final distribution on each Certificate shall
be made in like manner, but only upon presentment and surrender of such Certificate at the location 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 Mortgage
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 this Certificate and the Trust and
Servicing Agreement, the Trust and Servicing Agreement shall control.

 

As
provided in the Trust and Servicing Agreement, subject to certain restrictions on transfer and other procedures 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 Certificate Administrator, the Operating
Advisor, the Servicer, the Special Servicer, the Certificate Registrar, and any agent of the Trustee, the Certificate Administrator,
the Operating Advisor, the Servicer, the Special Servicer or the Certificate Registrar may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Trust
and Servicing Agreement and for all other purposes whatsoever, and none of the Trustee, the Certificate Administrator, the Operating
Advisor, the Servicer, the Special Servicer, the Certificate Registrar, nor any agent of the

 

    Exhibit A-8-4

     

    

 

Trustee, the Certificate Administrator,
the Servicer, the Special Servicer or the Certificate Registrar shall be affected by any notice to the contrary.

 

The
Trust and Servicing Agreement may be amended from time to time by the Depositor, the Certificate Administrator, the Servicer,
the Special Servicer, the Trustee and the Operating Advisor, without the consent of any of the Certificateholders, in certain
circumstances specified in the Trust and Servicing Agreement, subject to certain exceptions set forth in the Trust and Servicing
Agreement. The Trust and Servicing Agreement may also be amended from time to time by the Depositor, the Certificate Administrator,
the Servicer, the Special Servicer, the Trustee and the Operating Advisor with the written consent of the Holders of Certificates
evidencing, in the aggregate, not less than 51% of the Percentage Interests of each Class of Certificates adversely affected by
the amendment 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 Certificateholders. In addition, no amendment may
be made under the Trust and Servicing Agreement without the Trustee and Certificate Administrator first receiving in writing an
Opinion of Counsel, at the expense of the party requesting the amendment, that the amendment will not result in the imposition
of federal income tax on the Trust or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC
under the Code.

 

The
Trust and Servicing Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer,
the Depositor, the Certificate Administrator, the Trustee and the Operating Advisor created with respect to the Certificates (other
than the obligation of the Certificate Administrator to make certain payments to Certificateholders after the final Distribution
Date to the extent set forth in the Trust and Servicing Agreement and other than the obligation of the Certificate Administrator
to file final tax returns for the Upper-Tier REMIC and the Lower-Tier REMIC, to maintain books and records of the trust fund for
such period of time as it maintains its own books and records, and the indemnification rights and obligations of the parties to
the Trust and Servicing Agreement) shall terminate upon the last action required to be taken by the Certificate Administrator
on the final Distribution Date pursuant to Article 10 of the Trust and Servicing Agreement following the later of (i) the
final payment on the Certificates and the Uncertificated Lower-Tier Interests or (ii) the liquidation of the Mortgage Loan
(including, without limitation, the sale of the Mortgage Loan pursuant to the Trust and Servicing Agreement) or the liquidation
or abandonment of the Property and all other Collateral for the Mortgage Loan, provided, however, that in no event
shall the trust created by the Trust and Servicing Agreement continue beyond the expiration of twenty-one years from the death
of the last survivor of the descendants of Joseph P. Kennedy, the late United States ambassador to the Court of St. James’s,
living on the date of execution of the Trust and Servicing Agreement. 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 12.4 of the Trust and Servicing Agreement or to such other address designated by the Servicer in writing, any Mortgage
Files in its possession.

 

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.

 

    Exhibit A-8-5

     

    

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loan and has executed this Certificate in its limited capacity as Certificate
Administrator under the Trust and Servicing Agreement.

 

The
Certificate Administrator shall be the “partnership representative” (within the meaning of Code Section 6223 of the
Upper-Tier REMIC and Lower-Tier REMIC. The Class R Certificateholders, by acceptance of the Class R Certificates, agree, on behalf
of themselves and all successor holders of such Class R Certificates, to the irrevocable appointment of the Certificate Administrator
as the “partnership representative” for the Upper-Tier REMIC and the Lower-Tier REMIC.

 

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:

 

Each
Person acquiring or holding any Residual Ownership Interest shall be a Permitted Transferee and shall not acquire or hold such
Residual Ownership Interest as agent (including a broker, nominee or other middleman) on behalf of any Person that is not a Permitted
Transferee. Any such Person shall promptly notify the Certificate Registrar of any change or impending change in its status (or
the status of the beneficial owner of such Residual Ownership Interest) as a Permitted Transferee. Any acquisition of a Residual
Ownership Interest by a Person who is not a Permitted Transferee or by a Person who is acting as an agent of a Person who is not
a Permitted Transferee shall be void ab initio and of no effect, and the immediately preceding owner who was a Permitted
Transferee shall be restored to registered and beneficial ownership of the Residual Ownership Interest as fully as possible.

 

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-1 to the Trust and Servicing Agreement (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.

 

    Exhibit A-8-6

     

    

 

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 Section 5.3(n) of the Trust and Servicing Agreement and (y) other than in connection with the initial issuance of
a Class R Certificate, require a statement from the proposed transferor substantially in the form attached as Exhibit J-2
to the Trust and Servicing Agreement (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.

 

Notwithstanding
the delivery of a Transferee Affidavit by a proposed transferee under clause (ii) above, if a Responsible Officer of the Certificate
Registrar has actual knowledge that the proposed transferee is not a Permitted Transferee, no Transfer to such proposed transferee
shall be effected and such proposed Transfer shall not be registered on the Certificate Register; provided, however,
the Certificate Registrar shall not be required to conduct any independent investigation to determine whether a proposed transferee
is a Permitted Transferee. Upon notice to the Certificate Registrar that there has occurred a Transfer to any Person that is a
Disqualified Organization or an agent thereof (including a broker, nominee or middleman) in contravention of the foregoing restrictions,
and in any event not later than 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.

 

The
Class R Certificates may only be issued as Definitive Certificates and transferred to and owned by QIBs and the Certificate Administrator
shall act in accordance with such requirement.

  

    Exhibit A-8-7

     

    

 

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Certificate to be duly executed.

 

Dated: October
14, 2021

 

	 	 	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: October
14, 2021

 

	 	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION,

not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Officer

 

    Exhibit A-8-8

     

    

 

SCHEDULE
A

 

SCHEDULE
OF EXCHANGES

 

The
following payments of principal and exchanges of a part of this Rule 144A Definitive Certificate have been made:

 

	Date of
 Exchange or
 Payment of
 Principal	 	 	 	Certificate
 Balance
 Prior to
 Exchange or
 Payment	 	 	 	Certificate
 Balance
 Exchanged
 or Principal
 Payment
 Made	 	 	 	Type of
 Certificate
 Exchanged
 for	 	 	 	Remaining
 Certificate
 Balance
 Following
 Such
 Exchange or
 Payment	 	 	 	Notation
 Made by	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

    Exhibit A-8-9

     

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.

 

I
(we) further direct the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the
within Certificate to the above-named Assignee(s) and to deliver such Certificate to the following address:

 

 

 

 

 

 

 

Date:
__________________

 

	 	Signature by or on behalf of
	 	Assignor(s):
	 		 
	 	 	 
	 	Taxpayer Identification Number:  _________

 

    Exhibit A-8-10

     

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions:
____________________________________________________________________.

 

Distributions,
if being made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.

 

This
information is provided by _______________________________________ the Assignee(s) named above, or ________________________________________________
as its (their) agent.

 

 

	 	By:	 
	 	 	[Please print or type name(s)]

 

	 	Title:	        
	 	 	 
	 	Taxpayer Identification Number:

 

    Exhibit A-8-11

     

    

 

EXHIBIT
A-9

 

FORM
OF CLASS ELP CERTIFICATES

 

CLASS ELP

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, BORROWER SPONSOR, THE BORROWER, THE SERVICER, THE
SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE CUSTODIAN, THE OPERATING ADVISOR, THE 17G-5 INFORMATION PROVIDER,
THE INITIAL PURCHASERS, THE TRUST LOAN SELLER OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING
MORTGAGE 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” (A “QIB”),
WITHIN THE MEANING OF RULE 144A, OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER,
RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS NOT A “U.S. PERSON”
IN AN “OFFSHORE TRANSACTION,” AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE
SECURITIES ACT, OR (3) UPON INITIAL ISSUANCE ONLY, TO AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING
OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE
INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D
UNDER THE SECURITIES ACT, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT 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

 

    Exhibit A-10-1

     

    

 

PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”), OR
ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

    Exhibit A-10-2

     

    

 

J.P.
MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2021-1MEM

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2021-1MEM, CLASS ELP

 

	Pass-Through
    Rate: N/A	 
	 	 
	First
    Distribution Date: November 12, 2021	 
	 	 
	Original
    Aggregate Class ELP Certificate Percentage Interest:  100%	Rated
    Final Distribution Date: N/A
	 	 
	CUSIP:
        46654BAS6

        

        ISIN:
US46654BAS601 

         

        CUSIP:
        U4816B AJ7

        
	Initial
    Class ELP Certificate Percentage Interest of this Class ELP Certificate:  [___]
	ISIN:
        USU4816BAJ712

                                                           

        

        CUSIP:
46654BAT4 

        ISIN:
US46654BAT443
	 
	 	 
	No.:  ELP-[1]	 
	 	 

This
certifies that New York State Teachers’ Retirement System 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 ELP Certificates. The Trust
Fund consists primarily of two promissory notes secured by certain Collateral held in trust by the Trustee 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 X, Class B, Class C, Class D, Class E, Class HRR and Class R Certificates (collectively
with the Class ELP 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 October 14,
2021 (the “Trust and Servicing Agreement”), between J.P. Morgan Chase Commercial Mortgage Securities Corp.,
as Depositor, Midland Loan

 

 

 

		1	For
Certificates sold in reliance on Rule 144A only.

 

		2	Regulation
S Global Certificate only.

 

		3	For
IAI Certificates.

 

    Exhibit A-10-3

     

    

 

Services, a Division of PNC Bank, National Association, as Servicer, Situs Holdings, LLC, as Special
Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and as Trustee, and Park Bridge Lender Services
LLC, as Operating Advisor. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto
in the Trust and Servicing Agreement.

 

Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after
the Determination Date, beginning in November 2021 (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 calendar month preceding the month in which such 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 then distributable and any Prepayment Premiums and any other amounts allocable to the Class ELP Certificates for
such Distribution Date, all as more fully described in the Trust and Servicing Agreement.

 

All
distributions will be made to the Persons entitled thereto by check mailed by first class mail to the address set forth therefor
in the Certificate Register or, provided that such Certificateholder shall have provided the Certificate Administrator with a
written request for payment by wire transfer, together with wire instructions, at least five Business Days prior to the related
Distribution Date, by wire transfer of immediately available funds to the account of such Certificateholder at a bank or other
entity located in the United States and having appropriate facilities therefor. The final distribution on each Certificate shall
be made in like manner, but only upon presentment and surrender of such Certificate at the location 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 this Certificate and the Trust and
Servicing Agreement, the Trust and Servicing Agreement shall control.

 

This
Certificate represents an undivided beneficial interest in a portion of the Grantor Trust. 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.

 

As
provided in the Trust and Servicing Agreement, subject to certain restrictions on transfer and other procedures set forth therein,
upon surrender for registration of transfer of

 

    Exhibit A-10-4

     

    

 

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 Certificate Administrator, the Operating
Advisor, the Servicer, the Special Servicer, the Certificate Registrar, and any agent of the Trustee, the Certificate Administrator,
the Operating Advisor, the Servicer, the Special Servicer, or the Certificate Registrar may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Trust
and Servicing Agreement and for all other purposes whatsoever, and none of the Trustee, the Certificate Administrator, the Operating
Advisor, the Servicer, the Special Servicer, the Certificate Registrar, nor any agent of the Trustee, the Certificate Administrator,
the Servicer, the Special Servicer or the Certificate Registrar shall be affected by any notice to the contrary.

 

The
Trust and Servicing Agreement may be amended from time to time by the Depositor, the Certificate Administrator, the Servicer,
the Special Servicer, the Trustee and the Operating Advisor, without the consent of any of the Certificateholders, in certain
circumstances specified in the Trust and Servicing Agreement, subject to certain exceptions set forth in the Trust and Servicing
Agreement. The Trust and Servicing Agreement may also be amended from time to time by the Depositor, the Certificate Administrator,
the Servicer, the Special Servicer, the Trustee and the Operating Advisor with the written consent of the Holders of Certificates
evidencing, in the aggregate, not less than 51% of the Percentage Interests of each Class of Certificates adversely affected by
the amendment 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 Certificateholders. In addition, no amendment may
be made under the Trust and Servicing Agreement without the Trustee and Certificate Administrator first receiving in writing an
Opinion of Counsel, at the expense of the party requesting the amendment, that the amendment will not result in the imposition
of federal income tax on the Trust or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC
under the Code.

 

The
Trust and Servicing Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer,
the Depositor, the Certificate Administrator, the Trustee and the Operating Advisor created with respect to the Certificates (other
than the obligation of the Certificate Administrator to make certain payments to Certificateholders after the final Distribution
Date to the extent set forth in the Trust and Servicing Agreement and other than the obligation of the Certificate Administrator
to file final tax returns for the Upper-Tier REMIC and the Lower-Tier REMIC, to maintain books and records of the trust fund for
such period of time as it maintains its own books and records, and the indemnification rights and obligations of the parties to
the Trust and Servicing Agreement) shall terminate upon the last action required to be taken by the Certificate Administrator
on the final Distribution Date pursuant to Article 10 of the Trust and Servicing Agreement following the later of
(i) the final payment on the Certificates and the Uncertificated Lower-Tier Interests or (ii)  the liquidation of the
Mortgage Loan (including, without limitation, the sale of the Mortgage Loan pursuant to the

 

    Exhibit A-10-5

     

    

 

Trust and Servicing Agreement) or
the liquidation or abandonment of the Property and all other Collateral for the Mortgage Loan, provided, however,
that in no event shall the trust created by the Trust and Servicing Agreement continue beyond the expiration of twenty-one years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late United States ambassador 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-10-6

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Certificate to be duly executed.

 

Dated: October
14, 2021

 

	 	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 ELP Certificates referred to in the Trust and Servicing Agreement.

 

Dated: October
14, 2021

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
 not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Officer

 

    Exhibit A-10-7

     

    

 

SCHEDULE
A

 

SCHEDULE
OF EXCHANGES

 

The
following exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global Certificate] [Regulation S
Global Certificate] [Definitive Certificate] have been made:

 

	Date
        of 

Exchange or 

Payment of 

Principal	 	 	 	Certificate
        

Balance 

Prior to 

Exchange or 

Payment	 	 	 	Certificate
        

Balance 

Exchanged 

or Principal 

Payment Made	 	 	 	Type
        of 

Certificate 

Exchanged 

for	 	 	 	Remaining
        

Certificate 

Balance 

Following 

Such 

Exchange or 

Payment	 	 	 	Notation
        

Made by	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Exhibit A-10-8

     

    

 

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-10-9

     

    

 

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-10-10

     

    

 

EXHIBIT
B

 

FORM
OF REQUEST FOR RELEASE

(for Certificate Administrator)

 

	Loan
    Information
	 
	 	Name
    of Mortgagor:	
	 	 	 
	 	[Servicer]
    [Special Servicer] Loan No.:	
	 	 	 
	Certificate
    Administrator
	 
	 	Name:	Wells
    Fargo Bank, National Association
	 	 	 
	 	Address:	Wells
    Fargo Bank, National Association

    1055 10th Avenue SE

    Minneapolis, MN 55414

    Attention:  CTS – Document Custody Group

                      JPMCC 2021-1MEM
	 	 	 
	 	Custodian/Certificate
    Administrator  Mortgage File No.:	 

	 	 	 
	Depositor
	 
	 	Name:	J.P.
    Morgan Chase Commercial Mortgage Securities Corp.
	 	 	 
	 	Address:	383
Madison Avenue, 8th Floor, New York, New York 10179, Attention: Kunal K. Singh

	 	 	 
	 	Certificates:	J.P.
    Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM, Commercial Mortgage Pass-Through Certificates, Series 2021-1MEM

 

The
undersigned [Servicer] [Special Servicer] hereby requests delivery from Wells Fargo Bank, National Association, as certificate
administrator (the “Certificate Administrator”), for the Holders of J.P. Morgan Chase Commercial Mortgage Securities
Trust 2021-1MEM, Commercial Mortgage Pass-Through Certificates, Series 2021-1MEM, 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 October 14, 2021, between J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Midland
Loan Services, a Division of PNC Bank, National

 

    Exhibit B-1

     

    

 

Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wells Fargo
Bank, National Association, as Certificate Administrator and as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor
(the “Trust and Servicing Agreement”).

 

		(
                            )	Note
dated September 15, 2021, in the original principal sum of $141,150,000, made by OMD Owner, LLC (the “Borrower”),
payable to, or endorsed to the order of, the Trustee.

 

		(
                            )	Note
dated September 15, 2021, in the original principal sum of $30,000,000, made by OMD Owner, LLC (the “Borrower”),
payable to, or endorsed to the order of, the Trustee.

 

		(
                            )	Note
dated September 15, 2021, in the original principal sum of $30,000,000, made by OMD Owner, LLC (the “Borrower”),
payable to, or endorsed to the order of, the Trustee.

 

		(
                            )	Note
dated September 15, 2021, in the original principal sum of $30,000,000, made by OMD Owner, LLC (the “Borrower”),
payable to, or endorsed to the order of, the Trustee.

 

		(
                            )	Note
dated September 15, 2021, in the original principal sum of $30,000,000, made by OMD Owner, LLC (the “Borrower”),
payable to, or endorsed to the order of, the Trustee.

 

		(
                            )	Note
dated September 15, 2021, in the original principal sum of $38,150,000, made by OMD Owner, LLC (the “Borrower”),
payable to, or endorsed to the order of, the Trustee.

 

		(
                            )	Note
dated September 15, 2021, in the original principal sum of $114,700,000, made by OMD Owner, LLC (the “Borrower”),
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 ________.

 

		(
                            )	Deed
of Trust(s) recorded on __________ as instrument no. ________ in the County Recorder’s Office of the County of ___________,
State of _______ in book/reel/docket ____________ of official records at page/image.

 

		(
                            )	Deed
to Secure Debt recorded on __________ as instrument no. ________ in the County Recorder’s Office of the County of ___________,
State of _______ in book/reel/docket ____________ of official records at page/image.

 

		(
                            )	Other
documents, including any amendments, assignments or other assumptions of the Note or Mortgages.

 

		(
                            )	___________________________

 

    Exhibit B-2

     

    

 

		(
                            )	___________________________

 

		(
                            )	___________________________

 

		(
                            )	___________________________

 

The
undersigned [Servicer] [Special Servicer] hereby acknowledges and agrees as follows:

 

(1)       The
[Servicer] [Special Servicer] shall hold and retain possession of the Documents in trust for the benefit of the Trustee, 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 Certificate Administrator when the need therefor no longer exists,
unless the Mortgage Loan has been liquidated or the Mortgage 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 held for the account
of the Trustee, 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.

 

	 	[Servicer] [Special Servicer]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit B-3

     

    

  

	 	Acknowledged
    and agreed:
	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

Date:
_________

 

    Exhibit B-4

     

    

 

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 55415

Attention: CMBS – JPMCC 2021-1MEM

 

		Re:	J.P.
                                         Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM, Commercial Mortgage Pass-Through
                                         Certificates, Series 2021-1MEM  

 

Reference
is hereby made to the Trust and Servicing Agreement dated as of October 14, 2021 (the “Trust 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 Servicer, Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator
and as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor. Capitalized terms used but not defined herein shall
have the meanings given to them in the Trust and Servicing Agreement.

 

This
letter relates to US $[______] aggregate [Certificate Balance] [Notional Amount] 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:

 

 

 

		*	Select
                                         appropriate depository.

 

    Exhibit C-1

     

    

 

(1)           the offer of the Certificates was not made to a person in the United States;

 

[(2)         at
the time the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on
its behalf reasonably believed and believes that the transferee was outside the United States;]**

 

[(2)         the
transaction was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor
nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;]**

 

(3)           no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S,
as applicable; and

 

(4)           the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

We
understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith,
if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant,
we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This certificate and the
statements contained herein are made for your benefit and the benefit of the Depositor, the Operating Advisor, the Trustee, the
Certificate Administrator, the Servicer, the Special Servicer and the Initial Purchasers.

 

	 	[Insert
Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
_______

 

cc:
J.P. Morgan Chase Commercial Mortgage Securities Corp.

 

 

 

**
       Insert one of these two provisions, which come from the definition of “offshore
transaction” in Regulation S.

 

    Exhibit C-2

     

    

EXHIBIT
D

 

FORM
OF TRANSFER CERTIFICATE

FOR RULE 144A GLOBAL CERTIFICATE

TO REGULATION S GLOBAL CERTIFICATE

 

(Exchange
or transfers pursuant to

Section 5.3(d) of the Trust and Servicing Agreement)

 

Wells
Fargo Bank, National Association,

as Certificate Registrar

600
South 4th Street, 7th Floor 

MAC
N9300-070

Minneapolis, Minnesota 55415

Attention: CMBS – JPMCC 2021-1MEM

 

		Re:	J.P.
                                         Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM, Commercial Mortgage Pass-Through
                                         Certificates, Series 2021-1MEM, Class [__]

 

Reference
is hereby made to the Trust and Servicing Agreement dated as of October 14, 2021 (the “Trust 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 Servicer, Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator
and as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor. Capitalized terms used but not defined herein shall
have the meanings given to them in the Trust and Servicing Agreement.

 

This
letter relates to US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Rule 144A Global Certificate of such Class (CUSIP No. [______])
with the Depository in the name of [insert name of Transferor] (the “Transferor”). The Transferor has requested
an exchange or transfer of such beneficial interest for a beneficial interest in the Regulation S Global Certificate of such
Class (CINS No. [______], ISIN No. [______], and Common Code No. [______]).

 

In
connection with such request and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer
has been made in compliance with the transfer restrictions set forth in the Trust and Servicing Agreement and, (i) with respect
to transfers made in reliance on Regulation S (“Regulation S”) under the Securities Act of 1933,
as amended (the “Securities Act”), the Transferor does hereby certify that:

 

(1)           the offer of the Certificates was not made to a person in the United States,

 

    Exhibit D-1

     

    

 

[(2)         at
the time the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on
its behalf reasonably believed and believes that the transferee was outside the United States,]*

 

[(2)         the
transaction was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor
nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,] *

 

(3)           no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S,
as applicable, and

 

(4)           the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act;

 

or
(ii) with respect to transfers made in reliance on Rule 144 under the Securities Act, the Transferor does hereby certify
that the Certificates are being transferred in a transaction permitted by Rule 144 under the Securities Act.**

 

We
understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith,
if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant,
we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This certificate and the
statements contained herein are made for your benefit and the benefit of the Depositor, the Operating Advisor, the Trustee, the
Certificate Administrator, the Servicer, the Special Servicer and the Initial Purchasers.

 

	 	[Insert
Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
________

 

cc:
J.P. Morgan Chase Commercial Mortgage Securities Corp.

 

 

 

*
       Insert one of these two provisions, which come from the definition of “offshore
transaction” in Regulation S.

 

**
     Select (i) or (ii), as applicable.

 

    Exhibit D-2

     

    

EXHIBIT
E

 

FORM
OF TRANSFER CERTIFICATE

FOR TEMPORARY REGULATION S GLOBAL CERTIFICATE

TO RULE 144A GLOBAL CERTIFICATE DURING RESTRICTED PERIOD

 

(Exchange
or transfers pursuant to

Section 5.3(e) of the Trust and Servicing Agreement)

 

Wells
Fargo Bank, National Association,

as Certificate Registrar

600
South 4th Street, 7th Floor 

MAC
N9300-070

Minneapolis, Minnesota 55415

Attention: CMBS – JPMCC 2021-1MEM

 

		Re:	J.P.
                                         Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM, Commercial Mortgage Pass-Through
                                         Certificates, Series 2021-1MEM, Class [__]

 

Reference
is hereby made to the Trust and Servicing Agreement dated as of October 14, 2021 (the “Trust 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 Servicer, Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator
and as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor. Capitalized terms used but not defined herein shall
have the meanings given to them in the Trust and Servicing Agreement.

 

This
letter relates to US $[______] aggregate [Certificate Balance] [Notional Amount]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

 

 

 

*
       Select appropriate depository.

 

    Exhibit E-1

     

    

 

Rule 144A and in accordance with any applicable securities laws
of any state of the United States or other applicable jurisdiction.

 

We
understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith,
if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant,
we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This certificate and the
statements contained herein are made for your benefit and the benefit of the Depositor, the Operating Advisor, the Trustee, the
Certificate Administrator, the Servicer, the Special Servicer and the Initial Purchasers.

 

	 	[Insert
Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
_______

 

cc:
J.P. Morgan Chase Commercial Mortgage Securities Corp.

 

    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 55415

Attention: CMBS – JPMCC 2021-1MEM

 

		Re:	J.P.
                                         Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM, Commercial Mortgage Pass-Through
                                         Certificates, Series 2021-1MEM, Class [__]

 

Reference
is hereby made to the Trust and Servicing Agreement dated as of October 14, 2021 (the “Trust 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 Servicer, Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator
and as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor. Capitalized terms used but not defined herein shall
have the meanings given to them in the Trust and Servicing Agreement.

 

[For
purposes of acquiring a beneficial interest in a Regulation S Global Certificate of the Class specified above after the expiration
of the Restricted Period,] [For purposes of receiving payments under a Temporary Regulation S Global Certificate of the Class
specified above,]* the undersigned holder of a beneficial interest in a Temporary Regulation S Global Certificate
of the Class specified above issued under the Trust and Servicing Agreement certifies that it is an institution and is not a U.S.
Person as defined by Regulation S under the Securities Act of 1933, as amended.

 

We
undertake to advise you promptly by facsimile on or prior to the date on which you intend to submit your corresponding certification
relating to the Certificates of the Class specified above held by you for our account if any applicable statement herein is not
correct on such date, and in the absence of any such notification it may be assumed that this certification applies as of such
date.

 

 

 

*
       Select, as applicable.

    Exhibit F-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 Servicer, the Special Servicer, the
Trustee, the Certificate Administrator, the Operating Advisor, 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

OF 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 55415

Attention: CMBS – JPMCC 2021-1MEM

 

		Re:	J.P.
                                         Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM, Commercial Mortgage Pass-Through
                                         Certificates, Series 2021-1MEM, Class [__]__

 

Reference
is hereby made to the Trust and Servicing Agreement dated as of October 14, 2021 (the “Trust 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 Servicer, Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator
and as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor. Capitalized terms used but not defined herein shall
have the meanings given to them in the Trust and Servicing Agreement.

 

This
letter relates to US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name
of Transferor] (the “Transferor”). The Transferor has requested an exchange or transfer of such Non-Book Entry
Certificates for a beneficial interest in the Temporary Regulation S Global Certificate of such Class (CINS No. [______]
and ISIN No. [______]) to be held with [Euroclear] [Clearstream]* (Common Code No. [______]) through the
Depository.

 

In
connection with such request, and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer
has been made in compliance with the transfer restrictions set forth in the Trust and Servicing Agreement and pursuant to and
in accordance with Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the
“Securities Act”), and accordingly the Transferor does hereby certify that:

 

(1)           the offer of the Certificates was not made to a person in the United States;

 

 

 

*
       Select appropriate depository.

 

    Exhibit G-1

     

    

 

[(2)         at
the time the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on
its behalf reasonably believed and believes that the transferee was outside the United States;]**

 

[(2)         the
transaction was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor
nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;] **

 

(3)           no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S,
as applicable; and

 

(4)           the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

We
understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith,
if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant,
we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This certificate and the
statements contained herein are made for your benefit and the benefit of the Depositor, the Servicer, the Special Servicer, the
Trustee, the Certificate Administrator, the Operating Advisor and the Initial Purchasers.

 

	 	[Insert
Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
________

 

cc:
J.P. Morgan Chase Commercial Mortgage Securities Corp.

 

 

 

**
       Insert one of these two provisions, which come from the definition of “offshore
transaction” in Regulation S.

    Exhibit G-2

     

    

EXHIBIT
H

 

FORM
OF TRANSFER CERTIFICATE

OF 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 55415

Attention: CMBS – JPMCC 2021-1MEM

 

		Re:	J.P.
                                         Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM, Commercial Mortgage Pass-Through
                                         Certificates, Series 2021-1MEM, Class [__]

 

Reference
is hereby made to the Trust and Servicing Agreement dated as of October 14, 2021 (the “Trust 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 Servicer, Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator
and as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor. Capitalized terms used but not defined herein shall
have the meanings given to them in the Trust and Servicing Agreement.

 

This
letter relates to US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name
of Transferor] (the “Transferor”). The Transferor has requested an exchange or transfer of such Non-Book Entry
Certificates for a beneficial interest in the Regulation S Global Certificate (CINS No. [______], ISIN No. [______], and
Common Code No. [______]).

 

In
connection with such request, and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer
has been made in compliance with the transfer restrictions set forth in the Trust and Servicing Agreement and, (i) with respect
to transfers made in reliance on Regulation S (“Regulation S”) under the Securities Act of 1933,
as amended (the “Securities Act”), the Transferor does hereby certify that:

 

(1)           the offer of the Certificates was not made to a person in the United States,

 

    Exhibit H-1

     

    

 

[(2)         at
the time the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on
its behalf reasonably believed and believes that the transferee was outside the United States,]*

 

[(2)         the
transaction was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor
nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,] *

 

(3)           no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S,
as applicable, and

 

(4)           the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act;

 

or
(ii) with respect to transfers made in reliance on Rule 144 under the Securities Act, the Transferor does hereby certify
that the Certificates are being transferred in a transaction permitted by Rule 144 under the Securities Act.**

 

We
understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith,
if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant,
we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This certificate and the
statements contained herein are made for your benefit and the benefit of the Depositor, the Servicer, the Special Servicer, the
Trustee, the Certificate Administrator, the Operating Advisor and the Initial Purchasers.

 

	 	[Insert
Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
_______

 

cc:
J.P. Morgan Chase Commercial Mortgage Securities Corp.

 

 

 

*
       Insert one of these two provisions, which come from the definition of “offshore
transaction” in Regulation S.

**
       Select (i) or (ii), as applicable.

    Exhibit H-2

     

    

EXHIBIT
I

 

FORM
OF TRANSFER CERTIFICATE

OF 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 55415

Attention: CMBS – JPMCC 2021-1MEM

 

		Re:	J.P.
                                         Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM, Commercial Mortgage Pass-Through
                                         Certificates, Series 2021-1MEM, Class [__]

 

Reference
is hereby made to the Trust and Servicing Agreement dated as of October 14, 2021 (the “Trust 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 Servicer, Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator
and as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor. Capitalized terms used but not defined herein shall
have the meanings given to them in the Trust and Servicing Agreement.

 

This
letter relates to US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name
of transferor] (the “Transferor”). The Transferor has requested an exchange or transfer of such beneficial
interest for a beneficial interest in the Rule 144A 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.

 

    Exhibit I-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 Servicer, the Special Servicer, the
Trustee, the Certificate Administrator, the Operating Advisor and the Initial Purchasers.

 

	 	[Insert
Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
_______

 

cc:
J.P. Morgan Chase Commercial Mortgage Securities Corp.

 

    Exhibit I-2

     

    

EXHIBIT
J-1

 

FORM
OF AFFIDAVIT PURSUANT TO

SECTION 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 55415

Attention: CMBS – JPMCC 2021-1MEM

 

		Re:	J.P.
                                         Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM, Commercial Mortgage Pass-Through
                                         Certificates, Series 2021-1MEM (the “Certificates”) issued pursuant
                                         to the Trust and Servicing Agreement, dated as of October 14, 2021 (the “Trust
                                         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 Servicer, Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association,
                                         as Certificate Administrator and as Trustee, and Park Bridge Lender Services LLC, as
                                         Operating Advisor 

 

	STATE OF	)	 
	 	)      ss.:	 
	COUNTY OF	)	 

 

I,
[______], under penalties of perjury, declare that, to the best of my knowledge and belief, the following representations are
true, correct and complete, and being first sworn, depose and say that:

 

1.            I am a [______] of [______] (the “Purchaser”), on behalf of which I have the authority to make this affidavit.

 

2.            The Purchaser is acquiring Class R Certificates representing [__]% of the residual interest in each of the real estate mortgage
investment conduits (each, a “REMIC”) designated as the (i) “Lower-Tier REMIC” and
(ii) “Upper-Tier REMIC,” respectively, relating to the Certificates for which an election is to be made
under Section 860E of the Internal Revenue Code of 1986 (the “Code”).

 

3.            The Purchaser is not a “Disqualified Organization” (as defined below), and that the Purchaser is not acquiring
the Class R Certificates for the account of, or as agent or nominee of, or with a view to the transfer of direct or indirect record
or beneficial ownership

 

    Exhibit J-1-1

     

    

 

thereof, to a Disqualified Organization. For the purposes hereof, a Disqualified Organization is any of
the following: (a) the United States, a State, or any agency or instrumentality of any of the foregoing (other than an instrumentality
that is a corporation if all of its activities are subject to tax and, except 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 Code Section 511 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 the Upper Tier REMIC or the Lower Tier REMIC to fail to qualify as a REMIC
at any time that the Certificates are outstanding. The terms “United States,” “State” and “International
Organization” have the meanings set forth in Section 7701 of the Code or successor provisions.

 

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 “United States person” as defined in Section 7701(a) of the Code and the regulations
promulgated thereunder (the Purchaser’s U.S. taxpayer identification number is [______]). The Purchaser is not classified
as a partnership under the Code (or, if so classified, all of its beneficial owners are United States persons).

 

6.            No purpose of the acquisition of the Class R Certificates is to impede the assessment or collection of tax.

 

7.            The Purchaser will not cause income from the Class R Certificate to be attributable to a foreign permanent establishment or fixed
base, within the meaning of an applicable income tax treaty, of the Purchaser or any other person.

 

8.            The Purchaser is a Permitted Transferee.

 

9.            Check the applicable paragraph:

 

☐            The
present value of the anticipated tax liabilities associated with holding the Class R Certificate, as applicable, does not exceed
the sum of:

 

(i)            the present value of any consideration given to the Purchaser to acquire such Class R Certificate;

 

(ii)           the present value of the expected future distributions on such Class R Certificate; and

 

    Exhibit J-1-2

     

    

 

(iii)          the present value of the anticipated tax savings associated with holding such Class R Certificate as the related REMIC generates
losses.

 

For
purposes of this calculation, (i) the Purchaser is assumed to pay tax at the highest rate currently specified in Section 11(b)
of the Code (but the tax rate in Section 55(b)(1)(B) of the Code may be used in lieu of the highest rate specified in
Section 11(b) of the Code if the Purchaser has been subject to the alternative minimum tax under Section 55 of the Code
in the preceding two years and will compute its taxable income in the current taxable year using the alternative minimum tax rate)
and (ii) present values are computed using a discount rate equal to the short-term Federal rate prescribed by Section 1274(d)
of the Code for the month of the transfer and the compounding period used by the Purchaser.

 

☐            The
transfer of the Class R Certificate complies with U.S. Treasury Regulations Sections 1.860E-1(c)(5) and (6) and, accordingly,

 

(i)          
 the Purchaser is an “eligible corporation,” as defined in U.S. Treasury Regulations Section 1.860E-1(c)(6)(i),
as to which income from the Class R Certificate will only be taxed in the United States;

 

(ii)         
at the time of the transfer, and at the close of the Purchaser’s two fiscal years preceding the year of the transfer, the
Purchaser had gross assets for financial reporting purposes (excluding any obligation of a person related to the Purchaser within
the meaning of U.S. Treasury Regulations Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets in excess of
$10 million;

 

(iii)          the Purchaser will transfer the Class R Certificate only to another “eligible corporation,” as defined in Treasury
Regulations Section 1.860E-1(c)(6)(i), in a transaction that satisfies the requirements of Sections 1.860E-1(c)(4)(i), (ii) and
(iii) and Treasury Regulations Section 1.860E-1(c)(5); and

 

(iv)         the Purchaser determined the consideration paid to it to acquire the Class R Certificate based on reasonable market assumptions
(including, but not limited to, borrowing and investment rates, prepayment and loss assumptions, expense and reinvestment assumptions,
tax rates and other factors specific to the Purchaser) that it has determined in good faith.

 

☐            None
of the above.

 

10.          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.

 

11.          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.

 

12.          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

 

    Exhibit J-1-3

     

    

 

substantially the same form as this affidavit and agreement. The Purchaser expressly agrees that it will not
consummate any such transfer if it knows or believes that any representation contained in such affidavit and agreement is false.

 

13.          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.

 

14.          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.

 

15.          The Purchaser has reviewed the provisions of Section 5.3 of the Trust and Servicing Agreement, a description of which provisions
may be set forth in the Class R Certificates; and the Purchaser expressly agrees to be bound by and to comply with such provisions.

 

16.          The Purchaser consents to the designation of the Certificate Administrator as the partnership representative of the  Lower-Tier
REMIC and the Upper-Tier REMIC, in each case pursuant to Section 12.1 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-1-4

     

    

 

On
this ____ day of _______20__, before me, the undersigned, a Notary Public in and for the State of _______________, duly commissioned
and sworn, personally appeared ______________________ and ________________________, known or proved to me to be the same persons
who executed the foregoing instrument and to be _____________________________ and ___________________________, respectively, of
the Purchaser, and acknowledged to me that they executed the same as their respective free acts and deeds and as the free act
and deed of the Purchaser.

 

	 	NOTARY
    PUBLIC in and for the
	 	State of _______________
	 	 
	[SEAL]	 

  

My
Commission expires:

 

 

 

 

    Exhibit J-1-5

     

    

 

EXHIBIT
J-2

 

FORM
OF TRANSFEROR LETTER

 

[Date]

 

Wells
Fargo Bank, National Association,

as Certificate Registrar

600
South 4th Street, 7th Floor 

MAC
N9300-070

Minneapolis, Minnesota 55415

Attention: CMBS – JPMCC 2021-1MEM

 

		Re:	J.P.
                                         Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM, Commercial Mortgage Pass-Through
                                         Certificates, Series 2021-1MEM (the “Certificates”)______________

 

Ladies
and Gentlemen:

 

This
letter is delivered to you in connection with the transfer by [______] (the “Transferor”) to [______] (the
“Transferee”) of Class R Certificates evidencing a [__]% Percentage Interest in such Class (the “Residual
Certificates”). The Certificates, including the Residual Certificates, were issued pursuant to the Trust and Servicing
Agreement, dated as of October 14, 2021 (the “Trust 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 Servicer, Situs
Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and as Trustee, and Park
Bridge Lender Services LLC, as Operating Advisor. All capitalized terms used but not otherwise defined herein shall have the respective
meanings set forth in the Trust and Servicing Agreement. The Transferor hereby certifies, represents and warrants to you, 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-1. The Transferor does not know or believe that any representation contained therein
is false.

 

(3)           The Transferor has at the time of this transfer conducted a reasonable investigation of the financial condition of the Transferee
as contemplated by Treasury regulation Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the Transferor
has determined that the Transferee has historically paid its debts as they became due and has found no significant evidence to
indicate that the Transferee will not continue to pay its debts as they become due in

 

    Exhibit J-2-1

     

    

 

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-2-2

     

    

 

EXHIBIT
J-3

 

FORM
OF ERISA REPRESENTATION LETTER

 

[Date]

  

Wells
Fargo Bank, National Association,

as Certificate Registrar

600
South 4th Street, 7th Floor

MAC
N9300-070

Minneapolis, Minnesota 55415

Attention: CMBS – JPMCC 2021-1MEM

 

Wells
Fargo Bank, National Association,

as Certificate Administrator

9062 Old Annapolis Road

Columbia, MD 21045

Attention: Certificate Transfer Services – CTS – JPMCC 2021-1MEM

 

[Transferor]

[______]

[______]

Attention: [______]

 

		Re:	J.P.
                                         Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM, Commercial Mortgage Pass-Through
                                         Certificates, Series 2021-1MEM 

 

Ladies
and Gentlemen:

 

The
undersigned (the “Purchaser”) proposes to purchase [$[____] Initial Certificate Balance] [[__]% Percentage
Interest] in the J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM, Commercial Mortgage Pass-Through Certificates,
Series 2021-1MEM, Class [__] Certificates (the “Certificate”) issued pursuant to that certain trust and servicing
agreement dated as of October 14, 2021 (the “Trust 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 Servicer, Situs
Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and as Trustee, and Park
Bridge Lender Services 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 Certificate, the
Purchaser is not and will not become an employee benefit plan or other plan subject to the fiduciary responsibility provisions
of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or to Section 4975 of the

 

    Exhibit J-3-1

     

    

 

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 (each, a “Plan”), or any person acting on behalf of any such Plan or using the assets
of a Plan to purchase such Certificate.

 

IN
WITNESS WHEREOF, the Purchaser hereby executes this ERISA Representation Letter on the ___ day of _____, ____.

 

	 	Very truly yours,
	 	 	 
	 	[The Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit J-3-2

     

    

 

EXHIBIT
J-4

 

Form
of Transferee CERTIFICATE FOR TRANSFERS 

OF RISK RETENTION CERTIFICATES

 

[Date]

 

Wells
Fargo Bank, National Association

as Certificate Registrar

9062
Old Annapolis Road 

Columbia,
Maryland 21045

Attention:
Risk Retention Custody (CMBS) – JPMCC 2021-1MEM

 

JPMorgan
Chase Bank, National Association

383
Madison Avenue, 8th Floor

New
York, New York 10179

Attention:
Kunal K. Singh

email:
US_CMBS_Notice@jpmorgan.com

 

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

 

J.P.
Morgan Chase Commercial Mortgage Securities Corp. 

383
Madison Avenue, 8th Floor

New
York, New York 10179

Attention:
Kunal K. Singh

 

		Re:	J.P.
                                         Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM, Commercial Mortgage Pass-Through
                                         Certificates, Series 2021-1MEM (the “Certificates”) issued pursuant
                                         to the Trust and Servicing Agreement (the “Trust and Servicing Agreement”),
                                         dated as of October 14, 2021, between J.P. Morgan Chase Commercial Mortgage Securities
                                         Corp., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association,
                                         as Servicer, Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association,
                                         as Certificate Administrator and as Trustee, and Park Bridge Lender Services LLC, as
                                         Operating Advisor

 

[_____]
(the “Purchaser”) hereby certifies, represents and warrants to you, as Certificate Registrar, as “retaining
sponsor” as such term is defined in the Credit Risk Retention Rules or as Depositor that:

 

    Exhibit J-4-1

     

    

 

		1.	The
                                         Purchaser is acquiring $[_____] Certificate Balance of the Class [__] Certificates, which
                                         are Risk Retention Certificates, from [_____] (the “Transferor”).

 

		2.	The
                                         Purchaser is aware that the Certificate Registrar will not register any transfer of a
                                         Risk Retention Certificate by the Transferor unless the Purchaser, or such Purchaser’s
                                         agent, delivers to the Certificate Registrar, among other things, a certificate in substantially
                                         the same form as this certificate. The Purchaser expressly agrees that it will not consummate
                                         any such transfer if it knows or believes that any representation contained in such certificate
                                         is false.

 

		3.	Any
                                         transfer of a Risk Retention Certificate to a person that is or will be a Plan, or any
                                         Person acting on behalf of any such Plan or using the assets of a Plan to purchase such
                                         Certificate will be effected through J.P. Morgan Securities LLC.

 

		4.	Check
                                         one of the following:

 

☐        The
Purchaser certifies, represents and warrants to the Certificate Registrar, the “retaining sponsor” as such term is
defined in the Credit Risk Retention Rules or the Depositor that the transfer will occur during the Risk Retention Period and
that the transfer will comply with all applicable requirements of the Credit Risk Retention Rules.

 

☐       The
Purchaser certifies, represents and warrants to you, as Certificate Registrar, as “retaining sponsor” as such term
is defined in the Credit Risk Retention Rules or as Depositor, that the transfer will occur after the termination of the after
the Risk Retention Period.

 

Capitalized
terms used but not defined herein have the meanings assigned thereto in the Trust and Servicing Agreement.

 

IN
WITNESS WHEREOF, the Purchaser has caused this instrument to be duly executed on its behalf by its duly authorized senior officer
this [__] day of [____], 20[__].

  

	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit J-4-2

     

    

 

EXHIBIT
J-5

 

FORM
OF TRANSFEROR CERTIFICATE FOR TRANSFERS 

OF RISK RETENTION CERTIFICATES

 

[Date]

 

Wells
Fargo Bank, National Association

as Certificate Registrar

9062
Old Annapolis Road 

Columbia,
Maryland 21045

Attention:
Risk Retention Custody (CMBS) – JPMCC 2021-1MEM

 

JPMorgan
Chase Bank, National Association

383
Madison Avenue, 8th Floor

New
York, New York 10179

Attention:
Kunal K. Singh

email:
US_CMBS_Notice@jpmorgan.com

 

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

 

J.P.
Morgan Chase Commercial Mortgage Securities Corp.

383
Madison Avenue, 8th Floor

New
York, New York 10179

Attention:
Kunal K. Singh

 

		Re:	J.P.
                                         Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM, Commercial Mortgage Pass-Through
                                         Certificates, Series 2021-1MEM (the “Certificates”) 

 

Ladies
and Gentlemen:

 

This
is delivered to you in connection with the transfer by [______] (the “Transferor”) to [______] (the “Transferee”)
of $[_____] Certificate Balance of the Class [__] Certificates, which are Risk Retention Certificates. The Certificates were issued
pursuant to the Trust and Servicing Agreement, dated as of October 14, 2021 (the “Trust 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 Servicer, Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator
and as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor. All capitalized terms used but not otherwise defined
herein shall have the respective meanings set

 

    Exhibit J-5-1

     

    

 

forth in the Trust and Servicing Agreement. The Transferor hereby certifies, represents
and warrants to you that:

 

		1.	The
                                         transfer is in compliance with Sections 5.1, 5.2 and 5.3 of the Trust and Servicing Agreement.

 

		2.	The
                                         Transferor has provided notice to the Depositor of the transfer no later than ten (10)
                                         days prior to the occurrence of the transfer.

 

		3.	Any
                                         transfer of a Certificate evidencing a Risk Retention Certificate to a person that is
                                         or will be a Plan, or any Person acting on behalf of any such Plan or using the assets
                                         of a Plan to purchase such Certificate will be effected through J.P. Morgan Securities
                                         LLC.

 

		4.	Check
                                         one of the following:

 

☐       The
Transferor certifies, represents and warrants to the Certificate Registrar, the “retaining sponsor” as such term is
defined in the Credit Risk Retention Rules or the Depositor that the transfer will occur during the Risk Retention Period and
that the transfer will comply with all applicable requirements of the Credit Risk Retention Rules.

 

☐       The
Transferor certifies, represents and warrants to the Certificate Registrar or the Depositor that the transfer will occur after
the termination of the Risk Retention Period.

 

		5.	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-5-2

     

    

 

EXHIBIT
J-6

 

FORM
OF REQUEST OF SPONSOR CONSENT FOR RELEASE OF THE RISK RETENTION CERTIFICATES

 

[Date]

 

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 (CMBS) – JPMCC 2021-1MEM

Email:
RiskRetentionCustody@wellsfargo.com

 

TO
BE SENT BY ELECTRONIC MAIL TO THE RETAINING SPONSOR BY THE CERTIFICATE ADMINISTRATOR 

JPMorgan
Chase Bank, National Association

383
Madison Avenue, 8th Floor

New
York, New York 10179

Attention:
Kunal K. Singh

email:
US_CMBS_Notice@jpmorgan.com

 

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

 

J.P.
Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM, Commercial Mortgage Pass-Through Certificates, Series 2021-1MEM (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
Risk Retention Period (the completion of which is subject to the consent of the Retaining Sponsor), request to transfer such Class
HRR Certificates pursuant to the enclosed transfer certification].

 

The
Certificates were issued pursuant to the Trust and Servicing Agreement, dated as of October 14, 2021 (the “Trust 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 Servicer, Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National
Association, as Certificate Administrator and as Trustee, and Park Bridge

 

    Exhibit J-6-1

     

    

 

Lender Services LLC, as Operating Advisor. All capitalized
terms used but not otherwise defined herein shall have the respective meanings set forth in the Trust and Servicing Agreement.

 

Check
one of the following:

 

☐       The
Third Party Purchaser certifies, represents and warrants to the Certificate Registrar, the “retaining sponsor” as
such term is defined in the Credit Risk Retention Rules or the Depositor that the release will occur during the Risk Retention
Period and that the release will comply with all applicable requirements of the Credit Risk Retention Rules.

 

☐       The
Third Party Purchaser certifies, represents and warrants to the Certificate Registrar or the Depositor that the transfer will
occur after the termination of the Risk Retention Period (the completion of which is subject to the consent of the Retaining Sponsor).

 

The
Third Party Purchaser hereby requests your written consent to the Release.

 

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.

 

NOTWITHSTANDING
THE FOREGOING, ANY REQUEST TO RELEASE IN CONNECTION WITH A DETERMINATION THAT THE RISK RETENTION PERIOD HAS ENDED SHALL BE COUNTERSIGNED
BY THE RETAINING SPONSOR AND SHALL NOT BE RELEASED WITHOUT THE RETAINING SPONSOR’S COUNTERSIGNATURE.

 

The
contact information of the Certificate Administrator is:

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Risk Retention Custody (CMBS) – JPMCC 2021-1MEM

Email: RiskRetentionCustody@wellsfargo.com

 

Sincerely,

 

    Exhibit J-6-2

     

    

 

	 	[THIRD PARTY PURCHASER]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

CONSENT
TO RELEASE:

 

RETAINING
SPONSOR

	 	 	 

By:

Name:

Title:

Email:

 

    Exhibit J-6-3

     

    

 

EXHIBIT
K-1

 

FORM
OF INVESTOR CERTIFICATION

 

For

 

NON-BORROWER
AFFILIATES

 

[Date]

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attn: Corporate Trust Services (CMBS) – JPMCC 2021-1MEM

 

J.P.
Morgan Chase Commercial Mortgage Securities Corp.
 383 Madison Avenue, 8th Floor
 New York, New York 10179
 Attn:
Kunal K. Singh

 

		Attention:
                            
	J.P. Morgan Chase Commercial
         Mortgage Securities Trust 2021-1MEM, Commercial Mortgage Pass-Through Certificates, Series 2021-1MEM

 

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 October 14, 2021 (the “Agreement”), between J.P. Morgan Chase Commercial
Mortgage Securities Corp., as Depositor, Midland Loan Services, a Division of PNC Bank, 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, and Park Bridge Lender Services LLC, as Operating Advisor, with
respect to the above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees
as follows:

 

1.            The undersigned is [[a Certificateholder][a Beneficial Owner][a prospective purchaser] of the Class ___ Certificates][, the Trust
Loan Seller that repurchases its interest in the Trust Loan], [the Directing Certificateholder] or [a holder of any Companion
Loan (or any Companion Loan Security)].

 

2.            The undersigned is not a Borrower Affiliate, a Manager, or an agent or an Affiliate of any of the foregoing.

 

[3.           The
undersigned is requesting access pursuant to the 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 Agreement.

 

    Exhibit K-1-1

     

    

 

 In
consideration of the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information
confidential (except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related
Certificates, from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which
the undersigned is subject), and such Information will not, without the prior written consent of the Certificate Administrator,
be otherwise disclosed by the undersigned or by its officers, directors, partners, employees, agents or representatives (collectively,
the “Representatives”) in any manner whatsoever, in whole or in part; provided, however, that
the obligations of the undersigned to keep any such information confidential shall expire one year following the date that the
undersigned is no longer a Certificateholder or a Beneficial Owner of a Class of Certificates or is not a purchaser of Certificates
in the case of a prospective purchaser.

 

The
undersigned will not use or disclose the Information in any manner which could result in a violation of any provision of the Securities
Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would
require registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.]

 

4.            The undersigned shall be fully liable for any breach of this certificate by itself or any of its Representatives and shall indemnify
the Depositor, the Operating Advisor, 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.

 

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 Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be
signed hereto by its duly authorized signatory, as of the date certified.

 

	 	[Certificateholder][Beneficial
Owner][Prospective Purchaser][Companion Loan Holder][Directing Certificateholder]

 

		By: 	

 

		Name: 	

 

		Title: 	

 

    Exhibit K-1-2

     

    

 

		Company: 	

 

		Phone: 	

 

    Exhibit K-1-3

     

    

EXHIBIT
K-2

 

FORM
OF INVESTOR CERTIFICATION

 

For

 

BORROWER
AFFILIATES

 

[Date]

 

Wells
Fargo Bank, National Association
 9062 Old Annapolis Road
 Columbia, MD 21045
 Attn: Corporate Trust Services
– CMBS JPMCC 2021-1MEM

 

		Attention:	J.P. Morgan Chase
Commercial Mortgage Securities Trust 2021-1MEM, Commercial Mortgage Pass-Through Certificates, Series 2021-1MEM

 

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 October 14, 2021 (the “Agreement”), between J.P. Morgan Chase Commercial
Mortgage Securities Corp., as Depositor, Midland Loan Services, a Division of PNC Bank, 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, and Park Bridge Lender Services LLC, as Operating Advisor, with respect
to the above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.            The undersigned is [[a Certificateholder][a Beneficial Owner][a prospective purchaser] of the Class ___ Certificates][, the Trust
Loan Seller that repurchases its interest in the Trust Loan], [the Directing Certificateholder] or [a holder of any Companion
Loan (or any Companion Loan Security)]].

 

2.            The undersigned is a Borrower Affiliate, a Manager, or an agent or Affiliate of the foregoing. 

 

3.            The undersigned is requesting access to the Distribution Date Statement information in accordance with the Agreement (the “Information”)
and agrees to keep the Information confidential (except from such outside persons as are assisting it in making an evaluation
in connection with purchasing the related Certificates from its accountants and attorneys, and otherwise from such governmental
or banking authorities or agencies to which the undersigned is subject), and such Information will not, without the prior written
consent of the Certificate Administrator, be otherwise disclosed by the undersigned or by its officers, directors, partners, employees,
agents or representatives (collectively, the “Representatives”) in any manner whatsoever, in whole or in part.

 

    Exhibit K-2-1

     

    

 

The
undersigned will not use or disclose the Information in any manner which could result in a violation of any provision of the Securities
Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would
require registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

4.            The undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Operating Advisor, 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.

 

5.            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.

 

	 	 
	 	[Borrower
Affiliate] [Manager] [Affiliate] [Agent of Borrower Affiliate] [Companion Loan Holder] [Directing Certificateholder]

 

		By: 	

 

		Name: 	

 

		Title: 	

  

		Company: 	

 

		Phone: 	

  

    Exhibit K-2-2

     

    

 

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

	1122(d)(1)(v)

	Aggregation
                                         of information, as applicable, is mathematically accurate and the information conveyed
                                         accurately reflects the information.

	Servicer

	 

	Cash
                                         Collection and Administration

	 

	1122(d)(2)(i)

	Payments
                                         on mortgage loans are deposited into the appropriate custodial bank accounts and related
                                         bank clearing accounts no more than two business days following receipt, or such other
                                         number of days specified in the transaction agreements.

	Servicer

Special
Servicer

	1122(d)(2)(ii)

	Disbursements
                                         made via wire transfer on behalf of an obligor or to an investor are made only by authorized
                                         personnel.

	Certificate
                                         Administrator
 

	1122(d)(2)(iii)

	Advances
                                         of funds or guarantees regarding collections, cash flows or distributions, and any interest
                                         or other fees charged for such advances, are made, reviewed and approved as specified
                                         in the transaction agreements.

	Servicer

	1122(d)(2)(iv)

	The
                                         related accounts for the transaction, such as cash reserve accounts or accounts established
                                         as a form of overcollateralization, are separately maintained (e.g., with respect to
                                         commingling of cash) as set forth in the transaction agreements.

	Servicer
Special
                                         Servicer

Certificate
Administrator

	1122(d)(2)(v)

	Each
                                         custodial account is maintained at a federally insured depository institution as set
                                         forth in the transaction agreements. For purposes of this criterion, “federally
                                         insured depository institution” with respect to a foreign financial institution
                                         means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1)
                                         of the Exchange Act.

	Servicer
Special
                                         Servicer

Certificate
Administrator

 

    Exhibit L-1

     

    

 

	 

	APPLICABLE
                                         Servicing Criteria

	applicable

                                         PARTY

	Reference

	Criteria

	 

	1122(d)(2)(vi)

	Unissued
                                         checks are safeguarded so as to prevent unauthorized access.

	Servicer
Special
                                         Servicer

Certificate
Administrator

	1122(d)(2)(vii)

	Reconciliations
                                         are prepared on a monthly basis for all asset-backed securities related bank accounts,
                                         including custodial accounts and related bank clearing accounts. These reconciliations
                                         are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank
                                         statement cutoff date, or such other number of days specified in the transaction agreements;
                                         (C) reviewed and approved by someone other than the person who prepared the reconciliation;
                                         and (D) contain explanations for reconciling items. These reconciling items are resolved
                                         within 90 calendar days of their original identification, or such other number of days
                                         specified in the transaction agreements.

	Servicer
Special
                                         Servicer
Certificate Administrator

	 

	Investor
                                         Remittances and Reporting

	 

	1122(d)(3)(i)

	Reports
                                         to investors, including those to be filed with the Commission, are maintained in accordance
                                         with the transaction agreements and applicable Commission requirements. Specifically,
                                         such reports (A) are prepared in accordance with timeframes and other terms set forth
                                         in the transaction agreements; (B) provide information calculated in accordance with
                                         the terms specified in the transaction agreements; (C) are filed with the Commission
                                         as required by its rules and regulations; and (D) agree with investors’ or the
                                         trustee’s records as to the total unpaid principal balance and number of mortgage
                                         loans serviced by the Reporting Servicer.

	N/A

	1122(d)(3)(ii)

	Amounts
                                         due to investors are allocated and remitted in accordance with timeframes, distribution
                                         priority and other terms set forth in the transaction agreements.

	N/A

	1122(d)(3)(iii)

	Disbursements
                                         made to an investor are posted within two business days to the Servicer’s investor
                                         records, or such other number of days specified in the transaction agreements.

	N/A

	1122(d)(3)(iv)

	Amounts
                                         remitted to investors per the investor reports agree with cancelled checks, or other
                                         form of payment, or custodial bank statements.

	N/A

	 

	Pool
                                         Asset Administration

	 

	1122(d)(4)(i)

	Collateral
                                         or security on mortgage loans is maintained as required by the transaction agreements
                                         or related mortgage loan documents.

	Servicer
Special
                                         Servicer
Certificate Administrator

	1122(d)(4)(ii)

	Mortgage
                                         loan and related documents are safeguarded as required by the transaction agreements

	N/A

	1122(d)(4)(iii)

	Any
                                         additions, removals or substitutions to the asset pool are made, reviewed and approved
                                         in accordance with any conditions or requirements in the transaction agreements.

	Servicer
Special
                                         Servicer

	1122(d)(4)(iv)

	Payments
                                         on mortgage loans, including any payoffs, made in accordance with the related mortgage
                                         loan documents are posted to the Servicer’s obligor records maintained no more
                                         than two business days after receipt, or such other number of days specified in the transaction
                                         agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance
                                         with the related mortgage loan documents.

	Servicer

	1122(d)(4)(v)

	The
                                         Reporting Servicer’s records regarding the mortgage loans agree with the Reporting
                                         Servicer’s records with respect to an obligor’s unpaid principal balance.

	Servicer

	1122(d)(4)(vi)

	Changes
                                         with respect to the terms or status of an obligor’s mortgage loans (e.g., loan
                                         modifications or re-agings) are made, reviewed and approved by authorized personnel in
                                         accordance with the transaction agreements and related pool asset documents.

	Servicer
Special
                                         Servicer

	1122(d)(4)(vii)

	Loss
                                         mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu
                                         of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted
                                         and concluded in accordance with the timeframes or other requirements established by
                                         the transaction agreements.

	Special
                                         Servicer
Operating Advisor

 

    Exhibit L-2

     

    

 

	 

	APPLICABLE
                                         Servicing Criteria

	applicable

                                         PARTY

	Reference

	Criteria

	 

	1122(d)(4)(viii)

	Records
                                         documenting collection efforts are maintained during the period a mortgage loan is delinquent
                                         in accordance with the transaction agreements. Such records are maintained on at least
                                         a monthly basis, or such other period specified in the transaction agreements, and describe
                                         the entity’s activities in monitoring delinquent mortgage loans including, for
                                         example, phone calls, letters and payment rescheduling plans in cases where delinquency
                                         is deemed temporary (e.g., illness or unemployment).

	Servicer
Special
                                         Servicer

	1122(d)(4)(ix)

	Adjustments
                                         to interest rates or rates of return for mortgage loans with variable rates are computed
                                         based on the related mortgage loan documents.

	Servicer

	1122(d)(4)(x)

	Regarding
                                         any funds held in trust for an obligor (such as escrow accounts): (A) such funds are
                                         analyzed, in accordance with the obligor’s mortgage loan documents, on at least
                                         an annual basis, or such other period specified in the transaction agreements; (B) interest
                                         on such funds is paid, or credited, to obligors in accordance with applicable mortgage
                                         loan documents and state laws; and (C) such funds are returned to the obligor within
                                         30 calendar days of full repayment of the related mortgage loans, or such other number
                                         of days specified in the transaction agreements.

	Servicer

	1122(d)(4)(xi)

	Payments
                                         made on behalf of an obligor (such as tax or insurance payments) are made on or before
                                         the related penalty or expiration dates, as indicated on the appropriate bills or notices
                                         for such payments, provided that such support has been received by the servicer at least
                                         30 calendar days prior to these dates, or such other number of days specified in the
                                         transaction agreements.

	Servicer

	1122(d)(4)(xii)

	Any
                                         late payment penalties in connection with any payment to be made on behalf of an obligor
                                         are paid from the servicer’s funds and not charged to the obligor, unless the late
                                         payment was due to the obligor’s error or omission.

	Servicer

	1122(d)(4)(xiii)

	Disbursements
                                         made on behalf of an obligor are posted within two business days to the obligor’s
                                         records maintained by the servicer, or such other number of days specified in the transaction
                                         agreements.

	Servicer

	1122(d)(4)(xiv)

	 Delinquencies,
                                         charge-offs and uncollectible accounts are recognized and recorded in accordance with
                                         the transaction agreements.

	Servicer

	1122(d)(4)(xv)

	Any
                                         external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item
                                         1115 of Regulation AB, is maintained as set forth in the transaction agreements.

	N/A

 

At
all times that the Servicer and Special Servicer are the same entity, the Servicer and the Special Servicer may provide a combined
assessment of compliance in respect of their combined responsibilities under Section 1122 of Regulation AB.

 

    Exhibit L-3

     

    

 

EXHIBIT
M

 

FORM
OF NRSRO CERTIFICATION

 

[Date]

 

Wells
Fargo Bank, National Association
9062 Old Annapolis Road
Columbia, MD 21045
Attention: CMBS – JPMCC 2021-1MEM

 

	Attention:	J.P.
Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM, 
Commercial
Mortgage Pass-Through Certificates, Series 2021-1MEM

 

In
accordance with the requirements for obtaining certain information pursuant to the Trust and Servicing Agreement, dated as of
October 14, 2021 (the “Agreement”), between J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor,
Midland Loan Services, a Division of PNC Bank, National Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wells
Fargo Bank, National Association, as Certificate Administrator and as Trustee, and Park Bridge Lender Services LLC, as Operating
Advisor, with respect to the above-referenced certificates (the “Certificates”), the undersigned hereby certifies
and agrees as follows:

 

		1.	(a)
The undersigned is a Rating Agency; or

 

(b)
The undersigned is a nationally recognized statistical rating organization and has provided the Depositor with the appropriate
certifications under Exchange Act Rule 17g-5(e), has access to the Depositor’s 17g-5 website, is requesting access pursuant
to the Agreement to certain information (the “Information”) on the 17g-5 Information Provider’s Website
pursuant to the provisions of the Agreement, and agrees that it shall be bound by the provisions of the confidentiality agreement
attached hereto as Annex A, which shall be applicable to the undersigned 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 host the Depositor’s 17g-5 website after the Closing Date.

 

	 

	2.

	The
                 undersigned agrees that each time it accesses the 17g-5 Information Provider’s Website, it is deemed to
                 have recertified that the representations herein contained remain true and correct.

 

Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the 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.

	 

	 

	 

	Nationally
                                         Recognized Statistical Rating Organization

 

	 

	Name:

	 

 

	 

	Title:

	 

 

	 

	Company:

	 

 

	 

	Phone:

	 

	 

	 

	 

	 

	Email:

	 

 

    Exhibit M-2

     

    

 

 

ANNEX
A

 

CONFIDENTIALITY
AGREEMENT

 

This
Confidentiality Agreement (the “Confidentiality Agreement”) is made in connection with JP Morgan Securities
LLC (together with its affiliates, the “Furnishing Entities” and each a “Furnishing Entity”)
furnishing certain financial, operational, structural and other information relating to the issuance of the J.P. Morgan Chase
Commercial Mortgage Securities Trust 2021-1MEM, Commercial Mortgage Pass-Through Certificates, Series 2021-1MEM (the “Certificates”)
pursuant to the Trust and Servicing Agreement, dated as of October 14, 2021 (the “Trust 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 Servicer, Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator
and as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and the assets underlying or referenced by the Certificates,
including the identity of, and financial information with respect to borrowers, sponsors, guarantors, managers and lessees with
respect to such assets (together, the “Collateral”) to you (the “NRSRO”) through the website
of Wells Fargo Bank, National Association, as 17g-5 Information Provider under the Trust and Servicing Agreement, including the
section of the 17g-5 Information Provider’s website that hosts the Depositor’s 17g-5 website after the Closing Date
(as defined in the Trust and Servicing Agreement). Information provided by each Furnishing Entity is labeled as provided by the
specific Furnishing Entity.

 

Definition
of Confidential Information. For purposes of this Confidentiality Agreement, the term “Confidential Information”
shall include the following information (irrespective of its source or form of communication, including information obtained by
you through access to this site) that may be furnished to you by or on behalf of a Furnishing Entity in connection with the issuance
or monitoring of a rating with respect to the Certificates: (x) all data, reports, interpretations, forecasts, records, agreements,
legal documents and other information (such information, the “Evaluation Material”) and (y) any of the terms,
conditions or other facts with respect to the transactions contemplated by the Trust and Servicing Agreement, including the status
thereof; provided, however, that the term Confidential Information shall not include information which:

 

	 

	●

	was
                 or becomes generally available to the public (including through filing with the Securities and Exchange Commission
                 or disclosure in an offering document) other than as a result of a disclosure by you or a NRSRO Representative
                 (as defined in Section 2(c)(i) below) in violation of this Confidentiality Agreement;

 

	 

	●

	was
                 or is lawfully obtained by you from a source other than a Furnishing Entity or its representatives that (i) is
                 reasonably believed by you to be under no obligation to maintain the information as confidential and (ii) provides
                 it to you without any obligation to maintain the information as confidential; or

 

	 

	●

	is
                 independently developed by the NRSRO without reference to any Confidential Information.

  

    Exhibit M-3

     

    

 

Information
to Be Held in Confidence.

 

You
will use the Confidential Information solely for the purpose of determining or monitoring a credit rating on the Certificates
and, to the extent that any information used is derived from but does not reveal any Confidential Information, for benchmarking,
modeling or research purposes (the “Intended Purpose”).

 

You
acknowledge that you are aware that the United States and state securities laws impose restrictions on trading in securities when
in possession of material, non-public information and that the NRSRO will advise (through policy manuals or otherwise) each NRSRO
Representative who is informed of the matters that are the subject of this Confidentiality Agreement to that effect.

 

You
will treat the Confidential Information as private and confidential. Subject to Section 4, without the prior written consent of
the applicable Furnishing Entity, you will not disclose to any person any Confidential Information, whether such Confidential
Information was furnished to you before, on or after the date of this Confidentiality Agreement. Notwithstanding the foregoing,
you may:

 

	 

	●

	disclose
                 the Confidential Information to any of the NRSRO’s affiliates, directors, officers, employees, legal representatives,
                 agents and advisors (each, a “NRSRO Representative”) who, in the reasonable judgment of the
                 NRSRO, need to know such Confidential Information in connection with the Intended Purpose; provided, that,
                 prior to disclosure of the Confidential Information to a NRSRO Representative, the NRSRO shall have taken reasonable
                 precautions to ensure, and shall be satisfied, that such NRSRO Representative will act in accordance with this
                 Confidentiality Agreement;

 

	 

	●

	solely
                 to the extent required for compliance with Rule 17g-5(a)(3) of the Act (17 C.F.R. 240.17g-5), post the Confidential
                 Information to the NRSRO’s password protected website; and

 

	 

	●

	use
                 information derived from the Confidential Information in connection with an Intended Purpose, if such derived
                 information does not reveal any Confidential Information.

 

Disclosures
Required by Law. If you or any NRSRO Representative is requested or required (orally or in writing, by interrogatory, subpoena,
civil investigatory demand, request for information or documents, deposition or similar process relating to any legal proceeding,
investigation, hearing or otherwise) to disclose any Confidential Information, you agree to provide the relevant Furnishing Entity
with notice as soon as practicable (except in the case of regulatory or other governmental inquiry, examination or investigation,
and otherwise to the extent practical and permitted by law, regulation or regulatory or other governmental authority) that a request
to disclose the Confidential Information has been made so that the relevant Furnishing Entity may seek an appropriate protective
order or other reasonable assurance that confidential treatment will be accorded the Confidential Information if it so chooses.
Unless otherwise required by a court or other governmental or regulatory authority to do so, and

 

    Exhibit M-4

     

    

 

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.

 

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

 

    Exhibit M-5

     

    

 

which
a Furnishing Entity may be entitled at law or in equity. It is further understood and agreed that no failure to or delay in exercising
any right, power or privilege hereunder shall preclude any other or further exercise of any right, power or privilege.

 

Term.
Notwithstanding the termination or cancellation of this Confidentiality Agreement and regardless of whether the NRSRO has provided
a credit rating on a Security, your obligations under this Confidentiality Agreement will survive indefinitely.

 

Governing
Law. This Confidentiality Agreement and any claim, controversy or dispute arising under the Confidentiality Agreement, the
relationships of the parties and/or the interpretation and enforcement of the rights and duties of the parties shall be governed
by and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed within
such State.

 

Amendments.
This Confidentiality Agreement may be modified or waived only by a separate writing by the NRSRO and each Furnishing Entity.

 

Entire
Agreement. This Confidentiality Agreement represents the entire agreement between you and the Furnishing Entities relating
to the treatment of Confidential Information heretofore or hereafter reviewed or inspected by you. This agreement supersedes all
other understandings and agreements between us relating to such matters; provided, however, that, if the terms of
this Confidentiality Agreement conflict with another agreement relating to the Confidential Information that specifically states
that the terms of such agreement shall supersede, modify or amend the terms of this Confidentiality Agreement, then to the extent
the terms of this Confidentiality Agreement conflict with such agreement, the terms of such agreement shall control notwithstanding
acceptance by you of the terms hereof by entry into this website.

 

Contact
Information. Notices for each Furnishing Entity under this Confidentiality Agreement, shall be directed as set forth below:

 

	 	

JP
Morgan Securities LLC
383 Madison Avenue, 8th Floor
New York, New York 10179

 

    Exhibit M-6

     

    

 

EXHIBIT
N-1

 

FORM
OF TRANSFEROR CERTIFICATE
FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

J.P.
Morgan Chase Commercial Mortgage Securities Corp.
383 Madison Avenue, 8th Floor
New York, New York 10017
Attention: Kunal
K. Singh

 

	Re:	J.P.
Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM,

 Commercial Mortgage Pass-Through Certificates, Series 2021-1MEM

 

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 October 14, 2021 (the “Trust 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 Servicer, Situs Holdings,
LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and as Trustee, and Park Bridge
Lender Services LLC, as Operating Advisor. All capitalized terms used but not otherwise defined herein shall have the respective
meanings set forth in the Trust and Servicing Agreement. The Transferee hereby certifies, represents and warrants to you, as Depositor,
that:

 

1.            The
Transferor is the lawful owner of the right to receive the Excess Servicing Fees with respect to the Mortgage Loan for which _________________
is the 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 (including 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

 

    Exhibit N-1-1

     

    

 

Act”),
or would render the disposition of the Excess Servicing Fee Right a violation of Section 5 of the Securities Act or any state
securities laws, or would require registration or qualification of the Excess Servicing Fee Right pursuant to the Securities Act
or any state securities laws.

	 

	 

	 

	 

	Very
                                         truly yours,

	 

	 

	 

	 

	By:

	 

	 

	 

	Name:

	 

	 

	Title:

 

    Exhibit N-1-2

     

    

 

EXHIBIT
N-2

 

FORM
OF TRANSFEREE CERTIFICATE
FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

J.P.
Morgan Chase Commercial Mortgage Securities Corp.
383 Madison Avenue, 8th Floor
New York, New York 10017
Attention: Kunal
K. Singh

 

Midland
Loan Services, a Division of PNC Bank, National Association
10851 Mastin Street, Building 82, Suite 300

Overland
Park, Kansas 66210

Attention:
Executive Vice President – Division Head

 

	Re:	J.P.
Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM,

 Commercial Mortgage Pass-Through Certificates, Series 2021-1MEM

 

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 October 14, 2021 (the “Trust 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 Servicer, Situs Holdings,
LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and as Trustee, and Park Bridge
Lender Services LLC, as Operating Advisor. All capitalized terms used but not otherwise defined herein shall have the respective
meanings set forth in the Trust and Servicing Agreement. The Transferee hereby certifies, represents and warrants to you, as the
Depositor and the Servicer, that:

 

1.            The
Transferee is acquiring the right to receive Excess Servicing Fees with respect to the Mortgage Loan 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

 

    Exhibit N-2-1

     

    

 

securities
laws or (ii) sold or transferred in transactions which are exempt from such registration and qualification and (A) the Depositor
has received a certificate from the prospective transferor substantially in the form attached as Exhibit N-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 N-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 the Trust and Servicing Agreement (including, without limitation, Section 3.17 therein),
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 (including in the case of any of the acts described in clauses (a) through (e) above) would constitute a distribution
of the Excess Servicing Fee Right under the Securities Act, would render the disposition of the Excess Servicing Fee Right a violation
of Section 5 of the Securities Act or any state securities law or would require registration or qualification of the Excess Servicing
Fee Right pursuant thereto. The Transferee will not act, nor has it authorized or will it authorize any person to act, in any
manner set forth in the foregoing sentence with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security.

 

5.            The
Transferee has been furnished with all information regarding (a) the Depositor, (b) the Excess Servicing Fee Right and any payments
thereon, (c) the Trust and Servicing Agreement and the Trust Fund created pursuant thereto, (d) the nature, performance and servicing
of the Mortgage Loan, and (e) all related matters that it has requested.

 

6.            The
Transferee is (a) a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act or (b)
an “accredited investor” as defined in any of paragraphs (1), (2), (3) and (7) of Rule 501(a) under the Securities
Act or an entity in which all of the equity owners come within such paragraphs. The Transferee has such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Excess Servicing
Fee Right; the Transferee has sought such accounting, legal and tax advice as it has considered necessary to make an informed
investment decision; and the Transferee is able to bear the economic risks of such investment and can afford a complete loss of
such investment.

 

    Exhibit N-2-2

     

    

 

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 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 N-2-3

     

    

 

EXHIBIT
O

 

FORM
OF ONLINE MARKET DATA PROVIDER CERTIFICATE

 

This
Certification has been prepared for provision of information to the market data providers listed in Paragraph 1 below pursuant
to the direction of the Depositor. If you represent a Market Data Provider not listed herein and would like access to the information,
please contact CTSLink at 866-846-4526, or at ctslink.customerservice@wellsfargo.com.

 

In
connection with the J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM, Commercial Mortgage Pass-Through Certificates,
Series 2021-1MEM (the “Certificates”), 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, Thomson Reuters, Moody’s Analytics, Markit Group
                 Limited, or MBS Data, LLC, 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.

	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 Operating Advisor, the Trustee, the Certificate Administrator, the Servicer,
                 the Special Servicer and the Trust 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 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.

 

    Exhibit O-1

     

    

 

	 

	 

	 

	 

	By:

	 

	 

	 

	Name:

	 

	 

	Title:

 

    Exhibit O-2

     

    

  

EXHIBIT
P

 

FORM
OF INVESTMENT REPRESENTATION LETTER

 

Wells
Fargo Bank, National Association,
       as Certificate Administrator
600 South 4th
Street, 7th Floor

MAC
N9300-070
Minneapolis, MN 55415
Attention: CMBS – JPMCC 2021-1MEM

 

J.P.
Morgan Chase Commercial Mortgage Securities Corp.
383 Madison Avenue, 8th Floor
New York, New York 10017
Attention: Real
Estate Structured Finance – Securitization Group

 

	 	Re:	J.P.
Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM,

 Commercial Mortgage Pass-Through Certificates, Series 2021-1MEM

 

Ladies
and Gentlemen:

 

This
letter is delivered pursuant to Section 5.2 of the Trust and Servicing Agreement, dated as of October 14, 2021 (the “Trust
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 Servicer, Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank,
National Association, as Certificate Administrator and as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor,
on behalf of the holders of the J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM, Commercial Mortgage Pass-Through
Certificates, Series 2021-1MEM (the “Certificates”) in connection with the transfer by _________________ (the
“Seller”) to the undersigned (the “Purchaser”) of $_______________ aggregate Certificate
Balance of Class ___ Certificates (the “Certificate”). Capitalized terms used and not otherwise defined herein
shall have the respective meanings ascribed to such terms in the Trust and Servicing Agreement.

 

In
connection with such transfer, the Purchaser hereby represents and warrants to you and the addressees hereof as follows:

 

[For
Institutional Accredited Investors only]                  1.     The
Purchaser is not purchasing a Class R Certificate and the Purchaser is an institutional “accredited investor” (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”)) or an entity all of the equity owners of which are such institutions, and has such
knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of its investment
in the Certificates, and the Purchaser and any accounts for which it is acting are each able to bear the economic risk of the
Purchaser’s or such account’s investment. The Purchaser is acquiring the Certificates purchased by it for its own
account or for one or more accounts (each of which is an institutional

 

    Exhibit P-1

     

    

 

“accredited
investor”) as to each of which the Purchaser exercises sole investment discretion. The Purchaser hereby undertakes to reimburse
the Trust for any costs incurred by it in connection with this transfer.

 

[For
Qualified Institutional Buyers only]         1.     The Purchaser
is a “qualified institutional buyer” within the meaning of Rule 144A (“Rule 144A”) promulgated
under the Securities Act of 1933, as amended (the “Securities Act”). The Purchaser is aware that the transfer
is being made in reliance on Rule 144A, and the Purchaser has had the opportunity to obtain the information required to be provided
pursuant to paragraph (d)(4)(i) of Rule 144A

 

2.            The
Purchaser’s intention is to acquire the Certificate (a) for investment for the Purchaser’s own account or (b) for
resale to (i) “qualified institutional buyers” in transactions under Rule 144A, and not in any event with the view
to, or for resale in connection with, any distribution thereof, or (ii) (other than with respect to a Class R Certificate) to
non-U.S. Securities Persons in “offshore transactions” as defined in Rule 902(h) of Regulation S promulgated under
the Securities Act, subject in each case to the delivery of a Transfer Certificate in the form of Exhibit G, Exhibit H or Exhibit
I, as applicable, to the Trust and Servicing Agreement. The Purchaser understands that the Certificate (and any subsequent Certificate
issued in transfer or exchange therefor) 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 has reviewed the preliminary Offering Circular and the final Offering Circular relating to the Certificates (collectively,
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.

 

4.            The
Purchaser acknowledges that the Certificate (and any Certificate issued in transfer or exchange therefor) 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.

 

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 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 all or any portion of the Certificates, except in compliance with Section 5.3 of
the Trust and Servicing Agreement.

 

    Exhibit P-2

     

    

 

7.            Check
one of the following:**

 

		☐	The
Purchaser is a U.S. 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. Person and under applicable law in effect on the date hereof, no taxes will be required to be withheld
by the Certificate Administrator (or its agent) with respect to distributions to be made on the Certificate. The Purchaser has
attached hereto [(i) a duly executed IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable (or successor form), which identifies
such Purchaser as the beneficial owner of the Certificate and states that such Purchaser is not a U.S. Person, (ii) IRS Form W-8IMY
(with all appropriate attachments) or (iii)]*** two duly executed copies of IRS Form W-8ECI (or successor form), which
identify such Purchaser as the beneficial owner of the Certificate and state that interest and original issue discount on the
Certificate and Permitted Investments is, or is expected to be, effectively connected with a U.S. trade or business. The Purchaser
agrees to provide to the Certificate Registrar updated [IRS Form W-8BEN, IRS Form W-8BEN-E, IRS Form W-8IMY or]*** IRS Form W-8ECI,
[as the case may be,]*** any applicable successor IRS forms, or such other certifications as the Certificate Registrar may reasonably
request, on or before the date that any such IRS form or certification expires or becomes obsolete, or promptly after the occurrence
of any event requiring a change in the most recent IRS form of certification furnished by it to the Certificate Registrar.

 

For
this purpose, “U.S. Person” means a citizen or resident of the United States, a corporation or partnership
(except to the extent provided in applicable Treasury Regulations) or other entity created or organized in, or under the laws
of, the United States, any State thereof or the District of Columbia, including any entity treated as a corporation or partnership
for federal income tax purposes, an estate whose income is subject to United States federal income tax regardless of its source
or a trust if a court within the United States is able to exercise primary supervision over the administration of such trust,
and one or more such U.S. 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 have elected to be treated as U.S. Persons).

 

 

** Each
Purchaser must include one of the two alternative certifications.

 

***
Does not apply to a transfer of Class R Certificates.

 

    Exhibit P-3

     

    

 

8.             Please
make all payments due on the Certificates:****

 

		☐	(a)   	by wire transfer to the following account at a bank
or entity in New York, New York, having appropriate facilities therefor:

 

	Bank:

	 

	ABA
                                         #:

	 

	Account
                                         #:

	 

	Attention:

	 

 

		☐	(b)   	by mailing a check or draft to the following address:

 

	 

	 

	 

	 

	 

	 

 

9.            If
the Purchaser is purchasing a Class R Certificate, the Purchaser is not a partnership (including any entity treated as a partnership
for U.S. federal income tax purposes), any interest in which is owned, directly or indirectly, through one or more partnerships,
trusts or other pass-through entities by a non-U.S. Person.

	 

	 

	 

	 

	Very
                                         truly yours,

	 

	 

	 

	[The
                                         Purchaser]

	 

	 

	 

	 

	By:

	 

	 

	 

	Name:

	 

	 

	Title:

 

Date

 

 

****
Only to be filled out by Purchasers of Definitive Certificates. Please select (a) or (b). For holders of Definitive
Certificates, wire transfers are only available if such holder’s Definitive Certificates have an aggregate Certificate
Balance or Notional Amount, as applicable, of at least U.S. $5,000,000.

 

    Exhibit P-4

     

    

 

EXHIBIT
Q

 

CREFC®
PAYMENT INFORMATION

 

Payments
shall be made to “CRE Finance Council” and sent to:
Commercial Real Estate Finance Council, Inc.
900 7th Street,
NW, Suite 820
Washington, DC 20001
Attn: President

 

or
by wire transfer to:

Account Name: Commercial Real Estate Finance Council (CREFC)
Bank Name: Chase 
Bank Address:
80 Broadway, New York, NY 10005
Routing Number: 021000021
Account Number: 213597397

 

    Exhibit R-1

     

    

 

EXHIBIT
R

 

ADDITIONAL
FORM 10-D DISCLOSURE

 

For
so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the parties identified
in the “Party Responsible” column are obligated pursuant to Section 13.4 of the Trust and Servicing Agreement to disclose
to each Other Exchange Act Reporting Party and each Other Depositor to which the particular Additional Form 10-D Disclosure is
relevant for Exchange Act reporting purposes, any information described in the corresponding Form 10-D Item described in the “Item
on Form 10-D” column to the extent such party has knowledge (and in the case of net operating income information, financial
statements, annual operating statements, budgets and/or rent rolls required to be provided in connection with Item 6 below, possession)
of such information (other than information as to itself). Each of the Operating Advisor, the Certificate Administrator, the Trustee,
the Servicer, the Special Servicer, each Other Exchange Act Reporting Party and the Other Depositor (in its capacity as such)
shall be entitled to rely on the accuracy of the Offering Circular and the offering materials with respect to any related Other
Securitization Trust (other than information with respect to itself that is set forth in or omitted from such offering materials
or the Offering Circular), in the absence of specific notice to the contrary from the Depositor, Other Depositor or the Trust
Loan Seller. Each of the Operating Advisor, the Certificate Administrator, the Trustee, the Servicer, the Special Servicer, each
Other Exchange Act Reporting Party and the Other Depositor (in its capacity as such) shall be entitled to assume that there is
no “significant obligor” other than a party or property identified as such in the prospectus relating to the Other
Securitization and to assume that no other party or property will constitute a “significant obligor” after the Cut-off
Date. In no event shall the Servicer or the Special Servicer be required to provide any information for inclusion in a Form 10-D
that relates to any Mortgage Loan for which the Servicer or the Special Servicer is not the Servicer or the Special Servicer,
as the case may be. For this Agreement and any Other Securitization Trust, each of the Operating Advisor, the Certificate Administrator,
the Trustee, the Servicer, the Special Servicer, each Other Exchange Act Reporting Party and the Other Depositor (in its capacity
as such) shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative instruments within
the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as such in the Offering Circular and the offering
materials with respect to any related Other Securitization Trust.

 

	Item
                                         on Form 10-D

	Party
                                         Responsible

	Item
                                         1A: Distribution and Pool Performance Information:

●     Item
1121(a)(13) of Regulation AB

 

	●     Certificate
                                         Administrator

 

    Exhibit R-2

     

    

 

	Item
                                         on Form 10-D

	Party
                                         Responsible

	Item
                                         1B: Distribution and Pool Performance Information:

●     Item
1121(a)(14) of Regulation AB

 

	●     Certificate
                                         Administrator

●     Depositor

	Item
                                         2: Legal Proceedings:

●     Item
1117 of Regulation AB (it being acknowledged that such Item 1117 requires disclosure only of proceedings described therein
that are material to security holders)

	●     Servicer
                                         (as to itself)

●     Special
Servicer (as to itself)

●     Certificate
Administrator (as to itself)

●     Trustee
(as to itself)

●     Depositor
(as to itself)

●     Operating
Advisor (as to itself)

●     Any
other Reporting Servicer (as to itself)

●     Trustee/Certificate
Administrator/Servicer/Depositor/Special Servicer as to the Trust (whichever of them is in principal control of the proceedings)

●     The
Trust Loan Seller as sponsor (as defined in Regulation AB)

●     Originators
under Item 1110 of Regulation AB

●     Party
under Item 1100(d)(1) of Regulation AB

	Item
                                         3: Sale of Securities and Use of Proceeds

	●     Depositor

	Item
                                         4: Defaults Upon Senior Securities

	●     Certificate
                                         Administrator

	Item
                                         5: Submission of Matters to a Vote of Security Holders

	●     Certificate
                                         Administrator

 

    Exhibit R-3

     

    

 

	Item
                                         on Form 10-D

	Party
                                         Responsible

	 	 
	Item
                                         6: Significant Obligors of Pool Assets:

●     Item
1112(b) of Regulation AB provided, however, that all of the following conditions shall apply:

(a)
information shall be required to be reported only with respect to a party or property (if any) identified as a “significant
obligor” in the prospectus relating to the Companion Loan Securities;

(b)
the information to be reported shall consist of such quarterly and annual operating statements, budgets and rent rolls of the
related Mortgaged Property or REO Property (as applicable), and quarterly and annual financial statements of the related Borrower
(except in the case of an REO Property), received or prepared by the “Party Responsible” pursuant to its obligations
under Section 3.18 of this Trust and Servicing Agreement; provided, however, that for a significant obligor under
item 1101(k)(2) of Regulation AB, only net operating income for the most recent fiscal year and interim period is required and,
if such information for a prior period was required but not previously reported, such information for such prior period; and

(c)
the information shall be reportable in the Form 10-D that relates to the Distribution Date that immediately follows the Collection
Period in which the information was received or prepared by the “Party Responsible” as described in clause (b) above.

 

	●     Servicer
                                         (excluding information for which the Special Servicer is the “Party Responsible”)

●     Special
Servicer (as to REO Property)

	Item
7: Significant Enhancement Provider Information:

                                                                                                                                                                              

	●     Depositor

 

    Exhibit R-4

     

    

 

 

	Item
                                         on Form 10-D

	Party
                                         Responsible

	●     Item
                                         1114(b)(2) and Item 1115(b) of Regulation AB

 

	 

	Item
                                         8: Other Information, but only to the extent of any information that meets all the following
                                         conditions: (a) such information constitutes “Additional Form 8-K Disclosure”
                                         pursuant to Exhibit T, (b) such information is required to be reported as “Additional
                                         Form 8-K Disclosure” during the period to which the Form 10-D relates, and (c)
                                         such information was not previously reported as “Additional Form 8-K Disclosure”.

	●     Certificate
                                         Administrator, Trustee, Servicer and/or Special Servicer, in each case to the extent
                                         that such party is the “Party Responsible” with respect to such information
                                         pursuant to Exhibit T.

●     Certificate
Administrator (including the balances of the Distribution Account, the Interest Reserve Account and the Gain-on-Sale Reserve Account
as of the related Distribution Date and the preceding Distribution Date)

●     Servicer
(with respect to the balances of each REO Account (to the extent the related information has been received from the Special Servicer
within the time period specified in Section 13.4 of the Trust and Servicing Agreement) and the Collection Account as of the related
Distribution Date and the preceding Distribution Date)

●     Special
Servicer (with respect to the balance of each REO Account as of the related Distribution Date and the preceding Distribution Date)

●     Any
other party responsible for disclosure items on Form 8-K (including each applicable Seller with respect to Item 1100(e) of Regulation
AB to the extent material to Certificateholders)

	Item
                                         9: Exhibits (no. 3):

Articles
of incorporation and by-laws (Exhibit No. 3(i) and 3(ii) of Item 601 of Regulation S-K)

	●     Depositor

 

    Exhibit R-5

     

    

 

	Item
                                         on Form 10-D

	Party
                                         Responsible

	Item
                                         9: Exhibits (no. 4):

With
respect to instruments defining the rights of security holders (Exhibit No. 4 of Item 601 of Regulation S-K)

	●     Certificate
                                         Administrator 

●     Depositor

provided,
in each case, that this shall in no event be construed to make such party responsible for the initial filing of this Trust and
Servicing Agreement

provided
further, in each case, that in the event any reportable agreement is executed by the Depositor and the Trustee or Certificate
Administrator, then the Depositor shall be the responsible party.

	Item
                                         9: Exhibits (no. 10):

Material
contracts (Exhibit No. 10 of Item 601 of Regulation S-K)

	●     Certificate
                                         Administrator, Trustee, Servicer and/or Special Servicer, in each case to the extent
                                         of any contract that satisfies all the following conditions: (a) such contract relates
                                         to the Trust or one or more Mortgage Loans or REO Mortgage Loans, and (b) such contract
                                         is a contract to which such party (or a subcontractor or vendor engaged by such party)
                                         is a party or that such party (or a subcontractor or vendor engaged by such party) has
                                         caused to have been executed on behalf of the Trust.

	Item
                                         9: Exhibits (no. 22):

Published
Report Regarding Matters Submitted to a Vote of Security Holders (Exhibit No. 22 of Item 601 of Regulation S-K), but only if the
party that is the “Party Responsible” with respect to Item 5 above elects to publish a report containing the information
required by such Item 5 above and also elects to report the information on Form 10-D by means of filing the published report and
answering Item 5 by referencing the published report.

	●     The
                                         applicable party that is the “Party Responsible” with respect to Item 5 as
                                         set forth above.

	Item
                                         9: Exhibits (no. 23):

Consents
of Experts and Counsel (Exhibit No. 23(ii) of Item 601 of Regulation S-K),

	●     Depositor

 

    Exhibit R-6

     

    

 

	Item
                                         on Form 10-D

	Party
                                         Responsible

	where
                                         the filing of a written consent is required with respect to material (in the Form 10-D)
                                         that is incorporated by reference in the Depositor’s registration statement.

	 

	Item
                                         9: Exhibits (no. 24)

Power
of Attorney (Exhibit No. 24 of Item 601 of Regulation S-K), but only if the name of any party signing the Form 10-D, or the name
of any officer signing the Form 10-D on behalf of a party, is signed pursuant to a power of attorney.

	●     Certificate
                                         Administrator 

	Item
                                         9: Exhibits (no. 99)

Additional
exhibits (Exhibit No. 99 of Item 601 of Regulation S-K)

	●     Not
                                         Applicable.

	Item
                                         9: Exhibits (no. 100)

BRL-Related
Documents (Exhibit No. 100 of Item 601 of Regulation S-K).

	●     Not
                                         Applicable.

	Item
                                         9: Exhibits (By Operation of Item 8 Above), but only to the extent of any document that
                                         meets all the following conditions: (a) such document constitutes “Additional Form
                                         8-K Disclosure” pursuant to Item 9.01(d) of Exhibit T, (b) such document
                                         is required to be reported as “Additional Form 8-K Disclosure” during the
                                         period to which the Form 10-D relates, and (c) such document was not previously reported
                                         as “Additional Form 8-K Disclosure”.

	●     Certificate
                                         Administrator, Depositor and Trustee, in each case only to the extent that such party
                                         is the “Party Responsible” for the exhibit pursuant to Item 9(d) of Exhibit
                                         T (it being acknowledged that none of the Servicer or the Special Servicer constitutes
                                         a “Party Responsible” under Exhibit T with respect to any exhibits to a Form
                                         10-K); provided, in each case, that in the event any reportable agreement
                                         is executed by the Depositor and the Trustee or Certificate Administrator, then the Depositor
                                         shall be the responsible party for this Item 9.

 

    Exhibit R-7

     

    

 

EXHIBIT
S

 

ADDITIONAL
FORM 10-K DISCLOSURE

 

For
so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the parties identified
in the “Party Responsible” column are obligated pursuant to Section 13.5 of the Trust and Servicing Agreement to disclose
to each Other Exchange Act Reporting Party and each Other Depositor to which the particular Additional Form 10-K Disclosure is
relevant for Exchange Act reporting purposes, any information described in the corresponding Form 10-K Item described in the “Item
on Form 10-K” column to the extent such party has knowledge (and in the case of net operating income information, financial
statements, annual operating statements, budgets and/or rent rolls required to be provided in connection with 1112(b) below, possession)
of such information (other than information as to itself). Each of the Operating Advisor, Certificate Administrator, the Trustee,
the Servicer, the Special Servicer, each Other Exchange Act Reporting Party and the Other Depositor (in its capacity as such)
shall be entitled to rely on the accuracy of the Offering Circular and the offering materials with respect to any related Other
Securitization Trust (other than information with respect to itself that is set forth in or omitted from such offering materials
or the Offering Circular), in the absence of specific notice to the contrary from the Depositor, Other Depositor or the Trust
Loan Seller. Each of the Operating Advisor, Certificate Administrator, the Trustee, the Servicer, the Special Servicer, each Other
Exchange Act Reporting Party and the Other Depositor (in its capacity as such) shall be entitled to assume that there is no “significant
obligor” other than a party or property identified as such in the prospectus relating to the Other Securitization and to
assume that no other party or property will constitute a “significant obligor” after the Cut-off Date. In no event
shall the Servicer or the Special Servicer be required to provide any information for inclusion in a Form 10-K that relates to
any Mortgage Loan for which the Servicer or the Special Servicer is not the applicable Servicer or Special Servicer, as the case
may be. For this Agreement and any Other Securitization Trust, each of the Operating Advisor, Certificate Administrator, the Trustee,
the Servicer, the Special Servicer, each Other Exchange Act Reporting Party and the Other Depositor (in its capacity as such)
shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative instruments within the meaning
of Items 1114 or 1115 of Regulation AB other than a party identified as such in the Offering Circular and the offering materials
with respect to any related Other Securitization Trust.

 

	Item
                                         on Form 10-K

	Party
                                         Responsible

	Item
                                         1B: Unresolved Staff Comments

 

	●     Depositor

	Item
                                         9B: Other Information, but only to the extent of any information that meets all the following
                                         conditions:

	●     Certificate
                                         Administrator, Trustee, Servicer and/or Special Servicer, in each case to the extent
                                         that such party is
                                         the “Party 

 

    Exhibit S-1

     

    

 

	Item
                                         on Form 10-K

	Party
                                         Responsible

	(a)
                                         such information constitutes “Additional Form 8-K Disclosure” pursuant to
                                         Exhibit T,

(b)
such information is required to be reported as “Additional Form 8-K Disclosure” during the period to which the Form
10-K relates, and

(c)
such information was not previously reported as “Additional Form 8-K Disclosure” or as “Additional Form 10-D
Disclosure”

	Responsible” with respect to such information pursuant to Exhibit
                                         T.

	Item
                                         15: Exhibits, Financial Statement Schedules (SEE BELOW)

	SEE
                                         BELOW

	Instruction
                                         J(2)(b) (Significant Obligors of Pool Assets) – Part 1 of 3 Parts:

●     Item
1112(b) of Regulation AB, but only to the extent that (i) such information was required to have been set forth in the prospectus
relating to the Companion Loan Securities, (ii) such information was not so set forth and (iii) the applicable Servicer has not
previously reported such information as “Additional Form 10-D Information”.

 

	●     The
                                         Trust Loan Seller.

 

	Instruction
                                         J(2)(b) (Significant Obligors of Pool Assets) – Part 2 of 3 Parts:

●     Item
1112(b) of Regulation AB, but only to the extent that (i) such information was set forth in the prospectus relating to the Companion
Loan Securities and (ii) the applicable Servicer has not previously reported such information or updated versions thereof as “Additional
Form 10-D Information”.

	●     The
                                         Depositor

 

    Exhibit S-2

     

    

 

	Item
                                         on Form 10-K

	Party
                                         Responsible

	 	 
	Instruction
                                         J(2)(b) (Significant Obligors of Pool Assets) – Part 3 of 3 Parts:

●     Item
1112(b) of Regulation AB; provided, however, that all of the following conditions shall apply:

(a)
information shall be required to be reported only with respect to a party or property (if any) identified as a “significant
obligor” in the prospectus relating to the Companion Loan Securities;

(b)
the information to be reported shall consist of such quarterly and annual operating statements, budgets and rent rolls of the
related Mortgaged Property or REO Property (as applicable), and quarterly and annual financial statements of the related Borrower
(except in the case of an REO Property), received or prepared by the “Party Responsible” pursuant to its obligations
under Section 3.18 of this Trust and Servicing Agreement; provided, however, that for a significant obligor described
under item 1101(k)(2) of Regulation AB, only net operating income for the most recent fiscal year and interim period is required
and, if such information for a prior period was required but not previously reported, such information for such prior period;
and

(c)
the information shall be reportable only to the extent that is has not previously been reported as “Additional Form 10-D
Information”.

 

	●     Servicer
                                         (excluding information for which the Special Servicer is the “Party Responsible”)

●     Special
Servicer (as to REO Property)

	Instruction
                                         J(2)(c) (Significant Enhancement Provider Information):

 

	●     Depositor

 

    Exhibit S-3

     

    

 

	Item
                                         on Form 10-K

	Party
                                         Responsible

	●     Items
                                         1114(b)(2) and 1115(b) of Regulation AB

 

	 

	Instruction
                                         J(2)(d) (Legal Proceedings):

●     Item
1117 of Regulation AB (it being acknowledged that such Item 1117 requires disclosure only of proceedings described therein
that are material to security holders)

	●     Servicer
                                         (as to itself)

●     Special
Servicer (as to itself)

●     Certificate
Administrator (as to itself)

●     Trustee
(as to itself)

●     Depositor
(as to itself)

●     Trustee/Certificate
Administrator /Servicer/Depositor/Special Servicer as to the Trust (whichever of them is in principal control of the proceedings)

●     The
Trust Loan Seller as sponsor (as defined in Regulation AB)

●     Originators
under Item 1110 of Regulation AB

●     Party
under Item 1100(d)(1) of Regulation AB

	Instruction
                                         J(2)(e) (Affiliations and Certain Relationships and Related Transactions) – Part
                                         1 of 2 Parts:

1119(a)
of Regulation AB,

but
only the existence and (if existent) how there is (that is, the nature of) any affiliation between itself (that is, the particular
“Party Responsible”), on the one hand, and any one or more of the following, on the other: (1) the Depositor, (2)
the Trust Loan Seller, (3) the Trust and (4) any other party listed under this item as a “Party Responsible”;
provided, however, that an affiliation need not be 

	●     Servicer
                                         (as to itself) (only as to affiliations under Item 1119(a) with the Trustee, Certificate
                                         Administrator, each Special Servicer or a sub-servicer retained by it meeting any of
                                         the descriptions in Item 1108(a)(3)).

●     Special
Servicer

●     Certificate
Administrator

●     Trustee

●     Each
party (other than the Trust Loan Seller), if any, that is identified in the prospectus 

 

    Exhibit S-4

     

    

 

	Item
                                         on Form 10-K

	Party
                                         Responsible

	disclosed
                                         for purposes of the applicable Form 10-K if it was disclosed in the prospectus relating
                                         to the Companion Loan Securities or if it was previously reported as “Additional
                                         Form 10-K Disclosure”.

and

●     1119(b)
of Regulation AB,

but
only the existence and (if existent) the general character of any business relationship, agreement, arrangement, transaction or
understanding that is entered into outside the ordinary course of business or is on terms other than would be obtained in an arm’s
length transaction with an unrelated third party (apart from the Series 2021-1MEM transaction) between itself (that is, the particular
“Party Responsible”) or any of its affiliates, on the one hand, and any one or more of the following, on the other:
(1) the Depositor, (2) the Trust Loan Seller, and (3) the Trust; provided, however, that a relationship, agreement,
arrangement, transaction or understanding (A) must be reported only if it then exists or existed within the two prior years, (B)
need not be reported if it is not material to an investor’s understanding of the Certificates and (C) need not be disclosed
for purposes of the applicable Form 10-K if it was disclosed in the prospectus relating to the Companion Loan Securities or if
it was previously reported as “Additional Form 10-K Disclosure”.

and

●     1119(c)
of Regulation AB,

but
only the existence and (if existent) a description (including the terms and approximate dollar amount) of any specific relationship
involving or related to the Series

	relating
to the Companion Loan Securities as an “originator” of one or more Mortgage Loans, if the prospectus relating to the
Companion Loan Securities specifically states that the applicable Mortgage Loans were 10% or more of the assets of the Trust at
the date of the prospectus relating to the Companion Loan Securities (provided that such a party shall no longer constitute a
“Party Responsible” under this item from and after the date (if any) when the Depositor notifies the parties to this
Agreement to the effect that such party no longer constitutes an originator of 10% or more of the assets of the Trust).

●     Each
party (other than the Trust Loan Seller), if any, that is specifically identified as an “originator of 10% or more of the
assets of the Trust for purposes of Regulation AB and the upcoming Form 10-K” in a written notice delivered to the parties
to this Trust and Servicing Agreement, which notice is delivered not later than February 15 of the year in which the Form 10-K
is due.

●     Each
party (if any) that is identified in the prospectus relating to the Companion Loan Securities as an “other material party
to the securities or transaction” (or substantially similar phrasing); provided, however, that such a party shall no longer
constitute a “Party Responsible” under this item from and after the date (if any) when the Depositor notifies the
parties to this Agreement to the effect that such party no longer constitutes a material party for purposes of Regulation AB.

●     Each
party (if any) that that is specifically identified as an “other material party to the securities or transaction for purposes
of Regulation AB and the upcoming Form 10-K” (or substantially similar phrasing) in a

 

    Exhibit S-5

     

    

 

	Item
                                         on Form 10-K

	Party
                                         Responsible

	2021-1MEM
                                         transaction or the Mortgage Loans between itself (that is, the particular “Party
                                         Responsible”) or any of its affiliates, on the one hand, and any one or more of
                                         the following, on the other: (1) the Depositor, (2) the Trust Loan Seller, and (3) the
                                         Trust; provided, however, that a relationship (A) must be reported only
                                         if it then exists or existed within the two prior years, (B) need not be reported if
                                         it is not material to an investor’s understanding of the Certificates and (C) need
                                         not be disclosed for purposes of the applicable Form 10-K if it was disclosed in the
                                         prospectus relating to the Companion Loan Securities or if it was previously reported
                                         as “Additional Form 10-K Disclosure”.

 

	written notice delivered by the Depositor
to the parties to this Trust and Servicing Agreement, which notice is delivered not later than February 15 of the year in which
the Form 10-K is due.

	Instruction
                                         J(2)(e) (Affiliations and Certain Relationships and Related Transactions) – Part
                                         2 of 2 Parts:

1119(a)
of Regulation AB,

But
only the existence and (if existent) how there is any affiliation between itself (that is, the particular “Party Responsible”),
on the one hand, and any one or more of the parties listed under the preceding item as a “Party Responsible”,
on the other; provided, however, that an affiliation need not be disclosed for purposes of the applicable Form 10-K
if it was disclosed in the prospectus relating to the Companion Loan Securities or if it was previously reported as “Additional
Form 10-K Disclosure”.

and

●     1119(b)
of Regulation AB,

but
only the existence and (if existent) the general character of any business

	●     The
                                         Depositor

●     The
Trust Loan Seller

 

    Exhibit S-6

     

    

 

	Item
                                         on Form 10-K

	Party
                                         Responsible

	relationship,
                                         agreement, arrangement, transaction or understanding that is entered into outside the
                                         ordinary course of business or is on terms other than would be obtained in an arm’s
                                         length transaction with an unrelated third party (apart from the Series 2021-1MEM transaction)
                                         between itself (that is, the particular “Party Responsible”), on the one
                                         hand, and any one or more of the parties listed under the preceding item as a
                                         “Party Responsible”, on the other; provided, however, that
                                         a relationship, agreement, arrangement, transaction or understanding (A) must be reported
                                         only if it then exists or existed within the two prior years, (B) need not be reported
                                         if it is not material to an investor’s understanding of the Certificates and (C)
                                         need not be disclosed for purposes of the applicable Form 10-K if it was disclosed in
                                         the prospectus relating to the Companion Loan Securities or if it was previously reported
                                         as “Additional Form 10-K Disclosure”.

and

●     1119(c)
of Regulation AB,

but
only the existence and (if existent) a description (including the terms and approximate dollar amount) of any specific relationship
involving or related to the Series 2021-1MEM transaction or the Mortgage Loans between itself (that is, the particular “Party
Responsible”) or any of its affiliates, on the one hand, and any one or more of the parties listed under the preceding
item as a “Party Responsible”, on the other; provided, however, that a relationship (A) must be
reported only if it then exists or existed within the two prior years, (B) need not be reported if it is not material to an investor’s
understanding of the Certificates and (C) need not be disclosed for purposes of the

	 

 

    Exhibit S-7

     

    

 

	Item
                                         on Form 10-K

	Party
                                         Responsible

	applicable
                                         Form 10-K if it was disclosed in the prospectus relating to the Companion Loan Securities
                                         or if it was previously reported as “Additional Form 10-K Disclosure”.

 

	 

	Item
                                         15: Exhibits (no. 2):

Plan
of acquisition, reorganization, arrangement, liquidation or succession (Exhibit No. 2 of Item 601 of Regulation S-K)

	●     Depositor

	Item
                                         15: Exhibits (no. 3):

Articles
of incorporation and by-laws (Exhibit No. 3(i) and 3(ii) of Item 601 of Regulation S-K)

	●     Depositor

	Item
                                         15: Exhibits (no. 4):

With
respect to instruments defining the rights of security holders (Exhibit No. 4 of Item 601 of Regulation S-K)

	●     Trustee

●     Certificate
Administrator

●     Depositor

provided,
in each case, that this shall in no event be construed to make such party responsible for the initial filing of this Trust and
Servicing Agreement

provided
further, in each case, that in the event any reportable agreement is executed by the Depositor and the Trustee or Certificate
Administrator, then the Depositor shall be the responsible party.

	Item
                                         15: Exhibits (no. 10):

Material
contracts (Exhibit No. 10 of Item 601 of Regulation S-K)

	●     Certificate
                                         Administrator, Trustee, Servicer and/or Special Servicer, in each case to the extent
                                         of any contract that satisfies all the following conditions: (a) such contract relates
                                         to the Trust or one or more Mortgage Loans or REO Mortgage Loans, and (b) such contract
                                         is a contract to which such party (or a subcontractor or vendor engaged by such party)
                                         is a party or that such party (or a 

 

    Exhibit S-8

     

    

 

	Item
                                         on Form 10-K

	Party
                                         Responsible

	 

	subcontractor
                                         or vendor engaged by such party) has caused to have been executed on behalf of the Trust.

	Item
                                         15: Exhibits (no. 11):

Statement
regarding computation of per share earnings (Exhibit No. 11 of Item 601 of Regulation S-K)

	●     Not
                                         Applicable

	Item
                                         15: Exhibits (no. 12):

Statement
regarding computation of ratios (Exhibit No. 12 of Item 601 of Regulation S-K)

	●     Not
                                         Applicable.

	Item
                                         15: Exhibits (no. 13):

Annual
report to security holders, Form 10-Q and Form 10-QSB, or quarterly report to security holders (Exhibit No. 13 of Item 601 of
Regulation S-K)

	●     Not
                                         Applicable

	Item
                                         15: Exhibits (no. 14):

Code
of Ethics (Exhibit No. 14 of Item 601 of Regulation S-K)

	●     Not
                                         Applicable.

	Item
                                         15: Exhibits (no. 16):

Letter
re change in certifying accountant (Exhibit No. 16 of Item 601 of Regulation S-K)

	●     Not
                                         Applicable

	Item
                                         15: Exhibits (no. 18):

Letter
re change in accounting principles (Exhibit No. 18 of Item 601 of Regulation S-K)

	●     Not
                                         Applicable.

	Item
                                         15: Exhibits (no. 21):

Subsidiaries
of registrant (Exhibit No. 18 of Item 601 of Regulation S-K)

	●     Depositor.

	Item
15: Exhibits (no. 22): 

	●     Not
                                         applicable.

 

    Exhibit S-9

     

    

	Item
                                         on Form 10-K

	Party
                                         Responsible

	Published
                                         Report Regarding Matters Submitted to a Vote of Security Holders (Exhibit No. 22 of Item
                                         601 of Regulation S-K).

	 

	Item
                                         15: Exhibits (no. 23) – Part 1 of 2 Parts:

Consents
of Experts and Counsel (Exhibit No. 23(ii) of Item 601 of Regulation S-K), where (a) the filing of a written consent is required
with respect to material (in the Form 10-D) that is incorporated by reference in the Depositor’s registration statement
and (b) the consent is not the consent of a registered public accounting firm in connection with an attestation delivered pursuant
to Section 13.9 of this Trust and Servicing Agreement.

	●     Depositor

	Item
                                         15: Exhibits (no. 23) – Part 2 of 2 Parts:

Consents
of Experts and Counsel (Exhibit No. 23(ii) of Item 601 of Regulation S-K), but the required shall consist of a consent of the
registered public accounting firm for purposes of any attestation report rendered with respect to the particular “Party
Responsible” pursuant to Section 13.9 of this Trust and Servicing Agreement.

	●     Servicer

●     Special
Servicer

●     Depositor

●     Any
other Servicing Function Participant

provided,
however, in each case, that such party shall have the duty to report or deliver, or cause the reporting or delivery, of
such consent only to the extent that such party is required to deliver or cause the delivery of the related attestation report.

	Item
                                         15: Exhibits (no. 24)

Power
of Attorney (Exhibit No. 24 of Item 601 of Regulation S-K), but only if the name of any party signing the Form 10-D, or the name
of any officer signing the Form 10-D on behalf of a party, is signed pursuant to a power of attorney.

	●     Certificate
                                         Administrator 

	Item
                                         15: Exhibits (no. 31(i))

	●     Not
                                         Applicable

 

    Exhibit S-10

     

    

 

	Item
                                         on Form 10-K

	Party
                                         Responsible

	Rule
                                         13a-14(a)/15d-14(a) Certifications (Exhibit No. 31(i) of Item 601 of Regulation S-K).

	 

	Item
                                         15: Exhibits (no. 31(ii))

Rule
13a-14(d)/15d-14(d) Certifications (Exhibit No. 31(ii) of Item 601 of Regulation S-K).

	●     Delivery
                                         of this exhibit (Sarbanes-Oxley certification and backup certifications) is governed
                                         by Section 13.11) of this Trust and Servicing Agreement.

	Item
                                         15: Exhibits (no. 32)

Section
1350 Certifications (Exhibit No. 32 of Item 601 of Regulation S-K).

	●     Not
                                         Applicable.

	Item
                                         15: Exhibits (no. 33)

Report
on assessment of compliance with servicing criteria for asset-backed securities (Exhibit No. 33 of Item 601 of Regulation S-K).

	●     Delivery
                                         of this exhibit (annual compliance assessment) is governed by Section 13.8) of this Trust
                                         and Servicing Agreement.

	Item
                                         15: Exhibits (no. 34)

Attestation
report on assessment of compliance with servicing criteria for asset-backed securities (Exhibit No. 34 of Item 601 of Regulation
S-K).

	●     Delivery
                                         of this exhibit (annual accountants’ attestation report) is governed by Section
                                         13.9 of this Trust and Servicing Agreement.

	Item
                                         15: Exhibits (no. 35)

Servicer
compliance statement (Exhibit No. 35 of Item 601 of Regulation S-K).

	●     Delivery
                                         of this exhibit (annual servicer compliance statements) is governed by Section 13.7 (and
                                         Section 13.8) of this Trust and Servicing Agreement.

	Item
                                         15: Exhibits (no. 99)

Additional
exhibits (Exhibit No. 99 of Item 601 of Regulation S-K)

	●     Not
                                         Applicable.

	Item
                                         15: Exhibits (no. 100)x

BRL-Related
Documents (Exhibit No. 100 of Item 601 of Regulation S-K).

	●     Not
                                         Applicable.

	Item
                                         15: Exhibits (By Operation of Item 9B

	●     Certificate
                                         Administrator, Depositor and

 

    Exhibit S-11

     

    

 

	Item
                                         on Form 10-K

	Party
                                         Responsible

	Above),
                                         but only to the extent of any document that meets all the following conditions: (a) such
                                         document constitutes “Additional Form 8-K Disclosure” pursuant to Item 9.01(d)
                                         of Exhibit T, (b) such document is required to be reported as “Additional
                                         Form 8-K Disclosure” during the period to which the Form 10-K relates, and (c)
                                         such document was not previously reported as “Additional Form 8-K Disclosure”.

	Trustee,
                                         in each case only to the extent that such party is the “Party Responsible”
                                         for the exhibit pursuant to Item 9(d) of Exhibit T (it being acknowledged that none of
                                         the Servicer or the Special Servicer constitutes a “Party Responsible” under
                                         Exhibit T with respect to any exhibits to a Form 10-K).

 

 

    Exhibit S-12

     

    

 

EXHIBIT
T

 

FORM
8-K DISCLOSURE INFORMATION

 

For
so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the parties identified
in the “Party Responsible” column are obligated pursuant to Section 13.6 of the Trust and Servicing Agreement to report
to each Other Exchange Act Reporting Party and each Other Depositor to which the particular Form 8-K Disclosure Information is
relevant for Exchange Act reporting purposes, the occurrence of any event described in the corresponding Form 8-K Item described
in the “Item on Form 8-K” column to the extent such party has knowledge of such information (other than information
as to itself). Each of the Operating Advisor, the Certificate Administrator, the Trustee, the Servicer, the Special Servicer,
each Other Exchange Act Reporting Party and the Other Depositor (in its capacity as such) shall be entitled to rely on the accuracy
of the Offering Circular and the offering materials with respect to any related Other Securitization Trust (other than information
with respect to itself that is set forth in or omitted from such offering materials or the Offering Circular), in the absence
of specific notice to the contrary from the Depositor, Other Depositor or the Trust Loan Seller. Each of the Operating Advisor,
Certificate Administrator, the Trustee, the Servicer, the Special Servicer, each Other Exchange Act Reporting Party and the Other
Depositor (in its capacity as such) shall be entitled to assume that there is no “significant obligor” other than
a party or property identified as such in the prospectus relating to the Other Securitization and to assume that no other party
or property will constitute a “significant obligor” after the Cut-off Date. In no event shall the Servicer or the
Special Servicer be required to provide any information for inclusion in a Form 8-K that relates to any Mortgage Loan for which
the Servicer or the Special Servicer is not the applicable Servicer or Special Servicer, as the case may be. For this Agreement
and any Other Securitization Trust, each of the Operating Advisor, Certificate Administrator, the Trustee, the Servicer, the Special
Servicer, each Other Exchange Act Reporting Party and the Other Depositor (in its capacity as such) shall be entitled to assume
that there is no provider of credit enhancement, liquidity or derivative instruments within the meaning of Items 1114 or 1115
of Regulation AB other than a party identified as such in the Offering Circular and the offering materials with respect to any
related Other Securitization Trust.

 

    Exhibit T-1

     

    

 

	Item
                                         on Form 8-K

	Party
                                         Responsible 

	Item
                                         1.01: Entry into a Material Definitive Agreement

 

	●     Depositor,
                                         except as described in the next bullet (it being acknowledged that Item 601 of Regulation
                                         S-K requires filing of material contracts to which the registrant or a subsidiary thereof
                                         is a party).

●     Certificate
Administrator, Trustee, Servicer and/or Special Servicer (it being acknowledged that Instruction 3 to Item 1.01 of Form 8-K
requires disclosure regarding the entry into or an amendment of a definitive agreement that is material to the asset-backed securities
transaction, even if the registrant is not a party to such agreement), in each case to the extent of any amendment or definitive
agreement that satisfies all the following conditions: (a) such amendment or definitive agreement relates to the Trust or one
or more Mortgage Loans or REO Mortgage Loans, and (b) such amendment or definitive agreement is an amendment or definitive agreement
to which such party (or a subcontractor or vendor engaged by such party) is a party or that such party (or a subcontractor or
vendor engaged by such party) has caused to have been executed on behalf of the Trust; provided, however, that the Certificate
Administrator shall be the “Party Responsible” in connection with any amendment to this Trust and Servicing Agreement.

 

    Exhibit T-2

     

    

 

	Item
                                         on Form 8-K

	Party
                                         Responsible 

	Item
                                         1.02: Termination of a Material Definitive Agreement– Part 1 of 2 Parts

	●     Certificate
                                         Administrator, Trustee, Servicer and/or Special Servicer, in each case to the extent
                                         of any contract that satisfies all the following conditions: (a) such contract relates
                                         to the Trust or one or more Mortgage Loans or REO Mortgage Loans, and (b) such contract
                                         is a contract to which such party (or a subcontractor or vendor engaged by such party)
                                         is a party or that such party (or a subcontractor or vendor engaged by such party) has
                                         caused to have been executed on behalf of the Trust; provided, however, that the Certificate
                                         Administrator shall be the “Party Responsible” in connection with any amendment
                                         to this Trust and Servicing Agreement.

	Item
                                         1.02: Termination of a Material Definitive Agreement– Part 2 of 2 Parts

	●     Depositor,
                                         to the extent of any material agreement not covered in the prior item

	Item
                                         1.03: Bankruptcy or Receivership

	●     Depositor

	Item
                                         2.04: Triggering Events that Accelerate or Increase a Direct Financial Obligation or
                                         an Obligation under an Off-Balance Sheet Arrangement

	●     Depositor

●     Certificate
Administrator

	Item
                                         3.03: Material Modification to Rights of Security Holders

	●     Certificate
                                         Administrator

	Item
                                         5.03: Amendments of Articles of Incorporation or Bylaws; Change of Fiscal Year

	●     Depositor

	Item
                                         6.01: ABS Informational and Computational Material

	●     Depositor

	Item
                                         6.02 (Part 1 of 3 Parts): Change of Servicer or Trustee, but only to the extent related
                                         to a change in trustee

	●     Trustee

●     Depositor

 

    Exhibit T-3

     

    

 

	Item
                                         on Form 8-K

	Party
                                         Responsible 

	Item
                                         6.02 (Part 2 of 3 Parts): Change of Servicer or Trustee, but only to the extent related
                                         to a change in Servicer or Special Servicer

	●     Certificate
                                         Administrator

●     Servicer
or Special Servicer, as the case may be (in each case, as to itself)

	Item
                                         6.02 (Part 3 of 3 Parts): Change of Servicer or Trustee, but only to the extent related
                                         to a servicer (other than a party to the Trust and Servicing Agreement) appointed by
                                         the particular “Party Responsible”.

	●     Servicer

●     Special
Servicer

●     Certificate
Administrator

●     Depositor

	Item
                                         6.03: Change in Credit Enhancement or External Support

	●     Depositor

●     Certificate
Administrator

	Item
                                         6.04: Failure to Make a Required Distribution

	●     Certificate
                                         Administrator

	Item
                                         6.05: Securities Act Updating Disclosure

	●     Depositor

	Item
                                         7.01: Regulation FD Disclosure

	●     Depositor

	Item
                                         8.01: Other Events

	●     Depositor

	Item
                                         9.01(d): Exhibits (no. 1):

Underwriting
agreement (Exhibit No. 1 of Item 601 of Regulation S-K)

	●     Not
                                         applicable

	Item
                                         9.01(d): Exhibits (no. 2):

Plan
of acquisition, reorganization, arrangement, liquidation or succession (Exhibit No. 2 of Item 601 of Regulation S-K)

	●     Depositor

	Item
                                         9.01(d): Exhibits (no. 3):

Articles
of incorporation and by-laws (Exhibit No. 3(i) and 3(ii) of Item 601 of Regulation S-K)

	●     Depositor

 

    Exhibit T-4

     

    

 

	Item
                                         on Form 8-K

	Party
                                         Responsible 

	Item
                                         9.01(d): Exhibits (no. 4):

With
respect to instruments defining the rights of security holders (Exhibit No. 4 of Item 601 of Regulation S-K)

	●     Certificate
                                         Administrator

provided,
in each case, that this shall in no event be construed to make such party responsible for the initial filing of this Trust and
Servicing Agreement

	Item
                                         9.01(d): Exhibits (no. 7):

Correspondence
from an independent accountant regarding non-reliance on a previously issued audit report or completed interim review. (Exhibit
No. 7 of Item 601 of Regulation S-K)

	●     Not
                                         Applicable

	Item
                                         9.01(d): Exhibits (no. 14):

Code
of Ethics (Exhibit No. 14 of Item 601 of Regulation S-K)

	●     Not
                                         Applicable

	Item
                                         9.01(d): Exhibits (no. 16):

Letter
re change in certifying accountant (Exhibit No. 16 of Item 601 of Regulation S-K)

	●     Not
                                         Applicable

	Item
                                         9.01(d): Exhibits (no. 17):

Correspondence
on departure of director (Exhibit No. 17 of Item 601 of Regulation S-K)

	●     Not
                                         Applicable

	Item
                                         9.01(d): Exhibits (no. 20):

Other
documents or statements to security holders (Exhibit No. 20 of Item 601 of Regulation S-K)

	●     Not
                                         Applicable

 

    Exhibit T-5

     

    

 

	Item
                                         on Form 8-K

	Party
                                         Responsible 

	Item
                                         9.01(d): Exhibits (no. 23):

Consents
of Experts and Counsel (Exhibit No. 23(ii) of Item 601 of Regulation S-K), where the filing of a written consent is required with
respect to material (in the Form 10-D) that is incorporated by reference in the Depositor’s registration statement.

	●     Depositor

	Item
                                         9.01(d): Exhibits (no. 24)

Power
of Attorney (Exhibit No. 24 of Item 601 of Regulation S-K), but only if the name of any party signing the Form 10-D, or the name
of any officer signing the Form 10-D on behalf of a party, is signed pursuant to a power of attorney.

	●     Certificate
                                         Administrator 

	Item
                                         15: Exhibits (no. 99)

Additional
exhibits (Exhibit No. 99 of Item 601 of Regulation S-K)

	●     Not
                                         Applicable.

	Item
                                         15: Exhibits (no. 100)

BRL-Related
Documents (Exhibit No. 100 of Item 601 of Regulation S-K).

	●     Not
                                         Applicable.

  

 

    Exhibit T-6

     

    

EXHIBIT U

 

ADDITIONAL DISCLOSURE NOTIFICATION

 

**SEND VIA FAX TO 410-715-2380 AND VIA EMAIL TO cts.sec.notifications@wellsfargo.com AND VIA OVERNIGHT MAIL TO THE ADDRESS IMMEDIATELY BELOW**

 

Wells Fargo Bank, National Association, as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attn: Corporate Trust Services (CMBS) – JPMCC 2021-1MEM—SEC REPORT PROCESSING

 

RE: **Additional Form [10-D][10-K][8-K] Disclosure** Required

 

Ladies and Gentlemen:

 

In accordance with Section [13.4] [13.5] [13.6] of the Trust and Servicing Agreement, dated as of October 14, 2021 (the “Trust and Servicing Agreement”), between J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor (the “Depositor”), Midland Loan Services, a Division of PNC Bank, National Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and as Trustee, and Park Bridge Lender Services 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 U-1 

     

    

 

EXHIBIT V

 

INITIAL SUB-SERVICERS

 

None.

 

    Exhibit V-1 

     

    

 

EXHIBIT W

 

FORM OF ANNUAL COMPLIANCE STATEMENT

 

CERTIFICATION

J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM,
Commercial Mortgage Pass-Through Certificates
Series 2021-1MEM (the “Trust”)

 

I, [identifying the certifying individual], on behalf of [Midland Loan Services, a Division of PNC Bank, National Association, as Servicer] [Situs Holdings, LLC, as Special Servicer] [Wells Fargo Bank, National Association, as Certificate Administrator] [Wells Fargo Bank, National Association, as Trustee] (the “Certifying Servicer”), certify to J.P. Morgan Chase Commercial Mortgage Securities Corp. and its officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification, that:

 

1.        I (or Servicing Officers under my supervision) have reviewed the Certifying Servicer’s activities [during the preceding calendar year] [between [__] and [__]] and the Certifying Servicer’s performance under the Trust and Servicing Agreement; and

 

2.        To the best of my knowledge, based on such review, the Certifying Servicer has fulfilled all of its obligations under the Trust and Servicing Agreement in all material respects [throughout such year] [between [__] and [__]]. [To my knowledge, the Certifying Servicer has failed to fulfill the following obligations under the Trust and Servicing Agreement: [SPECIFY EACH SUCH FAILURE AND THE NATURE AND STATUS THEREOF]].

 

	
Date:

	
 

	
 

	
 

	
 

	
 

	
[MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION, as servicer]

[Situs Holdings, LLC, as special servicer]

[WELLS FARGO BANK, NATIONAL ASSOCIATION, as certificate administrator]

[WELLS FARGO BANK, NATIONAL ASSOCIATION, as trustee]

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

	
 

 

    Exhibit W-1 

     

    

 

EXHIBIT X

 

FORM OF REPORT ON ASSESSMENT OF
COMPLIANCE with SERVICING CRITERIA

 

[Name of Reporting Servicer] (the “Reporting Servicer”) is responsible for assessing compliance with the servicing criteria applicable to it under paragraph (d) of Item 1122 of Regulation AB, as of and for the 12-month period ending December 31, 20[__] (the “Reporting Period”), as set forth in Exhibit AA to the Trust and Servicing Agreement. The transactions covered by this report include asset-backed securities transactions for which the Reporting Servicer acted as [a servicer, special servicer, trustee, certificate administrator] involving commercial mortgage loans [other than __________________*] (the “Platform”);

 

The Reporting Servicer has engaged certain vendors, which are not servicers as defined in Item 1101(j) of Regulation AB (the “Vendors”) to perform specific, limited or scripted activities, and the Reporting Servicer elects to take responsibility for assessing compliance with the servicing criteria or portion of the servicing criteria applicable to such Vendors’ activities as set forth on Schedule A;

 

Except as set forth in paragraph 4 below, the Reporting Servicer used the criteria set forth in paragraph (d) of Item 1122 of Regulation AB to assess the compliance with the applicable servicing criteria;

 

The criteria listed in the column titled “Inapplicable Servicing Criteria” on Schedule A hereto are inapplicable to the Reporting Servicer based on the activities it performs, directly or through its Vendors, with respect to the Platform;

 

The Reporting Servicer has complied, in all material respects, with the applicable servicing criteria as of December 31, 20[__] and for the Reporting Period with respect to the Platform taken as a whole[, except as described on Schedule B hereto];

 

The Reporting Servicer has not identified and is not aware of any material instance of noncompliance by the Vendors with the applicable servicing criteria as of December 31, 20[__] and for the Reporting Period with respect to the Platform taken as a whole[, except as described on Schedule B hereto];

 

The Reporting Servicer has not identified any material deficiency in its policies and procedures to monitor the compliance by the Vendors with the applicable servicing criteria as of December 31, 20[__] and for the Reporting Period with respect to the Platform taken as a whole[, except as described on Schedule B hereto]; and

 

 

 

* Describe any permissible exclusions, including those permitted under telephone interpretation 17.04 (i.e. transactions registered prior to compliance with Regulation AB, transactions involving an offer and sale of asset backed securities that were not required to be issued), if applicable.

 

    Exhibit X-1 

     

    

 

[____], a registered public accounting firm, has issued an attestation report on the Reporting Servicer’s assessment of compliance with the applicable servicing criteria for the Reporting Period.

 

[Date of Certification]

 

	
 

	
[Name of Reporting Servicer]

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

    Exhibit X-2 

     

    

 

EXHIBIT Y-1

 

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR BY SERVICER

 

	
Re:

	
J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM, Commercial Mortgage Pass-Through Certificates, Series 2021-1MEM, issued pursuant to the Trust and Servicing Agreement dated as of October 14, 2021 (the “Trust 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 Servicer, Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor.

 

I, [identity of certifying individual], hereby certify with the knowledge and intent that this Certification will be relied upon by the applicable Certification Parties (as defined in the Trust and Servicing Agreement) (i) in connection with the certification concerning the Trust, as applicable, to be signed by an officer of the Depositor and/or (ii) in connection with the certification concerning the trust related to an Other Securitization, to be signed by an officer of the Other Depositor, as applicable, and submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:

 

1.        I (or Servicing Officers under my supervision) have reviewed the servicing and other information required to be provided by the Servicer in accordance with the Trust and Servicing Agreement for inclusion in the annual report on Form 10-K for the period ended December 31, 20[__] (“Form 10-K”) and all information required to be provided by the Servicer in accordance with the Trust and Servicing Agreement for inclusion in all reports on Form 10-D and Form 8-K required to be filed in respect of the period covered by the Form 10-K (collectively, with the Form 10-K, the “Reports”) (such information provided by the Servicer, collectively, the “Servicer Periodic Information”);

 

2.        Based on my knowledge, and assuming the accuracy of the statements required to be made by the Special Servicer in the special servicer backup certificate delivered by the Special Servicer relating to the relevant period, the Servicer Periodic Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by the Form 10-K;

 

3.        Based on my knowledge, and assuming the accuracy of the statements required to be made by the Special Servicer in the special servicer backup certificate delivered by the Special Servicer relating to the relevant period, all of servicing and other information required to be provided by the Servicer under the Trust and Servicing Agreement for inclusion in the Reports for the period covered by the Form 10-K is included in the Servicer Periodic Information;

 

    Exhibit Y-1-1 

     

    

 

4.        I (or Servicing Officers under my supervision) am responsible for reviewing the activities performed by the Servicer under the Trust and Servicing Agreement and based on my knowledge and the compliance review conducted in preparing the Servicer compliance statement required to be delivered under Article 13 of the Trust and Servicing Agreement for inclusion in the Form 10-K under Item 1123 of Regulation AB, and except as disclosed in the Servicer Periodic Information, the Servicer has fulfilled its obligations under the Trust and Servicing Agreement in all material respects;

 

5.        The accountants that are to deliver the annual attestation report on assessment of compliance with the Relevant Servicing Criteria in respect of the Servicer with respect to the Trust’s fiscal year _____ have been provided all information relating to the Servicer’s assessment of compliance with the Relevant Servicing Criteria in order to enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the PCAOB; and

 

6.        All of the reports on assessment of compliance with servicing criteria for asset-backed securities applicable to the Servicer or any Servicing Function Participant retained by the Servicer (the “Relevant Servicing Criteria”) and their related attestation reports on assessment of compliance with the Relevant Servicing Criteria required under the Trust and Servicing Agreement to be delivered for inclusion in the Form 10-K in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18, have been delivered in accordance with the Trust and Servicing Agreement. All material instances of noncompliance with the Relevant Servicing Criteria have been disclosed in such reports and such assessment of compliance is fairly stated in all material respects.

 

This Certification is being signed by me as an officer of the Servicer responsible for reviewing the activities performed by the Servicer under the Trust and Servicing Agreement.

 

	
Dated:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Name:

	
 

	
 

	
 

	
Title:

 

    Exhibit Y-1-2 

     

    

 

EXHIBIT Y-2

 

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR BY SPECIAL SERVICER

 

J.P. Morgan Chase Commercial Mortgage Securities Corp.
383 Madison Avenue, 8th Floor
New York, New York 10017
Attention: Kunal K. Singh

 

	
Re:

	
J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM, Commercial Mortgage Pass-Through Certificates, Series 2021-1MEM, issued pursuant to the Trust and Servicing Agreement dated as of October 14, 2021 (the “Trust 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 Servicer, Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor.

 

I, [identity of certifying individual], hereby certify to the Depositor and each Other Depositor and their respective officers, directors and Affiliates (collectively, the “Certification Parties”) as follows, with the knowledge and intent that the Certification Parties will rely on this Certification in connection with the certification concerning the Trust or trust related to an Other Securitization, as applicable, to be signed by an officer of the Depositor or Other Depositor, as applicable, and submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:

 

1.        I (or Servicing Officers under my supervision) have reviewed the servicing and other information required to be provided by the Special Servicer in accordance with the Trust and Servicing Agreement for inclusion in the annual report on Form 10-K for the period ended December 31, 20[__] (“Form 10-K”) and all information required to be provided by the Special Servicer in accordance with the Trust and Servicing Agreement for inclusion in all reports on Form 10-D and Form 8-K required to be filed in respect of the period covered by the Form 10-K (collectively with the Form 10-K, the “Reports”) (such information provided by the Special Servicer, collectively, the “Special Servicer Periodic Information”);

 

2.        Based on my knowledge, the Special Servicer Periodic Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by the Form 10-K;

 

3.        Based on my knowledge, all servicing and other information required to be provided by the Special Servicer under the Trust and Servicing Agreement for inclusion in the

 

    Exhibit Y-2-1 

     

    

 

Reports for the period covered by the Form 10-K is included in the Special Servicer Periodic Information;

 

4.        I (or Servicing Officers under my supervision) am responsible for reviewing the activities performed by the Special Servicer under the Trust and Servicing Agreement, and based on my knowledge and the compliance review conducted in preparing the Special Servicer’s compliance statement required to be delivered under Article 13 of the Trust and Servicing Agreement for inclusion in the Form 10-K under Item 1123 of Regulation AB, and except as disclosed in the Special Servicer Periodic Information, the Special Servicer has fulfilled its obligations under the Trust and Servicing Agreement in all material respects;

 

5.        The accountants that are to deliver the annual attestation report on assessment of compliance with the Relevant Servicing Criteria in respect of the Special Servicer with respect to the Trust’s fiscal year _____ have been provided all information relating to the Special Servicer’s assessment of compliance with the Relevant Servicing Criteria in order to enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the PCAOB; and

 

6.        All of the reports on assessment of compliance with servicing criteria for asset-backed securities applicable to the Special Servicer or any Servicing Function Participant retained by the Special Servicer (the “Relevant Servicing Criteria”) and their related attestation reports on assessment of compliance with the Relevant Servicing Criteria required under the Trust and Servicing Agreement to be delivered for inclusion in the Form 10-K in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18, have been delivered in accordance with the Trust and Servicing Agreement. All material instances of noncompliance with the Relevant Servicing Criteria have been disclosed in such reports and such assessment of compliance with servicing criteria is fairly stated in all material respects.

 

This Certification is being signed by me as an officer of the Special Servicer responsible for reviewing the activities performed by the Special Servicer under the Trust and Servicing Agreement.

 

	
Dated:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Name:

	
 

	
 

	
 

	
Title:

 

    Exhibit Y-2-2 

     

    

 

EXHIBIT Y-3

 

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR BY CERTIFICATE ADMINISTRATOR

 

	
Re:

	
J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM, Commercial Mortgage Pass-Through Certificates, Series 2021-1MEM, issued pursuant to the Trust and Servicing Agreement dated as of October 14, 2021 (the “Trust 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 Servicer, Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor.

 

I, [identity of certifying individual], hereby certify to the Depositor and each Other Depositor and their respective officers, directors and Affiliates (collectively, the “Certification Parties”) as follows, with the knowledge and intent that the Certification Parties will rely on this Certification in connection with the certification concerning the Trust or trust related to an Other Securitization, as applicable, to be signed by an officer of the Depositor or Other Depositor, as applicable, and submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:

 

1.        I (or an officer under my supervision) have reviewed the annual report on Form 10-K for the period ended December 31, 20[__] (the “Form 10-K”) and all reports on Form 10-D and Form 8-K filed in respect of the period covered by the Form 10-K (collectively, with the Form 10-K, the “Reports”);

 

2.        Based on my knowledge, the Reports, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by the Form 10-K;

 

3.        Based on my knowledge, all of the distribution and other information required to be provided by the Certificate Administrator under the Trust and Servicing Agreement for inclusion in the Reports for the period covered by the Form 10-K is included in the Reports and all of the distribution, servicing and other information provided to the Certificate Administrator by the trustee, the servicer and the special servicer under the Trust and Servicing Agreement for inclusion in the Reports for the period covered by the Form 10-K is included in the Reports;

 

4.        I (or an officer under my supervision) am responsible for reviewing the activities performed by the Certificate Administrator under the Trust and Servicing Agreement and based on my knowledge and the compliance review conducted in preparing the Certificate Administrator compliance statement required to be delivered under Article 13 of the Trust and Servicing Agreement for inclusion in the Form 10-K under Item 1123 of Regulation AB, and

 

    Exhibit Y-3-1 

     

    

 

except as disclosed in the Reports, the Certificate Administrator has fulfilled its obligations under the Trust and Servicing Agreement in all material respects; and

 

5.        All of the reports on assessment of compliance with servicing criteria for asset-backed securities applicable to the Certificate Administrator or any Servicing Function Participant retained by the Certificate Administrator (the “Relevant Servicing Criteria”) and their related attestation reports on assessment of compliance with the Relevant Servicing Criteria required to be included in the Form 10-K in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to the Form 10-K. Any material instances of noncompliance described in such reports have been disclosed in the Form 10-K and such assessment of compliance is fairly stated in all material respects.

 

This Certification is being signed by me as an officer of the Certificate Administrator responsible for reviewing the activities performed by the Certificate Administrator under the Trust and Servicing Agreement.

 

	
Dated:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Name:

	
 

	
 

	
 

	
Title:

 

    Exhibit Y-3-2 

     

    

 

EXHIBIT Y-4

 

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR BY TRUSTEE

 

J.P. Morgan Chase Commercial Mortgage Securities Corp.
383 Madison Avenue, 8th Floor
New York, New York 10017
Attention: Kunal K. Singh

 

	
Re:

	
J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM, Commercial Mortgage Pass-Through Certificates, Series 2021-1MEM, issued pursuant to the Trust and Servicing Agreement dated as of October 14, 2021 (the “Trust 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 Servicer, Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor.

 

I, [identity of certifying individual], hereby certify to the Depositor and each Other Depositor and their respective officers, directors and Affiliates (collectively, the “Certification Parties”) as follows, with the knowledge and intent that the Certification Parties will rely on this Certification in connection with the certification concerning the Trust or trust related to an Other Securitization, as applicable, to be signed by an officer of the Depositor or Other Depositor, as applicable, and submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:

 

1.        I (or officers under my supervision) have reviewed the information required to be provided by the Trustee in accordance with the Trust and Servicing Agreement for inclusion in the annual report on Form 10-K for the period ended December 31, 20[__] (“Form 10-K”) and all information required to be provided by the Trustee in accordance with the Trust and Servicing Agreement for inclusion in the reports on Form 10-D and Form 8-K required to be filed in respect of the period covered by the Form 10-K of the Trust (collectively with the Form 10-K, the “Reports”) (such information provided by the Trustee, collectively, the “Trustee Periodic Information”);

 

2.        Based on my knowledge, the Trustee Periodic Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by the Form 10-K;

 

3.        Based on my knowledge, all information required to be provided by the Trustee under the Trust and Servicing Agreement for inclusion in the Reports for the period covered by the Form 10-K is included in the Trustee Periodic Information;

 

    Exhibit Y-4-1 

     

    

 

4.        I (or officers under my supervision) am responsible for reviewing the activities performed by the Trustee under the Trust and Servicing Agreement, and based on my knowledge and the compliance review conducted in preparing the Trustee’s compliance statement to be delivered under Article 13 of the Trust and Servicing Agreement required for inclusion in the Form 10-K under Item 1123 of Regulation AB, and except as disclosed in the Trustee Periodic Information, the Trustee has fulfilled its obligations under the Trust and Servicing Agreement in all material respects; and

 

5.        All of the reports on assessment of compliance with servicing criteria for asset-backed securities applicable to the Trustee or any Servicing Function Participant retained by the Trustee (the “Relevant Servicing Criteria”) and their related attestation reports on assessment of compliance with the Relevant Servicing Criteria required under the Trust and Servicing Agreement to be delivered for inclusion in the Form 10-K in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18, have been delivered in accordance with the Trust and Servicing Agreement. All material instances of noncompliance with the Relevant Servicing Criteria have been disclosed in such reports and such assessment of compliance with servicing criteria is fairly stated in all material respects.

 

This Certification is being signed by me as an officer of the Trustee responsible for reviewing the activities performed by the Trustee under the Trust and Servicing Agreement.

 

	
Dated:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Name:

	
 

	
 

	
 

	
Title:

 

    Exhibit Y-4-2 

     

    

 

EXHIBIT Y-5

 

FORM OF CERTIFICATION TO BE PROVIDED TO DEPOSITOR BY OPERATING ADVISOR

 

J.P. Morgan Chase Commercial Mortgage Securities Corp.
383 Madison Avenue, 8th Floor
New York, New York 10017
Attention: Kunal K. Singh

 

	
Re:

	
J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM, Commercial Mortgage Pass-Through Certificates, Series 2021-1MEM, issued pursuant to the Trust and Servicing Agreement dated as of October 14, 2021 (the “Trust 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 Servicer, Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor.

 

I, [identity of certifying individual], hereby certify to the Depositor and each Other Depositor and their respective officers, directors and Affiliates (collectively, the “Certification Parties”) as follows, with the knowledge and intent that the Certification Parties will rely on this Certification in connection with the certification concerning the Trust or trust related to an Other Securitization, as applicable, to be signed by an officer of the Depositor or Other Depositor, as applicable, and submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:

 

1.        I (or officers under my supervision) have reviewed the information required to be provided by the Operating Advisor in accordance with the Trust and Servicing Agreement for inclusion in the annual report on Form 10-K for the period ended December 31, 20[__] (“Form 10-K”) and all information required to be provided by the Operating Advisor in accordance with the Trust and Servicing Agreement for inclusion in the reports on Form 10-D and Form 8-K required to be filed in respect of the period covered by the Form 10-K of the Trust (collectively with the Form 10-K, the “Reports”) (such information provided by the Operating Advisor, collectively, the “Operating Advisor Periodic Information”);

 

2.        Based on my knowledge, the Operating Advisor Periodic Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by the Form 10-K;

 

3.        Based on my knowledge, all information required to be provided by the Operating Advisor under the Trust and Servicing Agreement for inclusion in the Reports for the period covered by the Form 10-K is included in the Operating Advisor Periodic Information; and

 

    Exhibit Y-5-1 

     

    

 

4.        All of the reports on assessment of compliance with servicing criteria for asset-backed securities applicable to the Operating Advisor or any Servicing Function Participant retained by the Operating Advisor (the “Relevant Servicing Criteria”) and their related attestation reports on assessment of compliance with the Relevant Servicing Criteria required under the Trust and Servicing Agreement to be delivered for inclusion in the Form 10-K in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18, have been delivered in accordance with the Trust and Servicing Agreement. All material instances of noncompliance with the Relevant Servicing Criteria have been disclosed in such reports and such assessment of compliance with servicing criteria is fairly stated in all material respects.

 

This Certification is being signed by me as an officer of the Operating Advisor responsible for reviewing the activities performed by the Operating Advisor under the Trust and Servicing Agreement.

 

	
Dated:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Name:

	
 

	
 

	
 

	
Title:

 

    Exhibit Y-5-2 

     

    

 

EXHIBIT Z

 

FORM OF OPERATING ADVISOR ANNUAL REPORT2

 

Report Date: This report will be delivered annually no later than 120 days after the end of the calendar year, pursuant to the terms and conditions of the Trust and Servicing Agreement, dated as of October 14, 2021 (the “Trust 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 Servicer, Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, as Custodian and as Trustee, and Park Bridge Lender Services LLC, as operating advisor.

 

Transaction: J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM, Commercial Mortgage Pass-Through Certificates, Series 2021-1MEM

 

Operating Advisor: Park Bridge Lender Services 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]

 

 

 

2
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 Z-1 

     

    

 

	
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.

	
Major Decision Reporting Packages.

 

	
 

	
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 and Final Asset Status Report.

 

	
 

	
3.

	
The Special Servicer’s assessment of compliance report, attestation report by a third party regarding the Special Servicer’s compliance with its obligations and net present value calculations and Appraisal Reduction Amount calculations.

 

	
 

	
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 to the Asset Status Reports for a Specially Serviced Mortgage Loan and with respect to Major Decisions.]

 

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. For instance, we did not review underlying lease agreements, re-engineer the quantitative aspects of their net present value calculator, visit any related property, visit the Special Servicer, visit the Directing Certificateholder or interact with any borrower. In addition, our review of the net present value calculations and Appraisal Reduction calculations is limited to the mathematical accuracy of the calculations and the corresponding application of the non-discretionary portions of the applicable formulas, and as such, does not take into account the reasonableness of the discretionary portions of such formulas.

 

	
III.

	
Qualifications and Disclaimers Related to the Work Product Undertaken and Opinions Related to this Report

 

	
 

	
1.

	
As provided in the TRUST AND SERVICING AGREEMENT, the Operating Advisor is not required to report on instances of non-compliance with, or deviations from, Accepted Servicing Practices or the Special Servicer’s obligations under the TRUST AND SERVICING AGREEMENT that the Operating Advisor determines, in its sole discretion exercised in good faith, to be immaterial.

 

	
 

	
2.

	
In rendering our assessment herein, we have assumed that all executed factual statements, instruments, and other documents that we have relied upon in rendering this assessment have been executed by persons with legal capacity to execute such documents.

 

	
 

	
3.

	
Other than the receipt of a Major Decision Reporting Package, if any, the Operating Advisor did not participate in, or have access to, the Special Servicer’s and Directing Certificateholder’s discussion(s) regarding the Specially Serviced Mortgage Loan. The Operating Advisor does not have authority to speak with the Directing Certificateholder

 

    Exhibit Z-2 

     

    

 

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 Specially Serviced Mortgage Loan pursuant to the Trust and Servicing Agreement. The Operating Advisor has no responsibility or authority to alter the standards set forth therein or direct the actions of the Special Servicer.

 

	
 

	
5.

	
Confidentiality and other contractual limitations limit the Operating Advisor’s ability to outline the details or substance of any communication held between it and the Special Servicer regarding the Specially Serviced Mortgage Loan and certain information it reviewed in connection with its duties under the Trust and Servicing Agreement. As a result, this report may not reflect all the relevant information that the Operating Advisor is given access to by the Special Servicer.

 

	
 

	
6.

	
The Operating Advisor is not empowered to speak with any investors directly. If the investors have questions regarding this report, they should address such questions to the certificate administrator through the certificate administrator’s website.

 

	
 

	
7.

	
This report does not constitute a recommendation to buy, sell or hold any security, nor does the Operating Advisor take into account market prices of securities or financial markets generally when performing its limited review of the Special Servicer as described above. The Operating Advisor does not have a fiduciary relationship with any Certificateholder or any other party or individual. Nothing is intended to or should be construed as creating a fiduciary relationship between the Operating Advisor and any Certificateholder, party or individual.

 

Terms used but not defined herein have the meaning set forth in the Trust and Servicing Agreement.

 

    Exhibit Z-3 

     

    

 

EXHIBIT AA

 

Form of Notice from Operating Advisor Recommending
Replacement of Special Servicer

 

Wells Fargo Bank, National Association

  as Certificate Administrator and Trustee
9062 Old Annapolis Road
Columbia, Maryland 21045
Attention: Corporate Trust Services (CMBS) – JPMCC 2021-1MEM

 

Situs Holdings, LLC,

  as Special Servicer

101 Montgomery Street, Suite 2250

San Francisco, California 94104

Attention: Stacey Ciarlanti

E-mail: staceyciarlanti@situsamc.com

 

	
 

	
Re:

	
J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM, Commercial Mortgage Pass-Through Certificates, Series 2021-1MEM, Recommendation of Replacement of Special Servicer

 

Ladies and Gentlemen:

 

This letter is delivered pursuant to Section 7.1(i) of the Trust and Servicing Agreement, dated as of October 14, 2021 (the “Trust 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 Servicer, Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor, on behalf of the holders of J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM, Commercial Mortgage Pass-Through Certificates, Series 2021-1MEM (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 3.26 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: [________].

 

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.

 

    Exhibit AA-1 

     

    

 

	
 

	
Very truly yours,

	
 

	
 

	
 

	
 

	
 

	
[The Operating Advisor]

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

Dated:

 

    Exhibit AA-2 

     

    

 

EXHIBIT BB

 

FORM OF CERTIFICATE ADMINISTRATOR RECEIPT OF THE RISK RETENTION 
CERTIFICATES

 

October ___, 2021

 

	
J.P. Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue, 8th Floor

New York, New York 10179

Attention: Kunal K. Singh

	
 

	
JPMorgan Chase Bank, National Association

383 Madison Avenue, 8th Floor

New York, New York 10179

Attention: Kunal K. Singh

	
 

	
 

	
 

	
New York State Teachers’ Retirement System

10 Corporate Woods Drive

Albany, NY 12211

Attn: Mortgage Servicing

mortgageservicing@nystrs.org

518-447-2700

 

With a copy to:

 

Prima Capital Advisors LLC

2 Overhill Road, Suite 215

Scarsdale, NY 10583

Attention: Nilesh Patel

npatel@primaadvisors.com

Facsimile: (914) 725-9385

	
 

	
 

 

	
 

	
Re:

	
J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-1MEM, Commercial Mortgage Pass-Through Certificates, Series 2021-1MEM

 

In accordance with Section 5.1(d) of the Trust and Servicing Agreement, dated as of October 14, 2021 (the “Agreement”), the Certificate Administrator hereby acknowledges receipt and possession 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 New York State Teachers’ Retirement System, as registered holder thereof, the initial Third Party Purchaser. The Certificate Administrator will hold such certificate pursuant and subject to the Agreement. A copy of such Class HRR Certificate is attached as Exhibit A-1. Payments on the Certificates will be made to the registered holder thereof in accordance with the Agreement.

 

Capitalized terms used but not defined herein shall the respective meanings set forth in the Agreement.

 

    Exhibit BB-1 

     

    

 

	
 

	
WELLS FARGO Bank, national association,

	
 

	
not in its individual capacity

	
 

	
but solely as Certificate Administrator

	
 

	
 

	
 

	
By:

	
 

	
 

	
Name:

	
 

	
Title

 

    Exhibit BB-2 

     

    

 

EXHIBIT CC

 

PERFORMANCE ESCROWS OR RESERVES

 

None.

 

    Exhibit CC-1Exhibit 4.3

 

EXECUTION VERSION

	 	 

 

DEUTSCHE MORTGAGE & ASSET RECEIVING
CORPORATION,

Depositor,

 

KEYBANK NATIONAL ASSOCIATION,

Master Servicer,

 

SITUS
HOLDINGS, LLC,

Special Servicer,

 

WILMINGTON TRUST, NATIONAL ASSOCIATION,

Trustee,

 

Wells
Fargo bank, national association,

Certificate Administrator, Paying Agent and Custodian,

 

and

 

PARK
BRIDGE LENDER SERVICES LLC,

Operating Advisor

 

 

 

TRUST
AND SERVICING AGREEMENT

Dated as of November 9, 2021

 

 

 

CAMB 2021-CX2 Mortgage Trust

Commercial Mortgage Pass-Through Certificates 

	 	 

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

	 	 	 
	ARTICLE I 

DEFINITIONS
	 	 	 
	Section 1.01	Defined Terms	3
	Section 1.02	Certain Calculations	77
	Section 1.03	Certain Constructions	81
	 	 	 
	ARTICLE II 

CONVEYANCE OF the MORTGAGE LOAN;

ORIGINAL ISSUANCE OF CERTIFICATES
	 	 	 
	Section 2.01	Conveyance of the Trust Loan; Assignment of Trust Loan Purchase Agreements	82
	Section 2.02	Acceptance by Custodian and the Trustee	88
	Section 2.03	Representations, Warranties and Covenants of the Depositor; Repurchase of Trust Loan	90
	Section 2.04	Representations, Warranties and Covenants of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor	97
	Section 2.05	Execution and Delivery of Certificates; Issuance of Lower-Tier Regular Interests; Issuance of Upper-Tier Interests	103
	Section 2.06	Miscellaneous REMIC and Grantor Trust Provisions	104
	Section 2.07	Creation of the Grantor Trust	104
	 	 	 
	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 Whole Loan	105
	Section 3.02	Liability of the Master Servicer and the Special Servicer When Sub-Servicing	109
	Section 3.03	Collection of Whole Loan Payments	109
	Section 3.04	Collection of Taxes, Assessments and Similar Items; Escrow Accounts	109
	Section 3.05	Collection Account; Distribution Accounts and Interest Reserve Account	111
	Section 3.06	Permitted Withdrawals from the Collection Account and the Distribution Accounts; Trust Ledger	115
	Section 3.07	Investment of Funds in the Collection Account, the REO Account, the Lock-Box Accounts, the Cash Collateral Accounts and the Reserve Accounts	124
	Section 3.08	Maintenance of Insurance Policies and Errors and Omissions and Fidelity Coverage	126

 

    -ii- 

     

    

 

	Section 3.09	Enforcement of Due-on-Sale Clauses; Assumption Agreements; Defeasance Provisions	130
	Section 3.10	Appraisals; Realization upon Defaulted Mortgage Loan	135
	Section 3.11	Custodian to Cooperate; Release of Mortgage File	142
	Section 3.12	Servicing Fees, Trustee/Certificate Administrator Fees and Special Servicing Compensation	143
	Section 3.13	Reports to the Certificate Administrator; Collection Account Statements	149
	Section 3.14	Access to Certain Documentation	155
	Section 3.15	Title and Management of REO Property and REO Accounts	162
	Section 3.16	Sale of a Specially Serviced Loan or the REO Property	167
	Section 3.17	Additional Obligations of the Master Servicer and the Special Servicer; Inspections	171
	Section 3.18	Authenticating Agent	172
	Section 3.19	Appointment of Custodians	173
	Section 3.20	Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts	174
	Section 3.21	Property Advances	174
	Section 3.22	Appointment of Special Servicer	178
	Section 3.23	Transfer of Servicing Between the Master Servicer and the Special Servicer; Record Keeping; Asset Status Report	181
	Section 3.24	Special Instructions for the Master Servicer and/or Special Servicer	186
	Section 3.25	Certain Rights and Obligations of the Master Servicer and/or the Special Servicer	187
	Section 3.26	Modification, Waiver, Amendment and Consents	187
	Section 3.27	[Reserved]	189
	Section 3.28	[Reserved]	189
	Section 3.29	[Reserved]	189
	Section 3.30	No Downgrade Confirmation	189
	Section 3.31	Certain Co-Lender Matters Relating to the Whole Loan	191
	Section 3.32	Horizontal Credit Risk Retention	195
	Section 3.33	Resignation Upon Prohibited Credit Risk Retention Affiliation.	195
	 	 	 
	ARTICLE IV 

DISTRIBUTIONS TO CERTIFICATEHOLDERS
	 	 	 
	Section 4.01	Distributions	196
	Section 4.02	Statements to Certificateholders; Reports by Certificate Administrator; Other Information Available to the Holders and
    Others	201
	Section 4.03	Compliance with Withholding Requirements	212
	Section 4.01	REMIC Compliance	213
	Section 4.02	Imposition of Tax on the Trust Fund	215
	Section 4.03	Remittances	216
	Section 4.04	P&I Advances and Administrative Advances	216
	Section 4.05	Appraisal Reductions; Collateral Deficiency Amounts	222
	Section 4.06	Grantor Trust Reporting	224

 

    -iii- 

     

    

	 	ARTICLE V 

THE CERTIFICATES	 
	 	 	 
	Section 5.01	The Certificates	225
	Section 5.02	Registration, Transfer and Exchange of Certificates	228
	Section 5.03	Mutilated, Destroyed, Lost or Stolen Certificates	241
	Section 5.04	Appointment of Paying Agent	241
	Section 5.05	Access to Certificateholders’ Names and Addresses; Special Notices	241
	Section 5.06	Actions of Certificateholders	242
	Section 5.07	Rule 144A Information	243
	 	 	 
	ARTICLE VI 

THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE 

OPERATING ADVISOR AND THE DIRECTING HOLDER
	 	 	 
	Section 6.01	Liability of the Depositor, the Master Servicer, the Special Servicer and the Operating Advisor	243
	Section 6.02	Merger or Consolidation of either the Master Servicer, the Special Servicer, the Operating Advisor or the Depositor	243
	Section 6.03	Limitation on Liability of the Depositor, the Master Servicer and Others	244
	Section 6.04	Limitation on Resignation of the Master Servicer and the Special Servicer; Termination of the Master Servicer and the Special Servicer	246
	Section 6.05	Rights of the Depositor and the Trustee in Respect of the Master Servicer and the Special Servicer	247
	Section 6.06	The Master Servicer or Special Servicer as Owners of a Certificate	248
	Section 6.07	Selection and Removal of the Directing Holder	248
	Section 6.08	Limitation on Liability of Directing Holder; Acknowledgements of the Certificateholders	251
	Section 6.09	Rights and Powers of the Directing Holder	251
	Section 6.10	Directing Holder and Operating Advisor Contact with Master Servicer and Special Servicer	254
	Section 6.11	The Operating Advisor	255
	 	 	 
	ARTICLE VII 

TERMINATION EVENTS
	 	 	 
	Section 7.01	Servicer Termination Events	262
	Section 7.02	Trustee to Act; Appointment of Successor	271
	Section 7.03	Notification to Certificateholders and Other Persons	273
	Section 7.04	Other Remedies of Trustee	273
	Section 7.05	Waiver of Past Servicer Termination Events; Termination	273
	Section 7.06	Trustee as Maker of Advances	274
	 	 	 
	ARTICLE VIII 

CONCERNING THE TRUSTEE AND CERTIFICATE ADMINISTRATOR
	 	 	 
	Section 8.01	Duties of Trustee and Certificate Administrator	274

 

    -iv- 

     

    

 

	Section 8.02	Certain Matters Affecting the Trustee and the Certificate Administrator	277
	Section 8.03	Trustee and Certificate Administrator Not Liable for Certificates or the Trust Loan	280
	Section 8.04	Trustee and Certificate Administrator May Own Certificates	281
	Section 8.05	Payment of Trustee’s and Certificate Administrator’s Fees and Expenses; Indemnification	282
	Section 8.06	Eligibility Requirements for Trustee and Certificate Administrator	284
	Section 8.07	Resignation and Removal of Trustee and Certificate Administrator	285
	Section 8.08	Successor Trustee and Certificate Administrator	287
	Section 8.09	Merger or Consolidation of Trustee or Certificate Administrator	288
	Section 8.10	Appointment of Co-Trustee or Separate Trustee	288
	 	 	 
	ARTICLE IX 

TERMINATION
	 	 	 
	Section 9.01	Termination	289
	 	 	 
	ARTICLE X 

MISCELLANEOUS PROVISIONS
	 	 	 
	Section 10.01	Counterparts	294
	Section 10.02	Limitation on Rights of Certificateholders	295
	Section 10.03	Governing Law	296
	Section 10.04	Waiver of Jury Trial; Consent to Jurisdiction	296
	Section 10.05	Notices	296
	Section 10.06	Severability of Provisions	301
	Section 10.07	Notice to the Depositor and Each Rating Agency	301
	Section 10.08	Amendment	303
	Section 10.09	Confirmation of Intent	307
	Section 10.10	No Intended Third-Party Beneficiaries	307
	Section 10.11	Entire Agreement	308
	Section 10.12	Third Party Beneficiaries	308
	 	 	 
	ARTICLE XI 

EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE
	 	 	 
	Section 11.01	Intent of the Parties; Reasonableness	308
	Section 11.02	Succession; Sub-Servicers; Subcontractors	309
	Section 11.03	Other Securitization Trust’s Filing Obligations	311
	Section 11.04	Form 10-D Disclosure	311
	Section 11.05	Form 10-K Disclosure	311
	Section 11.06	Form 8-K Disclosure	312
	Section 11.07	Annual Compliance Statements	312
	Section 11.08	Annual Reports on Assessment of Compliance with Servicing Criteria	313
	Section 11.09	Annual Independent Public Accountants’ Servicing Report	315
	Section 11.10	Significant Obligor	316
	Section 11.11	Sarbanes-Oxley Backup Certification	317

 

    -v- 

     

    

 

	Section 11.12	Indemnification	318
	Section 11.13	Amendments	321
	Section 11.14	Termination of the Certificate Administrator	321
	Section 11.15	Termination of Sub-Servicing Agreements	321
	Section 11.16	Notification Requirements and Deliveries in Connection with Securitization of a Companion Loan	322

 

TABLE OF SCHEDULES

 

	Schedule I	Servicing Criteria to Be Addressed in Assessment of Compliance
	Schedule II	Initial Companion Loan Holders

TABLE OF EXHIBITS

 

	Exhibit A -1	Form of Class A Certificate
	Exhibit A-2	Form of Class X Certificate
	Exhibit A-3	Form of Class B Certificate
	Exhibit A-4	Form of Class C Certificate
	Exhibit A-5	Form of Class D Certificate
	Exhibit A-6	Form of Class HRR Certificate
	Exhibit A-7	Form of Class S Certificate
	Exhibit A-8	Form of Class LR Certificate
	Exhibit A-9	Form of Class R Certificate
	Exhibit B	Mortgage Loan Schedule
	Exhibit C -1	Form of Transferee Affidavit
	Exhibit C -2	Form of Transferor Certificate
	Exhibit C -3	Form of Transferee Certificate for Transfer of Risk Retained Certificates
	Exhibit C -4	Form of Transferor Certificate for Transfer of Risk Retained Certificates
	Exhibit D -1	Form of Investment Representation Letter
	Exhibit D -2	Form of ERISA Representation Letter
	Exhibit E	Form of Request for Release
	Exhibit F	Securities Legend
	Exhibit G	Form of Regulation S Transfer Certificate
	Exhibit H	Form of Transfer Certificate for Exchange or Transfer from Rule 144A Global Certificate to Regulation S Global
    Certificate during the Restricted Period
	Exhibit I	Form of Transfer Certificate for Exchange or Transfer from Rule 144A Global Certificate to Regulation S Global
    Certificate after the Restricted Period
	Exhibit J	Form of Transfer Certificate for Exchange or Transfer from Regulation S Global Certificate to Rule 144A Global
    Certificate
	Exhibit K	Form of Distribution Date Statement
	Exhibit L-1-A	Form of Investor Certification for Non-Borrower Related Parties
	Exhibit L-1-B	Form of Investor Certification for Borrower Related Parties
	Exhibit L-1-C	Form of Certification of the Directing Holder
	Exhibit L-1-D	Form of Notice of Conflicted Controlling Class Holder Who Becomes a Borrower Related Party
	Exhibit L-2	Form of Investor Certification to Exercise Voting Rights
	Exhibit L-3	Form of Online Vendor Certification

 

    -vi- 

     

    

 

	Exhibit L-4	Form of CREFC® 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 NRSRO Certification
	Exhibit P-1	Form of Transferor Certificate for Transfer of the Excess Servicing Fee Rights
	Exhibit P-2	Form of Transferee Certificate for Transfer of the Excess Servicing Fee Rights
	Exhibit Q	Form of Power of Attorney to the Master Servicer and Special Servicer
	Exhibit R	[Reserved]
	Exhibit S	Form of Operating Advisor Annual Report
	Exhibit T	Form of Notice from Operating Advisor Recommending Replacement of Special Servicer
	Exhibit U	[Reserved]
	Exhibit V	Form of Certificate Administrator Receipt of Class HRR Certificates
	Exhibit W	Additional Form 10-D Disclosure
	Exhibit X	Additional Form 10-K Disclosure
	Exhibit Y	Form 8-K Disclosure Information
	Exhibit Z	Additional Disclosure Notification
	Exhibit AA	Initial Sub-Servicers
	Exhibit BB	Form of Backup Certification
	Exhibit CC	Form of Companion Loan Holder Certification

 

    -vii- 

     

    

 

Trust and Servicing Agreement,
dated as of November 9, 2021, between Deutsche Mortgage & Asset Receiving Corporation, as Depositor, KeyBank National Association,
as Master Servicer, Situs Holdings, LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, Wells Fargo Bank,
National Association, as Certificate Administrator, as Paying Agent and as Custodian, and Park Bridge Lender Services LLC, as Operating
Advisor.

 

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 Trust Loan.

 

The Trust Fund will consist
of two REMICs, the “Lower-Tier REMIC” and the “Upper-Tier REMIC.” The Lower-Tier REMIC will hold the Trust
Loan and certain other related assets subject to this Agreement (exclusive of Excess Interest and the proceeds thereof in the Excess
Interest Distribution Account), and will issue (i) the Lower-Tier Regular Interests set forth in the table below (the “Lower-Tier
Regular Interests”), as classes of “regular interests” in the Lower-Tier REMIC and (ii) the Class LR
Certificates, as the sole class of residual interests in the Lower-Tier REMIC.

 

The Upper-Tier REMIC
will hold the Lower-Tier Regular Interests and certain other related assets subject to this Agreement and will issue (i) the Class
A, Class X, Class B, Class C, Class D and Class HRR Certificates, each of which is a “regular interests”
in the Upper-Tier REMIC and (ii) the Class R Certificates, as the sole class of residual interests in the Upper-Tier REMIC.

 

In addition, the parties
intend that the portions of the Trust Fund consisting of Excess Interest 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”). 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. The Class S Certificates shall represent undivided beneficial interests
in the Grantor Trust as described herein.

 

The following table sets
forth the designation and Certificate Balance or Notional Amount, as applicable, of each Class of Certificates (other than the
Class R and Class LR Certificates) (collectively, the “Corresponding Certificates”), and the corresponding
Lower-Tier Regular Interest (the “Corresponding Lower-Tier Regular Interest”) and the Corresponding Component
of the Class X Certificates (the “Corresponding Component”) for each Class of Corresponding Certificates and
each Corresponding Lower-Tier Regular Interest.

 

     

     

    

 

	Class
    of
 Certificates	 	Certificate
    Balance or Notional Amount	 	Corresponding
                                         Lower-Tier Regular Interests(1) 
	 	Lower-Tier
    

Principal Balance	 	Corresponding
    Component
	Class
    A 	 	$	200,690,000.00	 	 	LA	 	$	200,690,000.00	 	 	XA
	Class
    X 	 	$	200,690,000.00	 	 	LA	 	 	N/A	 	 	N/A
	Class
    B 	 	$	57,945,000.00	 	 	LB	 	$	57,945,000.00	 	 	N/A
	Class
    C 	 	$	258,191,000.00	 	 	LC	 	$	258,191,000.00	 	 	N/A
	Class
    D 	 	$	138,174,000.00	 	 	LD	 	$	138,174,000.00	 	 	N/A
	Class
    HRR 	 	$	41,000,000.00	 	 	LHRR	 	$	41,000,000.00	 	 	N/A

 

 

		(1)	The
                                         Lower-Tier Regular Interest and the Component of the Class X Certificates that correspond
                                         to any particular Class of Certificates also correspond to each other and, accordingly,
                                         constitute the (i) “Corresponding Lower-Tier Regular Interest” and
                                         (ii) “Corresponding Component” respectively, with respect to each
                                         other. The Component Notional Amount for each such Corresponding Component of the Class
                                         X Certificates shall at all times equal the then Lower-Tier Principal Balance of the
                                         Corresponding Lower-Tier Regular Interest.

 

The initial Certificate
Balance of each of the Class R and Class LR Certificates is zero. Additionally, the Class R and Class LR Certificates
do not have a Notional Amount. The Certificate Balance of any Class of 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 Trust Loan
and the other assets in the Trust Fund; provided, however, that in the event that amounts previously allocated as
Realized Losses to a Class of Certificates in reduction of the Certificate Balance thereof are subsequently recovered (including,
without limitation, after the reduction of the Certificate Balance of such Class to zero), such Class may receive distributions
in respect of such recoveries in accordance with the priorities set forth in Section 4.01 of this Agreement.

 

The foregoing REMIC structure
is intended to cause all of the cash from the Trust Loan to flow through to the Upper-Tier REMIC as cash flow on the Upper-Tier
REMIC regular interests, without creating any shortfall, actual or potential (other than for credit losses), to any REMIC regular
interests. To the extent that the structure is believed to diverge from such intention, the parties identifying such ambiguity
shall notify the other parties hereto and the parties involved will resolve such ambiguities to accomplish the intended result
and will, to the extent necessary, rectify any drafting errors or seek clarification to the structure without Certificateholder
approval (but with guidance of counsel) to accomplish such intention, including, to the extent necessary, making any amendments
in accordance with Section 10.08.

 

As of the Cut-off Date,
the Trust Loan has a Stated Principal Balance equal to approximately $696,000,000.

 

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

 

    -2- 

     

    

 

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.

 

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

 

“17g-5 Information Provider’s Website”: The internet website of the 17g-5 Information Provider, initially located at www.ctslink.com, under the “NRSRO” tab of the respective transaction, access to which is limited to NRSROs who have provided an NRSRO Certification to the 17g-5 Information Provider.

 

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

 

“3650 Cal Bridge”: 3650 Cal Bridge Lending, LLC, and its successors in interest.

 

“3650 Cal Bridge Indemnification Agreement”: The agreement dated as of the Pricing Date, among 3650 Cal Bridge, the Depositor and the Initial Purchasers.

 

“3650 Cal Bridge Trust Loan Purchase Agreement”: The Trust Loan Purchase Agreement dated and effective the Pricing Date, between 3650 Cal Bridge and the Depositor.

 

“AB Modified Loan”: Any Corrected Mortgage Loan (1) that became a Corrected Mortgage Loan due to a modification thereto that resulted in the creation of an A/B note structure (or similar structure) and as to which the new junior note(s) did not previously exist or the principal amount of the new junior note(s) was previously part of either an A note held by the Trust or the original unmodified Trust Loan and (2) as to which an Appraisal Reduction Amount is not in effect.

 

“Acceptable Insurance Default”: With respect to the Whole Loan, any Default arising when the Loan Documents require that the Borrowers must maintain standard extended coverage casualty insurance or other insurance that covers acts of terrorism and the Special Servicer has determined, in accordance with the Servicing Standard, that either (i) 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 Properties and located in or around the geographic region in which the Mortgaged Properties are located (but only by reference to such insurance that has been obtained by such owners at current market rates), or (ii) such insurance is not available at any rate. In making this determination, the Special Servicer, to the extent consistent with the Servicing Standard, may rely on the opinion of an insurance consultant (such expense to be advanced as a Property Advance).

 

“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 new junior note(s) of such AB Modified Loan.

 

-3-

 

 

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

 

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

 

“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 Z.

 

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

 

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

 

“Additional Trust Fund Expense”: Any extraordinary expense incurred with respect to the Trust Fund (including interest on Advances (to the extent such amounts cannot be paid from Default Interest or late payment fees on the Whole Loan), Special Servicing Fees, Liquidation Fees and Workout Fees) and not otherwise treated as a Realized Loss that would result in the Holders of any Class of Regular Certificates receiving less than the full amount of principal and/or the Interest Distribution Amount to which they are entitled on any Distribution Date. Expenses incurred as a result of the exercise of the Master Servicer or Special Servicer, as applicable, of any right granted under the Loan Documents to obtain terrorism insurance in the event that the Borrowers (i) are not required to purchase such terrorism insurance or (ii) are only required to purchase terrorism insurance up to a cap shall be an Additional Trust Fund Expense.

 

“Administrative Advance”: As defined in Section 4.07(c) of this Agreement.

 

“Administrative Fee Rate”: The percentage rate per annum equal to the sum of (i) the Servicing Fee Rate, (ii) the Trustee/Certificate Administrator Fee Rate, (iii) the CREFC® License Fee Rate and (iv) the Operating Advisor Fee Rate. The Administrative Fee Rate is equal to 0.0208% per annum and accrues on the same basis as interest accrues on the Whole Loan.

 

“Advance”: Any P&I Advance, Property Advance or Administrative Advance.

 

“Advance Interest Amount”: Interest at the Advance Rate on the aggregate amount of P&I Advances, Property Advances and Administrative 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

 

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if, during any Collection Period in which an Advance was made, the Borrowers make a payment of an amount in respect of which such Advance was made with interest at the Default Rate or a late payment fee, the Advance Interest Amount payable to the Master Servicer or the Trustee shall be paid first, from Default Interest and late payment fees in the manner set forth in Section 9(d) of the Co-Lender Agreement, and then, upon determining in accordance with the Servicing Standard that such Advance Interest Amount is not recoverable from such amounts from other amounts on deposit in the Collection Account.

 

“Advance Rate”: A per annum rate equal to the greater of (i) 2% and (ii) the Prime Rate. Interest at the Advance 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 Trust Loan as to which such Advances were made or servicing expenses incurred or the first Servicer Remittance Date after a determination of non-recoverability, as the case may be, is made; provided that such interest at the Advance Rate will continue to accrue to the extent funds are not available in the Collection Account for such reimbursement of such Advance.

 

“Adverse REMIC Event”: Any action, that, under the REMIC Provisions, if taken or not taken, as the case may be, could (i) cause either Trust REMIC to fail to qualify as a REMIC or (ii) result in the imposition of a tax upon either 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”).

 

“Affected Reporting Party”: As defined in Section 11.12 of this Agreement.

 

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

 

“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.

 

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

 

“Annual Budget”: As defined in the Loan Agreement.

 

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

 

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“Anticipated Repayment Date”: November 6, 2031.

 

“Applicable DBRS Morningstar 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 “R1 (middle)” by DBRS Morningstar (or, if not rated by DBRS Morningstar, an equivalent (or higher) rating by at least two NRSROs) or the long-term debt obligations of which are rated at least “A” by DBRS Morningstar (or, if not rated by DBRS Morningstar, an equivalent (or higher) rating by at least two NRSROs) 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 “R1 (middle)” by DBRS Morningstar (or, if not rated by DBRS Morningstar, an equivalent (or higher) rating by at least two NRSROs) or the long-term obligations of which are rated at least “AA(low)” by DBRS Morningstar (or, if not rated by DBRS Morningstar, an equivalent (or higher) rating by at least two NRSROs).

 

“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 Moody’s 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 in the highest short-term rating category by Moody’s or the long-term debt obligations of which are rated at least “A2” by Moody’s, (B) in the case of such investments with maturities of 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 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 obligations of which are rated in the highest short-term rating category by Moody’s or the long-term debt obligations of which are rated at least “Aa3” by Moody’s, and (D) in the case of such investments with maturities of more than 6 months, the short-term obligations of which are rated in the highest short term rating category by Moody’s or the long-term obligations of which are rated at least “Aaa” 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 (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”: With respect to each Mortgaged Property, an appraisal prepared by an Independent MAI appraiser with at least five years of experience in appraising properties of like kind, similar size, quality and condition and in the same area.

 

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“Appraisal Reduction Amount”: For any Distribution Date as to which an Appraisal Reduction Event has occurred, an amount calculated by the Master Servicer by the first Determination Date that is at least ten (10) Business Days following the date the Master Servicer receives from the Special Servicer the required Appraisal (and thereafter by the first Determination Date following any change in the amounts set forth in the following equation) and receipt of any additional relevant information from the Special Servicer equal to the excess, if any, of (a) the sum of (without duplication) (i) the Stated Principal Balance of the Whole Loan, plus (ii) to the extent not previously advanced by the Master Servicer, the Trustee, the Other Master Servicer or the Other Trustee, all unpaid interest on the Whole Loan at a per annum rate equal to the Whole Loan Rate, plus (iii) all unreimbursed Advances, and all unpaid interest on Advances at the Advance Rate in respect of the Trust Loan or the Companion Loan, plus (iv) any other unpaid Additional Trust Fund Expenses of the Issuing Entity and all unreimbursed monthly debt service advances made by the master servicer or the trustee under any Companion Loan securitization and interest thereon in respect of the Whole Loan, plus (v) all currently due and unpaid real estate taxes, ground rents and assessments and insurance premiums (net of any escrows and reserves therefor) and all other amounts (excluding principal, Default Interest, late charges, penalty charges, exit fees, Prepayment Charges and any similar amounts) due and unpaid with respect to the Whole Loan (which taxes, premiums (net of any escrows and reserves therefor) and other amounts that have not been the subject of an Advance by the Master Servicer or the Trustee, as applicable), over (b) the sum of (without duplication) (i) 90% of the appraised value (net of any prior mortgage liens) of the Mortgaged Properties as determined by an Updated Appraisal obtained by the Special Servicer (the costs of which shall be paid by the Master Servicer as a Property Advance) minus, solely for purposes of determining the amount by which P&I Advances or monthly debt service advances under any Companion Loan securitization made by the Master Servicer or Other Master Servicer with respect to the Trust Loan or the Companion Loan, as applicable, is to be reduced, any downward adjustments the Special Servicer deems appropriate in accordance with the applicable Servicing Standard (without implying any duty to do so) based upon its review of the Appraisal and any other information it may deem appropriate, plus (ii) all escrows, letters of credit and reserves (other than escrows and reserves for taxes, ground rents, assessments and insurance), plus (iii) all insurance and casualty proceeds and condemnation awards that constitute collateral for the Whole Loan (whether paid or then payable by any insurance company or government authority); provided, that the Appraisal Reduction Amount shall be reduced to zero as of the date the Whole Loan becomes a Corrected Mortgage Loan; provided, further, that without limiting the Special Servicer’s obligation to order and obtain such Appraisal, if the Special Servicer has not obtained an Appraisal or an Updated Appraisal, as applicable, referred to above within 60 days of the 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), solely for purposes of determining the amount by which P&I Advances or monthly debt service advances under any Companion Loan securitization made by the Master Servicer or Other Master Servicer with respect to the Trust Loan or the Companion Loan, as applicable, are to be reduced (and not for the purpose of determining whether a Subordinate Control Period or Subordinate Consultation Period has occurred and is continuing or for reducing the Voting Rights of Certificateholders), the Appraisal Reduction Amount shall be deemed to be an amount equal to 25% of the current Stated Principal Balance of the Whole Loan until such time as such Updated Appraisal referred to above is received and the Appraisal Reduction Amount is calculated (an “Assumed Appraisal Reduction Amount”).

 

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Notwithstanding anything herein to the contrary, the aggregate Appraisal Reduction Amount related to the Whole Loan or the REO Property will be reduced to zero as of the date the Whole Loan is paid in full, liquidated, repurchased or otherwise removed from the Trust Fund. In addition, to the extent an Appraisal Reduction Event has occurred, the Whole Loan shall no longer be subject to the Appraisal Reduction Amount if (a) the Whole Loan has become a Corrected Whole Loan (if a Servicing Transfer Event had occurred with respect to the Whole Loan) or (b) an Updated Appraisal is obtained and after giving effect thereto, no Appraisal Reduction Amount exists; provided that in case of either of clause (a) or (b), no other Appraisal Reduction Event has occurred and is continuing. The Trust Loan and the Companion Loan shall be treated as a single mortgage loan for purposes of calculating an Appraisal Reduction Amount with respect to the mortgage loans that comprise such Whole Loan. Any Appraisal Reduction Amount in respect of the Whole Loan shall be allocated first, to the Junior Notes up to the full outstanding principal balances thereof, pro rata, and second, to the Senior Notes up to the full outstanding principal balances thereof, pro rata.

 

“Appraisal Reduction Event”: With respect to the Whole Loan, on the earliest of the following (i) the date on which the Whole Loan becomes a Modified Whole Loan, (ii) the 90th day following the occurrence of any uncured Delinquency in Monthly Payments, (iii) receipt of notice that a Borrower has filed a bankruptcy petition or the date on which a receiver is appointed and continues in such capacity in respect of the Mortgaged Properties or the 60th day after a Borrower becomes the subject of involuntary bankruptcy proceedings and such proceedings are not dismissed in respect of the Mortgaged Properties, (iv) the date on which the Mortgaged Properties become an REO Property and (v) a payment default shall have occurred with respect to the related Balloon Payment; provided, however, that for purposes of clause (v) above, if (a) such Borrower is diligently seeking a refinancing commitment or sale of the related Mortgaged Properties (and delivers a statement to that effect to the Master Servicer within 30 days after the default, which shall promptly deliver a copy to the Special Servicer), (b) such Borrower continues to make the Assumed Scheduled Payment and (c) no other Appraisal Reduction Event has occurred with respect to the Whole Loan, then an Appraisal Reduction Event will not occur until 60 days beyond the Maturity Date, unless extended by the Special Servicer in accordance with the Loan Documents or this Agreement; and provided, further, that if the Borrowers have delivered to the Master Servicer (which shall promptly deliver a copy to the Special Servicer) on or before the 60th day after the Maturity Date, a refinancing commitment, letter of intent or otherwise binding application for refinancing or similar document, in each case from a lender reasonably acceptable to the Master Servicer, or a signed purchase agreement reasonably acceptable to the Master Servicer, and the Borrowers continue to make the Assumed Scheduled Payments (and no other Appraisal Reduction Event has occurred with respect to the Whole Loan), 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 such refinancing commitment, letter of intent or otherwise binding application for refinancing or similar document. The Special Servicer shall notify the Master Servicer promptly upon the occurrence of any of the foregoing events if the Whole Loan is a Specially Serviced Loan.

 

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

 

“Assignment of Leases and Rents”: With respect to the Mortgaged Properties, any assignment of leases and rents or similar agreement executed by the Borrowers, assigning to the

 

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mortgagee all of the income, rents and profits derived from the ownership, operation, leasing or disposition of all or a portion of a Mortgaged Property, in the form which was duly executed, acknowledged and delivered, as amended, modified, renewed or extended through the date hereof and from time to time hereafter.

 

“Assignment of Management Agreement”: As defined in the Loan Agreement.

 

“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 Mortgaged Properties are located to reflect of record the sale of the Mortgage.

 

“Assumed Scheduled Payment”: If the Trust Loan is delinquent in respect of its Balloon Payment (including any REO Loan), an amount equal to the sum of (a) the principal portion, if any, of the Monthly Payment that would have been due on the Trust Loan on the related Due Date (or portion thereof not received), based on the constant payment required by the Trust Notes or, if applicable, the amortization or payment schedule thereof (as calculated with interest at the Trust Loan Rate), assuming such Balloon Payment had not become due, after giving effect to any prior modification, and (b) interest at the Trust Loan Rate (excluding any Excess Interest) minus the applicable Servicing Fee Rate.

 

“Assumption Fees”: Any fees (other than assumption application fees) collected by the Master Servicer or the Special Servicer in connection with an assumption of the Whole Loan or related substitution of a Borrower (or an interest therein) thereunder (in each case, as permitted or set forth in the 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”: For any Distribution Date the sum of (i) all previously undistributed Monthly Payments or other receipts on account of principal and interest on or in respect of the Trust Loan (including Unscheduled Payments and Net REO Proceeds, if any, transferred from an REO Account pursuant to Section 3.15(b) of this Agreement) received by or on behalf of the Master Servicer in the Collection Period relating to such Distribution Date, (ii) all P&I Advances made by the Master Servicer or the Trustee, as applicable, in respect of the Trust Loan as of such Distribution Date, (iii) all other amounts received by the Master Servicer in the Collection Period and required to be deposited in the Collection Account by the Master Servicer pursuant to Section 3.05 of this Agreement, (iv) without duplication, any late Monthly Payments on the Trust Loan received after the end of the Collection Period relating to such Distribution Date but prior to the close of business on the Business Day prior to the related Servicer Remittance Date, (v) any Master Servicer Prepayment Interest Shortfall Amount remitted by the Master Servicer to the Collection Account, and (vi) with respect to the Distribution Date in March of each calendar year (or February if the final Distribution Date occurs in such month), the Withheld Amounts then on deposit in the Interest Reserve Account by the Certificate Administrator in accordance with Section 3.05 of this Agreement; but excluding (without duplication) the following (in no order of priority):

 

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(a)       all amounts permitted to be used to reimburse the Master Servicer or the Trustee, as applicable, for previously unreimbursed Advances and interest thereon as described in Section 3.06 of this Agreement;

 

(b)       the aggregate amount of the Servicing Fee, the Trustee/Certificate Administrator Fee, the Operating Advisor Fee, the CREFC® License Fee, the Special Servicing Fee, fees for primary servicing functions, Prepayment Interest Excess (net of any Prepayment Interest Shortfall), Net Default Interest, late payment fees (to the extent not applied to the reimbursement of Advance Interest Amounts and/or Additional Trust Fund Expenses as provided in Section 3.06 of this Agreement), Workout Fees, Liquidation Fees, Assumption Fees, Modification Fees, loan service transaction fees, Permitted Special Servicer/Affiliate Fees, defeasance fees, demand fees, beneficiary statement charges and similar fees on the Trust Loan payable to the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, together with interest on Advances to the extent provided herein, and reinvestment earnings on payments received for the Trust Loan (in the case of all of the foregoing, which the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee is entitled to retain as Servicing Compensation, Special Servicing Compensation or other compensation, as applicable, and is allocable to the Trust Loan), in each case in respect of such Distribution Date;

 

(c)       to pay the Operating Advisor the Operating Advisor Consulting Fee (but only to the extent actually received from the Borrowers )

 

(d)       all amounts representing scheduled Monthly Payments on the Trust Loan due after the related Due Date;

 

(e)       to the extent permitted hereunder, that portion of Net Liquidation Proceeds, Net Insurance Proceeds and Net Condemnation Proceeds with respect to the Trust Loan which represents any unpaid Servicing Fee, Servicing Compensation, Special Servicing Compensation, Trustee/Certificate Administrator Fee, the Operating Advisor Fee and CREFC® License Fee, to which the Master Servicer, the Special Servicer, any Sub-Servicer, the Certificate Administrator, the Trustee, the Operating Advisor and/or CREFC®, as the case may be, are entitled and is allocable to the Trust Loan;

 

(f)       all amounts representing certain fees and expenses, including indemnity amounts, reimbursable or payable to the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator (in all of its capacities under this Agreement), the Custodian or the Trustee and other amounts permitted to be retained by the Master Servicer or withdrawn by the Master Servicer from the Collection Account to the extent expressly set forth in this Agreement (including, without limitation, as provided in Section 3.06 of this Agreement and including any indemnities provided for herein), including interest thereon as expressly provided in this Agreement (to the extent allocable to the Trust Loan);

 

(g)       any interest or investment income on funds on deposit in the Collection Account or any interest on Permitted Investments in which such funds may be invested;

 

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(h)       all amounts received with respect to the Trust Loan if previously purchased or repurchased from the Trust Fund pursuant to Section 2.03(e), Section 3.16 or Section 9.01 of this Agreement or the Trust Loan Purchase Agreements or any mezzanine loan intercreditor agreement during the related Collection Period and subsequent to the date as of when the Trust Loan was purchased or repurchased;

 

(i)        the amount reasonably determined by the Certificate Administrator to be necessary to pay any applicable federal, state or local taxes imposed on the Upper-Tier REMIC or the Lower-Tier REMIC under the circumstances and to the extent described in Section 4.05 of this Agreement;

 

(j)        Excess Interest;

 

(k)       Prepayment Charges; and

 

(l)        with respect to the Distribution Date occurring in (A) January of each calendar year that is not a leap year and (B) February of each calendar year, in each case, unless such Distribution Date is the final Distribution Date, the Withheld Amounts deposited into the Interest Reserve Account by the Certificate Administrator in accordance with Section 3.05(f) of this Agreement.

 

For the avoidance of doubt, Available Funds will not include any amounts allocable to the Companion Loan under the Co-Lender Agreement.

 

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

 

“BANA”: Bank of America, N.A., and its successors in interest.

 

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

 

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

 

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

 

(A)      any of the Class A, Class B, Class C and Class D Certificates with a Pass-Through Rate equal to either the Net Mortgage Rate or the Net Mortgage Rate less a specified rate shall be a fraction (not greater than one) (a) the numerator of which 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 Charges with respect to such Principal Prepayment and (b) the denominator of which is the amount, if any, by which (i) the Net Mortgage Rate exceeds (ii) the Discount Rate (as provided by the Master Servicer) used in calculating the Prepayment Charges with respect to such Principal Prepayment; provided that if such Discount Rate is greater than or equal to the Net Mortgage Rate, then the

 

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Base Interest Fraction shall be zero; provided, further, that if such yield rate is greater than or equal to the Net Mortgage Rate, but less than the Pass-Through Rate described in clause (a)(i) above, then the Base Interest Fraction shall be one; and

 

(B)      any
of the Class A, Class B, Class C and Class D Certificates with a Pass-Through Rate equal to a fixed per annum rate, shall
be a fraction (not greater than one) (a) the numerator of which 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 Charges with respect to such Principal Prepayment and (b) the denominator of which is the amount, if any, by which
(i) the Trust Loan Rate (net of the Administrative Fee Rate) multiplied by 365/360 exceeds (ii) the Discount Rate (as provided
by the Master Servicer) used in calculating the Prepayment Charges with respect to such Principal Prepayment; provided
that if such Discount Rate is greater than or equal to the amount set forth in clause (b)(i) above, then the 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 Base Interest Fraction shall be one. 

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

 

“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) with respect to such Classes. Each of the Trustee, the Certificate Administrator, the Operating Advisor and the Master Servicer 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 executes an Investor Certification.

 

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

 

“Borrowers”: DW Propco G, LLC and DW Propco H, LLC, each a Delaware limited liability company (or the respective successor in interest to the foregoing under the Loan Agreement).

 

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

 

“Borrower Related Party”: Any of (a) the Borrowers, the Borrower Sponsor, any guarantor, a Manager or a Restricted Holder, (b) any other Person controlling or controlled by or under common control with the Borrowers, the Borrower Sponsor, any guarantor, a Manager or a Restricted Holder, as applicable, or (c) any other Person owning, directly or indirectly, 25% or more of the beneficial interests in the Borrowers, the Borrower Sponsor, any guarantor, a Manager

 

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or a Restricted Holder, as applicable. 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. As of the Closing Date, 3650 Cal Bridge Cambridge Crossing LLC is a Borrower Related Party and will remain a Borrower Related Party until such time it no longer satisfies the conditions of clauses (b) and (c) above.

 

“Borrower Sponsor”: Divco Real Estate Services, LLC, a Delaware limited liability company, the California State Teachers Retirement System, a public pension fund and Teacher Retirement System of Texas, a public pension fund, collectively.

 

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

 

“Business Day”: Any day other than (i) a Saturday or a Sunday, (ii) a day on which banking institutions in New York or any of the jurisdictions in which any of the respective primary servicing or corporate offices of either the Master Servicer or Special Servicer, the Corporate Trust Office of either the Certificate Administrator or the Trustee or the primary corporate office of any financial institution holding the Collection Account or other trust administration accounts are located, or (iii) a day on which 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.

 

“Calculation Rate”: A discount rate appropriate for the type of cash flows being discounted, namely (i) for principal and interest payment on the Trust Loan or Whole Loan or sale of a Defaulted Mortgage 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 Borrower on similar non-defaulted debt of the Borrowers as of such date of determination, (2) the Trust Loan Rate or Whole Loan Rate, as applicable, 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 Appraisal (or Updated Appraisal).

 

“Cash Collateral Account”: Any account or accounts created pursuant to a 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 and the Companion Loan Holders, as successor to the Trust Loan Sellers. 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 Loan Agreement 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 Loan Agreement. The Master Servicer shall be permitted to make withdrawals therefrom for deposit into the Collection Account. To the extent not inconsistent with the terms of the related Loan Documents, the Cash Collateral Account shall be an Eligible Account.

 

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“Cash Collateral Account Agreement”: The cash collateral account agreement between the Originators and the Borrowers, pursuant to which the Cash Collateral Account, if any, may have been established.

 

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

 

“Certificate”: Any Class A, Class X, Class B, Class C, Class D, Class HRR, Class S, Class R or Class LR Certificate 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 the certificate administrator role through its Corporate Trust Services division (including, as applicable, any agents or affiliates utilized thereby).

 

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

 

“Certificate Balance”: With respect to any Class of Principal Balance Certificates (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, the Certificate Balance of such Class of Principal Balance Certificates on the Distribution Date immediately prior to such date of determination less any distributions allocable to principal and any allocations of Realized Losses made thereon on such prior Distribution Date.

 

“Certificate Custodian”: Initially, the Certificate Administrator performing its duties hereunder through its Document Custody division; thereafter, any other Certificate Custodian acceptable to the Depository and selected by the Certificate Administrator.

 

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

 

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

 

“Certificateholder”: The Person whose name a Certificate is registered in the Certificate Register, subject to the following:

 

(a)       except as provided in clauses (b) and (d), solely for the purpose of giving any consent or taking any action pursuant to this Agreement, any Certificate beneficially owned by (x) the Depositor, the Master Servicer, the Special Servicer (in its individual capacity), the Operating Advisor, the Certificate Administrator, the Trustee (in its individual capacity) or any Person known to a Responsible Officer of the Certificate Registrar to be an Affiliate of any of the foregoing parties or (y) any Borrower Related Party, shall be deemed not to be outstanding and the Voting Rights to which it is entitled

 

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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;

 

(b)       for purposes of obtaining the consent of Certificateholders to an amendment of this Agreement, any Certificates beneficially owned by the Master Servicer or the Special Servicer or an Affiliate thereof shall be deemed to be outstanding for all purposes if such amendment does not relate to the increase in compensation or material reduction in obligations of the Master Servicer or the Special Servicer in any material respect, provided that if such amendment does relate to such matters, such Certificates shall be deemed not to be outstanding with respect to such matters;

 

(c)       for purposes of obtaining the consent of Certificateholders (other than the Controlling Class Certificateholders or the Directing Holder) to any action proposed to be taken by the Special Servicer with respect to the Whole Loan, any Certificates beneficially owned by the Special Servicer or an Affiliate thereof shall be deemed not to be outstanding; and

 

(d)       for purposes of providing or distributing any reports, statements or other information required or permitted to be provided to a Certificateholder hereunder, a Certificateholder shall include any Beneficial Owner, or (subject to the execution of an Investor Certification) any Person identified by a Beneficial Owner as a prospective transferee of a Certificate beneficially owned by such Beneficial Owner, but only if the Certificate Administrator or another party hereto furnishing such report, statement or information has been provided with the name of the Beneficial Owner of the related Certificate or the Person identified as a prospective transferee thereof.

 

Notwithstanding anything to the contrary in this paragraph, the limitations set forth in the foregoing clauses (a), (b), (c) and (d) shall not be construed so as to limit or prevent a Controlling Class Certificateholder or the Directing Holder, solely based on it being an Affiliate of the Special Servicer, from exercising any appointment, consent, consultation or any other rights (including, without limitation, Voting Rights) it may have under this Agreement solely in its capacity as Controlling Class Certificateholder or Directing Holder (unless, for the avoidance of doubt, the Controlling Class Certificateholder or Directing Holder is a Borrower Related Party).

 

For purposes of the foregoing, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Trustee, the Paying Agent or other such Person may rely, without limitation, on a Depository Participant listing from the Depository or statements furnished by a Person that on their face appear to be statements from a Depository Participant to such Person indicating that such Person beneficially owns Certificates.

 

“Certificateholder Quorum”: In connection with any solicitation of votes in connection with the replacement of the Special Servicer pursuant to Section 3.22(b) (other than at the recommendation of the Operating Advisor), the holders of Principal Balance Certificates evidencing at least 66-2⁄3% of the aggregate Voting Rights (taking into account Realized Losses and the application of any Appraisal Reduction Amounts and Collateral Deficiency Amounts allocated to the Trust Loan to notionally reduce the Certificate Balances of the Principal Balance Certificates) of all Principal Balance Certificates on an aggregate basis.

 

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

 

“Certifying Person”: As defined in Section 11.11 of this Agreement.

 

“Certifying Servicer”: As defined in Section 3.27 of this Agreement.

 

“Class”: All of the Certificates bearing the same alphabetical or alphanumeric Class designation or each separately designated Lower-Tier Regular Interest.

 

“Class A Certificate”: Any one of the Certificates with a “Class 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 Exhibit A-1 to this Agreement.

 

“Class A Pass-Through Rate”: A per annum rate equal to 2.700% for the related Distribution Date.

 

“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 Exhibit A-3 to this Agreement.

 

“Class B Pass-Through Rate”: A per annum rate equal to the Net Mortgage Rate for the related Distribution Date.

 

“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 Exhibit A-4 to this Agreement.

 

“Class C Pass-Through Rate”: A per annum rate equal to the Net Mortgage Rate for the related Distribution Date.

 

“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 Exhibit A-5 to this Agreement.

 

“Class D Pass-Through Rate”: A per annum rate equal to the Net Mortgage Rate for the related Distribution Date.

 

“Class HRR Certificate”: Any one of the Certificates with a “Class HRR” 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 Exhibit A-6 to this Agreement.

 

“Class HRR Pass-Through Rate”: A per annum rate equal to the Net Mortgage Rate for the related Distribution Date.

 

“Class Interest Shortfall”: With respect to any Distribution Date (subsequent to the initial Distribution Date) for any Class of Regular Certificates, the excess, if any, of (i) the Interest

 

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Distribution Amount and any Class Interest Shortfall for such Class of Regular Certificates for the immediately preceding Distribution Date over (ii) all distributions of interest made on such Class of Regular Certificates on the immediately preceding Distribution Date. No interest shall accrue on any Class Interest Shortfall. The Class Interest Shortfall for each Class of Regular Certificates for the initial Distribution Date shall be zero.

 

“Class LA Interest”, “Class LB Interest”, “Class LC Interest”, “Class LD Interest” and “Class LHRR 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 LR Certificate”: Any one of the Certificates with a “Class LR” 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 Exhibit A-8 to this Agreement. The Class LR Certificates have no Pass-Through Rate, Certificate Balance.

 

“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 Exhibit A-9 to this Agreement. The Class R Certificates have no Pass-Through Rate or Certificate Balance.

 

“Class S Certificates”: 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 Exhibit A-7 to this Agreement.

 

“Class X Certificates”: Any one of the Certificates with a “Class X” 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 Exhibit A-2 to this Agreement.

 

“Class X Component”: Component XA.

 

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

 

“Class X Pass-Through Rate”: With respect to any Distribution Date, a variable rate per annum equal to the Class X Strip Rate for the Class X Component for such Distribution Date (adjusted to accrue, if necessary, on a 30/360 Basis). The Class X Pass-Through Rate for the initial Distribution Date is approximately 0.071% per annum.

 

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

 

“Clearstream”: Clearstream Banking, S.A.

 

“Closing Date”: November 9, 2021.

 

“CMBS”: Commercial mortgage-backed securities.

 

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“Co-Lender Agreement”: The co-lender agreement, dated as of October 14, 2021, between DBRI, BANA, JPMCB and 3650 Cal Bridge.

 

“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, an amount equal to the excess of (i) the Stated Principal Balance of such AB Modified Loan (taking into account the related junior note(s) and any pari passu notes included therein), over (ii) the sum of (solely to the extent allocable to the Trust Loan) (x) the most recent appraised value for the 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 Borrowers at the time the Whole Loan became (and as part of the modification related to) such AB Modified Loan for the benefit of the Mortgaged Properties, 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 Special Servicer and the Certificate Administrator will be entitled to conclusively rely on the Master Servicer’s calculation or determination of any Collateral Deficiency Amount.

 

“Collection Account”: The trust account, accounts or sub-accounts created and maintained by the Master Servicer pursuant to Section 3.05(a) of this Agreement, which shall be entitled “KeyBank National Association, as Master Servicer, on behalf of Wilmington Trust, National Association, as Trustee, in trust for the benefit of the Holders of CAMB 2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Collection Account” and “KeyBank National Association, as Master Servicer, for the benefit of the Companion Loan Holders, relating to the CAMB 2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Collection Account” and each of which must be an Eligible Account.

 

“Collection Period”: With respect to any Distribution Date, the period that begins immediately following the Determination Date in the calendar month preceding the month in which such Distribution Date occurs (or, in the case of the initial Distribution Date, immediately following the Cut-off Date) and ending at the close of business on such Determination Date in the calendar month in which the Distribution Date occurs.

 

“Commission”: The Securities and Exchange Commission.

 

“Companion Loan(s)”: That portion of the Whole Loan identified as Promissory Note A-1-2, Promissory Note A-1-3, Promissory Note A-1-4, Promissory Note A-1-5, Promissory Note A-1-6, Promissory Note A-1-7, Promissory Note A-1-8, Promissory Note A-1-9, Promissory Note A-2-2, Promissory Note A-2-3, Promissory Note A-2-4, Promissory Note A-2-5, Promissory Note A-3-2, Promissory Note A-3-3, Promissory Note A-4-2 and Promissory Note A-4-3, which are owned by DBRI, BANA, JPMCB and 3650 Cal Bridge, as applicable, as of the date hereof and which have an aggregate outstanding principal balance as of the Closing Date of $529,000,000.

 

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

 

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

 

“Component”: The Component XA.

 

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

 

“Component XA”: The component of the Class X Certificates having a Component Notional Amount equal to the then current Lower-Tier Principal Balance of Lower-Tier Regular Interest LA 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 the Mortgaged Properties by or to any governmental, quasi-governmental authority or private entity with condemnation powers (other than amounts to be applied to the restoration, preservation or repair of the Mortgaged Properties or released to the Borrowers in accordance with the terms of the REMIC Provisions and the Whole Loan).

 

“Conflicted Controlling Class Holder”: The Directing Holder or any Controlling Class Certificateholder, as applicable, that becomes a Borrower Related Party. Immediately upon obtaining actual knowledge of any such party becoming a “Conflicted Controlling Class Holder”, the Directing Holder or Controlling Class Certificateholder, as applicable, shall not be considered a Privileged Person and shall provide notice in the form of Exhibit L-1-D hereto to the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee and the Certificate Administrator, which such notice shall be physically delivered in accordance with Section 10.05 of this Agreement and shall specifically identify the Conflicted Controlling Class Holder. As of the Closing Date, the Directing Holder is not a Conflicted Controlling Class Holder.

 

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“Controlling Class”: The Class HRR Certificates so long as such Class has an outstanding Certificate Balance (as reduced by any principal payments and Realized Losses and notionally reduced by any Appraisal Reduction Amounts and Collateral Deficiency Amounts allocated to the Trust Loan and allocable to such Class) that is equal to or greater than 25% of the initial Certificate Balance of such Class. If the Class HRR Certificates does not satisfy the preceding requirement, then there will be no Controlling Class. No other Class of Certificates shall be eligible to act as the Controlling Class. No Holder of Certificates of the Controlling Class that is a Borrower Related Party shall (i) be permitted to appoint the Directing Holder or (ii) be entitled to exercise any consent, consultation or direction rights that may otherwise be exercised by a holder of Certificates of the Controlling Class. The Controlling Class as of the Closing Date will be the Class HRR Certificates. On the Closing Date, there will be no Directing Holder because 3650 Cal Bridge Cambridge Crossing LLC, the initial holder of the Class HRR Certificates, is a Borrower Related Party.

 

“Controlling Class Certificateholder”: Each Holder (or Beneficial Owner, if applicable) of the Controlling Class of Certificates, as determined by the Certificate Registrar from time to time in accordance with the terms of Section 6.07(a) of this Agreement.

 

“Corporate Trust Office”: (a) With respect to the Trustee, the corporate trust office of Wilmington Trust, National Association, initially located at 1100 North Market Street, Wilmington, Delaware 19890, Attention: CMBS – CAMB 2021-CX2, or the principal trust office of any successor trustee qualified and appointed pursuant to this Agreement; and (b) with respect to the Certificate Administrator, located at 9062 Old Annapolis Road, Columbia, Maryland 21045. Attention: Corporate Trust Services CAMB 2021-CX2, or, in the case of any surrender, transfer or exchange, at Wells Fargo Bank, National Association, 600 South 4th Street, 7th Floor, MAC: N9300-070, Minneapolis, Minnesota 55415, Attention: CTS - Certificate Transfer Services, CAMB 2021-CX2 Mortgage Trust, 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 any Corresponding Component.

 

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

 

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

 

“Credit Risk Retention Affiliate” or “Credit Risk Retention Affiliated”: An “affiliate of” or “affiliated with”, as such terms are defined in the Credit Risk Retention Rule.

 

“Credit Risk Retention Agreement”: The agreement dated as of the Pricing Date among the Retaining Sponsor, the Retaining Party, the Other Sponsors and the Depositor.

 

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

 

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

 

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

 

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

 

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“CREFC® Comparative Financial Status Report”: The monthly report in “Comparative Financial Status Report” format substantially in the form of and containing the information called for therein for the Whole Loan, 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 2022, and (b) annual financial statements beginning with annual financial statements for the 2021 fiscal year (for the 2021 fiscal year, to the extent the Borrowers provide sufficient information to report in accordance with CREFC® guidelines).

 

“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 Whole Loan, 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 the Trust Loan Sellers.

 

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

 

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

 

“CREFC® Historical Loan Modification/Forbearance and Corrected Mortgage Loan Report”: The monthly report in the “Historical Loan Modification and Corrected Mortgage Loan Report” format substantially in the form of and containing the information called for therein for the Whole Loan, 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® 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)”:

 

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(a)       The following seven 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 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® License Fee”: With respect to the Trust Loan (including any REO Loan or the Trust Loan if it has been defeased) for any related Certificate Interest Accrual Period, the amount of interest accrued during such related Certificate Interest Accrual Period at the CREFC® License Fee Rate on the same balance, in the same manner and for the same number of days as interest at the applicable Trust Loan Rate accrued with respect to the Trust Loan during such related Certificate Interest Accrual Period is computed. Any payments of the CREFC® License Fee shall be made to “CRE Finance Council” and delivered by wire transfer pursuant to the instructions furnished by CREFC® to the Master Servicer in writing at least two Business Days prior to the Servicer Remittance Date.

 

“CREFC® License Fee Rate”: 0.00050% per annum.

 

“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®

 

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

 

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

 

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

 

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

 

“CREFC® 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

 

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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.

 

“Current Interest Distribution Amount”: With respect to any Distribution Date for any Class of Regular Certificates is equal to the related Regular Interest Distribution 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.

 

“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 duties as Custodian hereunder through its Document Custody Group (including, as applicable, any agents or affiliates utilized thereby).

 

“Cut-off Date”: November 6, 2021.

 

“DBRI”: DBR Investments Co. Limited, and its successors in interest.

 

“DBRS Morningstar”: DBRS, Inc., or any successor thereto. 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 designated by the Depositor, notice of which designation shall be given to the other parties hereto 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”: 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 Mortgaged Properties, for the most recently ended 12-month trailing or one-year period for which data is available from the Borrowers (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 the Trust Loan or Whole Loan, as applicable, but after funding of required reserves and “normalized” information from the CREFC® NOI Adjustment Worksheet for the Mortgaged Properties by the Master Servicer or Special Servicer, if applicable, pursuant to Section 3.13 of this Agreement, by the annual debt service required by the Trust Loan or Whole Loan, as applicable. Annual debt service shall be calculated by multiplying the Monthly Payment in effect

 

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on such date of determination by 12 (or such fewer number of months for which related information is available).

 

“Default”: An event of default under the Loan Documents, 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.

 

“Default Interest”: Interest accrued on the Trust Loan or Whole Loan, as applicable, at the excess of (i) the Default Rate over (ii) the Trust Loan Rate or the Whole Loan Rate, as applicable.

 

“Default Rate”: The per annum rate at which interest accrues on the Trust Loan or Whole Loan, as applicable, following any Default thereunder, including a default in the payment of a Monthly Payment or a Balloon Payment.

 

“Defaulted Mortgage Loan”: The Whole Loan, if it is delinquent at least 60 days in respect of its Monthly Payments or more than 60 days 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 Loan Documents and without regard to any acceleration of payments under the Whole Loan.

 

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

 

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

 

“Delinquency”: Any failure of the Borrowers to make a scheduled Monthly Payment or Balloon Payment on a Due Date.

 

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

 

“Depositor”: Deutsche Mortgage & Asset Receiving Corporation, a Delaware corporation, and its successors and assigns.

 

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

 

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

 

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“Determination Date”: With respect to each calendar month commencing in December 2021, the 6th day of such calendar month or, if such 6th day is not a Business Day, then the immediately preceding Business Day.

 

“Directing Holder”: The representative selected or designated, as applicable, by the Certificateholders representing more than 50% of the Controlling Class (by Certificate Balance) in accordance with Section 6.07; provided that if no Certificateholder holds Certificates representing more than 50% of the Controlling Class (by Certificate Balance), then the Directing Holder shall be the representative appointed by the Controlling Class Certificateholder that owns, and is identified (with contact information) to the Master Servicer, the Special Servicer, the Trustee and the Certificate Administrator as owning, the largest aggregate Certificate Balance of Certificates of the Controlling Class.

 

“Directly Operate”: If the Mortgaged Properties become an 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 the REO Property, the holding of the REO Property primarily for sale to customers in the ordinary course of a trade or business, or any use of the REO Property in a trade or business conducted by the Trust Fund, or the performance of any construction work on the REO Property other than through an Independent Contractor; provided, however, that the Special Servicer, on behalf of the Trust Fund, shall not be considered to Directly Operate the 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 the REO Property or takes other actions consistent with Treasury Regulations Section l.856-4(b)(5)(ii).

 

“Discount Rate” As defined in the Loan Agreement.

 

“Disclosable Special Servicer Fees”: With respect to the Whole Loan or any 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, the Borrowers, any Borrower Related Party, any Manager, any guarantor or indemnitor in respect of the Whole Loan and any purchaser of the Whole Loan or the REO Property) in connection with the disposition, workout or foreclosure of the Whole Loan, the management or disposition of the REO Property, and the performance by the Special Servicer or any such Affiliate of any other special servicing duties under this Agreement; provided that any compensation and other remuneration that the Master Servicer or the 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 or Class LR Certificate any Non-U.S. Person or agent thereof other than (a) a Non-U.S. Person that holds the Class R or

 

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Class LR 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 or Class LR 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 or Class LR 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 FHLMC, 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 or Class LR 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 who is unable to provide an Opinion of Counsel to the Certificate Registrar to the effect that any Transfer to such Person will not cause either Trust REMIC to be subject to tax or to fail to qualify as a REMIC at any time that the Certificates are outstanding. For the purposes of this definition, the terms “United States”, “State” and “International Organization” shall have the meanings set forth in Section 7701 of the Code or successor provisions.

 

“Distribution Accounts”: Collectively, the Upper-Tier Distribution Account and the Lower-Tier Distribution Account, each of which may be a sub-account of a single Eligible Account.

 

“Distribution Date”: During each calendar month commencing in December 2021, the 4th Business Day following the Determination Date in such calendar month.

 

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

 

“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, the Trustee and the Operating Advisor, which lists certain parties identified by the Depositor as having failed to comply (after any applicable cure period) with their respective obligations under Sections 3.27, 3.28 or 3.29 of this Agreement or as having failed to comply (after any applicable cure period) with any similar Regulation AB reporting requirements under any trust and servicing agreement relating to any other series of certificates offered by the Depositor.

 

“Due Date”: With respect to (i) the Whole Loan on or prior to its Maturity Date, the day of the month set forth in the Notes on which each Monthly Payment thereon is scheduled to be first due and (ii) the Whole Loan after the Maturity Date therefore or any REO Loan, the day

 

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of the month set forth in the Notes on which each Monthly Payment on the Whole Loan had been scheduled to be first due.

 

“Early Termination Notice Date”: Any date as of which the Stated Principal Balance of the Trust Loan is less than 1.0% of the Stated Principal Balance of the Trust Loan as of the Cut-off Date.

 

“Eligible Account”: Any of:

 

(i)      an account or accounts

 

(A)        maintained with a depository institution or trust company, (1) the short-term unsecured debt obligations or commercial paper of which are rated at least “P-1” by Moody’s, “F-1” by Fitch and “R-1 (middle)” by DBRS Morningstar (or, if not rated by DBRS Morningstar, an equivalent (or higher) rating by any two other NRSROs (which may include Moody’s and Fitch)) in the case of accounts in which funds are held for 30 days or less and (2) the long-term unsecured debt obligations of which are rated at least “A2” by Moody’s, “A” by Fitch and “A” by DBRS Morningstar (or, if not rated by DBRS Morningstar, an equivalent (or higher) rating by any two other NRSROs (which may include Moody’s and Fitch)) in the case of accounts in which funds are held for more than 30 days,

 

(B)        maintained with Wells Fargo Bank, National Association, so long as (1) its long-term unsecured debt or deposit rating is at least “A2” by Moody’s, “A-” by Fitch and “A” by DBRS Morningstar (or, if not rated by DBRS Morningstar, an equivalent (or higher) rating by any two other NRSROs (which may include Moody’s and Fitch)) (if the deposits are to be held in the account for more than 30 days), or (2) its short-term deposit or short-term unsecured debt rating is at least “P-1” by Moody’s, “F-1” by Fitch and “R-1(low)” by DBRS Morningstar (or, if not rated by DBRS Morningstar, an equivalent (or higher) rating by any two other NRSROs (which may include Moody’s and Fitch)), if the deposits are to be held in the account for 30 days or less,

 

(C)        maintained with Wells Fargo Bank, National Association, a wholly owned subsidiary of Wells Fargo & Co., so long as it meets the eligibility standards of the Certificate Administrator pursuant to Section 8.06,

 

(D)        maintained with KeyBank National Association, so long as (a) the short term debt obligations, deposits or commercial paper of KeyBank are rated at least “R-1 (low)” 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 and Fitch) or such other rating confirmed in a No Downgrade Confirmation) and at least “P-1” by Moody’s and “F1” by Fitch in the case of letters of credit or accounts in which funds are held for thirty (30) days or less and (b) the long-term unsecured debt obligations, deposits or commercial paper of KeyBank are rated at least “BBB(high)” 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 and Fitch) or such other rating confirmed in a No Downgrade Confirmation) and at least “A2” by Moody’s and “A” by Fitch, or

 

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(ii)      a segregated trust account or accounts maintained with the trust department of a federal or state chartered depository institution, financial institution or trust company (which, subject to the remainder of this clause (ii), may include the Certificate Administrator or the Trustee) acting in its fiduciary capacity which, in either case, has a combined capital and surplus of at least $50,000,000 and is subject to supervision or examination by federal or state authority and to regulations regarding fiduciary funds on deposit substantially similar to Title 12 of the Code of Federal Regulations, Section 9.10(b),

 

(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 No Downgrade 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, or

 

(iv)      any other account for which the Certificate Administrator, the Trustee, the Master Servicer or the Special Servicer, as applicable, receives a No Downgrade Confirmation, which may be an account maintained by or with the Certificate Administrator, the Trustee, the Master Servicer or the Special Servicer.

 

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 and Class LR Certificates) an Institutional Accredited Investor that is not a Qualified Institutional Buyer.

 

“Eligible Operating Advisor”: An entity (a) that is a special servicer or operating advisor on a commercial mortgage-backed securities transaction rated by the Rating Agencies (including, in the case of the Operating Advisor, this transaction) but has not been special servicer or operating advisor on a transaction for which a Rating Agency has qualified, downgraded or withdrawn its rating or ratings of one or more classes of certificates for such transaction and cited servicing concerns with the special servicer or operating advisor 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 2.04(f); (c) that is not (and is not a Credit Risk Retention Affiliate of) the Successor Third Party Purchaser (if any), the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, any Originator, any guarantor, any Borrower Related Party, the Directing Holder, or any of their respective affiliates (including Credit Risk Retention Affiliates); (d) that has not been paid by the Special Servicer or successor special servicer any fees, compensation or other remuneration (x) in respect of its obligations hereunder or (y) for the appointment of, or recommendation for replacement of the Special Servicer by, a successor special servicer; (e) that (x) has been regularly engaged in the business of analyzing and advising clients in commercial mortgage-backed securities matters and has at least five (5) years of experience in collateral analysis and loss projections and (y) has at least five (5) years of experience in commercial real estate asset management and experience in the workout and management of distressed commercial real estate assets; and (f) that does not directly or indirectly,

 

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

 

“Environmental Report”: The environmental audit report or reports with respect to the Mortgaged Properties delivered to the Trust Loan Sellers.

 

“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 the Borrowers to the Master Servicer pursuant to the Mortgage, Cash Collateral Account Agreement, Lock-Box Agreement, Loan Agreement or other Loan Document for the account of the Borrowers for application toward the payment of taxes, insurance premiums, assessments, environmental remediation and similar items in respect of the Mortgaged Properties or related to the satisfaction of closing conditions for the Whole Loan.

 

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

 

“Excess Interest”: The interest accrued at the Revised Rate from and after the Anticipated Repayment Date in respect of the Whole Loan in excess of the interest accrued at the related stated Trust Loan Rate set forth on the Mortgage Loan Schedule, plus any compound interest accrued on such amounts, to the extent permitted by applicable law and the related Loan Agreement.

 

“Excess Interest Distribution Account”: The trust account or subaccount created and maintained by the Certificate Administrator pursuant to Section 3.05(b) of this Agreement in trust for the Holders of the Class S Certificates, which (subject to any changes in the identities of the Certificate Administrator and/or the Trustee) shall be entitled “Wells Fargo Bank, National Association, as Certificate Administrator, for the benefit of Wilmington Trust, National Association, as Trustee, in trust for the benefit of the Holders of CAMB 2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Excess Interest Distribution Account”. Any such account shall be an Eligible Account. The Excess Interest Distribution Account shall be held solely for the benefit of the Holders of the Class S Certificates. The Excess Interest Distribution Account shall not be an asset of any Trust REMIC, but rather shall be an asset of the Grantor Trust.

 

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“Excess Prepayment Interest Shortfall”: With respect to any Distribution Date, any portion of the aggregate Prepayment Interest Shortfalls for such Distribution Date in excess of the sum of (i) the Master Servicer Prepayment Interest Shortfall Amount with respect to such Distribution Date and (ii) any Prepayment Interest Excess with respect to such Distribution Date.

 

“Excess Servicing Fee Rate”: With respect to the Trust Loan and the Companion Loan (and the successor REO Loan, if applicable), a rate per annum equal to 0.0060%; provided that such rate shall be subject to reduction at any time following any resignation of a Master Servicer pursuant to Section 6.04 of this Agreement (if no successor is appointed in accordance with Section 6.04 of this Agreement) or any termination of the Master Servicer pursuant to Section 7.01 of this Agreement, to the extent reasonably necessary (in the sole discretion of the Trustee) for the Trustee to appoint a qualified successor Master Servicer (which successor may include the Trustee) that meets the requirements of Section 7.02 of this Agreement.

 

“Excess Servicing Fee Right”: With respect to the Trust Loan and the Companion Loan (and the successor REO Loan, if applicable), 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 the Trust Loan and the Companion Loan (and the successor REO Loan, 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 and the rules and regulations thereunder.

 

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

 

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

 

“Final Asset Status Report”: An Asset Status Report that is labeled as being a “Final Asset Status Report”, together with such other data or supporting information provided by the Special Servicer to the Directing Holder, which does not include any communications (other than the related Asset Status Report) between the Special Servicer and the Directing Holder; provided that no Asset Status Report shall be considered a Final Asset Status Report unless (i) the Directing Holder (during any Subordinate Control Period) has either finally approved of and consented to the actions proposed to be taken in connection therewith, or has exhausted all of its rights of approval or consent pursuant to this Agreement in respect of such action, or has been deemed to approve or consent to such action or (ii) the Asset Status Report is otherwise implemented by the Special Servicer in accordance with the terms of this Agreement.

 

“Final Recovery Determination”: With respect to the Whole Loan or REO Loan, including after it becomes subject to repurchase by the Trust Loan Sellers pursuant to Section 2.03(e) of this Agreement or subject to purchase pursuant to any related mezzanine intercreditor agreement, the recovery of all Insurance Proceeds, Liquidation Proceeds, the related Repurchase Price and other payments or recoveries (including proceeds of the final sale of the REO Property) which the Master Servicer (or if the Whole Loan becomes a Specially Serviced Loan or an REO

 

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Loan, the Special Servicer), in its reasonable judgment, as evidenced by a certificate of a Servicing Officer delivered to the Trustee, the Certificate Administrator, the Custodian and the Operating Advisor (and the Master Servicer, if the certificate is from the Special Servicer), expects to be finally recoverable. The Master Servicer shall maintain records, prepared by a Servicing Officer, of each Final Recovery Determination until the earlier of (i) its termination as the Master Servicer hereunder and the transfer of such records to a successor servicer and (ii) five years following the termination of the Trust Fund.

 

“Financial Market Publisher”: BlackRock Financial Management, Bloomberg, L.P., Trepp, LLC, Intex Solutions, Inc., Moody’s Analytics, Interactive Data Corporation, Markit LLC, KBRA Analytics, LLC and Thomson Reuters Corporation, or any successor entities thereof.

 

“Fitch”: Fitch Ratings, Inc., or any of 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 other parties hereto and specific ratings of Fitch herein referenced shall be deemed to refer to the equivalent ratings of the party so designated.

 

“Form 8-K Disclosure” The information described in the Form 8-K items set forth under the “Item on Form 8-K” column on Exhibit Y hereto.

 

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

 

“GACC”: German American Capital Corporation, and its successors in interest.

 

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

 

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

 

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

 

“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.

 

“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.

 

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“Holder”: With respect to (i) any Certificate, a Certificateholder; and (ii) with respect to any Lower-Tier Regular Interest, the Trustee.

 

“Impermissible Credit Risk Retention Affiliate”: As defined in Section 3.33.

 

“Impermissible Operating Advisor Affiliate”: As defined in Section 3.33.

 

“Impermissible TPP Affiliate”: As defined in Section 3.33.

 

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

 

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

 

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

 

“Independent Contractor”: Either (i) any Person that would be an “independent contractor” with respect to the applicable Trust REMIC within the meaning of Section 856(d)(3) of the Code if such Trust REMIC were a real estate investment trust (except that the ownership tests set forth in that section shall be considered to be met by any Person that owns, directly or indirectly, 35% or more of any Class or 35% or more of the aggregate value of all Classes of Certificates); provided that such Trust REMIC does not receive or derive any income from such Person and the relationship between such Person and such Trust REMIC is at arm’s length, all within the meaning of Treasury Regulations Section 1.856-4(b)(5) (except neither the Master Servicer nor the Special Servicer shall be considered to be an Independent Contractor under the definition in this clause (i) unless an Opinion of Counsel (at the expense of the party seeking to be deemed an Independent Contractor) addressed to the Master Servicer or the Special Servicer, as applicable, the Operating Advisor, 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 Operating Advisor, 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 the 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 the 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 the 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.

 

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“Initial Purchasers”: Deutsche Bank Securities Inc., BofA Securities, Inc. and J.P. Morgan Securities LLC and their respective successors in interest.

 

“Initial Resolution Period”: As defined in Section 2.03(e) 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 or any entity with respect to which the equity owners of which each qualify as an “accredited investor” within the meaning of Rule 501(a)(1), (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 the Whole Loan (including any amounts paid by the Master Servicer pursuant to Section 3.08 of this Agreement).

 

“Interest Distribution Amount”: With respect to any Distribution Date and any Class of Regular Certificates, an amount equal to the Current Interest Distribution Amount for such Class and such Distribution Date, less any Excess Prepayment Interest Shortfall allocable to such Class.

 

“Interest Reserve Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the Certificate Administrator 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 Wilmington Trust, National Association, as Trustee, in trust for the benefit of the Holders of CAMB 2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, 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.

 

“Interested Person”: As of any date of determination, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Trustee, the Directing Holder, any Certificateholder, any Companion Loan Holder, any Independent Contractor engaged by the Special Servicer pursuant to Section 3.15 of this Agreement, or any Person known to a Responsible Officer of the Trustee or the Certificate Administrator, or to a Servicing Officer of the Special Servicer, to be an Affiliate of any of them, or any Borrower Related Party.

 

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

 

“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 or “click-through format”) representing that such Person executing the certificate is a Certificateholder, a Directing Holder, a Beneficial Owner or a prospective purchaser of a Certificate and that (i) for purposes of obtaining certain information and notices (including access to information and notices on the Certificate Administrator’s Website) pursuant to this Agreement, such Person (a) is not a

 

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Borrower Related Party or (b) is a Borrower Related Party, substantially in the form of Exhibit L-1-A (in the case of clause (a)) or Exhibit L-1-B (in the case of clause (b)) 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, such Person is not the Depositor, the Certificate Administrator, the Trustee, the Operating Advisor, a Borrower Related Party, a Manager, a Restricted Holder or an Affiliate of any of the foregoing or an agent of any of the foregoing, substantially in the form of Exhibit L-2 to this Agreement or in the form of an electronic certification contained on the Certificate Administrator’s Website. The Certificate Administrator may require that Investor Certifications are resubmitted from time to time in accordance with its policies and procedures.

 

“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.

 

“JPMCB”: JPMorgan Chase Bank, National Association, 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 Trust Loan Purchase Agreement”: The Trust Loan Purchase Agreement dated and effective the Pricing Date, between JPMCB and the Depositor.

 

“Junior Notes”: Promissory Note B-1, Promissory Note B-2, Promissory Note B-3 and Promissory Note B-4 in the aggregate original principal amount of $411,000,000.

 

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

 

“Late Collections”: With respect to the Whole Loan, all amounts received thereon during any Collection Period (or within 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 the 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. If the Whole Loan becomes an REO Loan, all amounts received in connection with the REO Property during any Collection Period (including any grace period applicable under the original 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 the REO Loan or the predecessor Whole Loan (without regard to any acceleration of amounts due under the predecessor

 

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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.

 

“Liquidation Expenses”: All customary, reasonable and necessary “out of pocket” costs and expenses incurred by the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee in connection with the liquidation of the Whole Loan or the liquidation of the REO Property or the sale of the 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 pursuant to Section 3.12(c) of this Agreement with respect to the Trust Loan (or any related allocable portion thereof) (if repurchased in accordance with Section 2.03(e) of this Agreement), Specially Serviced Loan or REO Loan (except as specified in the following paragraph), in each case as to which the Special Servicer obtains a full, partial or discounted payoff from the Borrowers, a loan purchaser or the Trust Loan Sellers, 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 the product of 0.50% and the proceeds of such full, partial or discounted payoff or the Net Liquidation Proceeds related to such liquidated or repurchased Whole Loan or Specially Serviced Loan, as the case may be, in each case exclusive of any portion of such full, partial or discounted payoff or Net Liquidation Proceeds that represents Penalty Charges; provided that with respect to any particular liquidation (or partial liquidation), as reduced by the amount of any and all related Offsetting Modification Fees received by the Special Servicer as additional servicing compensation relating to the Specially Serviced Loan, REO Loan or Whole Loan.

 

No Liquidation Fee shall be payable (a) with respect to clause (v) of the definition of Liquidation Proceeds; (b) in the case of clause (vi) of the definition of Liquidation Proceeds if exercised within 90 days after the first time that such holder’s option to purchase the Whole Loan becomes exercisable, provided, however, that even if the purchase occurs before such expiration the Liquidation Fee will be payable to the extent paid by, and collected from, the related borrower or the mezzanine lender; (c) in the case of a repurchase of the related Trust Loan Seller Percentage Interest in the Trust Loan (or the REO Loan, if applicable) by a Trust Loan Seller pursuant to the related Trust Loan Purchase Agreement, if such Trust Loan Seller repurchases the related Trust Loan Seller Percentage Interest in the Trust Loan within the resolution time period set forth in Section 2.03(e) of this Agreement (and giving effect to any applicable extension period beyond the end of the Initial Resolution Period set forth in Section 2.03(e) of this Agreement); (d) in connection with the purchase of the Trust Loan if it has become a Defaulted Mortgage Loan by the Special Servicer or any Affiliate thereof within 90 days after the transfer of the Defaulted Mortgage Loan to special servicing; (e) in connection with any indemnification payment made by a Trust Loan Seller as a result of a Material Breach or Material Document Defect pursuant to Section 2.03(e), if such Trust Loan Seller makes such indemnification payment within the resolution time period set forth in Section 2.03(e) of this Agreement (and giving effect to any applicable extension period beyond the end of the Initial Resolution Period set forth in Section 2.03(e) of this Agreement); (f) if the Whole 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 Liquidation Proceeds are received within three months following the related maturity date as a result of the related Whole Loan being refinanced or otherwise repaid in full (provided that the

 

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Special Servicer may collect from the Borrowers and retain (x) a liquidation fee, (y) such other fees as are provided for in the Loan Documents, and (z) other appropriate fees in connection with such liquidation)s; (g) the purchase of the Trust Loan by the holder of the related mezzanine loan pursuant to the mezzanine intercreditor agreement within 90 days after the first time that such holder’s option to purchase the Whole Loan becomes exercisable (provided, that for the avoidance of doubt, if there are one or more purchase notices that are delivered subsequent to the initial purchase notice, as long as the event that resulted in the first purchase notice (or the preceding purchase notice) has, within the 90-day period from the date the applicable purchase notice was given to such holder of a mezzanine loan, ceased, been cured, been waived by the Master Servicer or the Special Servicer in writing, or otherwise was no longer in effect during such period, such 90-day period will commence on the date of any subsequent purchase notice given to such holder of a mezzanine loan) and (h) with respect to an Other Securitization Trust, in connection with (A) a repurchase or replacement of such Companion Loan by the applicable Trust 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 such Companion Loan pursuant to a clean-up call or similar liquidation under the related Other Pooling and Servicing Agreement

 

“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 the Mortgaged Properties or other collateral constituting security for the Defaulted Mortgage Loan, through trustee’s sale, foreclosure sale, disposition of REO Property or otherwise, exclusive of any portion thereof required to be released to the Borrowers in accordance with applicable law and the terms and conditions of the Notes and the Mortgage; (ii) the realization upon any deficiency judgment obtained against the Borrowers; (iii) the sale of the Defaulted Mortgage Loan; (iv) a repurchase of the related Trust Loan Seller Percentage Interest in the Trust Loan (or REO Loan) by a Trust Loan Seller pursuant to the related Trust Loan Purchase Agreement; (v) the purchase of the Trust Loan and all property acquired in respect of the Trust Loan by the Sole Certificateholder, the Special Servicer or the Master Servicer pursuant to Section 9.01 of this Agreement; (vi) the purchase of the Whole Loan by the holder of the related mezzanine loan pursuant to the mezzanine intercreditor agreement; or (vii) the purchase of the Trust Loan by the Companion Loan Holders.

 

“Loan Agreement”: The Mortgage Loan Agreement, dated as of October 14, 2021, by and between the Borrowers, as borrowers, and DBRI, BANA, JPMCB and 3650 Cal Bridge, collectively, as lender.

 

“Loan Documents”: The documents executed or delivered in connection with the origination or any subsequent modification of the Whole Loan or subsequently added to the Mortgage File.

 

“Lock-Box Account”: With respect to the Mortgaged Properties, if applicable, any account created pursuant to the 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 Whole Loan and Section 3.07 of this Agreement, which Person shall be taxed on all

 

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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 Whole Loan.

 

“Lock-Box Agreement”: The lock-box agreement, if any, between the Originators and the Borrowers, pursuant to which the Lock-Box Account, if any, may have been established.

 

“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 Wilmington Trust, National Association, as Trustee, in trust for the benefit of the Holders of CAMB 2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, 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 of this Agreement.

 

“Lower-Tier Principal Balance”: With respect to any Class of Lower-Tier Regular Interest, 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 allocable thereto in all prior periods as described in Section 4.01 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 its Corresponding Certificates.

 

“Lower-Tier Regular Interests”: The Class LA Interest, the Class LB Interest, the Class LC Interest, the Class LD Interest and the Class LHRR 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 Class of Certificates, (iii) is uncertificated, (iv) has an initial Lower-Tier Principal Balance equal to the original Lower-Tier Principal Balance set forth in the Preliminary Statement herein, (v) has a Pass-Through Rate equal to the Net Mortgage Rate, (vi) has a “latest possible maturity date”, within the meaning of Treasury Regulations Section 1.860G-1(a), that is the Rated Final Distribution Date and (vii) is entitled to the distributions in the amounts and at the times specified in Section 4.01(a) of this Agreement.

 

“Lower-Tier REMIC”: A segregated asset pool within the Trust Fund consisting of the Trust Loan and collections thereon (exclusive of Excess Interest and the proceeds thereof in the Excess Interest Distribution Account), 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, any REO Account, related amounts in the Interest Reserve Account and all other property included in the Trust Fund that is not in the Upper-Tier REMIC, excluding any Excess Interest and any proceeds thereof in the Excess Interest Distribution Account.

 

“MAI”: Member of the Appraisal Institute.

 

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“Major Decision”: Any of the following:

 

(a)       any substitution or release of real property collateral for the Whole Loan (other than substitutions or releases of immaterial and non-income producing real property collateral) except as expressly permitted by the Loan Documents without the consent of the lender;

 

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

 

(c)       any transfer of a Mortgaged Property or any portion of a Mortgaged Property, or any transfer of any direct or indirect ownership interest in the Borrowers to the extent lender consent under the Loan Documents is required, except in each case as expressly permitted by the Loan Documents and for which there is no lender discretion, or in connection with a pending or threatened condemnation;

 

(d)       any consent to the incurrence of additional debt by the Borrowers or mezzanine debt by a direct or indirect parent of a 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, or any renewal, replacement, consolidation or supplement to, any mezzanine loan documents or any such document or agreement, in each case to the extent lender approval is required by the Loan Documents;

 

(e)       any proposed or actual foreclosure upon or comparable conversion (which may include acquisitions of REO Properties) of the ownership of the Mortgaged Property;

 

(f)       any modification, consent to a modification or waiver of any monetary term (other than late fees and Default Interest but including, without limitation, the timing of payments and the acceptance of discounted payoffs) or material non-monetary term (including, without limitation, the timing of payments and acceptance of discounted payoffs) of the Whole Loan or any extension of the maturity date of the Whole Loan to the extent lender approval is required by the Loan Documents;

 

(g)       following a Default, any material exercise of remedies, including the acceleration of the Whole Loan or initiation of judicial, bankruptcy or similar proceedings under the Loan Documents or with respect to the Borrowers or the Mortgaged Properties;

 

(h)       any sale or other disposition of the Whole Loan or the Mortgaged Properties (including any REO Property) for less than the Repurchase Price;

 

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

 

(j)        any modification, waiver or amendment of an intercreditor agreement, co-lender agreement, participation agreement or similar agreement with any mezzanine

 

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lender, Companion Loan Holder or subordinate debt holder related to the Whole Loan, or an action to enforce rights with respect thereto, in each case in a manner that materially and adversely affects the Controlling Class (to the extent that neither the Directing Holder, the majority holder of the Controlling Class, nor any affiliate or agent thereof is a holder of the applicable mezzanine loan or any beneficial interest in such mezzanine loan);

 

(k)       any Manager changes with respect to the Whole Loan, to the extent lender approval is required by the Loan Documents;

 

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

 

(m)      any acceptance of an assumption agreement releasing the Borrowers or other obligor from liability under the Whole Loan or the Loan Documents other than as permitted pursuant to the specific terms of such Loan Documents and for which there is no lender discretion;

 

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

 

(o)       the execution, termination or renewal of any lease, to the extent lender approval is required under the Loan Documents and to the extent such lease constitutes a “major lease” as defined in the Loan Documents, including entering into any subordination, non-disturbance and attornment agreement;

 

(p)       any adoption or implementation of the Annual Budget for which lender consent is required under the Loan Documents; and

 

(q)       the voting on any plan of reorganization, restructuring or similar plan in the bankruptcy of the Borrowers.

 

“Majority Controlling Class Certificateholders”: The Holder(s) of Certificates representing more than 50% of the aggregate Certificate Balance of the Controlling Class.

 

“Management Agreement”: With respect to each Mortgaged Property, the related property management agreement, if any, by and between a Manager and the related Borrower, or any successor property management agreement between such parties.

 

“Manager”: With respect to the Mortgaged Properties, any property manager for the Mortgaged Properties.

 

“Master Servicer”: KeyBank National Association, a national banking association, its successor in interest (in such capacity), or if any successor Master Servicer is appointed as herein provided, such successor Master Servicer or any successor master servicer appointed as herein provided.

 

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“Master Servicer Prepayment Interest Shortfall Amount”: As defined in Section 3.17(c) of this Agreement.

 

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

 

“Master Servicer’s Website”: Shall mean the internet website maintained by the Master Servicer; initially located at “www.key.com/key2cre”.

 

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

 

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

 

“Maturity Date”: The scheduled maturity date on the Due Date in November 6, 2036.

 

“Mezzanine Loan”: Any mezzanine indebtedness related to the Whole Loan.

 

“Modification Fees”: With respect to the Whole 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 Loan Documents (as evidenced by a signed writing) agreed to by the Master Servicer or the Special Servicer (other than all loan service transaction fees, defeasance fees, Assumption Fees, consent fees, assumption application 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 working out the Whole Loan after it has become a Specially Serviced Loan, the Modification Fees collected from the Borrowers shall be subject to a cap of 1.0% of the outstanding principal balance of the Whole 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 exists in connection with the amount of Modification Fees which may be collected from the Borrowers with respect to a Specially Serviced Loan or REO Loan.

 

“Modified Mortgage Loan”: A 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 Monthly Payments with respect to the Trust Loan or Companion Loan), including any reduction in the Monthly Payment;

 

(b)       except as expressly contemplated by the Loan Documents, results in a release of the lien of the Mortgage on any material portion of the Mortgaged Properties 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 Borrowers and upon which the Special Servicer may conclusively rely), of the property to be released; or

 

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

 

“Monthly Payment”: With respect to the Trust Loan or Whole Loan (in each case, other than an REO Loan) and any Due Date, the scheduled monthly payment of principal (to the extent due, but excluding any Balloon Payment) and interest at the Trust Loan Rate or Whole Loan Rate, as applicable, due on such Due Date (but not excluding any constant Monthly Payment due on the Trust Loan). The Monthly Payment with respect to an REO Loan is the monthly payment that would otherwise have been payable on the Due Date had the Trust Loan 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.

 

“Moody’s”: Moody’s Investors Service, Inc., or any of 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 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 the Mortgaged Properties securing the Notes.

 

“Mortgage File”: Collectively, the mortgage documents listed in Section 2.01(a)(i) through Section 2.01(a)(xx) of this Agreement pertaining to the Whole Loan and any additional documents required to be added to the Mortgage File pursuant to the express provisions of this Agreement; provided that whenever the term “Mortgage File” is used to refer to documents actually received by the Depositor or the 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 Schedule”: The schedule attached as Exhibit B to this Agreement, which schedule shall set forth the following information:

 

(a)       the Trust Loan name;

 

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

 

(c)       the Trust Loan Rate and Whole Loan Rate in effect as of the Cut-off Date;

 

(d)       the original principal balance of the Whole Loan and the Trust Loan;

 

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

 

(f)       the Maturity Date for the Whole Loan;

 

(g)       the Due Date;

 

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(h)       the amount of the Monthly Payment due on the first Due Date following the Cut-off Date;

 

(i)        the Servicing Fee Rate, the master servicing fee rate, the primary servicing fee rate, the Trustee/Certificate Administrator Fee Rate, the Operating Advisor Fee Rate, CREFC® License Fee Rate and the Administrative Fee Rate; and

 

(j)        whether any letter of credit is held by the lender as a beneficiary or is assigned as security for the Whole Loan.

 

“Mortgaged Properties”: As “Properties” is defined in the Loan Agreement.

 

“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 related 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 Default Interest received during the preceding Collection Period, minus (ii) any portions thereof withdrawn from the applicable Collection Account pursuant to Section 3.06(a)(vi) of this Agreement for Advance Interest Amounts and unreimbursed Additional Trust Fund Expenses (including Special Servicing Fees, Liquidation Fees and Workout Fees) incurred on the Trust Loan or Whole Loan, as applicable, 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 related 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 the Whole Loan net of the amount of (i) Liquidation Expenses incurred with respect thereto and (ii) with respect to proceeds received in connection with a 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 any Distribution Date, the rate at which interest accrues on the Trust Loan (net of the Administrative Fee Rate and excluding Default Interest) during the related Whole Loan Interest Accrual Period. Notwithstanding the foregoing, the Net Mortgage Rate (which accrues interest on an Actual/360 Basis) for any Whole Loan Interest Accrual Period will be the annualized rate at which interest would have to accrue in respect of the Trust Loan on a 30/360 Basis in order to produce the aggregate amount of interest actually accrued in respect of the Trust Loan at the related Net Mortgage Rate during such Whole Loan Interest Accrual Period; provided that the Net Mortgage Rate for the one-month period (i) preceding the Distribution 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) (commencing in 2022), shall be determined net of any Withheld Amounts from that month and (ii) preceding the Due Date in March (or February if the related

 

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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; provided, further, that for purposes of calculating Pass-Through Rates, the Net Mortgage Rate shall be determined without regard to any modification, waiver or amendment of the terms of the Trust Loan, whether agreed to by the Master Servicer or the Special Servicer or resulting from a bankruptcy, insolvency or similar proceeding involving the Borrowers or otherwise.

 

“Net REO Proceeds”: With respect to any REO Property, REO Proceeds 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 an 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.

 

“No Downgrade Confirmation”: With respect to any matter, confirmation in writing (which may be in electronic form and may be in the form of a press release) by each applicable Rating Agency that a proposed action, failure to act or other event so specified will not, in and of itself, result in the downgrade, withdrawal or qualification of the then-current rating assigned to any Class of Certificates if then rated by the Rating Agency (with respect to the Certificates) and the credit rating of any certificates, notes or other securities in connection with any single asset securitization or pooled asset securitization of a Companion Loan (or any portion thereof or interest therein) (in the case of a rating agency with respect to such certificates, notes or other securities); provided that a written waiver or other acknowledgment from any Rating Agency indicating its decision not to review the matter for which the No Downgrade Confirmation is sought shall be deemed to satisfy the requirement for the No Downgrade Confirmation from such Rating Agency with respect to such matter and the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable, may proceed with the contemplated action(s) as if such party had received the No Downgrade Confirmation. At any time during which no Certificates are rated by a Rating Agency, no No Downgrade Confirmation shall be required from that Rating Agency.

 

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

 

“Non-Reduced Certificates”: As of any date of determination, any Class of Principal Balance Certificates then outstanding for which (a)(1) the initial Certificate Balances of such Class of Principal Balance Certificates minus (2) the sum (without duplication) of, as such date of determination (x) the aggregate payments of principal (whether as principal prepayments or otherwise) previously distributed to the Holders of such Class of Principal Balance Certificates, as of such date of determination, (y) any Appraisal Reduction Amounts and Collateral Deficiency Amounts then allocable to such Class of Principal Balance Certificates, as of such date of determination and (z) any Realized Losses previously allocated to such Class of Principal Balance 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 Principal Balance Certificates, less (ii) any payments of principal (whether as principal prepayments or otherwise) previously distributed to the Holders of that Class of Principal Balance Certificates as of such date of determination.

 

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

 

“Nonrecoverable Administrative Advance”: Any Administrative Advance previously made or proposed to be made in respect of the Trust Loan or REO Loan which, as determined in the reasonable judgment of the Master Servicer, the Special Servicer, in each case in accordance with the Servicing Standard and Section 4.07(d), or the Trustee in its reasonable judgment, as applicable, 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 Trust Loan or REO Loan, which shall be evidenced by an Officer’s Certificate as provided by Section 4.07(d) of this Agreement.

 

“Nonrecoverable Advance”: Any Nonrecoverable P&I Advance, Nonrecoverable Property Advance or Nonrecoverable Administrative Advance.

 

“Nonrecoverable P&I Advance”: Any P&I Advance previously made or proposed to be made in respect of the Trust Loan or REO Loan which, as determined in the reasonable judgment of the Master Servicer, the Special Servicer, in each case in accordance with the Servicing Standard and Section 4.07(d) and Section 4.07(e), or the Trustee in its reasonable judgment, as applicable, 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 Trust Loan or REO Loan, which shall be evidenced by an Officer’s Certificate as provided by Section 4.07(d) of this Agreement.

 

“Nonrecoverable Property Advance”: Any Property Advance previously made or proposed to be made in respect of the Whole Loan or REO Loan that, as determined by the Master Servicer, the Special Servicer, in each case in accordance with the Servicing Standard and Section 3.21(d), or the Trustee in its reasonable judgment, as applicable, 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 Whole Loan or REO Loan, which shall be evidenced by an officer certificate as provided by Section 3.21(d) of this Agreement.

 

“Notes”: Collectively, as of any date of determination, the notes or other evidence of indebtedness and/or agreements evidencing the indebtedness of the Borrowers under the Whole Loan including any amendments or modifications, or any renewal or substitution note, as of such date.

 

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

 

“Notional Amount”: As of any date of determination, with respect to the Class X Certificates as a Class, the Class X Notional Amount and, with respect to any of the Class X Certificates, the product of the Percentage Interest evidenced by such Certificate and the Class X Notional Amount.

 

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“NRSRO”: Any nationally recognized statistical ratings organization within the meaning of Section 3(a)(62) of the Exchange Act.

 

“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 O or (b) provided electronically and executed by an NRSRO by means of a “click-through” confirmation on the 17g-5 Information Provider’s Website.

 

“Offering Circular”: That certain Offering Circular, dated October 22, 2021, 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) and by the Treasurer, the Secretary, one of the Assistant Treasurers or Assistant Secretaries, any Trust Officer or other officer of the Master Servicer, the Special Servicer or Operating Advisor 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 Operating Advisor, the Special Servicer or the Master Servicer, as the case may be.

 

“Offsetting Modification Fees”: With respect to the Whole Loan or REO Loan and with respect to the 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 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 the Whole Loan or REO Loan at a time when the Whole Loan or REO Loan was a Specially Serviced Loan.

 

“Operating Advisor”: Park Bridge Lender Services LLC, in its capacity as operating advisor, and its successors in interest, or any successor operating advisor appointed as herein provided.

 

“Operating Advisor Annual Report”: As defined in Section 6.11.

 

“Operating Advisor Consultation Period”: Any period when (i) the Certificate Balance of the Class HRR Certificates (taking into account the application of Appraisal Reduction Amounts to notionally reduce the Certificate Balance of such Certificates) is less than 25% of the initial Certificate Balance of the Class HRR Certificates or (ii) a Subordinate Consultation Period is in effect.

 

“Operating Advisor Consulting Fee”: A fee for each Asset Status Report and Major Decision as to which the Operating Advisor has consultation obligations and performed its duties

 

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with respect to such Asset Status Report or Major Decision equal to $10,000 (or such lesser amount that the Borrowers pay), payable pursuant to Section 6.11(l) of this Agreement; provided, 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 Master Servicer or Special Servicer, as applicable, may waive or reduce the amount of any Operating Advisor Consulting Fee payable by the Borrowers if it determines that such full or partial waiver is in accordance with the Servicing Standard (provided that the Master Servicer or the Special Servicer, as applicable, shall consult, on a non-binding basis, with the Operating Advisor prior to any such waiver or reduction), 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.

 

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

 

“Operating Advisor Fee”: The fee payable to the Operating Advisor pursuant to Section 6.11(j).

 

“Operating Advisor Fee Rate”: With respect to each Certificate Interest Accrual Period related to any Distribution Date, a rate equal to 0.0023% per annum.

 

“Operating Advisor Standard”: The requirement that the Operating Advisor must act solely on behalf of the Trust Fund and in the best interest of and for the benefit of the Certificateholders (as a collective whole as if such Certificateholders constituted a single lender) and not for the benefit of any particular Class of Certificateholders (as determined by the Operating Advisor in the exercise of its good faith and reasonable judgment), but without regard to any conflict of interest arising from any relationship that the Operating Advisor or any of its Affiliates may have with any Borrower, any Manager of a Mortgaged Property, any guarantor, the Sponsors, the Depositor, the Master Servicer, the Special Servicer, the Directing 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 Non-Reduced Certificates having greater than 25% of the aggregate Voting Rights, provided that with respect to any such failure which is not curable within such thirty (30) day period, the Operating Advisor shall have an additional cure period of thirty (30) days to effect such cure so long as it has commenced to cure such failure within the initial

 

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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 to the Operating Advisor by any party to this Agreement;

 

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

 

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

 

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

 

“Opinion of Counsel”: A written opinion of counsel, who may, without limitation, be counsel for the Depositor, the Operating Advisor, 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 either Trust REMIC as a REMIC or the imposition of tax under the REMIC Provisions on any income or property of either Trust REMIC, (b) compliance with the REMIC Provisions (including application of the definition of “Independent Contractor”), or (c) a resignation of the Master Servicer or the Special Servicer pursuant to Section 6.04(b) of this Agreement, must be an opinion of counsel who is Independent of the Depositor, the Master Servicer and the Special Servicer.

 

“Originator”: Each of DBRI, BANA, JPMCB and 3650 Cal Bridge, in its capacity as co-originator of the Whole Loan under the Loan Agreement.

 

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

 

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

 

“Other Exchange Act Reporting Party”: With respect to any Other Securitization Trust that is subject to the reporting requirements of the Exchange Act, the trustee, certificate administrator, master servicer, special servicer or depositor under the related Other Pooling and Servicing Agreement that is responsible for the preparation and/or 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 Section 11.07, Section 11.08, Section 11.09 and Section 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.

 

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

 

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

 

“Other Sponsors”: GACC, BANA and JPMCB.

 

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

 

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

 

“PACE Loan”: Any (x) “Property-Assessed Clean Energy loan” or (y) other indebtedness, without regard to the name given to such indebtedness, which is (i) incurred for improvements to a Mortgaged Property for the purpose of increasing energy efficiency, increasing use of renewable energy sources, resource conservation, or a combination of the foregoing, and (ii) repaid through multi-year assessments against such Mortgaged Property.

 

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“P&I Advance”: 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 Advance 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 the Companion Loan.

 

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

 

“Pass-Through Rate”: With respect to each Class of Regular Certificates, the rate for such Class as set forth below.

 

	
Class 

	
 

	
Pass-Through Rate 

	
Class A

	
 

	
Class A Pass-Through Rate

	
Class X

	
 

	
Class X Pass-Through Rate

	
Class B

	
 

	
Class B Pass-Through Rate

	
Class C

	
 

	
Class C Pass-Through Rate

	
Class D

	
 

	
Class D Pass-Through Rate

	
Class HRR

	
 

	
Class HRR Pass-Through Rate

 

With respect to each Class of Lower-Tier Regular Interests, the Net Mortgage Rate.

 

“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 the Whole Loan (or successor REO Loan), any amounts collected thereon from the Borrowers that represent default charges, penalty charges, late fees and/or Default Interest, and excluding any Prepayment Charge.

 

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

 

“Performing Loan”: The Whole Loan if it is not a Specially Serviced Loan or REO Loan.

 

“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 Due Date following the date of acquiring such investment and meeting one of the appropriate standards set forth below:

 

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(i)        direct obligations of, and obligations fully guaranteed as to timely payment of principal and interest by, the United States of America, Fannie Mae, Freddie Mac or any agency or instrumentality of the United States of America, the obligations of which are backed by the full faith and credit of the United States of America that mature in one (1) year or less from the date of acquisition; provided that any obligation of, or guarantee by, any agency or instrumentality of the United States of America shall be a Permitted Investment only if such investment would not result in the downgrading, withdrawal or qualification of the then-current rating assigned by each Rating Agency to any Certificate as evidenced in writing, other than (a) unsecured senior debt obligations of the U.S. Treasury (direct or fully funded obligations), U.S. Department of Housing and Urban Development public housing agency bonds, Federal Housing Administration debentures, Government National Mortgage Association guaranteed mortgage-backed securities or participation certificates, RefCorp debt obligations and SBA-guaranteed participation certificates and guaranteed pool certificates and (b) Farm Credit System consolidated systemwide bonds and notes, Federal Home Loan Banks’ consolidated debt obligations, Freddie Mac debt obligations, and Fannie Mae debt obligations that satisfy the Applicable Fitch Permitted Investment Rating, the Applicable Moody’s Permitted Investment Rating, and the Applicable DBRS Morningstar Permitted Investment Rating;

 

(ii)       repurchase agreements on obligations specified in clause (a) of this definition, with a party agreeing to repurchase such obligations that, in each case, satisfy the Applicable DBRS Morningstar Permitted Investment Rating, the Applicable Moody’s Permitted Investment Rating, and the Applicable Fitch Permitted Investment Rating (or, in the case of any such Rating Agency, such lower rating as is the subject of a No Downgrade Confirmation relating to the Certificates and any Companion Loan Securities);

 

(iii)      federal funds, unsecured uncertificated certificates of deposit, time deposits, demand deposits and bankers’ acceptances of any bank or trust company organized under the laws of the United States or any state thereof, that, in each case, satisfy the Applicable DBRS Morningstar Permitted Investment Rating, the Applicable Moody’s Permitted Investment Rating, and the Applicable Fitch Permitted Investment Rating (or, in the case of any such Rating Agency, such lower rating as is the subject of a No Downgrade Confirmation relating to the Certificates and any Companion Loan Securities);

 

(iv)      commercial paper of any corporation incorporated under the laws of the United States or any state thereof (or of any corporation not so incorporated, provided that the commercial paper is United States Dollar denominated and amounts payable thereunder are not subject to any withholding imposed by any non-United States jurisdiction) provided, further that such investments, in each case, satisfy the Applicable DBRS Morningstar Permitted Investment Rating, the Applicable Moody’s Permitted Investment Rating, and the Applicable Fitch Permitted Investment Rating (or, in the case of any such Rating Agency, such lower

 

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rating as is the subject of a No Downgrade Confirmation relating to the Certificates and any Companion Loan Securities);

 

(v)       (1) units of taxable money market mutual funds, issued by regulated investment companies, which seek to maintain a constant net asset value per share (including the Federated Prime Obligation Money Market Fund, US Bank Long Term Eurodollar Sweep or the Wells Fargo Money Market Funds) so long as any such fund is rated “Aaa-mf” by Moody’s and in the highest category by Fitch or otherwise acceptable to such Rating Agency, in any such case, as confirmed in a No Downgrade Confirmation relating to the Certificates and any Companion Loan Securities by such Rating Agency and DBRS Morningstar, and (2) units of money market funds that (A) have substantially all of its assets invested continuously in the types of investments referred to in clause (a) above, (B) has net assets of not less than $5,000,000,000, and (C) has a rating of “Aaa-mf” by Moody’s and in the highest category by Fitch and the highest rating obtainable from DBRS Morningstar (or, if not rated by such Rating Agency, an equivalent rating (or higher) by at least two (2) NRSROs); and;

 

(vi)      any other demand, money market or time deposit, demand obligation or any other obligation, security or investment, provided that the Master Servicer, Special Servicer or Certificate Administrator, as applicable, has received a No Downgrade Confirmation relating to the Certificates and any Companion Loan Securities. 

 

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, customary title agency fees and insurance commissions or fees received or retained by the Special Servicer or any of its Affiliates in connection with any services performed by such party with respect to the Whole Loan or REO Property.

 

“Permitted Transferee”: With respect to a Class R or Class LR Certificate, any Person or agent thereof that is a Qualified Institutional Buyer or an Affiliated Person, other than (a) a Disqualified Organization, (b) a Person that is a Disqualified Non-U.S. Person, (c) any other

 

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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 or Class LR 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, (d) 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 (e) a U.S. Person with respect to whom income on the Class R or Class LR Certificate is attributable to a fixed base or foreign permanent establishment, within the meaning of an applicable income tax treaty, of such transferee or any other U.S. Person.

 

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

 

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

 

“Prepayment Assumption”: The assumption that the Trust Loan does not prepay prior to its Maturity Date.

 

“Prepayment Charges”: Any prepayment premium, spread maintenance premium, yield maintenance premium or similar fee required to be paid under the Loan Documents in connection with a Principal Prepayment in respect of the Trust Loan and which are intended to compensate the mortgagee for an early and unscheduled receipt of principal. Any breakage costs payable to the “lender” (as such term is used in the related Loan Documents) under the Whole Loan and actually collected from the Borrowers in connection with a Principal Prepayment during or after a “lockout” period shall constitute Prepayment Charges.

 

“Prepayment Interest Excess”: With respect to any Distribution Date, if the Whole Loan was 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 the Whole Loan, in each case after the Due Date in the related Collection Period and on or prior to the close of business on the Business Day prior to the related Servicer Remittance Date, the aggregate amount of interest (net of any Excess Interest) accrued at the Mortgage Rate on the amount of such Principal Prepayments, Insurance Proceeds, Liquidation Proceeds and Condemnation Proceeds after the Due Date in the related Collection Period and accruing in the manner set forth in the Loan Documents, to the extent such interest is collected by the Master Servicer or the Special Servicer (without regard to any Prepayment Charges actually collected).

 

“Prepayment Interest Shortfall”: With respect to any Distribution Date, if the Whole Loan was subject to a Principal Prepayment in full or in part which did not include a full month’s interest during the related Collection Period, 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 the Whole Loan, in each case on or prior to the Due Date in the related Whole Loan Interest Accrual Period preceding such Distribution Date, the shortfall in the amount of interest (net of any Excess Interest) that would have accrued and been

 

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payable through the end of the Whole Loan Interest Accrual Period at the Mortgage Rate on the amount of such Principal Prepayment, Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds had such Principal Prepayment, Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds not been made (without regard to any Prepayment Charges actually collected).

 

“Pricing Date”: October 22, 2021.

 

“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, Class B, Class C, Class D and Class HRR Certificates.

 

“Principal Distribution Amount”: For any Distribution Date, an amount equal to (i) the sum of (without duplication and to the extent not already included in the Principal Distribution Amount, if any, for the prior Distribution Date and other than amounts received with respect to the Trust Loan as recoveries of Realized Losses):

 

(A)      the principal component, if any, of the scheduled Monthly Payment (other than any Balloon Payment) due on the Trust Loan on the Due Date in the related Collection Period (if received during the related Collection Period or advanced);

 

(B)      the principal component, if any, of the Assumed Scheduled Payment deemed due on the Due Date in the related Collection Period (if received during the related Collection Period or advanced) with respect to the Trust Loan if it is delinquent in respect of its Balloon Payment;

 

(C)      the Stated Principal Balance of the Trust Loan if it was, during the Collection Period, repurchased from the Trust Fund in connection with a Breach or Defect pursuant to Section 2.03 of this Agreement, purchased from the Trust Fund pursuant to Section 3.16 of this Agreement, or purchased from the Trust Fund pursuant to Section 9.01 of this Agreement;

 

(D)      the portion of Unscheduled Payments allocable to principal of the Trust Loan received during the Collection Period;

 

(E)      the principal component of any Balloon Payment and any other principal payment on the Trust Loan received on or after the Maturity Date thereof, to the extent received during the Collection Period;

 

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(F)       all other Principal Prepayments on the Trust Loan received in the related Collection Period;

 

(G)      any indemnification payment made by any Trust Loan Seller as a result of a Material Breach or Material Document Defect pursuant to Section 2.03(e) of this Agreement to the extent that such amount was transferred into the Collection Account pursuant to Section 3.05(a)(xi) of this Agreement during the related Collection Period;

 

(H)      any other full or partial recoveries in respect of principal of the Trust Loan, including Net Insurance Proceeds, Net Liquidation Proceeds, Net Condemnation Proceeds and Net REO Proceeds received in the related Collection Period; and

 

(I)       the principal component of any late Monthly Payments or Unscheduled Payments on the Trust Loan received after the end of the Collection Period relating to such Distribution Date but prior to the close of business on the Business Day prior to the related Servicer Remittance Date;

 

as reduced by (ii) the principal portion of all previously unreimbursed P&I Advances that are paid or reimbursed from the principal collections on the Trust Loan described in clause (i) of this definition.

 

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

 

“Principal Prepayment”: Any payments of principal made by the Borrowers on the Whole Loan or Trust Loan, as applicable, that are received in advance of its scheduled Due Date and which are not accompanied by an amount of interest representing the full amount of scheduled interest due with respect to the related Whole Loan Interest Accrual Period. Principal Prepayments include any payment of principal on the Whole Loan that is made out of remaining funds in the Cash Management Account in accordance with the Loan Agreement and the Co-Lender Agreement.

 

“Privileged Information”: Any (i) correspondence or other communications between the Directing Holder (or the Controlling Class) on the one hand, and the Special Servicer (or the Master Servicer), on the other hand, related to the Whole Loan if the Whole Loan becomes a Specially Serviced Loan or the exercise of the consent or consultation rights of the Directing Holder under this Agreement and the Co-Lender 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 Borrowers or other interested party and (iii) information subject to attorney-client privilege; provided that the summary of any Final Asset Status Report prepared pursuant to this Agreement is deemed not to be Privileged Information (although no such summary shall be made available to any Borrower Related Party).

 

“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,

 

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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 required by law to disclose such information.

 

“Privileged Person”: A party to this Agreement, a Trust Loan Seller, a Rating Agency, a designee of the Depositor (including any financial market publisher), an Initial Purchaser, the Directing Holder (but only during any Subordinate Control Period and any Subordinate Consultation Period), a Companion Loan Holder or any other person who delivers a certification substantially in the form of Exhibit CC, any other person who delivers to the Certificate Administrator an Investor Certification (which may be provided by the Certificate Administrator upon request) and any NRSRO that delivers an NRSRO Certification to the 17g-5 Information Provider substantially in the form of Exhibit O to this Agreement, which Investor Certification and NRSRO Certification may be submitted electronically via the Certificate Administrator’s Website in a “click-through” format. For purposes of obtaining information or access to the Certificate Administrator’s Website, each Borrower Related Party shall be prohibited from obtaining such information or access pursuant to the terms of this Agreement (other than the Distribution Date Statement) and will not be considered Privileged Persons.

 

“Prohibited Party”: Any proposed Servicing Function Participant (i) that is listed on the Depositor’s Do Not Hire List or (ii) for which the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Trustee that seeks to retain such Servicing Function Participant has actual knowledge obtained by written notice or through actual experience that such party at any point prior to such hiring, assignment or transfer failed to comply with the Servicing Function Participant’s reporting obligations under Regulation AB with respect to any other securitization.

 

“Property Advance”: Any advance made by the Master Servicer or the Trustee, as applicable, in respect of Property Protection Expenses or any expenses incurred to protect, preserve and enforce the security for the Whole Loan or to pay taxes and assessments or insurance premiums with respect to the Mortgaged Properties, to the extent the making of any such advance is specifically provided for in this Agreement, including, but not limited to, any advance made pursuant to Section 3.02 or Section 3.21 of this Agreement, as applicable. Each reference to the payment or reimbursement of a Property Advance shall be deemed to include, whether or not specifically referred to, payment or reimbursement of interest thereon at the Advance Rate. Notwithstanding anything to the contrary, “Property Advance” shall not include allocable overhead of the Master Servicer or the Special Servicer, as applicable, 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 the Whole Loan or REO Property.

 

“Property Protection Expenses”: 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), Section 3.16(c) or Section 3.24(a) of this Agreement or indicated herein as being payable as a Property Advance or as a cost or expense of the Trust Fund and the Companion Loan Holder 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.

 

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“PTCE”: Prohibited Transaction Class Exemption.

 

“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)      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) at least “A (low)” by DBRS Morningstar (or, if not rated by DBRS Morningstar, an equivalent (or higher) rating by at least one NRSRO (which may include Moody’s and Fitch)), (b) at least “A-” by Fitch (or, if not rated by Fitch, an equivalent (or higher) rating by at least one NRSRO (which may include DBRS Morningstar and Moody’s)), and (c) “A3” by Moody’s (or, if not rated by Moody’s, an equivalent (or higher) rating by at least one NRSRO (which may include Fitch and/or DBRS Morningstar));

 

(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, a company that shall have a claims paying ability rated at least equal to any one of the following: (1) “A-” or better by S&P, (2) “A3” or better by Moody’s, (3) “A-” or better by Fitch, (4) “A (low)” or better by DBRS Morningstar, (5) “A-:X” or better by A.M. Best or (6) an equivalent rating by KBRA; and

 

(iii)     in the case of clauses (i) and (ii), such other rating as to which a No Downgrade Confirmation has been obtained from each Rating Agency and, if applicable, each rating agency relating to a Companion Loan Securitization for which the minimum rating set forth in the applicable clause is not satisfied.

 

“Qualified Manager”: As defined in the Loan Agreement.

 

“Qualified Mortgage”: An obligation 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 (i) that is a Qualified Servicer, (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

 

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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, and (vi) is a Qualified Servicer.

 

“Qualified Servicer”: As defined in Section 3.30 of this Agreement.

 

“Rated Final Distribution Date”: With respect to the Regular Certificates, the Distribution Date in November 2046.

 

“Rating Agency”: Any of Fitch and DBRS Morningstar.

 

“Rating Agency Q&A Forum and Document Request Tool”: As defined in Section 3.14(d) of this Agreement.

 

“Realized Loss”: With respect to any Distribution Date, the amount, if any, by which the aggregate Certificate Balance of the Principal Balance Certificates after giving effect to distributions of principal on such Distribution Date exceeds the Stated Principal Balance of the Trust Loan immediately following the Determination Date preceding such Distribution Date.

 

“Record Date”: With respect to each Distribution Date, the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs.

 

“Regular Certificates”: The Class A, Class X, Class B, Class C, Class D and Class HRR Certificates.

 

“Regular Interest Distribution Amount”: With respect to any Distribution Date, an amount equal to, (i) for any Class of Principal Balance Certificates, interest for the related Certificate Interest Accrual Period at the applicable Pass-Through Rate for such Class on the related Certificate Balance immediately prior to such Distribution Date; and (ii) for the Class X Certificates, interest for the related Certificate Interest Accrual Period at the applicable Pass-Through Rate for such Class on the related Notional Amount immediately prior to such Distribution Date.

 

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

 

 

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“Regulation S Global Certificate”: Each of the Class A, Class X, Class B, Class C and Class D Certificates issued as such on the Closing Date and registered in the name of a nominee of the Depository, interest in which is to be held by Regulation S Investors.

 

“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.

 

“Regulation S Transfer Certificate”: As defined in Section 5.02(c)(i)(B) of this Agreement.

 

“Relevant Servicing Criteria”: The Servicing Criteria applicable to each Reporting Servicer (as set forth, with respect to the Master Servicer and the Special Servicer, on Schedule I 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 Sections 860A through 860G 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.

 

“Remittance Amount”: For each distribution date that a Master Servicer is required to make a distribution to the Companion Loan Holders pursuant to Section 3.05(h), the amounts received by the Master Servicer (or, with respect to a Serviced REO Property, the Special Servicer) during the related Collection Period pursuant to the Co-Lender Agreement and available for payment after withdrawals from the Collection Account payable to the Companion Loan Holder(s) pursuant to the Co-Lender Agreement.

 

“Rents from Real Property”: With respect to the 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) of the Code or (6), any amount received or accrued, directly or indirectly, with respect to the 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

 

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interest in such Person determined in accordance with Sections 856(d)(2)(B) of the Code and (d)(5) of the Code;

 

(c)       any amount received or accrued, directly or indirectly, with respect to the REO Property if any Person Directly Operates the 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 the 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 the 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”: The Whole Loan if the Mortgaged Properties have become an REO Property.

 

“REO Proceeds”: With respect to the REO Property and the REO Loan, all revenues received by the Special Servicer with respect to the REO Property or REO Loan which do not constitute Liquidation Proceeds.

 

“REO Property”: The Mortgaged Properties, if 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.

 

“Reporting Servicer”: The Master Servicer, the Special Servicer (regardless of whether the Special Servicer has commenced special servicing of the Whole Loan) and each Servicing Function Participant.

 

“Repurchase Communication”: For purposes of Section 2.03(d) of this Agreement only, any communication, whether oral or written, which need not be in any specific form.

 

“Repurchase Price”: With respect to the Trust Loan if it is to be repurchased or purchased pursuant to Section 2.03(e) or Section 9.01 of this Agreement, or if the Trust Loan becomes a Specially Serviced Loan or REO Loan that is to be sold pursuant to Section 3.16 of this Agreement, an amount, calculated by the Master Servicer or the Special Servicer, as applicable, equal to:

 

(a)       the outstanding principal balance of the Trust Loan as of the date of purchase; plus

 

(b)       all accrued and unpaid interest on the Trust Loan at the Trust Loan Rate in effect from time to time, to but not including the Due Date in the month of purchase (or, in the case of a purchase occurring after the Determination Date in the related month, to but

 

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not including the Due Date in the month immediately succeeding such purchase), but excluding any yield maintenance or other prepayment penalty; plus

 

(c)       all related unreimbursed Property Advances and Administrative Advances plus accrued and unpaid interest on related Advances at the Advance Rate, and all Special Servicing Fees and Workout Fees allocable to the Trust Loan; plus

 

(d)       any Liquidation Fee due pursuant to Section 3.12 of this Agreement allocable to the Trust Loan or Specially Serviced Loan; plus

 

(e)       all Additional Trust Fund Expenses; plus

 

(f)       if the Trust Loan (or REO Loan), or a portion thereof, is being purchased by a Trust Loan Seller pursuant to the related Trust Loan Purchase Agreement, to the extent not otherwise included in the amount described in clause (c) of this definition, 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, plus accrued and unpaid interest thereon at the Advance Rate, to the extent payable to the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Trustee.

 

For purposes of this Agreement, the “Repurchase Price” (i) in respect of a Companion Loan that is purchased by the Trust Loan Seller shall be the repurchase price paid by the related Trust Loan Seller under the related Other Pooling and Servicing Agreement or the applicable servicing agreement and (ii) with respect to a sale of an REO Property, the term Whole Loan or REO Loan shall be construed to include the Companion Loan.

 

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

 

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

 

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

 

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

 

“Request for Release”: A request for a release signed by a Servicing Officer, substantially in the form of Exhibit E to this Agreement.

 

“Requesting Party”: As defined in Section 3.30(a) of this Agreement.

 

“Reserve Accounts”: 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

 

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or gain thereon in accordance with the terms and provisions of the 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 Loan Documents for the Whole Loan.

 

“Residual Certificates”: The Class R and Class LR Certificates, collectively.

 

“Resolution Extension Period”:

 

(a)       For purposes of remediating a Material Breach with respect to the Trust Loan, the 90-day period following the end of the applicable Initial Resolution Period;

 

(b)       For purposes of remediating a Material Document Defect with respect to the Trust Loan, if it is not a Specially Serviced Loan at the commencement of, and does not become a Specially Serviced Loan during, the applicable Initial Resolution Period, the period commencing at the end of the applicable Initial Resolution Period and ending on, and including, the earlier of (i) the 90th day following the end of such Initial Resolution Period and (ii) the 45th day following the Trust Loan Sellers’ receipt of written notice from the Master Servicer or the Special Servicer of the occurrence of any Servicing Transfer Event with respect to the Trust Loan subsequent to the end of such Initial Resolution Period;

 

(c)       For purposes of remediating a Material Document Defect with respect to the Trust Loan, if it is a not a Specially Serviced Loan as of the commencement of the applicable Initial Resolution Period, but as to which a Servicing Transfer Event occurs during such Initial Resolution Period, the period commencing at the end of the applicable Initial Resolution Period and ending on, and including, the 90th day following the earlier of the end of such Initial Resolution Period and the Trust Loan Sellers’ 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 Document Defect with respect to the Trust Loan, if it is a Specially Serviced Loan as of the commencement of the applicable Initial Resolution Period, zero (-0-) days; provided that, if the Trust Loan Sellers did not receive written notice from the Master Servicer or the Special Servicer of the relevant Servicing Transfer Event as of the commencement of the applicable Initial Resolution Period, then such Servicing Transfer Event shall be deemed to have occurred during such Initial Resolution Period and clause (c) of this definition will be deemed to apply.

 

“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, 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

 

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

 

“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 institutions that are persons other than the Initial Purchasers and any other distributor (as defined in Regulation S) of the Certificates and (b) the Closing Date.

 

“Retaining Party”: 3650 Cal Bridge Cambridge Crossing LLC, a majority-owned affiliate (as defined under the Credit Risk Retention Rules) of the Retaining Sponsor, or any successor Holder of all or part of the Class HRR Certificates.

 

“Retaining Sponsor”: 3650 Cal Bridge, acting as retaining sponsor as such term is defined in the Credit Risk Retention Rules.

 

“Risk Retained Certificates”: The Class HRR Certificates.

 

“Rule 144A”: Rule 144A under the Act.

 

“Rule 144A Global Certificate”: Each of the Class A, Class X, Class B, Class C and Class D Certificates issued as such on the Closing Date and registered in the name of a nominee of the Depository, interest in which is to be held by Qualified Institutional Buyers.

 

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

 

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

 

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

 

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

 

“S&P”: S&P Global Ratings, acting through Standard & Poor’s Financial Services LLC, and its successors in interest, or any successor thereto. 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 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.

 

“Securities Legend”: As defined in Section 5.02(c)(iii) of this Agreement.

 

“Senior Non-Trust Notes”: The Companion Loans.

 

“Senior Notes”: The Senior Trust Notes and the Senior Non-Trust Notes.

 

“Senior Trust Notes”: Promissory Note A-1-1, Promissory Note A-2-1, Promissory Note A-3-1 and Promissory Note A-4-1 in the aggregate principal amount of $285,000,000.

 

“Service(s)(ing)”: In accordance with Regulation AB, the act of servicing and administering the Trust 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 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 Remittance Date”: With respect to any Distribution Date, the Business Day preceding such Distribution Date.

 

“Servicer Termination Event”: A Master Servicer Termination Event or Special Servicer Termination Event, as applicable.

 

“Servicing Compensation”: With respect to any Collection Period, the related Servicing Fee, Prepayment Interest Excess (if any and to the extent any such Prepayment Interest Excess exceeds the amount of any Prepayment Interest Shortfalls) and any other fees, charges or other amounts payable to the Master Servicer under this Agreement for such period.

 

“Servicing Criteria”: The criteria set forth in paragraph (d) of Item 1122 of Regulation AB as such may be amended from time to time.

 

“Servicing Fee”: With respect to the Trust Loan or the Whole Loan, as the case may be, and for any Distribution Date, an amount per Certificate Interest Accrual Period equal to interest at the Servicing Fee Rate accrued on the Stated Principal Balance of the Trust Loan or the Whole Loan, as the case may be, as of the Due Date immediately preceding such Distribution Date (without giving effect to payments of principal on the Trust Loan or the Whole Loan, as the case may be, on such Due Date). The Servicing Fee shall be calculated in accordance with the

 

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provisions of Section 1.02(a) of this Agreement. For the avoidance of doubt, the Servicing Fee shall be deemed for tax purposes as paid from the Lower-Tier REMIC.

 

“Servicing Fee
Rate”: (a) With respect to the Trust Loan, a master servicing fee rate equal to 0.0075% per annum, and (b) with respect
to the Whole Loan, a primary servicing fee rate equal to 0.0060% per annum.

 

“Servicing File”: As defined in the Trust Loan Purchase Agreements.

 

“Servicing Function Participant”: Any Person, other than the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Custodian or the Trustee, that, within the meaning of Item 1122 of Regulation AB, is performing activities that address the Servicing Criteria, unless the Master Servicer has assumed responsibility for the servicing activity, as provided for under Regulation AB.

 

“Servicing Officer”: Any officer or employee of the Master Servicer or the Special Servicer, as applicable, involved in, or responsible for, the administration and servicing of the Trust Loan and/or a Companion Loan, 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 Operating Advisor, 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 Standard”: With respect to the Master Servicer (with respect to the Whole Loan while it is not a Specially Serviced Loan or REO Loan) and the Special Servicer (with respect to the Specially Serviced Loan or REO Loan) (in each case, directly or through one or more sub-servicers), to diligently service and administer the Whole Loan, Specially Serviced Loan or REO Loan for which each is responsible in the best interests of and for the benefit of all of the Certificateholders and the Companion Loan Holders (as a collective whole as if such Certificateholders and Companion Loan Holders constituted a single lender), 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 Loan Documents and the Co-Lender Agreement, and, to the extent not inconsistent 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, giving due consideration to the customary and usual standards of practice of prudent institutional commercial and multifamily mortgage loan servicers servicing their own mortgage loans with a view to the timely recovery of all payments of principal and interest under the Whole Loan or, if the Whole Loan is a Defaulted Mortgage Loan, the maximization of timely recovery of principal and interest on a net present value basis (determined in accordance with the Loan Documents or, in the event the Loan Documents are silent, at the Calculation Rate) on the Whole Loan, and the best interests of the Trust and the Certificateholders and

 

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the Companion Loan Holder (as a collective whole as if such Certificateholders and the Companion Loan Holder constituted a single lender), as determined by the Master Servicer or the Special Servicer, as the case may be, in the exercise of its reasonable judgment; 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 commercial and multifamily mortgage loans owned, if any, by the Master Servicer or the Special Servicer, as the case may be, with a view to the timely recovery of all payments of principal and interest under the Whole Loan or, if the Whole Loan is a Defaulted Mortgage Loan, the maximization of timely recovery of principal and interest on a net present value basis (determined in accordance with the Loan Documents or, in the event the Loan Documents are silent, at the Calculation Rate) on the Whole Loan, and the best interests of the Trust and the Certificateholders and the Companion Loan Holders (as a collective whole as if such Certificateholders and Companion Loan Holders constituted a single lender), as determined by the Master Servicer or the Special Servicer, as the case may be, in the exercise of its reasonable judgment, 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 any Borrower, the Trust Loan Sellers, the Companion Loan Holders, any other party to this Agreement or any Affiliate of the foregoing; (b) the ownership of any Certificate, the Companion Loan, or any mezzanine loan related to the Whole Loan by the Master Servicer or the Special Servicer, as the case may be, or any Affiliate of the Master Servicer or the Special Servicer; (c) the Master Servicer’s obligation to make Advances; (d) the Master Servicer’s or the Special Servicer’s, as the case may be, right to receive compensation for its services hereunder or with respect to any particular transaction; (e) the ownership, servicing or management for others of the mezzanine loan or any other mortgage loans or mortgaged properties by the Master Servicer or the Special Servicer or any Affiliate of the Master Servicer or the Special Servicer, as applicable; and (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 the Borrowers or any Affiliate of a Borrower (including, without limitation, any mezzanine financing).

 

“Servicing Transfer Event”: An event specified in the definition of Specially Serviced Loan.

 

“Significant Obligor NOI Quarterly Filing Deadline”: With respect to each calendar quarter (other than the fourth calendar quarter of any calendar year), the date that is 15 days after the distribution date under the related Other Pooling and Servicing Agreement occurring on or immediately following the 30th 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 90th day after the end of such calendar year.

 

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

 

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“Sole Certificateholder”: Any Holder (or Holders, provided they act in unanimity) holding 100% of the then outstanding Certificates (excluding the Class R and Class LR Certificates), or an assignment of the Voting Rights thereof.

 

“Special Notice”: Any (a) notice transmitted to Certificateholders pursuant to Section 5.05(c) of this Agreement, (b) notice of any request by at least 25% of the Voting Rights allocable to the Principal Balance Certificates to terminate and replace the Special Servicer pursuant to Section 3.22(b) of this Agreement and (c) notice of any request by at least 15% of the Voting Rights allocable to the Non-Reduced Certificates to terminate and replace the Operating Advisor pursuant to Section 6.11(m).

 

“Special Servicer”: Situs Holdings, LLC, a Delaware limited liability company, or if any successor special servicer is appointed as herein provided, such successor special servicer.

 

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

 

“Special Servicing Compensation”: With respect to the Whole 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.

 

“Special Servicing Fee”: With respect to a Specially Serviced Loan (or 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 Whole Loan Rate for such Specially Serviced Loan or REO 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 REO Loan on such Due Date) immediately preceding the applicable 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 a Specially Serviced Loan or REO Loan on a date that is not a Due Date, on the basis of the actual number of days to elapse from and including the most recently preceding related Due Date to but excluding the date of such Principal Prepayment or Liquidation Proceeds event in a month consisting of 30 days). For the avoidance of doubt, the Special Servicing Fee shall be deemed for tax purposes as paid from the Lower-Tier REMIC.

 

“Special Servicing Fee Rate”: A rate equal to 0.25% per annum.

 

“Specially Serviced Loan”: Subject to Section 3.23 of this Agreement, the Whole Loan if:

 

(a)          a payment default shall have occurred on the Whole Loan at its Maturity Date or, if the Maturity Date of the Whole Loan has been extended in accordance with this Agreement, a payment default occurs on the Whole Loan at such extended Maturity Date; provided that if (A) the Borrowers are diligently seeking a refinancing commitment or sale of the Mortgaged Properties (and delivers a statement to that effect, within 30 days after such default, to the Master Servicer, which shall promptly deliver a copy to the Special Servicer), (B) the Borrowers continue to make their Assumed Scheduled Payment, and

 

 

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(C) no other Servicing Transfer Event shall have occurred with respect to the Whole Loan, a Servicing Transfer Event will not occur until 60 days beyond the Maturity Date, unless extended by the Special Servicer in accordance with the Loan Documents, this Agreement and the Co-Lender Agreement; and provided, further, that if the Borrowers deliver to the Master Servicer (which shall promptly deliver a copy to the Special Servicer) on or before the 60th day after the related Maturity Date, a refinancing commitment, letter of intent or otherwise binding application for refinancing or similar document, in each case from a lender reasonably acceptable to the Master Servicer, or a signed purchase agreement reasonably acceptable to the Master Servicer, and the Borrowers continue to make their Assumed Scheduled Payments (and no other Servicing Transfer Event shall have occurred with respect to the Whole Loan), 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 such refinancing commitment, letter of intent or otherwise binding application for refinancing or similar document;

 

(b)          any Monthly Payment (other than a Balloon Payment) or any amount due on a monthly basis as an Escrow Payment or reserve fund deposit, is 60 days or more delinquent;

 

(c)          the Master Servicer or Special 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 Mortgaged Properties or the value of the Mortgaged Properties as security for the Whole 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 Borrowers within 60 days or, except as provided in clause (a) above, in the case of a Balloon Payment, for at least 30 days;

 

(d)          a Borrower has become a 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)          a 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)           a 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;

 

 

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(g)          a default, of which the Master Servicer or the Special Servicer has notice (other than a failure by a Borrower to pay principal or interest) and that in the opinion of the Master Servicer or Special Servicer materially and adversely affects the interests of the Certificateholders or the Companion Loan Holders, occurs and remains unremedied for the applicable grace period specified in the Loan Documents (or if no grace period is specified for those defaults which are capable of cure, 60 days);

 

(h)          the Master Servicer or the Special Servicer receives notice of the foreclosure or proposed foreclosure of any lien on the Mortgaged Properties; or

 

(i)           the Master Servicer or the Special Servicer receives actual notice that a Borrower has violated any “due-on-sale” or “due-on-encumbrance” provision in the related Loan Documents;

 

provided, however, that the Whole Loan will cease to be a Specially Serviced Loan (a “Corrected Mortgage Loan”) (i) with respect to the circumstances described in clauses (a) and (b) above, when the Borrowers have brought the Whole Loan current and thereafter made three consecutive full and timely Monthly Payments, including pursuant to any workout of the Whole 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 clauses (g) and (i) 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, in each case, that at that time no circumstance exists (as described above) that would cause the Whole Loan to continue to be characterized as a Specially Serviced Loan.

 

“Sponsors”: The Trust Loan Sellers.

 

“Startup Day”: In the case of the Upper-Tier REMIC and Lower-Tier REMIC, the day designated as such pursuant to Section 2.06(a) of this Agreement.

 

“Stated Principal Balance”: With respect to the Trust Loan, the Companion Loan or the Whole Loan, on any date of determination, the principal balance as of the Cut-off Date of such Trust Loan, Companion Loan or Whole Loan, as reduced (to not less than zero) on each Distribution Date by (i) all payments (or P&I Advances or Companion Loan 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 Trust Loan, Companion Loan or Whole Loan, as applicable, that are distributed to Certificateholders on such Distribution Date or Companion Loan Holders 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 the Co-Lender Agreement on or prior to such Distribution Date, and (ii) any principal forgiven by the Special Servicer and other principal losses realized in respect of such Trust Loan, Companion Loan or Whole Loan during the related Collection Period.

 

The Trust Loan or the REO Loan shall be deemed to be part of the Trust Fund and to have an outstanding Stated Principal Balance until the Distribution Date on which Liquidation Proceeds, if any, are to be (or, if no such Liquidation Proceeds are received, would have been)

 

 

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distributed to Certificateholders. The Stated Principal Balance of the Whole Loan with respect to which the Master Servicer or Special Servicer has made a Final Recovery Determination is zero.

 

“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 Whole Loan but performs one or more discrete functions identified in Item 1122(d) of Regulation AB with respect to Whole Loan under the direction or authority of the Master Servicer or a Servicing Function Participant.

 

“Sub-Servicer”: Any Person engaged by the Master Servicer, the Special Servicer, the Custodian or the Certificate Administrator to perform Servicing with respect to the Whole Loan or REO Loan.

 

“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 Whole Loan as provided in Section 3.01(c) of this Agreement.

 

“Subordinate Consultation Period”: Any period when both (i) the Certificate Balance of the Class HRR Certificates (taking into account the application of any Appraisal Reduction Amounts and Collateral Deficiency Amounts allocated to the Trust Loan to notionally reduce the Certificate Balance of such Certificates) is less than 25% of the initial Certificate Balance of the Class HRR Certificates and (ii) the Certificate Balance of the Class HRR Certificates (without regard to the application of any Appraisal Reduction Amounts and Collateral Deficiency Amounts allocated to the Class HRR Certificates) is at least 25% of the initial Certificate Balance of the Class HRR Certificates. If the Directing Holder or the Majority Controlling Class Certificateholder become a Borrower Related Party, a Subordinate Consultation Period shall be deemed to be terminated (except for the purposes of determining whether the Directing Holder or a Controlling Class Certificateholder has the right to appoint the successor special servicer to a Special Servicer that has become a Borrower Related Party pursuant to Section 3.22(f)).

 

“Subordinate Control Period”: Any period when the Certificate Balance of the Class HRR Certificates (taking into account the application of any Appraisal Reduction Amounts and Collateral Deficiency Amounts allocated to the Trust Loan to notionally reduce the Certificate Balance of such Certificates) is at least 25% of the initial Certificate Balance of the Class HRR Certificates; provided that if at any time the Certificate Balances of the Class A, Class B, Class C and Class D Certificates have been reduced to zero as a result of the allocation of principal payments on the Trust Loan, then a Subordinate Control Period shall be deemed to then be in effect. If the Directing Holder or the Majority Controlling Class Certificateholder become a Borrower Related Party, a Subordinate Control Period shall be deemed to be terminated (except for the purposes of determining whether the Directing Holder or a Controlling Class Certificateholder has the right to appoint the successor special servicer to a Special Servicer that has become a Borrower Related Party pursuant to Section 3.22(f)).

 

“Successor Third Party Purchaser”: A third party purchaser (as contemplated by the Credit Risk Retention Rules) that acquires all of the Class HRR Certificates from the Retaining Sponsor or a majority-owned affiliate (as defined in the Credit Risk Retention Rules) thereof in

 

 

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compliance with this Agreement, the Credit Risk Retention Agreement, an eligible subsequent credit risk retention agreement and Rule 7 of the Credit Risk Retention Rules.

 

“Tax Returns”: The federal income tax returns on IRS Form 1066, U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return, including Schedule Q thereto, Quarterly Notice to Residual Interest Holders of REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed by the Certificate Administrator on behalf of each of the Upper-Tier REMIC and the Lower-Tier REMIC due to its classification as a REMIC under the REMIC Provisions, together with any and all other information, reports or returns that may be required to be furnished to the Certificateholders or filed with the IRS or any other governmental taxing authority under any applicable provisions of federal law or Applicable State and Local Tax Law.

 

“Terminated Party”: As defined in Section 7.01(d) of this Agreement.

 

“Terminating Party”: As defined in Section 7.01(d) 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 each Mortgaged Property, the related Appraisal, Phase I Environmental Report, seismic report (if any), 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 or Class LR Certificate.

 

“Transferee Affidavit”: As defined in Section 5.02(l)(ii) of this Agreement.

 

“Transferor Certificate”: As defined in Section 5.02(l)(ii) of this Agreement.

 

“Transfer Restriction Period”: The period from the Closing Date to the earliest of (i) the date on which the Retaining Sponsor (or its “majority-owned affiliate” as defined in the Credit Risk Retention Rules) transfers all of the Class HRR Certificates to the Successor Third Party Purchaser in accordance with the Credit Risk Retention Agreement, (ii) the date that is the latest of: (A) the date on which the total unpaid principal balance of the Trust Loan has been reduced to 33% of the total unpaid principal balance of the Trust Loan as of the Cut-off Date; (B) the date on which the total outstanding Certificate Balance of the Certificates has been reduced to 33% of the total outstanding Certificate Balance of the Certificates as of the Closing Date; or (C) two years after the Closing Date, (iii) if the Class HRR Certificates have been transferred to a Successor Third Party Purchaser in accordance with the Credit Risk Retention Rules, the date on which all of the Trust Loan has been defeased in accordance with the applicable risk retention requirements set forth in paragraph (b)(8)(i) of §246.7 of the Credit Risk Retention Rules or (iv) subject to the consent of the Retaining Sponsor (which consent shall not be unreasonably withheld), the date on which the Credit Risk Retention Rules have been officially abolished or officially determined by the relevant regulatory authorities to be no longer applicable to this securitization or the Class HRR Certificates.

 

 

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“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 the Companion Loan Holders therein): (i) the Trust Loan, together with the Mortgage File relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Trust Loan due after the Cut-off Date; (iii) any REO Property; (iv) all revenues received in respect of any REO Property; (v) any indemnities or guaranties given as additional security for the Trust Loan; (vi) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve Accounts; (vii) amounts on deposit in the Collection Account attributable to the Trust Loan as identified on the Trust Ledger, the Distribution Accounts, the Interest Reserve Account or the REO Account, including any reinvestment income, as applicable; (viii) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (ix) a security interest in all insurance policies with respect to the Trust Loan and the Mortgaged Properties; (x) the rights and remedies under the Trust Loan Purchase Agreements relating to document delivery requirements with respect to the Trust Loan and the representations and warranties of the Trust Loan Sellers regarding the Trust Loan; (xi) the Lower-Tier Regular Interests; and (xii) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the Borrower). The Trust shall be named “CAMB 2021-CX2 Mortgage Trust”.

 

“Trust Ledger”: Amounts deposited in the Collection Account attributable to the Whole Loan, which are maintained pursuant to Section 3.06 of this Agreement and held on behalf of the Trustee on behalf of the Certificateholders and the Companion Loan Holders.

 

“Trust Loan”: The portion of the Whole Loan evidenced by the Senior Trust Notes and the Junior Notes, which is transferred and assigned to the Trustee pursuant to Section 2.01 of this Agreement and held in the Trust Fund. The Trust Loan originally so transferred, assigned and held is identified on the Mortgage Loan Schedule as of the Closing Date. The term “Trust Loan” also includes an REO Loan, unless the context clearly indicates otherwise.

 

“Trust Loan Purchase Agreements”: Each of the GACC Trust Loan Purchase Agreement, the BANA Trust Loan Purchase Agreement, the JPMCB Trust Loan Purchase Agreement and the 3650 Cal Bridge Trust Loan Purchase Agreement.

 

“Trust Loan Rate”: With respect to the Trust Loan and any Whole Loan Interest Accrual Period, the weighted average (based on the outstanding principal balances of the Trust Notes) of the annual rates at which interest accrues on the Trust Notes during such period (in the absence of a default), as set forth in the related Trust Notes from time to time.

 

“Trust Loan Seller Percentage Interest”: As to GACC, an approximately 59.4% interest in the Trust Loan, as to BANA, an approximately 20.4% interest in the Trust Loan, as to JPMCB, an approximately 10.2% interest in the Trust Loan and as to 3650 Cal Bridge, an approximately 10.0% interest in the Trust Loan.

 

“Trust Loan Seller Transferred Interests”: (a) In the case of GACC, the portion of the Trust Loan evidenced by Note A-1-1 and Note B-1, (b) in the case of BANA, the portion of the Trust Loan evidenced by Note A-2-1 and Note B-2, (c) in the case of JPMCB, the portion of

 

 

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the Trust Loan evidenced by Note A-3-1 and Note B-3 and (d) in the case of 3650 Cal Bridge, the portion of the Trust Loan evidenced by Note A-4-1 and Note B-4.

 

“Trust Loan Sellers”: GACC, BANA, JPMCB and 3650 Cal Bridge.

 

“Trust Notes”: Collectively, as of any date of determination, the notes or other evidence of indebtedness and/or agreements evidencing the indebtedness of the Borrowers under the Trust Loan including any amendments or modifications, or any renewal or substitution note, as of such date. As of the Cut-off Date, the Senior Trust Notes and the Junior Notes constitute the Trust Notes.

 

“Trust REMICs”: The Lower-Tier REMIC and the Upper-Tier REMIC.

 

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

 

“Trustee/Certificate Administrator Fee”: With respect to the Trust Loan and for any Distribution Date, an amount per Certificate Interest Accrual Period equal to interest at the Trustee/Certificate Administrator Fee Rate accrued on the Stated Principal Balance of the Trust Loan as of the Due Date in the related Collection Period (without giving effect to payments of principal on the Trust Loan on such Due Date). The Trustee/Certificate Administrator Fee shall be calculated in accordance with the provisions of Section 1.02(a) of this Agreement. A monthly fee shall be paid by the Certificate Administrator to the Trustee as the Trustee’s fee, which amount shall be paid from the Trustee/Certificate Administrator Fee.

 

“Trustee/Certificate Administrator Fee Rate”: A rate equal to 0.0045% per annum.

 

“Underwriter Exemption”: With respect to (i) Deutsche Bank Securities Inc., Department of Labor Final Authorization Number 97-03E (December 9, 1996), (ii) BofA Securities, Inc., Prohibited Transaction Exemption 93-31, 58 Fed. Reg. 28,620 (May 14, 1993) and (iii) J.P. Morgan Securities LLC, Prohibited Transaction Exemption 2002-19, 67 Fed. Reg 14,979 (March 28, 2002), each as most recently amended by Prohibited Transaction Exemption 2013-08 and as further amended by the Department of Labor from time to time.

 

“Unscheduled Payments”: With respect to the Whole Loan and a Collection Period, all Net Liquidation Proceeds, all Net Condemnation Proceeds and Net Insurance Proceeds payable under the Trust Loan or the Whole Loan, as applicable, the Repurchase Price or purchase price if the Trust Loan is repurchased or purchased pursuant to Section 2.03(e), Section 3.16 or Section 9.01 of this Agreement or by a mezzanine lender, any indemnification payment made by the Trust Loan Sellers as a result of a Material Breach or Material Document Defect pursuant to Section 2.03(e) of this Agreement and any other payments under or with respect to the Trust Loan or the Whole Loan, as applicable, not scheduled to be made, including Principal Prepayments received by the Master Servicer (but excluding Prepayment Charges, if any) during such Collection Period.

 

“Updated Appraisal”: An Appraisal of the Mortgaged Properties or 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

 

 

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Property Advance by the Master Servicer. Updated Appraisals shall be conducted by an Independent MAI appraiser selected by the Special Servicer.

 

“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(d) of this Agreement, which shall be entitled “Wells Fargo Bank, National Association, as Certificate Administrator, for the benefit of Wilmington Trust, National Association, as Trustee, in trust for the benefit of the Holders of CAMB 2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Upper-Tier Distribution Account” and which must be an Eligible Account or a sub-account of an Eligible Account. The Upper-Tier Distribution Account shall be an asset of the Upper-Tier REMIC.

 

“Upper-Tier REMIC”: A segregated asset pool within the Trust Fund consisting of the Lower-Tier Regular Interests, the Upper-Tier Distribution Account and amounts held therein from time to time.

 

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

 

“Voting Rights”: The portion of the voting rights of all Certificates that is allocated to any Certificateholder or Class of Certificateholders. At all times during the term of this Agreement, the percentage of Voting Rights assigned to each Class (other than the Class R and Class LR Certificates) shall be: (a) 98% to be allocated among the Certificateholders of the respective Classes of Principal Balance Certificates in proportion to the Certificate Balances of their Certificates, (b) 2% to be allocated among the Certificateholders of the Class X Certificates for as long as any of the Class X Certificates are outstanding, and (c) except as otherwise set forth in this Agreement with respect to any particular matter, 0%, in the case of the Class S, Class R and Class LR Certificates. Voting Rights allocated to a Class of Certificates shall be allocated among Certificateholders of such Class in proportion to their respective Percentage Interests.

 

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

 

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

 

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

 

 

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

 

“Whole Loan Interest Accrual Period”: With respect to the Whole Loan, the period commencing on the 6th day of each calendar month during the term of the Whole Loan and ending on and including the 5th day of the next occurring calendar month.

 

“Whole Loan Rate”: With respect to the Whole Loan and any Whole Loan Interest Accrual Period, the weighted average (based on the outstanding principal balances of the Notes) of the annual rates at which interest accrues on the Notes during such period (in the absence of a default), as set forth in the Notes from time to time.

 

“Withheld Amount”: With respect to the Trust Loan and with respect to each Distribution Date occurring in 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 Stated Principal Balance as of the Due Date in the month preceding the month in which such Distribution Date occurs, to the extent that a Monthly Payment or a P&I Advance is made in respect thereof.

 

“Workout Fee”: An amount equal to 0.50% of each collection of interest and principal (including scheduled payments, prepayments (provided that a repurchase by a Trust Loan Seller of its respective Trust Loan Seller Transferred Interest in the Trust Loan due to a Material Document 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 and Default Interest) received if the Whole Loan is 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; 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 (1) became a Specially Serviced Loan under clause (c) of the definition of “Specially Serviced Loan” and no event of default actually occurs, unless the Whole Loan is modified by the Special Servicer in accordance with the terms of this Agreement or the Whole Loan subsequently qualifies as a Specially Serviced Loan for a reason other than under clause (c) of the definition thereof, or (2) in connection with the purchase of a Specially Serviced Mortgage Loan that is subject to mezzanine indebtedness by the holder of the related mezzanine loan within 90 days after the first time that such holder’s option to purchase the Whole Loan becomes exercisable (provided, that for the avoidance of doubt, if there are one or more purchase notices that are delivered subsequent to the initial purchase notice, as long as the event that resulted in the first purchase notice (or the preceding purchase notice) has, within the 90-day period from the date the applicable purchase notice was given to such holder of a mezzanine loan, ceased, been cured, been waived by the Master Servicer or the Special Servicer in writing, or otherwise was no longer in effect during such period, such 90-day period will commence on the date of any subsequent purchase notice given to such holder of a mezzanine loan); provided, further that if the Whole 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 three (3) months following the related maturity date as a result of the Whole Loan being refinanced or otherwise repaid in full, the Special Servicer shall not be entitled to collect a Workout Fee out of

 

 

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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 Borrowers and retain (x) a workout fee, (y) such other fees as are provided for in the Loan Documents and (z) other appropriate fees in connection with such workout. The total amount of Workout Fees payable by the Trust with respect to the Corrected Mortgage Loan and with respect to any particular workout (assuming, for the purposes of this calculation, that the 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 Offsetting Modification Fees received by the Special Servicer as additional servicing compensation relating to the 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 Trust Loan Sellers shall pay a Workout Fee in connection with a repurchase to the extent the Special Servicer was entitled to such a fee and such fee was unpaid immediately prior to such repurchase or was previously paid by the Trust and was not reimbursed by the Borrowers immediately prior to such repurchase. In furtherance of the foregoing, upon the 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 the Corrected Mortgage Loan throughout its term (which calculation shall be reasonably acceptable to the Master Servicer) and the total amount of Offsetting Modification Fees received by the Special Servicer.

 

Section 1.02       Certain Calculations. Unless otherwise specified herein, the following provisions shall apply:

 

(a)          All calculations of interest with respect to the Whole Loan (and of Advances in respect thereof) provided for herein shall be made on Actual/360 Basis. The Servicing Fee, the Trustee/Certificate Administrator Fee, the Operating Advisor Fee and the CREFC® License Fee for the Trust Loan shall accrue on the same basis as interest accrues on the Whole Loan. Each Class of Regular Certificates will accrue interest on a 30/360 basis.

 

(b)          Any 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, however, that for purposes of calculating distributions on the Certificates and Prepayment Interest Excess, Principal Prepayments with respect to the 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 the Whole Loan on which interest accrues.

 

(c)          Except as otherwise provided in the Loan Documents or the Co-Lender Agreement, any amounts received in respect of the Whole Loan as to which a default has occurred and is continuing in excess of Monthly Payments shall be applied to Default Interest and other amounts due on the Whole Loan prior to the application to late fees.

 

(d)          Allocations of payments between the Trust Loan and the related Companion Loan shall be made in accordance with the Co-Lender Agreement.

 

(e)          All amounts collected by or on behalf of the Trust in respect of the Whole Loan in the form of payments from the Borrowers, Liquidation Proceeds, Condemnation Proceeds or Insurance Proceeds (exclusive of any amounts payable to the Companion Loan Holders pursuant

 

 

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to the Co-Lender Agreement) shall be allocated to amounts due and owing under the Loan Documents (including for principal and accrued and unpaid interest) in accordance with the express provisions of the Loan Documents and the Co-Lender Agreement; provided, however, that absent such express provisions, all such amounts collected (exclusive of any amounts payable to the Companion Loan Holders pursuant to the Co-Lender Agreement) shall be deemed to be allocated for purposes of collecting amounts due under the Whole Loan in the following order of priority:

 

(i)           as a recovery of any unreimbursed Advances with respect to the Trust Loan or Whole Loan with respect to Property Advances or Nonrecoverable Advances and unpaid interest at the Advance Rate on such Advances and, if applicable, unreimbursed and unpaid Additional Trust Fund Expenses with respect to the Whole Loan (including Special Servicing Fees, Liquidation Fees and Workout Fees previously paid by the Trust from general collections);

 

(ii)          as a recovery of Nonrecoverable Advances and any interest at the Advance Rate thereon, to the extent previously allocated to principal collections with respect to the Trust Loan or Whole Loan, as applicable;

 

(iii)         to the extent not previously allocated pursuant to clause (i) and clause (ii) above, as a recovery of accrued and unpaid interest on the Trust Loan (exclusive of Default Interest and Excess Interest) to the extent of the excess of (A) accrued and unpaid interest on the Trust Loan at the Trust Loan Rate to, but not including, the date of receipt by or on behalf of the Trust (or, in the case of a full Monthly Payment from the Borrowers, through the related Due Date), over (B) the sum of (1) after taking into account any allocations pursuant to Section 1.02(f)(v) on earlier dates, the aggregate portion of the accrued and unpaid interest described in subclause (A) of this Section 1.02(e)(iii) that (a)(x) was not advanced because of the reductions (if any) in the amount of the interest portion of the related P&I Advances for the Trust Loan that have theretofore occurred under Section 4.07(e) of this Agreement in connection with Appraisal Reduction Amounts with respect to any accrued and unpaid interest or (y) was not advanced due to a determination that the related P&I Advance would be a Nonrecoverable Advance, but (in the case of this clause (y)) only up to the amount of interest that (absent such determination of nonrecoverability preventing such P&I Advance from being made) would nonetheless not have been advanced because of the reductions in the amount of the related P&I Advances for the Trust Loan that would have occurred in connection with related Appraisal Reduction Amounts, and (b) Accrued AB Loan Interest allocable to the Trust Loan;

 

(iv)         to the extent not previously allocated pursuant to clause (i) and clause (ii) above, as a recovery of principal of the Trust Loan then due and owing, including by reason of acceleration of the Trust Loan following a default thereunder (or, if the Trust Loan has been liquidated, as a recovery of principal to the extent of its entire remaining unpaid principal balance);

 

(v)          as a recovery of (a) 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 P&I Advances for the Trust Loan that have occurred under Section 4.07(e) of

 

 

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this Agreement in connection with related Appraisal Reduction Amounts or would have occurred in connection with related Appraisal Reduction Amounts but for such P&I Advances not having been made as a result of a determination that such P&I Advances would have been Nonrecoverable Advances, and (b) Accrued AB Loan Interest (in each of clause (a) and (b), to the extent that collections have not been allocated as a 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 the Whole Loan (and allocable to the Trust Loan);

 

(vii)        as a recovery of any other reserves to the extent then required to be held in escrow with respect to the Whole Loan (and allocable to the Trust Loan);

 

(viii)       as a recovery of any Prepayment Charges then due and owing under the Trust Loan;

 

(ix)         as a recovery of any late payment charges and Default Interest then due and owing under the Whole Loan (and allocable to the Trust Loan);

 

(x)          as a recovery of any Assumption Fees, assumption application fees and Modification Fees then due and owing under the Whole Loan;

 

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

 

(xii)        as a recovery of any remaining principal of the Trust Loan to the extent of its entire remaining unpaid principal balance; and

 

(xiii)       after the Anticipated Repayment Date, as a recovery of any accrued and unpaid Excess Interest;

 

provided that, to the extent required under the REMIC Provisions of the Code, payments or proceeds received with respect to any partial release of the Mortgaged Properties (including following a condemnation) at a time when the loan-to-value ratio of the Whole Loan exceeds 125% (based solely on the value of real property and excluding personal property and going concern value) must be allocated to reduce the principal balance of the Whole Loan in the manner permitted by such REMIC Provisions.

 

(f)           Collections by or on behalf of the Trust in respect of the REO Property (exclusive of amounts to be allocated to the payment of the costs of operating, managing, leasing, maintaining and disposing of the REO Property and exclusive of any amounts payable to the Companion Loan Holders pursuant to the Co-Lender Agreement) shall be deemed to be allocated for purposes of collecting amounts due under the Whole Loan in the following order of priority:

 

(i)           as a recovery of any unreimbursed Advances with respect to the Trust Loan or Whole Loan with respect to Property Advances or Nonrecoverable Advances and unpaid

 

 

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interest at the Advance Rate on such Advances and, if applicable, unreimbursed and unpaid Additional Trust Fund Expenses with respect to the Whole Loan (including Special Servicing Fees, Liquidation Fees and Workout Fees previously paid by the Trust from general collections);

 

(ii)          as a recovery of Nonrecoverable Advances and any interest at the Advance Rate thereon to the extent previously allocated to principal collections with respect to the Trust Loan or Whole Loan, as applicable;

 

(iii)         to the extent not previously allocated pursuant to clause (i) and clause (ii) above, as a recovery of accrued and unpaid interest on the Trust Loan (exclusive of Default Interest and Excess Interest) to the extent of the excess of (A) accrued and unpaid interest on the Trust Loan at the Trust Loan Rate to, but not including, the date of receipt by or on behalf of the Trust (or, in the case of a full Monthly Payment from the Borrowers, through the related Payment Date), over (ii) the sum of (1) after taking into account any allocations pursuant to Section 1.02(f)(v) or Section 1.02(e)(v) on earlier dates, the aggregate portion of the accrued and unpaid interest described in subclause (i) of this Section 1.02(f)(iii) that (a)(x) was not advanced because of the reductions (if any) in the amount of the interest portion of the related P&I Advances for the Trust Loan that have occurred in connection with related Appraisal Reduction Amounts with respect to any accrued and unpaid interest or (y) was not advanced due to a determination that the related P&I Advance would be a Nonrecoverable Advance, but (in the case of this clause (y)) only up to the amount of interest that (absent such determination of nonrecoverability preventing such P&I Advance from being made) would nonetheless not have been advanced because of the reductions in the amount of the related P&I Advances for the Trust Loan that would have occurred in connection with related Appraisal Reduction Amounts, and (2) Accrued AB Loan Interest allocable to the Trust Loan;

 

(iv)         to the extent not previously allocated pursuant to clause (i) and clause (ii) above, as a recovery of principal of the Trust Loan to the extent of its entire unpaid principal balance;

 

(v)          as a recovery of (a) 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 P&I Advances for the Trust Loan that have occurred under Section 4.07(e) of this Agreement in connection with related Appraisal Reduction Amounts or would have occurred in connection with related Appraisal Reduction Amounts but for such P&I Advances not having been made as a result of a determination that such P&I Advances would have been Nonrecoverable Advances and (b) Accrued AB Loan Interest (in each of clause (a) and (b), to the extent that collections have not theretofore been allocated as a recovery of accrued and unpaid interest pursuant to this clause (v) or Section 1.02(e)(v) on earlier dates);

 

(vi)         as a recovery of any Prepayment Charge then due and owing under the Trust Loan;

 

 

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(vii)        as a recovery of any late payment charges and Default Interest then due and owing under the Whole Loan (and allocable to the Trust Loan);

 

(viii)       as a recovery of any Assumption Fees, assumption application fees and Modification Fees then due and owing under the Whole Loan;

 

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

 

(x)          after the Anticipated Repayment Date, as a recovery of any accrued and unpaid Excess Interest.

 

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

 

(h)          All net present value calculations and determinations made hereunder with respect to the Trust Loan or the Mortgaged Properties or REO Property (including for purposes of the definition of “Servicing Standard”) shall be made in accordance with the Loan Documents or, in the event the related Loan Documents are silent, using the Calculation Rate.

 

(i)           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 the Whole Loan in a manner that would be inconsistent with the allocation and payment priorities set forth above in clauses (e) or (f) of this Section 1.02 or in the Co-Lender Agreement.

 

Section 1.03   Certain Constructions. For purposes of this Agreement, references to the most or next most subordinate Class of Certificates outstanding at any time shall mean the most or next most subordinate Class of Certificates then outstanding as among the Class A, Class X, Class B, Class C, Class D and Class HRR Certificates. For purposes of this Agreement, each Class of Certificates (other than the Class LR and Class R Certificates) shall be deemed to be outstanding only to the extent its respective Certificate Balance or Notional Amount, as applicable, has not been reduced to zero. For purposes of this Agreement, the Class R and Class LR 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.

 

 

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ARTICLE II

CONVEYANCE OF the MORTGAGE LOAN;
ORIGINAL ISSUANCE OF CERTIFICATES

 

Section 2.01         Conveyance of the Trust Loan; Assignment of Trust Loan Purchase Agreements. (a) The Depositor, concurrently with the execution and delivery hereof on the Closing Date, does hereby establish a trust designated as “CAMB 2021-CX2 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 Trust Loan, 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 Companion Loan Holders. Such transfer and assignment includes all interest and principal due on or with respect to the Trust Loan after the Cut-off Date. 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, all the right, title and interest of the Depositor in, to and under the Trust Loan Purchase Agreements as provided therein (excluding Sections 6(f)-(h) and 9 of the Trust Loan Purchase Agreements), and excluding the Depositor’s rights and remedies under the GACC Indemnification Agreement, BANA Indemnification Agreement, JPMCB Indemnification Agreement and the 3650 Cal Bridge Indemnification Agreement to the extent related to the Trust Loan. The Depositor shall cause the Reserve Accounts, Cash Collateral Accounts and Lock-Box Accounts relating to the Whole Loan to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the Trust Loan Sellers.

 

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 the Whole Loan so assigned (provided, however, that the original of documents specified in item (xix) shall be delivered to the Master Servicer):

 

(i)           each original Trust Note, evidencing a portion of the related Trust Loan Seller’s Trust Loan Seller Transferred Interest in the Trust Loan, bearing, or accompanied by, all prior or intervening endorsements, endorsed by the most recent endorsee prior to the Trustee or, if none, by the applicable Originator, without recourse, either in blank or to the order of the Trustee in the following form: “Pay to the order of Wilmington Trust, National Association, as Trustee, for the benefit of the Holders of CAMB 2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, without recourse”;

 

(ii)          the original (or a copy thereof certified from the applicable recording office) (or a copy, if (to the knowledge of the Trust Loan Sellers or their respective third-party vendors, 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 any Trust Loan Seller of third-party vendor and shall not be required to investigate whether any recording office cannot provide a certified copy) of the

 

 

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Mortgage and, if applicable, the originals (or copies thereof certified from the applicable recording office) of any intervening assignments thereof showing a complete chain of assignment from the Originators of the 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 recordable form, executed by the most recent assignee of record thereof prior to the Trustee or, if none, by the Originators, either in blank or in favor of the Trustee in the following form: “Wilmington Trust, National Association, as Trustee, for the benefit of the Holders of CAMB 2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through Certificates (and the Companion Loan Holders)”;

 

(iv)         (A) an original or copy of any related security agreement (if such item is a document separate from the Mortgage) and, if applicable, the originals or copies of any intervening assignments thereof showing a complete chain of assignment from the Originators of the Whole Loan to the most recent assignee thereof prior to the Trustee, if any; and (B) an original assignment of any related security agreement (if such item is a document separate from the Mortgage) executed by the most recent assignee thereof prior to the Trustee or, if none, by the Originators, either in blank or in favor of the Trustee in the following form: “Wilmington Trust, National Association, as Trustee, for the benefit of the Holders of CAMB 2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through Certificates”, which assignment may be included as part of the corresponding Assignment of Mortgage referred to in clause (iii) above;

 

(v)          (A) stamped or certified copies of any UCC financing statements and continuation statements which were filed in order to perfect (and maintain the perfection of) any security interest held by the Originators of the Whole Loan (and each assignee of record prior to the Trustee) in and to the personalty of the Borrowers at the Mortgaged Properties (in each case with evidence of filing or recording thereon) and which were in the possession of the Trust Loan Sellers (or their agents) at the time the Mortgage File was delivered to the Custodian, together with original UCC-2 or UCC-3 assignment of financing statements showing a complete chain of assignment from the secured party named in such UCC-1 financing statement to the most recent assignee of record thereof prior to the Trustee, if any, and (B) if any such security interest is perfected and the earlier UCC financing statements and continuation statements were in the possession of the Trust Loan Sellers, an assignment of UCC financing statement by the most recent assignee of record prior to the Trustee or, if none, by the Originators, evidencing the transfer of such security interest, either in blank or in favor of the Trustee in the following form: “Wilmington Trust, National Association, as Trustee, for the benefit of the Holders of CAMB 2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through Certificates (and the Companion Loan Holders)”; provided that other evidence of filing or recording reasonably acceptable to the Trustee may be delivered in lieu of delivering such UCC financing statements including, without limitation, evidence of such filed or recorded UCC financing statement as shown on a written UCC search report from a reputable search firm, such as CSC/LexisNexis Document Solutions, Corporation Service Company, CT

 

 

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Corporation System and the like or printouts of on-line confirmations from such UCC filing or recording offices or authorized agents thereof;

 

(vi)         the original or a copy of the Loan Agreement relating to the Whole Loan;

 

(vii)        the original or a copy of the lender’s title insurance policy issued in connection with the origination of the Whole Loan, together with all endorsements or riders (or copies thereof) that were issued with or subsequent to the issuance of such policy, insuring the lien of the Mortgage on the Mortgaged Properties, or, subject to Section 2(d) of the Trust Loan Purchase Agreements, a “marked up” commitment to insure marked as binding and countersigned by the related insurer or its authorized agent (which may be a pro forma or specimen title insurance policy which has been accepted or approved as binding in writing by the related title insurance company), or, subject to Section 2(d) of the Trust Loan Purchase Agreements, an agreement to provide the same pursuant to binding escrow instructions executed by an authorized representative of the title company;

 

(viii)       (A) the original or a copy of the related Assignment of Leases and Rents (if such item is a document separate from the Mortgage) and, if applicable, the originals or copies of any intervening assignments thereof showing a complete chain of assignment from the Originators of the Whole Loan to the most recent assignee of record thereof prior to the Trustee, if any, in each case with evidence of recording thereon; and (B) an original or copy of an assignment of any related Assignment of Leases and Rents (if such item is a document separate from the Mortgage), in recordable form (except for missing recording information and, if delivered in blank, except for the name of the assignee), executed by the most recent assignee of record thereof prior to the Trustee or, if none, by the Originators, either in blank or in favor of the Trustee in the following form: “Wilmington Trust, National Association, as Trustee, for the benefit of the Holders of CAMB 2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through Certificates (and the Companion Loan Holders)”, which assignment may be included as part of the corresponding Assignment of Mortgage referred to in clause (iii) above;

 

(ix)         the original or a copy of any environmental indemnity agreements and copies of any environmental insurance policies pertaining to the Mortgaged Properties required in connection with origination of the Whole Loan, if any;

 

(x)          an original or a copy of each Assignment of Management Agreement (including any assignment of any management agreement, development management agreement or assignment of leasing agreement) and originals or copies of each currently effective Management Agreement (or any development management agreement and/or leasing agreement then in effect), if any, for the Mortgaged Properties;

 

(xi)         the original or copy of any ground leases, if applicable, and any related lessor estoppel or similar agreement or a copy thereof, if any;

 

(xii)        an original Assignment of Agreements, Licenses, Permits and Contracts, executed by the most recent assignee of record thereof prior to the Trustee or, if none, by the Originators, either in blank or in favor of the Trustee in the following form:

 

 

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“Wilmington Trust, National Association, as Trustee, for the benefit of the Holders of CAMB 2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through Certificates (and the Companion Loan Holders)”;

 

(xiii)       if the related assignment of contracts is separate from the Mortgage the original executed version of such assignment of contracts or a copy thereof and the assignment thereof to the Trustee (in such capacity, for the benefit of the Certificateholders and the Companion Loan Holders);

 

(xiv)       if any related Lock-Box Agreement or Cash Collateral Account Agreement is separate from the Mortgage or Loan Agreement, a copy thereof; with respect to the Reserve Accounts, Cash Collateral Accounts and Lock-Box Accounts, if any, (A) a copy of the UCC-1 financing statements, if any, submitted for filing with respect to the related mortgagee’s security interest in the Reserve Accounts, Cash Collateral Accounts and Lock-Box Accounts and all funds contained therein, and (B) UCC-3 assignments of financing statements assigning such UCC-1 financing statements to the Trustee (in such capacity, for the benefit of the Certificateholders and the Companion Loan Holders);

 

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

 

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

 

(xvii)      a copy of the Co-Lender Agreement and any mezzanine loan intercreditor agreement;

 

(xviii)     the original (or copy, if the original is held by the Master Servicer pursuant to Section 2.01(c)) of any letter of credit held by the lender as beneficiary or assigned as security for the Whole Loan;

 

(xix)        an original or a copy of the Cash Management Agreement; and

 

(xx)         an original or copy of any consent and certification of any general contractor and/or architect and the assignment thereof to the Trustee (in such capacity, for the benefit of the Certificateholders and the Companion Loan Holders);

 

provided that whenever the term “Mortgage File” is used to refer to documents actually received by the Depositor or the Custodian, such term shall not be deemed to include such documents and instruments required to be included therein unless they are actually so received. The original assignments referred to in clauses (iii), (iv)(B), (viii)(B) and (xvi)(B) above, may be in the form of one or more instruments in recordable form in any applicable filing or recording offices.

 

 

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On or prior to the Closing Date, the Trust Loan Sellers shall retain a third party vendor (which may be the Trustee or the Custodian) to complete the assignment and recordation or filing of the Loan Documents in the name of the Trustee on behalf of the Certificateholders and the Companion Loan Holders. On or promptly following the Closing Date, the Trust Loan Sellers shall (A) promptly deliver or cause to be delivered to such third party vendor recorded copies of the Mortgage and the documents described in Section 2.01(a)(v)(A), (viii)(A) and (xiv)(A) and (B) cause such third party vendor, at the expense of the Trust Loan Sellers (in proportion to their respective Trust Loan Seller Percentage Interest in the Trust Loan), (1) to promptly prepare and record (in favor of the Trustee, for the benefit of the Holders of CAMB 2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through Certificates) in the appropriate public recording office in no event later than 30 Business Days following the receipt thereof, the Assignment of Mortgage referred to in Section 2.01(a)(iii) which has not yet been submitted for recording; and (2) to prepare and file in the appropriate public filing office each UCC assignment of financing statement referred to in Section 2.01(a)(v)(B) and (xiv)(B) which has not yet been submitted for filing or recording in no event later than 60 days following the receipt thereof. Each such document shall reflect that the recorded original should be returned by the public recording office to the Custodian or its designee following recording, and each such document shall reflect that the file copy thereof should be returned to the Custodian or its designee following filing; provided that in those instances where the public recording office retains the original Assignment of Mortgage or Assignment of Leases and Rents, if applicable, 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 the Whole Loan is lost or returned unrecorded or unfiled, as the case may be, because of a defect therein, the Trust Loan Sellers 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 for recording or filing, as appropriate, at the expense of the Trust Loan Sellers (as set forth in the related Trust Loan Purchase Agreement). The Trust Loan Sellers shall, 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 or Assignment of Leases and Rents, if applicable, after any has been recorded, the obligations of the Trust Loan Sellers under the Trust Loan Purchase Agreements 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 or Assignment of Leases and Rents, if applicable.

 

If the Trust Loan Sellers cannot deliver, or cause to be delivered, as to the Whole Loan, the original or a copy of the related lender’s title insurance policy referred to in Section 2.01(a)(vii) solely because such policy has not yet been issued, the delivery requirements of this Section 2.01 will be deemed to be satisfied as to such missing item, and such missing item will be deemed to have been included in the 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 Trust Loan Sellers shall be required to deliver to the Custodian, promptly following the receipt thereof, the original related lender’s title insurance policy (or a copy thereof). Copies of recorded

 

 

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or filed Assignments of Mortgage and UCC assignments of financing statements shall be held by the Custodian.

 

Subject to the third preceding paragraph, all original documents relating to the Whole Loan 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 the Companion Loan Holders. In the event that any such original document is required pursuant to the terms of this Section to be a part of the 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, the Trust Loan Sellers pursuant to the Trust Loan Purchase Agreements to deliver to and deposit with or cause to be delivered to and deposited with, (i) the Custodian, on or before the Closing Date, for the Trust Loan so assigned, among other things, the original Trust Notes, the original or a copy of the Mortgage and any intervening assignments thereof, the original or a copy of the title policy for the Whole Loan, a copy of any ground lease, if applicable, for the Whole Loan and an original (or copy, if the original is held by the Master Servicer pursuant to Section 2.01(c)) of any letters of credit held by the lender as beneficiary or assigned as security for the Whole Loan, and, within 30 days following the Closing Date, the remaining applicable documents referred to in Section 2.01(a) for the Whole 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 Trust Loan Sellers cannot deliver, or cause to be delivered, as to the Trust Loan, the original Trust Notes, the Trust Loan Sellers shall deliver a copy or duplicate original of such Trust Notes, 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 Trust Loan Sellers or the Depositor cannot deliver, or cause to be delivered, as to the Whole 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)(viii)(A) and Section 2.01(a)(xv) and the UCC financing statements and UCC assignments of financing statements referred to in Section 2.01(a)(v)(A) and Section 2.01(a)(xiv)(A), with evidence of recording or filing thereon, solely because of a delay caused by the public recording or filing office where such document or instrument has been delivered for recordation or filing, or because such original recorded or filed document has been lost or returned from the recording or filing office and subsequently lost, as the case may be, the delivery requirements of Section 2.01 shall be deemed to have been satisfied as to such missing item, and such missing item shall be deemed to have been included in the 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 (if the applicable public filing or recording office is able to certify the duplicate original or photocopy), the applicable title insurance company or a Trust 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 Trust Loan Sellers have provided the Custodian with evidence of such recording or filing, as the case may be, or has

 

 

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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 and the Trustee 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)(xviii) of this Agreement, the Master Servicer shall hold the original of each such document in trust on behalf of the Trust in order to draw on such letter of credit on behalf of the Trust and each Trust Loan Seller shall be deemed to have satisfied the delivery requirements of its respective Trust Loan Purchase Agreement and this Section 2.01 of this Agreement by delivering the original of each such document to the Master Servicer, which shall forward a copy of the applicable document to the Custodian. The Trust Loan Sellers 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 in care of the Master Servicer) required in order for the Master Servicer to draw on such letter of credit on behalf of the Trust. In the event that the documents specified in clause (a)(xviii) of Section 2.01(a) of this Agreement are missing because the related assignment or amendment documents have not been completed, the Trust Loan Sellers 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.

 

Section 2.02    Acceptance by Custodian and the Trustee. By its execution and delivery of this Agreement, the Trustee (1) acknowledges the assignment to it of the Trust Loan in good faith without notice of adverse claims and (2) 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 the Trust Loan assigned to the Trustee hereunder in trust, upon the conditions herein set forth, for the use and benefit of all present and future Certificateholders and the Companion Loan Holders.

 

The Custodian hereby certifies to each of the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer and the Trust Loan Sellers 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, and which is attached as Exhibit N-1 to this Agreement, each Trust Note 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 the Whole Loan and each of the documents specified in Section 2.01(a)(ii), Section 2.01(a)(vii), and, to the extent delivered, Section 2.01(a)(xviii) 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 or mutilated or otherwise defaced, and that such documents relate to the Whole Loan identified in the Mortgage Loan Schedule. If the Custodian does not send a certification on the Closing Date, it shall send an email confirmation to the Trustee and the Master Servicer on the Closing Date that it has received the Trust Notes (or a copy or a lost note affidavit, as permitted), subject to any exceptions noted therein.

 

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

 

 

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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 Trust Loan Sellers have repurchased the Trust Loan), the Custodian shall review each Mortgage File and shall certify to each of the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor and the Trust Loan Sellers in the form attached as Exhibit N-2 to this Agreement that all documents (other than documents referred to in clauses (xviii) and (xix) of Section 2.01(a) of this Agreement, which shall be delivered to the Master Servicer and the documents referred to in clauses (iii), (v)(B) and (viii) of Section 2.01(a) of this Agreement and the assignments of financing statements referred to in clause (xiv) of Section 2.01(a) of this Agreement, which shall be delivered for filing or recording by the Trust Loan Sellers as provided herein) referred to in Section 2.01(a) above (in the case of the documents referred to in Section 2.01(a)(iv), (v), (vi), (vii) (in the case of any endorsement thereto), (viii) and (ix) through (xix) of this Agreement, as identified to it in writing as a document required to be delivered by the Trust Loan Sellers) and any original recorded documents included in the delivery of the Mortgage File has been received, has been executed, appear to be what they purport to be, purport to be recorded or filed (as applicable) and has not been torn in any materially adverse manner or mutilated or otherwise defaced, and that such documents relate to the Whole Loan. 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.

 

If at the conclusion of such review any document or documents constituting a part of the Mortgage File has not been executed or received, has not been recorded or filed (if required), is unrelated to the Whole Loan, appear not to be what they purport to be or has 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 Depositor, the Certificate Administrator, the Master Servicer, the Special Servicer, the Operating Advisor and the Trust Loan Sellers by providing a written report, setting forth for the affected Whole Loan, with particularity, the nature of the defective or missing document. The Depositor shall or shall cause the Trust Loan Sellers 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 Document Defect, the Depositor shall cause the Trust Loan Sellers to cure, repurchase or make an indemnification payment with respect to the Trust Loan in the manner provided in Section 2.03(e) of this Agreement. None of the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian or the Trustee shall be responsible for any loss, cost, damage or expense to the Trust Fund resulting from any failure to receive any document constituting a portion of the Mortgage File noted on such a report or for any failure by the Depositor to use its best efforts to deliver any such document.

 

Contemporaneously with its execution of this Agreement, the Depositor shall cause each Trust Loan Seller to deliver, a power of attorney substantially in the form of Exhibit C to the Trust Loan Purchase Agreements to the Master Servicer and Special Servicer, to take such other action as is necessary to effect the delivery, assignment and/or recordation of any documents and/or instruments relating to the Trust Loan which has not been delivered, assigned or recorded at the time required for enforcement by the Trust Fund. Pursuant to each Trust Loan Purchase Agreement, the related Trust Loan Seller shall be required to effect (at the expense of the related Trust Loan Seller) the assignment and recordation of its interest under the Loan Documents until the assignment and recordation of all Loan Documents has been completed.

 

 

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In reviewing any Mortgage File pursuant to the third preceding paragraph of Section 2.01 of this Agreement, the Master Servicer shall have no responsibility to cause the Custodian or Trustee to, and the Custodian or Trustee will have no responsibility to, examine any opinions or determine whether any document is legal, valid, binding, sufficient, duly authorized or enforceable, whether the text of any assignment or endorsement is in proper or recordable form (except, if applicable, to determine if the Trustee is the assignee or endorsee), whether any document has been recorded in accordance with the requirements of any applicable jurisdiction, whether a blanket assignment is permitted in any applicable jurisdiction, or whether any Person executing any document or rendering any opinion is authorized to do so or whether any signature thereon is genuine.

 

Section 2.03     Representations, Warranties and Covenants of the Depositor; Repurchase of Trust Loan. (a) The Depositor hereby represents and warrants that:

 

(i)           The Depositor is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware;

 

(ii)          The Depositor has taken all necessary action to authorize the execution, delivery and performance of this Agreement by it, and has the power and authority to execute, deliver and perform this Agreement and all the transactions contemplated hereby, including, but not limited to, the power and authority to sell, assign and transfer the Trust Loan in accordance with this Agreement;

 

(iii)         This Agreement has been duly and validly executed and delivered by the Depositor and assuming the due authorization, execution and delivery of this Agreement by each other party hereto, this Agreement and all of the obligations of the Depositor hereunder are the legal, valid and binding obligations of the Depositor, enforceable in accordance with the terms of this Agreement, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, liquidation, receivership, moratorium or other laws relating to or affecting creditors’ rights generally, or by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law);

 

(iv)         The execution and delivery of this Agreement and the performance of its obligations hereunder by the Depositor will not conflict with any provision of its certificate of incorporation or bylaws, or any law or regulation to which the Depositor is subject, or conflict with, result in a breach of or constitute a default under (or an event which with notice or lapse of time or both would constitute a default under) any of the terms, conditions or provisions of any agreement or instrument to which the Depositor is a party or by which it is bound, or any law, order or decree applicable to the Depositor, or result in the creation or imposition of any lien on any of the Depositor’s assets or property, which would materially and adversely affect the ability of the Depositor to carry out the transactions contemplated by this Agreement;

 

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

 

 

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(A)         to acquire, own, hold, sell, transfer, assign, pledge and otherwise deal with the following: (I) “fully-modified pass-through” certificates (“GNMA Certificates”) issued and guaranteed as to timely payment of principal and interest by the Government National Mortgage Association (“GNMA”), a wholly-owned corporate instrumentality of the United States within the Department of Housing and Urban Development organized and existing under Title III of the National Housing Act of 1934; (II) Guaranteed Mortgage Pass-Through Certificates (“FNMA Certificates”) issued and guaranteed as to timely payment of principal and interest by FNMA; (III) Mortgage Participation Certificates (“FHLMC Certificates”) issued and guaranteed as to timely payment of interest and ultimate or full payment of principal by FHLMC; (IV) any other participation certificates, pass-through certificates or other obligations or interests backed directly or indirectly by mortgage loans and issued or guaranteed by GNMA, FNMA or FHLMC (collectively with the GNMA Certificates, FNMA Certificates and FHLMC Certificates, the “Agency Securities”); (V) mortgage-backed securities, which securities need not be issued or guaranteed, in whole or in part, by any governmental entity, issued by one or more private entities (hereinafter referred to as “Private Securities”); (VI) mortgage loans secured by first, second or more junior liens on one-to-four family residential properties, multifamily properties that are either rental apartment buildings or projects containing five or more residential units or commercial properties, regardless of whether insured or guaranteed in whole or in part by any governmental entity, or participation interests or stripped interests in such mortgage loans (“Mortgage Assets”); (VII) conditional sales contracts and installment sales or loan agreements or participation interests therein secured by manufactured housing (“Contract”); and (VIII) receivables of third-parties or other financial assets of third-parties, either fixed or revolving, that by their terms convert into cash within a finite time period (“Other Assets”);

 

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

 

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

 

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

 

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

 

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

 

(vi)   There is no action, suit, proceeding or investigation pending or threatened against the Depositor in any court or by or before any other governmental agency or

 

 

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instrumentality which would materially and adversely affect the ability of the Depositor to carry out its obligations under this Agreement;

 

(vii)        No consent, approval, authorization or order of, or registration or filing with, or notice to any court or governmental agency or body, is required for the execution, delivery and performance by the Depositor of or compliance by the Depositor with this Agreement, or if required, such approval has been obtained prior to the Cut-off Date; and

 

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

 

(b)          The Depositor hereby represents and warrants with respect to the Trust Loan that:

 

(i)           Immediately prior to the transfer and assignment to the Trustee, the Trust Notes and the Mortgage were not subject to an assignment or pledge, and the Depositor had good title to, and was the sole owner of, the Trust Loan and had full right to transfer and sell the Trust Loan to the Trustee free and clear of any encumbrance, equity, lien, pledge, charge, claim or security interest;

 

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

 

(iii)         The related Assignment of Mortgage constitutes the legal, valid and binding assignment of the Mortgage from the Depositor to the Trustee; and

 

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

 

(c)          It is understood and agreed that the representations and warranties set forth in this Section 2.03 shall survive delivery of the Mortgage File to the Custodian until the termination of this Agreement, and shall inure to the benefit of the Certificateholders, the Companion Loan Holders, the Certificate Administrator, the Trustee, the Custodian, the Master Servicer and the Special Servicer.

 

(d)          If the Master Servicer or the Special Servicer (i) receives a Repurchase Communication of a request or demand for repurchase or replacement of the Trust Loan or any portion thereof 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 the Trust Loan Seller Transferred Interest of the Trust 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

 

 

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Request Rejection (each such notice, a “Rule 15Ga-1 Notice”) to the Depositor and the related Trust Loan Seller, in each case within ten Business Days from such party’s receipt of a Repurchase Communication of such Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection, as applicable; provided, however, that if the Master Servicer receives notice of a Repurchase Request Withdrawal or Repurchase Request Rejection from the Special Servicer, the Master Servicer shall have no obligation to deliver such notice to any other party.

 

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

 

No Person that is required to provide a Rule 15Ga-1 Notice pursuant to this Section 2.03(d) (a “Rule 15Ga-1 Notice Provider”) shall be required to provide any information in a Rule 15Ga-1 Notice protected by the attorney-client privilege or attorney work product doctrines. Each Trust Loan Purchase Agreement will provide that (i) any Rule 15Ga-1 Notice provided pursuant to this Section 2.03(d) is so provided only to assist the related Trust Loan Seller, the Depositor and its Affiliates to comply with Rule 15Ga-1 under the Exchange Act, Items 1104 and 1121 of Regulation AB and any other requirement of law or regulation and (ii) (A) no action taken by, or inaction of, a Rule 15Ga-1 Notice Provider and (B) no information provided pursuant to this Section 2.03(d) by a Rule 15Ga-1 Notice Provider, shall be deemed to constitute a waiver or defense to the exercise of any legal right the Rule 15Ga-1 Notice Provider may have with respect to the related Trust 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][Repurchase Request Withdrawal]” under Section 2.03(d) of the Trust and Servicing Agreement relating to the CAMB 2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through Certificates requiring action by you as the recipient of such Repurchase Request or Repurchase Request Withdrawal thereunder”. Upon receipt of such Repurchase Communication of such Repurchase Request or Repurchase Request Withdrawal by the Master Servicer or the Special Servicer, as applicable, such party shall be deemed to be the Repurchase Request Recipient of such Repurchase Communication of such Repurchase Request or Repurchase Request Withdrawal, and such party shall comply with the procedures set forth in this Section 2.03(d) with respect to such Repurchase Request or Repurchase Request Withdrawal. In no event shall 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.

 

 

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(e)          A “Defect” shall exist with respect to the Trust Loan if any document constituting a part of the Mortgage File and required to be delivered by a Trust Loan Seller has not been delivered within the time periods provided for in the related Trust 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 a Trust Loan Seller made pursuant to the related Trust Loan Purchase Agreement with respect to the Trust Loan. If any party hereto discovers or receives notice of a Defect or a Breach, and if such Defect is a Material Document Defect or such Breach is a Material Breach, as applicable, then such party, on behalf of the Trust Fund, shall upon its actual knowledge thereof notify the Trust Loan Sellers, the other parties hereto 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) and the Companion Loan Holders. If any such Defect or Breach materially and adversely affects the value of the Trust Loan, the value of the Mortgaged Properties or the interests of the Trust in the Trust Loan hereunder or causes the Trust Loan to be other than a Qualified Mortgage, then such Defect shall constitute a “Material Document Defect” or such Breach shall constitute a “Material Breach,” as the case may be; provided, however, that if any of the documents specified in clauses (i), (ii), (vii) and (xviii) of Section 2.01(a) of this Agreement are not delivered as required in each Trust Loan Purchase Agreement and certified as missing pursuant to Section 2.02 of this Agreement, it shall be deemed a Material Document Defect; provided, further, that no Defect (except as provided in the immediately preceding proviso and Defects that cause the Trust Loan to be other than a Qualified Mortgage) shall be considered to be a Material Document Defect unless the document with respect to which the Defect exists is required in connection with an imminent enforcement of the lender’s rights or remedies under the Trust Loan, defending any claim asserted by the Borrowers or a third party with respect to the Trust Loan, establishing the validity or priority of any lien on any collateral securing the Trust Loan or for any immediate significant servicing obligation. The Custodian, the Certificate Administrator and the Trustee shall not be required to make any such determination absent written notice or direction from Certificateholders in accordance with Section 8.02(a)(iii). Promptly upon receiving written notice of any such Material Document Defect or Material Breach with respect to the Trust Loan, accompanied by a written demand to take the actions contemplated by this sentence from the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee, the Certificate Administrator or the Custodian, on behalf of the Trust Fund, the applicable Trust Loan Seller shall, not later than 90 days from such Trust Loan Seller’s receipt of such notice of, and such written demand to take action with respect to, such Material Document Defect or Material Breach, as the case may be (any such 90-day period, the “Initial Resolution Period”), (i) cure the same in all material respects, (ii) repurchase its Trust Loan Seller Transferred Interest in the Trust Loan at an amount equal to its Trust Loan Seller Percentage Interest of the Repurchase Price in conformity with the applicable Trust Loan Purchase Agreement or (iii) indemnify the Trust for its Trust Loan Seller Percentage Interest of the losses directly related to such Material Breach or Material Document Defect, subject to receipt of a No Downgrade Confirmation from each Rating Agency with respect to such action (or if each Rating Agency waives review or fails to respond to a request for a No Downgrade Confirmation, subject to (y) approval of the Directing Holder so long as a Subordinate Control Period is in effect and (z) consultation with the Directing Holder so long as a Subordinate Consultation Period is in effect (or if the Directing Holder is an Affiliate of the Trust Loan Seller, subject to the approval of the Special Servicer)); provided that if (i) such

 

 

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Material Document Defect or Material Breach is capable of being cured but not within the Initial Resolution Period, (ii) such Material Document Defect or Material Breach is not related to the Trust Loan not being a Qualified Mortgage and (iii) a Trust Loan Seller has commenced and is diligently proceeding with the cure of such Material Document Defect or Material Breach within the Initial Resolution Period, then such Trust Loan Seller shall have an additional period equal to the applicable Resolution Extension Period to complete such cure or, failing such cure, to repurchase its Trust Loan Seller Transferred Interest or indemnify the Trust in respect of its Trust Loan Seller Percentage Interest of losses. Notwithstanding the preceding sentence, if such Material Breach or Material Document Defect would cause the Trust Loan to be other than a Qualified Mortgage, then, within 90 days of the date of discovery of such Material Breach or Material Document Defect, the applicable Trust Loan Seller shall (i) cure the same in all material respects or (ii) repurchase its Trust Loan Seller Percentage Interest in the Trust Loan at an amount equal to its Trust Loan Seller Percentage Interest of the Repurchase Price. Any Breach or Defect that causes the Trust Loan not to be a Qualified Mortgage shall be deemed a Material Breach or Material Document Defect, as applicable. Notwithstanding the foregoing, the failure to deliver to the Trustee and the Custodian copies of the UCC financing statements with respect to the Trust Loan shall not be a Material Document Defect.

 

(f)           In connection with any repurchase of the Trust Loan contemplated by this Section 2.03, subject to Section 2.03(j), (A) the Custodian, the Master Servicer and the Special Servicer shall each tender to the Trust Loan Sellers or their designees 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) (including the original Trust Notes related to each Trust Loan Seller’s Trust Loan Seller Transferred Interest in the Trust Loan) and other documents pertaining to the Trust Loan possessed by it, 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 each Trust Loan Seller Percentage Interest of the Repurchase Price from the Trust Loan Sellers, (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 Trust Loan Sellers, as the case may be, to the Trust Loan Sellers as shall be necessary to vest in the Trust Loan Sellers the legal and beneficial ownership of each Trust Loan Seller’s respective repurchased Trust Loan Seller Transferred Interest in the Trust Loan to the extent such ownership was transferred to the Trustee (provided, however, 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 Trust Loan Sellers in connection with the preparation by the Trust Loan Sellers of such endorsement or assignment) and (C) the Certificate Administrator, the Master Servicer and the Special Servicer shall release, or cause the release of, any escrow payments and reserve funds held by or on behalf of the Certificate Administrator, the Master Servicer and the Special Servicer, as applicable, or on the Certificate Administrator’s, the Master Servicer’s and the Special Servicer’s, as applicable, behalf, in respect of the Trust Loan to the Trust Loan Sellers in accordance with their respective repurchased Trust Loan Seller Transferred Interests in the Trust Loan.

 

(g)          The Master Servicer (with respect to a Performing Loan) and the Special Servicer (with respect to a Specially Serviced Loan) shall, for the benefit of the Certificateholders

 

 

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and the Trustee, use reasonable efforts to enforce the obligations of the related Trust Loan Seller(s) under Section 6 of the related Trust Loan Purchase Agreement(s). 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 Trust Loan), out of the related Repurchase Price or indemnification amounts 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 Trust Loan on deposit in the Collection Account in each case with interest thereon at the Advance Rate from the time such expense was incurred to, but excluding, the date such expense was reimbursed. To the extent the Trust Loan Sellers prevail in such proceeding, the Trust Loan Sellers shall be entitled to reimbursement from the Trust for all necessary and reasonable costs and expenses incurred in connection with such proceeding.

 

So long as document exceptions are outstanding, on each anniversary of the Closing Date, the Custodian shall prepare and forward to the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Operating Advisor and the Trust Loan Sellers, a document exception report setting forth the then current status of any Defects related to the Mortgage Files in a format mutually agreed upon between the Custodian and the Trustee.

 

It is understood and agreed that Section 6 of each Trust Loan Purchase Agreement provides the sole remedy available to the Certificateholders and the Trustee on behalf of the Certificateholders respecting any Breach (including a Breach with respect to the Trust Loan failing to constitute a Qualified Mortgage) or any Defect.

 

(h)          In the event that any litigation is commenced which alleges facts which, in the judgment of the Depositor, could constitute a breach of any of the Depositor’s representations and warranties relating to the Trust Loan, 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 or the Special Servicer, unless such defense results in any liability of the Master Servicer or the Special Servicer, as applicable.

 

(i)           If for any reason any Trust Loan Seller fails to fulfill its obligations under the related Trust Loan Purchase Agreement with respect to the Trust Loan, the Master Servicer (with respect to a Performing Loan) and the Special Servicer (with respect to a Specially Serviced Loan) shall use reasonable efforts in enforcing any obligation of such Trust Loan Seller to cure or repurchase or make an indemnity payment with respect to its Trust Loan Seller Transferred Interest under the terms of their related Trust Loan Purchase Agreement all at the expense of the related Trust Loan Seller.

 

(j)           To the extent that not all of the Trust Loan Sellers repurchase their respective Trust Loan Seller Percentage Interests pursuant to the terms of the respective Trust Loan Purchase Agreements, the portion of the Trust Loan so repurchased shall be a Companion Loan subject in all respects to the Co-Lender Agreement. In addition, (i) the Trust Loan shall continue to be serviced by the Master Servicer and, as applicable, the Special Servicer, in accordance with the terms of this Agreement on behalf of each repurchasing Trust Loan Seller and the

 

 

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Certificateholders as a collective whole, and the Master Servicer or the Special Servicer, as applicable, shall be the sole representative of the lender in connection with any enforcement, bankruptcy or other proceeding, (ii) the Trustee, on behalf of the Trust, shall remain the mortgagee of record with respect to the Mortgage, (iii) the Servicing Fee and/or Special Servicing Fee shall continue to be calculated based on the entire Stated Principal Balance of the Trust Loan or Whole Loan, as applicable, (iv) the Custodian shall retain all portions of the Mortgage File other than the related Trust Notes corresponding to the repurchased Trust Loan Seller Transferred Interests, (v) each repurchasing Trust Loan Seller shall be entitled to remittances on or prior to the Distribution Date of its pro rata share, based upon its Trust Loan Seller 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 P&I Advance) with respect to the Trust Loan less (A) fees and expenses with respect to servicing of such Trust Loan Seller’s Trust Loan Seller Percentage Interest and (B) all costs and expenses incurred in connection with the Trust Loan Seller’s repurchase obligations and such amounts shall be wired in accordance with the directions provided to the Trustee, the Certificate Administrator and the Master Servicer by the Trust Loan Seller to the extent such direction is received at least 10 Business Days prior to the related Distribution Date, (vi) each repurchasing Trust Loan Seller, provided that it is not a Borrower Related Party, shall be entitled to receive any and all reports and have access to any and all information as a Privileged Person under the terms of this Agreement, (vii) no amendment may be made to this Agreement that would materially and adversely affect the rights of a repurchasing Trust Loan Seller in respect of such repurchasing Trust Loan Seller’s Trust Loan Seller Transferred Interest without the consent of such repurchasing Trust Loan Seller, (viii) to the extent the Trustee, on behalf of the Trust, holds record or legal title to any Mortgage File document that relates to any Trust Loan Seller’s Trust Loan Seller Transferred Interest in the Trust Loan repurchased pursuant to this Section 2.03, the Trustee shall hold such title in trust for the use and benefit of the Trust and the related Trust Loan Seller collectively, (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 Trust Note in favor of a repurchasing Trust Loan Seller shall be construed to instead refer to a photocopy of such Trust Note) and (x) the Master Servicer and the Special Servicer shall not be required to obtain the concurrence or consent of a repurchasing Trust Loan Seller prior to, or as a condition to, taking any action required of either of the Master Servicer or the Special Servicer pursuant to the terms of this Agreement, nor shall the repurchasing Trust Loan Seller have any right to direct the actions of the Master Servicer or Special Servicer, and the rights, duties and obligations of the Directing Holder under this Agreement shall not be altered or reduced in such event. Neither the Master Servicer nor the Trustee shall make any P&I Advance or Administrative Advance with respect to any Trust Loan Seller Transferred Interest of the Trust Loan which has been repurchased as described herein.

 

Section
2.04   Representations, Warranties and Covenants of the Master Servicer, the Special Servicer, the
Certificate Administrator, the Trustee and the Operating Advisor. (a) KeyBank National Association, as the Master
Servicer, hereby represents and warrants with respect to itself to the Trustee, for its own benefit and the benefit of the
Certificateholders and the Companion Loan Holders, to the Depositor, to the Certificate Administrator, to the Special
Servicer and to the Operating Advisor, as of the Closing Date, that:  It is a national banking association, duly
organized, validly existing, and is in good standing, under the laws of the United States of America and it is in compliance
with the laws of the state (within the United States of

 

 

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America) in which the Mortgaged Properties are located to the extent necessary to perform its obligations under this Agreement;

 

(ii)          Its execution and delivery of this Agreement, and its performance and compliance with the terms of this Agreement, do not (A) violate its 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 it or its property is subject, which, in the case of either (B) or (C), is likely to materially and adversely affect either its ability to perform its obligations under this Agreement or its financial condition;

 

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

 

(iv)         This Agreement, assuming due authorization, execution and delivery by the Trustee, the Paying Agent, the Certificate Administrator, the Special Servicer and the Depositor, constitutes a valid, legal and binding obligation of it, enforceable against it 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)          It 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 its reasonable judgment is likely to materially and adversely affect the financial condition or its operations 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 its knowledge, threatened against it which would prohibit it from entering into this Agreement or, in its good faith and reasonable judgment is likely to materially and adversely affect either its ability to perform its obligations under this Agreement or its financial condition;

 

(vii)        No consent, approval, authorization or order of any court or governmental agency or body is required for its execution, delivery and performance of, or compliance by it, with, this Agreement or the consummation of the transactions 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 it to perform its obligations hereunder; and

 

(viii)       Each of its officers and employees that has responsibilities concerning the servicing and administration of the Trust Loan is covered by errors and omissions insurance and the fidelity bond in the amounts and with the coverage required by this Agreement.

 

 

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(b)          Situs Holdings, LLC, as Special Servicer, hereby represents and warranty with respect to itself to the Trustee, for its own benefit and the benefit of the Certificateholders, to the Depositor, to the Certificate Administrator, to the Master Servicer and to the Operating Advisor, as of the Closing Date, that:

 

(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 the Mortgaged Properties are located to the extent required by applicable law and necessary to ensure the enforceability of the Trust 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 operations or its properties taken as a whole or its ability to perform its obligations hereunder, or materially impair the ability of the Trust Fund to realize on the Trust Loan;

 

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

 

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

 

(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

 

 

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(vii)        it has errors and omissions insurance and fidelity bond coverage which is in full force and effect or is self-insuring with respect to such risks, which in either case, complies with the requirements of Section 3.08 hereof.

 

(viii)       The representations and warranties of the Special Servicer set forth in this Section 2.04(b) shall survive until termination of this Agreement, and shall inure to the benefit of the parties hereto, the Certificateholders.

 

(c)          It is understood and agreed that the representations and warranties set forth in this Section 2.04 shall survive delivery of the Mortgage File to the Trustee or the Custodian on behalf of the Trustee until the termination of this Agreement, and shall inure to the benefit of the Trustee, the Certificate Administrator, the Depositor, the Operating Advisor, the Companion Loan Holders and the Master Servicer or Special Servicer, as the case may be. Upon discovery by the Depositor, the Operating Advisor, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee or the Certificate Administrator (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 Operating Advisor, the Master Servicer, Special Servicer, the Companion Loan Holders or the Trustee in the Trust Loan, the party discovering such breach shall give prompt written notice to the other parties hereto and the Trust Loan Sellers.

 

(d)          The Trustee hereby represents and warrants to the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Certificateholders and the Companion Loan Holders as of the Closing Date, that:

 

(i)           The Trustee is a national banking association, duly organized, validly existing and in good standing under the laws of the United States of America and has full power, authority and legal right to own its properties and conduct its business as presently conducted and to execute, deliver and perform the terms of this Agreement;

 

(ii)          This Agreement has been duly authorized, executed and delivered by the Trustee and, assuming due authorization, execution and delivery by the other parties hereto, constitutes a legal, valid and binding instrument enforceable against the Trustee in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights in general and by general equity principles (regardless of whether such enforcement is considered in a proceeding in equity or at law);

 

(iii)         Neither the execution and delivery of this Agreement by the Trustee nor the consummation by the Trustee of the transactions herein contemplated to be performed by the Trustee, nor compliance by the Trustee with the provisions hereof, will conflict with or result in a breach of, or constitute a default under, any of the provisions of any applicable law (subject to the appointment in accordance with such applicable law of any co-Trustee or separate Trustee required pursuant to this Agreement), governmental rule, regulation, judgment, decree or order binding on the Trustee or its properties or the organizational documents of the Trustee or the terms of any material agreement, instrument or indenture to which the Trustee is a party or by which it is bound which, in the Trustee’s good faith

 

 

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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 or impair the ability of the Trust Fund to realize on the Trust Loan;

 

(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 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, the Operating Advisor, the Certificateholders and the Companion Loan Holders as of the Closing Date, that:

 

(i)           The Certificate Administrator is a national banking association, duly organized, validly existing, and is in good standing, under the laws of the United States of America and has full power, authority and legal right to own its property and conduct its business as presently conducted and to execute, deliver and perform the terms of this Agreement.

 

(ii)          This Agreement has been duly authorized, executed and delivered by the Certificate Administrator and, assuming due authorization, execution and delivery by the other parties hereto, constitutes a legal, valid and binding instrument enforceable against the Certificate Administrator in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights in general and by general equity principles (regardless of whether such enforcement is considered in a proceeding in equity or at law).

 

(iii)         Neither the execution and delivery of this Agreement by the Certificate Administrator nor the consummation by the Certificate Administrator of the transactions herein contemplated to be performed by the Certificate Administrator, nor compliance by the Certificate Administrator with the provisions hereof, will conflict with or result in a

 

 

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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 would materially and adversely affect 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 the Pricing Date, among the Certificate Administrator, the Depositor and the Initial Purchasers.

 

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

 

(i)           The Operating Advisor is duly organized, validly existing and in good standing as a limited liability company under the laws of the State of New York and has full power, authority and legal right to own its property 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 Operating Advisor and, assuming due authorization, execution and delivery by the other parties hereto, constitutes a legal, valid and binding instrument enforceable against the Operating Advisor 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);

 

 

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(iii)         Neither the execution and delivery of this Agreement by the Operating Advisor nor the consummation by the Operating Advisor of the transactions herein contemplated to be performed by the Operating Advisor, nor compliance by the Operating Advisor 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 Operating Advisor or its properties or the organizational documents of the Operating Advisor or the terms of any material agreement, instrument or indenture to which the Operating Advisor is a party or by which it is bound which, in the Operating Advisor’s good faith and reasonable judgment, is likely to affect materially and adversely the ability of the Operating Advisor to perform its obligations under this Agreement;

 

(iv)         The Operating Advisor is not in violation of, and the execution and delivery of this Agreement by the Operating Advisor 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 Operating Advisor 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 ability of the Operating Advisor 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 Operating Advisor of or compliance by the Operating Advisor 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 Operating Advisor’s ability to perform its obligations hereunder;

 

(vi)         To the best of the Operating Advisor’s knowledge, no litigation is pending or threatened against the Operating Advisor 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 the Pricing Date, among the Operating Advisor, the Depositor and the Initial Purchasers;

 

(vii)        it has errors and omissions insurance which is in full force and effect and complies with the requirements of Section 3.08(e); and

 

(viii)       the Operating Advisor is an Eligible Operating Advisor.

 

Section 2.05     Execution and Delivery of Certificates; Issuance of Lower-Tier Regular Interests; Issuance of Upper-Tier Interests. The Trustee acknowledges the assignment to it of the Trust Loan and the delivery of the Mortgage File to the Custodian (to the extent the documents constituting the Mortgage File is 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 Trust Loan (other than Excess Interest) and the other assets included in the Lower-Tier REMIC on behalf of the Lower-Tier REMIC and the Holders of the Certificates; (ii) acknowledges the issuance of the Lower-Tier Regular Interests to the Depositor in exchange for the Trust Loan and other assets included in the

 

 

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Lower-Tier REMIC, (iii) acknowledges the contribution by the Depositor of the Lower-Tier Regular Interests to the Upper-Tier REMIC and hereby declares that it holds the Lower-Tier Regular Interests on behalf of the Upper-Tier REMIC and the Holders of the Certificates (other than the Class LR Certificates); and (iv) acknowledges the issuance of the Class LR Certificates and, in exchange for the Lower-Tier Regular Interests, acknowledges the issuance of the Certificates, in authorized Denominations, in each case registered in the names set forth in such order or as so directed in this Agreement and duly authenticated by the Authenticating Agent, which Certificates, along with the Class LR Certificates, evidence ownership of the entire Trust Fund.

 

Section 2.06  Miscellaneous REMIC and Grantor Trust Provisions. (a) The Lower-Tier Regular Interests issued hereunder are hereby designated as the “regular interests” in the Lower-Tier REMIC within the meaning of Section 860G(a)(1) of the Code, and the Class LR Certificates are 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 Certificates (other than the Class S, Class R and Class LR 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 R Certificates are hereby designated as the sole Class of “residual interests” in the Upper-Tier REMIC within the meaning of Section 860G(a)(2) of the Code.

 

The Closing Date is hereby designated as the “Startup Day” of 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” for purposes of Section 860G(a)(l) of the Code for the Lower-Tier Regular Interests and the Certificates (other than the Class R and Class LR Certificates) is the Rated Final Distribution Date.

 

(b)          The portion of the Trust Fund consisting of the Excess Interest and the Excess Interest Distribution Account, beneficial ownership of which will be represented by the Class S Certificates, will be treated as a grantor trust within the meaning of subpart E, part I of subchapter J of the Code.

 

(c)          None of the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, 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.

 

Section 2.07   Creation of the Grantor Trust. The portion of the Trust Fund consisting of the Excess Interest with respect to the Trust Loan and related proceeds shall be treated as a grantor trust (the “Grantor Trust”) for federal income tax purposes, and the Class S Certificates will represent undivided beneficial interests in such Class’s entitlements to the Grantor Trust. As provided herein, the Certificate Administrator shall take all actions expressly required hereunder to ensure that the portion of the Trust Fund consisting of the Grantor Trust maintains its status as a grantor trust under federal income tax law and not be treated as part of the Trust REMICs.

 

 

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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 Whole Loan. (a) The Master Servicer (with respect to the Whole Loan if it is a Performing Loan) and the Special Servicer (with respect to the Whole Loan if it is a Specially Serviced Loan or an REO Loan), each as an independent contractor servicer, shall service and administer the Whole Loan on behalf of the Trust Fund and the Trustee (as Trustee for the Certificateholders) and the Companion Loan Holders (as a collective whole as if such Certificateholders and Companion Loan Holders constituted a single lender), in accordance with the Servicing Standard.

 

The Master Servicer’s or Special Servicer’s liability for actions and omissions in its capacity as Master Servicer or Special Servicer, as the case may be, hereunder is limited as provided herein (including, without limitation, pursuant to Section 6.03 hereof). To the extent consistent with the foregoing and subject to any express limitations set forth in this Agreement, the Master Servicer and Special Servicer shall seek to maximize the timely and complete recovery of principal and interest on the Notes; provided, however, 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 Whole Loan. Subject only to the Servicing Standard, the Master Servicer and Special Servicer shall have full power and authority, acting alone or through one or more 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 and the Companion Loan Holders (as a collective whole as if such Certificateholders and Companion Loan Holders constituted a single lender), including, without limitation, with respect to the Whole Loan to prepare, execute and deliver, on behalf of the Certificateholders, the Companion Loan Holders 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 the Mortgaged Properties and related collateral; (ii) any modifications, waivers, consents or amendments to or with respect to any documents contained in the Mortgage File; and (iii) any and all instruments of satisfaction or cancellation, or of partial or release or discharge, and all other comparable instruments, with respect to the Whole Loan 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 the Whole Loan except under the circumstances described in Section 3.03, Section 3.09, Section 3.10, Section 3.24, Section 3.25 and Section 3.26 hereof. The Master Servicer (with respect to the Whole Loan if it is a Performing Loan) and the Special Servicer (with respect to the Whole Loan if it is a Specially Serviced Loan or an REO Loan) shall provide to the Borrowers reports required to be provided to it pursuant to the 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 (substantially in the form attached hereto as Exhibit Q 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

 

 

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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 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 Special Servicer’s, as applicable, representative capacity; provided, however, that in those jurisdictions in which the foregoing requirement would not be legally or procedurally permissible, the Master Servicer or the Special Servicer, as applicable, shall provide five (5) Business Days’ prior written notice to the Trustee of the initiation of such action, suit or proceeding (or provide such prior written notice as the Master Servicer or the Special Servicer, as applicable, shall determine in its reasonable judgment exercised in accordance with the Servicing Standard, to be reasonably practicable prior to filing such action, suit or proceeding) (and shall not be required to obtain the Trustee’s written 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 Notes, the Loan Agreement or the Co-Lender Agreement, the Master Servicer shall apply any partial Principal Prepayment received on the Whole Loan on a date other than a Due Date to the Stated Principal Balance of the Whole Loan as of the Due Date immediately following the date of receipt of such partial Principal Prepayment; provided that the Master Servicer shall use its best efforts to apply any total or partial Principal Prepayment received on the Whole Loan on a date following a Due Date but prior to the close of business on the Business Day prior to the related Servicer Remittance Date to the Stated Principal Balance of the Whole Loan as of the Due Date immediately preceding the date of receipt of such total or partial Principal Prepayment. Unless otherwise provided in the Notes, if the Whole Loan is defeased, the Master Servicer shall apply any amounts received on U.S. Treasury obligations pursuant to the terms of the Loan Documents to the Stated Principal Balance of and interest on the Whole Loan 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 and the terms of the Loan Documents and the Co-Lender Agreement, (ii) if such Sub-Servicer is a Servicing Function Participant, any such agreement provides that (x) the failure of such Sub-Servicer to comply with any of the requirements under Section 3.27, Section 3.28 or Section 3.29 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 Section 3.27, Section 3.28 or Section 3.29 of this Agreement 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 trust and servicing agreement relating to any other series of certificates offered by the Depositor shall constitute a termination event by such Sub-Servicer upon the occurrence of which 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

 

 

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grant any modification, waiver or amendment to the Whole Loan or foreclose on the 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 and Section 3.26 (as applicable), (iv) such agreement shall be consistent with the Servicing Standard, (v) with respect to any Sub-Servicing Agreement entered into after the Closing Date, if such Sub-Servicer is a Servicing Function Participant, such Sub-Servicer, at the time the related Sub-Servicing Agreement is entered into, is not a Prohibited Party and (ix) shall be terminable if at any time the related Sub-Servicer is a Credit Risk Retention Affiliate of a Successor Third Party Purchaser and such Sub-Servicer is a servicer as contemplated by Item 1108(a)(2) of Regulation AB. Any such Sub-Servicing Agreement may permit the Sub-Servicer to delegate its duties to agents or Subcontractors so long as the related agreements or arrangements with such agents or Subcontractors are consistent with the provisions of this Section 3.01(c) (including, for the avoidance of doubt, that no such agent 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.

 

No party shall enter into a Sub-Servicing Agreement with a Sub-Servicer that is a Credit Risk Retention Affiliate of a Successor Third Party Purchaser if such Sub-Servicer would be a servicer as contemplated by Item 1108(a)(2) of Regulation AB. Notwithstanding the preceding sentence, the parties to this Agreement, absent actual knowledge to the contrary, may conclusively rely upon a representation of any “Initial Sub-Servicer” (as set forth on Exhibit AA) that such Sub-Servicer is not, to its actual knowledge, a Credit Risk Retention Affiliate of a Successor Third Party Purchaser. If at any time a party to this transaction obtains actual knowledge that such Sub-Servicer is a servicer as contemplated by Item 1108(a)(2) of Regulation AB and is a Credit Risk Retention Affiliate of a Successor Third Party Purchaser, such party shall terminate such Sub-Servicer in accordance with the related Sub- Servicing Agreement.

 

Any Sub-Servicing Agreement entered into by the Master Servicer or the Special Servicer, as applicable, shall provide that it may be assumed by the Trustee (in its sole discretion) 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 Whole Loan 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 Operating Advisor, the Trust Fund, Certificateholders and the Companion Loan Holders 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).

 

 

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Notwithstanding the provisions of any Sub-Servicing Agreement and this Section 3.01, in no event shall the Trust Fund, the Trustee, the Certificate Administrator, the Depositor or the Companion Loan Holders bear any termination fee required to be paid to any Sub-Servicer as a result of the termination of any 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 successor 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 in the event that the Special Servicer is terminated pursuant to Section 3.22, at the expense of the Certificateholders effecting such termination, as applicable) deliver to such successor all documents and records relating to any Sub-Servicing Agreement and the Trust Loan and/or the Companion Loan then being serviced 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)          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 (for purposed of this clause (e), “Applicable Law”), the Master Servicer and the Special Servicer, 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 Master Servicer or the Special Servicer. Accordingly, each of the parties hereto agrees to provide to the Master Servicer and the Special Servicer, upon its respective request from time to time, such identifying information and documentation as may be available for such party in order to enable the Master Servicer and the Special Servicer to comply with Applicable Law.

 

(f)           The parties hereto acknowledge that the Whole Loan is subject to the terms and conditions of the Co-Lender Agreement. The parties hereto further recognize the rights and obligations of the Companion Loan Holders under the Co-Lender Agreement, including, without

 

 

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limitation with respect to (A) the allocation of collections (and all other amounts received in connection with the Whole Loan) on or in respect of the Whole Loan and (B) the allocation of Default Interest on or in respect of the Whole Loan. In the event of any inconsistency or discrepancy between the provisions, terms or conditions of the Co-Lender Agreement and the provisions, terms or conditions of this Agreement, the Co-Lender Agreement shall govern, and as to any matter on which the Co-Lender Agreement is silent or makes reference to this Agreement, this Agreement shall govern.

 

Section 3.02  Liability of the Master Servicer and the Special Servicer When Sub-Servicing. Notwithstanding any Sub-Servicing Agreement, any of the provisions of this Agreement relating to agreements or arrangements between the Master Servicer or Special Servicer, as applicable, and any Person acting as Sub-Servicer (or its agents or Subcontractors) or any reference to actions taken through any Person acting as Sub-Servicer or otherwise, the Master Servicer or the Special Servicer, as applicable, shall remain obligated and primarily liable to the Trustee (on behalf of the Certificateholders and the Companion Loan Holders) and the Certificateholders for the servicing and administering of the Whole Loan 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 was servicing and administering the Whole Loan. 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 Whole Loan Payments. (a) The Master Servicer (with respect to the Whole Loan if it is a Performing Loan) and the Special Servicer (with respect to the Whole Loan if it is a Specially Serviced Loan) shall use reasonable efforts to collect all payments called for under the terms and provisions of the Whole Loan, and shall follow the Servicing Standard with respect to such collection procedures; provided, however, that nothing herein contained shall be construed as an express or implied guarantee by the Master Servicer or the Special Servicer of the collectibility of the Whole Loan. With respect to the Performing Loan, the Master Servicer shall use its reasonable efforts, consistent with the Servicing Standard, to collect income statements and rent rolls from the 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. Consistent with the foregoing, the Master Servicer (with respect to the Whole Loan if it is a Performing Loan) or the Special Servicer (with respect to the Whole Loan if it is a Specially Serviced Loan) may in their discretion waive any late payment charge or Default Interest in connection with any delinquent Monthly Payment or Balloon Payment with respect to the Whole Loan. In addition, the Special Servicer shall be entitled to take such actions with respect to the collection of payments on the Whole Loan as is permitted or required under this Agreement.

 

Section 3.04  Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) The Master Servicer shall maintain accurate records with respect to the Mortgaged

 

 

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Properties reflecting the status of taxes, assessments and other similar items that is or may become a lien thereon and the status of insurance premiums payable with respect thereto. If the Whole Loan is a Specially Serviced Loan, the Special Servicer shall use its reasonable efforts, consistent with the Servicing Standard, to collect income statements and rent rolls from the Borrowers as required by the Loan Documents. The Special Servicer, in the case of an REO Loan, and the Master Servicer, in the case of the Whole Loan, 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 the 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 Loan Documents. If the Borrowers fail to make any such payment on a timely basis or collections from the Borrowers 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 Property 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 Section 3.21(d) of this Agreement). The Master Servicer shall be entitled to reimbursement of Property Advances, with interest thereon at the Advance Rate, that it makes pursuant to this Section 3.04 of this Agreement from amounts received on or in respect of the 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, be added to the amount owing under the Whole Loan, notwithstanding that the terms of the Whole Loan so permit.

 

(b)          The Master Servicer shall segregate and hold all funds collected and received 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 Whole Loan 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 Whole Loan. Escrow Accounts shall be Eligible Accounts (except to the extent the Loan Documents require it to be held in an account that is not an Eligible Account); provided, however, that in the event 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 Loan Documents require it to be held in an account that is not an Eligible Account), the Master Servicer shall have 30 Business Days (or such longer time as confirmed by a No Downgrade Confirmation, obtained at the expense of the Master Servicer relating to the Certificates) to transfer such account to an Eligible Account. Escrow Accounts shall be entitled, “KeyBank National Association, as Master Servicer, on behalf of Wilmington Trust, National Association, as Trustee, in trust for the benefit of the Holders of CAMB 2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, the Borrowers and the Companion Loan Holders”. Withdrawals from an Escrow Account may be made by the Master Servicer only:

 

 

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(i)           to effect timely payments of items constituting Escrow Payments for the Mortgage;

 

(ii)          to transfer funds to the Collection Account (or any sub-account thereof) to reimburse the Master Servicer or the Trustee for any Property Advance (with interest thereon at the Advance Rate) relating to Escrow Payments, but only from amounts received with respect to the Whole Loan which represent late collections of Escrow Payments thereunder;

 

(iii)         for application to the restoration or repair of any Mortgaged Property in accordance with the Whole Loan and the Servicing Standard;

 

(iv)         to clear and terminate such Escrow Account upon the termination of this Agreement or pay-off of the Whole Loan;

 

(v)          to pay from time to time to the Borrowers any interest or investment income earned on funds deposited in the Escrow Account if such income is required to be paid to the Borrowers under law or by the terms of the Loan Documents, 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 the Borrowers determined to be overages.

 

(c)          The Master Servicer shall, as to the Whole Loan (i) maintain accurate records with respect to the Mortgaged Properties 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, if the Whole Loan requires the Borrowers 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 Loan Documents (or, if the Whole Loan does not require the Borrowers 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 Borrowers to comply with the requirement of the Mortgage that the Borrowers make payments in respect of such items at the time they first become due and, in any event, prior to the institution of foreclosure or similar proceedings with respect to the Mortgaged Properties for nonpayment of such items). Subject to Section 3.21 of this Agreement, the Master Servicer shall timely make a Property Advance 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 Account; Distribution Accounts and Interest Reserve Account. (a) The Master Servicer shall establish and maintain a Collection Account, for the benefit of the Certificateholders, the Companion Loan Holders and the Trustee as the Holder of the Lower-Tier Regular Interests. The Collection Account shall be established and maintained as an Eligible Account.

 

 

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The Master Servicer shall deposit or cause to be deposited in the Collection Account within two Business Days following receipt of properly identified funds of the following payments and collections received or made by or on behalf of it on or with respect to the Whole Loan subsequent to the Cut-off Date:

 

(i)           all payments on account of principal on the Whole Loan, including the principal component of all Unscheduled Payments;

 

(ii)          all payments on account of interest on the Whole Loan (net of the related Servicing Fee Rate), including Default Interest, Prepayment 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 pursuant to Section 3.15(b) of this Agreement;

 

(v)          any amounts received from the Borrowers which represent recoveries of Property Protection Expenses or items for which Administrative Advances were made and are allocable to the 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 the Whole Loan or REO Property, other than Liquidation Proceeds that are received in connection with a purchase of the Whole Loan or REO Property 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 in respect of the Whole Loan;

 

(vii)        Penalty Charges on the Whole Loan to the extent required to offset interest on Advances and Additional Trust Fund Expenses pursuant 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 Mortgaged Properties;

 

(ix)         any other amounts required by the provisions of this Agreement (including without limitation, with respect to the Companion Loan 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 Co-Lender Agreement, related mezzanine intercreditor agreement) to be deposited into the Collection Account by the Master Servicer or Special Servicer;

 

(x)          any Master Servicer Prepayment Interest Shortfall Amounts in respect of the Trust Loan pursuant to Section 3.17(c) of this Agreement; and

 

 

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(xi)         any indemnity payment received from a Trust Loan Seller in connection with its indemnification of the Trust for losses directly related to a Material Breach or Material Document Defect pursuant to Section 2.03(e) of this Agreement.

 

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 Co-Lender Agreement), Assumption Fees, Modification Fees, loan service transaction fees, consent fees, extension fees, demand fees, defeasance 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 Whole Loan as additional compensation.

 

In the event that 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), (vi), (vii) and (ix) above of this Section 3.05(a) with respect to the Whole Loan if it is a Specially Serviced Loan but is not an 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 the REO Property shall be deposited by the Special Servicer into the REO Account and remitted to the Master Servicer for deposit into the Collection Account pursuant to Section 3.15(b) of this Agreement. With respect to any such amounts paid by check to the order of the Special Servicer, the Special Servicer shall endorse without recourse or warranty such check to the order of the Master Servicer and shall promptly deliver any such check to the Master Servicer by overnight courier.

 

(b)        The Certificate Administrator shall establish and maintain the Lower-Tier Distribution Account in its own name for the benefit of the Trustee, in trust for the benefit of the Certificateholders, the Companion Loan Holders and the Trustee as the Holder of the Lower-Tier Regular Interests. The Lower-Tier Distribution Account shall be established and maintained as an Eligible Account or as a sub-account of an Eligible Account.

 

(c)          With respect to each Distribution Date, the Master Servicer shall deliver to the Certificate Administrator, on or before the Servicer Remittance Date, Available Funds then on deposit in the Collection Account after giving effect to withdrawals of funds 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 the Lower-Tier Distribution Account (A) the amount of Available Funds to be distributed pursuant to Section 4.01 of this Agreement hereof, (B) Prepayment Charges to be distributed pursuant to Section 4.01(c) of this

 

 

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Agreement and (C) in the Interest Reserve Account as part of the Lower-Tier REMIC, the amount of any Withheld Amounts to be deposited pursuant to Section 3.05(e) of this Agreement.

 

(d)          The Certificate Administrator shall establish and maintain the Upper-Tier Distribution Account in its own name for the benefit of the Trustee, in trust for the benefit of the Certificateholders. The Upper-Tier Distribution Account shall be established and maintained as an Eligible Account or a sub-account of an Eligible Account. Promptly on each Distribution Date, the Certificate Administrator shall withdraw or be deemed to withdraw from the Lower-Tier Distribution Account and deposit or be deemed to deposit in the Upper-Tier Distribution Account on or before such date the Lower-Tier Distribution Amount for such Distribution Date to be distributed in respect of the Lower-Tier Regular Interests pursuant to Section 4.01(a) of this Agreement on such date.

 

The Certificate Administrator shall establish and maintain on behalf of the Trust and for the benefit of the Holders of the Class S Certificates, a segregated non-interest bearing reserve account (the “Excess Interest Distribution Account”). The Excess Interest Distribution Account must be an Eligible Account or a subaccount of an Eligible Account. The Excess Interest Distribution Account shall be an asset of the Grantor Trust and beneficially owned by the Holders of the Class S Certificates and shall not be an asset of any Trust REMIC. Funds on deposit in the Excess Interest Distribution Account shall be uninvested. Upon receipt from the Servicer of such amounts held in the Collection Account, the Certificate Administrator shall deposit in the Excess Interest Distribution Account any Excess Interest to be distributed to the Holders of the Class S Certificates.

 

(e)           The Certificate Administrator shall establish and maintain the Interest Reserve Account in its own name on behalf of the Trustee, in trust for the benefit of the Certificateholders and the Trustee as the holder of the Lower-Tier Regular Interests. The Interest Reserve Account shall be established and maintained as an Eligible Account or as a sub-account of an Eligible Account.

 

(f)           On each 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 Servicer Remittance Date is the final Servicer Remittance Date, the Certificate Administrator shall calculate the Withheld Amounts. On each such Servicer Remittance Date, the Certificate Administrator shall withdraw or be deemed to withdraw from the Lower-Tier Distribution Account and deposit or be deemed to deposit in the Interest Reserve Account an amount equal to the aggregate of the Withheld Amounts 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 Servicer Remittance Date in March of each calendar year (or in February if the final Distribution Date will occur in such month), the Certificate Administrator shall transfer to the Lower-Tier Distribution Account the aggregate of all Withheld Amounts on deposit in the Interest Reserve Account.

 

(g)          Funds in the Collection Account and the REO Account may be invested in Permitted Investments in accordance with the provisions of Section 3.07 of this Agreement. Funds in the Distribution Account and the Interest Reserve Account shall remain uninvested.

 

 

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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 as of the Closing Date and shall notify the Depositor, the Special Servicer, the Certificate Administrator and the Trustee, as applicable, in writing 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 each of the Distribution Accounts and the Interest Reserve Account 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.

 

(h)           Notwithstanding anything to the contrary contained herein, with respect to each Due Date prior to contribution of a Companion Loan into a securitization, on the Servicer Remittance Date and following the contribution of a Companion Loan into a securitization, on the earlier of (a) the Servicer Remittance Date or (b) the first Business Day after the “determination date” as such term or similar term is defined in the Other Pooling and Servicing Agreement (provided, however, that in no event shall such “determination date” occur prior to (and any such otherwise earlier “determination date” shall be deemed to occur on) the 6th day of each month or, if such 6th day is not a Business Day, the next succeeding Business Day), the Master Servicer shall remit, from amounts on deposit in the Collection Account, to the Companion Loan Holders by wire transfer in immediately available funds to the respective accounts of the Companion Loan Holders or an agent therefor appearing on the respective Companion Loan Holder 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 Companion Loan Holder or its agent appearing on the related Companion Loan Holder Register) the applicable Remittance Amount allocable to such Companion Loan Holder.

 

Section 3.06  Permitted Withdrawals from the Collection Account and the Distribution Accounts; Trust Ledger. (a) The Master Servicer shall maintain a separate Trust Ledger with respect to the Whole Loan on which it shall make ledger entries as to amounts deposited (or credited) or withdrawn (or debited) with respect thereto. On each Servicer Remittance Date (or such other date as specified below or on which funds are available for such purpose as specified below), with respect to the Whole Loan, the Master Servicer shall make withdrawals from amounts allocated thereto in the Collection Account (and may debit the Trust Ledger and any related sub-ledger) for the purposes listed below in accordance with the allocation priorities in the Co-Lender Agreement (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 Servicer Remittance Date, to remit to the Certificate Administrator the amounts to be deposited into the Lower-Tier Distribution Account (including without limitation the aggregate of the Available Funds and Prepayment Charges) which the Certificate Administrator shall then deposit into the Upper-Tier Distribution Account and the Interest Reserve Account, pursuant to Section 3.05(d) and Section 3.05(c) of this Agreement, respectively;

 

(ii)           to pay (A) itself, unpaid Servicing Fees (or, with respect to any Excess Servicing Fee Rights, to pay any Excess Servicing Fees to the holder of such Excess Servicing Fee Rights pursuant to Section 3.12(a) of this Agreement); the Operating

 

 

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Advisor, unpaid Operating Advisor Fees; and the Special Servicer, unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect of the Whole Loan, Specially Serviced Loan or REO Loan, as applicable, the Master Servicer’s, Operating Advisor’s or Special Servicer’s, as applicable, rights to payment of Servicing Fees, Operating Advisor Fees and Special Servicing Fees, Liquidation Fees and Workout Fees pursuant to this clause (ii)(A) with respect to the Whole Loan, Specially Serviced Loan or REO Loan, as applicable, being limited to amounts received on or in respect of the Whole 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 a Specially Serviced Loan or an REO Loan, as applicable, remaining unpaid out of general collections on the Whole Loan, Specially Serviced Loan and REO Property and (C) the Operating Advisor, any unpaid Operating Advisor Consulting Fees (but only to the extent such Operating Advisor Consulting Fees were received from the Borrower);

 

(iii)         to reimburse itself or the Trustee, as applicable (in reverse of such order with respect to the Trust Loan), for unreimbursed P&I Advances with respect to the Trust Loan (other than Nonrecoverable Advances, which are reimbursable pursuant to clause (v) below) and to reimburse each related Companion Loan Service Provider for unreimbursed Companion Loan Advances with respect to a related Companion Loan (other than such advance which have been determined to be nonrecoverable, which are reimbursable pursuant to clause (v) below), 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 which represent Late Collections for the Trust Loan or the related Companion Loan, as applicable (as allocated thereto pursuant to the Co-Lender Agreement), during the applicable period;

 

(iv)         to reimburse itself or the Trustee, as applicable (in reverse of such order with respect to the Whole Loan or REO Property), for unreimbursed Property Advances and Administrative Advances, the Master Servicer’s or the Trustee’s respective rights to receive payment pursuant to this clause (iv) with respect to the Whole Loan or REO Property being limited to, as applicable, payments received from the Borrowers which represent reimbursements of such Property Advances or Administrative Advances, as applicable, Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds and REO Proceeds with respect to the Whole Loan or REO Property;

 

(v)          (A) first, to reimburse itself and the Trustee, as applicable (in reverse of such order with respect to the Whole Loan or REO Property), with respect to Nonrecoverable Property Advances, second, to reimburse or itself and the Trustee, as applicable, and each related Companion Loan Service Provider (in reverse of such order with respect to the Whole Loan or REO Property) with respect to Nonrecoverable P&I Advances and nonrecoverable Companion Loan Advances with respect to the Senior Notes, on a pro rata and pari passu basis (based on the total outstanding principal balance of the Senior Notes), third to reimburse itself and the Trustee, as applicable (in reverse of such order with respect to the Whole Loan or REO Property) with respect to Nonrecoverable P&I Advances with respect to the Junior Notes, based on the outstanding

 

 

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principal balance of the Junior Notes, and fourth, to reimburse itself and the Trustee, as applicable (in reverse of such order with respect to the Whole Loan or REO Property), with respect to Nonrecoverable Administrative Advances with respect to the Trust Notes, on a pro rata and pari passu basis (based on the total outstanding principal balance of the Trust Notes), first, out of Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds and REO Proceeds received on the Whole Loan and REO Property, second, out of the principal portion of general collections on the Whole Loan and REO Property, 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 of this Agreement, out of other collections on the Whole Loan and REO Property; provided that, in the case of Nonrecoverable Property Advances, only to the extent that amounts on deposit in the Collection Account are insufficient for reimbursement therefor, the Master Servicer shall use commercially reasonable efforts to exercise on behalf of the Trust the rights of the Trust under the Co-Lender Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the Companion Loan from the Companion Loan Holders and (B) to pay itself or the Special Servicer out of general collections on the Whole Loan and REO Property, with respect to the Whole Loan or 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 the Whole Loan or REO Property and the deposit into the Collection Account of all amounts received in connection therewith;

 

(vi)         at such time as it reimburses itself and the Trustee, as applicable (in reverse of such order with respect to the Whole Loan or REO Property), for (A) any unreimbursed P&I Advance made with respect to the Trust Loan or any unreimbursed Companion Loan Advances made with respect to the Companion Loan pursuant to clause (iii) above, to pay itself, the Trustee or the applicable Companion Loan Service Provider, as applicable, any Advance Interest Amounts accrued and payable thereon, (B) any unreimbursed Property Advances made with respect to the Whole Loan or REO Property or Administrative Advances made with respect to the Trust Loan or 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 (C) any Nonrecoverable Advances (or nonrecoverable Companion Loan Advances) made with respect to the Trust Loan or Whole Loan, as applicable, or REO Property pursuant to clause (v) above, to pay itself, the Trustee or the applicable Companion Loan Service Provider, as the case may be, any Advance Interest Amounts (or interest on Companion Loan Advances) accrued and payable thereon, in each case first from Penalty Charges as provided in Section 3.12(d) and then from general collections; provided that, in the case of (A) above, such party’s right to reimbursement pursuant to this clause (vi) shall be limited to amounts on deposit in the Collection Account allocable to the Trust Loan or the related Companion Loan for which the advance was made;

 

(vii)        to reimburse itself, the Special Servicer, the Custodian, the Operating Advisor, 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

 

 

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Defect giving rise to a repurchase obligation of a Trust Loan Seller under Section 6 of the related Trust Loan Purchase Agreement, including, without limitation, any expenses arising out of the enforcement of the repurchase obligation, together with interest thereon at the Advance Rate, each such Person’s right to reimbursement pursuant to this clause (vii) with respect to the Trust Loan subject to the following: (a) if the Repurchase Price is paid for the Trust Loan, then such Person’s right to reimbursement shall be limited to that portion of the Repurchase Price that represents such expense in accordance with clause (e) of the definition of Repurchase Price, or (b) if no Repurchase Price or an indemnity payment pursuant to Section 2.03(e) is paid and proceedings are instituted to enforce the Trust Loan Sellers’ payment or performance pursuant to each Trust Loan Purchase Agreement, then such Person shall be entitled to reimbursement from the Trust following the adjudication of such proceedings in favor of the Trust Loan Sellers or settlement of the Breach or Defect claim with respect to collections relating to the Trust Loan;

 

(viii)       to pay itself all Prepayment Interest Excesses on the Whole Loan (if and to the extent any such Prepayment Interest Excess exceeds any Master Servicer Prepayment Interest Shortfall Amounts calculated 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) 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 Servicer Remittance Date) and (2) Penalty Charges on the Whole Loan so long as it is not a Specially Serviced Loan or REO Loan, but only to the extent collected from the Borrowers and only to the extent that all amounts then due and payable with respect to the Whole Loan have been paid and are not needed to pay interest on Advances or Companion Loan Advances in accordance with Section 3.12 and/or pay or reimburse the Trust for Additional Trust Fund Expenses incurred with respect to the Whole 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(c) of this Agreement, Penalty Charges on the Whole Loan so long as it is a Specially Serviced Loan or REO Loan, but only to the extent collected from the Borrowers and only to the extent that all amounts then due and payable with respect to the 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 Operating Advisor, 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;

 

(xi)         to pay for the cost of the Opinions of Counsel contemplated by Sections 3.10(e), 3.10(f), 3.15(a), 3.15(b) and 10.08 of this Agreement;

 

 

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(xii)        to pay out of general collections on the Whole Loan and REO Property any and all federal, state and local taxes imposed on the Upper-Tier REMIC, the Lower-Tier REMIC or any of their assets or transactions, together with all incidental costs and expenses, to the extent that none of the Master Servicer, the Special Servicer or the Trustee is liable therefor pursuant to this Agreement;

 

(xiii)       to reimburse the Trustee, the Operating Advisor, the Custodian or the Certificate Administrator out of general collections on the Whole Loan and REO Property for expenses incurred by and reimbursable to it by the Trust Fund;

 

(xiv)       to pay any Person permitted to purchase the Trust Loan under Section 3.16 of this Agreement with respect to the Trust 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)        to pay to itself, the Special Servicer, the Operating Advisor, 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, 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;

 

(xvi)       to withdraw from the Collection Account any sums deposited therein in error and pay such sums to the Persons entitled thereto;

 

(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)     [Reserved];

 

(xix)       to pay itself, the Special Servicer or the Trust Loan Sellers, as the case may be, with respect to the Trust Loan, if any, previously purchased by such Person pursuant to or as contemplated by this Agreement, all amounts received on the Trust Loan subsequent to the date of purchase;

 

(xx)        to pay to the Certificate Administrator, the Trustee, the Custodian or any of their directors, officers, employees, representatives and agents, as the case may be, any amounts payable or reimbursable to any such Person pursuant to Section 8.05(d) of this Agreement;

 

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

 

(xxii)      to clear and terminate the Collection Account at the termination of this Agreement pursuant to Section 9.01 of this Agreement; and

 

 

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(xxiii)             to make remittances each month in an aggregate amount of immediately available funds equal to the Remittance Amount to the Companion
Loan Holders in accordance with Section 3.05(h) and in accordance with the Co-Lender Agreement, including amounts to be
remitted to the Companion Loan Holders or the Companion Loan Servicer Providers under clauses (iii), (v) and (vi);
provided that Liquidation Proceeds relating to the repurchase of the Companion Loan by the related seller thereof shall
be remitted solely to the holder of the Companion Loan, as the case may be, and Liquidation Proceeds relating to the repurchase
of a Trust Loan related to the Whole Loan by the related Trust Loan Seller shall be remitted solely to the Collection Account.

 

For
the avoidance of doubt, and notwithstanding the foregoing provisions of this Section 3.06(a), any such amounts payable
from the Collection Account to the Special Servicer, the Certificate Administrator, the Trustee or to itself for which the Master
Servicer (or the Trustee) is required to advance as an Administrative Advance shall be paid from Administrative Advances therefor
deposited into the Collection Account (or deemed deposited into the Collection Account if such payment is advanced by the Master
Servicer (or the Trustee) directly to the party entitled to such payment).

 

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 the Lower-Tier
REMIC.

 

The
Master Servicer shall pay to the Trustee, the Operating Advisor, the Certificate Administrator or the Special Servicer from the
Collection Account amounts permitted to be paid to the Trustee, the Operating Advisor, the Certificate Administrator or the Special
Servicer therefrom, promptly upon receipt of a certificate of a Responsible Officer of the Trustee, a Responsible Officer of the
Certificate Administrator, a Responsible Officer of the Operating Advisor or a Servicing Officer of the Special Servicer, as applicable,
describing the item and amount to which such Person is entitled (unless such payment to the Trustee, the Operating Advisor, the
Certificate Administrator or the 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, the Operating Advisor and CREFC®
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), Trustee/Certificate Administrator
Fees, Special Servicing Compensation (including investment income), the Operating Advisor Fees, the CREFC® License
Fee, Advances, Advance Interest Amounts (for the Master Servicer or the Trustee), their respective indemnification payments (if
any) pursuant to Section 6.03, Section 8.05 or Section 10.02 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

 

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which a party is to be indemnified pursuant to Section 6.03 herein may be submitted
directly to the Trust Fund to be paid from amounts on deposit in the Collection Account. In addition, the Certificate Administrator,
the Trustee, the Special Servicer, the Master Servicer and the Operating Advisor 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 any
federal, state or local taxes imposed on either 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 Whole Loan 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 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. 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 Trust Loan and the Companion Loan
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, however, that the Master Servicer or the
Trustee shall 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 Whole Loan 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 Whole Loan as soon as reasonably
practicable in such circumstances to the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information
Provider’s Website pursuant to Section 3.14(d) of this Agreement). Neither the Master Servicer nor the Trustee shall

 

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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 or to comply with the terms
of this Section 3.06 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 Advance Rate from all amounts in the Collection Account
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 Advance 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 the Companion Loan Holders 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
Companion Loan Holders. Nothing herein shall be deemed to create in the Certificateholders or the Companion Loan Holders 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 (a) in accordance with the Servicing Standard with respect to the Master Servicer
and (b) in accordance with good faith business judgment, with respect to the Trustee, and in each case, none of the Master Servicer,
the Trustee or the other parties to this Agreement shall have any liability to one another or to any of the Certificateholders
or the Companion Loan Holders for any such election that such party makes as contemplated by this Section 3.06 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
that an Advance is a Nonrecoverable Advance.

 

If
the Master Servicer or the Trustee, as applicable, is reimbursed out of general collections for any unreimbursed Advances that
are determined to be Nonrecoverable Advances (together with any interest accrued and payable thereon at the Advance Rate), 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 interest thereon at the Advance Rate, 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 interest thereon, would be included in Available Funds for any subsequent Distribution Date.

 

(b)                
Notwithstanding anything to the contrary contained herein, with respect to the Companion Loan, the Master Servicer shall withdraw
from the related Collection Account and remit to the Companion Loan Holders, within one (1) Business Day of receipt of properly

 

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identified funds, any amounts that represent Late Collections or Principal Prepayments on the Companion Loan or any successor
REO Loan with respect thereto (exclusive of any portion of such amount payable or reimbursable to any third party in accordance
with the Co-Lender Agreement or this Agreement), unless such amount would otherwise be included in the monthly remittance to the
holder of the Companion Loan for such month; provided, however, that 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 applicable Other Servicer 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.

 

If
the Master Servicer fails, as of 5:00 p.m. (New York City Time) on any Servicer Remittance Date or any other date a remittance
is required to be made, to remit to the Certificate Administrator (in respect of the Trust Loan) or the Companion Loan Holders
(in respect of the Companion Loan) any amounts required to be so remitted hereunder by such date (including any P&I Advance
pursuant to Section 4.07), the Master Servicer shall pay to the Certificate Administrator (in respect of the Trust Loan)
or the Companion Loan Holders (in respect of the Companion Loan), for the account of the Certificate Administrator (in respect
of the Trust Loan) or Companion Loan Holders (in respect of the Companion Loan), interest, calculated at the Prime Rate, on such
amount(s) not timely remitted, from the time such payment was required to be made (without regard to any grace period) until (but
not including) the date such late payment is received by the Certificate Administrator or the Companion Loan Holders, as applicable.

 

(c)               
 On each 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)                
If amounts required to pay the expenses allocable to the Companion Loan exceed amounts on deposit in the Collection Account and
the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable, shall have sought reimbursement
from the Trust Fund with respect to such expenses allocable to the Companion Loan, the Master Servicer or Special Servicer, as
applicable, shall seek (on behalf of the Trust Fund, subject to the Co-Lender Agreement) payment or reimbursement for the pro
rata portion of such expenses allocable to the Companion Loan from the Companion Loan Holders or, if the 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)               
 [Reserved.]

 

(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 Charges distributable pursuant to Section
4.01(a) of this Agreement in the

 

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Upper-Tier Distribution Account, and to make distributions on the Class LR Certificates 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(c) and Section 8.05(d) of this Agreement;

 

(v)                
to recoup any amounts deposited in the Lower-Tier Distribution Account in error; and

 

(vi)               
to clear and terminate the Lower-Tier Distribution Account at the termination of this Agreement pursuant to Section 9.01
of this Agreement.

 

(g)                
The Certificate Administrator, may make withdrawals from the Upper-Tier Distribution Account for any of the following purposes:

 

(i)                 
to make distributions to Certificateholders (other than Holders of the Class LR Certificates) on each Distribution Date pursuant
to Section 4.01 or 9.01 of this Agreement, as applicable;

 

(ii)                
to recoup any amounts deposited in the Upper-Tier Distribution Account in error; and

 

(iii)               
to clear and terminate the Upper-Tier Distribution Account at the termination of this Agreement pursuant to Section 9.01
of this Agreement.

 

Section
3.07     Investment of Funds in the Collection 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
the Borrower Accounts (as defined below and subject to the second succeeding sentence)) and the Special Servicer (with respect
to any REO Account) may direct any depository institution maintaining the Collection Account, the Borrower Accounts and the REO
Account (each such account, for purposes of this Section 3.07, an “Investment Account”), to invest the
funds in such Investment Account maintained by it 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 or the Special Servicer 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

 

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Reserve Account (the “Borrower Accounts”), the Master
Servicer shall act upon the written request of the Borrowers or Manager to the extent that the Master Servicer is required to
do so under the terms of the Loan Documents, provided that in the absence of appropriate written instructions from the
Borrowers 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. 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, the Borrowers 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, the Borrowers 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, the Borrowers 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) 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) 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) the Borrower Accounts, which shall be for the benefit
of the Borrowers to the extent required under the Loan Documents or applicable law or (ii) the REO Account, which shall be
for the benefit of the Special Servicer) and, if held in the Collection Account or REO Account shall be subject to withdrawal
by the Master Servicer or the Special Servicer, 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 the REO Account, the Special Servicer, shall deposit
from its own funds into the Collection Account or any REO Account, as applicable, the amount of any loss incurred in respect of
any such Permitted Investment immediately upon realization of such loss; provided, however, that the Master Servicer
or the Special Servicer, 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 the 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 Borrowers under the terms of the Loan Documents 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

 

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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 or the Special Servicer, 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. In the
event the Trustee takes any such action, (i) the Master Servicer, if such Permitted Investment was for the benefit of the
Master Servicer or (ii) the Special Servicer, if such Permitted Investment was for the benefit of the Special Servicer, 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.

 

(d)            For the avoidance of doubt, the Collection Account, each REO 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 shall be owned by the Upper-Tier REMIC, each for federal income tax purposes.

 

Section
3.08        Maintenance of Insurance Policies and Errors and Omissions and Fidelity Coverage.
(a)  Unless the Whole Loan is an REO Loan, the Master Servicer shall use efforts consistent with the Servicing Standard
to cause the Borrowers to maintain the following insurance coverage (including identifying the extent to which the Borrowers are
maintaining insurance coverage and, if the Borrowers do not maintain such coverage, the Master Servicer will itself cause such
coverage to be maintained with Qualified Insurers) for the Mortgaged Properties: (x) except where the Loan Documents permit
the Borrowers 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 full replacement cost of improvements
securing the Whole Loan, 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 Loan Documents; provided that:

 

(i)             the Master Servicer shall not be required to maintain any earthquake or environmental insurance policy on the Mortgaged Properties
unless the Trustee has an insurable interest and such insurance policy was (x) in effect at the time of the origination of
the Whole Loan, or (y) was required by the Loan Documents and is available at commercially reasonable rates, provided that
the Master Servicer shall require the Borrowers 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 the Whole Loan to the extent such amounts are
available at commercially reasonable rates and to the extent the Trustee has an insurable interest;

 

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(ii)            if and to the extent that the Loan Document grants the lender thereunder any discretion (by way of consent, approval or otherwise)
as to the insurance provider from whom the Borrowers are to obtain the requisite insurance coverage, the Master Servicer shall
(to the extent consistent with the Servicing Standard) require the Borrowers to obtain the requisite insurance coverage from Qualified
Insurers;

 

(iii)           the Master Servicer shall have no obligation beyond using its efforts consistent with the Servicing Standard to cause the Borrowers
to maintain the insurance required to be maintained under the Loan Documents; provided, however, 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 Borrowers to maintain, or itself obtain, insurance coverage to the extent that the failure of the Borrowers to maintain
insurance coverage is an Acceptable Insurance Default (as determined by the Special Servicer);

 

(v)            to the extent that the Master Servicer itself is required to maintain insurance that the Borrowers do 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 Trustee as lender has an insurable interest thereon; and

 

(vi)           any explicit terrorism insurance requirements contained in the Loan Documents shall be enforced by the Master Servicer in accordance
with the Servicing Standard, unless the Special Servicer 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 Special Servicer shall promptly notify the Master Servicer
in writing of such waiver.

 

The
Master Servicer shall notify the Special Servicer, the Certificate Administrator and the Trustee if the Master Servicer determines
in accordance with the Servicing Standard that the Borrowers have failed to maintain insurance required under the Loan Documents
and such failure materially and adversely affects the interests of the Certificateholders or if the Borrowers have notified the
Master Servicer in writing that the Borrowers do 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, if the Mortgaged Properties are an REO Property, the Special Servicer shall use efforts,
consistent with the Servicing Standard, to maintain (subject to the right of the Special Servicer to direct the Master Servicer
to make a Property Advance for the costs associated with coverage that the Special Servicer determines to maintain, in which case
the Master Servicer shall make such Property 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

 

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 of the full
replacement value of the Mortgaged Properties or the outstanding principal balance of the Mortgage Loan or REO Loan (or such greater
amount of coverage required by the Loan Documents (unless such amount is not available)), 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 $1,000,000 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 18 months; provided, however, 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.

 

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 the Companion
Loan Holders), 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 the Companion Loan Holders) (in the case of insurance maintained if the Mortgaged Properties
are 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 any Mortgaged Property or REO Property or amounts to be released
to the Borrowers, in each case in accordance with the Servicing Standard) shall be deposited in the Collection Account, subject
to withdrawal pursuant to Section 3.06 of this Agreement, in the case of amounts received in respect of the Whole Loan,
or in the 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 the 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 the Companion
Loan Holders, be added to the Stated Principal Balance of the Whole Loan, notwithstanding that the terms of the Loan Agreement
may so permit; provided, however, 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 Borrowers under the Whole Loan. Any costs incurred by the
Master Servicer in maintaining insurance policies in respect of the Whole Loan or a Specially Serviced Loan (other than the REO
Property) (i) if the Borrowers default on their obligation to do so, shall be advanced by the Master Servicer as a Property
Advance and will be charged to the Borrowers and (ii) shall not, for purposes of calculating monthly distributions to Certificateholders,
be added to the Stated Principal Balance of the Whole Loan, notwithstanding that the terms of the Whole Loan may so permit. Any
cost incurred by the Special Servicer in maintaining any such insurance policies with respect to the REO Property shall be an
expense of the Trust Fund (allocated in accordance with the allocation provisions of the Co-Lender Agreement) payable out of the
REO Account or, if the amount on deposit therein is insufficient therefor, advanced by the Master Servicer as a Property 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

 

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hazard losses on all of the Mortgaged Properties or REO Property, as applicable, then, to
the extent such policy (i) is obtained from a Qualified Insurer, and (ii) provides protection equivalent to the individual policies
otherwise required, or

 

(y)
the Master Servicer or Special Servicer has long-term unsecured debt obligations or deposit accounts that are rated not lower
than “A-” by Fitch and “A(low)” by DBRS Morningstar, 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, as the case may be, shall conclusively be deemed to have satisfied its obligation
to cause hazard insurance to be maintained on the Mortgaged Properties or REO Property, 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 the Special Servicer, as the case may be, that maintains such policy shall, if there shall not have been
maintained on the Mortgaged Properties or 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, 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 Whole Loan (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, as the case may be, shall prepare and present, on behalf of itself, the Trustee and the Certificateholders
and the Companion Loan Holders 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 the Mortgaged Properties
or REO Property to be covered by such “force-placed” insurance policy, the incremental costs of such insurance applicable
to the Mortgaged Properties or REO Property (i.e., other than any minimum or standby premium payable for such policy whether
or not the Mortgaged Properties or REO Property are covered thereby) shall be paid as a Property Advance.

 

(c)            If the Whole Loan is subject to an Environmental Insurance Policy, and 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. If the Whole Loan becomes a Specially Serviced Loan or an REO Loan and is subject to an Environmental Insurance
Policy, if the Special Servicer has actual knowledge of any event giving rise to a claim under an Environmental Insurance Policy,
such Special Servicer shall take reasonable actions as are in accordance with the Servicing Standard and the terms and conditions
of such Environmental Insurance Policy to make a claim thereunder and achieve the payment of all amounts to which the Trust, on
behalf of the Certificateholders and the Companion Loan Holders, 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

 

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the Master Servicer or Special Servicer) shall be paid by, and reimbursable to, the Master Servicer
as a Property Advance.

 

(d)            The Master Servicer and 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 the Whole Loan is a Specially Serviced Loan or an REO Loan)
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 or 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 or 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 if such insurance is guaranteed by its parent), as applicable, are rated not lower than “A-” by Fitch and at
least its equivalent by DBRS Morningstar (if then rated by DBRS Morningstar), 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 the Whole Loan is a Specially Serviced Loan
or an REO Loan) 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 “A-” by Fitch and “A(low)” by DBRS Morningstar (if then rated by
DBRS Morningstar), 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.

 

(e)            The Operating Advisor shall obtain and maintain at its own expense and keep in full force and effect throughout the term of this
Agreement an “errors and omissions” insurance policy, with a Qualified Insurer, covering losses that may be sustained
as a result of an officer’s or employee’s errors or omissions.

 

Section
3.09     Enforcement of Due-on-Sale Clauses; Assumption Agreements; Defeasance Provisions. (a)  If
the Whole Loan contains a provision in the nature of a “due-on-sale” clause (including, without limitation, sales
or transfers of the Mortgaged Properties (in full

 

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or part) or the sale, transfer, pledge or hypothecation of direct or indirect
interests in a Borrower or its owners), which by its terms:

 

(i)             provides that the Whole Loan will (or may at the mortgagee’s option) become due and payable upon the sale or other transfer
of an interest in the Mortgaged Properties (including, without limitation, the sale, transfer, pledge or hypothecation of direct
or indirect interests in a Borrower or its owners),

 

(ii)            provides that the Whole 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 the Whole Loan may be assumed or transferred without the consent of the mortgagee, provided certain conditions
set forth in the Loan Documents are satisfied,

 

then,
for so long as the Trust Loan is included in the Trust Fund, neither the Master Servicer (with respect to the Whole Loan if it
is a Performing Loan) (with the consent of the Special Servicer) nor the Special Servicer (with respect to the Whole Loan if it
is a Specially Serviced Loan), as applicable, on behalf of the Trust Fund, shall be required to enforce any such due-on-sale clauses
and in connection therewith neither shall be required to (x) accelerate payments thereon or (y) withhold its consent
to such an assumption if (1) such provision is not enforceable under applicable law or if the Master Servicer (with respect
to the Whole Loan if it is a Performing Loan, and with the consent of the Special Servicer) or the Special Servicer (with respect
to the Whole Loan if it is a Specially Serviced Loan or an REO Loan), as applicable, determines, that the enforcement of such
provision is reasonably likely to result in meritorious legal action by a Borrower or (2) the Master Servicer (with the consent
of the Special Servicer) or the Special Servicer, as applicable, determines, in accordance with the Servicing Standard, that granting
such consent would be likely to result in a greater recovery, on a present value basis (discounting at the related Calculation
Rate), than would enforcement of such clause. If the Master Servicer (with respect to the Whole Loan if it is a Performing Loan
and with the consent of the Special Servicer) or the Special Servicer (with respect to the Whole Loan if it is a Specially Serviced
Loan or an REO Loan), as applicable, determines that (A) granting such consent would be likely to result in a greater recovery,
(B) such provision is not legally enforceable, or (C) that the conditions described in clause (a)(iii) above
relating to the assumption or transfer of the Whole Loan have been satisfied, the Master Servicer (with respect to the Whole Loan
if it is a Performing Loan) (with the consent of the Special Servicer) or the Special Servicer (with respect to the Whole Loan
if it is a Specially Serviced Loan or REO Loan) is authorized to take or enter into an assumption agreement from or with the Person
to whom the Mortgaged Properties have been or are about to be conveyed, and to release the original Borrowers from liability upon
the Whole Loan and substitute the new borrower as obligor thereon; provided that (a) the credit status of the prospective
new borrower is in compliance with the Master Servicer’s or the Special Servicer’s servicing standards and criteria
and the terms of the Mortgage and consistent with the Servicing Standard and (b) the Master Servicer (with respect to the Whole
Loan if it is a Performing Loan) or the Special Servicer (with respect to the Whole Loan if it is a Specially Serviced Loan or
REO Loan), as applicable, has received a No Downgrade Confirmation from each of the Rating Agencies (or has been deemed to satisfy
such requirement). In addition, with respect to the Companion Loan, neither the Master Servicer nor the Special Servicer shall
waive any rights under a due on sale

 

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clause unless it first obtains a No Downgrade Confirmation with respect to the Companion
Loan Securities to the extent required under the related Other Securitization Trust. The Master Servicer and the Special Servicer
shall be entitled to rely on the master servicer and/or the special servicer of the related Other Securitization Trust to determine
whether a No Downgrade Confirmation is required with respect to any related Companion Loan under such Other Securitization Trust.
In connection with each such assumption or substitution entered into by the Special Servicer, the Special Servicer shall give
prior notice thereof to the Master Servicer. The Master Servicer (with respect to the Whole Loan if it is a Performing Loan) or
the Special Servicer (with respect to the Whole Loan if it is a Specially Serviced Loan or an REO Loan) shall notify the Trustee
and the Certificate Administrator 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 and the Trustee, as applicable) the original copy of such agreement, which copies shall be added to the Mortgage
File and shall, for all purposes, be considered a part of the Mortgage File to the same extent as all other documents and instruments
constituting a part thereof. To the extent not otherwise precluded by the Loan Documents, neither the Master Servicer (with respect
to the Whole Loan if it is a Performing Loan) (with the consent of the Special Servicer) nor the Special Servicer (with respect
to a Specially Serviced Loan or an REO Loan) shall approve an assumption or substitution without requiring the Borrowers to pay
any fees owed to the Rating Agencies associated with the approval of such assumption or substitution. However, in the event that
the Borrowers are required but fail to pay such fees, such fees shall be an expense of the Trust Fund; provided that, with respect
to the Companion Loan, the Master Servicer (if the Whole Loan is a Performing Loan) or the Special Servicer (if the Whole Loan
is a Specially Serviced Mortgage Loan), shall, after receiving payment from amounts on deposit in the Collection Account, if any,
(i) promptly notify the Companion Loan Holders and (ii) use efforts consistent with the Servicing Standard to exercise on behalf
of the Trust Fund the rights of the Trust Fund under the Co-Lender Agreement to obtain reimbursement for a pro rata portion
of such amount allocable to the Companion Loan from the Companion Loan Holders.

 

(b)            If the Whole Loan contains a provision in the nature of a “due-on-encumbrance” clause, which by its terms:

 

(i)             provides that the Whole Loan shall (or may at the mortgagee’s option) become due and payable upon the creation of any lien
or other encumbrance on the Mortgaged Properties or any direct or indirect ownership interest in any Borrower (including, unless
specifically permitted, any additional mezzanine financing of any Borrower or any Mortgaged Property or any sale or transfer of
preferred equity in any Borrower or its owners),

 

(ii)            requires the consent of the mortgagee to the creation of any such lien or other encumbrance on the Mortgaged Properties (including,
without limitation, any additional mezzanine financing of any Borrower or any Mortgaged Property or any sale or transfer of preferred
equity in any Borrower or its owners), or

 

(iii)           provides that the Mortgaged Properties may be further encumbered without the consent of the mortgagee (including, without limitation,
any additional mezzanine financing of any Borrower or any Mortgaged Property or any sale or transfer of preferred

 

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equity in any
Borrower or its owners), provided that certain conditions set forth in the Loan Documents are satisfied,

 

then,
subject to the consent rights of the Directing Holder during a Subordinate Control Period, neither the Master Servicer (with respect
to the Whole Loan if it is a Performing Loan) (with the consent of the Special Servicer) nor the Special Servicer (with respect
to the Whole Loan if it is a Specially Serviced Loan or an REO Loan), on behalf of the Trust Fund, shall be required to enforce
such due-on-encumbrance clauses and in connection therewith, will not be required to (i) accelerate the payments on the Whole
Loan or (ii) withhold its consent to such lien or encumbrance, if the Master Servicer (with the consent of the Special Servicer)
or the Special Servicer, as applicable, (x) determines, in accordance with the Servicing Standard, that such enforcement
would not be in the best interests of the Certificateholders and the Companion Loan Holders, or that in the case of the circumstances
described in clause (b)(iii) above, that the conditions to further encumbrance have been satisfied and (y) receives
a No Downgrade Confirmation from the Rating Agencies (or has been deemed to satisfy such requirement). In addition, with respect
to the Companion Loan, neither the Master Servicer nor the Special Servicer shall waive any rights under a due on encumbrance
clause unless it first obtains a No Downgrade Confirmation with respect to the related Companion Loan Securities to the extent
required under each related Other Securitization Trust. The Master Servicer and the Special Servicer shall be entitled to rely
on the master servicer and/or the special servicer of the Other Securitization Trusts to determine whether a No Downgrade Confirmation
is required with respect to the Companion Loan under the related Other Securitization Trust. To the extent not otherwise precluded
by the Loan Documents, neither the Master Servicer (with respect to the Whole Loan if it is a Performing Loan and with the consent
of the Special Servicer) nor the Special Servicer (with respect to the Whole Loan if it is a Specially Serviced Loan or REO Loan)
shall approve such lien or encumbrance without requiring the Borrowers to pay any fees owed to the Rating Agencies associated
with the approval of such lien or encumbrance. However, in the event that the Borrowers are required but fail to pay such fees,
such fees shall be an expense of the Trust Fund; provided that the Master Servicer (if the Whole Loan is a Performing Loan) or
the Special Servicer (if the Whole Loan is a Specially Serviced Mortgage Loan), shall be required, after receiving payment from
amounts on deposit in the Collection Account, if any, to (i) promptly notify the Companion Loan Holders and (ii) use efforts consistent
with the Servicing Standard to exercise on behalf of the Trust Fund the rights of the Trust Fund under the Co-Lender Agreement
to obtain reimbursement for a pro rata portion of such amount allocable to the Companion Loan from the Companion Loan Holders.

 

(c)            [Reserved].

 

(d)            The Master Servicer and the Special Servicer, as applicable, shall each provide copies of any waivers it effects pursuant to Section
3.09(a) or (b) of this Agreement to the other party and the 17g-5 Information Provider (which shall promptly post such
waivers to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement) with respect to
the Trust 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 the Trust Loan, any sale or other transfer of any Mortgaged Property or the creation of any lien or
other encumbrance with respect to the Mortgaged Properties.

 

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(f)             In connection with the taking of, or the failure to take, any action pursuant to this Section 3.09, the Special Servicer
shall not agree to modify, waive or amend, and no assumption or substitution agreement entered into pursuant to Section 3.09(a) of this Agreement shall contain any terms that are different from, any term of the Whole Loan or the Notes, other than pursuant
to Section 3.26 hereof, as applicable.

 

(g)            When the Special Servicer’s consent is requested under this Section 3.09, such consent shall be deemed given 15 Business
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 action together with such other information reasonably required
by the Special Servicer.

 

(h)            If the Whole Loan permits release of one or more Mortgaged Properties through defeasance:

 

(i)             subject to the consent rights and process set forth in Section 6.09 with respect to Major Decisions, the Master Servicer
shall process all defeasances of the Whole Loan in accordance with the terms of the related Loan Documents, and shall be entitled
to any defeasance fees paid relating thereto;

 

(ii)            if the Whole 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 Borrower’s expense, in accordance with the
terms of the Whole Loan; provided that the Master Servicer shall not accept the amounts paid by the any Borrower to effect
defeasance until acceptable government securities have been identified;

 

(iii)           to the extent not inconsistent with the Whole Loan, the Master Servicer shall require each related Borrower to provide an Opinion
of Counsel (which shall be an expense of the Borrower) to the effect that the Trustee has a first priority perfected security
interest in the defeasance collateral (including the government securities) and the assignment of the defeasance collateral is
valid and enforceable;

 

(iv)           to the extent not inconsistent with the Whole Loan, the Master Servicer shall require a certificate at the Borrower’s expense
from an Independent certified public accountant certifying to the effect that the government securities will provide cash flows
sufficient to meet all payments of interest and principal (including payments at maturity) on the Whole Loan in compliance with
the requirements of the terms of the related Loan Documents;

 

(v)            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 either 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 Whole Loan, the related Borrower shall pay the cost related to the Opinion of Counsel (and shall otherwise
be a Property Advance);

 

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(vi)           no defeasance shall occur on or prior to the second anniversary of the Startup Day of the Trust REMICs or if the Companion Loan
is held by a REMIC, on or prior to the second anniversary of the startup day of such REMIC;

 

(vii)          the Master Servicer shall, at the expense of the related Borrower (to the extent not inconsistent with the related Loan Documents),
cause the U.S. government securities to be held for the benefit of the Certificateholders and the Companion Loan Holders, and
apply payments of principal and interest received on the government obligations in respect of the defeased Whole Loan in accordance
with the terms of the Loan Documents;

 

(viii)         the Master Servicer shall, in accordance with the Servicing Standard, enforce provisions in the Whole Loan requiring the Borrowers
to pay all reasonable expenses associated with a defeasance;

 

(ix)            to the extent not inconsistent with the Whole Loan, or to the extent the 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 the Whole Loan, to act as a successor borrower;

 

(x)             each Rating Agency and, to the extent required by the Other Securitization Trust, each rating agency relating to any Companion
Loan Securities must provide a No Downgrade Confirmation; and

 

(xi)            to the extent not required or permitted to be placed in a separate account, the Master Servicer shall deposit all payments received
by it from defeasance collateral substituted for any Mortgaged Property into the Collection Account and treat any such payments
as payments made on the Whole Loan 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 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 for a period in excess of 365 days.

 

(i)             Neither the Master Servicer nor the Special Servicer shall permit a “Permitted Assumption” (as defined under the Loan
Agreement) pursuant to the terms of the Loan Agreement unless is has first obtained a No Downgrade Confirmation with respect to
such assumption and relating to the Certificates.

 

Section
3.10     Appraisals; Realization upon Defaulted Mortgage Loan. (a) Contemporaneously with the
earliest of (i) the effective date of any (A) modification of the Maturity Date or extended Maturity Date, the Whole
Loan Rate, principal balance or amortization terms of the Whole Loan, (B) extension of the Maturity Date or extended Maturity
Date of the 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 Mortgage other than pursuant to the terms of the Whole Loan, (ii) the occurrence
of an Appraisal Reduction Event and (iii) a default in the payment of a Balloon Payment for which an extension is not granted,
the Special Servicer shall use commercially reasonable efforts consistent with the Servicing Standard to obtain an Updated

 

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Appraisal
(or a letter update for an existing appraisal which is less than two years old) within 60 days of such event, the cost of which
shall constitute a Property Advance; provided, however, that the Special Servicer shall not be required to obtain
an Updated Appraisal pursuant to clauses (i) through (iii) above with respect to the Mortgaged Properties for
which there exists an Appraisal or Updated Appraisal 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 or Updated Appraisal. For so long as the Whole Loan is a Specially Serviced Loan, the Special Servicer
shall obtain letter updates to an Updated Appraisal every nine months. The Master Servicer shall use all Updated Appraisals obtained
by the Special Servicer to calculate any 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 Whole Loan, the Master Servicer shall
recalculate any Appraisal Reduction Amount based on an Updated Appraisal. The Special Servicer shall obtain letter updates, every
nine months, to an Updated Appraisal for so long as an Appraisal Reduction Event exists with respect to the Whole Loan and the
Special Servicer shall recalculate the Appraisal Reduction Amount based on such Updated Appraisal. In addition, upon receipt of
each Updated Appraisal, the Special Servicer shall re-compute the Appraisal Reduction Amount which shall be adjusted accordingly.
If the Appraisal Reduction Amount is reduced as a result of any such adjustment then (a) each Class of Certificates that has been
notionally reduced as a result of Appraisal Reduction Amounts shall have its related Certificate Balance notionally restored to
the extent required by such adjustment, (b) the Special Servicer shall redetermine whether a Subordinate Control Period or a Subordinate
Consultation Period is then in effect and which Class of Certificates is the then-Controlling Class, and (c) the Special Servicer
shall notify the Master Servicer, the Operating Advisor and the Certificate Administrator of the amount of such adjustment. The
aggregate Appraisal Reduction Amount allocable to the Trust Loan for any Distribution Date shall be applied by the Certificate
Administrator to notionally reduce the Certificate Balances of the following Classes of Certificates in the following order of
priority: first, to the Class HRR Certificates; second, to the Class D Certificates; third, to the Class
C Certificates; fourth, to the Class B Certificates; and finally, to the Class A Certificates (provided in each
case that no Certificate Balance in respect of any such Class may be notionally reduced below zero). The Special Servicer shall
send all such letter updates and Updated Appraisals to the Master Servicer, the Trustee, the Certificate Administrator, the Directing
Holder (during any Subordinate Control Period and any Subordinate Consultation Period), the Operating Advisor 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). During any Subordinate Control Period and any Subordinate Consultation Period, within 15 days after the
occurrence of an Appraisal Reduction Event, the Special Servicer shall notify the Directing Holder and the Operating Advisor of
the occurrence of such Appraisal Reduction Event. The Special Servicer shall send all such letter updates and Updated Appraisals
to the Master Servicer, the Trustee, the Operating Advisor, the Certificate Administrator and the 17g-5 Information Provider (which
shall promptly post such materials to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this
Agreement).

 

The
Special Servicer shall monitor the Whole Loan so long as it is a 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 Mortgaged Properties, initiate corrective
action (with notification to and the consent of the Directing Holder during any Subordinate Control

 

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Period and upon consultation
with the Directing Holder during any Subordinate Consultation Period) in cooperation with the Borrowers if, in the Special Servicer’s
judgment a cure is likely, and take such other actions (including without limitation, negotiating and accepting a discounted payoff
of the 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 (b) of this Agreement, the Special Servicer may, to the extent consistent with the
Asset Status Report and with the Servicing Standard, accelerate the Specially Serviced Loan and commence a foreclosure or other
acquisition with respect to the Mortgaged Properties; provided that the Special Servicer determines that such acceleration
and foreclosure are more likely to produce a greater recovery to Certificateholders and the Companion Loan Holders (as a collective
whole as if such Certificateholders and Companion Loan Holders constituted a single lender) 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. The Master Servicer shall pay the costs and expenses in any such proceedings as a Property Advance
unless the Master Servicer or the Special Servicer, as applicable, determines, in its good faith judgment, that such Property
Advance would constitute a Nonrecoverable Advance; provided, however, that if such Property Advance would constitute
a Nonrecoverable Advance but the Special Servicer determines (with the Master Servicer permitted to conclusively rely upon any
such determination) that such payment would be in the best interests of the Certificateholders and the Companion Loan Holders
(as a collective whole as if such Certificateholders and Companion Loan Holders constituted a single lender) the Special Servicer
shall direct the Master Servicer to make such payment from the 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 Property Advance, if made, would constitute a Nonrecoverable Advance. If the Master Servicer does not make such Property
Advance in violation of the second preceding sentence, the Trustee shall make such Property Advance, unless the Trustee determines
that such Property Advance would be a Nonrecoverable Advance. The Master Servicer and the Trustee, as applicable, shall be entitled
to reimbursement of Property Advances (with interest at the Advance Rate) made pursuant to this paragraph to the extent permitted
by Section 3.06 of this Agreement.

 

The
Special Servicer shall deliver by electronic mail (or via other means of electronic delivery reasonably acceptable to the Master
Servicer and the Special Servicer) to the Master Servicer any information in the Special Servicer’s possession that is reasonably
required to determine, calculate, redetermine or recalculate any Appraisal Reduction Amount or updated Appraisal Reduction Amount
pursuant to the definition thereof, using reasonable best efforts to deliver such information, within four (4) Business Days following
the Master Servicer’s written request therefor (which request shall be made promptly, but in no event later than ten (10)
Business Days after the Special Servicer’s receipt of the applicable Appraisal); provided, however, that the
Master Servicer’s failure to timely make such request shall not relieve the Special Servicer of its obligation to provide
such information to the Master Servicer in the manner and timing set forth in this sentence; provided, further,
that it shall not be a Master Servicer Termination Event if the Master Servicer fails to satisfy its obligation to determine,
calculate, redetermine or recalculate an Appraisal Reduction Amount within the time periods set forth in this Agreement to the
extent such failure is due to or caused by the Special Servicer’s failure to deliver the information reasonably

 

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required
to make such determination, calculation, redetermination or recalculation within the time periods set forth in this Agreement.
The Special Servicer shall not calculate Appraisal Reduction Amounts.

 

(b)            If the Special Servicer elects to proceed with a non-judicial foreclosure in accordance with the laws of the state where the Mortgaged
Properties are located, the Special Servicer shall not be required to pursue a deficiency judgment against the Borrowers 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)            Prior to any foreclosure or by transfer-in-lieu (or deed-in-lieu) of foreclosure, with respect to the Mortgaged Properties, the
Special Servicer shall consider all information in its possession or provided by the Master Servicer from the Borrowers or of
which the Special Servicer otherwise has actual knowledge with respect to any environmental matters with respect to the Mortgaged
Properties, and based on such information shall determine in accordance with Servicing Standard if any independent site assessments
of the Mortgaged Properties are advisable. The Special Servicer, in the case of any foreclosure with respect to the Mortgaged
Properties will, prior to acquiring the Property consider the risks associated with the foreclosure and only take action in accordance
with its established environmental review procedures and in any event in accordance with the Servicing Standard. The Special Servicer
shall deliver a copy of any environmental assessment report to the 17g-5 Information Provider in electronic format and the 17g-5
Information Provider shall make such report available to the Rating Agencies and other NRSROs pursuant to Section 3.14(d).

 

If
the Special Servicer has so determined based on satisfaction of the criteria in this Section 3.12(d) that it would be in
the best economic interest of the Trust Fund (as determined in accordance with Servicing Standard) to institute a foreclosure
or take any other actions described in the immediately preceding paragraph, pursuant to the terms hereof, the Special Servicer
shall take such proposed action subject to the rights of the Directing Holder to consent to and/or consult in respect of such
action, as applicable. The Special Servicer shall not foreclose upon or otherwise cause the Trust to acquire ownership of any
Collateral (other than the Mortgaged Properties) on behalf of the Trust REMIC unless it receives an Opinion of Counsel (the cost
of which shall be paid by the Master Servicer as an Administrative Advance unless the Master Servicer determines that such Administrative
Advance would constitute a Nonrecoverable Advance) to the effect that such acquisition will not cause the imposition of a tax
on the Trust REMIC (other than a tax on “net income from foreclosure property” under Code Section 860G(c)) under
the REMIC Provisions or cause the Trust REMIC to fail to qualify as a REMIC at any time that the Certificates are outstanding.

 

The
Special Servicer shall direct the Master Servicer to, and the Master Servicer shall, advance the cost of any such compliance,
containment, clean up or remediation as an Administrative Advance unless the Servicer determines that such Advance would constitute
a Nonrecoverable Advance.

 

(d)            In the event that title to the Mortgaged Properties is acquired in foreclosure or by deed-in-lieu of foreclosure, the deed or
certificate of sale shall be issued to the Trustee, or to

 

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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 the
Companion Loan Holder. Notwithstanding any such acquisition of title and cancellation or partial cancellation of the Whole Loan,
the Whole shall (except for purposes of Section 9.01 of this Agreement) be considered to be an REO Loan until such time
as the 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 the Whole shall be considered to be an outstanding Whole,
as applicable:

 

(i)             it shall be assumed that, notwithstanding that the indebtedness evidenced by the Notes shall have been discharged or partially
discharged, the Notes and, for purposes of determining the Stated Principal Balance thereof, the related amortization schedule,
if any, in effect at the time of any such acquisition of title shall remain in effect; and

 

(ii)            subject to Section 1.02(f) of this Agreement, Net REO Proceeds received in any month shall be applied to amounts that would
have been payable under the Notes in accordance with the terms of the Notes and the Co-Lender Agreement. In the absence of such
terms, Net REO Proceeds shall, subject to Section 1.02(f) of this Agreement, be deemed to have been received first,
in payment of the accrued interest that remained unpaid on the date that the 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, if any, and accrued interest on the Whole
Loan deemed to be due and payable in accordance with the terms of the Notes and such amortization schedule, if any, until such
principal has been paid in full and then to other amounts due under the Whole Loan. If such Net REO Proceeds exceed the Monthly
Payment then payable, the excess shall be treated as a Principal Prepayment received in respect of the Whole Loan.

 

(e)            Notwithstanding any provision herein to the contrary, the Special Servicer shall not acquire for the benefit of the Trust Fund
and the Companion Loan Holders 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 and the Companion Loan Holders; or

 

(ii)            the Special Servicer shall have requested and received an Opinion of Counsel (which opinion shall be an expense of the Lower-Tier
REMIC) to the effect that the holding of such personal property by the Lower-Tier REMIC will not cause an Adverse REMIC Event
at any time that any Certificate is outstanding.

 

(f)             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 the Borrowers 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 accordance with the allocation provisions of the Co-Lender Agreement) to the effect that the
holding of such partnership interest

 

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or other equity interest by the Trust Fund will not cause Adverse REMIC Event at any time
that any Certificate is outstanding.

 

(g)            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 the Mortgaged Properties as a result of or in lieu of foreclosure or otherwise, to
obtain title to any direct or indirect partnership interest in the Borrowers pledged pursuant to a pledge agreement and thereby
be the beneficial owner of the Mortgaged Properties, to have a receiver of rents appointed with respect to the Mortgaged Properties,
and shall not otherwise cause the Trustee to acquire possession of, or take any other action with respect to, the Mortgaged Properties
if, as a result of any such action, the Trustee, for the benefit of the Trust Fund or the Certificateholders or the Companion
Loan Holders would be considered to hold title to, to be a “mortgagee-in-possession” of, or to be an “owner”
or “operator” of the Mortgaged Properties 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 determined in
accordance with the Servicing Standard, based on an updated environmental assessment prepared by an Independent Person who regularly
conducts environmental audits (which report shall be an expense of the Trust), that:

 

(i)             each Mortgaged Property is in compliance with applicable environmental laws or, if not, after consultation with an environmental
consultant, that it would be in the best economic interest of the Certificateholders and the Companion Loan Holders, as a collective
whole as if such Certificateholders and Companion Loan Holders constituted a single lender, to take such actions as are necessary
to bring such Mortgaged Property in compliance therewith, and

 

(ii)            there are no circumstances present at any 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 Companion Loan Holders, as a collective whole as if such Certificateholder and the Companion Loan Holders constituted
a single lender, to take such actions with respect to such Mortgaged Property.

 

In
the event that the environmental assessment first obtained by the Special Servicer with respect to any 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 the Companion Loan Holders. Any such tests shall be deemed part of the environmental assessment obtained
by the Special Servicer for purposes of this Section 3.10.

 

(h)            The environmental assessment contemplated by Section 3.10(g) 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

 

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 environmental audits for purchasers of commercial property where the Mortgaged Properties are 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 Property Advance unless the Master Servicer determines, in its
good faith judgment, that such Property Advance would be a Nonrecoverable Advance. The Master Servicer shall be entitled to reimbursement
of Property Advances (with interest at the Advance 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 Master Servicer, the Companion Loan Holders and the 17g-5 Information Provider (which 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 the Mortgaged Properties securing a Defaulted Mortgage Loan as to which
the environmental testing contemplated by Section 3.10(g) of this Agreement has revealed that either of the conditions
set forth in clause (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 Trust Loan by the Trust Loan Sellers
or (iii) release of the lien of the Mortgage on the Mortgaged Properties.

 

(i)             If the Special Servicer determines pursuant to Section 3.10(g)(i) that any Mortgaged Property is not in compliance with
applicable environmental laws but that it is 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, 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(g)(ii) that the circumstances referred to therein relating to Hazardous Materials are present but that it is 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, 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 take
such action (subject to the rights of the Directing Holder to consent to and/or consult in respect of such action and/or the Operating
Advisor to consult in respect of such action) as it deems to be in the best economic interest of the Certificateholders and the
Companion Loan Holders, as a collective whole as if such Certificateholders and Companion Loan Holders constituted a single lender,
but only if the Certificate Administrator has mailed notice to the Holders of the Principal Balance Certificates and the Companion
Loan Holders 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 the Principal Balance Certificates entitled
to a majority of the Voting Rights and the Companion Loan Holders 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 any 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(i) at the direction of the Certificateholders and

 

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the Companion Loan Holders unless
the Certificateholders and the Companion Loan Holders 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 Property Advance unless the Master Servicer determines, in its good faith
judgment, that such Advance would constitute a Nonrecoverable Advance.

 

(j)             The Special Servicer shall notify the Master Servicer if the Mortgaged Properties are abandoned or foreclosed and 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 the Whole Loan if it is abandoned or foreclosed and the Master Servicer shall report to the IRS and the
Borrowers, in the manner required by applicable law, such information and the Master Servicer shall report, via Form 1099C or
1099A, all forgiveness of indebtedness, abandonment or foreclosure 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.

 

(k)            The costs of any Updated Appraisal obtained pursuant to this Section 3.10 shall be paid by the Master Servicer as a Property
Advance and shall be reimbursable from the Collection Account.

 

Section
3.11     Custodian to Cooperate; Release of Mortgage File. Upon the payment in full of the 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 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 Mortgage File. Any expense incurred in connection with any instrument of satisfaction
or deed of reconveyance that is not paid by the Borrowers shall be chargeable to the Trust Fund. The Master Servicer agrees to
use reasonable efforts in accordance with the Servicing Standard to enforce any provisions in the Loan Documents that require
the Borrowers to pay such amounts. No expenses incurred in connection with any instrument of satisfaction or deed of reconveyance
shall be an expense of the Trustee or the Custodian or chargeable to the Collection Account.

 

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 Whole Loan into an REO Loan, or receipt by the Custodian of a certificate of a Servicing Officer stating
that the Mortgaged Properties were 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 have been so deposited, or that the Whole Loan has become an REO
Loan, the Custodian shall deliver a copy of the Request for Release to the Master Servicer or the Special Servicer, as applicable.

 

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Upon
written certification of a Servicing Officer, the Trustee shall execute and deliver to the Master Servicer (with respect to the
Whole Loan if it is a Performing Loan) and the Special Servicer (with respect to the Whole Loan if it is a Specially Serviced
Loan or an REO Loan) 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 the Mortgaged Properties or to any
legal action brought to obtain judgment against the Borrowers on the Notes or Mortgage or to obtain a deficiency judgment, or
to enforce any other remedies or rights provided by the Notes 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.

 

Section
3.12        Servicing Fees, Trustee/Certificate Administrator Fees and Special Servicing
Compensation. (a)  As compensation for its activities hereunder, the Master Servicer shall be entitled to the Servicing
Fee. 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
following 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 permitted by applicable law, the Loan Documents and the Co-Lender Agreement,
(i) all investment income earned on amounts on deposit in the Collection Account and certain Reserve Accounts (to the extent
consistent with the 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 the Whole Loan if it is a Performing Loan, 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 as further described
in Section 3.12(d), (iii) any amounts collected for checks returned for insufficient funds (with respect to the Whole Loan
if it is Performing Loan or a Specially Serviced Loan), demand fees (with respect to the Whole Loan if it is a Performing Loan)
or similar items (with respect to the Whole Loan if it is a Performing Loan) (but not including Prepayment Charges) and (iv) to
the extent permitted by applicable law and the Loan Documents, 100% of any Modification Fees, loan service transaction fees and
consent fees with respect to (and other similar fees relating to) the Whole Loan if it is a Performing Loan where the consent
of the Special Servicer is not required (50% of such fees where the consent of the Special Servicer is required), 100% of any
defeasance fees, 100% of Assumption Fees and consent fees (or similar fees) relating to the transactions referred to in Section
3.09(b) of this Agreement with respect to the Whole Loan if it is a Performing Loan where the consent of the Special Servicer
is not required (50% of such fees where the consent of the Special Servicer is required), 100% of beneficiary statement charges,
demand fees or similar items (but not including Prepayment Charges) with respect to the Whole Loan if it is a Performing Loan
and 100% of assumption application fees with respect to the Whole Loan if it is a Performing Loan, in each case to the extent
received and not required to be deposited or retained in the Collection Account pursuant to Section 3.05 of this Agreement.
For the avoidance of doubt, with respect to any fee split between the Master Servicer and the Special Servicer pursuant to the
terms of Section 3.12(a)

 

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or (b) hereof, the Master Servicer and the Special Servicer shall each have the right,
but not any obligation, to reduce or elect not to charge its respective percentage interest in any such fee; provided,
however, that (x) neither the Master Servicer nor the Special Servicer shall have the right to reduce or elect not to charge
the percentage interest of any fee due to the other and (y) to the extent either of the Master Servicer or the Special Servicer
exercises its right to reduce or elect not to charge its respective percentage interest in any fee, the party that reduced or
elected not to charge such fee shall not have any right to share in any portion of the other party’s fee. For the avoidance
of doubt, if the Master Servicer decides not to charge any fee, the Special Servicer shall still be entitled to charge the portion
of the related fee the Special Servicer would have been entitled to if the 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 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 Borrowers under the Whole Loan
or applicable law), Prepayment Interest Excess (if any and to the extent any such Prepayment Interest Excess exceeds the amount
of any Prepayment Interest Shortfalls), and Net Default Interest and any interest or other income earned on deposits therein.

 

KeyBank
National Association and any successor holder of the Excess Servicing Fee Rights that relate to the Whole Loan (and a successor
REO Loan) shall be entitled, at any time, at its own expense, to transfer, sell, pledge or otherwise assign such Excess Servicing
Fee Rights in whole (but not in part), in either case, to any Qualified Institutional Buyer or Institutional Accredited Investor
(other than a Plan); provided that no such transfer, sale, pledge or other assignment shall be made unless (i) that transfer,
sale, pledge or other assignment is exempt from the registration and/or qualification requirements of the Act and any applicable
state securities laws and is otherwise made in accordance with the Act and such state securities laws, (ii) the prospective transferor
shall have delivered to the Depositor a certificate substantially in the form attached as Exhibit P-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 P-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. 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 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 Operating Advisor, the Trust, the Depositor, the Initial Purchasers, 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

 

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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 Whole 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 the Whole 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 Operating Advisor, the Special
Servicer or the Trustee shall have any obligation whatsoever regarding payment of the Excess Servicing Fee or the assignment or
transfer of the Excess Servicing Fee Right.

 

As
compensation for its activities hereunder on each Distribution Date, the Certificate Administrator shall be entitled with respect
to the Trust Loan to its portion of the Trustee/Certificate Administrator Fees, 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
Trustee/Certificate Administrator Fee and the routine fees of the Certificate Registrar, the Paying Agent and the Authenticating
Agent. The Certificate Administrator’s and the Trustee’s rights to the Trustee/Certificate Administrator Fee may not
be transferred in whole or in part except in connection with the transfer of all of its respective responsibilities and obligations
under this Agreement.

 

If
the Master Servicer resigns or is terminated as the Master Servicer, then it will be entitled to retain the related excess servicing
strip, except to the extent that any portion of such excess servicing strip is needed to compensate any replacement Master Servicer
for assuming the duties of the Master Servicer, as the Master Servicer under this Agreement. The initial Master Servicer will
be entitled to transfer any such excess servicing strip and/or primary servicing fees that may be retained by it in connection
with its resignation or termination.

 

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. 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 a Specially Serviced Loan
or an REO Loan to the Special Servicing Compensation, which shall be payable from amounts on deposit in the Collection Account
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 Loan Documents, (i) any late payment charges and any Net Default Interest
and any other default charges and Penalty Charges collected by the Master Servicer or the Special Servicer during a Collection
Period accrued on a Specially Serviced Loan remaining after application thereof during such Collection Period (subject to the
terms of the Co-Lender Agreement) to pay the Advance Interest Amount relating to such Specially Serviced Loan and any

 

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unreimbursed
Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees and Liquidation Fees) incurred during or prior
to such Collection Period on a Specially Serviced Loan (but not NSF check fees and the like, which shall be paid to the Master
Servicer) as further described below in subsection (c), (ii) 50% of any Assumption Fees, consent fees (or similar
fees) relating to the transactions referred to in Section 3.09(b) of this Agreement, Modification Fees (and other similar
fees) with respect to the Whole Loan if it is a Performing Loan, when the approval from the Special Servicer is required (and
excluding any Prepayment Charges), (iii) any interest or other income earned on deposits in the REO Accounts and (iv) 100%
of any Assumption Fees, assumption application fees, consent fees (or similar fees) relating to the transactions referred to in
Section 3.09(b) of this Agreement, Modification Fees (and other similar fees), loan service transaction fees, beneficiary
statement charges, demand fees or similar items relating to a Specially Serviced Loan or REO Loan. For the avoidance of doubt,
with respect to any fee split between the Master Servicer and the Special Servicer pursuant to the terms of Section 3.12(a) or (b) hereof, the Master Servicer and the Special Servicer shall each have the right, but not any obligation, to reduce
or elect not to charge its respective percentage interest in any such fee; provided, however (x) neither the Master Servicer nor
the Special Servicer shall have the right to reduce or elect not to charge the percentage interest of any fee due to the other
and (y) to the extent either of the Master Servicer or the Special Servicer exercises its right to reduce or elect not to charge
its respective percentage interest in any fee, the party that reduced or elected not to charge such fee shall not have any right
to share in any portion of the other party’s fee. For the avoidance of doubt, if the Master Servicer decides not to charge
any fee, the Special Servicer shall still be entitled to charge the portion of the related fee the Special Servicer would have
been entitled to if the 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.

 

(c)            In addition, a Workout Fee will be payable to the Special Servicer with respect to the Whole Loan if it ceases to be a Specially
Serviced Loan pursuant to the definition thereof. 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 the Whole Loan for so
long as it remains a Corrected Mortgage Loan. The Workout Fee will cease to be payable if the Whole Loan again becomes a Specially
Serviced Loan or if the Mortgaged Properties become an REO Property; provided that a new Workout Fee will become payable
if and when the Whole Loan again becomes a Corrected Mortgage 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 a Corrected Mortgage Loan during the period that it had responsibility for servicing such Corrected Mortgage Loan
(or the Specially Serviced Loan had not yet become a Corrected Mortgage Loan because as of the time that the Special Servicer
is terminated, the Borrowers have not made three (3) consecutive monthly debt service payments and subsequently, the Specially
Serviced Loan becomes a Corrected Mortgage Loan) at the time of such termination or resignation (and the successor Special Servicer
shall not be entitled to any portion of such Workout Fees), in each case until the Workout Fee for any such loan ceases to be
payable in accordance with the preceding sentence.

 

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A
Liquidation Fee will be payable to the Special Servicer with respect to (i) the Trust Loan if repurchased by the Trust Loan Sellers
after the applicable time period (including any applicable extension thereof) in Section 2.03(e) of this Agreement, (ii)
a Specially Serviced Loan as to which the Special Servicer obtains a full, partial or discounted payoff from the Borrowers and
(iii) except as otherwise described below, with respect to a Specially Serviced Loan or REO Property as to which the Special Servicer
recovered any Liquidation Proceeds. As to the Trust Loan repurchased by the Trust Loan Sellers after the applicable time period
(including any applicable extension thereof) in Section 2.03(e) of this Agreement or a Specially Serviced Loan or an 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 in the event of a purchase of the Whole Loan by the related mezzanine lender after 90 days following the first time that
such holder’s option to purchase the Whole Loan becomes exercisable (provided, however, that even if the purchase
occurs before such expiration the Liquidation Fee will be payable to the extent paid by, and collected from, the related borrower
or the mezzanine lender), 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 the Whole Loan (provided,
however, 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,
however, Liquidation Proceeds are received with respect to a 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 the Whole Loan or
a Specially Serviced Loan. In the event that (i) the Special Servicer resigns or has been terminated, and (ii) 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 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 (and not the successor special servicer) shall be paid the related Workout Fee or Liquidation Fee, as applicable.

 

The
Special Servicer shall be required to pay out of its own funds all expenses incurred by it in connection with its servicing activities
hereunder (including, without limitation, payment of any amounts, other than management fees in respect of the REO Property, 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 the REO Account or as a Property Advance, and the

 

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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 Borrower Related Party, any Manager, any guarantor
or indemnitor in respect of the Whole Loan and any purchaser of the Whole Loan or REO Property) in connection with the disposition,
workout or foreclosure of the Whole Loan, the management or disposition of the 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; provided, further, that any compensation
or other remuneration that the Master Servicer is permitted to receive or retain pursuant to this Agreement in connection with
its duties in such capacity as the Master Servicer or the Certificate Administrator in connection with its duties in such capacity
as the Certificate Administrator under this Agreement will not be Disclosable Special Servicer Fees.

 

(d)            [Reserved].

 

(e)            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 in respect of the Whole 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 Advance Rate
with respect to the Trust Loan or Whole Loan that accrued in the period that such Penalty Charges were collected and advance interest
to any Companion Loan Service Provider for any debt service advance made by such party with respect to the related 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 the Trust Loan or Whole Loan previously paid to the Master Servicer, the Trustee or to any Companion Loan Service Provider
pursuant to Section 3.06(a)(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 the Trust Loan or the Whole Loan paid during
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 the Whole Loan without any such application.

 

(f)             The Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee shall be entitled
to reimbursement from the Collection Account in accordance with Section 3.06 for the costs and expenses incurred by them
in the performance of their respective 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

 

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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 Companion
Loan, if applicable.

 

(g)            No provision of this Agreement or of the Certificates shall require the Master Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator or the Trustee to expend or risk their own funds or otherwise incur any financial liability in the
performance of any of their duties hereunder or thereunder, or in the exercise of any of their rights or powers, if, in the good
faith business judgment of the Master Servicer, the Special Servicer, the Operating Advisor, the 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, Net Condemnation Proceeds and other collections on or in respect of the Trust Loan or Whole
Loan, as applicable, or from adequate indemnity from other assets comprising the Trust Fund against such risk or liability.

 

If
the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Trustee receives a request
or inquiry from any Borrower, any Certificateholder or any other Person the response to which would, in the Master Servicer’s,
the Special Servicer’s, the Operating Advisor’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 Operating Advisor, the Certificate Administrator or the Trustee, the cost of which would not be an expense of the
Trust Fund or the Companion Loan Holders hereunder, then the Master Servicer, the Special Servicer, the Operating Advisor, 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 Operating Advisor’s, the Certificate Administrator’s
or the Trustee’s expenses associated with such counsel (including, without limitation, posting an advance payment for such
expenses) satisfactory to the Master Servicer, the Special Servicer, the Operating Advisor, 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 Operating Advisor, 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 Servicer Remittance Date prior to each Distribution Date, the CREFC® Loan Periodic Update File
and the CREFC® Appraisal Reduction Template (or such other report mutually agreed to between the Master Servicer
and the Certificate Administrator), if available, and to the extent required pursuant to Section 4.08 of this Agreement,
with respect to the Trust Loan for the related Distribution Date (which shall include, without limitation, the amount of Available
Funds allocable to all of the Trust Loan) including information therein that states the anticipated P&I Advances for the related
Distribution Date and any CREFC® License Fee Rate. The Master Servicer’s responsibilities under this Section
3.13(a) with respect to REO Loan shall be subject to the satisfaction of the Special Servicer’s obligations under Section
3.23 of this Agreement. In the event of the receipt by the Master Servicer of a Principal Prepayment or other Unscheduled
Payment after a Determination Date but prior to the related Servicer Remittance Date, the Master Servicer shall be permitted to
deliver to the

 

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Certificate Administrator a revised CREFC® Loan Periodic Update File by no later than 10:00 a.m.
(New York Time) on the Servicer Remittance Date. In connection with the delivery of any revised report, the Master Servicer shall
not be required to pay the Certificate Administrator or any other party any “re-state fee” or any other fee for delivery
of such revised report and shall not be required to bear any expenses or penalty charges in connection with the processing of
such Principal Prepayment or Unscheduled Payment. With respect to the Companion Loan, the Master Servicer shall make available
to the Companion Loan Holders on each Distribution Date or, if the Companion Loan is securitized, the applicable related Other
Servicer no later than the time(s) that it is available to the Certificate Administrator, the CREFC® Investor Reporting
Package (excluding any templates) pursuant to the terms of this Agreement on a monthly basis. The Special Servicer shall provide
any templates relating to the Companion Loan included in the CREFC® Investor Reporting Package and prepared by
the Special Servicer pursuant to the terms hereof to the Master Servicer promptly upon reasonable request. The Master Servicer
shall provide any templates relating to the Companion Loan included in the CREFC® Investor Reporting Package (with
respect to templates required to be prepared by the Special Servicer pursuant to the terms hereof, to the extent received) to
a related Other Servicer upon reasonable request.

 

(b)            For so long as the Master Servicer makes deposits into or credits to and withdrawals or debits from the Collection Account, not
later than 15 days after each Distribution Date, the Master Servicer shall forward to the Certificate Administrator a statement
prepared by the Master Servicer setting forth the status of the Collection Account as of the close of business on the last Business
Day of the Collection Period related to such Distribution Date and showing the aggregate amount of deposits into and withdrawals
from the 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 Trust Loan. 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 Trust Loan and the performance of its duties hereunder.

 

(c)            Beginning in December 2021, no later than 4:00 p.m. (New York City Time) on each Servicer Remittance Date, the Master Servicer
shall deliver or cause to be delivered to the Certificate Administrator (which shall promptly post such report to the Certificate
Administrator’s Website pursuant to Section 4.02(b) of this Agreement), the Operating Advisor and the Companion Loan
Holders, the following reports (in electronic form) with respect to the Trust Loan (and, if applicable, the REO Property), providing
the required information as of the immediately preceding Determination Date: (i) to the extent the Master Servicer has received
the most recent CREFC® Special Servicer Loan File from the Special Servicer at the time required, the most recent
CREFC® Delinquent Loan Status Report, CREFC® Historical Loan Modification and Corrected Mortgage
Loan Report, the CREFC® Loan Setup File (with respect to the first Distribution Date) and CREFC® REO
Status Report received from such Special Servicer, (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.

 

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The
information that pertains to a Specially Serviced Loan or REO Property 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(f)
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 Companion Loan Holders,
the Initial Purchasers and, upon request by any Rating Agency, the 17g-5 Information Provider (which shall promptly post such
materials to the 17g-5 Information Provider’s website), 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 Trust Loan, which shall
be made available by the Certificate Administrator on the Certificate Administrator’s Website:

 

(i)             Within 45 days of receipt by the Master Servicer (or within 60 days of receipt by the Special Servicer with respect to a Specially
Serviced Loan or REO Property pursuant to Section 3.13(g)(i)) of any annual year-end operating statements beginning with
year-end 2022, on a consolidated basis for the Mortgaged Properties or REO Property (to the extent prepared by and received from
the Special Servicer in the case of a Specially Serviced Loan or REO Property), a CREFC® Operating Statement Analysis
Report, together with copies of the related operating statements and rent rolls (but only to the extent the Borrowers are required
by the Loan Documents to deliver, or otherwise agree to provide such information and, with respect to operating statements and
rent rolls for such Specially Serviced Loan or REO Property, only to the extent received by the Special Servicer) for the current
trailing 12 months, if available, or year-to-date. The Master Servicer (or the Special Servicer in the case of a Specially Serviced
Loan or REO Property) shall use efforts consistent with the Servicing Standard to obtain said annual and other periodic operating
statements and related rent rolls, which efforts shall include a letter sent to the Borrowers (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 Whole Loan. 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 Operating
Statement Analysis Report, provided, however, that any analysis or update with respect to year-end or the first
calendar quarter of each year will not be required to the extent such analysis or update is not required under the then current
CREFC® guidelines.

 

(ii)            Within 45 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 REO Property pursuant to Section 3.13(g)(ii)) of any annual year-end operating statements beginning with
year-end 2022, if any, on a consolidated basis for the Mortgaged Properties or REO

 

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Property (to the extent prepared by and received
from the Special Servicer in the case of a Specially Serviced Loan or REO Property), a CREFC® NOI Adjustment Worksheet
for the Mortgaged Properties (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 the Mortgaged Properties (other than an REO Property or the Mortgaged Properties for so long as the Whole Loan is a Specially
Serviced Loan) to update the CREFC® Operating Statement Analysis Report for the Mortgaged Properties, provided,
however, that any analysis or update with respect to year-end or the first calendar quarter of each year will not be required
to the extent such analysis or update is not required under the then current CREFC® guidelines.

 

Additionally,
the Master Servicer shall deliver the CREFC® Operating Statement Analysis Report and CREFC® NOI
Adjustment Worksheet on a monthly basis to the Certificate Administrator; provided, however, the Master Servicer
shall have no obligation to update such reports except as set forth in the immediately preceding paragraphs, and no analysis or
update shall be required to the extent such analysis or update is not required to be provided under the then-current applicable
CREFC® guidelines. To the extent the Mortgage Loan Agreement permits lender discretion in selecting the accounting
firm that audits the Borrower’s financial statements, the Master Servicer shall require a No Downgrade Confirmation if the
Borrower proposed accounting firm is not a nationally recognized accounting firm.

 

The
Master Servicer shall maintain one CREFC® Operating Statement Analysis Report on a consolidated basis for the Mortgaged
Properties or REO Property (to the extent prepared by and received from the Special Servicer in the case of an REO Property or
the Mortgaged Properties for so long as the Whole Loan is a Specially Serviced Loan) relating to the Whole Loan. The CREFC®
Operating Statement Analysis Report for the Mortgaged Properties (other than an REO Property or the Mortgaged Properties
while the Whole Loan is a Specially Serviced Loan) is to be updated with trailing 12-month information, as available (commencing
with the year ending in December 2022) (to the extent the Borrowers provide sufficient information report in accordance with
CREFC® guidelines), or year-to-date information until 12-month trailing information is available by the Master
Servicer and such updated report shall be delivered to the Trustee, the Operating Advisor, the Certificate Administrator and the
Companion Loan Holders 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 the Mortgaged Properties.

 

The
Special Servicer shall pursuant to Section 3.13(d) of this Agreement deliver to the Master Servicer the information required
of it pursuant to this Section 3.13(d) with respect to a Specially Serviced Loan or REO Loan.

 

(e)            In connection with their servicing of the Whole Loan, the Master Servicer and the Special Servicer, as applicable, shall provide
to each other and to the Operating Advisor, the Trustee and the Certificate Administrator, written notice of any event that comes
to their knowledge with respect to the Whole Loan or 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 the Whole Loan or REO Property,
which notice shall include an explanation as to the reason for such material adverse effect.

 

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(f)             On each Determination Date, the Special Servicer shall deliver, or cause to be delivered, to the Master Servicer and the Certificate
Administrator, and upon the request of any of the Operating Advisor, the Trustee and the Depositor, to such requesting party,
the CREFC® Special Servicer Loan File with respect to a Specially Serviced Loan (and, if applicable, the REO Property),
providing the required information as of the Business Day prior to such 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. In
addition, at least two Business Days prior to each Servicer Remittance Date, the Special Servicer shall deliver the CREFC®
Special Servicer Loan File to the 17g-5 Information Provider (which shall promptly post such item to the 17g-5 Information
Provider’s Website). Such reports or data shall be presented in writing and in an electronic format acceptable to the Master
Servicer.

 

(g)            The Special Servicer shall deliver or cause to be delivered to the Master Servicer and, upon the request of any of the Trustee,
the Certificate Administrator, the Operating Advisor, the Depositor or any Rating Agency, to such requesting party, without charge,
the following materials for a Specially Serviced Loan, 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)             Beginning in 2022, within 60 days of receipt by the Special Servicer of any annual operating statements with respect to a Specially
Serviced Loan, a CREFC® Operating Statement Analysis Report for the Mortgaged Properties or REO Property as of
the end of the preceding calendar year, together with copies of the operating statements and rent rolls for the Mortgaged Properties
or REO Property as of the end of the preceding calendar year (but only to the extent the Borrowers are required by the Loan Documents
to deliver, or otherwise agree to provide, such information) and for the current trailing 12 months, if available, or year-to-date.
The Special Servicer shall use commercially reasonable efforts to obtain said annual and other periodic operating statements and
related rent rolls with respect to the Mortgaged Properties for so long as the Whole Loan is a Specially Serviced Loan or REO
Property, which efforts shall include a letter sent to the Borrowers or other appropriate party each quarter (followed up with
telephone calls) requesting such annual and other periodic operating statements until they are received, provided, however, that
any analysis or update with respect to year-end or the first calendar quarter of each year will not be required to the extent
such analysis or update is not required under the then current CREFC® guidelines.

 

(ii)            Beginning in 2022, within 60 days of receipt by the Special Servicer of any annual operating statements with respect to the Mortgaged
Properties for so long as the Whole Loan is a Specially Serviced Loan, a CREFC® NOI Adjustment Worksheet for the
Mortgaged Properties or REO Property (with the annual operating statements attached thereto as an exhibit); provided, however,
that, with the consent of the Master Servicer, the Special Servicer may instead provide data files in a form acceptable to the
Master Servicer. The Special Servicer will use the “Normalized” column from the CREFC® NOI Adjustment
Worksheet to update the full year-end data on any CREFC® Operating Statement Analysis Report and will use any operating
statements received with respect to the Mortgaged Properties for so long as the Whole Loan is a Specially Serviced Loan or an
REO Property to update the CREFC® Operating Statement Analysis Report for the

 

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Mortgaged Properties, provided, however,
that any analysis or update with respect to year-end or the first calendar quarter of each year will not be required to the extent
such analysis or update is not required under the then current CREFC® guidelines.

 

Upon
request for receipt of any such items from any Rating Agency, the Master 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 the Mortgaged Properties for
so long as the Whole Loan is a Specially Serviced Loan or the Mortgaged Properties are an REO Property. The CREFC®
Operating Statement Analysis Report for the Mortgaged Properties or 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 and related rent rolls for the Mortgaged Properties when the Whole Loan is a Specially Serviced Loan or the Mortgaged
Properties are an REO 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.

 

(h)            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; provided that all reports required to be delivered to the Certificate
Administrator shall be delivered in accordance with clause (x) or (y). The Master Servicer or the Special Servicer
may include appropriate disclaimers on any such statement, report or information and shall be entitled to withhold from disclosing
any such information or documents that are or contain Privileged Information.

 

(i)             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 and the Companion Loan Holders, 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, 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.

 

(j)             With respect to each Collection Period, the Special Servicer shall deliver or cause to be delivered to the Master Servicer, without
charge and on the related Determination Date, an electronic report which may include html, word or excel compatible format, clean
and

 

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searchable pdf format or such other format as mutually agreeable between the Certificate Administrator and the Special Servicer
that discloses and contains an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any
of its Affiliates during the related Collection Period (and the Master Servicer, if it has received such information, shall forward
such information to the Certificate Administrator no later than the Servicer Remittance Date); provided that no such report
shall be required to be delivered if there is no Disclosable Special Servicer Fees for the related Collection Period. If no such
report is delivered to the Master Servicer, the Master Servicer shall be entitled to assume no report was delivered because no
Disclosable Special Servicer Fees existed for the related Collection Period. Such report to the Certificate Administrator may
omit any information that has previously been delivered to the Certificate Administrator by the Master Servicer or the Special
Servicer; provided that the Certificate Administrator shall include all such related information in the Distribution Date Statement
regardless of how such information was conveyed to it.

 

Section
3.14     Access to Certain Documentation. (a)  The Master Servicer and Special Servicer,
as applicable, shall provide to any Certificateholders and Companion Loan Holders that are federally insured financial institutions,
the Federal Reserve Board, the FDIC and the OTS 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 any Companion Loan Holder is subject, access to the documentation regarding the Trust Loan required by applicable regulations
of the Federal Reserve Board, FDIC, OTS 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. In addition, upon reasonable prior written notice to the Master Servicer or the Special Servicer,
as the case may be, the Trustee, the Certificate Administrator, the Operating Advisor, the Depositor or their accountants or other
representatives shall have reasonable access to review the documents, correspondence and records in the possession of the Master
Servicer or the Special Servicer, as the case may be, as they relate to the Mortgaged Properties and any 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, a Companion
Loan Holder or any regulatory authority that may exercise authority over a Certificateholder, a Companion Loan Holder, the Master
Servicer and the Special Servicer may each require payment from such Certificateholder 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 the Companion Loan Holders 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

 

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that such Person is a Holder of Certificates,
a Companion Loan Holder or a beneficial holder of Book-Entry Certificates or a regulator or governmental body and will keep such
information confidential.

 

(c)            Upon the reasonable request of any Certificateholder or any Companion Loan Holder identified to the Master Servicer to the Master
Servicer’s reasonable satisfaction, the Master Servicer may provide (or forward electronically) (at the expense of such
Certificateholder or Companion Loan Holder, as applicable) copies of any appraisals, operating statements, rent rolls and financial
statements obtained by the Master Servicer or the Special Servicer; provided that, in connection therewith, the Master
Servicer may require a written confirmation executed by the requesting Person substantially in such form as may be reasonably
acceptable to the Master Servicer or Special Servicer, generally to the effect that such Person is a Holder of Certificates, a
Companion Loan Holder or a beneficial holder of Book-Entry Certificates or a regulator or a governmental body and will keep such
information confidential.

 

(d)            The 17g-5 Information Provider shall make available solely to the Depositor and to any NRSRO that delivers an NRSRO Certification
to the 17g-5 Information Provider the following items to the extent such items are delivered to it via electronic mail at 17g5informationprovider@wellsfargo.com
(or such other address as the 17g-5 Information Provider shall specify by written notice to the other parties hereto) in an electronic
format readable and uploadable (that is not locked or corrupted) on the 17g-5 Information Provider’s system, specifically
with a subject reference of “CAMB 2021-CX2” 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,
however, 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(d) 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 assessments delivered by the Special Servicer pursuant to Section 3.10(h) of this Agreement;

 

(v)            any annual statements as to compliance and related Officer’s Certificates delivered pursuant to Section 3.28 of this
Agreement;

 

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(vi)           any annual independent public accountants’ attestation reports delivered pursuant to Section 3.29 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 No
Downgrade Confirmation from any Rating Agency as set forth in the definition of “No Downgrade 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 No Downgrade Confirmation that are delivered to the 17g-5 Information Provider pursuant to Section 3.30 of this Agreement;

 

(xi)           any notice of resignation of the Trustee or Certificate Administrator and any notice of the acceptance of appointment by the successor
Trustee or successor Certificate Administrator pursuant to Section 8.07 or Section 8.08, as applicable, 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, Operating Advisor 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 10.08 of this Agreement;

 

(xvii)        any notice or other information provided by the Master Servicer pursuant to Section 10.07 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

 

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(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. (eastern
time). The 17g-5 Information Provider shall have no obligation or duty to verify, confirm or otherwise determine whether the information
being delivered is accurate, complete, conforms to the transaction, or otherwise is or is not anything other than what it purports
to be or whether such information (other than (solely with respect to the 17g-5 Information Provider’s obligation to post
such information) the information set forth in clauses (i) through (xix) above) is required to be posted on the
17g-5 Information Provider’s Website pursuant to this Agreement or Rule 17g-5. 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 Certificate
Administrator and the 17g-5 Information Provider have not obtained and shall not be deemed to have obtained actual knowledge of
any information only by receipt and posting to the 17g-5 Information Provider’s Website. Access will be provided by the
17g-5 Information Provider to the Rating Agencies, and to the NRSROs upon receipt of an NRSRO Certification in the form of Exhibit
O hereto (which certification may be submitted electronically via the 17g-5 Information Provider’s Website) on the same
Business Day as the request if such certification is submitted by 2:00 p.m., and if such certification is submitted after 2:00
p.m., on the following Business Day. Questions regarding delivery of information to the 17g-5 Information Provider may be directed
to 17g5informationprovider@wellsfargo.com (or such other address as the 17g-5 Information Provider shall specify by written notice
to the other parties hereto).

 

Upon
delivery by the Depositor to the 17g-5 Information Provider of information designated by the Depositor as pre-closing information
from the Depositor’s 17g-5 Website (the “Pre-close Information”), the 17g-5 Information Provider shall
make such information available only to the Depositor and to NRSROs via the 17g-5 Information Provider’s Website pursuant
to this Section 3.13(d). Such information shall be provided to the 17g-5 Information Provider via electronic media and
delivered to the 17g-5 Information Provider as mutually agreed. The Depositor shall not be entitled to direct the 17g-5 Information
Provider to provide access to the Pre-close Information or any other information on the 17g-5 Information Provider’s Website
to any designee or third party. The Master Servicer or the Special Servicer, as applicable, may, but shall not be obligated to,
provide information to the 17g-5 Information Provider that is neither specifically required hereunder, nor required by any Rating
Agency, and the 17g-5 Information Provider shall post such information pursuant to the terms hereof.

 

The
17g-5 Information Provider shall notify (i) any party that delivers information to the 17g-5 Information Provider under this Agreement
that such information was received and (ii) any party that delivers information to the 17g-5 Information Provider under this Agreement
and 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

 

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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 O hereto.

 

The
17g-5 Information Provider shall make available, only to the Rating Agencies and NRSROs, the Rating Agency Q&A Forum and Document
Request Tool. The “Rating Agency Q&A Forum and Document Request Tool” shall be a service available on the
17g-5 Information Provider’s Website, where the Rating Agencies and NRSROs may (i) submit Inquiries to the Certificate Administrator
relating to the Distribution Date Statement, or submit Inquiries to the Master Servicer or the Special Servicer, as applicable,
relating to the reports being made available pursuant to this Section 3.14(d), the Whole Loan 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, in each case within a commercially reasonable period following receipt thereof. Following
receipt of an Inquiry or request relating to the subject matters described in clauses (i) or (iii) above, the Certificate
Administrator, the 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 Inquiry
is beyond the scope outlined above, (ii) answering any Inquiry 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 is not otherwise advisable to answer 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, 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

 

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have any responsibility or liability
for the content of any such information. The 17g-5 Information Provider shall not be required to post to the 17g-5 Information
Provider’s Website any Inquiry or answer thereto that the 17g-5 Information Provider determines, in its sole discretion,
is administrative or ministerial in nature. The Rating Agency Q&A Forum and Document Request Tool will not reflect questions,
answers and other communications between the 17g-5 Information Provider and any Person which are not submitted via the 17g-5 Information
Provider’s Website.

 

In
connection with providing access to the Certificate Administrator’s Website and the 17g-5 Information Provider’s Website,
the Certificate Administrator and/or the 17g-5 Information Provider may require registration and the acceptance of a disclaimer.
The Certificate Administrator and the 17g-5 Information Provider, as the case may be, shall not be liable for the dissemination
of information in accordance with the terms of this Agreement, make no representations or warranties as to the accuracy or completeness
of such information being made available, and assume no responsibility for such information; provided that it is acknowledged
and agreed that the 17g-5 Information Provider shall not be charged with knowledge of any of the contents of such information
solely by virtue of its compliance with its obligations to post such information to the 17g-5 Information Provider’s Website.
The 17g-5 Information Provider shall not be liable for its failure to make any information available to the NRSROs unless such
information was delivered to the 17g-5 Information Provider at the email address set forth herein (or other form of electronic
delivery reasonably acceptable to the 17g-5 Information Provider and Master Servicer or Special Servicer, as applicable) 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 “CAMB 2021-CX2” and sufficient detail to indicate that such information is required to be
posted on the 17g-5 Information Provider’s Website; provided, however, 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. Neither the Certificate Administrator nor the 17g-5
Information Provider has obtained and neither shall be deemed to have obtained actual knowledge of any information solely by receipt
or posting to the Certificate Administrator’s Website or the 17g-5 Information Provider’s Website, as applicable.

 

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.

 

(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 Whole Loan, the Mortgaged Properties or the Borrowers, for review by the Depositor,
the Initial Purchasers and any other Persons who deliver an Investor Certification in accordance with this Section 3.14,
the Companion Loan Holders and the Rating Agencies (collectively, the “Disclosure Parties”) (only to the extent
such additional information is

 

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simultaneously or previously delivered to the 17g-5 Information Provider in accordance with the
provisions of Section 3.14(d) of this Agreement, which 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 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.

 

(f)             The Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee shall be permitted
(but shall not be required) to orally communicate with the Rating Agencies regarding the Trust Loan, the Whole Loan, any Class
of Certificates, the Companion Loan Holders, the Mortgaged Properties or any REO Property; provided that such party summarizes
the information provided to the Rating Agencies in such

 

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communication in writing and provides the 17g-5 Information Provider with
such written summary in accordance with the procedures set forth in Section 3.14(d) of this Agreement the same day such
communication takes place; provided, further, 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 written 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 Trust Loan to any Rating Agency or NRSRO in connection with
such review and evaluation by such Rating Agency or NRSRO unless (x) Borrowers, property and other deal specific identifiers are
redacted; (y) such information has already been provided to the 17g-5 Information Provider pursuant to the terms hereof; or (z)
such 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 in reliance
on the certification provided in this clause (z) for any purpose to the extent it is publicly available (unless the availability
results from a breach of this Agreement or any other confidentiality agreement to which such Rating Agency is subject) or comprises
information collected by the applicable Rating Agency from the 17g-5 Information Provider’s Website (or another 17g-5 information
provider’s website that such Rating Agency has access to) (in each case, subject to any agreement governing the use of such
information, including any engagement letter with the Depositor or any other applicable depositor).

 

(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.

 

(i)             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
3.15     Title and Management of REO Property and REO Accounts. (a) In the event that title to
the Mortgaged Properties is acquired for the benefit of the Certificateholders and the Companion Loan Holders 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

 

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name of the Trustee, or its nominee (which shall not include the Master Servicer), or a separate Trustee or co-Trustee,
in each case on behalf of the Trust Fund and the Companion Loan Holders. The Special Servicer, on behalf of the Trust Fund and
the Companion Loan Holders, shall dispose of any REO Property prior to the close of the third calendar year following the year
in which the Trust Fund acquires ownership of the 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 the 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 allocated in accordance with
the allocation provisions set forth in the Co-Lender Agreement), addressed to the Special Servicer, the Certificate Administrator
and the Trustee, to the effect that the holding by the Trust Fund of the REO Property for an additional specified period will
not cause the 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 the Companion Loan
Holders, shall dispose of any REO Property held by the Trust Fund prior to the last day of such period (taking into account extensions)
by which the 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. The Special Servicer shall manage, conserve, protect and operate the REO 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 the REO Property to fail to qualify as “foreclosure property” within the meaning of Section 860G(a)(8)
of the Code (determined without regard to the exception applicable for purposes of Section 860D(a) of the Code) and such
that income from the operation or sale of such property does not result in receipt by the Trust Fund of any income from non-permitted
assets as described in Section 860F(a)(2)(B) of the Code with respect to such property.

 

(b)            The Special Servicer shall have full power and authority, subject only to the Servicing Standard and the specific requirements
and prohibitions of this Agreement, to do any and all things in connection with any 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 the
Companion Loan Holders, 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 the 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 Companion Loan Holders than an alternative method of operation or rental
of the REO Property that would not be subject to such a tax.

 

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The
Special Servicer shall segregate and hold all revenues received by it with respect to any REO Property separate and apart from
its own funds and general assets and shall establish and maintain with respect to any REO Property a segregated custodial account
(each, an “REO Account”), each of which shall be either (A) an Eligible Account and shall be entitled “Situs
Holdings, LLC, on behalf of Wilmington Trust, National Association, as Trustee, in trust for the benefit of the Holders of CAMB
2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through Certificates and the Companion Loan Holders, REO Account” or (B)
entitled in the name of the limited liability company formed to hold title to the REO Property for the benefit of the Trustee.
Title of any REO Property may be taken in the name of a limited liability company wholly owned by the Lower-Tier Trust REMIC that
is managed by the Special Servicer (the costs of which shall be advanced by the Master Servicer; provided that such Advance
would not be a Nonrecoverable Advance); provided, further, that such limited liability company (a) shall not elect
to be classified as anything other than an entity that is disregarded as separate from the Lower-Tier Trust REMIC for federal
income tax purposes and (b) shall only hold assets permitted under the REMIC Provisions to be held by a REMIC. The Special Servicer
shall be entitled to withdraw for its account any interest or investment income earned on funds deposited in the 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 within two (2) Business Days after receipt of the REO Proceeds, and shall withdraw therefrom funds
necessary for the proper operation, management and maintenance of the REO Property and for other Property Protection Expenses
with respect to the REO Property, including:

 

(i)             all insurance premiums due and payable in respect of any REO Property;

 

(ii)            all real estate taxes and assessments in respect of any 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 REO Property; and

 

(iv)           any taxes imposed on the Lower-Tier REMIC in respect of net income from foreclosure property in accordance with Section 4.05.

 

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 determines, in accordance with the Servicing Standard,
that such Property 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 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 make such determination in accordance with Section 3.21(d) based on its reasonable judgment. The Master Servicer or the Trustee, as applicable, shall be entitled to reimbursement of
such Advances (with interest at the

 

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Advance Rate) made pursuant to the preceding sentence, to the extent permitted by Section
3.06 of this Agreement. The Special Servicer shall withdraw from the REO Account and remit to the Master Servicer for deposit
into the Collection Account on a monthly basis prior to or on the related Due Date the Net REO Proceeds received or collected
from each REO Property, except that in determining the amount of such Net REO Proceeds, the Special Servicer may retain in each
REO Account reasonable reserves for repairs, replacements and necessary capital improvements and other related expenses.

 

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 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 Trust 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 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 allocated in accordance with
the allocation provisions of the Co-Lender Agreement) to the effect that such action will not cause the 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 allocated in accordance with the allocation provisions of the Co-Lender Agreement and payable out of REO
Proceeds, for the operation and management of any 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 REO Property other than through an Independent Contractor shall not cause the REO Property to fail to qualify
as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code) (which

 

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opinion shall be an expense
of the Trust Fund and allocated in accordance with the allocation provisions of the Co-Lender Agreement); provided that:

 

(i)             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;

 

(ii)            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 the REO Property, including those listed above, and remit all 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;

 

(iii)           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 the Companion Loan Holders, with respect to the operation and management of any the REO
Property; and

 

(iv)           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 the 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 an REO Property on behalf of the Trust Fund, the Special Servicer
shall notify the Master Servicer thereof, and, the Special Servicer shall obtain an Updated Appraisal thereof, but only in the
event that any Updated Appraisal 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 Appraisal, in order to determine the fair market value of the REO Property and shall notify the Depositor and
the Master Servicer and the Companion Loan Holders of the results of such Appraisal. Any such Appraisal shall be conducted in
accordance with Appraisal Institute standards and the cost thereof shall be advanced as a Property Advance. The Special Servicer
shall obtain a new Updated Appraisal or a letter update every 9 months thereafter until the 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 REO Property in accordance with Sections 3.15(a) and 3.15(b) of this Agreement.

 

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Section
3.16     Sale of a Specially Serviced Loan or the REO Property. (a)  The parties hereto may
sell or purchase, or permit the sale or purchase of, the Whole Loan only on the terms and subject to the conditions set forth
in this Section 3.16 or as otherwise expressly provided in or contemplated by Section 2.03(e) and Section 9.01 of this Agreement or in the Co-Lender Agreement.

 

(b)            If the Special Servicer determines in accordance with the Servicing Standard that it would be in the best interests of the Certificateholders
and the Companion Loan Holders (as a collective whole as if such Certificateholders and Companion Loan Holders constituted a single
lender) to attempt to sell the Whole Loan if it is a Defaulted Mortgage Loan, the Special Servicer shall use efforts consistent
with the Servicing Standard to solicit offers for such Defaulted Mortgage Loan on behalf of the Certificateholders and the Companion
Loan Holders in such manner as will be reasonably likely to realize a fair price if it sells such Defaulted Mortgage Loan. The
Special Servicer shall accept the first (and, if multiple offers are received, the highest cash offer received in the solicitation
process within the time frame set for such process by the Special Servicer) cash offer received from any Person that constitutes
a fair price for such Defaulted Mortgage Loan, subject to any consent or consultation rights of the Directing Holder during any
Subordinate Control Period and any Subordinate Consultation Period or any consultation rights of the Operating Advisor during
the Operating Advisor Consultation Period.

 

The
Special Servicer shall give the Operating Advisor, the Trustee, the Certificate Administrator, the Master Servicer, the Directing
Holder (during any Subordinate Control Period and any Subordinate Consultation Period) and the Companion Loan Holders, not less
than ten (10) Business Days’ (or five (5) Business Days’ notice in the case of the Directing Holder) prior written
notice of its intention to sell a Defaulted Mortgage Loan (and the Certificate Administrator shall promptly forward such notice
to the Certificateholders). 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 Defaulted Mortgage Loan pursuant to this Agreement. The notice
provided to the Companion Loan Holders pursuant to the second previous sentence shall include notice of the Companion Loan Holders’
opportunity to bid on the Defaulted Mortgage Loan.

 

(c)               
Whether any cash offer constitutes a fair price for such Defaulted Mortgage 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. In determining whether any offer received from an Interested Person represents a fair price for a Defaulted
Mortgage 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 a Defaulted Mortgage Loan, (ii) by the Master Servicer if the Special Servicer
is making such an offer unless the Master Servicer and Special Servicer are Affiliates or (iii) the Trustee if the Master Servicer
and Special Servicer are Affiliates and the Special Servicer is making an offer. The cost of any such Updated Appraisal or narrative
appraisal shall be covered by, and shall be reimbursable as, a Property Advance. No offer from an Interested Person shall constitute
a fair price unless (i) if the offer is equal to or greater than the applicable Repurchase Price, the offer is the highest offer
received, or (ii) if the offer is less than the applicable Repurchase Price, (a) the offer is the highest offer received and (b) at
least two other offers are received from independent third parties. In

 

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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 five years’ experience in valuing or investing in loans similar to the Whole Loan 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 such determination by such Interested Person; provided that
the Trustee shall not engage an independent third party expert whose fees exceed a commercially reasonable amount, as determined
by the Trustee.

 

In
determining whether any offer from a Person other than an Interested Person constitutes a fair price for a Defaulted Mortgage
Loan, the Special Servicer shall take into account (in addition to the results of any Appraisal, Updated Appraisal or narrative
appraisal that it may have obtained pursuant to this Agreement within the prior nine (9) months), and in determining whether any
offer from a Person other than an Interested Person constitutes a fair price for such Defaulted Mortgage 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
Mortgage Loan, the period and amount of the occupancy level and physical condition of the Mortgaged Properties, the state of the
local economy in the area where the Mortgaged Properties are located, the expected recovery from such Defaulted Mortgage Loan
if the Special Servicer were to pursue a workout strategy, and the time and expense associated with a purchaser’s foreclosing
on the Mortgaged Properties. The Repurchase Price for a Defaulted Mortgage Loan shall in all cases be deemed a fair price.

 

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 Mortgaged Properties
known to the Special Servicer that has occurred subsequent to, and that would, in the Special Servicer’s reasonable judgment,
materially affect the value of any 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 Mortgaged Properties are 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, Property 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).

 

(d)            Subject to subsection (c) above, the Special Servicer shall act on behalf of the Trustee (for the benefit of the Certificateholders
and the Companion Loan Holders) in negotiating and taking any other action necessary or appropriate in connection with the sale
of a Defaulted Mortgage Loan, and the applicable collection of all amounts payable in connection therewith. In connection therewith,
the Special Servicer may charge for its own account

 

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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 or the Collection Account. Any sale of a Defaulted Mortgage 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 Operating Advisor, the Certificate Administrator or the Trustee shall have any liability to any Certificateholder or Companion
Loan Holders with respect to the purchase price therefor accepted by the Special Servicer or the Trustee.

 

(e)            Any sale of a Defaulted Mortgage Loan shall be for cash only.

 

(f)             [Reserved].

 

(g)            The parties hereto may sell or purchase, or permit the sale or purchase of, an REO Property only on the terms and subject to the
conditions set forth in this Section 3.16.

 

(h)            The Special Servicer shall use efforts consistent with the Servicing Standard to solicit offers for an REO Property on behalf
of the Certificateholders and the Companion Loan Holders in such manner as will be reasonably likely to realize a fair price within
the time period provided for by Section 3.15(a) of this Agreement. The Special Servicer shall accept the first (and, if
multiple offers are contemporaneously received, the highest) cash offer received from any Person that constitutes a fair price
for the REO Property. If the Special Servicer determines, in its good faith and reasonable judgment, that it will be unable to
realize a fair price for any REO Property within the time constraints imposed by Section 3.15(a) of this Agreement, then
the Special Servicer shall dispose of the 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 Operating Advisor, the Certificate Administrator and the Master Servicer, not less
than ten Business Days’ prior written notice of its intention to sell an 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 REO Property pursuant to this Agreement.

 

(i)             Whether any cash offer constitutes a fair price for an 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, however, 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
an 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 the REO Property (or by the Trustee if the Special Servicer is making
such an offer). The cost of any such

 

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Updated Appraisal or narrative appraisal and any related costs and fees of the Trustee shall
be covered by, and shall be reimbursable as, a Property Advance. The Trustee shall be permitted to retain, at the expense of the
related Interested Person, an independent third party to determine such fair price and shall be permitted to conclusively rely
on the opinion of such third party’s determination. In determining whether any offer from a Person other than an Interested
Person constitutes a fair price for an 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 the 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 Properties or REO Property, the state of the local economy and the obligation to dispose of
the REO Property within the time period specified in Section 3.15(a) of this Agreement. The Repurchase Price for an REO
Property shall in all cases be deemed a fair price.

 

(j)             Subject to subsections (h) and (i) above, the Special Servicer shall act on behalf of the Trustee (for
the benefit of the Certificateholders and the Companion Loan Holders) in negotiating and taking any other action necessary or
appropriate in connection with the sale of an 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. Any sale of an 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 Operating Advisor, the Depositor or the Trustee shall have any liability to any Certificateholder or Companion Loan
Holder with respect to the purchase price therefor accepted by the Special Servicer or the Trustee.

 

(k)            Any sale of an REO Property shall be for cash only.

 

(l)             Notwithstanding any of the foregoing paragraphs of this Section 3.16, the Special Servicer shall not be required to accept
the highest cash offer if the Special Servicer determines, in its reasonable and good faith judgment, that rejection of such offer
would be in the best interests of the Certificateholders and the Companion Loan Holders, as a collective whole as if such Certificateholders
and Companion Loan Holders constituted a single lender, and the Special Servicer may accept a lower cash offer (from any Person
other than itself or an Affiliate) if it determines, in its reasonable and good faith judgment, that acceptance of such offer
would be in the best interests of the Certificateholders and the Companion Loan Holders (as a collective whole as if such Certificateholders
and Companion Loan Holders constituted a single lender) (for example, if the prospective buyer making the lower offer is more
likely to perform its obligations or the terms offered by the prospective buyer making the lower offer are more favorable).

 

(m)           The Special Servicer shall have the obligation to sell the Defaulted Mortgage Loan (including the Companion Loan) pursuant to
the terms of the Co-Lender Agreement as if the Trust Loan and the Companion Loan were one whole loan on behalf of the

 

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Certificateholders
and the Companion Loan Holders. The Special Servicer shall provide notice to the applicable Other Special Servicer (if any) and,
to the extent it has received prior written notice, the controlling class representative of the related Other Securitization Trust
as soon as practicable following its decision to attempt to sell, and prior to the commencement of marketing of, the Companion
Loan.

 

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 a Specially Serviced Loan or REO Property, the Special
Servicer) shall inspect or cause to be inspected the Mortgaged Properties at such times and in such manner as is consistent with
the Servicing Standard, but in any event shall inspect the Mortgaged Properties at least once every 12 months commencing in 2023
(or at such decreased frequency as each Rating Agency shall have provided a No Downgrade Confirmation relating to the Certificates
and Companion Loan Securities); provided that if the Whole Loan becomes a Specially Serviced Loan, the Special Servicer
shall inspect or cause to be inspected the Mortgaged Properties as soon as practicable after the Whole Loan becomes a Specially
Serviced Loan and annually thereafter for so long as the Whole Loan remains a Specially Serviced Loan; provided, further,
that the Master Servicer will not be required to inspect any Mortgaged Property that has been inspected in the previous 12 months.
The 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 Property Advance; provided, however, that if such Advance would be a Nonrecoverable Advance,
then the cost of such inspections shall be an expense of the Trust payable from the Collection Account, which expense shall first
be reimbursed to the Trust as an Additional Trust Fund Expense; provided, further, that in the case of any deficiency
of amounts on deposit in the Collection Account, the Master Servicer shall, after receiving payment or making payments from amounts
on deposit in the Collection Account, if any (i) promptly notify the Companion Loan Holders and (ii) use efforts consistent with
the Servicing Standard to exercise on behalf of the Trust the rights of the Trust under the Co-Lender Agreement to obtain reimbursement
for a pro rata portion of such amount allocable to the Companion Loan from the Companion Loan Holders. 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 Properties and specifying the existence of any material vacancies in the Mortgaged Properties,
any sale, transfer or abandonment of the Mortgaged Properties of which it has actual knowledge, any material adverse change in
the condition of any Mortgaged Property, or any visible material waste committed on the Mortgaged Properties. Upon request of
any Rating Agency, the Master Servicer or Special Servicer, as applicable, shall send such reports to the 17g-5 Information Provider
(which shall promptly post such reports to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of
this Agreement) and, upon request, to the Initial Purchasers within 20 days of completion, each inspection report.

 

(b)            The Master Servicer (with respect to the Whole Loan if it is a Performing Loan) or the Special Servicer (with respect to the Whole
Loan if it is a Specially Serviced Loan), as applicable, shall exercise the Trustee’s rights, in accordance with the Servicing
Standard, with respect to any Manager under the related Loan Documents and Management Agreements, if any.

 

(c)            If the Master Servicer has accepted a voluntary Principal Prepayment with respect to the Whole Loan (other than a Specially Serviced
Loan or a previously Specially Serviced Loan with respect to which the Special Servicer has waived or amended the prepayment

 

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restrictions)
(except (A) in accordance with the terms of the Loan Documents, (B) in connection with the payment of Insurance Proceeds or Condemnation
Proceeds, (C) subsequent to a default under the Loan Documents (provided that the Master Servicer reasonably believes that
acceptance of such prepayment is consistent with the Servicing Standard), (D) pursuant to applicable law or a court order, or
(E) at the request of or with the consent of the Special Servicer), resulting in a Prepayment Interest Shortfall), then the Master
Servicer shall deliver to the Certificate Administrator on each Servicer Remittance Date for deposit in the Lower-Tier Distribution
Account (or with respect to the Companion Loan, remit to the holder of the Companion Loan a pro rata portion of the following
amount), without any right of reimbursement therefor, a cash payment (a “Master Servicer Prepayment Interest Shortfall
Amount”), in an amount equal to the lesser of (x) the aggregate amount of Prepayment Interest Shortfalls incurred
in connection with such voluntary Principal Prepayments received in respect of the Whole Loan (if it is a Performing Loan) during
the related Collection Period, and (y) the sum of (A) the aggregate of that portion of its Servicing Fees that is the
master servicing fee and that is being paid in such Collection Period (calculated for this purpose at a rate equal to 0.75 basis
points (0.0075%) per annum) with respect to the Whole Loan if it is a Performing Loan and (B) any Prepayment Interest Excess
received with respect to the related Collection Period. The Master Servicer’s obligations to pay any Master Servicer Prepayment
Interest Shortfall Amount, and the rights of the Certificateholders to offset of the aggregate Prepayment Interest Shortfalls
against those amounts, shall not be cumulative.

 

(d)            The Master Servicer shall, if the Whole Loan is secured by the interest of any Borrower under a ground lease, promptly (and in
any event within 60 days) after the Closing Date deliver notice to the related ground lessor of the transfer of the Whole
Loan to the Trust pursuant to this Agreement and inform such ground lessor that any notices of default under the related ground
lease should thereafter be forwarded to the Master Servicer; provided that the Trust Loan Sellers shall cooperate with
the Master Servicer with respect to such notices, including, without limitation, providing the form of notice to be delivered
to such ground lessors.

 

(e)            The Master Servicer shall, to the extent consistent with the Servicing Standard and permitted by the Loan Documents, not apply
any funds with respect to the Whole Loan (whether arising in the form of a holdback, earnout reserve, cash trap or other similar
feature) to the prepayment of the Whole Loan prior to an event of default or reasonably foreseeable event of default with respect
to the 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 Whole Loan.

 

Section
3.18     Authenticating Agent. The Certificate Administrator may appoint an Authenticating Agent to
execute and to authenticate Certificates. The Authenticating Agent must be acceptable to the Depositor and must be a corporation
organized and doing business under the laws of the United States of America or any state, having a principal office and place
of business in a state and city acceptable to the Depositor, having a combined capital and surplus of at least $15,000,000, authorized
under such laws to do a trust business and subject to supervision or examination by federal or state authorities. The Certificate
Administrator shall serve as the initial Authenticating Agent.

 

Any
corporation into which the Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion

 

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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 Operating Advisor, 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 Operating Advisor, 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. Wells Fargo Bank, National Association is hereby appointed as the
initial Custodian. The Certificate Administrator may, at its own expense and with the consent of the Master Servicer, 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; provided that if the additional Custodian is an Affiliate of the Certificate Administrator such consent of the Master Servicer need
not be obtained and the Certificate Administrator shall instead notify the Master Servicer of such appointment. 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 and the Companion Loan Holders. The Certificate Administrator shall not
be liable for any act or omission of the Custodian under the Custodial Agreement, nor will the Certificate Administrator have
any obligation to oversee the activities of a non-Affiliate Custodian. Each Custodian shall be a depository institution subject
to supervision by federal or state authority, shall have a combined capital and surplus (or shall have its performance guaranteed
by an Affiliate with a combined capital and surplus) of at least $10,000,000, shall have a long-term debt rating of at least “BBB”
from Fitch and “A(low)” by DBRS Morningstar. Each Custodian shall be subject to the same obligations and standard
of care as would be imposed on the Certificate Administrator hereunder in connection with the retention of the Mortgage File directly
by the Certificate Administrator. The appointment of one or more Custodians shall not relieve the Certificate Administrator from
any of its duties, liabilities or obligations hereunder. 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

 

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this Agreement. The Custodian shall be deemed to have complied with this provision if one of its Affiliates has such
fidelity bond coverage and, by the terms of such fidelity bond, the coverage afforded thereunder extends to the Custodian. In
addition, the Custodian shall keep in force during the term of this Agreement a policy or policies of insurance covering loss
occasioned by the errors and omissions of its officers and employees in connection with its obligations hereunder in the form
and amount that are customary for securitizations similar to the securitization evidenced by this Agreement. All fidelity bonds
and policies of errors and omissions insurance obtained under this Section 3.19 shall be issued by a Qualified Insurer.
For the avoidance of doubt, the Certificate Administrator shall bear no responsibility for any acts or omissions on the part of
the Custodian.

 

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 Mortgage or Loan Agreement, Cash Collateral Account Agreement or Lock-Box Agreement, if any relating to the Whole Loan it
is servicing.

 

Section
3.21     Property 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 Property
Advances as and to the extent otherwise required pursuant to the terms hereof with respect to the Whole Loan. For purposes of
distributions to Certificateholders and compensation to the Master Servicer, the Special Servicer or the Trustee, Property Advances
shall not be considered to increase the Stated Principal Balance of the Whole Loan, notwithstanding that the terms of the Whole
Loan so provide.

 

(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 Property Advance to be made on a Specially Serviced Loan, before
the date on which the Master Servicer is required to make such Property Advance with respect to a Specially Serviced Loan or an
REO Loan; provided, however, that the Special Servicer shall be required to provide the Master Servicer with only
two Business Days’ written notice in respect of Property Advances required to be made on an urgent or emergency basis (which
may include, without limitation, Property Advances required to make tax or insurance payments). If the Master Servicer or the
Trustee makes a Property Advance with respect to the Whole Loan, then it shall provide written notice to the related Other Servicer,
Other Special Servicer and Other Trustee of the amount of such Property Advance with respect to the Whole Loan within two (2)
Business Days of making such Property 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 Property Advance required to be made pursuant to the
terms hereof, and in connection therewith, shall set forth in such notice the amount of such Property Advance, the Person to whom
it is to be paid, and the circumstances and purpose of such Property Advance, and shall set forth therein information and instructions
for the payment of such Property Advance, and, on the date specified in such notice for the payment of such Property Advance,
or, if the date for payment has passed or if no such date is specified, then within five Business Days following such notice,
the Trustee, subject to the provisions of Section 3.21(d) of this Agreement,

 

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shall pay the amount of such Property Advance
in accordance with such information and instructions.

 

(d)            The Special Servicer shall promptly furnish any party required to make Property Advances hereunder with any information in its
possession regarding a Specially Serviced Loan or an REO Property as such party required to make Property Advances may reasonably
request for purposes of making nonrecoverability 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 the Trustee, as applicable.

 

Notwithstanding
anything herein to the contrary, no Property Advance shall be required hereunder if the Person otherwise required to make such
Property Advance determines that such Property Advance would, if made, constitute a Nonrecoverable Property Advance. In addition,
the Master Servicer shall not make any Property Advance to the extent that it determines or has received written notice that the
Special Servicer has determined that such Property Advance would, if made, constitute a Nonrecoverable Property Advance. In making
such recoverability determination, such Person will be entitled to (i) give due regard to the existence of any Nonrecoverable
Advance with respect to the Whole Loan, 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 Whole Loan are a source of recovery
not only for the Property Advance, Administrative Advance or P&I Advance under consideration, but also as a potential source
of recovery of such Nonrecoverable Advance which is being or may be deferred or delayed and (ii) consider (among other things)
the obligations of the Borrowers under the terms of the Whole Loan as it may have been modified, (iii) consider (among other
things) the Mortgaged Properties in their “as-is” or then-current condition and occupancy, 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 the 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 and
(v) estimate and consider (among other things) the timing of recoveries.

 

If
an Appraisal of any Mortgaged Property shall not have been obtained within the prior 9 month period (and the Master Servicer and
the Trustee shall each request any such appraisal from the Special Servicer prior to ordering an Appraisal pursuant to this sentence)
or if such an Appraisal shall have been obtained but as a result of unforeseen occurrences, such Appraisal does not, in the good
faith determination of the Master Servicer, the Special Servicer or the Trustee, reflect current market conditions, and the Master
Servicer or the Trustee, as applicable, and the Special Servicer cannot agree on the appropriate downward adjustment to such Appraisal,
the Master Servicer, the Special Servicer or the Trustee, as the case may be, may, subject to its reasonable and good faith determination
that such Appraisal will demonstrate the nonrecoverability of the related Advance, obtain an Appraisal for such purpose at the
expense of the Trust Fund (and such expense shall be allocated in accordance with the allocation provision of the Co-Lender Agreement).

 

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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 Property Advance that is a Nonrecoverable Property Advance or any determination by the Master Servicer, the Special
Servicer or the Trustee that any proposed Property Advance, if made, would constitute a Nonrecoverable Property 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 Certificate Administrator, the Depositor, the Operating Advisor, the Companion Loan Holders and
the Directing Holder (during any Subordinate Control Period and any Subordinate Consultation Period), and, in the case of the
Trustee, by a certificate of a Responsible Officer of the Trustee, delivered to the Depositor, the Certificate Administrator,
the Master Servicer, the Special Servicer, the Operating Advisor, the Companion Loan Holders and the Directing Holder (during
any Subordinate Control Period and any Subordinate Consultation Period), which in each case sets forth such recoverability determination
and the considerations of the Master Servicer, the Special Servicer or the Trustee, as applicable, forming the basis of such determination
(such certificate to be 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, however, that
the Special Servicer may, at its option, make a determination in accordance with the Servicing Standard, that any Property Advance
previously made or proposed to be made is nonrecoverable and shall deliver to the Master Servicer, the Certificate Administrator,
the Trustee, the Directing Holder (during any Subordinate Control Period and any Subordinate Consultation Period), the Operating
Advisor, the Companion Loan Holders and the 17g-5 Information Provider (which 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 supporting information described above, if applicable. Any such determination shall be conclusive and
binding on the Master Servicer, the Special Servicer and the Trustee. Notwithstanding the foregoing, the Special Servicer shall
have no obligation to make an affirmative determination that any Advance is, or would be, a Nonrecoverable Advance, and in the
absence of a determination by the Special Servicer that such an Advance is a Nonrecoverable Advance, then all such decisions shall
remain with the Master Servicer.

 

Any
such Person may update or change its recoverability determinations at any time (but not reverse any other Person’s determination
that a Property 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 such expense shall be allocated in accordance with the allocation
provisions of the Co-Lender 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 Property Advance shall be conclusive and binding on the
Certificateholders and the Companion Loan Holders.

 

Notwithstanding
the above, the Trustee shall be entitled to rely conclusively on any determination by the Master Servicer and the Master Servicer
and the Trustee shall be bound by any determination of the Special Servicer that a Property Advance, if made, would be a Nonrecoverable
Property Advance. The Trustee, in determining whether or not a Property Advance previously made is, or a proposed Property Advance,
if made, would be, a

 

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Nonrecoverable Property Advance shall be subject to the standards applicable to the Master Servicer hereunder.

 

With
respect to the payment of insurance premiums and delinquent tax assessments, in the event that the Master Servicer determines
that a Property 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 the Whole Loan if it is a Performing Loan) and the Special Servicer (with respect to the Whole Loan
if it is a Specially Serviced Loan or an REO Property) shall determine (with the reasonable assistance of the Master Servicer)
whether the payment of such amount (i) is necessary to preserve any Mortgaged Property and (ii) would be in the best
interests of the Certificateholders and the Companion Loan Holders, as a collective whole as if such Certificateholders and Companion
Loan Holders constituted a single lender. If the Master Servicer or the Special Servicer determines that the payment of such amount
(i) is necessary to preserve any Mortgaged Property and (ii) would be in the best interests of the Certificateholders
and the Companion Loan Holders, as a collective whole as if such Certificateholders and Companion Loan Holders constituted a single
lender, the Master Servicer shall make such payment from the Collection Account to the extent of Available Funds or, in the case
of a determination by the Special Servicer, the Special Servicer shall direct the Master Servicer in writing to make such payment
and, in either case, the Master Servicer shall make such payment, to the extent of Available Funds, from amounts in the 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 Property Advance with respect to such expenditure would be a Nonrecoverable Property Advance (unless,
with respect to the Whole Loan if it is a Specially Serviced Loan or an REO Loan, the Special Servicer has notified the Master
Servicer to not make such expenditure), where making such expenditure would prevent (i) the Mortgaged Properties from being
uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related
Mortgage, or the loss of any security for the Whole 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 the Companion Loan
Holders, all as a collective whole as if such Certificateholders and Companion Loan Holders constituted a single lender. The Master
Servicer may elect to obtain reimbursement of Nonrecoverable Property Advances from the Trust Fund in accordance with Section
3.06 of this Agreement.

 

(e)            The Master Servicer and/or the Trustee, as applicable, shall be entitled to the reimbursement of Property Advances made by it
to the extent permitted pursuant to Section 3.06 of this Agreement, if applicable, of this Agreement, together with any
related Advance Interest Amount in respect of such Property 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 Property Advances from the Borrowers to
the extent permitted by applicable law and the related Loan Documents.

 

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(f)             If the Master Servicer, the Special Servicer or the Trustee, as applicable, determines that a proposed Property Advance, if made,
or any outstanding Property Advance with respect to any such Whole Loan previously made, would be, or is, as applicable, a Nonrecoverable
Advance or if the Master Servicer, Special Servicer or Trustee, as applicable, subsequently determines that a proposed Property
Advance would be a Nonrecoverable Advance or an outstanding Property 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, together with supporting evidence for
such determination, promptly and in any event within two (2) Business Days after such determination or such longer time period
permitted by the Co-Lender Agreement.

 

Section
3.22     Appointment of Special Servicer. (a)  Situs Holdings, LLC, is hereby appointed as
the initial Special Servicer. During any Subordinate Control Period and subject to the right of the Operating Advisor to recommend
the termination of the Special Servicer and recommend a replacement Special Servicer pursuant to Section 7.01(e), the Directing
Holder shall have the right to direct the Trustee to terminate the Special Servicer as provided in Section 7.01(d) hereof.

 

(b)            At any time other than a Subordinate Control Period, the Special Servicer may be removed, and a successor Special Servicer appointed,
at any time, upon (a) the written direction of holders of not less than 25% of the aggregate Voting Rights allocable to the
Principal Balance Certificates requesting a vote to replace the Special Servicer with a new special servicer designated in such
written direction, (b) payment by such holders to the Certificate Administrator of the reasonable fees and expenses (including
any legal fees and 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 of a No Downgrade Confirmation (which No Downgrade
Confirmations shall be obtained at the expense of those Holders requesting a vote), the Certificate Administrator shall promptly
provide written notice to all Certificateholders of such request by posting such notice on its internet website, and by mail,
and conduct the solicitation of votes of all Voting Rights in such regard. At any time other than during a Subordinate Control
Period, upon the written direction of (i) Holders of Principal Balance Certificates evidencing at least 75% of a Certificateholder
Quorum or (ii) Holders of Principal Balance Certificates evidencing more than 50% of the Voting Rights allocable to each Class
of Non-Reduced Certificates, to remove the Special Servicer, the Trustee shall (x) terminate all of the rights and obligations
of the Special Servicer under this Agreement and appoint the successor Special Servicer designated by such Holders, 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 provisions set forth
in the foregoing sentences of this paragraph shall be binding upon and inure to the benefit of solely the Certificateholders and
the Trustee as between each other. The Special Servicer shall not have any cause of action based upon or arising from any breach
or alleged breach of such provisions other than as may arise as a result of the failure to comply with the above described

 

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voting
procedures. As between the Special Servicer, on the one hand, and the Certificateholders, on the other, the Certificateholders
shall be entitled in their sole discretion to vote for the termination or not vote for the termination of the Special Servicer.
The Holders of the Certificates and that initiated the vote to replace the Special Servicer shall pay the costs and expenses incurred
in connection with the removal and replacement of the Special Servicer pursuant to this paragraph (including the costs associated
with administering such vote). The Certificate Administrator shall include on each Distribution Date Statement a statement that
each Certificateholder and Beneficial Owner may access notices 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; provided that the Certificate Administrator shall be entitled to reimbursement from the requesting Certificateholders
or Beneficial Owner for the reasonable expenses of posting such notices.

 

(c)            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(a) of this Agreement, so notify the Certificate Administrator, the Companion Loan
Holders and the 17g-5 Information Provider (which 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 delivery of a No Downgrade Confirmation
from each Rating Agency to the Trustee and a No Downgrade Confirmation with respect to the Companion Loan, (ii) the successor
special servicer has assumed all of its responsibilities, duties and liabilities of the Special Servicer hereunder pursuant to
a writing reasonably satisfactory to the Trustee, (iii) receipt by the Trustee of an Opinion of Counsel to the effect that
(x) the designation of such replacement to serve as Special Servicer is in compliance with this Agreement, (y) such
replacement will be bound by the terms of this Agreement and (z) this Agreement will be enforceable against such replacement
in accordance with its terms, (iv) the replacement Special Servicer certifies that such replacement special servicer satisfies
all related qualifications set forth in the Co-Lender Agreement 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 11.02 of this Agreement. Any successor Special Servicer shall make the representations and warranties provided
for in Section 2.04(e) of this Agreement applicable to the Special Servicer mutatis mutandis. Further, such successor
shall be a Person that satisfies all of the eligibility requirements applicable to special servicers contained in this Agreement;
provided that the licensing requirements set forth in Section 2.04(e) may, with respect to any successor Special
Servicer, be satisfied by a sub-servicer appointed by such successor Special Servicer in accordance with the terms of this Agreement.

 

The
existing Special Servicer shall be deemed to have been removed simultaneously with such designated Person’s becoming the
Special Servicer hereunder; provided, however, 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 and/or Liquidation Fee specified in Section 3.12(c) of this Agreement in the event that the
Special Servicer is terminated and any indemnification rights that the Special Servicer is entitled to

 

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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 (2) Business Days to the successor Special Servicer for
administration by it of all cash amounts that are thereafter received with respect to the Whole Loan.

 

(d)            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, however, that neither the Trustee nor the Master Servicer
shall be liable for any actions or any inaction of such successor Special Servicer.

 

(e)            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 Trust as an Additional Trust
Fund Expense.

 

(f)             Notwithstanding anything to the contrary contained in this Section 3.22, if the Special Servicer becomes a Borrower
Related Party, the Special Servicer shall resign as Special Servicer. In the event that the Special Servicer is required to resign
as Special Servicer because it has become a Borrower Related Party, during any Subordinate Control Period or Subordinate Consultation
Period, (i) if a Directing Holder has been appointed, the Directing Holder shall appoint a successor special servicer that is
not a Borrower Related Party in accordance with this Agreement unless the Directing Holder is a Borrower Related Party, and (ii)
if the Directing Holder is a Borrower Related Party or no Directing Holder has been appointed, then the largest Controlling Class
Certificateholder (by Certificate Balance) that is not a Borrower Related Party shall be entitled to appoint a successor special
servicer that is not a Borrower Related Party or (iii) if (a) the Directing Holder is a Borrower Related Party or no Directing
Holder has been appointed and (b) there is no Controlling Class Certificateholder that is not a Borrower Related Party, then a
successor special servicer shall be appointed as described in the next paragraph. None of the Master Servicer, the Depositor,
the Operating Advisor, the Trustee or the Certificate Administrator shall have any obligation to determine if the Special Servicer
is or has become a Borrower Related Party.

 

(g)            In the event that the Special Servicer is required to resign as Special Servicer because it has become a Borrower Related Party
and either (i) a Subordinate Control Period or a Subordinate Consultation Period is in effect and (a) the Directing Holder is
a Borrower Related Party or no Directing Holder has been appointed and (b) there is no Controlling Class Certificateholder that
is not a Borrower Related Party or (ii) neither a Subordinate Control Period nor a Subordinate Consultation Period is in effect,
then upon resignation of the Special Servicer, at the expense of the Trust, the Certificate Administrator shall promptly provide
written notice of such resignation to all Certificateholders by posting such notice on the Certificate Administrator’s website
and the successor special servicer shall be appointed upon the written direction of more than 50% of the Voting Rights of the
Certificates that exercise their right to vote (provided that holders of at least 20% of the Voting Rights of the Certificates
exercise their right to vote). If such successor special servicer has not been appointed pursuant to the immediately preceding
sentence within 30 days after the Special Servicer has provided its written notice of resignation, the Certificate Administrator
shall provide written notice to the resigning Special Servicer that such successor special servicer has not been appointed and
such resigning Special Servicer shall use reasonable efforts to appoint such successor special servicer that is a Qualified Replacement

 

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Special Servicer and the agreement of a proposed successor to accept the same or lower compensation, and at the expense of the
Trust, if such successor special servicer has not been appointed within 30 days after such notice by the Certificate Administrator
to the resigning Special Servicer, the resigning Special Servicer shall petition any court of competent jurisdiction for the appointment
of a successor special servicer.

 

(h)            Any appointment of a successor special servicer under clauses (f) or (g) of this Section 3.22 shall not be
effective until the delivery of a No Downgrade Confirmation from each Rating Agency to the Trustee and a No Downgrade Confirmation
with respect to the applicable Companion Loan(s).

 

(i)             The successor special servicer shall perform all of the obligations of the Special Servicer and will be entitled to all special
servicing compensation earned during such time as the successor special servicer is acting as special servicer.

 

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 the Whole Loan of which the Master Servicer has notice, the Master Servicer shall promptly give
notice thereof to the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor, the Companion Loan
Holders and the Trust Loan Sellers, and shall use efforts in accordance with the Servicing Standard to provide the Special Servicer
with all information, documents (but excluding the original documents constituting the Mortgage File) and records (including records
stored electronically) relating to the Whole Loan 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 the Whole Loan until the Special Servicer has commenced the servicing of the 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 the Whole Loan that becomes a Specially Serviced Loan, the Master Servicer shall instruct the Borrowers to continue
to remit all payments in respect of the Whole Loan to the Master Servicer. The Master Servicer shall forward any notices it would
otherwise send to the Borrowers of a Specially Serviced Loan to the Special Servicer, which shall send such notice to the Borrowers.

 

Upon
determining that a Specially Serviced Loan has become a Corrected Whole Loan, the Special Servicer shall immediately give notice
thereof to the Master Servicer, and upon giving such notice, the 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 the Whole
Loan shall terminate and the obligations of the Master Servicer to service and administer the Whole Loan as a Whole Loan that
is not a Specially Serviced Loan shall resume.

 

(b)            In servicing a 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 Mortgage File (to the extent such documents are in the possession
of the Special Servicer) and copies of any additional Whole Loan information, including correspondence with the Borrowers, and
the Special Servicer shall promptly provide copies of all of the foregoing to

 

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the Master Servicer as well as copies of any analysis
or internal review prepared by or for the benefit of the Special Servicer.

 

(c)            Not later than two Business Days preceding each date on which the Master Servicer is required to furnish a report under Section
3.13(a) of this Agreement to the Certificate Administrator, the Special Servicer shall deliver to the Certificate Administrator,
with a copy to the Trustee, the Operating Advisor and the Master Servicer, a written statement describing (i) the amount
of all payments on account of interest received on a Specially Serviced Loan, the amount of all payments on account of principal,
including Principal Prepayments, on a Specially Serviced Loan, the amount of Net Insurance Proceeds, Net Liquidation Proceeds
and Net Condemnation Proceeds received with respect to a Specially Serviced Loan, and the amount of net income or net loss, as
determined from management of a trade or business on, the furnishing or rendering of a non-customary service to the tenants of,
or the receipt of any rental income that does not constitute Rents from Real Property with respect to the REO Property relating
to a 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(f) of this Agreement, this Section 3.23(c) shall be deemed to be satisfied) and (ii) such additional information relating to a Specially Serviced Loan 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 a Specially Serviced Loan relating to the Trust Loan and shall provide the Special Servicer and the Operating
Advisor with any information reasonably required by the Special Servicer or the Operating Advisor to perform its duties under
this Agreement. The Special Servicer shall provide the Master Servicer with any information reasonably required by the Master
Servicer to perform its duties under this Agreement.

 

(e)            No later than 60 days after the Whole Loan becomes a Specially Serviced Loan, the Special Servicer shall deliver to the Master
Servicer, the Directing Holder (during any Subordinate Control Period and any Subordinate Consultation Period), the Operating
Advisor, the Companion Loan Holders and the 17g-5 Information Provider (which shall promptly post such report to the 17g-5 Information
Provider’s Website pursuant to Section 3.14(d) of this Agreement), a report (the “Asset Status Report”)
with respect to the Whole Loan and the Mortgaged Properties. Such Asset Status Report shall set forth the following information
to the extent reasonably determinable:

 

(i)             the date of transfer of servicing of the Whole Loan to the Special Servicer;

 

(ii)            a summary of the status of the Specially Serviced Loan and any negotiations with the Borrower;

 

(iii)           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 Whole Loan and whether outside legal counsel has been retained;

 

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(iv)           the most current rent roll and income or operating statement available for the Mortgaged Properties;

 

(v)            (A) the Special Servicer’s recommendations on how the 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 Mortgage Loan or REO Property),
(B) a description of any such proposed or taken actions, and (C) the alternative courses of action that were or are
being considered by the Special Servicer in connection with the proposed or taken actions;

 

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

 

(vii)          a description of any amendment, modification or waiver of a material term of any ground lease;

 

(viii)         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;

 

(ix)            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;

 

(x)             the appraised value of the Mortgaged Properties together with the assumptions used in the calculation thereof, and a copy of the
last obtained Appraisal of each Mortgaged Property; and

 

(xi)            such other information as the Special Servicer deems relevant in light of the Servicing Standard.

 

The
Special Servicer shall, subject to the rights of the Directing Holder (during any Subordinate Control Period and any Subordinate
Consultation Period) and the Operating Advisor, take such actions consistent with the Servicing Standard and the Asset Status
Report. The Special Servicer shall not take any action inconsistent with the 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 Loan Documents.

 

If,
during any Subordinate Control Period, (i) the Directing Holder affirmatively approves in writing an Asset Status Report, (ii)
after ten (10) Business Days from receipt of an Asset Status Report, together with all information in the possession of the Special
Servicer that is reasonably necessary for the Directing Holder to make a decision regarding the Asset Status Report, the Directing
Holder does not object to such Asset Status Report or (iii) within ten (10)

 

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Business Days after receipt of an Asset Status Report,
together with all information in the possession of the Special Servicer that is reasonably necessary for the Directing Holder
to make a decision regarding the Asset Status Report, the Directing Holder objects to such Asset Status Report and the Special
Servicer makes a determination in accordance with the Servicing Standard that such objection is not in the best interest of all
the Certificateholders, then the Special Servicer shall take the recommended actions described in the Asset Status Report. Within
ten (10) Business Days after receipt of an Asset Status Report, together with all information reasonably requested by the Directing
Holder in the possession of the Special Servicer that is reasonably necessary to make a decision regarding the Asset Status Report,
the Directing Holder may object to such Asset Status Report; provided that following the occurrence of an extraordinary
event with respect to any Mortgaged Property, or if a failure to take any such action at such time would be inconsistent with
the Servicing Standard, the Special Servicer may take actions with respect to any Mortgaged Property before the expiration of
such ten (10) Business Day period if the Special Servicer reasonably determines in accordance with the Servicing Standard that
failure to take such action before the expiration of such ten (10) Business Day period would materially and adversely affect the
interest of the Certificateholders, and, during any Subordinate Control Period, the Special Servicer has made a reasonable effort
to contact the Directing Holder.

 

During
any Subordinate Control Period, if the Directing Holder objects to an Asset Status Report within the above-referenced ten (10)
Business Day period, then the Special Servicer (absent a determination set forth in clause (iii) of the first sentence
of the immediately preceding paragraph) shall revise such Asset Status Report as soon as practicable thereafter, but in no event
later than thirty (30) days after the objection to the Asset Status Report by the Directing Holder. During any Subordinate Control
Period, the Special Servicer shall revise such Asset Status Report as provided in the prior paragraph until the earlier of (a)
the delivery by the Directing Holder of an affirmative approval in writing of such revised Asset Status Report, (b) the failure
of the Directing Holder to disapprove such revised Asset Status Report in writing within ten (10) Business Days of its receipt
thereof and (c) the determination of the Special Servicer, consistent with the Servicing Standard, that the objection of the Directing
Holder is not in the best interests of all the Certificateholders and the Companion Loan Holders. In any event, during any Subordinate
Control Period, if the Directing Holder does not approve an Asset Status Report within ninety (90) days from the first submission
of such Asset Status Report, or the Special Servicer’s determination to take the recommended action as provided in the immediately
preceding paragraph, the Special Servicer shall take such action as set forth in the most recent Asset Status Report; provided
that such action does not violate the Servicing Standard. The Special Servicer may, from time to time, modify any Asset Status
Report it has previously delivered and implement the new action in such revised report so long as such revised report has been
prepared, reviewed and either approved or not rejected as provided above. Upon request, each Initial Purchaser shall be entitled
to a copy of any Asset Status Report.

 

During
an Operating Advisor Consultation Period, the Special Servicer shall promptly deliver each Asset Status Report prepared for the
Whole Loan and the Mortgaged Properties to the Operating Advisor and, during any Subordinate Consultation Period, the Directing
Holder. The Operating Advisor shall provide comments to the Special Servicer in respect of the Asset Status Report, if any, within
ten (10) Business Days following the later of receipt of (i) such Asset Status Report or (ii) such additional information reasonably
requested by the Operating Advisor related thereto, and propose possible alternative courses of action to the

 

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 extent it determines
such alternatives to be in the best interest of the Certificateholders (including any Certificateholders that are Holders of the
Controlling Class) as a collective whole. The Special Servicer shall consider such alternative courses of action and any other
feedback provided by the Operating Advisor (and, during any Subordinate Consultation Period, the Directing Holder) in connection
with the Special Servicer’s preparation of any Asset Status Report. The Special Servicer may revise the Asset Status Report
as it deems necessary to take into account any input and/or comments received in response from the Operating Advisor or 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 the Servicing Standard and in the best interest of the Certificateholders as a collective
whole. Promptly upon determining whether or not to revise any Asset Status Report to take into account any input and/or comments
from the Operating Advisor or the Directing Holder, the Special Servicer shall revise the Asset Status Report, if applicable,
and deliver to the Operating Advisor and the Directing Holder the revised Asset Status Report (until a Final Asset Status Report
is issued).

 

The
Asset Status Report is not intended to replace or satisfy any other specific consent or approval right which the Directing Holder
may have.

 

The
Special Servicer may not take any action inconsistent with an Asset Status Report that has been adopted as provided above, unless
such action would be required in order to act in accordance with the Servicing Standard. During any Subordinate Control Period
or any Subordinate Consultation Period, if the Special Servicer takes any action inconsistent with an Asset Status Report that
has been adopted as provided above, the Special Servicer shall promptly notify the Directing Holder of such inconsistent action
and provide a reasonably detailed explanation of the reasons therefor.

 

The
Special Servicer shall deliver to the Master Servicer, the Directing Holder (during any Subordinate Control Period and any Subordinate
Consultation Period), the Operating Advisor, the 17g-5 Information Provider (which shall promptly post the same to the 17g-5 Information
Provider’s Website), the Companion Loan Holders and, subject to Section 4.02(c), each Rating Agency a copy of each
Final Asset Status Report, in each case with reasonable promptness following the adoption thereof.

 

Notwithstanding
anything herein to the contrary: (i) the Special Servicer shall have no right or obligation to consult with or to seek and/or
obtain consent or approval from the Directing Holder prior to acting (and provisions of this Agreement requiring such consultation,
consent or approval shall be of no effect) during the period following any resignation or removal of the Directing Holder and
before a replacement is selected and/or identified; and (ii) no advice, direction or objection from or by the Directing Holder
or the Operating Advisor, as contemplated by Section 6.09 or pursuant to any other provision of this Agreement, as contemplated
by this Agreement or any intercreditor agreement, may (and the applicable Special Servicer shall ignore and act without regard
to any such advice, direction or objection that such Special Servicer has determined, in its reasonable, good faith judgment,
would): (A) require or cause such Special Servicer to violate applicable law, the terms of the Loan Documents, any intercreditor
agreement or any Section of this Agreement, including the Special Servicer’s obligation to act in accordance with the Servicing
Standard, (B) result in the imposition of federal income tax on the Trust, cause any REMIC to fail to qualify as a REMIC, (C)
expose the Trust, any Certificateholder, the

 

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Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the
Certificate Administrator, the Trustee, any Companion Loan Holder, any holders of Companion Loan Securities, any Other Depositor,
any Other Servicers, any Other Special Servicer, any Other Operating Advisor or any of their respective Affiliates, members, managers,
officers, directors, employees or agents, to any material claim, suit or liability or (D) materially expand the scope of the Master
Servicer’s, Special Servicer’s, Certificate Administrator’s or Trustee’s responsibilities under this Agreement.

 

(f)             While the Whole Loan is a Specially Serviced Loan, the Special Servicer shall have the authority to meet with the Borrowers.

 

(g)            The Special Servicer shall (x) deliver to the Certificate Administrator a proposed notice to Certificateholders that will include
a summary of any Final Asset Status Report in an electronic format (which shall be a brief summary of the current status of the
Mortgaged Properties and strategy with respect to the resolution and workout of the Trust Loan), and the Certificate Administrator
shall post such summary on the Certificate Administrator’s Website pursuant to Section 4.02(b) and shall deliver
such summary of any Asset Status Reports to the 17g-5 Information Provider (which shall post such summary to the website pursuant
to Section 4.02(b)) and (y) implement the applicable Final Asset Status Report in the form delivered to the 17g-5
Information Provider pursuant to Section 3.23(e). The Special Servicer may, from time to time, modify any Asset Status
Report it has previously delivered and, following the prompt delivery of such modified Asset Status Report to the 17g-5 Information
Provider, which the 17g-5 Information Provider shall post on the 17g-5 Information Provider’s Website pursuant to Section
4.02(b), implement such report.

 

Section
3.24           Special Instructions for the Master Servicer and/or Special
Servicer. (a)  Prior to taking any action with respect to the Whole Loan secured by the 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 shall be allocated in accordance with the allocation
provisions of the Co-Lender Agreement.

 

(b)            The Master Servicer shall send written notice to the Borrowers and the Manager and clearing bank relating to the Whole Loan 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 the Borrower’s obligations
under the 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 Whole Loan with respect to the collection of Prepayment Charges.

 

(d)            In the event that a Rating Agency shall charge a fee in connection with providing a No Downgrade Confirmation, the Master Servicer
shall require the Borrowers to pay such fee to the extent not inconsistent with the applicable Loan Documents. In the event that
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(d) of this Agreement).

 

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(e)            With respect to the Whole Loan, to the extent not inconsistent with the Whole Loan, neither the Master Servicer nor the Special
Servicer, as applicable, shall consent to a change of franchise affiliation with respect to any Mortgaged Property, if applicable,
or any property manager with respect to any Mortgaged Property or any material amendment to the Co-Lender Agreement or any mezzanine
intercreditor agreement unless the Master Servicer or Special Servicer, as applicable, obtains a No Downgrade Confirmation relating
to the Certificates and Companion Loan Securities, if any.

 

(f)             To the extent not inconsistent with the Loan Agreement, the Master Servicer shall require a No Downgrade Confirmation if the Borrower
proposed accounting firm is not a nationally recognized accounting firm, where lender has a right of approval under such Loan
Agreement.

 

(g)            To the extent the Loan Agreement permits the lender to request an updated insolvency opinion, the Master Servicer or the Special
Servicer, as applicable, shall request such insolvency opinion.

 

Section
3.25           Certain Rights and Obligations of the Master Servicer and/or
the Special Servicer. In addition to its rights and obligations with respect to a Specially Serviced Loan, the Special Servicer
has the right, whether or not the Whole Loan is a Specially Serviced Loan, to approve (i) Major Decisions to the extent described
under Section 3.26 of this Agreement and (ii) certain waivers of due-on-sale or due-on-encumbrance clauses as described
above under Section 3.09 of this Agreement. With respect to a Performing Loan, the Master Servicer shall promptly notify
the Special Servicer of any request for approval (a “Request for Approval”) received relating to the Special
Servicer’s above-referenced approval rights and forward to the Special Servicer written notice of any Request for Approval
accompanied by its written recommendation and analysis and any other information or documents reasonably requested by the Special
Servicer (to the extent such information or documents are in the Master Servicer’s possession). The Special Servicer shall
have 15 Business Days (from the date that the Special Servicer receives the information it requested from the Master Servicer)
to analyze and make a recommendation with respect to a Request for Approval with respect to a Performing Loan. If the Special
Servicer does not respond within such 15 Business-Day period (or in connection with an Acceptable Insurance Default, 90 days)
(unless earlier objected to), the Special Servicer’s consent shall be deemed given.

 

Section
3.26     Modification, Waiver, Amendment and Consents. (a)  Subject to Sections 3.25 and 3.26(f), and subject to the rights of the Directing Holder during any Subordinate Control Period or Subordinate
Consultation Period and the Operating Advisor during any Operating Advisor Consultation Period (in the case of clause (ii) below),
(i) the Master Servicer (subject to the Special Servicer’s consent if required pursuant to Sections 3.25 and
Section 6.09(a)) or (ii) with respect to the Whole Loan if it is a Specially Serviced Loan, the Special Servicer may
modify, waive or amend any term of the Whole Loan if such modification, waiver or amendment (A) is consistent with the Servicing
Standard and (B) would not constitute a “significant modification” of the Whole Loan pursuant to Treasury Regulations
Section 1.860G-2(b) and would not otherwise (1) cause either Trust REMIC to fail to qualify as a REMIC or (2) result
in the imposition of a tax upon either 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

 

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contributions to a REMIC set forth in Section 860G(d)
of the Code, but not including the tax on “net income from foreclosure property” under Section 860G(c) of the
Code). In order to meet the foregoing requirements in the case of a release of real property collateral securing the Whole 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 related loan-to-value ratio immediately after the release exceeds 125% with respect to the related
real property.

 

(b)            Neither the Master Servicer nor the Special Servicer shall extend the Maturity Date of the Whole Loan beyond the date that is
the date occurring later than seven (7) years prior to the Rated Final Distribution Date.

 

(c)            Neither the Master Servicer nor the Special Servicer shall permit the Borrowers to add or substitute any collateral for the Whole
Loan, which collateral constitutes real property, unless the Master Servicer or the Special Servicer, as applicable, shall have
obtained a No Downgrade Confirmation relating to the Certificates and the Companion Loan Securities, if any.

 

(d)            Any payment of interest that 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 Companion Loan Holders,
be added to the unpaid principal balance of the Whole Loan, notwithstanding that the terms of the 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
Whole Loan in accordance with this Section 3.26 of this Agreement shall be in writing.

 

(f)             The Master Servicer or the Special Servicer, as applicable, shall notify the Master Servicer (if the notice is given by the Special
Servicer), the Trustee, the Certificate Administrator, the Depositor, the Directing Holder (during any Subordinate Control Period
or any Subordinate Consultation Period), the Operating Advisor, the Companion Loan Holders and the 17g-5 Information Provider
(which 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 the Whole Loan and the
date thereof, and shall deliver to the Custodian for deposit in the 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
the Borrowers 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 Whole Loan and is permitted by the terms of this
Agreement and applicable law, require that the Borrowers 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 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

 

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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 Borrowers.

 

(h)            Notwithstanding the foregoing, the Master Servicer shall not permit the substitution of any Mortgaged Property pursuant to the
defeasance provisions of the Whole Loan (or any portion thereof), if any, unless such defeasance complies with Treasury Regulations
Section 1.860G-2(a)(8)(ii) and satisfies the conditions set forth in Section 3.09(h) of this Agreement.

 

(i)             Notwithstanding anything herein or in the 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 the Whole Loan (or any portion thereof) in lieu of the defeasance
collateral specified in the Loan Documents; provided that the Master Servicer receives an Opinion of Counsel (at the expense
of the Borrowers to the extent permitted under the Loan Documents) to the effect that such use would not be and would not constitute
a “significant modification” of the Whole Loan pursuant to Treasury Regulations Section 1.860G-2(b) and would
not otherwise endanger the status of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC or result in the imposition of a
tax upon the Lower-Tier REMIC, the Upper-Tier REMIC or the Trust Fund (including but not limited to the tax on “prohibited
transactions” as defined in Section 860F(a)(2) of the Code and the tax on contributions to a REMIC set forth in Section 860G(d)
of the Code, but not including the tax on “net income from foreclosure property”).

 

(j)             Any modification, waiver or amendment of or consents or approvals relating to the Whole Loan that is a Specially Serviced Loan
or an REO Loan shall be performed by the Special Servicer and not the Master Servicer.

 

(k)            The Special Servicer may grant a forbearance on the Whole Loan related to the global COVID-19 pandemic only if (i) such forbearance
is permitted under another provision of this Agreement and the requirements under such provision are satisfied or (ii) an Opinion
of Counsel is delivered to the effect that such forbearance will not result in an Adverse REMIC Event. The Special Servicer shall
provide notice of any forbearance agreement to the 17g-5 Information Provider, who will post such notice to the 17g-5 Information
provider’s website.

 

Section
3.27        [Reserved] 

 

Section
3.28        [Reserved] 

 

Section
3.29        [Reserved]

 

Section
3.30        No Downgrade Confirmation. (a)  Notwithstanding the terms of any
Loan Documents or other provisions of this Agreement, if any action under the Loan Documents or this Agreement requires No Downgrade
Confirmation from each Rating Agency as a condition precedent to such action, if the party (the “Requesting Party”)
attempting to obtain such No Downgrade Confirmation from each Rating Agency has made a request to any Rating

 

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Agency for such No
Downgrade Confirmation and, within ten (10) Business Days of the No Downgrade 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 No Downgrade Confirmation, then (i) such
Requesting Party shall (without providing notice to the 17g-5 Information Provider) confirm that the applicable Rating Agency
has received the No Downgrade Confirmation request, and, if it has not, promptly request the related No Downgrade Confirmation
again, and (ii) if there is no response to either such No Downgrade Confirmation request within five (5) Business Days of
such second request, or such Rating Agency has responded in a manner that indicates it is neither reviewing such request nor waiving
the requirement for No Downgrade Confirmation, (x) with respect to any such condition in any Loan Document requiring such
No Downgrade 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 a Borrower, then the Master Servicer
(with respect to the Whole Loan if it is a Performing Loan) or the Special Servicer (with respect to the Whole Loan if it is Specially
Serviced Loan or an REO Loan), as applicable) shall determine, in accordance with its duties under this Agreement and in accordance
with the Servicing Standard, except as provided in Section 3.30(b), whether or not such action would be in the best interests
of the Certificateholders and the Companion Loan Holders (as a collective whole as if such Certificateholders and Companion Loan
Holders constituted a single lender), and if the Requesting Party (or, if the Requesting Party is a Borrower, then the Master
Servicer or the Special Servicer, as applicable) determines that such action would be in the best interest of the Certificateholders
and the Companion Loan Holders (as a collective whole, as if such Certificateholders and Companion Loan Holders constituted a
single lender), then the requirement for a No Downgrade Confirmation will be deemed not to apply as to the non-responding Rating
Agency, and (y) with respect to a replacement of the Master Servicer or the Special Servicer, such condition shall be deemed
to be satisfied with respect to a Rating Agency or a rating agency rating any Companion Loan Securities, as applicable, as follows:
(i) Moody’s, if the replacement master servicer or special servicer, as applicable, has been appointed and currently serves
as a master servicer or a special servicer, as applicable, on a transaction-level basis on a CMBS securitization transaction currently
rated by Moody’s that currently has securities outstanding and for which Moody’s has not cited servicing concerns
of the applicable replacement master servicer or special servicer as the sole or a material factor in any qualification, downgrade
or withdrawal of the ratings (or placement on “watch status” in contemplation of a rating downgrade or withdrawal)
of securities rated by Moody’s in a CMBS securitization transaction serviced by the applicable replacement master servicer
or special servicer prior to the time of determination, if Moody’s is the non-responding rating agency; (ii) S&P, if
the replacement master servicer or special servicer is listed on S&P’s Select Servicer List as a U.S. Commercial Mortgage
Master Servicer or a U.S. Commercial Mortgage Special Servicer, as applicable, if S&P is the non-responding rating agency;
(iii) KBRA, if KBRA has not cited servicing concerns of the applicable replacement master servicer or special servicer as the
sole or a material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status”
in contemplation of a ratings downgrade or withdrawal) of securities in a CMBS securitization transaction serviced by the applicable
replacement master servicer or special servicer prior to the time of determination if KBRA is the non-responding rating agency;
(iv) Fitch, if 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

 

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special servicer), if Fitch is the non-responding rating agency;
and (v) DBRS Morningstar, if (A) the applicable replacement master servicer or special servicer has a ranking by DBRS Morningstar
higher than or equal to “MOR CS3” as a master servicer or special servicer, as applicable (if rated by DBRS Morningstar)
or (B) the applicable replacement master 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 master servicer
or special servicer, as applicable, as the sole or material factor in any qualification, downgrade or withdrawal of the ratings
(or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities rated by DBRS
Morningstar in a commercial mortgage-backed securitization transaction rated by DBRS Morningstar and serviced by the applicable
replacement master servicer or special servicer, as applicable, prior to the time of determination, if DBRS Morningstar is the
non-responding rating agency (clauses (i) through (v), “Qualified Servicer”).

 

Any
No Downgrade 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 No
Downgrade Confirmation request, and shall contain all back-up material necessary for the applicable Rating Agency to process such
request. Such written No Downgrade 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 No Downgrade Confirmation being considered satisfied, the Master Servicer or
Special Servicer, as the case may be, shall provide electronic written notice to the 17g-5 Information Provider of the action
taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information
Provider’s Website in accordance with Section 3.14(d) of this Agreement.

 

(b)            To the extent the Loan Documents permit the incurrence of a PACE Loan, the Master Servicer and Special Servicer, prior to permitting
the incurrence of such PACE Loan, shall receive a No Downgrade Confirmation in accordance with Section 3.30(a). The Master
Servicer and Special Servicer, as applicable, shall take all reasonable actions to collect all expenses accrued in connection
with such request for a No Downgrade Confirmation from the Borrowers on behalf of the Trust Fund.

 

(c)            For all other matters or actions not specifically discussed in Section 3.30(a) above, the applicable Requesting Party shall
deliver a No Downgrade Confirmation from each Rating Agency.

 

Section
3.31        Certain Co-Lender Matters Relating to the Whole Loan. (a) 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

 

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obligation of the Trust, or the obligation of the master servicer or the special servicer, as applicable, following
securitization, under the Co-Lender Agreement.

 

(b)            The Master Servicer shall maintain a register (the “Companion Loan Noteholder Register”) on which the Master
Servicer shall record the names and addresses of the Companion Loan Holders and wire transfer instructions for the Companion Loan
Holders from time to time, to the extent such information is provided in writing to the Master Servicer by the related Companion
Loan Holder. Each Companion Loan Holder agrees 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 Co-Lender Agreement) and of any
transfer thereof (together with any instruments of transfer). The name and address of the initial Companion Loan Holders as of
the Closing Date are set forth on Schedule II hereto. The Master Servicer shall be entitled to conclusively rely upon the
information delivered by the Companion Loan Holders including the identity of the controlling class representative in any related
Other Securitization Trust 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 the Companion Loan Holders hereunder other
than the Persons listed as the applicable Companion Loan Holders on the Companion Loan Holder Register. In the event that any
Companion Loan Holder transfers their respective Companion Loan(s) without notice to the Master Servicer, the Master Servicer
shall have no liability whatsoever for any misdirected payment on the Companion Loan and shall have no obligation to recover and
redirect such payment.

 

The
Master Servicer shall promptly provide the names and addresses of the Companion Loan Holders, including the identity of the controlling
class representative in any related Other Securitization Trust, to any party hereto, any Companion Loan Holder 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 name and address.

 

(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 Companion Loan Holder, as applicable. The Directing Holder shall not have
any liability to the Certificateholders (including the Directing Holder, if applicable), the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, or any Companion Loan Holder, 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)            The Directing Holder shall be entitled to exercise the consent rights, cure rights and purchase rights, as applicable, allocated
to the Directing Holder to the extent set forth in the Co-Lender Agreement, in accordance with the terms of the Co-Lender Agreement
and this Agreement.

 

(e)            The Special Servicer (with respect to the Companion Loan if the 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

 

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following paragraph) the preparation
and delivery of reports and other information with respect to, the Whole Loan or any related REO Property required to be performed
by the holder of the Trust Loan or contemplated to be performed by a servicer, in any case pursuant to and as required by the
Co-Lender Agreement. In addition notwithstanding anything herein to the contrary, the following considerations shall apply with
respect to the servicing of the Companion Loan:

 

(i)             none of the Master Servicer, the Special Servicer or the Trustee shall make any P&I Advance with respect to the Companion
Loan; and

 

(ii)            the Master Servicer and the Special Servicer shall each consult with and obtain the consent of the Companion Loan Holders to the
extent, if any, required by the Co-Lender Agreement.

 

The
Master Servicer or Special Servicer, as applicable, shall timely provide to the Companion Loan Holders any reports or notices
required to be delivered to the Companion Loan Holders pursuant to the Co-Lender Agreement (provided, that to the extent
that a Companion Loan has been included in an Other Securitization Trust, such reports or notices required to be delivered by
the Special Servicer to the Companion Loan Holders shall be delivered to the controlling class representative for such Other Securitization
Trust to the extent that the Special Servicer receives written notice of the identity of the controlling class representative
for such Other Securitization Trust), and the Special Servicer shall reasonably cooperate with the Master Servicer and the Master
Servicer shall reasonably cooperate with the Special Servicer in preparing/delivering any such report or notice with respect to
special servicing matters.

 

If
the Companion Loan or any portion thereof or any particular payments thereon are included in a REMIC or a “grantor trust”,
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 no Companion Loan Holder shall (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 Co-Lender 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 the Companion Loan Holders (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 the Companion
Loan Holders or any of their respective 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 the Companion Loan Holders under the Co-Lender Agreement. Each
of the rights of any Companion Loan Holder under or contemplated by this Section 3.31(e) may be exercisable by a designee

 

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thereof on its behalf; provided that the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee
are provided with written notice by such Companion Loan Holder of such designation (upon which such party may conclusively rely)
and the contact details of the designee.

 

Notwithstanding
anything herein or in the Co-Lender Agreement to the contrary, no direction or objection by any Companion Loan Holder may require
or cause the Master Servicer or the Special Servicer, as applicable, to violate any provision of any Loan Agreement, applicable
law, this Agreement, the Co-Lender 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 Trust Loan Seller, the Paying Agent, the Trust Fund, the Certificate Administrator 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 of the Trust Loan or the Whole Loan in accordance with any of the related Loan Documents (including the
related Note and Mortgage) shall also mean, in the case of the Companion Loan, in accordance with the Co-Lender Agreement.

 

To
the extent not otherwise expressly included herein, any provisions required to be included herein pursuant to the Co-Lender Agreement
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 Trust Loan Note for any Trust Loan may have under the Co-Lender
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 Co-Lender Agreement to effect such designation. Unless already provided through the
Distribution Date Statement, 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), to the other parties
to the Co-Lender Agreement, to the extent the identity and contact information of such parties to such Co-Lender Agreement are
actually known to the Certificate Administrator.

 

(f)             With
respect to the Trust Loan, the Master Servicer or the Special Servicer, as applicable, shall provide the Companion Loan Holders
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, 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 Borrowers and (3) subject
to the terms of the Loan Documents, copies of any other documents or information relating to the Trust 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 Co-Lender Agreement or the implementation of any recommended
actions outlined in an Asset Status Report relating to the Trust Loan. Any copies to be furnished by the Master Servicer or the
Special Servicer may be furnished by hard copy or

 

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electronic means, provided, however, CREFC® reports
shall be delivered at the times set forth in Section 3.13 in this Agreement.

 

(g)            With
respect to the Whole Loan, if the 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, the Certificate Administrator 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 copies of any documents
reasonably requested by the Other Asset Representations Reviewer or such other requesting party, but only to the extent that (i)
such 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, the Certificate Administrator or the Custodian, as the case may be.
For the avoidance of doubt, none of the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the
Custodian (i) shall have any further obligations with respect to any asset review nor shall any such party be bound by the results
of any 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.

 

Section
3.32        Horizontal Credit Risk Retention.

 

(a)            Any Successor Third Party Purchaser (if any), prior to its acquisition of the Class HRR Certificates, will be required to enter
into a Credit Risk Retention Agreement with the Retaining Sponsor.

 

(b)            None of the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee, the Certificate Administrator or the Custodian
shall be obligated to monitor, supervise or enforce the performance of any party under the Credit Risk Retention Agreement.

 

Section
3.33         Resignation Upon Prohibited Credit Risk Retention Affiliation.

 

Upon
the occurrence of (i) a Servicing Officer of the Master Servicer or a Responsible Officer of the Certificate Administrator or
the Trustee, as applicable, obtaining actual knowledge that the Master Servicer, the Certificate Administrator or the Trustee,
as applicable, is or has become a Credit Risk Retention Affiliate of any Successor Third Party Purchaser (an “Impermissible
TPP Affiliate”), (ii) the Master Servicer, the Certificate Administrator or the Trustee receiving written notice from
any other party to this Agreement, any Successor Third Party Purchaser, any Trust Loan Seller or any Initial Purchaser that the
Master Servicer, the Certificate Administrator or the Trustee, as applicable, is or has become an Impermissible TPP Affiliate,
or (iii) an officer or manager of the Operating Advisor that is responsible for performing the duties of the Operating Advisor
obtaining actual knowledge that it is or has become a Credit Risk Retention Affiliate of any Successor Third Party Purchaser or
any other party to this Agreement (an “Impermissible Operating Advisor Affiliate”; and either of an Impermissible
TPP Affiliate or an Impermissible Operating Advisor Affiliate being an “Impermissible Credit Risk Retention Affiliate”),
then in each such case the Impermissible Credit Risk Retention Affiliate shall be

 

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required to promptly notify the Retaining Sponsor
and the other parties to this Agreement and resign in accordance with Section 6.04, Section 6.11 or Section 8.07,
as applicable. The resigning Impermissible Credit Risk Retention Affiliate will 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, that if the affiliation causing an Impermissible Credit Risk
Retention Affiliate is the result of any Successor Third Party Purchaser acquiring an interest in such Impermissible Credit Risk
Retention Affiliate or an affiliate of such Impermissible Credit Risk Retention Affiliate, then such costs and expenses will be
an expense of the Trust.

 

ARTICLE
IV

DISTRIBUTIONS TO CERTIFICATEHOLDERS

 

Section
4.01     Distributions. (a)  On each Distribution Date, amounts held in the Lower-Tier Distribution
Account shall be withdrawn (to the extent of the Available Funds, including or reduced by, to the extent required by Section
3.05(f) of this Agreement, the Withheld Amounts and Prepayment Charges) in the case of all Classes of Lower-Tier Regular Interests
(such amount, the “Lower-Tier Distribution Amount”). Each Class of Lower-Tier Regular Interests shall be deemed
to have received interest at its related Pass-Through Rate on its Lower-Tier Principal Balance outstanding immediately prior to
the related Distribution Date in accordance with the next sentence and distributions in respect of principal in an amount equal
to the amount of principal actually distributable to its respective Corresponding Certificates as provided in Section 4.01(b) of this Agreement. Distributions of interest made in respect of any Class of 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 the Class LA Interest shall be deemed to have received distributions in respect
of interest in an amount equal to the Interest Distribution Amount and Class Interest Shortfalls in respect of the Class X Certificates,
to the extent actually distributable thereon as provided in Section 4.01(b) of this Agreement.

 

All
distributions of reimbursements of Realized Losses made in respect of any Class of Principal Balance Certificates on each Distribution
Date pursuant to Section 4.01(b) of this Agreement shall be deemed to have first been distributed from the Lower-Tier REMIC
to the Upper-Tier REMIC in a manner such that the Lower-Tier Principal Balance of each of the Class LA, Class LB, Class LC, Class LD
and Class LHRR equals the Certificate Balance of the Corresponding Certificates.

 

The
Certificate Administrator shall be deemed to deposit the Lower-Tier Distribution Amount, Prepayment Charges and Withheld Amounts
distributable to the Lower-Tier Regular Interests pursuant to Section 4.01(b) into the Upper-Tier Distribution Account.
Any amount in respect of the Trust Loan that remains in the Lower-Tier Distribution Account on each Distribution Date after the
deemed distribution described in the preceding sentence shall be distributed to the Holders of the Class LR Certificates
(but only to the extent of such amount for such Distribution Date remaining in the Lower-Tier Distribution Account, if any).

 

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(b)            On each Distribution Date the Certificate Administrator shall withdraw from the Upper-Tier Distribution Account the amounts deposited
in the Upper-Tier Distribution Account in respect of such Distribution Date pursuant Section 4.01(a) of this Agreement,
and distribute such amount to the Holders of the Regular Certificates and the Residual Certificates in the amounts and in the
order of priority set forth below:

 

(i)             First, to the Class A and Class X Certificates, in respect of interest, up to an amount equal to, and pro rata
in accordance with, the respective Interest Distribution Amounts for such Classes;

 

(ii)            Second, to the Class A and Class X Certificates, in respect of interest, up to an amount equal to, and pro rata
in accordance with, the respective Class Interest Shortfalls for such Classes;

 

(iii)           Third, to the Class A Certificates, in reduction of the Certificate Balance thereof, an amount up to the Principal
Distribution Amount for such Distribution Date, until the Certificate Balance of such Class is reduced to zero;

 

(iv)           Fourth, to the Class A Certificates, for the unreimbursed amounts of Realized Losses, if any, up to an amount equal
to the aggregate of such unreimbursed Realized Losses previously allocated to such Class;

 

(v)            Fifth, to the Class B Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount
of such Class;

 

(vi)           Sixth, to the Class B Certificates, in respect of interest, up to an amount equal to the Class Interest Shortfall
for such Class;

 

(vii)          Seventh, to the Class B Certificates, in reduction of the Certificate Balance thereof, an amount up 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;

 

(viii)         Eighth, to the Class B Certificates, for the unreimbursed amounts of Realized Losses, if any, up to an amount equal
to the aggregate of such unreimbursed Realized Losses previously allocated to such Class;

 

(ix)            Ninth, to the Class C Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount
of such Class;

 

(x)             Tenth, to the Class C Certificates, in respect of interest, up to an amount equal to the Class Interest Shortfall
for such Class;

 

(xi)            Eleventh, to the Class C Certificates, in reduction of the Certificate Balance thereof, an amount up 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;

 

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(xii)          Twelfth, to the Class C Certificates, for the unreimbursed amounts of Realized Losses, if any, up to an amount equal
to the aggregate of such unreimbursed Realized Losses previously allocated to such Class;

 

(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 respect of interest, up to an amount equal to the Class Interest Shortfall
for such Class;

 

(xv)          Fifteenth, to the Class D Certificates, in reduction of the Certificate Balance thereof, an amount up 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;

 

(xvi)         Sixteenth, to the Class D Certificates, for the unreimbursed amounts of Realized Losses, if any, up to an amount equal
to the aggregate of such unreimbursed Realized Losses previously allocated to such Class;

 

(xvii)        Seventeenth, to the Class HRR Certificates, in respect of interest, up to an amount equal to the Interest Distribution
Amount of such Class;

 

(xviii)       Eighteenth, to the Class HRR Certificates, in respect of interest, up to an amount equal to the Class Interest Shortfall
for such Class;

 

(xix)          Nineteenth, to the Class HRR Certificates, in reduction of the Certificate Balance thereof, an amount up 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;

 

(xx)           Twentieth, to the Class HRR Certificates, for the unreimbursed amounts of Realized Losses, if any, up to an amount equal
to the aggregate of such unreimbursed Realized Losses previously allocated to such Class; and

 

(xxi)          Twenty-first, when the Certificate Balances of all Classes of Principal Balance Certificates have been reduced to zero
and after payment in full of all unpaid expenses of the Trust, to the Class R, any amounts remaining in the Upper-Tier Distribution
Account, and to the Class LR Certificates, any amounts remaining in the Lower-Tier Distribution Account.

 

All
references to “pro rata” in the preceding clauses with respect to interest and Class Interest Shortfalls shall
mean pro rata based on the amount distributable pursuant to such clauses, with respect to distribution of principal other
than for unreimbursed Realized Losses shall mean pro rata based on Certificate Balance and with respect to distributions
with respect to unreimbursed Realized Losses shall mean pro rata based on the amount of unreimbursed Realized Losses previously
allocated to the applicable Classes.

 

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(c)            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 Charges received in the related Collection Period from amounts deposited in the Upper-Tier Distribution Account to
(i) the holders of the Class A, Class B, Class C and Class D Certificates in an amount equal to the product of (a) a fraction,
not greater than one, the numerator of which is the amount of principal distributed to such Class on such Distribution Date and
the denominator of which is the total amount of principal distributed to the holders of the Principal Balance Certificates on
such Distribution Date; (b) the Base Interest Fraction for the related Principal Prepayment and such Class of Certificates; and
(c) such Prepayment Charges, and (ii) any Prepayment Charges remaining after such distributions to the Certificateholders described
in clause (i) will be distributed to the Class X Certificates.

 

All
Prepayment Charges so distributed shall first be deemed to have been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC
in respect of the related Lower-Tier Regular Interest whether or not the related Lower-Tier Regular Interest has received all
distributions of interest and principal to which it is entitled.

 

On
each Distribution Date, the Certificate Administrator shall withdraw from the Excess Interest Distribution Account any amounts
on deposit therein that represent Excess Interest collected on the Trust Loan during the related Collection Period and shall distribute
such amounts to the Class S Certificates.

 

(d)            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 Realized Losses. Any allocation of Realized Losses to a Class
of Principal Balance Certificates shall be made by reducing the Certificate Balance thereof by the amount so allocated. Any Realized
Losses allocated to a Class of Principal Balance Certificates shall be allocated among the respective Certificates of such Class
in proportion to the Percentage Interests evidenced thereby. The allocation of Realized Losses shall constitute an allocation
of losses and other shortfalls experienced by the Trust Fund. Reimbursement of previously allocated Realized Losses will not constitute
distributions of principal for any purpose and will not result in an additional reduction in the Certificate Balance of the applicable
Class or in respect of which any such reimbursement is made.

 

The
Certificate Balances of each Class of Principal Balance Certificates will be reduced without distribution on any Distribution
Date as a write-off to the extent of any Realized Losses allocated to such Class with respect to such Distribution Date. Any Realized
Losses allocated to the Certificates shall be applied to the Classes of Principal Balance Certificates in the following order,
in each case until the Certificate Balance of such Class is reduced to zero: first, to the Class HRR Certificates;
second, to the Class D Certificates; third, to the Class C Certificates; fourth, to the Class B
Certificates; and finally, to the Class A Certificates based upon their respective Certificate Balances. Any amounts recovered
in respect of amounts previously written off as Realized Losses shall be distributed to the Classes of Principal Balance Certificates
described above in reverse order of allocation of Realized Losses thereto in accordance with Section 4.01(b) of this Agreement.
Additional Trust Fund Expenses and shortfalls in Available Funds due to extraordinary expenses of the Trust Fund (including indemnification
expenses), a reduction in the Trust Loan Rate on the Trust Loan by a bankruptcy court pursuant to a plan of

 

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reorganization or
pursuant to any of its equitable powers, or otherwise, shall be treated as and allocated in the same manner as Realized Losses.

 

With
respect to any Distribution Date, any Realized Losses allocated to a Class of Principal Balance Certificates to Section 4.01(b) of this Agreement with respect to such Distribution Date shall reduce the Lower-Tier Principal Balances of the Lower-Tier
Regular Interests as a write-off and shall be allocated among the Lower-Tier Regular Interests in the same priority as the Class
of Corresponding Certificates.

 

(e)            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, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United
States and having appropriate facilities therefor; provided that such Holder shall have provided the Paying Agent with
wire instructions in writing at least five (5) Business Days prior to the related Record Date, or, otherwise, by check mailed
by first-class mail to the address set forth therefor in the Certificate Register. The final distribution on each Certificate
shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator
or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice
to Holders of such final distribution.

 

(f)            Except as otherwise provided in Section 9.01 with respect to an Anticipated Final Termination Date, the Certificate Administrator
shall, as soon as reasonably practicable within the month preceding the month in which the final distribution with respect to
any Class of Certificates is expected to be made, mail to each Holder of such Class of Certificates on such date a notice to the
effect that:

 

(A)            
the Certificate Administrator reasonably expects based upon information previously provided to it that the final distribution
with respect to such Class of Certificates will be made on such Distribution Date, but only upon 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,
however, that the Class R and Class LR Certificates shall remain outstanding until there is no other Class of
Certificates or Lower-Tier Regular Interests 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 of Certificates 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 4.01(f) shall not have been surrendered for cancellation within six (6) months after the time specified
in such notice, the Certificate Administrator shall mail a second notice to the remaining non-tendering Holders to surrender their
Certificates for cancellation to receive the final

 

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distribution with respect thereto. If within one (1) 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 Holder or Holders concerning surrender of their
Certificates. The costs and expenses of holding such funds in trust and of contacting such Holder(s) shall be paid out of such
funds. If within two (2) 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 Holder(s) thereof, and the
Certificate Administrator shall thereafter hold such amounts for the benefit of such Holder(s) until the earlier of (i) its
termination as Certificate Administrator hereunder and the transfer of such amounts to a successor Certificate Administrator and
(ii) subject to the applicable law, 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 in trust 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(f). 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.

 

(g)            Any shortfalls in Available Funds resulting from Excess Prepayment Interest Shortfalls shall be allocated to, and Master Servicer
Prepayment Interest Shortfall Amounts shall be deemed distributed to, the each Class of Certificates as follows: first,
to the Class HRR Certificates, second, to the Class D Certificates, third, to the Class C Certificates, fourth,
to the Class B Certificates, and finally, to the Class A Certificates and the Class X Certificates, pro rata based
on their respective interest entitlements. Master Servicer Prepayment Interest Shortfall Amounts shall be deposited by the Master
Servicer into the Collection Account on or prior to the Servicer Remittance Date.

 

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 make available on
the Certificate Administrator’s Website to any Privileged Person a statement (substantially in the form set forth as Exhibit K to this Agreement and based in part 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 and Special Servicer relating to such Distribution Date, including
the CREFC® Special Servicer Loan File, upon which information the Certificate Administrator may conclusively rely,
in accordance with CREFC® guidelines and (ii) the CREFC® Reconciliation of Funds Template prepared
by the Certificate Administrator) as to distributions made on such Distribution Date (each, a “Distribution Date Statement”)
setting forth (with respect to each Class of Certificates) the following information:

 

(i)             the Record Date, Certificate 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;

 

    -201-

     

    

 

(iii)           the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates allocable
to (A) the Interest Distribution Amount and/or (B) Class Interest Shortfalls;

 

(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 paid to the Trustee and the Certificate Administrator and servicing compensation paid to
the Master Servicer, the Special Servicer and the Operating Advisor for the related Determination Date, CREFC®
and any other fees or expenses accrued and paid from the Trust Fund;

 

(vi)           the Stated Principal Balance of the Trust Loan or REO Loan outstanding immediately before and immediately after the Distribution
Date;

 

(vii)          the remaining term to maturity and the mortgage rate of the Trust Loan as of the related Determination Date;

 

(viii)         whether the Trust Loan is (A) delinquent 30-59 days, (B) delinquent 60-89 days, (C) delinquent 90 days or more
or (D) current but is a Specially Serviced Loan or in foreclosure (but not REO Loan);

 

(ix)            the Available Funds for such Distribution Date, and any other cash flows received on the Trust Loan and applied to pay fees and
expenses (including the components of the Available Funds, or such other cash flows);

 

(x)             the amount of the distribution on the Distribution Date to any Class of Certificates allocable to Prepayment Charges;

 

(xi)            the accrued Interest Distribution Amount in respect of each Class of Certificates for such Distribution Date;

 

(xii)           the Pass-Through Rate for each Class of Certificates for the Distribution Date;

 

(xiii)          (A) the Principal Distribution Amount for the Distribution Date and (B) the portion of the Principal Distribution Amount distributed
to each Class of Principal Balance Certificates, for the Distribution Date;

 

(xiv)         the aggregate Certificate Balance or aggregate Notional Amount, as the case may be of each Class of Certificates, before and after
giving effect to the distributions made on such Distribution Date, separately identifying any reduction in the aggregate Certificate
Balance (or, if applicable, the aggregate Notional Amount) of each such Class due to Realized Losses and/or Additional Trust Fund
Expenses;

 

    -202-

     

    

 

(xv)          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 Certificate Balance, for each Class of Certificates, immediately
following the Distribution Date;

 

(xvi)         the amount of any Appraisal Reduction Amounts and Collateral Deficiency Amounts allocated during the related Collection Period
and the total Appraisal Reduction Amounts and Collateral Deficiency Amounts as of the Distribution Date;

 

(xvii)        a statement as to whether the Trust Loan was modified, extended or waived during the related Collection Period (including a description
of any material modifications, extensions or waivers to Trust Loan terms, fees, penalties or payments during the Collection Period
or that have cumulatively become material over time);

 

(xviii)       the amount of any remaining unpaid Class Interest Shortfalls for each Class of Certificates as of the Distribution Date;

 

(xix)          a statement as to whether the Trust Loan 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;

 

(xx)           a statement as to whether the Trust Loan was defeased during the related Collection Period;

 

(xxi)          the amount of the distribution to the holders of each Class of Certificates on the Distribution Date attributable to reimbursement
of Realized Losses;

 

(xxii)         if a repurchase of any portion of the Trust Loan was made by the Trust Loan Sellers or the Trust Loan was otherwise liquidated
or disposed of during the related Collection Period, the amount of proceeds of any repurchase of the Trust Loan, Liquidation Proceeds
and/or other amounts, if any, received thereon during the related Collection Period and the portion thereof included in the Available
Funds for such Distribution Date;

 

(xxiii)        the amount on deposit in the Interest Reserve Account before and after giving effect to the distribution made on such Distribution
Date;

 

(xxiv)        the then-current credit support levels for each Class of Principal Balance Certificates;

 

(xxv)         the original and then-current ratings of each Class of Certificates;

 

(xxvi)        if the Mortgaged Properties become an REO Property during the preceding calendar month, the latest Debt Service Coverage Ratio
and the current Stated Principal Balance;

 

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(xxvii)       if the Mortgaged Properties became an REO Property during the preceding calendar month, the value of any REO Property included
in the Trust Fund at the close of business on the Determination Date based on the most recent appraisal;

 

(xxviii)      with respect to an REO Property sold or otherwise disposed of during the related Collection Period and for which a Final Recovery
Determination has been made, (A) the Realized Loss attributable to the Trust Loan, (B) the amount of sale proceeds and
other amounts, if any, received in respect of the REO Property during the related Collection Period and the portion thereof included
in the Available Funds for such Distribution Date and (C) the date of the Final Recovery Determination;

 

(xxix)        the amount of the distribution on the Distribution Date to the holders of the Residual Certificates;

 

(xxx)         material breaches of Trust Loan representations and warranties or any covenants of which the Operating Advisor, the Trustee, the
Certificate Administrator, the Master Servicer or the Special Servicer has received written notice;

 

(xxxi)        the
amount of Realized Losses, Additional Trust Fund Expenses and Class Interest Shortfalls, if any, incurred with respect to the
Trust Loan during the related Collection Period and in the aggregate for all prior Collection Periods (except to the extent
reimbursed or paid);

 

(xxxii)       an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during
the related Collection Period; and

 

(xxxiii)      the identity of the Controlling Class;

 

(xxxiv)      the identity of the Directing Holder;

 

(xxxv)       the amount of any CREFC® License Fee payable on such Distribution Date; and

 

(xxxvi)      a statement that there is available on the website of the Certificate Administrator information regarding ongoing compliance by
the Retaining Party, the Retaining Sponsor or any Successor Third Party Purchaser with certain specified provisions of the Credit
Risk Retention Rules, which will be posted on the “Risk Retention Special Notices” tab of the Certificate Administrator’s
website.

 

In
the case of information furnished pursuant to sub-clauses (ii), (iii), (iv), (vi), (xi), (xiii),
(xix) and (xxi) 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 or Class LR 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 or Class LR Certificates on such Distribution Date.

 

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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.

 

Within
a reasonable period of time after the end of each calendar year, the Certificate Administrator shall furnish, upon request, to
each Person who at any time during the calendar year was a Certificateholder of record, a report summarizing on an annual basis
(if appropriate) the items provided to Certificateholders pursuant to clauses (i) and (ii) 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 as may be required to enable such Certificateholders to prepare their federal income tax
returns. Such information shall include the amount of original issue discount accrued on each Class of Certificates held by Persons
other than Holders exempted from the reporting requirements and information regarding the expenses of the Trust Fund. Such requirement
shall be deemed to be satisfied to the extent such information is provided pursuant to applicable requirements of the Code from
time to time in force.

 

On
each Distribution Date, the Certificate Administrator shall deliver the related Distribution Date Statement to the Depositor in
electronic format at 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,
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 Trust Loan Purchase Agreements and any amendments and exhibits hereto or thereto; and

 

(C)            the CREFC® Loan Setup File prepared by the Master Servicer and delivered to the Certificate Administrator;

 

(ii)           the following “periodic reports”:

 

(A)            the Distribution Date Statements;

 

(B)            the supplemental reports and the CREFC® data files (other than the CREFC® Loan Setup File and the
CREFC® Special Servicer Loan File) identified as such in the definition of “CREFC® Investor
Reporting Package (CREFC® IRP)”, to the extent it has received or prepared such report or file; and

 

(C)            any annual reports provided by the Operating Advisor;

 

(iii)          the following “additional documents”:

 

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(A)            the summary of any 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;

 

(iv)         the following “special notices”:

 

(A)            all Special Notices;

 

(B)             notice of any waiver, modification or amendment of any term of the Trust Loan;

 

(C)             notice of final payment on the Certificates;

 

(D)            
all notices of the occurrence of any Servicer Termination Events or Operating Advisor Termination Event received by the Certificate
Administrator;

 

(E)             
notice of termination or resignation of the Master Servicer, the Special Servicer, the Operating Advisor or the Trustee (and appointments
of successors to the Master Servicer, the Special Servicer, the Operating Advisor or the Trustee);

 

(F)             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;

 

(G)            
any and all Officer’s Certificates and other evidence delivered to the Certificate Administrator supporting 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;

 

(H)            
any notice of the termination of the Trust;

 

(I)               any notice of the termination of a Subordinate Control Period;

 

(J)              any notice of the termination of a Subordinate Consultation Period;

 

(K)            
any notice of the occurrence of or termination of an Operating Advisor Consultation Period;

 

(L)             
the annual assessments as to compliance (in the case of the Master Servicer and the Special Servicer) and the Officer’s
Certificates delivered by the Master Servicer, the Special Servicer and the Operating Advisor to the Certificate Administrator
since the Closing Date pursuant to Section 3.28 of this Agreement; and

 

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(M)           
the annual independent public accountants’ servicing report caused to be delivered by the Master Servicer and the Special
Servicer to the Certificate Administrator since the Closing Date pursuant to Section 3.28 of this Agreement;

 

(v)           the Investor Q&A Forum;

 

(vi)          solely to Certificateholders and Beneficial Owners, the Investor Registry

 

(vii)         the following “Risk Retention Special Notices”, if any, and in each case, to the extent such notice is provided by
the Retaining Sponsor:

 

(A)           
the fair value of the Class HRR Certificates as of the Closing Date and the fair value of the “eligible horizontal residual
interest” (as such term is defined in the Credit Risk Retention Rules) that the Retaining Sponsor would have been required
to retain under the Credit Risk Retention Rules;

 

(B)            
any material differences between (a) the valuation methodology or any of the key inputs and assumptions that were used in calculating
the fair value or range of fair values disclosed in the Offering Circular under the heading “Credit Risk Retention”
prior to the pricing of the Certificates and (b) the valuation methodology or the key inputs and assumptions that were used in
calculating the fair values referred to in clause (A) above; and

 

(C)            
any noncompliance of the applicable Credit Risk Retention Rules by the Retaining Party, the Retaining Sponsor or any Successor
Third Party Purchaser as and to the extent the Retaining Sponsor is required under the Credit Risk Retention Rules.

 

The
Certificate Administrator may require a receipt of any of the information set forth above to execute a confidentiality agreement
(which may be in the form of a web page “click through”). In addition to posting the applicable notices on the “Risk
Retention Special Notices” tab described above, the Certificate Administrator shall provide e-mail notification to any Privileged
Person (other than Financial Market Publishers) that has registered to receive access to the Certificate Administrator’s
website that a notice has been posted to the “Risk Retention Special Notices” tab.

 

Any
Person (including the Directing Holder, any Controlling Class Certificateholder or any Companion Loan Holder) that is a Borrower
Related Party shall only be entitled to access the Distribution Date Statements, and the following items to the extent that they
are made available to the general public on the Certificate Administrator’s Website: this Agreement, the Trust Loan Purchase
Agreements and any SEC filings.

 

In
the case of the Directing Holder or a Controlling Class Certificateholder that is not a Borrower Related Party, upon delivery
of an investor certification substantially in the form of Exhibit L-1-A hereto, such Directing Holder or Controlling Class
Certificateholder shall be entitled to access all information on the Certificate Administrator’s Website. The Master Servicer,
the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee may each conclusively rely on (i) an
investor certification in the form of Exhibit L-1-A hereto from the

 

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Directing Holder or a Controlling Class Certificateholder
to the effect that such Person is not a Borrower Related Party and (ii) an investor certification in the form of Exhibit L-1-B hereto from the Directing Holder or a Controlling Class Certificateholder to the effect that such Person is a Borrower Related
Party. In the event the Directing Holder or a Controlling Class Certificateholder becomes a Borrower Related Party, such party
shall promptly notify each of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator
and the Trustee in writing substantially in the form of Exhibit L-1-D that such party is a Borrower Related Party. Notwithstanding
anything herein to the contrary, each of the Master Servicer, the Special Servicer, the Operating Advisor and the Certificate
Administrator shall be entitled to conclusively assume that the Directing Holder and all beneficial owners of the Certificates
of the Controlling Class are not Conflicted Controlling Class Holders except to the extent that the Master Servicer, the Special
Servicer, the Operating Advisor or the Certificate Administrator, as applicable, has received such notice from the Directing Holder
or a Controlling Class Certificateholder that it has become a Borrower Related Party. None of the Master Servicer, the Special
Servicer, the Operating Advisor or the Certificate Administrator shall be liable for any communication to the Directing Holder
or Controlling Class Certificateholder or disclosure of Privileged Information if the Master Servicer, the Special Servicer, the
Operating Advisor or the Certificate Administrator, as applicable, did not receive prior written notice that the Directing Holder
or a Controlling Class Certificateholder is a Borrower Related Party.

 

To
the extent the Directing Holder or a Controlling Class Certificateholder receives access pursuant to this Agreement to the Certificate
Administrator’s Website as a Privileged Person, such Directing Holder or Controlling Class Certificateholder shall be deemed
to have agreed that it (i) will not directly or indirectly provide any information to the Borrowers or to any Conflicted 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 Borrowers or the Mortgaged Properties or (B) to its actual knowledge, any
non-Affiliate that holds a direct or indirect ownership interest in the Borrowers, and (ii) will maintain sufficient internal
controls and appropriate policies and procedures in place in order to comply with the obligations described in clause (i)
above.

 

The
Certificate Administrator makes no representations or warranties as to the accuracy or completeness of such information and assumes
no responsibility therefor. In addition, the Certificate Administrator may disclaim responsibility for any information distributed
by the Certificate Administrator for which it is not the original source. 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 or Operating Advisor
that is included in any reports, statements, materials or information prepared or provided by the Master Servicer or, Special
Servicer or Operating Advisor, as applicable, and the Certificate Administrator shall be entitled to conclusively rely upon the
Master Servicer’s reports and, the Special Servicer’s reports and the Operating Advisor’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 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. 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

 

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 and posting of such information to the Certificate Administrator’s website or its filing of
such information pursuant to this Agreement.

 

The
Certificate Administrator shall have no any liability for access by a Conflicted Controlling Class Holder to the Certificate Administrator’s
Website of any information with respect to which such Conflicted Controlling Class Holder is prohibited from accessing pursuant
to this Agreement if such Conflicted Controlling Class Holder provided an Investor Certification but did not indicate it was a
Borrower Related Party.

 

The
provisions in this Section shall not limit the Master Servicer’s ability to make accessible certain information regarding
the Trust Loan at a website maintained by the Master Servicer. In providing access to any information, the Master Servicer shall
be entitled to rely on the certifications delivered to it pursuant to and in accordance with the terms of this Agreement. The
Master Servicer shall not be liable for the dissemination of information in accordance with this Agreement.

 

(c)            The Certificate Administrator shall make available, only to Privileged Persons, the Investor Q&A Forum. The “Investor
Q&A Forum” shall be a service available on the Certificate Administrator’s Website, where (i) Certificateholders
and Beneficial Owners may (a) submit questions to the Certificate Administrator relating to the Distribution Date Statement,
(b) submit questions to the Master Servicer or the Special Servicer, as applicable, relating to the reports being made available
pursuant to this Section 4.02(c), the Trust Loan or the Mortgaged Properties and (c) submit questions to the Operating
Advisor relating to the Operating Advisor’s annual report or other reports prepared by the Operating Advisor or actions
by the Special Servicer reference in any Operating Advisor annual report (collectively, “Inquiries”), and (ii) Privileged
Persons may view Inquiries that have been previously submitted and answered, together with the answers thereto. Upon receipt of
an Inquiry for the Master Servicer, the Special Servicer or the Operating Advisor, the Certificate Administrator shall forward
the Inquiry to the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, in each case within a commercially
reasonable period following receipt thereof. Following receipt of an Inquiry, the Certificate Administrator, the Master Servicer,
the Special Servicer or the Operating Advisor, as applicable, unless it determines not to answer such Inquiry as provided below,
shall reply to the Inquiry, which reply of the Master Servicer, Special Servicer or Operating Advisor shall be sent by email to
the Certificate Administrator. The Certificate Administrator shall post (within a commercially reasonable period following preparation
or receipt of such answer, as the case may be) such Inquiry and the related answer to the Investor Q&A Forum. If the Certificate
Administrator, the Master Servicer, the Special Servicer or the Operating Advisor determines, in its respective sole discretion,
that (i) any Inquiry is beyond the scope outlined above, (ii) answering any Inquiry would not be in the best interests
of the Trust, the Certificateholders (as a collective whole as if such Certificateholders constituted a single lender), (iii) answering
any Inquiry would be in violation of applicable law, this Agreement or the Loan Documents, (iv) 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, (v) answering
any Inquiry would materially increase the duties of, or result in significant additional cost or expense to, the Certificate Administrator,
the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, or (vi) answering any Inquiry is otherwise
for any reason not advisable to answer, it shall not be required to answer such Inquiry, in which case the Certificate Administrator
shall not post the related inquiry. In

 

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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 without the prior written consent of the Depositor. The Certificate
Administrator shall notify the Person who submitted such Inquiry in the event that 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 Special Servicer shall not post or otherwise
disclose direct communications with the Directing Holder as part of its response to any Inquiries; provided that the Certificate
Administrator shall have no obligation to review any inquiry or answer received by it for posting to the Investor Q&A Forum
to determine if such inquiry or answer contains any such direct communication with the Directing Holder, or otherwise to consult
with the party from whom such Inquiry or answer is received to confirm the same, and the Certificate Administrator shall have
no liability in connection with its posting to the Investor Q&A Forum of any Inquiry or answer containing such direct communication.
The Investor Q&A Forum will not reflect questions, answers and other communications between the Certificate Administrator
or any other Person which are not submitted via the Investor Q&A Forum.

 

(d)            The Certificate Administrator shall make available to any Certificateholder, and Beneficial Owner, the Investor Registry. The
“Investor Registry” shall be a voluntary service available on the Certificate Administrator’s Website,
where Certificateholders and Beneficial Owners can register and thereafter obtain contact information with respect to any other
Certificateholder or Beneficial Owner that has so registered. Any person registering to use the Investor Registry will be required
to certify that (a) it is a Certificateholder or a Beneficial Owner and (b) it grants authorization to the Certificate
Administrator to make its name and contact information available on the Investor Registry for at least 45 days from the date of
such certification to other registered Certificateholders and registered Beneficial Owners. Such Person shall then be asked to
enter certain mandatory fields such as the individual’s name, the company name and email address, as well as certain optional
fields such as address, phone, and Class(es) of Certificates owned. If any Certificateholder or Beneficial Owner notifies the
Certificate Administrator that it wishes to be removed from the Investor Registry (which notice may not be within 45 days of its
registration), the Certificate Administrator shall promptly remove it from the Investor Registry. The Certificate Administrator
shall 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, but is not required to, at its sole cost and expense, 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

 

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governing the
availability, use and disclosure of such information, and which may provide indemnification to the Master Servicer for any liability
or damage that may arise therefrom. The Master Servicer shall not be liable for dissemination of this information in accordance
with this Agreement; provided that such information otherwise meets the requirements set forth herein with respect to the
form and substance of such information or reports. The Master Servicer shall be entitled to attach to any report provided pursuant
to this subsection, any reasonable disclaimer with respect to information provided, or any assumptions required to be made by
such report. Notwithstanding anything herein to the contrary, the Master Servicer may, at its sole cost and expense, make available
by electronic media, bulletin board service or Internet website any reports or other information the Master Servicer is required
or permitted to provide to the Borrowers with respect to the Borrowers’ Whole Loan to the extent such action does not conflict
with the terms of this Agreement, the terms of the 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 the
Master Servicer’s 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)             The Special Servicer shall from time to time (and, in any event, as may be reasonably required by the Master Servicer) provide
the Master Servicer with such information in its possession regarding a Specially Serviced Loan or an REO Property 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 (2) Business
Days prior notice, for review by any Privileged Person upon resubmission of an Investor Certification, originals or copies of
documents

 

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relating to the Trust Loan and any REO Property 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 Loan Documents):

 

(i)             any and all notices and reports delivered to the Certificate Administrator with respect to the Mortgaged Properties as to which
the environmental testing contemplated by Section 3.10(g) of this Agreement revealed that neither of the conditions set
forth in clauses (i) and (ii) thereof was satisfied;

 

(ii)            the most recent annual (or more frequent, if available) operating statements, rent rolls (to the extent such rent rolls have been
made available by the Borrower) and/or lease summaries and retail “sales information”, if any, collected by or on
behalf of the Master Servicer or the Special Servicer in respect to the Mortgaged Properties;

 

(iii)           the Mortgage File, including any and all modifications, waivers and amendments of the terms of the 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, as determined by the Depositor, to satisfy the requirements of subsection (d)(4)(i)
of Rule 144A under the Securities Act to the extent in the Certificate Administrator’s possession.

 

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-3 to this Agreement or in the form of an electronic certification contained on the Certificate Administrator’s Website,
all the Distribution Date Statements, CREFC® reports and supplemental notices delivered or made available pursuant
to this Section 4.02 to Privileged Persons.

 

(j)             Upon request and delivery by CREFC® of a certification substantially in the form of Exhibit L-4 hereto (which
may be a “click-through” confirmation), the Certificate Administrator shall make available to CREFC®,
with respect to any Distribution Date, the related Distribution Date Statement and CREFC® IRP.

 

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 payees
of interest or original issue discount that the Paying Agent reasonably believes are applicable under the Code. The consent of

 

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Certificateholders or payees shall not be required for any such withholding. If the Paying Agent or its agent withholds any amount
from interest or original issue discount payments or advances thereof to any Certificateholder or payee pursuant to federal withholding
requirements, the Paying Agent shall indicate the amount withheld to such Certificateholder. Any amount so withheld shall be treated
as having been distributed to such Certificateholder for all purposes of this Agreement.

 

Section
4.01     REMIC Compliance. (a)  The parties intend that 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 as a “real estate mortgage investment conduit” as defined in, and in accordance with, the REMIC Provisions
at all times any Certificates are outstanding, and the provisions hereof shall be interpreted consistently with this intention.
In furtherance of such intention, the Certificate Administrator shall, to the extent permitted by applicable law, act as agent,
and is hereby appointed to act as agent, of each Trust REMIC and shall on behalf of each Trust REMIC:

 

(i)             make or cause to be made an election, on behalf of each of the Lower-Tier REMIC and the Upper-Tier REMIC, to be treated as a REMIC
on Form 1066 for its first taxable year, in accordance with the REMIC Provisions;

 

(ii)            prepare and timely file, or cause to be prepared and timely filed, and cause the Trustee to sign (and the Trustee shall sign),
all required Tax Returns for the Lower-Tier REMIC and the Upper-Tier REMIC, using a calendar year as the taxable year for each
of such REMIC as required by the REMIC Provisions and other applicable federal, state or local income tax laws;

 

(iii)           prepare and forward, or cause to be prepared and forwarded, to the Certificateholders and the IRS and applicable state and local
tax authorities all information reports as and when required to be provided to them in accordance with the REMIC Provisions;

 

(iv)           if the filing or distribution of any documents of an administrative nature not addressed in clauses (i) through (iii) of this Section 4.04(a) is then required by the REMIC Provisions in order to maintain the status of the Lower-Tier
REMIC and the Upper-Tier REMIC as a REMIC or is otherwise required by the Code, prepare and file or distribute, or cause to be
prepared and signed and filed or distributed, such documents with or to such Persons when and as required by the REMIC Provisions
or the Code or comparable provisions of state and local law;

 

(v)            within 30 days of the Closing Date, obtain a taxpayer identification number for each of the Lower-Tier REMIC and the Upper-Tier
REMIC on IRS Form SS-4 and (in the case of the Upper-Tier REMIC only), furnish or cause to be furnished to the IRS, on Form 8811
or as otherwise may be required by the Code, the name, title and address of the person that the Certificateholders may contact
for tax information relating thereto (and the Certificate Administrator shall act as the representative of the Upper-Tier REMIC
for this purpose), together with such additional information as may be required by such Form, and shall update such information
at the time or times and in the manner required by the Code (and the Depositor agrees within 10 Business Days of the Closing Date
to provide any

 

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information reasonably requested by the Master Servicer, the Special Servicer or the Certificate Administrator
and necessary to make such filing); and

 

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

 

The
Certificate Administrator shall be designated as the “partnership representative” within the meaning of Section 6223
of the Code, of the Upper-Tier REMIC and the Lower-Tier REMIC. Each Holder of a Percentage Interest in the Class R or Class LR
Certificates, by acceptance thereof, is deemed to have consented to the Certificate Administrator’s designation in such
capacities and agrees to execute any documents required to give effect thereto, and any fees and expenses incurred by the Certificate
Administrator in connection therewith.

 

The
Certificate Administrator’s authority under this Agreement includes the authority to make, and the Certificate Administrator
is hereby directed to make, any elections allowed under the Code (i) to avoid the application of Section 6221 of the Code (or
successor provisions) to either Trust REMIC and (ii) to avoid payment by either Trust REMIC under Section 6225 of the Code (or
successor provisions) of any tax, penalty, interest or other amount imposed under the Code that would otherwise be imposed on
any Holder of a Class R Certificate, past or present. Each Holder of Class R Certificate agrees, by acquiring such Certificate,
to any such elections.

 

The
Certificate Administrator shall not intentionally take any action or intentionally omit to take any action if, in taking or omitting
to take such action, the Certificate Administrator has actual knowledge that such action or omission (as the case may be) would
cause the termination of the REMIC status of the Lower-Tier REMIC or the Upper-Tier REMIC, the status of the Grantor Trust as
a grantor trust or the imposition of tax on the Lower-Tier REMIC, the Upper-Tier REMIC or the Grantor Trust (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 or the Upper-Tier REMIC to tax (other than a tax at the highest marginal corporate tax rate on net
income from foreclosure property), or (c) cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC;
and (ii) exercise reasonable care not to allow the Trust Fund to receive any contributions, or any income from the

 

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performance
of services or from assets not permitted under the REMIC Provisions to be held by a REMIC (provided, however, 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 Operating Advisor, 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 Operating Advisor, 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 or the Operating Advisor’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.

 

(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 Principal Balance Certificates: (i) the Trust
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 Trust Loan will prepay in accordance with the Prepayment Assumption; (ii) none of the Master
Servicer, the Special Servicer or the Certificateholder owning a majority of the Percentage Interest in the Class R and Class
LR Certificates will exercise the right described in Section 9.01 of this Agreement to cause early termination of the Trust
Fund; and (iii) no Trust Loan is repurchased by the Trust Loan Sellers pursuant to Article II hereof.

 

Section
4.02        Imposition of Tax on the Trust Fund. In the event that any tax, including
interest, penalties or assessments, additional amounts or additions to tax, is imposed on the Lower-Tier REMIC, the Upper-Tier
REMIC or the Grantor Trust, 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 REO Property
in determining Net REO Proceeds with respect to the REO Property (and until such taxes are paid, the Special Servicer from time
to time shall withdraw from amounts in the REO Account allocable to the Trust Loan 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 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 Available Funds as provided
in Section 3.06(a)(xii) of this Agreement, 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 Available Funds sufficient funds to pay or
provide for the payment of, and to actually pay, such tax as is legally owed by the applicable Trust REMIC (but such authorization
shall not prevent the Trustee from contesting, at the expense of the Trust Fund, on a pro rata basis between the Trust
Loan and the Companion Loan) any such tax in appropriate proceedings, and withholding payment of such tax,

 

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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 Trust Loan from any “prohibited
transaction” under Section 860F(a) of the Code or (ii) the amount of any contribution to the Lower-Tier REMIC
or the Upper-Tier REMIC after the Startup Day that is subject to tax under Section 860G(d) of the Code and use such income
or amount, to the extent necessary, to pay such tax (and return the balance thereof, if any, to the Collection Account, the Lower-Tier
Distribution Account or the Upper-Tier Distribution Account, as the case may be). 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 or the Class LR Certificates, as the case may be, and shall distribute such retained amounts to the Holders
of Principal Balance Certificates and 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 or the Class LR Certificates, as applicable. Neither the Master
Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, nor the Trustee shall be responsible for
any taxes imposed on the Lower-Tier REMIC or the Upper-Tier REMIC except to the extent such tax is attributable to a breach of
a representation or warranty or the negligence or willful misconduct of the Master Servicer, the Special Servicer, the Operating
Advisor, 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
6.03 of this Agreement, in the case of the Operating Advisor, 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,
the Special Servicer or the Operating Advisor 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 Operating Advisor, 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 Operating Advisor, the Master Servicer or the Special Servicers and the
Operating Advisor shall not be responsible for the breaches, acts or omissions of the Master Servicer, the Special Servicer, the
Trustee or the Certificate Administrator.

 

The
Certificate Administrator shall be responsible for obtaining a tax identification number for any REMIC specified herein, and shall
be responsible for the preparation of the related IRS Form W-9, if such form is requested. The Trustee shall be entitled to rely
on the information contained therein, and is hereby directed to execute such IRS Form W-9; provided, 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.

 

Section
4.03     Remittances. On the Servicer Remittance Date immediately preceding each Distribution Date,
the Master Servicer shall remit to (a) the Certificate Administrator for deposit in the Lower-Tier Distribution Account, an amount
equal to the Available Funds for such Distribution Date and (b) CREFC® the CREFC® License Fee.

 

Section
4.04        P&I Advances and Administrative Advances. (a)  On or before
3:00 p.m. (New York City Time) on each Servicer Remittance Date, the Master Servicer shall

 

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 either (i) remit to the Certificate
Administrator for deposit into the Lower-Tier Distribution Account from its own funds an amount equal to the aggregate amount
of P&I Advances, if any, to be made in respect of the related Distribution Date, (ii) apply amounts held in the Collection
Account 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 Collection Account shall only be applied up to the Trust Loan’s pro rata
share of the amounts held therein on such dates (unless such P&I Advance has been determined to be nonrecoverable, in
which such amounts shall be applied pursuant to the Co-Lender Agreement) 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® License Fee shall not be remitted to the Certificate
Administrator but shall instead be remitted to CREFC®. Any amounts held in the Collection Account for future distribution
and so used to make P&I Advances shall be appropriately reflected in the Master Servicer’s records and replaced by the
Master Servicer by deposit in the Collection Account on or before the next succeeding P&I Advance 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 Monthly 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 required P&I Advance by
3:00 p.m. (New York City time) on any 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 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. If the Master Servicer or the Trustee makes a P&I Advance with respect to the Trust 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 within two
(2) Business Days of making such P&I Advance.

 

(b)            Subject to Section 4.07(d) and 4.07(e) 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 Monthly Payment (net of related Servicing
Fees) other than the Balloon Payment that was due during the related Collection Period and delinquent (or unpaid, pending the
expiration of any applicable grace period with respect to the Trust Loan having a grace period extending past the P&I Advance
Determination Date) as of the close of business on the P&I Advance Determination Date (or not advanced by the Master Servicer
or any Sub-Servicer on behalf of the Master Servicer) with respect to the Trust Loan and (ii) with respect to the Balloon
Payment that was due during or prior to the related Collection Period and was delinquent (including any applicable grace period)
as of the end of the related Collection Period (including any REO Loan as to which the Balloon Payment would have been past due),
an amount equal to the Assumed Scheduled Payment therefor. Subject to subsection (c) below, the obligation of the
Master Servicer or the Trustee, as applicable, to make such P&I Advances with respect to the Trust Loan (or REO Loan) is mandatory,
and with respect to the Trust Loan or REO Loan, shall continue until the Distribution Date on which Liquidation Proceeds or REO
Proceeds, if any, are to be

 

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distributed. The Monthly 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)            Subject to Section 4.07(d) and 4.07(e) below, the Master Servicer shall also make advances (“Administrative
Advances”) with respect to the Trust Loan to pay Special Servicing Fees, Workout Fees, Liquidation Fees, Advance Interest
Amounts and other out-of-pocket costs and expenses incurred by the Trust or by the Master Servicer, the Special Servicer, the
Operating Advisor, the Certificate Administrator, the Custodian or the Trustee in connection with the servicing and administration
of the Whole Loan allocable to the Trust Loan not otherwise covered by a Property Advance, including in connection with any workout
of the Trust Loan or enforcement of the terms of the Loan Documents, in each case, to the extent the Borrowers (1) are obligated
to reimburse the Trust for such amounts pursuant to the Loan Documents and (2) do not pay such amounts on or prior to the time
when the party is entitled to payment or reimbursement of such amounts from the Collection Account or the Distribution Account
in accordance with terms of this Agreement. The Master Servicer shall deposit Administrative Advances into the Collection Account
within the same time frame required for P&I Advances as provided in Section 4.07(a). The Master Servicer shall notify
the Trustee and the Certificate Administrator of (i) the aggregate amount of Administrative Advances for a Distribution Date and
(ii) the amount of any Nonrecoverable Administrative Advances for such Distribution Date, on or before the P&I Advance Determination
Date. If the Master Servicer fails to make a required Administrative Advance by 3:00 p.m. (New York City time) on any Servicer
Remittance Date, then the Trustee shall make such Administrative 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 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 Administrative Advance, if made, would be a Nonrecoverable Advance.

 

(d)            Notwithstanding anything herein to the contrary, no P&I Advance or Administrative Advance shall be required hereunder if the
Master Servicer, the Special Servicer or the Trustee, as applicable, determines that such P&I Advance or Administrative Advance
(together with interest on such P&I Advance or Administrative Advance, as applicable at the Advance Rate) would, if made,
constitute a Nonrecoverable Advance. In addition, the Master Servicer shall not make any P&I Advance or Administrative Advance
to the extent that it has received written notice that the Special Servicer has determined that such P&I Advance or Administrative
Advance would, if made, constitute a Nonrecoverable P&I Advance or Nonrecoverable Administrative Advance. In making such nonrecoverability
determination, the Master Servicer, the Special Servicer and Trustee shall be entitled (i) to give due regard to the existence
of any Nonrecoverable Advance with respect to the Trust Loan, 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 Trust Loan
are a source of recovery not only for the Advance under consideration, but also as a potential source of recovery of such Nonrecoverable
Advance which is being or may be deferred or delayed, (ii) to consider (among other things) the obligations of the Borrowers under
the terms of the Whole Loan as it may have been modified, (iii) to consider (among other things) the Mortgaged Properties in their
“as-is” or then-current conditions and occupancy, as modified by such party’s assumptions (consistent with

 

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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 the Mortgaged Properties, (iv) to estimate and consider (consistent with the Servicing Standard
in the case of the Master Servicer or the Special Servicer) (among other things) future expenses and (v) to estimate and consider
(among other things) the timing of recoveries.

 

If
an Appraisal of any 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.

 

Any
such determination by the Master Servicer, Special Servicer or the Trustee that the Master Servicer or Trustee, as applicable,
has made a Nonrecoverable Advance or that any proposed P&I Advance or Administrative Advance, if made, would constitute a
Nonrecoverable 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 and to the Trustee, the Certificate Administrator, the Depositor, the Operating Advisor (if such
determination was made during an Operating Advisor Consultation Period) and the Directing Holder (if such determination was made
during a Subordinate Control Period or a Subordinate Consultation Period) and, in the case of the Trustee, by a certificate of
a Responsible Officer of the Trustee, delivered to the Depositor, the Certificate Administrator, the Master Servicer, the Special
Servicer, the Operating Advisor (if such determination was made during an Operating Advisor Consultation Period) and the Directing
Holder (if such determination was made during a Subordinate Control Period or a Subordinate Consultation Period), 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 to be 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 the Special Servicer may, at its option, make a determination in accordance with the Servicing
Standard, that any Advance previously made or proposed to be made is nonrecoverable and shall deliver to the Master Servicer,
Special Servicer, the Certificate Administrator, the Trustee, the 17g-5 Information Provider (which 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
that a P&I Advance or Administrative Advance

 

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 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 Fund, 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 or Administrative Advance shall be conclusive and binding on the Certificateholders.

 

Notwithstanding
the above, (i) the Trustee shall be entitled to rely conclusively on, and shall be bound by, any determination by the Master
Servicer or the Special Servicer, as applicable, that an Advance, if made, would be a Nonrecoverable Advance, if such determination
is received prior to the applicable Advance, and (ii) the Master Servicer will be entitled to rely conclusively on, and shall
be bound by, any determination of the Special Servicer that an Advance, if made, would be a Nonrecoverable Advance, if such determination
is received prior to the applicable Advance. The Trustee, in determining whether or not an Advance previously made is, or a proposed
Advance, if made, would be, a Nonrecoverable Advance shall be subject to a good faith business judgment standard. The Special
Servicer shall promptly furnish the Master Servicer and the Trustee with any information in its possession regarding a Specially
Serviced Loan or an REO Property as each such party may reasonably request for purposes of making recoverability determinations.

 

(e)            In connection with the recovery of any Advance out of the Collection Account pursuant to Section 3.06 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 the Trust Loan or REO Property) out of any amounts then on deposit in the Collection Account interest at the Advance Rate in
effect from time to time, accrued on the amount of such Advance from the date made with respect to the Trust Loan. The Master
Servicer shall reimburse itself or the Trustee, as the case may be, for any outstanding Advance as soon as practicably possible
after funds available for such purpose are deposited in the Collection Account with respect to the Trust Loan.

 

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 Prepayment Charges, Penalty Charges, Excess Interest or any cure payments and (ii) the interest
portion of any P&I Advance with respect to the Trust Loan as to which there has been an Appraisal Reduction Amount will be
an amount equal to the product of (x) the amount required to be advanced without giving effect to the Appraisal Reduction
Amount and (y) a fraction, the numerator of which is the Stated Principal Balance of the Trust Loan (as of the immediately
preceding Determination Date) less any Appraisal Reduction Amount applicable to the Trust Loan and the denominator of which is
the Stated Principal Balance of the Trust Loan (as of such immediately preceding Determination Date). All P&I Advances for
the Trust Loan that has been modified shall be calculated on the basis of their terms as modified. For the avoidance of doubt,
the Master Servicer shall have no obligation to make a principal and interest advance or an administrative advance with respect
to the Companion Loan.

 

The
portion of any Insurance Proceeds, Net Liquidation Proceeds and Net Condemnation Proceeds in respect of the Trust Loan or any
REO Loan allocable to principal shall equal the total amount of such proceeds minus (i) any portion thereof payable to the
Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Trustee pursuant to this Agreement
and (ii) a portion thereof equal to the interest component of the

 

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Monthly Payment(s), as accrued at the Mortgage Rate from
the date as to which interest was last paid by the Borrowers up to but not including the Due Date in the Collection Period in
which such proceeds are received; provided, however, that in the event that the interest portion(s) of one or more
P&I Advances with respect of the Trust Loan or REO Loan, as applicable, were reduced as a result of an Appraisal Reduction
Event, the amount of the Net Liquidation Proceeds and Net Condemnation Proceeds to be applied to interest shall be reduced by
the aggregate amount of such reductions and the portion of such Net Liquidation Proceeds and Net Condemnation Proceeds to be applied
to principal shall be increased by such amount, and if the amount of the Net Liquidation Proceeds and Net Condemnation Proceeds
to be applied to principal has been applied to pay the principal of the Trust Loan or REO Loan in full, any remaining Net Liquidation
Proceeds and Net Condemnation Proceeds shall then be applied to pay any remaining accrued and unpaid interest of the Trust Loan
or REO Loan.

 

(f)             The Master Servicer or the Trustee, as applicable, shall be entitled to the reimbursement of P&I Advances or Administrative
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 or Administrative Advances to the extent permitted pursuant to Section
3.06 of this Agreement and the Master Servicer and the Special Servicer each hereby covenants and agrees to promptly seek
and effect the reimbursement of such Advances from the Borrowers to the extent permitted by applicable law and the Trust Loan
and this Agreement.

 

(g)            The Master Servicer will be permitted to make its determination that it has made a P&I Advance on the Trust 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 Trust Loan in accordance with Section 4.07(a) independently of any determination made in respect of
the Companion Loan, by the master servicer under the related Other Pooling and Servicing Agreement. If the Master Servicer or
Trustee, as applicable, determines that a proposed P&I Advance with respect to the Trust Loan, if made, or any outstanding
P&I Advance with respect to any such Trust Loan previously made, would be, or is, as applicable, a Nonrecoverable Advance
or if the Master Servicer or Trustee, as applicable, subsequently determines that a proposed Property Advance would be a Nonrecoverable
Advance or an outstanding Property 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 Co-Lender 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 Companion Loan, that any proposed advance of principal and/or interest with respect to the 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.

 

If
the Master Servicer or Special Servicer receives notice from a Rating Agency that it is no longer approved as a master servicer
or a special servicer, as applicable, for commercial mortgage securitizations, the Master Servicer or Special Servicer, as applicable,
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 the Companion Loan, if any.

 

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Section 4.05            Appraisal Reductions; Collateral Deficiency Amounts. (a) For purposes of determining (i) the Controlling Class, (ii) whether a Subordinate Control Period, Subordinate Consultation Period or an Operating Advisor Consultation Period is then in effect, or (iii) Voting Rights of the related Classes for certain purposes, including replacement of the Special Servicer and the Operating Advisor, any Appraisal Reduction Amounts (other than Assumed Appraisal Reduction Amounts) and Collateral Deficiency Amounts allocated to the Trust Loan shall be allocated to each Class of Principal Balance Certificates in reverse sequential order to notionally reduce the related Certificate Balances until the Certificate Balance of each such Class is reduced to zero (i.e., first, to the Class HRR Certificates, second, to the Class D Certificates, third, to the Class C Certificates, fourth, to the Class B Certificates and fifth, to the Class A Certificates). For the avoidance of doubt, Appraisal Reduction Amounts and Collateral Deficiency Amounts shall not be allocated concurrently to the Principal Balance Certificates.

 

Following the application of any Appraisal Reduction Amounts, the Certificate Administrator shall determine whether a Subordinate Control Period, a Subordinate Consultation Period and/or an Operating Advisor Consultation Period is then in effect, and shall promptly notify the Master Servicer, the Special Servicer and the Operating Advisor of such determination and shall post such determination to the Certificate Administrator’s Website.

 

(b)          If the Certificate Balance of the Class HRR Certificates (taking into account the application of any Appraisal Reduction Amounts allocated to the Trust Loan to notionally reduce the Certificate Balance of such Class) has been reduced to less than 25% of its respective initial Certificate Balance, such Class shall be referred to as an “Appraised-Out Class”. The holders of the majority (by Certificate Balance) of the Appraised-Out Class shall have the right, at their sole expense, to require the Special Servicer to order a second appraisal of the Mortgaged Properties (such holders, the “Requesting Holders”), and the Special Servicer shall use its commercially reasonable efforts to obtain an appraisal from 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 determination shall not be permitted to exercise any rights of the Controlling Class until such time, if any, as such Class is reinstated as the Controlling Class and the rights of the Controlling Class shall be exercised by the next most senior Class that is eligible to be a Controlling Class, if any, during such period.

 

In addition, the Requesting Holders of any Appraised Out Class shall have the right, at their sole expense, to require the Special Servicer to order an additional appraisal of the Mortgaged Properties following an Appraisal Reduction Event if an event has occurred at, or with regard to, any Mortgaged Property that would have a material effect on its appraised value, and the Special Servicer shall use reasonable efforts to obtain an appraisal from 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 Mortgaged Properties have occurred that would have a material effect on the appraised value of the 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.

 

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Upon receipt of such additional appraisal, the Special Servicer shall determine, in accordance with the Servicing Standard, whether, based on its assessment of such second appraisal, any recalculation of the Appraisal Reduction Amount is warranted and, if so warranted, shall direct the Master Servicer to recalculate such Appraisal Reduction Amount based upon such second appraisal. If required by any such recalculation, the applicable Appraised-Out Class shall be reinstated as the Controlling Class and each Appraised-Out Class shall have its Certificate Balance notionally restored to the extent required by such recalculation of the Appraisal Reduction Amount based on such second appraisal. If required by any such recalculation, the Appraised-Out Class will be reinstated as a Controlling Class.

 

As of the first Determination Date following the Whole 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 the Whole Loan, and all other information relevant to a Collateral Deficiency Amount determination. The Special Servicer, upon reasonable prior written request, shall provide the Master Servicer with information in its possession that is reasonably required to calculate or recalculate any Collateral Deficiency Amount. None of the Special Servicer, the Trustee or the Certificate Administrator shall calculate or verify any Collateral Deficiency Amount.

 

Appraisals that are permitted to be obtained at the request of the holders of the 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 otherwise pursuant to this Agreement) or that the Special Servicer is otherwise required or permitted to order under this Agreement without regard to any appraisal requests made by any Requesting Holder.

 

For the avoidance of doubt, for purposes of determining whether the Class HRR Certificates is the Controlling Class or whether a Subordinate Control Period or a Subordinate Consultation Period is then in effect, the Controlling Class Certificates shall be allocated both applicable Appraisal Reduction Amounts and applicable Collateral Deficiency Amounts, in accordance with this Section 4.08(a). The appraised value of the Mortgaged Properties shall be determined on an “as is” basis.

 

The Master Servicer shall promptly notify the Certificate Administrator of the amount of any Appraisal Reduction Amount allocated to the Whole Loan (which notification shall be made by delivery of the CREFC® Loan Periodic Update File in accordance with Section 3.13 hereof) and the amount of any Collateral Deficiency Amount allocated to the AB Modified Loan (which notification shall be made by delivery of such information included in the CREFC® Loan Periodic Update File and the CREFC® Appraisal Reduction Template or such report mutually agreed to between the Master Servicer and the Certificate Administrator, which shall be delivered simultaneously with the CREFC® Loan Periodic Update File in accordance with Section 3.13 hereof). Based on information in its possession, the Certificate Administrator shall determine from time to time whether the Class HRR is the Controlling Class. In connection with the Certificate Administrator’s determination of whether the Class HRR is the Controlling Class, the Certificate Administrator shall determine whether a Subordinate Control Period or Subordinate Consultation Period (or neither) is then in effect. Promptly upon its determination that the Class HRR is no

 

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longer the Controlling Class, the Certificate Administrator shall notify the Master Servicer and the Special Servicer.

 

Section 4.06     Grantor Trust Reporting. (a) The Certificate Administrator shall maintain adequate books and records to account for the separate entitlements of the Grantor Trust.

 

(b)          The parties intend that the Grantor Trust 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, the Certificate Administrator shall not intentionally or knowingly vary the assets of the Grantor Trust so as to take advantage of market fluctuations so as to improve the rate of return of the Regular Certificates. The Certificate Administrator shall file or cause to be filed with the IRS Form SS-4, Form 1041, Form 1099 or such other form as may be applicable and shall furnish or cause to be furnished to the Holders of the applicable Certificates their allocable share of income and expense, as such amounts are received or accrue, as applicable.

 

(c)          As of the Closing Date no Class S Certificate is held through a “middleman” as defined by the WHFIT Regulations. If the Certificate Administrator receives notice that the Class S Certificates are held through a “middleman” as defined by the WHFIT Regulations, then the Grantor Trust is 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 the Depository is the only “middleman” as defined by the WHFIT Regulations unless the Depositor provides the Certificate Administrator with the identities of other “middlemen” as defined by the WHFIT Regulations that are Certificateholders. The Certificate Administrator shall be entitled to indemnification in accordance with the terms of this Agreement in the event that the IRS makes a determination that the first sentence of this paragraph is incorrect.

 

(d)          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 its website) WHFIT information with respect to the Grantor Trust to the 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.

 

(e)           The Certificate Administrator shall not be liable for failure to meet the reporting requirements of the WHFIT Regulations nor for any penalties thereunder if such failure is due to: (i) the lack of reasonably necessary information being provided to the Certificate Administrator or (ii) incomplete, inaccurate or untimely information being provided to the Certificate Administrator. Each Holder of a Class S Certificate, by acceptance of its interest in such Class of securities, shall be deemed to have agreed to provide the Certificate Administrator with information regarding any sale of such securities, including the price, amount of proceeds and date of sale. Absent receipt of information regarding any sale of a Class S Certificate, including the price, amount of proceeds and date of sale from the beneficial owner thereof or the Depositor, the Certificate Administrator shall assume there is no secondary market trading of WHFIT interests.

 

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To the extent required by the WHFIT Regulations, the Certificate Administrator shall use reasonable efforts to make available the CUSIPs for the Certificates that represent ownership of a WHFIT. The CUSIPs so published shall represent the Rule 144A CUSIPs. The Certificate Administrator will not make available any associated Regulation S CUSIPs. Absent the receipt of a CUSIP, the Trustee shall use a reasonable identifier number in lieu of a CUSIP. The Certificate Administrator shall not be liable for investor reporting delays that result from the receipt of inaccurate or untimely CUSIP information.

 

ARTICLE V

THE CERTIFICATES

 

Section 5.01          The Certificates. (a) The Certificates consist of the Class A Certificates, the Class X Certificates, the Class B Certificates, the Class C Certificates, the Class D Certificates, the Class HRR Certificates, the Class S Certificates, the Class R Certificates and the Class LR Certificates.

 

The Class A, Class X,
Class B, Class C, Class D, Class HRR, Class S, Class R and Class LR Certificates will be substantially in the forms of Exhibits
A-1 through A-9 to this Agreement, as set forth in the Table of Exhibits to this Agreement. The Certificates of each
Class (other than the Class S, Class LR and Class R Certificates) will be issuable in registered form only, in minimum denominations
of authorized Certificate Balance or Notional Amount, as applicable, as described in the succeeding table, and multiples of $l
in excess thereof (or such lesser amount if the Certificate Balance is not a multiple of $1). With respect to any Certificate
or any beneficial interest in a Certificate, the “Denomination” thereof shall be (i) the amount (A) set forth on the
face thereof or (B) in the case of any Global Certificate, set forth on a schedule attached thereto or, in the case of any beneficial
interest in a Global Certificate, the amount set forth on the books and records of the related Depository Participant or indirect
participating brokerage firm, as applicable, (ii) expressed in terms of Certificate Balance or Notional Amount, as applicable,
and (iii) be in an authorized denomination, as set forth below. 

	Class
                                         

	 

	Minimum
Denomination

	 

	Aggregate
                                         Denomination of
all Certificates of Class

	A

	 

	$100,000

	 

	 

	$200,690,000

	 

	X

	 

	$1,000,000

	 

	 

	$200,690,000

	 

	B

	 

	$100,000

	 

	 

	$57,945,000

	 

	C

	 

	$100,000

	 

	 

	$258,191,000

	 

	D

	 

	$100,000

	 

	 

	$138,174,000

	 

	HRR

	 

	$100,000

	 

	 

	$41,000,000

	 

Each Certificate will share ratably in all rights of the related Class. The Class S, Class R and Class LR Certificates will each be issuable in one or more registered, definitive physical certificates in minimum denominations of 5% Percentage Interests and integral multiples of a 1% Percentage Interest in excess thereof and together aggregating the entire 100% Percentage Interest in each such Class.

 

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The Global Certificates shall be issued as one or more certificates registered in the name of a nominee designated by the Depository, and Beneficial 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.

 

(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 Beneficial Owners with respect to the Global Certificates for the purposes of exercising the rights of Certificateholders hereunder; provided, however, that for purposes of transmitting communications pursuant to Section 5.05(a) of this Agreement, to the extent that the Depository has provided the Certificate Administrator with the names of Beneficial Owners (even if such Certificateholders hold their Certificates through the Depository) the Certificate Administrator shall provide such information to such Beneficial Owners directly. The rights of Beneficial 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, Beneficial Owners of Global Certificates shall not be entitled to physical certificates for the Global Certificates as to which they are the Beneficial 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 Beneficial 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 Beneficial Owner of any attendant expenses, the Certificate Administrator shall cause the issuance and delivery of such Individual Certificates. The Depositor 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 Beneficial Owners.

 

(c)           Any of the Certificates may be issued with appropriate insertions, omissions, substitutions and variations, and may have imprinted or otherwise reproduced thereon such legend or legends, not inconsistent with the provisions of this Agreement, as may be required to comply with any law or with rules or regulations pursuant thereto, or with the rules of any securities market in which the Certificates are admitted to trading, or to conform to general usage.

 

(d)          The Global Certificates (i) shall be delivered by the Certificate Registrar to the Depository or, pursuant to the Depository’s instructions on behalf of the Depository to, and deposited with, the Certificate Custodian, and in either case shall be registered in the name of Cede & Co. and (ii) shall bear a legend substantially to the following effect:

 

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“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, qualified or able properly to discharge its responsibilities as Depository, and the Depositor is unable to locate a qualified successor or (ii) the Depositor, at its sole option, elects in writing to the Certificate Administrator and to the Depository to terminate the book-entry system through the Depository with respect to all or any portion of any Class of Certificates, the Certificate Administrator shall notify the affected Beneficial Owner or Owners through the Depository of the occurrence of such event and the availability of Individual Certificates to such Beneficial 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. None of the Trustee, the Certificate Administrator, the Certificate Registrar, the Operating Advisor, the Master Servicer, the Special Servicer or 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, the Operating Advisor, the Master Servicer and the Special Servicer shall recognize the Holders of Individual Certificates as Certificateholders hereunder.

 

(f)           If the Trustee, its agents, the Certificate Administrator, its agents or the Master Servicer or Special Servicer have instituted or have been directed to institute any judicial proceeding in a court to enforce the rights of the Certificateholders under the Certificates, and the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer have been advised by counsel that in connection with such proceeding it is necessary or appropriate for the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer to obtain possession of the Certificates, the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer may in their sole discretion determine that the Certificates represented by the Global Certificates shall no longer be represented by such Global Certificates. In such event, the Certificate Administrator or the Authenticating Agent will execute and authenticate and the Certificate Registrar will deliver, in exchange for such Global Certificates, Individual Certificates (and if the Certificate Administrator or the Certificate Custodian has in its possession Individual Certificates previously executed, the Authenticating Agent will authenticate and the Certificate

 

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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 Exhibits A-1 through A-9 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 paid on the last two (2) Business Days preceding such Distribution Date, and the Borrowers fail to make such payments at such time, and the Master Servicer revises its final report and as a result the Certificate Administrator revises its report to the Depository after the Depository deadline, 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, the Operating Advisor, the Master Servicer and the Special Servicer shall not be liable or held responsible for any resulting delay (or claims by DTC resulting therefrom) in the making of such distribution to Certificateholders. Any out-of-pocket costs incurred by the Certificate Administrator as a consequence of the Borrowers failing to make such payments shall be reimbursable to the Certificate Administrator as an expense of the Trust Fund. Any such reimbursement shall be an expense of the Trust Fund.

 

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 Operating Advisor, 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, however, that in no event shall the Certificate Registrar be required to maintain in the Certificate Register the names of the individual Participants holding beneficial interests in the Trust Fund through the Depository. The Person in whose name any Certificate is so registered shall be deemed and treated as the sole

 

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owner and Holder thereof for all purposes of this Agreement and the Depositor, Certificate Registrar, the Master Servicer, Special Servicer, the Operating Advisor, 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 (g) and Sections 5.02(c), Section 5.02(d), Section 5.02(e), Section 5.02(f), Section 5.02(g), Section 5.02(h) and Section 5.02(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.

 

The Risk Retained Certificates shall only be held as a Definitive Certificate in the Risk Retained Certificate Safekeeping Account by the Certificate Administrator (and the Retaining Party shall be registered on the Certificate Register), unless otherwise consented to by the Retaining Sponsor. The Certificate Administrator shall hold each Risk Retained Certificate in safekeeping and shall release the same only upon receipt of written instructions in accordance with this Agreement from the Retaining Party and the Retaining Sponsor’s consent (subject to this Section 5.02(a)), and in accordance with any authentication Administrator. There shall be, and hereby is, established by the Certificate Administrator an account which will be designated the “Risk Retained Certificate Safekeeping Account” and into which each Risk Retained Certificate 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 Risk Retained Certificate Safekeeping Account for the Retaining Party. Each Risk Retained Certificate to be delivered in physical form to the Certificate Administrator shall be delivered as set forth herein. Upon receipt by the Certificate Administrator of any Risk Retained Certificate in connection with the initial issuance thereof and, for so long as the Risk Retained Certificates are held in the Risk Retained Certificate Safekeeping Account by the Certificate Administrator pursuant to this Agreement, upon any transfer or exchange pursuant to this Article V of any Risk Retained Certificate, the Certificate Administrator shall deliver to the Retaining Party a receipt in the form set forth in Exhibit V. No amounts distributable to the Risk Retained Certificates shall be remitted to the Risk Retained Certificate Safekeeping Account, but instead shall be remitted directly to (or otherwise at the direction of) the Retaining Party in accordance with written instructions provided separately on the Closing Date (and any updates to such written instructions provided from time to time) by the Retaining Party to the Certificate Administrator. Under no circumstances by virtue of safekeeping any Risk Retained Certificate shall the Certificate Administrator be obligated to bring legal action or institute proceedings against any Person on behalf of the Retaining Party. The Certificate Administrator shall hold the Definitive Certificate representing the Risk Retained Certificates at the below location, or any other location; provided the Certificate Administrator has given notice to the Retaining Party of such new location:

 

               Wells Fargo Bank, NA
425 E Hennepin Avenue
Minneapolis, MN 55414
Attention: Security Control and Transfer (SCAT) – MAC N9345-010

 

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On the Closing Date, the Certificate Administrator shall deliver written confirmation to the Depositor, the Retaining Sponsor and the Retaining Party substantially in the form of Exhibit V to this Agreement evidencing its receipt of the Risk Retained Certificates.

 

The Certificate Administrator shall make available to the Retaining Party its respective account information as mutually agreed upon by the Certificate Administrator and such Retaining Party, and in accordance with the Certificate Administrator’s policies and procedures. Any transfer of a Risk Retained Certificate shall be subject to this Article V.

 

After the release of
any Risk Retained Certificates pursuant to this Section 5.02(a), the Certificate Administrator shall have no liability
or obligation with respect to the safekeeping of such released Risk Retained Certificates. 

(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 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 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 to a transferee that takes delivery in the form of an Individual Certificate (other than transfers of the Class R or Class LR Certificates, which may be made only in accordance with Section 5.02(i)):

 

(A)          The Certificate Registrar shall register the transfer of an Individual Certificate if (1) the requested transfer is being made (x) in connection with the initial transfer from an Initial Purchaser to an initial investor or (y) by a transferee who has provided the Certificate Registrar with an Investment Representation Letter substantially in the form of Exhibit D-1 to this Agreement (an “Investment Representation Letter”), to the effect that the transfer is being made to a Qualified Institutional Buyer in accordance with Rule 144A or (2) prior to the transfer the related transferee furnishes to the Certificate Registrar (x) an Investment Representation Letter to the effect that the transfer is being made to an Institutional Accredited Investor (other than a Qualified Institutional Buyer) or to an Affiliated Person in accordance with an applicable exemption under the Act, and (y) 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; or

 

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(B)          The Certificate Registrar shall register the transfer of an 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;

 

and, in each case, the Certificate Registrar shall register the transfer of an 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 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 the Global Certificates 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 Beneficial 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 Beneficial Owner may, in addition to complying with all applicable rules and procedures of the Depository and Clearstream or Euroclear applicable to transfers by their respective participants (the “Applicable Procedures”), transfer or cause the transfer of such beneficial interest for an equivalent beneficial interest in such Regulation S Global Certificate only upon compliance with the provisions of this Section 5.02(c)(ii)(A). Upon receipt by the Certificate Registrar at the Corporate Trust Office of (1) written instructions given in accordance with the Applicable Procedures from an Agent Member directing the Certificate Registrar to credit or cause to be credited to another specified Agent Member’s account a beneficial interest in the Regulation S Global Certificate in an amount equal to the Denomination of the beneficial interest in the Rule 144A Global Certificate to be transferred, (2) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Agent Member and the Euroclear or Clearstream account, as the case may be, to be credited with, and the account of the Agent Member to be debited for, such beneficial interest, and (3) a certificate in the form of Exhibit H to this Agreement given by the Beneficial 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

 

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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 Beneficial 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 Beneficial Owner of such interest, the Certificate Registrar shall instruct the Depository or the Certificate Custodian, as applicable, to reduce the Denomination of the Rule 144A Global Certificate by the aggregate Denomination of the beneficial interest in the Rule 144A Global Certificate to be so transferred and, concurrently with such reduction, to increase the Denomination of the Regulation S Global Certificate by the aggregate Denomination of the beneficial interest in the Rule 144A Global Certificate to be so transferred, and to credit or cause to be credited to the account of the Person specified in such instructions a beneficial interest in the Regulation S Global Certificate having a Denomination equal to the amount by which the Denomination of the Rule 144A Global Certificate was reduced upon such transfer.

 

(C)          Regulation S Global Certificate to Rule 144A Global Certificate. If the Beneficial 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 Beneficial 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

 

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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.

 

(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 (other than a Qualified Institutional Buyer or an initial transfer from an Initial Purchaser 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)(A) 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

 

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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) and (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). Upon receipt by the Certificate Registrar at the Corporate Trust Office of (l) the Individual Certificate to be transferred with an assignment and transfer pursuant to Section 5.05(a) of this Agreement, (2) written instructions given in accordance with the Applicable Procedures from an Agent Member directing the Certificate Registrar to credit or cause to be credited to a specified Agent Member’s account a beneficial interest in such Regulation S Global Certificate or such Rule 144A Global Certificate, as the case may be, in an amount equal to the Denomination of the Individual Certificate to be so transferred, (3) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Agent Member and, in the case of any transfer pursuant to Regulation S, the Euroclear or Clearstream account, as the case may be, to be credited with such beneficial interest, and (4) (x) an Investment Representation Letter from the transferee and, if delivery is to be taken in the form of a beneficial interest in the Regulation S Global Certificate, a Regulation S Transfer Certificate from the transferor or (y) an Investment Representation Letter from the transferee to the effect that such transferee is a Qualified Institutional Buyer if delivery is to be taken in the form of a beneficial interest in the Rule 144A Global Certificate, the Certificate Registrar shall cancel such Individual Certificate, execute and deliver a new Individual Certificate for the Denomination of the Individual Certificate not so transferred, registered in the name of the Holder or the Holder’s transferee (as instructed by the Holder), and the Certificate Registrar shall instruct the Depository or the Certificate Custodian, as applicable, to increase the Denomination of the Regulation S Global Certificate or the Rule 144A Global Certificate, as the case may be, by the Denomination of the Individual Certificate to be so transferred, and to credit or cause to be credited to the account of the Person specified in such instructions who, in the

 

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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 Rule 144A Global Certificate other than the initial transfer from an Initial Purchaser to an Institutional Accredited 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.

 

(d)          If Certificates are issued upon the transfer, exchange or replacement of Certificates not bearing the Securities Legend, the Certificates so issued shall not bear the Securities Legend. If Certificates are issued upon the transfer, exchange or replacement of Certificates bearing the Securities Legend, or if a request is made to remove the Securities Legend on a Certificate, the Certificates so issued shall bear the Securities Legend, or the Securities Legend shall not be removed, as the case may be, unless there is delivered to the Certificate Registrar such satisfactory evidence, which may include an opinion of counsel (at the expense of the party requesting the removal of such legend) familiar with United States securities laws, as may be reasonably required by the Certificate Registrar, that neither the Securities Legend nor the restrictions on transfers set forth therein are required to ensure that transfers of any Certificate comply with the provisions of Rule 144A or Rule 144 under the Act or that such Certificate is not a “restricted security” within the meaning of Rule 144 under the Act. Upon provision of such satisfactory evidence, the Certificate Registrar shall execute and deliver a Certificate that does not bear the Securities Legend.

 

(e)           Subject to the restrictions on transfer and exchange set forth in Section 5.01(i) and in this Section 5.02, the Holder of any Individual Certificate may transfer or exchange the same in whole or in part (with a denomination equal to any authorized denomination) by surrendering such Certificate at the office of the Certificate Administrator or at the office of any transfer agent appointed as provided under this Agreement, together with an instrument of assignment or transfer (executed by the Holder or its duly authorized attorney), in the case of transfer, and a written request for exchange, in the case of exchange. Following a proper request for transfer or exchange, the Certificate Registrar shall, within five Business Days of such request if made at such office of the Certificate Registrar 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 Registrar 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

 

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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 Registrar 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 or Regulation S 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 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 that are not Qualified Institutional Buyers, as provided herein. In connection with any transfer to an Institutional Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided herein) incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer.

 

(i)           Subject to Section 5.02(e) of this Agreement, transfers of the Class R and Class LR Certificates may be made only in accordance with this Section 5.02(i). The Certificate Registrar shall register the transfer of a Class R or Class LR 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 and (y) prior to such transfer the transferee furnishes to the Certificate Registrar an Investment Representation Letter. In addition, the Certificate Registrar may as a condition of the registration of any such transfer require the transferor to furnish such other certifications, legal opinions or other information (at the transferor’s expense) as it may reasonably require to confirm that the proposed transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Act and other applicable laws.

 

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(j)         No transfer, sale, pledge or other disposition of any Certificate 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 Special Servicer, the Operating Advisor, the Certificate Administrator, the Trustee nor the Certificate Registrar are obligated to register or qualify the 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 Certificates without registration or qualification. Any Certificateholder desiring to affect such a transfer shall, and does hereby agree to, indemnify the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Trustee, the Initial Purchasers 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 HRR, Class S, Class R or Class LR Certificate (each, a “Restricted Certificate”) shall be made to (i) an employee benefit plan or other plan or retirement arrangement, including an individual retirement account or a Keogh plan, which is subject to 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 fiduciary responsibility provisions of ERISA or to Section 4975 of the Code (each, a “Plan”) or (ii) any Person acting on behalf of any Plan or using the assets of any Plan (including any entity whose underlying assets include plan assets by reason of a Plan’s investment in the entity (within the meaning of Department of Labor Regulations Section 2510.3-101, as modified by Section 3(42) of ERISA)) to acquire any such Restricted Certificate, other than, in the case of the Class HRR Certificates, insurance company general accounts purchasing and holding under circumstances that meet all of the requirements of Sections I and III of Prohibited Transaction Exemption 95-60 or, in the case of a Plan subject to Similar Law, under circumstances where the acquisition, holding and disposition of the Restricted Certificates will not result in a non-exempt violation of Similar Law. Each prospective transferee of a Restricted Certificate (other than in the case of the initial transfer from the Initial Purchasers to an initial investor) 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 LR Certificate in any Person’s name unless such Person has provided the letter referred to in clause (ii) of the preceding sentence. Each beneficial owner of a Certificate (other than a Class S, Class R or Class LR Certificate) or any interest therein will be deemed to have represented, by virtue of its acquisition or holding of such Certificate or interest therein, that (i) it is not a Plan and is not acting on behalf of or using the assets of a Plan (including any entity whose underlying assets include plan assets by reason of a Plan’s investment in the entity (within the meaning of Department of Labor Regulations Section 2510.3-101, as modified by Section 3(42) of ERISA)) to purchase the Certificates, (ii) in the case of a Certificate that meets the rating requirements of the Underwriter Exemption at the time of purchase, that (w) it has acquired and is holding such Certificate or an interest therein in reliance on the Underwriter Exemption, (x) it understands that there certain conditions to the availability of the Underwriter Exemption, including that the certificate must be rated, at the time of purchase, not lower than “BBB-” (or its equivalent) by a rating agency that meets the requirements of the Underwriter Exemption and that

 

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such Certificate is so rated, and (y) it is an “accredited investor” as defined in Rule 501(a)(1) of Regulation D, or (iii) it is an insurance company general account and all requirements of Sections I and III of PTCE 95-60 will be met with respect to its acquisition, holding and disposition of the Certificates (or, in the case of a Plan subject to Similar Law, that its acquisition, holding and disposition of the Certificates will not result in a non-exempt violation of Similar Law). Any transfer of a Certificate that would violate these restrictions 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 (“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 Initial Purchasers, the Trustee, the Certificate Administrator, the Master 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.

 

(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 (such consent not to be unreasonably withheld), 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

 

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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 or Class LR 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 and Class LR Certificates, require a statement from the proposed transferor substantially in the form attached as Exhibit C-2 (the “Transferor Certificate”), that the proposed transferor has no actual knowledge that the proposed transferee is not a Permitted Transferee and has no actual knowledge or reason to know that the proposed transferee’s statements in the Transferee Affidavit are false.

 

(iii)      Notwithstanding the delivery of a Transferee Affidavit by a proposed transferee under clause (ii) above, if a Responsible Officer of the Certificate Registrar has actual knowledge that the proposed transferee is not a Permitted Transferee, no Transfer to such proposed transferee shall be effected and such proposed Transfer shall not be registered on the Certificate Register; provided, however, that the Certificate Registrar shall not be required to conduct any independent investigation to determine whether a proposed transferee is a Permitted Transferee.

 

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 Beneficial 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 of an Ownership Interest 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 or Class LR Certificate (or portion thereof) for periods after such Transfer. At the election of the Certificate Registrar and the

 

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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, however, that such Persons shall in no event be excused from furnishing such information.

 

(m)         Notwithstanding any other provision of this Agreement, the Certificate Administrator shall comply with all federal withholding requirements respecting payments to Certificateholders and other payees of interest or original issue discount that the Certificate Administrator reasonably believes are applicable under the Code. The consent of Certificateholders or payees shall not be required for such withholding, and the Certificateholders shall be required to provide the Certificate Administrator information relating to such Certificateholder solely to the extent necessary for the Certificate Administrator to determine any required withholding amounts. If the Certificate Administrator does withhold any amount from interest or original issue discount payments or advances thereof to any Certificateholder or payee pursuant to federal withholding requirements, the Certificate Administrator shall indicate the amount withheld to such Person. Such amounts shall be deemed to have been distributed to such Persons for all purposes of this Agreement. In connection with the foregoing, such holders shall be required to provide any information that the Certificate Administrator may reasonably request to perform its tax obligations.

 

(n)          At all times during the Transfer Restriction Period, if a transfer of the Class HRR Certificates after the Closing Date is to be made, then the Certificate Administrator in conjunction with the Certificate Registrar shall refuse to register such transfer unless it receives (and, upon receipt, may conclusively rely upon) (i) a certification from such Certificateholder’s prospective Transferee substantially in the form attached hereto as Exhibit C-3, which such certification must be countersigned by the Retaining Party and the Retaining Sponsor with a medallion stamp guarantee of the Retaining Party and the Retaining Sponsor, (ii) a certification from the Certificateholder desiring to effect such transfer substantially in the form attached hereto as Exhibit C-4, which such certification must be countersigned by the Retaining Party and the Retaining Sponsor (if different) with a medallion stamp guarantee of the Retaining Party and the Retaining Sponsor (if different), (iii) an IRS Form W9 completed by the prospective Transferee and (iv) wiring instructions and contact information of the prospective Transferee. Upon receipt of the foregoing certifications, the Certificate Registrar shall, subject to Section 5.02(e), register the Transfer of the Class HRR Certificate, reflect such Class HRR Certificate in the name of the prospective Transferee and deliver written confirmation substantially in the form of Exhibit S. The Certificate Registrar shall not register a Transfer of any Class HRR 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 Class HRR Certificate is to be made and such Class HRR Certificate is in the Risk Retained Certificate 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, 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, 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 Class HRR

 

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Certificate and reflect such Class HRR Certificate in the name of the prospective Transferee. After the termination of the Transfer Restriction Period, if a transfer of a Class HRR Certificate is to be made and such Class HRR Certificate is in the Risk Retained Certificate Safekeeping Account, the Certificate Registrar shall not register a Transfer of such Class HRR Certificate unless it is so instructed by the Certificate Administrator. For the avoidance of doubt, in no event shall a Class HRR Certificate be held as a Book-Entry Certificate during the Transfer Restriction Period. After the Transfer Restriction Period, a Class HRR Certificate may be transferred subject to the restrictions on transfer set forth in this Article V. Any transfer of an interest in a Class HRR Certificate that is not in compliance with this Section 5.02 shall be null and void ab initio to the extent permitted under applicable law.

 

Section 5.03          Mutilated, Destroyed, Lost or Stolen Certificates. If (i) any mutilated Certificate is surrendered to the Certificate Registrar, or the Certificate Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Certificate, and (ii) there is delivered to the Certificate Registrar such security or indemnity as may be required by it to save it and the Certificate Administrator harmless, then, in the absence of actual knowledge by a Responsible Officer of the Certificate Registrar that such Certificate has been acquired by a bona fide purchaser, the Certificate Administrator or the Authenticating Agent shall execute and authenticate and the Certificate Registrar shall deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of the same Class and of like tenor and Percentage Interest. Upon the issuance of any new Certificate under this Section 5.03, the Certificate Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Certificate Registrar) connected therewith. Any replacement Certificate issued pursuant to this Section 5.03 shall constitute complete and indefeasible evidence of ownership of the corresponding interest in the Trust Fund, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time.

 

Section 5.04         Appointment of Paying Agent. The Certificate Administrator may appoint a paying agent 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 “A” from Fitch and “A” 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 No Downgrade Confirmation.

 

Section 5.05        Access to Certificateholders’ Names and Addresses; Special Notices. (a) If any Certifying Certificateholder or the Master Servicer (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, the Certificate

 

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Registrar 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, at the expense of the Applicant.

 

(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 Certificateholder at their respective addresses appearing on the Certificate Register. The costs and expenses of the Certificate Administrator associated with delivering with any such Special Notice shall be borne by the party requesting such Special Notice. Every Certificateholder, by receiving and holding a Certificate, agrees that neither the Certificate Administrator nor the Certificate Registrar shall be held accountable by reason of the disclosure of any such Special Notice to Certificateholders, regardless of the information set forth in such Special Notice.

 

Section 5.06          Actions of Certificateholders. (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Agreement to be given or taken by Certificateholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Certificateholders in person or by agent duly appointed in writing; and except as herein otherwise expressly provided, 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.

 

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Section 5.07          Rule 144A Information. (a) The Certificate Administrator shall, upon request of any Certifying Certificateholder that is a Holder of a Certificate or any beneficial owner of a Certificate, furnish to such Holder or beneficial owner, or to a prospective purchaser that is designated by such Holder or beneficial owner and that 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 by the Depositor (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).

 

ARTICLE VI

THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE OPERATING ADVISOR AND THE DIRECTING HOLDER

 

Section 6.01          Liability of the Depositor, the Master Servicer, the Special Servicer and the Operating Advisor.

 

The Depositor, the Master Servicer, the Special Servicer and the Operating Advisor each shall be liable in accordance herewith only to the extent of the obligations specifically imposed by this Agreement.

 

Section 6.02          Merger or Consolidation of either the Master Servicer, the Special Servicer, the Operating Advisor or the Depositor. Subject to the following paragraph, each of the Master Servicer and the Special Servicer will 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 will not jeopardize its ability to do business in the jurisdiction in which the Mortgaged Properties securing the Trust Loan are located or to protect the validity and enforceability of this Agreement, the Certificates or the Trust Loan and to perform its respective duties under this Agreement. In addition, subject to the following paragraph, the Operating Advisor shall keep in full effect its existence, rights and good standing as a limited liability company under the laws of the State of New York and shall not jeopardize its ability to do business in each jurisdiction in which the Mortgaged Properties are located or to protect the validity and enforceability of this Agreement, the Certificates or Trust Loan and to perform its respective duties under this Agreement.

 

Each of the Master Servicer, the Special Servicer, the Operating Advisor 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, the Operating Advisor 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, the Operating Advisor or the Depositor is a party, or any Person succeeding to the business of the Master Servicer, the Special Servicer, the Operating Advisor (which, in the case of the Operating Advisor, may be limited to all or substantially all of its assets relating to acting as a trust advisor or operating advisor for commercial mortgage securitizations) or the Depositor, shall be the successor of the Master Servicer, the Special Servicer, the Operating Advisor or the Depositor, as applicable, hereunder, and shall be deemed to have assumed all of the liabilities of the Master Servicer, the Special Servicer, the Operating Advisor or the Depositor, as applicable, hereunder, without the consent of any other party to this Agreement if each of the Rating Agencies has

 

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provided a No Downgrade Confirmation (and each rating agency then rating the Companion Loan Securities has provided a No Downgrade Confirmation) relating to the Certificates; provided, however, that no Rating Agency shall be required to provide a No Downgrade Confirmation if (x) the Master Servicer, the Special Servicer, the Operating Advisor or the Depositor is merged into or consolidated with a Qualified Affiliate or transfers all or substantially all of its assets to a Qualified Affiliate or (y) the Master Servicer, the Special Servicer or the Operating Advisor enters into a merger and the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, is the surviving entity under the applicable law, in which case, the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, shall also not, as a result of the merger, be required to obtain the consent of the Depositor. Notwithstanding the foregoing, no Master Servicer, Special Servicer or Operating Advisor may remain the Master Servicer, the Special Servicer or the Operating Advisor under this Agreement after (x) being merged or consolidated with or into any Person that is a Prohibited Party, or (y) transferring all or substantially all of its assets to any Person if such Person is a Prohibited Party, except to the extent (i) the Master Servicer, the Special Servicer or the Operating Advisor 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 and Others. (a) None of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or any Affiliates, directors, officers, employees, shareholders, members, managers or agents (including sub-servicers) of the Depositor, the Master Servicer, the Special Servicer or the Operating Advisor shall be under any liability to the Trust Fund, the Certificateholders, the Companion Loan Holders or any third party beneficiary for taking any action, or for refraining from the taking of any action, in good faith pursuant to this Agreement, or for errors in judgment; provided, however, that this provision shall not protect the Depositor, the Master Servicer, the Special Servicer or the Operating Advisor, or any member, manager, director, officer, employee, shareholder or agent (including sub-servicers) of the Depositor, the Master Servicer, the Special Servicer or the Operating Advisor, against any breach of representations and warranties 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 the Special Servicer, by reason of any specific liability imposed hereunder for a breach of the Servicing Standard or in the case of the Operating Advisor, by reason of any specific liability imposed for a breach of the Operating Advisor Standard) in the performance of duties or by reason of negligent disregard of obligations or duties hereunder. The Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and any Affiliate, member, manager, shareholder, director, officer, employee or agent of the Depositor, the Master Servicer, the Special Servicer or the Operating Advisor may rely in good faith on any document of any kind which, prima facie, is properly executed and submitted by any appropriate Person respecting any matters arising hereunder. In addition, in no event shall the Depositor be obligated to cause any party to perform or comply with the obligations to (i) remit the CREFC® License Fee to CREFC®, to report any such CREFC® License Fee so paid or to make available any Distribution Date Statement to any party (or in particular, CREFC®).

 

The Trust Fund and the Companion Loan Holders shall be indemnified and held harmless by each of the Master Servicer, the Special Servicer and the Operating Advisor (severally and not jointly) for any loss, liability or expense (including legal fees and expenses) incurred in

 

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connection with any claim, loss, penalty, fine, foreclosure, judgment or liability relating to this Agreement, the Certificates, incurred by the Trust Fund or the Companion Loan Holders, as applicable, by reason of willful misconduct, bad faith, fraud or negligence in the performance of duties hereunder, or by reason of negligent disregard of obligations and duties thereunder, on the part of such indemnifying party.

 

The Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and any Affiliate, director, officer, employee, shareholder, member, manager or agent of the Depositor, the Master Servicer, the Special Servicer and the Operating Advisor shall be indemnified and held harmless by the Trust Fund for any loss, liability or expense (including legal fees and expenses) incurred in connection with any claim, loss, penalty, fine, foreclosure, judgment, liability or legal action relating to this Agreement, the Certificates, other than any loss, liability or expense (including legal fees and expenses) (i) incurred by reason of such party’s willful misconduct, bad faith, fraud or negligence in the performance of duties hereunder or by reason of its negligent disregard of obligations and duties thereunder or (ii) in the case of the Depositor and any of its directors, officers, members, managers, employees, shareholders 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 of this Agreement), provided that the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, promptly notify the Companion Loan Holders and use efforts consistent with the Servicing Standard to exercise on behalf of the Trust any rights under the Co-Lender Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the Companion Loan from the Companion Loan Holders.

 

(b)          None of the Depositor, the Master Servicer, the Special Servicer or the Operating Advisor shall be under any obligation to appear in, prosecute or defend any legal action, unless such action relates to its respective duties under this Agreement and which in its opinion does not expose it to any expense or liability not recoverable from the Trust Fund; provided, however, that each of the Depositor, the Master Servicer, the Special Servicer or the Operating Advisor may in its discretion undertake any such action that it may deem necessary or desirable in respect to this Agreement and the rights and duties of the parties hereto and the interests of the Certificateholders and the Companion Loan Holders hereunder. In such event, the legal expenses and costs of such action and any liability resulting therefrom shall be expenses, costs and liabilities of the Trust Fund, and the Depositor, the Master Servicer, the Special Servicer and the Operating Advisor shall be entitled to be reimbursed therefor from the Collection Account (in accordance with Section 3.06 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 that such amounts shall be allocated in accordance with the expense allocation provision of the Co-Lender 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 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

 

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expenses are intended to include costs, reasonable attorney’s fees and expenses relating to the enforcement of such indemnity (but only after a non-appealable final judgment or court order in favor of the indemnified party with respect to such indemnity or as agreed to by the related parties pursuant to the settlement or otherwise).

 

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, provided that: (i) the party 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 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 No Downgrade Confirmation delivered to the Trustee and the Certificate Administrator relating to the Certificates and the 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, (D) shall not be a Prohibited Party and (E) with respect to the Special Servicer (x) during any Subordinate Control Period, has been appointed by the Directing Holder or (y) during any Subordinate Consultation Period, is reasonably acceptable to the Directing Holder and the Depositor; (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 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 upon either (i) the 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, the Certificate Administrator and during any Subordinate Control Period and any Subordinate Consultation Period, the Directing Holder. In connection with any such resignation, the successor special servicer shall either: (i) during any Subordinate Control Period, be appointed by the Directing Holder in accordance with the first paragraph of Section 7.01(c); or (ii) after termination of any Subordinate Control Period, be appointed by the Trustee and, during any Subordinate Consultation Period, be reasonably acceptable to the Directing Holder, and otherwise satisfy the requirements for a successor special

 

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servicer set forth in Section 6.04; provided that the Trustee shall have obtained a No Downgrade Confirmation from each Rating Agency.

 

(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.

 

No resignation or removal of the Master Servicer or the Special Servicer as contemplated by the preceding paragraphs shall become effective until the Trustee or a successor Master Servicer or Special Servicer shall have assumed the resigning or terminated Master Servicer’s or the Special Servicer’s responsibilities, duties, liabilities and obligations hereunder. 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 Operating Advisor, 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 is not obligated to monitor or supervise the performance of the Master Servicer or the Special Servicer, however, 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 their respective obligations hereunder by virtue of such performance by the Depositor or its designee. In the event the Depositor or its designee

 

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undertakes any such action, it will be reimbursed by the Trust Fund from the 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 Operating Advisor, the Master Servicer (solely with respect to any action or failure to act by the Special Servicer) or the Special Servicer (solely with respect to any action or failure to act by the Master Servicer), shall have any responsibility or liability for any action or failure to act by the Master Servicer or the Special Servicer and no such party is obligated to monitor or supervise the performance of the Master Servicer or the Special Servicer under this Agreement or otherwise. Neither the Master Servicer nor the Special Servicer shall be under any obligation to disclose confidential or proprietary information pursuant to this Section.

 

Section 6.06       The Master Servicer or Special Servicer as Owners of a Certificate. The Master Servicer or an Affiliate of the Master Servicer, or the Special Servicer or an Affiliate of the Special Servicer, may become the Holder (or with respect to a Global Certificate, Beneficial 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 Beneficial 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 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          Selection and Removal of the Directing Holder. (a) The Majority Controlling Class Certificateholder, as determined by the Certificate Registrar from time to time, may serve as, or may appoint as representative to serve as, the Directing Holder; provided that if no Certificateholder holds Certificates representing more than 50% of the Controlling Class (by Certificate Balance), then the Directing Holder shall be the representative appointed by the

 

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Controlling Class Certificateholder that owns, and is identified (with contact information) to the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee and the Certificate Administrator as owning, the largest aggregate Certificate Balance of Certificates of the Controlling Class; and provided, further, (i) upon receipt by the Master Servicer, the Special Servicer, the Operating Advisor and the Certificate Administrator of notice from the Majority Controlling Class Certificateholder or the Certificateholder that owns the largest aggregate Certificate Balances of Controlling Class Certificates, as applicable, that a Directing Holder is no longer so designated, (ii) if no representative is appointed as the Directing Holder or (iii) if the Directing Holder is required to have resigned due to becoming a Borrower Related Party, there shall be no Directing Holder until a Directing Holder that is not a Borrower Related Party is appointed. Each Holder of the Certificates of the Controlling Class that is not a Borrower Related Party shall be entitled to vote in each election of the Directing Holder; provided that, for the avoidance of doubt, the Directing Holder cannot be a Borrower Related Party.

 

(b)          The initial Directing Holder shall provide a written certification to the Certificate Administrator on the Closing Date certifying that (i) it is not a Borrower Related Party, (ii) it is the Holder of more than 50% of the Controlling Class (by Certificate Balance) or, if no Certificateholder holds Certificates representing more than 50% of the Controlling Class (by Certificate Balance), then it owns the largest aggregate Certificate Balance of Certificates of the Controlling Class, (iii) the Master Servicer, Special Servicer, Operating Advisor, Certificate Administrator and Trustee may conclusively rely on such certification and the Master Servicer, Special Servicer, Operating Advisor, Certificate Administrator and Trustee shall have no liability for such reliance and (iv) in the event the then existing Directing Holder is no longer the Holder of more than 50% of the Controlling Class (by Certificate Balance) or the owner of the largest aggregate Certificate Balance of Certificates of the Controlling Class, as applicable, the Directing Holder shall promptly notify the Certificate Administrator and each party to this Agreement in writing that it is no longer the Holder of more than 50% of the Controlling Class (by Certificate Balance).

 

(c)          There will be no initial Directing Holder. The Majority Controlling Class Certificateholder, if any, shall give written notice to the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Operating Advisor of the appointment of any subsequent Directing Holder (in order to receive notices hereunder).

 

(d)          The Directing Holder may be removed at any time, with or without cause, by the written vote of the Majority Controlling Class Certificateholder, and a copy of the results of such vote shall be delivered to each party to this Agreement.

 

(e)          The Controlling Class Certificateholder is hereby deemed to have agreed by virtue of its purchase of a Certificate to provide its name and address to the Certificate Administrator and to notify the Certificate Administrator of the transfer of any Certificate of the Controlling Class, the selection of a Directing Holder or the resignation or removal thereof. Any Certificateholder or its designee at any time appointed Directing Holder is hereby deemed to have agreed by virtue of its purchase of a Certificate to notify the Certificate Administrator of its identity and contact information when such Certificateholder or its designee is appointed Directing Holder and when it is removed or resigns. Upon receipt of such notice, the Certificate Administrator shall

 

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notify the Trustee, the Operating Advisor, the Special Servicer and the Master Servicer of the identity and contact information of the Directing Holder and any resignation or removal thereof.

 

On the Closing Date, the initial Directing Holder shall execute and deliver a certification substantially in the form of Exhibit L-1-C to this Agreement. Upon the resignation or removal of the existing Directing Holder, any successor Directing Holder shall also deliver a certification substantially in the form of Exhibit L-1-C to this Agreement prior to being recognized as the new Directing Holder.

 

(f)           Once a Directing Holder has been selected, each of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Certificate Administrator, the Trustee and each other Certificateholder (or Beneficial Owner, if applicable) shall be entitled to rely on such selection unless the Majority Controlling Class Certificateholder shall have notified each other party to this Agreement and each other Certificateholder of the Controlling Class, in writing, of the resignation of such Directing Holder or the selection of a new Directing Holder (with contact information).

 

(g)          Until it receives notice to the contrary, each party to this Agreement shall be entitled to rely on the most recent notification with respect to the identity of the Certificateholders of the Controlling Class and the identity and contact information of the Directing Holder.

 

(h)           The Directing Holder shall be responsible for its own expenses.

 

(i)           The Master Servicer, the Special Servicer, the Operating Advisor or the Trustee may from time to time request that the Certificate Administrator provide the name of the then-current Directing Holder. 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 Directing Holder to the Master Servicer, the Special Servicer, the Operating Advisor or the Trustee, as applicable, but only to the extent the Certificate Administrator has actual knowledge of the identity of the then-current Directing Holder; provided that if the Certificate Administrator does not have actual knowledge of the identity of the then-current Directing Holder, then (i) the Certificate Administrator shall determine which Class is the Controlling Class and (ii) 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 DTC participants for the Controlling Class and make reasonable efforts to obtain a list of Beneficial Owners from such DTC participants, and the Certificate Administrator shall provide such list of DTC participants and such list of Beneficial Owners (to the extent the Certificate Administrator obtains such list of Beneficial Owners), to the Master Servicer, the Special Servicer, the Operating Advisor or the Trustee. The Certificate Administrator shall be entitled to conclusively rely on the list of DTC participants for the Controlling Class provided by the Depository and the list of Beneficial Owners provided by any DTC participant and shall not have any liability for such reliance. Any expenses incurred in connection with obtaining such information shall be at the expense of the requesting party; provided 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 and (ii) the requesting party has not been notified of the identity of the Directing

 

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Holder or reasonably believes that the identity of the Directing Holder has changed, then such expenses shall be at the expense of the Trust. The Master Servicer, the Special Servicer, the Operating Advisor and the Trustee shall be entitled to conclusively rely on any such information so provided. If the Majority Controlling Class Certificateholder does not give written notice to the Trustee, the Operating Advisor, the Certificate Administrator, the Master Servicer and the Special Servicer of the appointment of any subsequent Directing Holder pursuant to Section 6.07(c), and if the identity of the Directing Holder is not provided by the Certificate Administrator, the Operating Advisor, the Master Servicer and Special Servicer shall have no obligation to consult with, provide notice to or seek approval of such Directing Holder. To the extent the Operating Advisor, the Master Servicer or the Special Servicer has written notice of any change in the identity of a Directing Holder or the list of Holders (or Beneficial Owners, if applicable) of the Controlling Class, then the Operating Advisor, the Master Servicer or the Special Servicer, as applicable, shall promptly notify the Trustee, the Operating Advisor, 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.

 

Section 6.08          Limitation on Liability of Directing Holder; Acknowledgements of the Certificateholders. The Directing Holder will have no liability to the Trust or the Certificateholders for any action taken, or refraining from the taking of any action, in accordance with or as permitted by this Agreement. Each holder of any Certificates shall acknowledge and agree, by its acceptance of its Certificate, that: (i) the Directing Holder and/or any Controlling Class Certificateholder may each have relationships and interests that conflict with those of Holders of one or more other Classes of Certificates and/or Companion Loan Holders; (ii) the Directing Holder and/or any Controlling Class Certificateholder may act solely in the interests of the Holders of the Controlling Class; (iii) the Directing Holder and the Holders of the Controlling Class do not have any duties to the Trust or to the Holders of any Class of Certificates or the Companion Loan Holders; (iv) the Directing Holder and/or any Controlling Class Certificateholder may take actions that favor interests of the Controlling Class over the interests of the Holders of one or more other Classes of Certificates or the Companion Loan Holders; (v) neither the Directing Holder nor the Holders of the Controlling Class shall have any liability whatsoever to the Trust, the parties to this Agreement, the Certificateholders, the Companion Loan Holders or any other Person (including the Borrowers) for having acted in accordance with or as permitted under the terms of this Agreement; and (vi) the Holders of the Certificates and the Companion Loan Holders may not take any action whatsoever against the Directing Holder or any Holder the Controlling Class or any of the respective affiliates, directors, officers, shareholders, members, partners, agents or principals thereof as a result of the Directing Holder or the Holders the Controlling Class having acted in accordance with the terms of and as permitted under this Agreement.

 

Section 6.09          Rights and Powers of the Directing Holder. (a) Notwithstanding anything herein to the contrary, except as set forth in this Section 6.09, (i) the Master Servicer shall not be permitted to take any of the actions constituting a Major Decision unless it has obtained the consent of the Special Servicer (which consent shall be deemed given if the Special Servicer does not object within fifteen (15) Business Days (or, in the case of a determination of an Acceptable Insurance Default, ninety (90) days) of receipt of the Master Servicer’s written analysis and recommendation together with any information in the possession of the Master Servicer that is reasonably required to make a decision regarding the subject action), and (ii) during any Subordinate Control Period, the Special Servicer shall not be permitted to consent to the Master

 

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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, as to which the Directing Holder has objected in writing within ten (10) Business Days (or, in the case of a determination of an Acceptable Insurance Default, thirty (30) days) after receipt of the written recommendation and analysis from the Special Servicer (the “Major Decision Reporting Package”), together with any information in the possession of the Special Servicer that is reasonably requested by the Directing Holder to make a decision regarding the subject action (provided that if such written objection has not been received by the Special Servicer within such ten (10) Business Days (or, in the case of a determination of an Acceptable Insurance Default, thirty (30) day) period, then the Directing Holder shall be deemed to have approved such action); provided that if the Special Servicer or Master Servicer (if the Master Servicer is otherwise authorized by this Agreement to take such action), as applicable, determines that immediate action, with respect to a Major Decision, or any other matter requiring consent of the Directing Holder during any Subordinate Control Period, or any other matter requiring consultation with the Operating Advisor, is necessary to protect the interests of the Certificateholders, the Special Servicer or Master Servicer, as applicable, may take any such action without waiting for the Directing Holder’s (or, if applicable, the Special Servicer’s) response; provided, further, that the Special Servicer or the Master Servicer, as applicable, has used reasonable efforts consistent with the Servicing Standard to contact the Directing Holder prior to taking such action; provided, further, that the Special Servicer is not required to obtain the consent of the Directing Holder for any of the foregoing actions during any Subordinate Consultation Period; provided, further, that the Special Servicer will be required to consult, solely on a non-binding basis (and to consider alternative actions recommended by each such party) during any Subordinate Consultation Period, with the Directing Holder with respect to any of the Major Decisions and any other matter as to which consent of the Directing Holder, if any, would have been required during any Subordinate Control Period; provided, further, that for so long as there is no Directing Holder, the Master Servicer and the Special Servicer shall have no duty to consult with, provide notice to, or seek the approval or consent of any Directing Holder, it being acknowledged that the initial Directing Holder is set forth in Section 6.07(c) hereof.

 

With respect to any action requiring the consent of, or consultation with, the Directing Holder under this Agreement, such consent shall be deemed given or consultation deemed waived if the Directing Holder does not respond within 10 Business Days unless otherwise specified.

 

If no Directing Holder has been appointed or identified to the Master Servicer or the Special Servicer, as applicable, and the Master Servicer or Special Servicer, as applicable, has attempted to obtain such information from the Trustee or Certificate Administrator, and no such entity has been identified to the Master Servicer or the Special Servicer, as applicable, then 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 the Directing Holder, it being acknowledged that the initial Directing Holder is set forth in Section 6.07(c) hereof.

 

In addition, during any Subordinate Control Period, the Directing Holder, if any, 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 deem advisable or as to which provision is otherwise made herein. Notwithstanding anything herein to the contrary, no such direction, and no

 

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direction or objection contemplated by the preceding paragraph or any other provision of this Agreement, may (a) require or cause the Master Servicer or the Special Servicer to violate any provision of the Loan Documents, any intercreditor agreement, applicable law or this Agreement, including without limitation the Master Servicer’s or the Special Servicer’s obligation to act in accordance with the Servicing Standard, (b) expose any Certificateholder, the Operating Advisor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the Trust or their affiliates, officers, directors or agent to any claim, suit or liability, (c) result in the imposition of a tax upon the Trust or (d) materially expand the scope of the Master Servicer’s or the Special Servicer’s responsibilities hereunder. Furthermore, in addition to the Directing Holder’s rights of consent and consultation (as applicable) as set forth in Section 6.09(a) above, it is understood and agreed that to the extent any other provision of this Agreement requires the provision of notice to, the obtaining of consent of, and/or consultation with, the Directing Holder, or otherwise provides for any right of the Directing Holder thereunder, then none of the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer shall be entitled to take any action (or omit to take any action) in contravention of the applicable rights of the Directing Holder contained in such provision; provided however, if the Directing Holder has not objected to any request for consent within ten (10) Business Days, such consent shall be deemed given; provided, further, that this sentence is not intended to in any way to (i) expand the rights of the Directing Holder, (ii) limit the application of the immediately preceding sentence, (iii) remove any limitations on the exercise of such rights set forth in such other provisions, or (iv) require the Trustee, the Certificate Administrator, the Master Servicer and/or the Special Servicer to send a notice to, obtain the consent of, or consult with a new Directing Holder whose name and contact information have not yet been provided to the Trustee, the Certificate Administrator, the Master Servicer and/or the Special Servicer; and provided, further, that if such other provisions are in any way subject to this Section 6.09, then the exercise of such rights shall be subject to the immediately following paragraph and Section 6.09(b).

 

If the Special Servicer or Master Servicer, as applicable, determines that a refusal to consent by the Directing Holder or any direction or advice from the Directing Holder or any recommendation by the Operating Advisor would otherwise cause the Special Servicer or Master Servicer, as applicable, to violate the terms of the Loan Documents, any intercreditor agreement, applicable law, provisions of the Code or this Agreement, including without limitation, the Servicing Standard, the Special Servicer or Master Servicer, as applicable, shall disregard such refusal to consent, direction or advice and notify the Directing Holder, the Trustee, the Certificate Administrator and the 17g-5 Information Provider of its determination, including a reasonably detailed explanation of the basis therefor. The taking of, or refraining from taking, any action by the Master Servicer or Special Servicer in accordance with the direction of or approval of the Directing Holder that does not violate the Loan Documents, any intercreditor agreement, any applicable law, provisions of the Code or the Servicing Standard or any other provisions of this Agreement, shall not result in any liability on the part of the Master Servicer or the Special Servicer.

 

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 to the Operating Advisor Servicing Officers with relevant knowledge regarding the Mortgage Loan and

 

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such Major Decision and/or Asset Status Report in order to address reasonable questions that the Operating Advisor may have relating to, among other things, such Major Decision and/or Asset Status Report and potential conflicts of interest and compensation with respect to such Major Decision and/or Asset Status Report. In addition, if an Operating Advisor Consultation Period is in effect, the Special Servicer shall consult with the Operating Advisor (telephonically or electronically) in connection with any proposed Major Decision (and such other matters that are subject to consultation rights of the Operating Advisor hereunder) and consider alternative actions recommended by the Operating Advisor, in respect thereof, provided that such consultation is on a non-binding basis. In the event that the Special Servicer receives no response from the Operating Advisor within ten (10) Business Days following the later of (i) its written request for input on any required consultation (which such written request shall contain 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 Trust Loan.

 

(b)        At any time other than during a Subordinate Control Period or a Subordinate Consultation Period, the Directing Holder shall have no consultation rights under this Agreement and shall have no right to receive any notices, reports or information (other than notices, reports or information required to be delivered to all Certificateholders) or any other rights as Directing Holder; provided that the Directing Holder (if and to the extent that it is a Certificateholder) will maintain the right to exercise its Voting Rights for the same purposes as any other Certificateholder under this Agreement.

 

(c)       If no Directing Holder has been appointed or identified to the Master Servicer or Special Servicer, as applicable, and the Master Servicer or Special Servicer, as applicable, has attempted to obtain such information from the Trustee or Certificate Administrator, and no such entity has been identified to the Master Servicer or the Special Servicer, as applicable, then 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 the Directing Holder.

 

Section 6.10            Directing Holder and Operating Advisor Contact with Master Servicer and Special Servicer. Upon reasonable request, each of the Master Servicer and the Special Servicer shall, without charge, make a Servicing Officer available to answer questions from the Directing Holder (during any Subordinate Control Period and any Subordinate Consultation Period) and the Operating Advisor (during any Operating Advisor Consultation Period) regarding the performance and servicing of the Trust Loan (or, in the case of the Special Servicer, the Special Servicer’s operational activities on a platform level basis related to the servicing of the Specially Serviced Loan and the servicing of any REO Property) for which the Master Servicer or the Special Servicer, as the case may be, is responsible.

 

Notwithstanding any provision of this Agreement to the contrary, the failure of the Master Servicer or the Special Servicer to disclose any information otherwise required to be disclosed by it pursuant to this Agreement shall not constitute a breach of this Agreement if the Master Servicer or the Special Servicer, as applicable, determines, in its reasonable and good faith

 

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judgment and consistent with the Servicing Standard, that such disclosure would constitute a waiver of the attorney-client privilege on behalf of the Trust or the Trust Fund or otherwise materially harm the Trust or the Trust Fund.

 

Section 6.11            The Operating Advisor. 

 

(a)           The Operating Advisor shall, as provided in this Agreement, review (i) the actions of the Special Servicer with respect to the Whole Loan if it is a Specially Serviced Loan and, any Major Decisions with respect to the Whole Loan when it is not a Specially Serviced Loan 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 on the Certificate Administrator’s Website or otherwise provided to the Operating Advisor pursuant to this Agreement and (iii) each Asset Status Report (during an Operating Advisor Consultation Period) and each Final Asset Status Report delivered to the Operating Advisor by the Special Servicer. The Operating Advisor shall perform its duties hereunder in accordance with the Operating Advisor Standard.

 

(b)          Subject to the Privileged Information Exception, 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 6.11(h) and subject to any law, rule, regulation, order, judgment or decree requiring the disclosure of such Privileged Information. Subject to the terms and conditions in this Agreement related to Privileged Information, the Operating Advisor agrees that it shall use information received from the Special Servicer pursuant to the terms of this Agreement solely for purposes of complying with its duties and obligations hereunder.

 

With respect to the determination of whether a Subordinate Control Period, Operating Advisor Consultation Period or Subordinate Consultation Period is in effect, or has terminated, the Master Servicer, Special Servicer and Operating Advisor are each entitled to rely solely on its receipt from the Certificate Administrator of notice thereof or any notice posted to the Certificate Administrator’s Website pursuant to this Agreement, and, with respect to any obligations of the Operating Advisor, Master Servicer or Special Servicer that are performed only during a Subordinate Control Period, Operating Advisor Consultation Period and/or Subordinate Consultation Period, the Operating Advisor, Master Servicer or Special Servicer shall have no obligation to perform any such duties until the receipt of such notice or actual knowledge of the occurrence of a Subordinate Control Period, Operating Advisor Consultation Period or Subordinate Consultation Period, as applicable.

 

(c)         Based on the Operating Advisor’s review of (i) any assessment of compliance and any attestation report delivered to the Operating Advisor or made available to the Operating Advisor on the Certificate Administrator’s Website, any Final Asset Status Report and reports by the Special Servicer made available to Privileged Persons that are posted on the Certificate Administrator’s Website during the prior calendar year that are relevant to the Operating Advisor’s obligations under this Agreement, the Operating Advisor shall ((A) if the Whole Loan was a Specially Serviced Loan at any time during the prior calendar year or (B) if an

 

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Operating Advisor Consultation Period was in effect during the prior calendar year and the Whole Loan was the subject of a Major Decision) deliver to the Depositor, the Certificate Administrator and the 17g-5 Information Provider (which shall promptly post such Operating Advisor Annual Report on the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)) 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 S (which form may be modified or altered as to either its organization or content by the Operating Advisor, subject to compliance of such form with the terms and provisions of this Agreement including, without limitation, provisions herein relating to Privileged Information; provided, that in no event shall the information or any other content included in the Operating Advisor Annual Report contravene any provision of this Agreement), setting forth the Operating Advisor’s assessment, in its sole discretion exercised in good faith, as to whether the Special Servicer is operating in compliance with the Servicing Standard with respect to its performance of its duties under this Agreement with respect to the Whole Loan if it is a Specially Serviced Loan (and, during an Operating Advisor Consultation Period, with respect to Major Decisions on the Whole Loan even if it is not a Specially Serviced Mortgage Loan) during the prior calendar year on the basis described in the following paragraph and identifying (1) which, if any, standards the Operating Advisor believes, in its sole discretion exercised in good faith, the Special Servicer has failed to comply with and (2) any material deviations from the Special Servicer’s obligations hereunder with respect to the Specially Serviced Loan or REO Property and, during an Operating Advisor Consultation Period, the Whole Loan even if it is not a Specially Serviced Loan (solely with respect to Major Decisions with respect thereto); provided, that in the event the Special Servicer is replaced, the Operating Advisor Annual Report shall only relate to the special servicer that was acting as Special Servicer as of December 31 in the prior calendar year and is continuing in such capacity through the date of such Operating Advisor Annual Report. In preparing any Operating Advisor Annual Report, the Operating Advisor shall not be required to report on instances of non-compliance with, or deviations from, the Servicing Standard 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. Notwithstanding any of the foregoing to the contrary, the Operating Advisor will not be obligated to prepare an annual report with respect to any calendar year unless at least one of the following occurs with respect to such calendar year: (i) the Operating Advisor receives a Final Asset Status Report with respect to the Whole Loan if it is a Specially Serviced Loan; (ii) the Operating Advisor is entitled to consult with the Special Servicer with respect to any Major Decision; or (iii) the Operating Advisor does not receive a Final Asset Status Report for the Whole Loan if it was a Specially Serviced Loan for a period of at least one hundred eighty (180) consecutive days following the Whole Loan becoming a Specially Serviced Loan. Such Operating Advisor Annual Report shall be delivered to the Depositor, the Certificate Administrator (which shall promptly post such Operating Advisor Annual Report on the Certificate Administrator’s Website pursuant to Section 4.02) and the 17g-5 Information Provider (which shall promptly post such Operating Advisor Annual Report on the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)); provided, that the Special Servicer shall be given an opportunity to review the Operating Advisor Annual Report at least five (5) Business Days prior to such annual report’s delivery to the Certificate Administrator and the 17g-5 Information Provider. The Operating Advisor shall have no obligation to adopt any comments to the Operating Advisor Annual Report that are provided by the Special Servicer.

 

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(d)          The Operating Advisor Annual Report shall be prepared on the basis of the Special Servicer’s performance of its duties with respect to the Specially Serviced Loan (and, during an Operating Advisor Consultation Period, with respect to Major Decisions on the Whole Loan even if it is not a Specially Serviced Loan) under this Agreement, taking into account the Special Servicer’s specific duties under this Agreement as well as the extent to which those duties were performed in accordance with the Servicing Standard, with reasonable consideration by the Operating Advisor of any assessment of compliance, attestation report, Major Decision Reporting Package, Asset Status Report, Final Asset Status Report and any other information delivered to the Operating Advisor by the Special Servicer (other than any communications between the Directing Holder and the Special Servicer that would be Privileged Information) or made available to the Operating Advisor on the Certificate Administrator’s Website, in each case, pursuant to this Agreement.

 

(e)         In the event the Operating Advisor’s ability to perform its obligations in respect of the Operating Advisor Annual Report is limited or prohibited due to the failure of a party hereto to timely deliver information required to be delivered to the Operating Advisor or because such information is inaccurate or incomplete, the Operating Advisor shall set forth such limitations or prohibitions in the related Operating Advisor Annual Report, and the Operating Advisor shall not be subject to any liability arising from such limitations or prohibitions. The Operating Advisor shall be entitled to conclusively rely on the accuracy and completeness of any information it is provided without liability for any reliance thereon. In the event a lack of access to Privileged Information limits or prohibits the Operating Advisor from performing its duties under this Agreement, the Operating Advisor may, to the extent the Operating Advisor deems relevant, set forth any such limitations or prohibitions in the related Operating Advisor Annual Report, and the Operating Advisor shall not be subject to any liability arising from its lack of access to Privileged Information.

 

(f)           With respect to the Whole Loan, after the subject calculation but prior to the utilization by the Special Servicer of any of the calculations related to net present value in accordance with Section 1.02(h) used in the Special Servicer’s determination of the course of action to take in connection with the workout or liquidation of the Whole Loan if 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 communications between the Directing Holder and the Special Servicer that would be 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 five (5) Business Days after receipt of such calculations and any supporting or additional materials, promptly recalculate and verify the accuracy of the mathematical calculations and the corresponding application of the non-discretionary portion(s) of the applicable formulas required to be utilized in connection with any such calculation.

 

In connection with this Section 6.11(f), if the Operating Advisor does not agree in any material respect with the mathematical calculations or the application of the applicable non-discretionary portion(s) of the formula required to be utilized for such calculation, the Operating Advisor and Special Servicer shall consult with each other in order to resolve any material inaccuracy in the mathematical calculations or the application of the non-discretionary portion(s)

 

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of the related formula in arriving at those mathematical calculations or any disagreement within seven (7) Business Days of delivery of such calculations. If the Operating Advisor and Special Servicer are not able to resolve such inaccuracies or disagreement prior to the end of such seven (7) Business Day period, the Operating Advisor shall promptly notify the Certificate Administrator of such disagreement, and the Certificate Administrator shall examine the calculations and supporting materials provided by the Special Servicer and the Operating Advisor and shall determine which calculation is to apply (and shall provide prompt written notice of such determination to the Operating Advisor and the Special Servicer).

 

(g)           Notwithstanding the foregoing, and unless an Operating Advisor Consultation Period is in effect, the Operating Advisor shall have no specific involvement with respect to collateral substitutions, assignments, workouts, modifications, consents, waivers, insurance policies, borrower substitutions, lease changes, additional borrower debt, defeasances, property management changes, releases from escrow, assumptions and other similar actions that the Special Servicer may perform under this Agreement and other similar actions that the Special Servicer may perform under this Agreement. In addition, with respect to the Operating Advisor’s review of net present value calculations as required in Section 6.11(f) above, the Operating Advisor’s recalculation shall not take into account the reasonableness of the Special Servicer’s property and borrower performance assumptions or other similar discretionary portions of the net present value calculation.

 

(h)      The Operating Advisor and its Affiliates shall keep all information appropriately labeled as “Privileged Information” confidential and without the prior written consent of the Special Servicer and the Directing Holder (during a Subordinate Control Period or Subordinate Consultation Period) shall not 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, 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 the Servicing Standard or the Special Servicer’s obligations under this Agreement (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 a Subordinate Control Period or Subordinate Consultation Period is in effect) 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 Operating Advisor that agree in writing to be bound by the same confidentiality provisions applicable to the Operating Advisor.

 

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

 

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(j)           As compensation for its activities hereunder, the Operating Advisor shall be entitled to receive the Operating Advisor Fee on each Servicer Remittance Date. The Operating Advisor Fee shall accrue from time to time at the Operating Advisor Fee Rate and shall be computed on the basis of the outstanding principal balance of the Trust Loan and in the same manner as interest is calculated on the Trust Loan, and, in connection with any partial month interest payment, for the same period respecting which any related interest payment due on the Trust Loan is computed. The Operating Advisor Fee shall be payable from funds on deposit in the Collection Account as provided in Section 3.06(a) of this Agreement.

 

(k)          The Operating Advisor shall be entitled to reimbursement of any Operating Advisor Expenses provided for pursuant to Section 6.03(a) hereof, such amounts to be reimbursed from amounts on deposit in the Collection Account as provided by Section 3.06(a). Each successor operating advisor shall be required to acknowledge and agree to the terms of the preceding sentence.

 

(l)           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 3.06(a) of this Agreement, but only to the extent such Operating Advisor Consulting Fee is actually received from the Borrowers. When the Operating Advisor has consultation obligations with respect to an Asset Status Report or Major Decision under this Agreement, the Master Servicer or the Special Servicer, as applicable, shall use commercially reasonable efforts consistent with the Servicing Standard to collect the applicable Operating Advisor Consulting Fee from the Borrowers in connection with such an Asset Status Report or Major Decision, but only to the extent not prohibited by the related Loan Documents. The Master Servicer or Special Servicer, as applicable, may waive or reduce the amount of any Operating Advisor Consulting Fee payable by the Borrowers if it determines that such full or partial waiver is in accordance with the Servicing Standard, but in no event shall the Master Servicer or the Special Servicer take any enforcement action with respect to the collection of such Operating Advisor Consulting Fee other than requests for collection; provided that the Master Servicer or the Special Servicer, as applicable, shall consult, on a non-binding basis, with the Operating Advisor prior to any such waiver or reduction.

 

(m)         Upon (i) the written direction of holders of Principal Balance Certificates representing at least 15% of the Voting Rights allocable to Non-Reduced Certificates requesting a vote to terminate and replace the Operating Advisor with a replacement Operating Advisor selected by such holders (provided that the proposed replacement Operating Advisor is an Eligible Operating Advisor), (ii) payment by such requesting holders to the Certificate Administrator of all reasonable fees and expenses to be incurred by the Certificate Administrator in connection with administering such vote and (iii) receipt by the Trustee of a No Downgrade Confirmation, the Certificate Administrator shall promptly provide written notice to all Certificateholders of such request by posting such notice on the Certificate Administrator’s Website in accordance with Section 4.02, and concurrently by mail, and conduct the solicitation of votes of all Certificates in such regard. Upon the vote or written direction of holders of Principal Balance Certificates representing more than 50% of the Voting Rights allocable to the Non-Reduced Certificates that exercise their right to vote, provided that the holders of Principal Balance Certificates representing at least 50% of the Voting Rights allocable to the Non-Reduced Certificates have exercised their

 

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right to vote, the Trustee shall immediately replace the Operating Advisor with the replacement Operating Advisor.

 

(n)          After the occurrence of an Operating Advisor Termination Event, the Certificate Administrator will be required to notify the Certificateholders, and the Trustee may, and upon the written direction of holders of Certificates representing at least 25% of the Voting Rights (taking into account the application of any Appraisal Reduction Amounts to notionally reduce the Certificate Balance of the Classes of Certificates), the Trustee shall promptly terminate the Operating Advisor for cause and appoint a replacement Operating Advisor that is an Eligible Operating Advisor; provided that no such termination shall be effective until a successor operating advisor has been appointed and has assumed all of the obligations of the Operating Advisor under this Agreement. No such termination shall terminate, change, reduce, or otherwise modify the rights and obligations of the Operating Advisor that accrued prior to such termination, including the right to receive all amounts accrued and owing to it under this Agreement, and other than indemnification rights arising out of events occurring prior to such termination. The Trustee may rely on a certification by the replacement Operating Advisor that it is an Eligible Operating Advisor. Upon (x) the occurrence of any Operating Advisor Termination Event or (y) any termination of the Operating Advisor and appointment of a successor to the Operating Advisor, the Trustee shall, as soon as possible, give written notice thereof to the Special Servicer, the Master Servicer, the Certificate Administrator, the 17g-5 Information Provider (for posting to the 17g-5 Information Provider’s Website), the Depositor, the Directing Holder and the Certificateholders. Notwithstanding the foregoing, if the Trustee is unable to find a successor operating advisor within thirty (30) days of the termination of the Operating Advisor, the Depositor shall be permitted to find a replacement. The Trustee shall not be liable for any failure to identify and appoint a successor operating advisor so long as the Trustee uses commercially reasonable efforts to conduct a search for a successor operating advisor and such failure is not a result of the Trustee’s negligence, bad faith or willful misconduct in the performance of its obligations hereunder.

 

(o)          The holders of Certificates representing at least 25% of the Voting Rights may waive an Operating Advisor Termination Event within twenty (20) days of the receipt of notice from the Trustee of the occurrence of such Operating Advisor Termination Event. Upon any such waiver of an Operating Advisor Termination Event, such Operating Advisor Termination Event shall cease to exist and shall be deemed to have been remedied for every purpose hereunder. Upon any such waiver of an Operating Advisor Termination Event, 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.

 

(p)          The Operating Advisor may resign from its obligations and duties hereby imposed on it upon thirty (30) days prior written notice to the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the Directing Holder, if applicable, if the Operating Advisor has secured a replacement operating advisor that is an Eligible Operating Advisor and such replacement operating advisor has accepted its appointment as the replacement operating advisor. No such resignation by the Operating Advisor shall become effective until the replacement Operating Advisor shall have assumed the resigning Operating Advisor’s responsibilities and obligations. If no successor operating advisor has been so appointed and accepted the appointment within 30 days after the notice of resignation, the resigning Operating

 

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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 reasonable costs and expenses (including costs and expenses incurred by the Trustee and the Certificate Administrator) associated with a transfer of its duties pursuant to this Section 6.11(p).

 

(q)          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 6.11(k) and shall also remain entitled to any rights of indemnification provided hereunder.

 

(r)          The parties hereto agree, and the Certificateholders by their acceptance of their respective Certificates shall be deemed to have agreed, that (i) subject to Section 6.03, the Operating Advisor shall have no liability to any Certificateholder for any actions taken or for refraining from taking any actions under this Agreement, (ii) the Operating Advisor shall act solely as a contracting party to the extent set forth in this Agreement, (iii) the Operating Advisor shall have no (A) fiduciary duty, or (B) other duty except with respect to its specific obligations under this Agreement, and shall have no duty to any particular class of Certificates or particular Certificateholders or any third party, and (iv) the Operating Advisor does not constitute an “investment adviser” within the meaning of the Investment Advisers Act of 1940, as amended.

 

(s)          Neither the Operating Advisor nor any of its Affiliates shall make any investment in any Class of Certificates.

 

(t)          The Operating Advisor may delegate its duties to agents or subcontractors to the extent such agents or subcontractors satisfy clauses (c), (d) and (f) of the definition of “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 6.11. Notwithstanding the foregoing sentence, the Operating Advisor shall remain obligated and primarily liable for any actions required to be performed hereunder in accordance with the provisions of this Agreement without diminution of any such obligation or liability by virtue of such delegation or arrangements or by virtue of indemnification from any Person acting as its agents or subcontractor to the same extent and under the same terms and conditions as if the Operating Advisor alone were performing its obligations under this Agreement.

 

(u)          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 Borrowers 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.

 

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ARTICLE VII

TERMINATION EVENTS

 

Section 7.01          Servicer Termination Events. (a) With respect to the Master Servicer, “Master Servicer Termination Event”, wherever used herein, means any one of the following events:

 

(i)               (A) any failure by the Master Servicer to make any deposit required to the Collection Account 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 (2) Business Days, (B) any failure by the Master Servicer to deposit into, or remit to the Certificate Administrator for deposit into, any Distribution Account any amount required to be so deposited or remitted (including, without limitation, any required P&I Advance or Administrative Advance, unless the Master Servicer determines such P&I Advance or Administrative Advance is a Nonrecoverable Advance) under this Agreement, 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 Prime Rate from and including the applicable required remittance date to, but not including, the date such remittance is actually made) or (C) any failure by the Master Servicer to remit to any holder of the Companion Loan, as and when required by this Agreement or the Co-Lender 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 (15 days in the case of the Master Servicer’s failure to make a Property 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 any other party hereto, or to the Master Servicer, with a copy to each other party to this Agreement, by (A) the Certificateholders of any Class evidencing, as to that Class, Percentage Interests aggregating not less than 25% of the Voting Rights or (B) an affected Companion Loan Holder; provided, however, 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;

 

(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 the Holders of any Class of Certificates or any Companion Loan Holder and which continues unremedied for a period of 30 days after the date on which

 

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notice of such breach, requiring the same to be remedied, shall have been given to the Master Servicer by any party hereto, or to the Master Servicer, the Special Servicer, the Depositor and the Trustee by the holders of Certificates of any Class evidencing, as to that Class, Percentage Interests aggregating not less than 25% of such Class or by an affected Companion Loan Holder; 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)            the Master Servicer is no longer rated at least “CMS3” by Fitch and such Master Servicer is not reinstated to at least that rating within 60 days of the delisting;

 

(viii)           (A) the Master Servicer has failed to maintain a ranking by DBRS Morningstar equal to or higher than “MOR CS3” as a master servicer and such ranking is not reinstated within 60 days of such event (if the Master Servicer has or had a DBRS Morningstar ranking on or after the Closing Date) or (B) DBRS Morningstar (i) has qualified, downgraded or withdrawn its ratings of any Class of Certificates, or (ii) has placed any Class of Certificates on “watch status” in contemplation of a rating downgrade or withdrawal (and such “watch status” placement, qualification, downgrade or withdrawal has not been withdrawn by DBRS Morningstar within sixty (60) days) and, in the case of either of clauses (i) or (ii), publicly cited servicing concerns with the Master Servicer, as the sole or material factor in such action;

 

(ix)             a Companion Loan Rating Agency has (A) qualified, downgraded or withdrawn its rating or ratings of one or more classes of Companion Loan Securities, or (B) placed one or more classes of Companion Loan Securities on “watch status” in contemplation of rating downgrade or withdrawal and, in the case of either of clauses (A) or (B), publicly citing servicing concerns with the Master Servicer as the sole or material

 

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factor in such rating action (and such qualification, downgrade, withdrawal or “watch status” placement has not been withdrawn by such Companion Loan Rating Agency within 60 days of such event); or

 

(x)              so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the Master Servicer or any primary servicer, Sub-Servicer or Servicing Function Participant (such entity, the “Sub-Servicing Entity”) retained by the Master 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 set forth for such delivery in Article XI, (any Sub-Servicing Entity that defaults in accordance with this Section 7.01(a)(x) shall be terminated at the direction of the Depositor);

 

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 the Holders of Certificates evidencing at least 25% of the aggregate Voting Rights of all Certificates (allocated based on Certificate Balances or Notional Amounts, as applicable, as notionally reduced by any Appraisal Reduction Amounts and Collateral Deficiency Amounts allocable to the Trust Loan), the Trustee shall, terminate all of the rights and obligations of the Master Servicer (other than the rights to indemnification provided in Section 6.03 of this Agreement and compensation provided in Section 3.12 of this Agreement).

 

In the event that the Master Servicer is also the Special Servicer and the Master Servicer is terminated as provided in this Section 7.01, 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), (viii) or (ix) of this Agreement 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 Whole Loan 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 Whole Loan under this Agreement. The bid proposal shall require any Successful Bidder (as defined below), as a condition of such bid, to enter into this Agreement as successor 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 Whole Loan pursuant to the terms of the respective Sub-Servicing Agreements and entering into

 

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a Sub-Servicing Agreement with the terminated Master Servicer to service the Whole Loan at a sub-servicing fee rate per annum equal to 0.00125% (a “Servicing Retained Bid”); and (ii) on the basis of the terminated Master Servicer not being retained as a Sub-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 Master Servicer hereunder; provided, however, that if the Trustee does not receive a No Downgrade Confirmation within 10 days after the selection of 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 No Downgrade 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, however, that the initial Master Servicer may request and obtain 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 Whole Loan 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 Whole Loan, which expenses are not reimbursed to the party that incurred such expenses pursuant to the preceding paragraph.

 

If the Successful Bidder has not entered into this Agreement as successor Master Servicer within the above described time period or no Successful Bidder was identified within the above described time period, the Master Servicer to be terminated pursuant to Section 7.01(a) of this Agreement shall reimburse the Trustee for all reasonable “out of pocket” expenses incurred by the Trustee in connection with such bid process and the Trustee shall have no further obligations under this Section 7.01(a). The Trustee thereafter may act or may select a successor to act as Master Servicer hereunder in accordance with Section 7.02 of this Agreement.

 

Notwithstanding anything to the contrary in this Article VII, if the Master Servicer shall timely deliver the notice and request for proposal materials referred to in the fourth preceding paragraph, no resignation or termination of the Master Servicer shall be effective in connection with a Master Servicer Termination Event under Section 7.01(a)(vii) 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 Section 7.01(a).

 

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 until a Responsible Officer

 

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of the Trustee or the Certificate Administrator, as applicable, has received written notice thereof or has actual knowledge thereof.

 

(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 two (2) Business Days, or any failure by the Special Servicer to remit to Master Servicer for deposit into, the 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 (2) Business Days and if the Special Servicer has compensated the Master Servicer for any loss of income on such amount suffered by the Master Servicer due to and caused by the late remittance of the Special Servicer and reimbursed 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 (45 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 any other party hereto, or to the Special Servicer, with a copy to each other party to this Agreement, by (A) the Certificateholders of any Class evidencing, as to that Class, Percentage Interests aggregating not less than 25% of the Voting Rights or (B) any affected Companion Loan Holder; provided, however, 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(a) of this Agreement, which materially and adversely affects the interests of the Holders of any Class of Certificates or any Companion Loan Holder 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 to the Special Servicer by any party hereto, or to the Master Servicer, the Special Servicer, the Depositor and the Trustee by the Holders of Certificates of any Class evidencing, as to that Class, Percentage Interests aggregating not less than 25% of such Class or by an affected Companion Loan Holder; provided that if such breach is capable of being cured and the Special Servicer is diligently pursuing such cure, such 30-day period will be extended an additional 30 days;

 

(iv)             a decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under any present or future federal or

 

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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)          (A) the Special Servicer has failed to maintain a ranking by DBRS Morningstar equal to or higher than “MOR CS3” as a special servicer and such ranking is not reinstated within 60 days of such event (if the Special Servicer has or had a DBRS Morningstar ranking on or after the Closing Date) or (B) DBRS Morningstar (i) has qualified, downgraded or withdrawn its ratings of any Class of Certificates, or (ii) has placed any Class of Certificates on “watch status” in contemplation of a rating downgrade or withdrawal (and such “watch status” placement, qualification, downgrade or withdrawal has not been withdrawn by DBRS Morningstar within sixty (60) days) and, in the case of either of clauses (i) or (ii), publicly cited servicing concerns with the Special Servicer, as the case may be, as the sole or material factor in such action;

 

(ix)             a Companion Loan Rating Agency has (A) qualified, downgraded or withdrawn its rating or ratings of one or more classes of Companion Loan Securities, or (B) placed one or more classes of Companion Loan Securities on “watch status” in contemplation of rating downgrade or withdrawal and, in the case of either of clauses (A) or (B), publicly citing servicing concerns with the Special Servicer, as the sole or material factor in such rating action (and such qualification, downgrade, withdrawal or “watch status” placement has not been withdrawn by such Companion Loan Rating Agency within 60 days of such event); or

 

(x)              so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the Special Servicer or any Sub-Servicing Entity retained by the 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 set forth for such delivery in Article XI, including any applicable grace periods (any Sub-Servicing Entity that defaults in

 

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accordance with this Section 7.01(b)(x) shall be terminated at the direction of the Depositor);

 

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 the Holders of Certificates evidencing at least 25% of the aggregate Voting Rights of all Certificates (allocated based on Certificate Balances and Notional Amounts, as applicable, as notionally reduced by any Appraisal Reduction Amounts and Collateral Deficiency Amounts allocable to the Trust Loan), the Trustee 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). During any Subordinate Control Period, the Directing Holder shall have the right to select the successor special servicer following any Special Servicer Termination Event.

 

In no event shall the Trustee or the Certificate Administrator be deemed to have knowledge of or be aware of any Special Servicer Termination Event until a Responsible Officer of the Trustee or the Certificate Administrator, as applicable, has received written notice thereof or has actual knowledge thereof.

 

Notwithstanding Section 7.01(a) or Section 7.01(b), (i) if any Master Servicer Termination Event occurs that affects only a Companion Loan or if an NRSRO engaged to rate a Companion Loan Security qualifies, downgrades or withdraws its rating of such Companion Loan Security, publicly citing servicing concerns with the Master Servicer as the sole or a material factor in such rating action, then the Trustee, only at the direction of a related Companion Loan Holder and not at the direction of the Certificateholders, shall direct the Master Servicer to appoint a sub-servicer (or if the Whole Loan is currently being sub-serviced, then the Trustee shall direct the Master Servicer to replace such sub-servicer with a new sub-servicer but only if such original sub-servicer is in default (beyond any applicable cure periods) under the related sub-servicing agreement, and the Master Servicer shall be permitted to terminate the sub-servicing agreement due to such default) that shall be responsible for servicing the Whole Loan; provided that the Master Servicer shall be required to obtain a No Downgrade Confirmation from each Rating Agency (including a No Downgrade Confirmation with respect to any Companion Loan Securities) (at the expense of the requesting party) with respect to the appointment of such sub-servicer and (ii) if any Special Servicer Termination Event occurs that affects only the Companion Loan and the Special Servicer is not otherwise terminated or if an NRSRO engaged to rate a Companion Loan Security qualifies, downgrades or withdraws its rating of such Companion Loan Security, publicly citing servicing concerns with the Special Servicer as the sole or a material factor in such rating action, then the Trustee, at the direction of an affected Companion Loan Holder, shall terminate the Special Servicer. Any successor special servicer appointed to replace the Special Servicer that was terminated for cause at such Companion Loan Holder’s direction shall not be the Person (or an Affiliate thereof) that was so terminated without the prior written consent of such Companion Loan Holder.

 

(c)           During any Subordinate Control Period, the Directing Holder, if any, shall have the right to direct the Trustee to terminate the Special Servicer (subject to such terminated Special Servicer’s rights to indemnification, payment of outstanding fees, and other rights set forth in this Agreement which survive termination) at any time, with or without cause, and the Directing

 

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Holder shall have the right to, and shall, appoint a successor Special Servicer, which shall execute and deliver to the other parties hereto an agreement whereby the successor Special Servicer agrees to assume and perform punctually the duties of the Special Servicer specified in this Agreement; provided that the Trustee shall have been provided a No Downgrade Confirmation from each Rating Agency prior to the termination of the Special Servicer; provided, further, that any successor Special Servicer shall be a Qualified Replacement Special Servicer. The Special Servicer shall not be terminated pursuant to this paragraph until a successor special servicer shall have been appointed. The Directing Holder shall pay any costs and expenses incurred in connection with the removal and appointment of a Special Servicer without cause pursuant to this paragraph (unless such removal is based on any of the events or circumstances set forth in Section 7.01(b)). Notwithstanding anything to the contrary in this Agreement, no successor special servicer appointed by the Directing Holder pursuant to Section 6.04, Section 7.01(b) or this Section 7.01(c) or otherwise pursuant to this Agreement will be required to meet any net worth requirements. The Trustee shall deliver to the Master Servicer, the Special Servicer and the Certificate Administrator a written notice, together with each No Downgrade Confirmation, stating that the Directing Holder has appointed a successor Special Servicer.

 

(d)          After the termination of a Subordinate Control Period, the Special Servicer may be terminated in accordance with the provisions of Section 3.22(b) hereof.

 

(e)         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 the Servicing Standard, and (ii) the replacement of the Special Servicer would be in the best interest of the Certificateholders as a collective whole, the Operating Advisor shall deliver to the Trustee and the Certificate Administrator, with a copy to the Special Servicer, a written recommendation, substantially in the form of Exhibit T attached hereto, setting forth the reasons supporting its position (along with any information the Operating Advisor considered relevant to its recommendation) and recommending a replacement Special Servicer (which form may be modified or supplemented from time to time to cure any ambiguity or error or to incorporate any additional information, subject to compliance of such form with the terms and provisions of this Agreement; provided, further, that in no event shall the information or any other content included in such written recommendation contravene any provision of this Agreement) detailing the reasons supporting its recommendation (along with relevant information justifying its recommendation) and recommending a suggested replacement special servicer (which must be a Qualified Replacement Special Servicer) to assume the duties of such Special Servicer. In such event, the Certificate Administrator shall promptly post notice to all Certificateholders of such recommendation and the related report on the Certificate Administrator’s Website in accordance with Section 4.02, and by mail conduct the solicitation of votes of all Certificates in such regard. Upon (i) the affirmative vote of holders of Principal Balance Certificates representing a majority of the aggregate outstanding Certificate Balance of all Principal Balance Certificates whose holders voted on the matter, provided that the Principal Balance Certificates holders that so voted on the matter (x) hold Principal Balance Certificates representing at least 20% of the outstanding Certificate Balance of all Principal Balance Certificates on an aggregate basis within one hundred eighty (180) days of posting of the Operating Advisor’s recommendation to the Certificate Administrator’s Website and (y) include at least three (3) Certificateholders and/or Certificate Owners that are not Credit Risk Retention Affiliated with each other and (ii) delivery of written notice to the Rating Agency by the Certificate Administrator

 

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with respect to the termination of the Special Servicer and the appointment of a successor special servicer recommended by the Operating Advisor following satisfaction of the foregoing clause (i), the Trustee shall (A) terminate all of the rights and obligations of the Special Servicer under this Agreement and appoint a successor Special Servicer and (B) promptly notify such outgoing Special Servicer of the effective date of such termination. The reasonable out-of-pocket costs and expenses (including reasonable legal fees and expenses of outside counsel) associated with providing such written notices to the Rating Agency and administering such vote and the Operating Advisor’s identification of a Qualified Replacement Special Servicer shall be a Trust Fund expense. In the event that the Certificate Administrator does not receive the affirmative vote described in clause (i) of the second preceding sentence, then the Trustee shall have no obligation to remove the Special Servicer. Prior to the appointment of any replacement Special Servicer, such replacement Special Servicer shall have agreed to succeed to the obligations of the Special Servicer under this Agreement and to act as the Special Servicer’s successor hereunder. The Certificateholders that initiated the vote to replace the Special Servicer shall pay the costs and expenses incurred in connection with the removal and replacement of the Special Servicer pursuant to this paragraph.

 

In the event the Special Servicer is terminated as a result of the recommendation of the Operating Advisor described in this Section 7.1(e), the Directing Holder may not subsequently reappoint as Special Servicer such terminated Special Servicer or any Credit Risk Retention Affiliate of such terminated Special Servicer

 

(f)           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 Whole Loan and the proceeds thereof, other than any rights the Terminated Party may have hereunder as a Certificateholder and any rights or obligations that accrued prior to the date of such termination (including the right to receive all amounts accrued or owing to it under this Agreement, 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 6.03 of this Agreement notwithstanding any such termination), and with respect to the Special Servicer, the right to receive any Workout Fee and/or Liquidation 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 and/or Liquidation 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 in the event and to the extent that it is a Certificateholder), the Whole Loan or otherwise, shall pass to and be vested in the Terminating Party pursuant to and under this Section (absent the appointment of a successor, and such successor’s assumption of obligations hereunder, including, without limitation, by the Directing Holder during any Subordinate Control Period) and, without limitation, the Terminating Party is hereby authorized and empowered to execute and deliver, on behalf of and at the expense of the Terminated Party, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement or assignment of the Whole Loan and related documents, or otherwise. The Master Servicer and the

 

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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, any REO Account, Lock-Box Account or Cash Collateral Account or which shall thereafter be received with respect to the Whole Loan, 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 No Downgrade Confirmation and any applicable indemnification that the Master Servicer or the Special Servicer would be required to provide under this Agreement) 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 Section 7.01(a) or (b), as applicable, shall be paid by the predecessor Master Servicer or the Special Servicer, as applicable, upon presentation of reasonable documentation of such costs and expenses. If the predecessor Master Servicer or Special Servicer (as the case may be) has not reimbursed the Terminating Party or the successor Master Servicer or Special Servicer, as applicable, 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. Neither the Operating Advisor nor any of its affiliates may be appointed as a successor Master Servicer or Special Servicer.

 

Section 7.02            Trustee to Act; Appointment of Successor. On and after the time the Master Servicer or the Special Servicer receives a notice of termination pursuant to Section 7.01 of this Agreement, the Terminating Party (subject to (a)) shall be its successor, until such successor is appointed in accordance with this Section, 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, however, 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

 

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or Special Servicer, as applicable, under this Agreement prior to the Master Servicer’s or the Special Servicer’s termination. The appointment of a successor Master Servicer or successor Special Servicer shall not affect any liability of the predecessor Master Servicer or Special Servicer which may have arisen prior to its termination as the Master Servicer or the Special Servicer. The Terminating Party shall not be liable for any of the representations and warranties of the Master Servicer or Special Servicer herein or in any related document or agreement, for any acts or omissions of the predecessor Master Servicer or predecessor Special Servicer or for any losses incurred in respect of any Permitted Investment by the Master Servicer pursuant to Section 3.07 hereunder nor shall the Trustee be required to purchase the Trust Loan or the 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 Trust Loan or Companion Loan 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. In the event 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 (i) if it is unable to so act, (ii) if the Holders of Certificates evidencing at least 25% of the Voting Rights of all Certificateholders or an affected Companion Loan Holder so requests in writing to the Trustee or (iii) if the Trustee is not an “approved” servicer by any of the Rating Agencies for mortgage loans similar to the one held in the Trust, promptly appoint, or petition a court of competent jurisdiction to appoint, any established mortgage loan servicing institution that 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 under this Agreement; provided that the Trustee shall obtain a No Downgrade Confirmation with respect to the Certificates and any Companion Loan Securities. 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 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. Any appointment or succession by the Trustee to the rights and obligations of the Special Servicer hereunder shall be subject to the Directing Holder’s right to replace the Special Servicer during any Subordinate Control Period. In connection with such appointment and assumption described herein, the Trustee may make such arrangements for the compensation of such successor out of payments on Whole Loan or otherwise 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, provided, further, that if no successor to the Terminated Party can be obtained to perform the obligations of such Terminated Party hereunder, additional amounts shall be paid to such successor and such amounts in excess of that permitted the Terminated Party shall be treated as Realized Losses. 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.

 

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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 its or such Affiliate’s compensation as successor Master Servicer would otherwise be below the market rate servicing compensation. If the Trustee elects to appoint a successor to the resigning or terminated Master Servicer other than itself or an Affiliate pursuant to this Section 7.02, it may reduce the 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 (which shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement).

 

(b)          Within 30 days after the occurrence of any Servicer Termination Event or Operating Advisor Termination Event of which a Responsible Officer of the Trustee has actual knowledge, the Trustee shall transmit by mail to the Depositor, the Certificate Administrator (who shall then notify all Holders of Certificates) 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) and the Companion Loan Holders notice of such Servicer Termination Event or Operating Advisor Termination Event unless such Servicer Termination Event or Operating Advisor 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 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 Fund as provided in Section 3.06 of this Agreement (and such amounts shall be allocated in accordance with the expense allocation provisions of the Co-Lender Agreement). Except as otherwise expressly provided in this Agreement, no remedy provided for by this Agreement shall be exclusive of any other remedy, and each and every remedy shall be cumulative and in addition to any other remedy, and no delay or omission to exercise any right or remedy shall impair any such right or remedy or shall be deemed to be a waiver of any Master Servicer Termination Event or Special Servicer Termination Event, if applicable.

 

Section 7.05            Waiver of Past Servicer Termination Events; Termination. The Certificateholders evidencing not less than 66-2⁄3% of the aggregate Voting Rights may, together with each affected Companion Loan Holder, on behalf of all Holders of Certificates, waive any Servicer Termination Event by the Master Servicer or the Special Servicer in the performance of its obligations hereunder and its consequences, except (i) a termination event with respect to

 

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making any required deposits to or payments from the Collection Account or the Lower-Tier Distribution Account, or in remitting payments as received, in each case in accordance with this Agreement or the Co-Lender Agreement, and (ii) the Servicer Termination Event under Section 7.01(a)(x) and Section 7.01(b)(x), which may only be waived by the Depositor (and the Other Depositor under an Other Securitization Trust) pursuant to the terms of 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. In the event that the Master Servicer fails to fulfill its obligations hereunder to make any Advances and such failure remains uncured, the Trustee shall perform such obligations (x) within five Business Days of the Master Servicer Termination Event resulting from such failure by the Master Servicer with respect to Property Advances to the extent a Responsible Officer of the Trustee has actual knowledge of such failure with respect to such Property Advances and (y) by 12:00 noon (New York City time) on the related Distribution Date with respect to P&I Advances and Administrative Advances pursuant to the Trustee’s receipt of notice of failure pursuant to Section 4.07(a) or Section 4.07(c) 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 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 the Master Servicer’s failure to perform its obligations hereunder); provided, however, that if Advances made by the Trustee and the Master Servicer shall at any time be outstanding, or any interest on any Advance shall be accrued and unpaid, all amounts available to repay such Advances and the interest thereon hereunder shall be applied entirely to the Advances outstanding to the Trustee, until such Advances shall have been repaid in full, together with all interest accrued thereon, prior to reimbursement of the Master Servicer for such Advances. The Trustee shall be entitled to conclusively rely on any notice given with respect to a Nonrecoverable Advance or any determination of recoverability 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.

 

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(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 pursuant to any provision of this Agreement, shall examine them to determine whether they conform on their face to the requirements of this Agreement; provided, however, 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 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)              Neither the Trustee nor the Certificate Administrator shall be personally liable 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;

 

(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 Certificateholders entitled to greater than 50% of the Percentage Interests (or such other 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

 

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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 (unless a higher percentage of Voting Rights is required for such action);

 

(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 Operating Advisor, 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 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 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);

 

(vi)    Neither the Trustee nor the Certificate Administrator shall be charged with knowledge of any act, failure to act or breach of any Person upon the occurrence of which the Trustee or Certificate Administrator, as applicable, may be required to act, unless a Responsible Officer of the Trustee or Certificate Administrator, as applicable, obtains actual knowledge of such failure. 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; and

 

(vii)   Except in the event 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.

 

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

 

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such funds or adequate indemnity against such risk or liability is not reasonably assured to it, and none of the provisions contained in this Agreement shall in any event require the Trustee or the Certificate Administrator, as the case may be, to perform, or be responsible for the manner of performance of, any of the obligations of the Master Servicer, the Special Servicer or the Operating Advisor 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 or Special Servicer hereunder, the Trustee and the Certificate Administrator 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, direction of the Depositor, Officer’s Certificate, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties 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, pursuant to the provisions of this Agreement, unless such Certificateholders shall have offered to the Trustee or the Certificate Administrator, as the case may be, reasonable 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 or the Certificate Administrator, as the case may be, of the obligations, upon the occurrence of a Servicer Termination Event or an Operating Advisor Termination Event (which has not been cured or waived) of which a Responsible Officer of the Trustee or the Certificate Administrator, as the case may be, has actual knowledge, to exercise such of the rights and powers vested in it by this Agreement, and, with respect to the Trustee, to use the same degree of care and skill in their exercise, as a prudent person would exercise

 

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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 negligence or willful misconduct 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 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)     The Trustee (if no Servicer Termination Event has occurred and is continuing) and the Certificate Administrator shall not 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, however, 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, the Special Servicer or the Operating Advisor, as applicable, if a Servicer Termination Event or Operating Advisor Termination Event shall have occurred and be continuing relating to the Master Servicer, the Special Servicer or the Operating Advisor, respectively, and otherwise by the Certificateholders requesting the investigation;

 

(vi)    The Trustee or the Certificate Administrator, as applicable, 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 by virtue of the appointment of such agents, affiliates, nominees, custodians or attorneys, provided, however, that the Trustee or the Certificate Administrator, as the case may be, may not perform any duties hereunder through any Person that is a Prohibited Party;

 

(vii)   Neither the Trustee nor the Certificate Administrator shall be responsible for any act or omission of the Master Servicer or the Special Servicer (unless the Trustee is acting as Master Servicer or Special Servicer, as the case may be, in which case the Trustee shall only be responsible for its own actions as Master Servicer or Special Servicer) or of the Depositor;

 

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(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 shall 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; and

 

(x)              Nothing herein shall require the Trustee or the Certificate Administrator to act in any manner that is contrary to applicable law.

 

(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 the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC at any time that any Certificates are outstanding, or subject the Lower-Tier REMIC or the Upper-Tier REMIC to any tax under the REMIC Provisions or other applicable provisions of federal, state and local law or ordinances.

 

(c)         All rights of action under this Agreement or under any of the Certificates, enforceable by the Trustee and the Certificate Administrator, may be enforced by it without the possession of any of the Certificates, or the production thereof at the trial or other proceeding relating thereto, and any such suit, action or proceeding instituted by the Trustee and the Certificate Administrator shall be brought in its name for the benefit of all the Holders of such Certificates, subject to the provisions of this Agreement.

 

(d)          The Trustee shall not have a duty to conduct any affirmative investigation as to the occurrence of any condition requiring the repurchase of the Trust Loan by the Trust Loan Sellers pursuant to this Agreement or the eligibility of the Trust 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,

 

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without limitation, as Custodian, Certificate Registrar, 17g-5 Information Provider, Paying Agent and Authenticating Agent). For the avoidance of doubt, the Certificate Administrator and the Trustee shall be entitled to all of the rights, protections, immunities and indemnities afforded to it hereunder under.

 

(f)           In order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including, without limitation, those relating to the funding of terrorist activities and money laundering, including Section 326 of the USA PATRIOT Act of the United States (“Applicable Law”), the Certificate Administrator (in each of its capacities) 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 (in each of its capacities) or the Trustee. Accordingly, each of the parties hereto agrees to provide to the Certificate Administrator (in each of its capacities) 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 (in each of its capacities) and the Trustee to comply with Applicable Law.

 

Section 8.03            Trustee and Certificate Administrator Not Liable for Certificates or the Trust Loan. The recitals contained herein and in the Certificates shall not be taken as the statements of the Trustee, the Certificate Administrator, the Operating Advisor, the Master Servicer, or the Special Servicer and the Trustee, the Certificate Administrator, the Operating Advisor, the Master Servicer and the Special Servicer assume no responsibility for their correctness. The Trustee, the Certificate Administrator, the Operating Advisor, 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 the Trust 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 the related Mortgage, the Trust 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 the Mortgaged Properties; (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 the Trust Loan or the contents of the 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 Section 7.02 of this Agreement); (iv) the validity of the assignment of the Trust Loan to the Trust Fund or of any intervening assignment; (v) the completeness of the Mortgage File; the performance or enforcement of the Trust Loan (other than if the Trustee shall assume the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02 of this Agreement); (vi) the compliance by the Depositor, the Master Servicer, the Special Servicer or the Operating Advisor with any warranty or representation made under this Agreement or in any related document or the accuracy of any such warranty or representation 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

 

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Administrator, the Operating Advisor, 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 the 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, however, 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 Trust Loan or deposited in or withdrawn from the Collection Account, the Lower-Tier Distribution Account, the Upper-Tier Distribution Account, the Lock-Box Account, the Cash Collateral Account, the Reserve Accounts, any REO 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, as applicable. 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.

 

Section 8.04     Trustee and Certificate Administrator May Own Certificates. The Trustee, the Certificate Administrator and any agent of the Trustee or the Certificate Administrator in its individual capacity or any other capacity may become the owner or pledgee of Certificates, and may deal with the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor 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.

 

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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 Trustee/Certificate Administrator Fee, as applicable, 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 Trustee/Certificate Administrator Fee Rate.

 

(b)          In the event that 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 in the event that 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, however, 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 portions of the Trustee/Certificate Administrator Fee, or the Trustee’s previously-incurred expenses or, the Custodian’s or Certificate Administrator’s previously-incurred expenses, as applicable. The term “unanticipated expenses incurred by the REMIC” shall include any fees, expenses and disbursement of any separate Trustee or co-Trustee appointed hereunder, only to the extent such fees, expenses and disbursements were not reasonably anticipated as of the Closing Date and are attributable to the Lower-Tier REMIC or the Upper-Tier REMIC and the losses, liabilities, damages, claims or expenses (including reasonable attorneys’ fees) incurred or advanced by an Indemnified Party in connection with any litigation arising out of this Agreement attributable to the Lower-Tier REMIC or the Upper-Tier REMIC, including, without limitation, under Section 2.03, Section 3.10, the third paragraph of Section 3.11, Section 4.05 and Section 7.01 of this Agreement.

 

The Master Servicer and the Special Servicer covenant and agree to pay or reimburse the Trustee for the reasonable expenses, disbursements and advances incurred or made by the Trustee in connection with any transfer of the servicing responsibilities of the Master Servicer or the Special Servicer, respectively, hereunder, pursuant to or otherwise arising from the resignation or removal of the Master Servicer or Special Servicer (except in the case of removal

 

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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, the Custodian, Paying Agent and individually) and each of their Affiliates and each of the 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 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 Trust Loan, the Certificates other than those (i) resulting from the willful misconduct, bad faith, fraud or negligence of the Indemnified Party, 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 made in Section 2.04(c) or Section 2.04(d), as applicable, of this Agreement, (iii) as to which such Indemnified Party is entitled to indemnification pursuant to this Section 8.05(d) or (iv) constituting a specific liability imposed on the Indemnified Party by this Agreement. The right of reimbursement of the Indemnified Parties under this Section 8.05(d) shall be senior to the rights of all Certificateholders.

 

(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.

 

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(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, Custodian, 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 and the Special Servicer and their respective Affiliates and each of the directors, officers, employees 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 of the Trust Loan Sellers and the Initial Purchasers (each, for purposes of this Section 8.05(h), an “Indemnified Party”), and hold each of them harmless against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, fees and expenses that the Indemnified Party may sustain in connection with this Agreement (including, without limitation reasonable fees and disbursements of counsel incurred by the Indemnified Party in any action or proceeding between the Indemnifying Party and the Indemnified Party or between the Indemnified Party and any third party or otherwise) related to (i) the applicable Indemnifying Party’s willful misconduct, bad faith, fraud or negligence in the performance of its duties hereunder or by reason of negligent disregard of its obligations and duties hereunder or (ii) a determination by any Rating Agency that it cannot reasonably rely on representations made by the Depositor or any Affiliate thereof pursuant to Exchange Act Rule 17g-5(a)(3), to the extent caused by any such willful misconduct, bad faith, fraud or negligence in the performance of its duties hereunder or by reason of negligent disregard referred to in clause (i) above by the Indemnifying Party.

 

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 banking association or trust company organized and doing business under the laws of any state or the United States of America,

 

(ii)        (a) with respect to the Trustee, be authorized under such laws to exercise corporate trust powers and to accept the trust conferred under this Agreement and (b) with respect to the Certificate Administrator, be authorized to exercise corporate trust powers,

 

(iii)        have a combined capital and surplus of at least $50,000,000,

 

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(iv)       in the case of the Trustee, have (a) a rating on its long-term senior unsecured debt of at least “A” by Fitch (or a short term debt rating of “F1” by Fitch), (b) a rating on its long term senior unsecured debt rating of “A” by DBRS Morningstar; or (c) as is otherwise acceptable to the Rating Agencies as evidenced by the receipt of a No Downgrade Confirmation,

 

(v)        be subject to supervision or examination by federal and state authority, as applicable, and, 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), and

 

(vi)         not be a person that would be a Prohibited Party if it was a proposed Servicing Function Participant.

 

Notwithstanding the foregoing, if the Trustee meets the provisions of clauses (i) through (iii), (v) and (vi) above, but does not meet the provisions of clause (iv) above, the Trustee 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 to make Advances under this Agreement as and when required of the Trustee. 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 either 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, the Operating Advisor, the Master Servicer, the Special Servicer, the 17g-5 Information Provider (which shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement); provided that such resignation shall not be effective until its successor shall have accepted the appointment. Upon notice of resignation from the Trustee, the Depositor shall promptly appoint a successor trustee acceptable to the Master Servicer, the appointment of which successor is subject to the requirements contained in Section 8.06 of this Agreement. Upon notice of resignation from the Certificate Administrator, the Trustee shall promptly appoint a successor certificate administrator, the appointment of which is subject to the requirements contained in Section 8.06 of this Agreement. If no successor trustee or

 

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

 

If at any time the Trustee or the Certificate Administrator shall cease to be eligible in accordance with the provisions of Section 8.06 of this Agreement and shall fail to resign after written request therefor by the Depositor or the Master Servicer, or if at any time the Trustee or the Certificate Administrator shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee or the Certificate Administrator, as the case may be (or of its property), shall be appointed, or any public officer shall take charge or control of the Trustee or the Certificate Administrator, as the case may be (or of its property or affairs), for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the Master Servicer may remove the Trustee or the Certificate Administrator, as the case may be, and the Depositor or the Master Servicer shall promptly appoint a successor 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 Certificateholders 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 seven originals, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered to the Depositor, one complete set to the Master Servicer and Special Servicer, one complete set to the Operating Advisor, one complete set to the Trustee, one complete set to the Certificate Administrator, and one complete set to 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.

 

In the event that 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 Trust Loan 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 Advance Rate on all such amounts until received to the extent such amounts bear interest as provided in this Agreement, with respect to periods prior to the date of such termination or removal) and such resignation, termination, or removal shall be effective with respect to each of its other capacities hereunder.

 

In the event that 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 Trust Loan 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

 

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such termination or removal) and (ii) such resignation, termination, or removal shall be effective with respect to each of its other capacities hereunder.

 

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 Trust Note for the Trust Loan (to the extent that the original executed note for the Trust 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 CAMB 2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through Certificates or in blank, and (B) in the case of the other assignable Loan Documents (to the extent other Loan Documents were assigned to the outgoing Trustee), assign and record Loan Documents to such successor, and such successor shall review the documents delivered to it or to the Custodian with respect to the Trust Loan, and certify in writing that, as to the Trust Loan then subject to this Agreement, such endorsement and assignment has been made; (b) if any original executed Trust Note for the Trust Loan was not endorsed to the outgoing Trustee, the Custodian shall deliver such Trust Note to the successor trustee and the Custodian shall cooperate with any successor trustee to ensure that the Trust Note is endorsed (without recourse, representation and warranty, express or implied) to the order of the successor trustee, as trustee for the registered holders of CAMB 2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, or in blank. If any assignable Loan Document (other than the Trust 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 the Loan Document to the successor trustee and, if appropriate the Loan Documents shall be recorded at the expense of the Trust and the reasonable cooperation (as determined by the Depositor) of the Depositor.

 

Section 8.08  Successor Trustee and Certificate Administrator. (a) Any successor trustee or certificate administrator shall execute, acknowledge and deliver to the Depositor, the Operating Advisor, the Master Servicer, the Certificate Administrator (or in the case of a successor certificate administrator, to the predecessor Certificate Administrator) and the Trustee, as the case may be, instruments accepting their appointment hereunder, and thereupon the resignation or removal of the predecessor Trustee or Certificate Administrator, as applicable, shall become effective and such successor, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with the like effect as if originally named as Trustee or Certificate Administrator, as applicable, herein, provided that such successor shall satisfy the requirements contained in Section 8.06 of this Agreement. 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

 

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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 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 corporation into which the Trustee or the Certificate Administrator 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 Trustee or the Certificate Administrator shall be a party, or any corporation 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 corporation 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, will notify the other parties hereto, 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 Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the 17g-5 Information Provider (which 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, the Depositor and the Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Trustee to act (at the expense of the Trust) as co-Trustee or co-Trustees, jointly with the Trustee, or separate Trustee or separate Trustees, of all or any part of the Trust Fund, and to vest in such Person or Persons, in such capacity, such title to the Trust Fund, or any part thereof, and, subject to the other provisions of this Section 8.10, such powers, duties, obligations, rights and trusts as the Depositor and the Trustee may consider necessary or desirable. If the Depositor shall not have joined in such appointment within 15 days after the receipt by it of a request so to do, or in case a Servicer Termination Event shall have occurred and be continuing, the Trustee alone shall have the power to make such appointment. 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

 

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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; provided that 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. 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.

 

ARTICLE IX

TERMINATION

 

Section 9.01  Termination. (a) The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor, the Certificate Administrator and the Trustee created hereby with respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders as hereinafter set forth) shall terminate upon payment (or provision for payment) to the Certificateholders and the Companion Loan Holders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required hereunder to be so paid on the Distribution Date following the earlier to occur of (i) the

 

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purchase of the Trust Loan and all other property held by the Trust Fund in accordance with Section 9.01(c) of this Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Trust Loan in accordance with Section 9.01(g) of this Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on the Trust Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to this Agreement of the last asset held by the Trust Fund; provided, however, that in no event shall the trust created hereby continue beyond the expiration of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

For purposes of this Section 9.01, the Sole Certificateholder shall have the first option to terminate the Trust Fund, pursuant to subsection Section 9.01(g), and then the Directing Holder, and then the Special Servicer and then the Master Servicer and then the Holder of a majority Percentage Interest in the Class R and Class LR Certificates, in that order, pursuant to subsection Section 9.01(c).

 

(b)       The Trust Fund, the Lower-Tier REMIC and the Upper-Tier REMIC shall be terminated and the assets of the Trust Fund shall be sold or otherwise disposed of in connection therewith, only pursuant to a “plan of complete liquidation” within the meaning of Section 860F(a)(4)(A) of the Code providing for the actions contemplated by the provisions hereof and pursuant to which the applicable Notice of Termination is given, and requiring that the Trust Fund, the Lower-Tier REMIC and the Upper-Tier REMIC shall terminate on a Distribution Date occurring not more than 90 days following the date of adoption of the plan of complete liquidation. For purposes of this Section 9.01(b), the Notice of Termination given pursuant to Section 9.01(c) of this Agreement shall constitute the adoption of the plan of complete liquidation as of the date such notice is given, which date shall be specified by the Certificate Administrator (based on information provided by the Master Servicer) in the final federal income tax returns of the Upper-Tier REMIC and the Lower-Tier REMIC. Notwithstanding the termination of the Lower-Tier REMIC or the Upper-Tier REMIC or the Trust Fund, the Certificate Administrator shall be responsible for filing the final Tax Returns for each Trust REMIC for the period ending with such termination, and shall retain books and records with respect to each Trust REMIC for the same period of retention for which it maintains its own tax returns or such other reasonable period. The Trustee shall sign all Tax Returns and other reports required by this Section.

 

(c)       The Directing Holder and, if the Directing Holder does not exercise such option, then the Special Servicer and if the Special Servicer does not exercise such option, then the Master Servicer, and if the Master Servicer does not exercise such option, then the Holder of a majority Percentage Interest in the Class R and Class LR Certificates, may effect an early termination of the Trust Fund (provided that such party has provided 15 Business Days’ prior notice to each of the parties with such option and none of the parties with a higher priority has elected to exercise such option within such 15 Business Day period), upon not less than 30 days’ prior Notice of Termination (which Notice of Termination shall satisfy the notice requirement of the proviso) given to the Trustee, the Certificate Administrator, the Special Servicer and the Master Servicer any time on or after the Early Termination Notice Date specifying the Anticipated Final Termination Date, by purchasing on such date all, but not less than all, of the Trust Loan then included in the Trust Fund, and the Trust’s interest in all property acquired in respect of the Trust Loan, at a purchase price, payable in cash, equal to the greater of,

 

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(i)      the sum of, without duplication

 

(A)      100% the outstanding principal balance of the Trust Loan as of the last day of the month preceding such Anticipated Final Termination Date (less any P&I Advances previously made on account of principal);

 

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

 

(C)      all unpaid interest accrued on the outstanding principal balance of the Trust Loan (including circumstances where title to the Mortgaged Properties has been acquired) at the Trust Loan Rate to the last day of the Whole Loan Interest Accrual Period preceding such Anticipated Final Termination Date (less any P&I Advances previously made on account of interest);

 

(D)      the aggregate amount of unreimbursed Advances, with interest thereon at the Advance Rate, unpaid Servicing Compensation, Special Servicing Compensation, Trustee/Certificate Administrator Fees, the CREFC® License Fee, the Operating Advisor Fee and Trust Fund expenses and indemnity amounts owed by the Trust; and

 

(ii)      the aggregate fair market value of the Trust Loan, and all other property acquired in respect of the Trust Loan in the Trust Fund, on the last day of the month preceding such Distribution Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date, together with one month’s interest thereon at the Trust Loan Rate.

 

In the event that the Directing Holder, the Special Servicer, the Master Servicer or the Holder of a majority Percentage Interest in the Class R or Class LR Certificates purchases the Trust Loan and all property acquired in respect of the Trust Loan remaining in the Trust Fund in accordance with this Section 9.01(c), the Directing Holder, the Special Servicer, the Master Servicer or the Holder of a majority Percentage Interest in the Class R and Class LR Certificates, as applicable, shall deposit in the Lower-Tier Distribution Account not later than the Servicer Remittance Date relating to the Anticipated Final Termination Date on which the final distribution on the Certificates is to occur, an amount in immediately available funds equal to the above-described purchase price (exclusive of any portion thereof payable to any Person other than the Certificateholders pursuant to Section 3.05(a) of this Agreement, which portion shall be deposited in the Collection Account). In addition, the Master Servicer shall transfer to the Certificate Administrator for deposit in the Lower-Tier Distribution Account all amounts required to be transferred thereto on the Servicer Remittance Date from the Collection Account, together with any other amounts on deposit in the Collection Account that would otherwise be held for future distribution. The Certificate Administrator shall deposit all amounts deposited into the Lower-Tier Distribution Account into the Upper-Tier Distribution Account for distribution in accordance

 

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with Section 4.01(a) and (b) of this Agreement. Upon confirmation that such final deposits have been made and upon direction from the Master Servicer, the Custodian shall, release or cause to be released to the Directing Holder, the Special Servicer, the Master Servicer or the Holder of a majority Percentage Interest in the Class R or Class LR Certificates, as applicable, the Mortgage File for the Trust Loan and shall execute all assignments, endorsements and other instruments furnished to it by such purchasing party as shall be necessary to effectuate transfer of the Trust Loan and all property acquired in respect of the Trust Loan remaining in the Trust Fund, and the Trust Fund shall be liquidated in accordance with this Article IX.

 

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

 

Any such party effecting an early termination as described in this Section 9.01(c) may be an affiliate of a Trust Loan Seller.

 

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

 

(e)       Notice of any termination of the Trust Fund pursuant to this Section 9.01 shall be mailed by the Certificate Administrator to affected Certificateholders with a copy to the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the Trust Loan Sellers, the Companion Loan Holders and the 17g-5 Information Provider (which shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement) at their addresses shown in the Certificate Registrar not more than 30 days, and not less than ten (10) days, prior to the Anticipated Final Termination Date. The notice mailed by the Certificate Administrator to affected Certificateholders shall:

 

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

 

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

 

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

 

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

 

(f)       Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust Fund shall terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to this Section 9.01 shall not have been surrendered for cancellation within six (6) months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If within one (1) 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 (2) 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, subject to applicable law, to the Residual 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.

 

(g)       The Sole Certificateholder shall have the right to exchange all of its Regular Certificates, for the Trust Loan or REO Property, as applicable, as contemplated by clause (ii) of Section 9.01(a) by giving written notice to all the parties hereto no later than 60 days prior to the anticipated date of exchange; provided that such Sole Certificateholder compensates the Certificate Administrator for the amount of investment income the Certificate Administrator would have earned if the outstanding Certificate Balance of the then outstanding Principal Balance Certificates were on deposit with the Certificate Administrator as of the first day of the current calendar month and such Sole Certificateholder pays to the Master Servicer as additional compensation an amount equal to (i) the product of (A) the Prime Rate, (B) the aggregate Certificate Balance of the then-outstanding Principal Balance Certificates as of the day of the exchange and (C) three, divided by (ii) 360. In the event that the Sole Certificateholder elects to exchange all of its Certificates for the Trust Loan or REO Property, as applicable, remaining in the Trust Fund in accordance with the preceding sentence, such Sole Certificateholder, not later than the Business Day prior to the Distribution Date on which the final distribution on the Certificates is to occur, shall deposit in the Collection Account an amount in immediately available funds equal to all amounts due and owing

 

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to the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee hereunder through the date of the liquidation of the Trust Fund that may be withdrawn from the Collection Account, or an escrow account acceptable to the respective parties hereto, pursuant to Section 3.06 of this Agreement or that may be withdrawn from the Distribution Accounts pursuant to Section 3.06(f) and Section 3.06(g) of this Agreement, but only to the extent that such amounts are not already on deposit in the Collection Account. In addition, the Master Servicer shall transfer all amounts required to be transferred to the Certificate Administrator for deposit in the Lower-Tier Distribution Account on or Servicer Remittance Date from the Collection Account pursuant to Section 3.05 of this Agreement. Upon confirmation from the Certificate Administrator that such final deposits have been made and following the surrender of all its Certificates (other than the Class R and Class LR Certificates) on the final Distribution Date to the Certificate Administrator, the Custodian shall, upon receipt of a Request for Release from the Master Servicer, release or cause to be released to the Sole Certificateholder or any designee thereof, the Mortgage File for the Trust Loan or shall execute all assignments, endorsements and other instruments furnished to it by the Sole Certificateholder as shall be necessary to effectuate transfer of the Trust Loan or REO Property, as applicable remaining in the Trust Fund, and the Trust Fund shall be liquidated in accordance with this Article IX. The Trust Loan or REO Property, as applicable, is deemed distributed to the Sole Certificateholder in liquidation of the Trust Fund pursuant to this Article IX. Solely for federal income tax purposes, the Sole Certificateholder shall be deemed to have purchased the assets of the Lower-Tier REMIC for an amount equal to (a) if the Trust Loan is a Performing Loan, the remaining Certificate Balance of its Certificates (other than the Class R and Class LR Certificates), plus accrued, unpaid interest with respect thereto, or (b) if the Trust Loan is a Specially Serviced Loan or has been converted to REO Property, the fair market value thereof, and the Certificate Administrator shall credit such amounts against amounts distributable in respect of the Lower-Tier Regular Interests and such Certificates.

 

(h)       The Certificate Administrator shall notify the Trustee, via e-mail, upon the termination of the Trust Fund pursuant to this Section 9.01.

 

ARTICLE X

MISCELLANEOUS PROVISIONS

 

Section 10.01 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,” “tif” or “jpg”) 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

 

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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. Neither this Agreement nor any term hereof may be amended, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against whom enforcement of the amendment, waiver, discharge or termination is sought. The headings in this Agreement are for purposes of reference only and shall not limit or otherwise affect the meaning hereof. This Agreement supersedes all prior discussions and agreements between the parties with respect to the subject matter hereof and contains the sole and entire agreement between the parties hereto with respect to the subject matter hereof.

 

Section 10.02 Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, or entitle such Certificateholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of the Trust Fund, or otherwise affect the rights, obligations and liabilities of the parties hereto or any of them.

 

No Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, and nothing herein set forth, or contained in the terms of the Certificates, shall be construed so as to constitute the Certificateholders from time to time as partners or members of an association; and no Certificateholder shall be under any liability to any third person by reason of any action taken by the parties to this Agreement pursuant to any provision hereof.

 

No Certificateholder or Companion Loan Holder, as applicable, shall have any right to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, the Trust Loan or the Certificates, unless such Certificateholder or Companion Loan Holder, as applicable, previously shall have given to the Trustee a written notice of default and of the continuance thereof, as hereinbefore provided, and unless also the Companion Loan Holders or Certificateholders representing Percentage Interests of at least 25% of each affected Class of Certificates, as applicable, have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and has or have offered to the Trustee such security or 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 security or indemnity, shall have failed or refused to institute any such action, suit or proceeding. It is understood and intended, and expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no Certificateholder of any Class shall have any right in any manner whatever by virtue of any provision of this Agreement 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 Certificateholder, or to enforce any right under this Agreement, the Certificates, except in the manner herein or therein provided and for the equal, ratable and common benefit of all Holders of Certificates of such Class, as applicable. 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.

 

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Section 10.03 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 10.04  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, 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 10.05 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 and Class LR 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:

 

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If to the Trustee, to:

 

Wilmington Trust, National Association
1100 North Market Street
Wilmington, Delaware 19890
Attention: CMBS Trustee – CAMB 2021-CX2

 

with a copy to:

 

E-mail: cmbstrustee@wilmingtontrust.com

 

If to the Certificate Administrator, to:

Wells Fargo Bank, National Association
9062 Old Annapolis Road
Columbia, Maryland 21045
Attention: Corporate Trust Services – CAMB 2021-CX2

 

with a copy to:

 

Facsimile number: (410) 715-2380
E-mail: cts.cmbs.bond.admin@wellsfargo.com and trustadministrationgroup@wellsfargo.com

 

If to the Custodian, to:

 

Wells Fargo Bank, N.A.

1055 10th Avenue SE

Minneapolis, Minnesota 55414

Attention: Document Custody Group CAMB 2021-CX2

E-mail: cmbscustody@wellsfargo.com

 

in the case of surrender, transfer or exchange of the Class HRR Certificates:

Wells Fargo Bank, National Association
9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Risk Retention Custody (CMBS) – CAMB 2021-CX2

Email: riskretentioncustody@wellsfargo.com

 

or in the case of surrender, transfer or exchange of any Certificate (other than the Class HRR Certificates) to:

Wells Fargo Bank, National Association
Certificate Registrar

 

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600 South 4th Street, 7th Floor MAC N9300-070
Minneapolis, Minnesota 55415
Attention: CTS - Certificate Transfer Services, CAMB 2021-CX2

 

If to the Depositor, to:

Deutsche Mortgage & Asset Receiving Corporation
1 Columbus Circle
New York, New York 10019
Attention: Lainie Kaye

 

with a copy via e-mail to:

E-mail: cmbs.requests@db.com

 

If to the Master Servicer, to:

KeyBank National Association
11501 Outlook Street, Suite 300
Overland Park, Kansas 66211
Attention: Michael A. Tilden
Email: michael_a_tilden@keybank.com

with a copy to:

 

Polsinelli
900 West 48th Place, Suite 900
Kansas City, Missouri 64112
Attention: Kraig Kohring
Email: kkohring@polsinelli.com

 

If to the Special Servicer, to:

 

Situs Holdings, LLC
2 Embarcadero Center, 8th Floor
San Francisco, California 94111
Attention: Stacey Ciarlanti
E-mail: staceyciarlanti@situsamc.com

 

with a copy to:

 

Situs Group, LLC
5065 Westheimer Road, Suite 700E
Houston, Texas 77056
Attention: Legal Department
E-mail: legal@situsamc.com;

 

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If to the Operating Advisor, to:

 

Park Bridge Lender Services LLC
600 Third Avenue, 40th Floor
New York, New York 10016
Attention: CAMB 2021-CX2-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

 

If to German American Capital Corporation, as a Trust Loan Seller, to:

German American Capital Corporation
1 Columbus Circle
New York, New York 10019
Attention: Lainie Kaye

with a copy via e-mail to:

E-mail: cmbs.requests@db.com

 

If to Bank of America, N.A., as a Trust Loan Seller, to:

 

Bank of America, N.A.
One Bryant Park
Mail Code: NY1-100-11-07

New York, New York 10036
Attention: Director of CMBS Securitization

Email: leland.f.bunch@bofa.com

 

with a copy to:

 

Bank of America Legal Department

150 North College Street

Mail Code: NC1-028-24-02

Charlotte, North Carolina 28255

Attention: W. Todd Stillerman, Esq., Associate General Counsel & Director

Email: todd.stillerman@bofa.com and cmbsnotices@bofa.com

 

If to JPMorgan Chase Bank, National Association, as a Trust Loan Seller, to:

 

JPMorgan Chase Bank, National Association

383 Madison Avenue, 8th Floor
New York, New York 10179
Attention: SPG Syndicate

 

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Email: ABS_Synd@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 3650 Cal Bridge Lending, LLC, as a Trust Loan Seller, to:

 

3650 Cal Bridge Lending, LLC
2977 McFarlane Road, Suite 300
Miami, Florida 33133

 

with copies via email to:

 

Jonathan Roth
Email: jroth@3650reit.com

 

and

 

Mark A. Jefferis, General Counsel and Chief Compliance Officer
Email: mjefferis@3650reit.com

 

If to Deutsche Bank Securities Inc., as an Initial Purchaser, to:

Deutsche Bank Securities Inc.
Commercial Mortgage-Backed Securities
1 Columbus Circle
New York, New York 10019
Attention: Lainie Kaye

 

If to BofA Securities, Inc., as an Initial Purchaser, to:

 

Bank of America, N.A.
One Bryant Park
Mail Code: NY1-100-11-07

New York, New York 10036
Attention: Director of CMBS Securitization

Email: leland.f.bunch@bofa.com

 

with a copy to:

 

Bank of America Legal Department

150 North College Street

 

-300-

 

 

Mail Code: NC1-028-24-02

Charlotte, North Carolina 28255

Attention: W. Todd Stillerman, Esq., Associate General Counsel & Director

Email: todd.stillerman@bofa.com and cmbsnotices@bofa.com

 

If to J.P. Morgan Securities LLC, as an 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
Attention: SPG Legal

Email: US_CMBS_Notice@jpmorgan.com

 

If to any Certificateholder, to:

the address set forth in the Certificate Register

 

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 “CAMB 2021-CX2” 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.

 

Section 10.06 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 10.07  Notice to the Depositor and Each Rating Agency. (a) The Certificate Administrator shall promptly provide notice to the Depositor, the Initial Purchasers, the Trustee, and the 17g-5 Information Provider (which shall promptly post such notice to the 17g-5

 

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Information Provider’s Website), with respect to each of the following of which a Responsible Officer of the Certificate Administrator has actual knowledge and to the extent the below information has not already been provided to the Depositor, the Initial Purchasers, the Trustee, and the 17g-5 Information Provider pursuant to the terms of this Agreement:

 

(i)          any material change or amendment to this Agreement;

 

(ii)         the occurrence of any Servicer Termination Event that has not been cured;

 

(iii)        the merger, consolidation, resignation or termination of the Certificate Administrator, the Master Servicer, the Special Servicer, the Operating Advisor or the Trustee; and

 

(iv)        the repurchase of Trust Loan pursuant to Section 2.03(e) of this Agreement.

 

(b)        The Certificate Administrator shall promptly furnish to the Depositor, the Initial Purchasers, and the 17g-5 Information Provider (which 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; and

 

(iii)        each report to Certificateholders described in Section 4.02 and Section 3.13 of this Agreement.

 

(c)        The Master Servicer shall promptly furnish to the 17g-5 Information Provider (which shall promptly post such materials to the 17g-5 Information Provider’s Website):

 

(i)         Upon request from the Rating Agencies, 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 the Trust Loan, in each case to the extent collected pursuant to Section 3.03 of this Agreement;

 

(ii)          notice of any change in the location of the Collection Account,

 

(iii)         a copy of any notice with respect to a breach of a representation or warranty with respect to the Trust 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 the Trust Loan;

 

(vi)         any material damage to the Mortgaged Properties;

 

(vii)        any amendment to any intercreditor agreement or the Co-Lender Agreement; and

 

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(viii)          any amendment, modification, consent or waiver to or of any provision of the Trust Loan (including any modification to the related Loan Documents that remove a requirement for a No Downgrade Confirmation).

 

(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, however, 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:

 

DBRS, Inc.
22 West Washington Street

Chicago, Illinois 60602

Attention: CMBS Surveillance

Email: CMBS.surveillance@morningstar.com

 

Fitch Ratings, Inc.
300 West 57th Street
New York, NY 10019
Attention: Commercial Mortgage Surveillance Group
Facsimile No.: (212) 635-0295
Email: info.cmbs@fitchratings.com

 

or in each case to such other address as a Rating Agency shall specify by written notice to the parties hereto.

 

(e)        In connection with the delivery by the Master Servicer or the Special Servicer to the Rule 17g-5 Information Provider of any information, report, notice or document for posting to the Rule 17g-5 Information Provider’s Website, the 17g-5 Information Provider shall notify the Master Servicer or Special Servicer, as applicable, of when such information, report, notice or document has been posted to the 17g-5 Information Provider’s Website. The Master Servicer or Special Servicer, as applicable, may, but is not obligated to, send such information, report, notice or other document to the applicable Rating Agency so long as such information, report, notice or document was (i) previously provided to the 17g-5 Information Provider or (ii) is simultaneously provided to the 17g-5 Information Provider.

 

Section 10.08  Amendment. This Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor without the consent of any of the

 

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Certificateholders or the Companion Loan Holders, (i) to cure any ambiguity or to correct any error; (ii) to cause the provisions herein to conform or be consistent with or in furtherance of the statements made in the Offering Circular with respect to the Certificates, the Trust or this Agreement or to correct or supplement any provisions herein or therein which may be defective or inconsistent with any other provisions herein or therein; (iii) to amend any provision hereof to the extent necessary or desirable to maintain the rating or ratings assigned to each of the Classes of Certificates or the Companion Loan Securities by each Rating Agency (provided that such amendment does not adversely affect in any material respect (x) the rights or interests of any Certificateholder or Companion Loan Holder not consenting thereto or (y) the rights or interests of the Directing Holder without the consent of the Holders of Certificates representing 100% of the Controlling Class); (iv) to amend or supplement a provision, or to supplement any other provisions to the extent not inconsistent with the provisions of this Agreement, or any other change that will not adversely affect in any material respect the interests of any Certificateholder or Companion Loan Holder not consenting thereto (as evidenced in writing by an Opinion of Counsel or, if solely affecting any Certificateholder of a rated Class or Companion Loan Holder of rated Companion Loan Securities, in respect of which a No Downgrade Confirmation has been obtained relating to the Certificates or the Companion Loan Securities, if applicable); (v) 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 Credit Risk Retention Rules, as evidenced by an opinion of counsel, or (b) in the event the Credit Risk Retention Rules or any other regulations applicable to the risk retention requirements for this securitization transaction are amended or repealed in whole or in part, to the extent required to comply with any such amendment or, to the extent applicable, to modify or eliminate the affected provision(s) related to the risk retention requirements in the event of such repeal, in each case, subject to the consent of the Retaining Sponsor, not to be unreasonably withheld; and (vi) to modify the procedures herein relating to compliance with Rule 17g-5 of the Exchange Act; provided that such modification would not (a) materially increase the obligations or decrease the rights of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the Operating Advisor, the 17g-5 Information Provider, the Master Servicer or the Special Servicer without such parties’ consent; (b) reduce the consent or consultation rights or the right to receive information under this Agreement of the Directing Holder without the consent of the Directing Holder or (c) adversely affect in any material respect the interests of any Certificateholders or Companion Loan Holders not consenting thereto, as evidenced by in the case of clauses (iii), (iv) and (vi) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated Class, receipt of a No Downgrade Confirmation from each Rating Agency and a No Downgrade Confirmation with respect to any Companion Loan Securities; and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider (which shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(c) of this Agreement). In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC, affect the status of the Grantor Trust as a grantor trust or subject either REMIC or the Grantor Trust to tax.

 

This Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee with the prior written consent of the Holders of Certificates representing not less than 66-2⁄3% of the Percentage Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the

 

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Depositor’s Affiliates and/or agents or the Trust Loan Sellers) and any Companion Loan Holder affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or modifying in any manner the rights of the Certificateholders; provided, however, that no such amendment may:

 

(i)        reduce in any manner the amount of, or delay the timing of, payments received on the Whole Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to the Companion Loan Holders without the consent of the Companion Loan Holders;

 

(ii)       alter the Servicing Standard or obligations of the Master Servicer or the Trustee to make a P&I Advance, Administrative Advance or a Property Advance, without the consent of the Holders of the Certificates representing all of the Percentage Interests of the Class or Classes affected thereby and the consent of each Companion Loan Holder (if affected thereby);

 

(iii)     change the percentages of Voting Rights or Percentage Interests of Holders of Certificates which are required to consent to any action or inaction under this Agreement without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes affected thereby and the consent of each Companion Loan Holder (if affected thereby); or

 

(iv)      amend any section hereof which relates to the amendment of this Agreement without the consent of the Holders of all Certificates representing all of the Percentage Interests of the Class or Classes affected thereby and the consent of each Companion Loan Holder (if affected thereby).

 

Further, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor, at any time and from time to time, without the consent of the Certificateholders or Companion Loan Holders, may amend this Agreement to modify, eliminate or add to any of its provisions to such extent as shall be necessary: (i) to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code, 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 Companion Loan Holder or (ii) to comply with the Investment Company Act of 1940, as amended, and/or any related regulatory actions and/or interpretations.

 

In the event that neither the Depositor nor any successor thereto, if any, is in existence, any amendment under this Section 10.08 shall be effective with the consent of the Trustee, the Certificate Administrator, the Operating Advisor, the Master Servicer and the Special Servicer, in writing, and to the extent required by this Section 10.08, the Certificateholders and the Companion Loan Holders. Promptly after the execution of any amendment, the requesting party shall forward to the Trustee, the Certificate Administrator, the Operating Advisor, the Master

 

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Servicer and the Special Servicer, and the Certificate Administrator shall furnish a copy of such amendment to each Certificateholder, 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).

 

It shall not be necessary for the consent of Certificateholders under this Section 10.08 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 the Companion Loan Holders shall be subject to such reasonable regulations as the Trustee may prescribe; provided, however, 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 party requesting such amendment (or, if such amendment is required by any Rating Agency to maintain the rating issued by it or requested by the Trustee for any purpose described in clause (i), (ii) or (iii) of first sentence of this Section, then at the expense of the Trust Fund) confirming that such amendment is authorized or permitted by this Agreement and that all conditions precedent with respect thereto have been satisfied, respectively, hereunder and such amendment will not cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or affect the status of the Grantor Trust as a grantor trust at any time that any Certificates are outstanding, or cause a tax to be imposed on the Trust Fund, the Grantor Trust or either Trust REMIC.

 

Prior to the execution of any amendment to this Agreement or any Custodial Agreement, the Trustee, the Certificate Administrator, the Operating Advisor, the 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 by any Rating Agency to maintain the rating issued by it or requested by the Trustee for any purpose described in clause (i), (ii) or (iii) of the first sentence of this Section 10.08 (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 Trust Fund) stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent with respect thereto have been satisfied. The Trustee, the Certificate Administrator or the Operating Advisor may, but shall not be obligated to, enter into any such amendment which affects the Trustee’s, the Certificate Administrator’s or the Operating Advisor’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) that adversely affects the rights, including (without limitation) as a third-party beneficiary hereunder, and/or obligations of the Trust Loan Sellers (including, without limitation, under any Trust Loan Purchase Agreement) or the Initial Purchasers without the consent of the Trust Loan Sellers or the Initial Purchasers, as applicable or (ii) that adversely affects the rights, including (without limitation) as a third-party beneficiary hereunder, and/or obligations of any Companion Loan Holder without the consent of such Companion Loan Holder.

 

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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 which 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 copy of such amendment to each Certificateholder, the Operating Advisor, the Companion Loan Holders, the Depositor, the Master Servicer, the Special Servicer, and the Initial Purchasers.

 

Section 10.09 Confirmation of Intent. It is the express intent of the parties hereto that the conveyance of the Trust Fund (including the Trust Loan) by the Depositor to the Trustee on behalf of Certificateholders as contemplated by this Agreement and the sale by the Depositor of the Certificates be, and be treated for all purposes as, a sale by the Depositor of the undivided portion of the beneficial interest in the Trust Fund represented by the Certificates. 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, in the event that, 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 all of the Depositor’s right, title and interest in and to the Trust Fund and all amounts payable to the holders of the Trust Loan in accordance with the terms thereof and all proceeds of the conversion, voluntary or involuntary, of the foregoing into cash, instruments, securities or other property, including, without limitation, all amounts from time to time held or invested in the Collection Account, the Distribution Accounts, the Interest Reserve Account and any REO Account whether in the form of cash, instruments, securities or other property; (c) the possession by the Trustee (or the Custodian on its behalf) of 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. Any assignment of the interest of the Trustee pursuant to any provision hereof shall also be deemed to be an assignment of any security interest created hereby. 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), take such actions as may be necessary to ensure that, if this Agreement were deemed to create a security interest in the Trust Loan, such security interest would be deemed to be a perfected security interest of first priority under applicable law and will be maintained as such throughout the term of 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 10.10 No Intended Third-Party Beneficiaries. Except as specified in Section 10.12 of this Agreement, no Person other than a party to this Agreement, the Trust Loan Sellers, the Initial Purchasers or any Certificateholder shall have any rights with respect to the enforcement of any of the rights or obligations hereunder. Without limiting the foregoing, the

 

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parties to this Agreement specifically state that no Borrower, Manager or other party to the Trust Loan is an intended third-party beneficiary of this Agreement.

 

Section 10.11 Entire Agreement. This Agreement, together with the Co-Lender 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 10.12   Third Party Beneficiaries. Each of the Trustee, the Certificate Administrator, the Operating Advisor, the Master Servicer and the Special Servicer acknowledge that (i) each Trust Loan Seller and each Initial Purchaser is a third party beneficiary with respect to Section 8.05(h) of this Agreement, the obligations of any such party 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 and the express obligations of any party hereto to deliver documents, notices, information or funds to each of the Trust Loan Seller, (ii) each Trust Loan Seller is a third party beneficiary in respect of the rights afforded it under this Agreement and may directly enforce such rights, (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 10.08 of this Agreement, (iv) each holder of a Companion Loan and any related Other Depositor is an intended third party beneficiary in respect of the rights afforded it under this Agreement and may directly (or, in the case of the holder of a Companion Loan, the related Other Servicer may) enforce such rights, and (v) each of the Companion Loan Service Providers under an 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 Companion Loan Service Provider and the provisions regarding the coordination of Advances.

 

ARTICLE XI

EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE

 

Section 11.01  Intent of the Parties; Reasonableness. The parties hereto acknowledge and agree that the purpose of Article XI of this Agreement is, 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 Section 11.07, Section 11.08 and Section 11.09, 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 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 CAMB 2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, and any Companion Loan Securities, each

 

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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 Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Custodian, 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. Each party to this Agreement shall have a reasonable period of time to comply with any written request made under this Section 11.01, but in any event shall, upon reasonable advance written request, provide information in sufficient time to allow the Depositor or any Other Depositor, as applicable, to satisfy any related filing requirements. For purposes of this Article XI, to the extent any party has an obligation to exercise commercially reasonable efforts to cause a third party to perform, such party hereunder shall not be required to bring any legal action against such third party in connection with such obligation.

 

Section 11.02  Succession; 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 11.07 of this Agreement), in connection with the succession to the Master Servicer and Special Servicer or any Sub-Servicer as servicer or sub-servicer (to the extent such Sub-Servicer is a “servicer” meeting the criteria contemplated by Item 1108(a)(2) of Regulation AB) under this Agreement by any Person (i) into which the Master Servicer and Special Servicer or such Sub-Servicer may be merged or consolidated, or (ii) which may be appointed as a successor to the Master Servicer and Special Servicer or any such Sub-Servicer, the Master Servicer or Special Servicer, as applicable (depending on whether such succession involves it or one of its Sub-Servicers), or (iii) that is appointed as a successor Master Servicer or successor Special Servicer pursuant to Section 3.22 or Section 7.02, the Master Servicer, the Special Servicer or any Servicing Function Participant (with respect to the foregoing clauses (i) and (ii)) or the successor Master Servicer or the successor Special Servicer (with respect to the foregoing clause (iii)) shall, as a condition to such succession and at the reasonable expense of the same party or parties required to pay the costs and expenses relating to such succession pursuant to this Agreement, provide to the Depositor and any Other Depositor as to which the 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 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 Master Servicer, the Special Servicer, any

 

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Sub-Servicer, the Certificate Administrator, the Trustee and the Custodian (each of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Custodian and each Sub-Servicer, for purposes of this Section 11.02(b) and Section 11.02(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 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 11.08 and Section 11.09 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 11.08 and Section 11.09 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 Companion Loan is affected, of any such Sub-Servicer and Subservicing Agreement. No Subservicing Agreement (other than such agreements relating to a Sub-Servicer set forth in Exhibit AA) 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 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

 

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applicable law or any applicable confidentiality agreement, no later than the time required under Section 11.06 of this Agreement) and shall furnish pursuant to Section 11.06 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 11.03  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 Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Custodian 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 11.04  Form 10-D Disclosure. For so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, within five (5) calendar days after the related Distribution Date (using commercially reasonable efforts), (i) the parties as set forth on Exhibit W 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 W 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 Z to this Agreement. The Certificate Administrator has no duty under this Agreement to monitor or enforce the performance by the parties listed on Exhibit W to this Agreement of their duties under this paragraph or proactively solicit or procure from such parties any Additional Form 10-D Disclosure information.

 

Section 11.05  Form 10-K Disclosure. For so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, by March 1st, commencing in March 2022, (i) the parties listed on Exhibit X 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

 

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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 X to this Agreement applicable to such party, and (ii) the parties listed on Exhibit X 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 Z to this Agreement. The Certificate Administrator has no duty under this Agreement to monitor or enforce the performance by the parties listed on Exhibit X to this Agreement of their duties under this paragraph or proactively solicit or procure from such parties any Additional Form 10-K Disclosure information.

 

Section 11.06  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 the end of business (New York City time) on the second Business Day after the occurrence of a Reportable Event, (i) the parties set forth on Exhibit Y 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 to this Agreement as applicable to such party, if applicable, and (ii) the parties listed on Exhibit Y 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 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 hereto as Exhibit Z. The Certificate Administrator has no duty under this Agreement to monitor or enforce the performance by the parties listed on Exhibit Y of their duties under this paragraph or proactively solicit or procure from such parties any Form 8-K Disclosure Information.

 

Section 11.07  Annual Compliance Statements. On or before March 1 of each year, commencing in 2022, each of the Master Servicer, the Special Servicer (regardless of whether the Special Servicer has commenced special servicing of the Whole Loan) and, for so long as any

 

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Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the Certificate Administrator, the Custodian, any Additional Servicer and each Servicing Function Participant, 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 such Servicing Function Participant and each of the Master Servicer, Special Servicer, the Certificate Administrator, the Trustee and the Custodian, a “Certifying Servicer”) to the Certificate Administrator, the Operating Advisor (with respect to the Special Servicer only) and the 17g-5 Information Provider (who shall post it to the Certificate Administrator’s Website and the 17g-5 Information Provider’s Website, as applicable), 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 Person’s activities during the preceding calendar year or portion thereof and of such Person’s performance under this Agreement or the applicable sub-servicing agreement, as applicable, has been made under such officer’s supervision and (B) to the best of such officer’s knowledge, based on such review, such Person has fulfilled all its obligations under this Agreement or the applicable sub-servicing agreement, as applicable, in all material respects throughout such year or portion thereof, or, if there has been a failure to fulfill any such obligation in any material respect, specifying each such failure known to such officer and the nature and status thereof. For so long as any 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 Master Servicer or the Special Servicer, as applicable, has entered into a servicing relationship with respect to the Trust Loan or the Companion Loan in the fulfillment of any Certifying Servicer’s obligations hereunder or under the applicable sub-servicing or primary servicing agreement. The obligations of each Certifying Servicer under this Section apply to each such Certifying Servicer that serviced the Trust Loan or a Companion Loan during the applicable period, whether or not the Certifying Servicer is acting in such capacity at the time such Officer’s Certificate is required to be delivered. Copies of all Officer’s Certificates delivered pursuant to this Section 11.07 shall be made available to any Privileged Person by the Certificate Administrator by posting such Compliance Report to the Certificate Administrator’s Website. Notwithstanding the foregoing, the Trustee shall not be required to deliver an annual compliance statement with respect to any period during which there was no Relevant Servicing Criteria applicable to it.

 

Section 11.08  Annual Reports on Assessment of Compliance with Servicing Criteria. (a) On or before March 1 of each year, commencing in 2022, the Master 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 Certificate Administrator, the Trustee and the Custodian, each at its own expense, shall furnish (and each such party, (i) with respect to each Servicing

 

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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 Certificate Administrator, the Trustee, the Custodian and any Servicing Function Participant, as the case may be, a “Reporting Servicer”) to the Certificate Administrator, the Operating Advisor (with respect to the Special Servicer only) and the 17g-5 Information Provider (who shall promptly post it to the Certificate Administrator’s Website and the 17g-5 Information Provider’s Website, as applicable), 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, to the best of such Reporting Servicer’s knowledge, such Reporting Servicer used the Servicing Criteria to assess compliance with the Applicable Servicing Criteria, (C) such Reporting Servicer’s assessment of compliance with the Applicable Servicing Criteria as of the end of and for the preceding calendar year, including, if there has been any material instance of noncompliance with the Applicable Servicing Criteria, a discussion of each such failure and the nature and status thereof and (D) a statement that a registered public accounting firm that is a member of the American Institute of Certified Public Accountants has issued an attestation report on such Reporting Servicer’s assessment of compliance with the Applicable Servicing Criteria as of and for such period. Copies of all compliance reports delivered pursuant to this Section 11.08 shall be provided to any Certificateholder, upon the written request therefor, by the Certificate Administrator. Notwithstanding the foregoing, the Trustee shall not be required to deliver an assessment of compliance with respect to any period during which there was no Relevant Servicing Criteria applicable to it.

 

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 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 Relevant Servicing Criteria.

 

(b)       On the Closing Date, the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian and the Trustee each acknowledge and agree that Schedule I to this Agreement sets forth the Relevant Servicing Criteria for such party.

 

(c)       No later than 30 days after the end of each fiscal year for the Trust, the Master 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 Trustee and the Custodian 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

 

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Participant. When the Master 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 Trustee and the Custodian submit their assessments pursuant to Section 11.08(a) of this Agreement, such parties, as applicable, will also at such time include the assessment (and related attestation pursuant to Section 11.09) 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 Master 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 Trustee or the Custodian 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, shall use commercially reasonable efforts to cause) any Servicing Function Participant engaged by it to provide (and the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Custodian 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 11.08, coupled with an attestation as required in Section 11.09 in respect of the period of time that the Master 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 Trustee or the Custodian was subject to this Agreement or the period of time that the Servicing Function Participant was subject to such other servicing agreement.

 

Section 11.09  Annual Independent Public Accountants’ Servicing Report. On or before March 1 of each year, commencing in 2022, the Master 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 Trustee and the Custodian, each at its own expense, shall cause (and each such party, (i) with respect to each Servicing Function Participant that is a Sub-Servicer set forth on Exhibit 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 cause, 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 cause) a registered public accounting firm (which may also render other services to the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Custodian 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), to the Operating Advisor (with respect to the Special Servicer only), 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), 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

 

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of compliance with the Servicing Criteria was fairly stated in all material respects, or it cannot express an overall opinion regarding such party’s assessment of compliance with the Applicable Servicing Criteria. In the event that an overall opinion cannot be expressed, such registered public accounting firm shall state in such report why it was unable to express such an opinion. Each accountant’s attestation report required hereunder shall be made in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Act and the Exchange Act. Such report must be available for general use and not contain restricted use language. Copies of all statements delivered pursuant to this Section 11.09 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). 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.

 

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 Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Custodian or any Servicing Function Participant, the Depositor and each Other Depositor may review the report and, if applicable, consult with the Master 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 as to the nature of any defaults by the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Custodian or any Servicing Function Participant with which it has entered into a servicing relationship with respect to the Trust Loan or the Companion Loan, as the case may be, in the fulfillment of any of the Master Servicer’s, the Special Servicer’s, the Certificate Administrator’s, the Trustee’s, the Custodian’s or the applicable Servicing Function Participants’ obligations hereunder or under the applicable sub-servicing agreement.

 

Section 11.10  Significant Obligor. With respect to a Companion Loan that an applicable Other Depositor has notified the Master Servicer in writing that any Mortgaged Property is a “significant obligor” (within the meaning of Item 1101(k) of Regulation AB) with respect to an Other Securitization Trust that includes such Companion Loan and of the distribution date in such Other Pooling and Servicing Agreement, the Master Servicer shall, solely to the extent 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) (beginning with the first calendar quarter following receipt of such notice from the Other Depositor) or the updated financial statements of such “significant obligor” for any calendar year (beginning with the first calendar year following receipt of such notice from the Other Depositor), as applicable, from the Borrowers or the Special Servicer, as applicable, deliver to the Other Certificate Administrator on or prior to the day that occurs two Business Days prior to the related Significant Obligor NOI Quarterly Filing Deadline or seven Business Days prior to the related Significant Obligor NOI Yearly Filing Deadline, as applicable, (A) if such financial statement receipt occurs 12 or more Business Days prior to the related Significant Obligor NOI Quarterly Filing Deadline or 17 or more Business Days prior to the related Significant Obligor NOI Yearly Filing Deadline, as applicable, such financial statements of such “significant obligor”, together with the net operating income of such significant obligor for the applicable period as calculated by the Master Servicer in accordance with the CREFC® guidelines and (B) if such financial statement receipt occurs less than 12 Business Days prior to the related Significant Obligor NOI Quarterly Filing Deadline or less than 17 Business Days prior to the related Significant Obligor NOI Yearly Filing Deadline, as

 

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applicable, such financial statements of such “significant obligor”, together with the net operating income for the applicable period as reported by the Borrowers in such financial statements.

 

If the Master Servicer does not receive financial information satisfactory to comply with Item 6 of Form 10-D or Item 1112(b)(1) of Form 10-K, as the case may be, of such “significant obligor” within ten Business Days after the date such financial information is required to be delivered under the Loan Documents, the Master Servicer shall notify the Other Depositor with respect to such Other Securitization Trust that includes such 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 Master Servicer shall use efforts consistent with the Servicing Standard (taking into account, in addition, the ongoing reporting obligations of such Other Depositor under the Exchange Act) to obtain the periodic financial statements of the Borrowers under the Loan Documents.

 

The Master 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 Borrowers 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 Trustee, the Custodian, the Master Servicer and the Special Servicer 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 15 of the year following the year to which the Form 10-K of such Other Securitization Trust relates or, if March 15 is not a Business Day, on the immediately following Business Day, a certification in the form attached to this Agreement as Exhibit BB, 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. Notwithstanding the foregoing, the Trustee shall not be required to deliver such certification with respect to any period during which there was no Relevant Servicing Criteria applicable to it.

 

Notwithstanding the foregoing, nothing in this Section 11.11 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 AA or a Sub-Servicer appointed pursuant to Section 3.01(c)), (ii) to certify information other than to such

 

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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 11.12 Indemnification. For so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, each of the Master Servicer, the Special Servicer, the Custodian (if the Custodian is a separate entity from 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 Trust that includes such 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 Trust that includes such Companion Loan) or Certificate Administrator (or any Other Trustee related to an Other Securitization Trust that includes such Companion Loan) under this Article XI by the time required after giving effect to any applicable grace period or cure period, (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 a Trust 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 XI, 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 Trust Loan Seller Sub-Servicer) to perform its obligations to the Depositor (or any Other Depositor related to an Other Securitization Trust that includes such Companion Loan) or Certificate Administrator (or any Other Trustee related to an Other Securitization Trust that includes such Companion Loan) under this Article XI by the time required after giving effect to any applicable grace period and cure period 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 Participant and Additional Servicer retained by it to cooperate under the applicable Sub-Servicing Agreement) with the Depositor or the Other Depositor as necessary for the Depositor or the 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”).

 

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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 Other Depositor under the Reporting Requirements and which comments are received subsequent to the Depositor’s or Other Depositor’s filing of such report, the Depositor or Other Depositor shall promptly provide to such Affected Reporting Party any such comments which relate to such Affected Reporting Party. Such Affected Reporting Party shall be responsible for timely preparing a written response to the Commission for inclusion in the Depositor’s or Other Depositor’s response to the Commission, unless such Affected Reporting Party elects, with the consent of the Depositor or Other Depositor, as applicable (which consent shall not be unreasonably denied, withheld or delayed), to directly communicate with the Commission and negotiate a response and/or resolution with the Commission; provided, 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 paragraph. If such election is made, the applicable Affected Reporting Party shall be responsible for directly negotiating such response and/or resolution with the Commission in a timely manner; provided, that (i) such Affected Reporting Party shall use reasonable efforts to keep the Depositor or Other Depositor informed of its progress with the Commission and copy the Depositor or Other Depositor on all correspondence with the Commission and provide the Depositor or Other Depositor with the opportunity to participate (at the Depositor’s or Other Depositor’s expense) in any telephone conferences and meetings with the Commission and (ii) the Depositor or Other Depositor shall cooperate with any Affected Reporting Party in order to authorize such Affected Reporting Party and its representatives to respond to and negotiate directly with the Commission with respect to any comments from the Commission relating to such Affected Reporting Party and to notify the Commission of such authorization. The Depositor (or Other Depositor) 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 Other Depositor (including reasonable legal fees and expenses of outside counsel to the Depositor or Other Depositor, as the case may be) in connection with the foregoing (other than those costs and expenses required to be at the Depositor’s or Other Depositor’s expense as set forth above) and any amendments to any reports filed with the Commission therewith shall be promptly paid by the applicable Affected Reporting Party upon receipt of an itemized invoice from the Depositor or Other Depositor, as the case may be. 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, the Trustee and the Custodian shall use commercially reasonable efforts to cause each Servicing Function Participant (other than (x) any party to this Agreement or (y) a Trust Loan Seller Sub-Servicer) with which it has entered into a servicing relationship with respect to the Trust Loan to indemnify and hold harmless each Certification Party from and against any losses, damages,

 

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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, the Custodian, 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 (x) a party to this Agreement or (y) a Trust Loan Seller Sub-Servicer) with respect to the Trust Loan 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 XI. The Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian and the Trustee shall use commercially reasonable efforts to cause each Servicing Function Participant (other than (x) any party to this Agreement or (y) Trust Loan Seller Sub-Servicers) with which it has entered into a servicing relationship with respect to the Trust Loan 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 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

 

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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 11.13 Amendments. This Article XI may be amended by the parties hereto pursuant to Section 11.08 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, No Downgrade 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 XI; 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 Master Servicer, the Certificate Administrator, the Trustee and the Custodian, 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 XI 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 otherwise contemplated by this Article XI. 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 Master Servicer, the Certificate Administrator, the Trustee or the Custodian, as applicable, may have to terminate such Sub-Servicing Agreement.

 

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Section 11.16  Notification Requirements and Deliveries in Connection with Securitization of a Companion Loan. (a) Any other provision of this Article XI to the contrary notwithstanding, including, without limitation, any deadlines for delivery set forth in this Article XI, in connection with the requirements contained in this Article XI 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 party shall be entitled to conclusively rely on such notice until a Responsible Officer thereof has received a subsequent notice), setting forth the contact information for such Person(s) and, except as regards the deliveries and cooperation contemplated by Section 11.07, Section 11.08 and Section 11.09 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 of the Master Servicer, Special Servicer, Trustee, Certificate Administrator and Custodian 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 XI 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 XI in connection therewith and (i) upon such confirmation, the parties shall comply with the deadlines for delivery set forth in this Article XI 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 shall be required in connection with any delivery of the items contemplated by Section 11.07, Section 11.08 and Section 11.09 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 Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Custodian shall, upon reasonable prior written request given in accordance with the terms of Section 11.16(a) above, and subject to a right of the Master Servicer, Special Servicer, Certificate Administrator, Trustee or Custodian, 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 Master Servicer, the Special Servicer, Certificate Administrator, Trustee or Custodian, as applicable, at the reasonable

 

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cost of the Other Depositor) for inclusion in the disclosure materials relating to any securitization of a Companion Loan.

 

(c)       The Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Custodian, 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 Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Custodian, 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 Trustee, the Certificate Administrator or the Custodian, or their respective legal counsel, as the case may be, and sufficient to comply with Regulation AB). None of the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Custodian 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.

 

[NO FURTHER TEXT ON THIS PAGE]

 

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IN WITNESS WHEREOF, the
parties hereto have caused their names to be signed hereto by their respective officers thereunto duly authorized all as of the
day and year first above written.

 

	 	DEUTSCHE MORTGAGE & ASSET RECEIVING CORPORATION, as Depositor
	 	 	 
	 	By:	/s/ Matt Smith
	 	 	Name:	Matt Smith
	 	 	Title:	Director
	 	 	 
	 	By:	/s/ Robert-Christopher Jones
	 	 	Name:	 Robert-Christopher Jones
	 	 	Title:	Director
	 	 	 	 
	 	keybank national association, as Master Servicer
	 	 	 
	 	By:	/s/ Michael A. Tilden
	 	 	Name:	Michael A. Tilden
	 	 	Title:	Vice President
	 	 	 
	 	SITUS HOLDINGS, LLC as Special Servicer
	 	 	 
	 	By:	/s/ Adriana Boudreaux
	 	 	Name:	Adriana Boudreaux
	 	 	Title:	Deputy General Counsel

 

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	 	WILMINGTON TRUST, NATIONAL ASSOCIATION,

	 	as Trustee

	 	 	 
	 	By: 

	/s/ Patrick A. Kanar
	 	 	Name:	Patrick A. Kanar
	 	 	Title: 	Banking Officer
	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Certificate Administrator, Custodian and Paying Agent
	 	 
	 	By: COMPUTERSHARE TRUST COMPANY, N.A., as attorney-in-fact
	 	 	 
	 	By:	/s/ Linda Lopez
	 	 	Name:	 Linda Lopez
	 	 	Title:	Assistant Vice President

 

	 	PARK BRIDGE LENDER SERVICES LLC, as Operating Advisor
	 	 	 	 
	 	By:	Park Bridge Advisors LLC,
	 	 	its sole member
	 	 	 	   
	 	 	By:	Park Bridge Financial LLC,
	 	 	 	its sole member
	 	 	 	 
	 	By:	/s/ Robert J. Spinna, Jr.
	 	 	Name: Robert J. Spinna, Jr.
	 	 	Title:   Managing Member
	 	 	 	 	 
	 	 	 	 

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	STATE OF KANSAS	)
	 	: ss.:
	COUNTY OF JOHNSON 	)

 

On the 5 day
of November in the year 2021, before me, the undersigned, personally appeared Michael A. Tilden, proved to me on the basis
of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to
me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument,
the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument, and that such individual
made such appearance before the undersigned in the Overland Park (insert the city or other political subdivision and the
state or county or other place the acknowledgment was taken).

 

	 	/s/ Katherine Cain-Espeland
	 	Signature and Office of individual taking acknowledgment

 

This instrument prepared by:

	 	 	 
	Name:	Sidley Austin LLP	STATE OF 	KATHERIAN CAIN-ESPELAND
	Address:
	787 Seventh Avenue

        New York, New York 10019
	NOTARY

PUBLIC

KANSAS	My Appointment Expires

March 9, 2022

 

 

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2021-CX2 – Trust and Servicing Agreement

 

     

     

    

 

	STATE OF State of Delaware	)
	 	: ss.:
	COUNTY OF New Castle County	)

 

On the 4th day
of November in the year 2021, before me, the undersigned, personally appeared Patrick A. Kanar, proved to me on the basis
of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to
me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument,
the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument, and that such individual
made such appearance before the undersigned in the Wilmington, Delaware (insert the city or other political subdivision
and the state or county or other place the acknowledgment was taken).

 

	 	/s/ Chad N. May	
	 	Signature and Office of individual taking acknowledgment

   

	This instrument prepared by:	CHAD N. MAY
	 	MY COMMISSSION
	Name:	Sidley Austin LLP	 
	Address:	787 Seventh Avenue	EXPIRES
	 	New York, New York 10019	04-06-2024
	 	 
	 	NOTARY PUBLIC
	 	STATE OF DELWARE

 

 

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2021-CX2 – Trust and Servicing Agreement

 

     

     

    

 

	STATE OF MN	)
	 	: ss.:
	COUNTY OF Hennepin	)

 

On the 5 day
of November in the year 2021, before me, the undersigned, personally appeared Linda Lopez, proved to me on the basis of
satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me
that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument, the
individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument, and that such individual made
such appearance before the undersigned in the Minneapolis MN (insert the city or other political subdivision and the state
or county or other place the acknowledgment was taken).

 

	 	/s/ Mary Monson-Owen
	 	Signature and Office of individual taking acknowledgment

 

	 	 
	This instrument prepared by:	MARY GOY MONSON-OWEN
	 	NOTARY PUBLIC MINNESOTA
	Name:	Sidley Austin LLP	MY COMMISSION
    EXPIRES 01/31/2025
	Address:	787 Seventh Avenue	 
	 	New York, New York 10019	 

 

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2021-CX2 – Trust and Servicing Agreement

 

     

     

    

 

	STATE OF NEW YORK	)
	 	) ss.:
	COUNTY OF  NEW YORK	)

 

On the 4th
day of November in the year 2021, before me, the undersigned, a Notary Public in and for the state of New York, duly commissioned
and sworn, personally appeared Robert J. Spinna, Jr., to me Known who, by me duly sworn, did depose and acknowledge before me
that he is a Managing Member of Park Bridge Financial LLC, which is the sole member of park Bridge Advisor LLC, which in turn
is the Sole member of park Bridge Lender Services LLC, the entity described in and that executed the foregoing instrument; and
that he signed his name thereto under authority of said entity and on behalf of such entity.

 

WITNESS my hand and
seal hereto affixed the day and year first above written.

 

	 	/s/ Niaja Williams Mowatt
	 	NOTARY PUBLIC in and for the

 State of New York

 

[SEAL] 

 

	My Commission expires:	3/31/24	 
	 	(Date)	 

 

	 	NIAJA WILLIAMS MOWATT	 
	 	Notary Public - State of New York	 
	 	No. 01W1618424	 
	 	Qualified in Suffolk County 	 
	 	My Commission Expire 3/31/24	 

 

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SCHEDULE I

 

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.	
        Master 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.	
        Master 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.	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

 

    Sch. I - 1 

     

    

 

	Relevant Servicing Criteria	Applicable Party(ies)
	Reference	Criteria	 

	 	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.	Certificate Administrator
	1122(d)(2)(iii)	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.	
        Master Servicer

        Trustee

	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.	
        Master Servicer

Special Servicer

        Certificate Administrator

	1122(d)(2)(v)	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements.  For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	
        Master Servicer

Special Servicer

        Certificate Administrator

	1122(d)(2)(vi)	Unissued checks are safeguarded so as to prevent unauthorized access.	Master Servicer

Special Servicer

 

    Sch. I -
                                                                                     2 

     

    

	Relevant Servicing Criteria	Applicable Party(ies)
	Reference	Criteria	 

	1122(d)(2)(vii)	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts.  These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items.  These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	
        Master 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
	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.	
        Master Servicer

Special Servicer

        Custodian

 

    Sch. I - 3 

     

    

 

	Relevant Servicing Criteria	Applicable Party(ies)
	Reference	Criteria	 

	1122(d)(4)(ii)	Mortgage loan and related documents are safeguarded as required by the transaction agreements.	Custodian
	1122(d)(4)(iii)	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	Master Servicer

Special Servicer
	1122(d)(4)(iv)	Payments on mortgage loans, including any payoffs, made in accordance with the related mortgage loan documents are posted to the Master Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related mortgage loan documents.	Master Servicer
	1122(d)(4)(v)	The Master Servicer’s records regarding the mortgage loans agree with the Master Servicer’s records with respect to an obligor’s unpaid principal balance.	Master Servicer
	1122(d)(4)(vi)	Changes with respect to the terms or status of an obligor’s mortgage loans (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.	Master Servicer

Special Servicer
	1122(d)(4)(vii)	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.	Special Servicer

Operating Advisor
	1122(d)(4)(viii)	Records documenting collection efforts are maintained during the period a mortgage loan is delinquent in accordance with the transaction agreements.  Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent mortgage loans including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	Master Servicer

Special Servicer
	1122(d)(4)(ix)	Adjustments to interest rates or rates of return for mortgage loans with variable rates are computed based on the related mortgage loan documents.	Master Servicer

 

    Sch. I -
                                                                                     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

 

    Sch. I -
                                                                                     5 

     

    

 

SCHEDULE II

 

INITIAL COMPANION LOAN HOLDERS

	Initial Companion Loan Holder	Address
	 	 
	DBR Investments Co. Limited

(Promissory Note A-1-2, Promissory Note A-1-3, Promissory Note A-1-4, Promissory Note A-1-5, Promissory Note A-1-6, Promissory Note A-1-7, Promissory Note A-1-8 and Promissory Note A-1-9 Holder) 	
         

        DBR
        Investments Co. Limited

        1 Columbus Circle

        New York, New York 10019

        Attention: Robert W. Pettinato, Jr.

        Facsimile No. (212) 797-4489

        Email: Robert.Pettinato@db.com

         

        With
        a copy to:

         

        DBR
        Investments Co. Limited

        1 Columbus Circle

        New York, New York 10019

        Attention: General Counsel

        Facsimile No. (646) 736-5721

        Email: cmbs.requests@db.com

         

	Bank of America, N.A. 

(Promissory Note A-2-2, Promissory Note A-2-3, Promissory Note A-2-4 and Promissory Note A-2-5 Holder)	
        Bank of America, N.A.

        One Bryant Park

        Mail Code: NY1-100-11-07

        

        New York, New York 10036

        Attention: Director of CMBS Securitization

         Email:
leland.f.bunch@bofa.com

         

        With a copy to:

         

        Bank of America Legal
        Department

        

        150 North College Street

         Mail Code:
NC1-028-24-02

        

        Charlotte, North Carolina
        28255

         Attention:
W. Todd Stillerman, Esq., Associate General Counsel & Director

        

        Email: todd.stillerman@bofa.com
        and cmbsnotices@bofa.com

        

	JPMorgan Chase Bank, National Association

 (Promissory Note A-3-2 and Promissory Note A-3-3 Holder)	JPMorgan Chase Bank, National Association

383 Madison Avenue, 8th Floor

New York, New York 10179

Attention: SPG Syndicate

Email:  ABS_Synd@jpmorgan.com

with a copy to:

JPMorgan Chase Bank, National Association

4 New York Plaza, 21st Floor

New York, New York 10004

Attention: SPG Legal

Email:  US_CMBS_Notice@jpmorgan.com

 

    Sch. II -
                                                                                     1 

     

    

 

	3650 Cal Bridge Lending, LLC

(Promissory Note A-4-2 and Promissory Note A-4-3 Holder)	
        3650
        Cal Bridge Lending, LLC

        2977 McFarlane Road, Suite 300

        Miami, Florida 33133

         

        with
        copies via email to:

         

        Jonathan
        Roth

        Email: jroth@3650reit.com

         

        and

         

        Mark
        A. Jefferis, General Counsel and Chief Compliance Officer

        Email: mjefferis@3650reit.com

         

 

    Sch. I -
                                                                                     2 

     

    

 

EXHIBIT
A-1

 

FORM
OF CLASS A [RULE 144A]1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

[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.]4

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “Securities
Act”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT
THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE Securities
Act AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE
UNDER THE Securities Act, (2) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE
FOR RESALE PURSUANT TO RULE 144A UNDER THE Securities Act (“RULE 144A”),
TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING
FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE,
PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,

 

 

  

1
For Rule 144A Global Certificates only.

 

2 For
Reg S Global Certificates only.

 

3 Legend
required as long as DTC is the Depository under the Trust and Servicing Agreement.

 

4 Global
Certificate legend.

 

    A-1-1

     

    

 

(3) TO AN INSTITUTION THAT IS AN “ACCREDITED
INVESTOR” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE Securities
Act OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED
IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) TO AN INSTITUTION THAT IS A NON-“U.S.
PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH, RULE 903 OR
RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE TRUST AND SERVICING AGREEMENT.
A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE TRUST
AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE)
AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED
INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.

 

THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN OR RETIREMENT
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 ERISA, OR OTHER PLAN
SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY
RESPONSIBILITY PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (EACH, A “PLAN”), OR (B) ANY PERSON ACTING ON BEHALF
OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN (INCLUDING ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON
OF A PLAN’S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATIONS SECTION 2510.3-101, AS
MODIFIED BY SECTION 3(42) OF ERISA)), UNLESS (X) THE TRANSFEREE HAS ACQUIRED AND IS HOLDING THIS CERTIFICATE IN RELIANCE ON THE
EXEMPTION GRANTED TO (I) DEUTSCHE BANK SECURITIES INC., AS DEPARTMENT FINAL AUTHORIZATION NUMBER 97-03E, (II) J.P. MORGAN SECURITIES
LLC, AS PROHIBITED TRANSACTION EXEMPTION 2002-19, AND (III) BOFA SECURITIES,

 

    A-1-2

     

    

 

INC., AS PROHIBITED TRANSACTION EXEMPTION 93-31,
58 FED. REG. 28,620 (MAY 14, 1993), EACH AS AMENDED BY PROHIBITED TRANSACTION EXEMPTION 2013-08 (COLLECTIVELY, THE “EXEMPTION”)
AND IT UNDERSTANDS THAT THERE ARE CERTAIN CONDITIONS TO THE AVAILABILITY OF THE EXEMPTION, INCLUDING THAT THIS CERTIFICATE MUST
BE RATED, AT THE TIME OF PURCHASE, NOT LOWER THAN “BBB-” (OR ITS EQUIVALENT) BY A RATING AGENCY SET FORTH THEREIN
AND THAT THIS CERTIFICATE IS SO RATED AND IT 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, OR (Y) (1) IT IS AN INSURANCE COMPANY, (2) THE SOURCE
OF FUNDS USED TO ACQUIRE OR HOLD THIS CERTIFICATE OR INTEREST THEREIN IS AN “INSURANCE COMPANY GENERAL ACCOUNT,” AS
SUCH TERM IS DEFINED IN PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 95-60 AND (3) THE CONDITIONS IN SECTIONS I
AND III OF PTCE 95-60 HAVE BEEN SATISFIED WITH RESPECT TO THE ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE OR (Z)
IN THE CASE OF A TRANSFEREE WHICH IS SUBJECT TO SIMILAR LAW, ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE WILL
NOT RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

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 OPERATING ADVISOR, THE MASTER SERVICER, THE SPECIAL SERVICER AND THE DEPOSITOR
AGAINST ANY LIABILITY 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, ANY ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE OPERATING ADVISOR OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE
CERTIFICATES NOR THE UNDERLYING TRUST LOAN 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 TRUST AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN

 

    A-1-3

     

    

 

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.]1

 

 

 

1
For Reg S Global Certificates only.

 

    A-1-4

     

    

 

CAMB
2021-CX2 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A

 

	Class A
    Pass-Through Rate: A per annum rate equal to 2.700%	 	CUSIP: 12477BAA21

                                                                                               U1308RAA22

 12477BAB03

         

        ISIN:    US12477BAA264

        USU1308RAA24
5

US12477BAB096

	Original
    Aggregate Certificate Balance of the

    Class A Certificates: $200,690,000	  	Initial
    Certificate Balance of this Certificate: $[______] [FOR GLOBAL CERTIFICATES ONLY: (SUBJECT TO SCHEDULES OF EXCHANGES ATTACHED)]
	First
    Distribution Date:  December 10, 2021	 	Cut-off
    Date: November 6, 2021
	Assumed
    Final Distribution Date: November 2031	 	No.:
    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 A Certificates. The Trust Fund, described more fully below, consists primarily of a Trust
Loan secured by, among other things, a mortgage on the fee simple interests of the Borrowers in two adjacent Class A life sciences
laboratory and office buildings located in Cambridge and Boston, Massachusetts, and held in trust by the Trustee and serviced
by the Master Servicer. 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.

 

The
Trust and Servicing Agreement, dated as of November 9, 2021 (the “Trust and Servicing Agreement”), between
Deutsche Mortgage & Asset Receiving Corporation, as depositor (the “Depositor”), KeyBank National Association,
as master servicer (in such capacity, the “Master Servicer”), Situs Holdings, LLC, as special servicer (the
“Special Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”),
Wells Fargo Bank, National

 

 

 

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.

 

    A-1-5

     

    

 

Association, as certificate administrator (the “Certificate Administrator”), custodian
and paying agent, and Park Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”), evidences
the issuance of the Class A, Class X, Class B, Class C, Class D, Class HRR, Class S, Class R and Class LR 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 the Trust and Servicing Agreement. 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 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 Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator
under the Trust and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and
any provision of the Trust and Servicing Agreement, such provision of this Certificate shall be superseded by the Trust and Servicing
Agreement to the extent of such inconsistency.

 

Pursuant
to the terms of the Trust 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 Certificates for such Distribution Date, all as more fully described in the Trust
and Servicing Agreement. “Determination Date” is defined in the Trust and Servicing Agreement as the 6th day of each
calendar month, or if such 6th day is not a Business Day, then the immediately preceding Business Day, commencing in December
2021. Holders of this Certificate may be entitled to Prepayment Charges as provided in the Trust and Servicing Agreement.

 

During
each Certificate Interest Accrual Period (as defined below), interest on the Class A 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 a Certificate Interest Accrual Period, plus the aggregate unpaid Class Interest Shortfall with
respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Trust and
Servicing Agreement. The “Certificate Interest Accrual Period” means, with respect to any Distribution Date, the calendar
month immediately preceding the month in which such Distribution Date occurs. The Certificate Interest Accrual Period is assumed
to consist of 30 days.

 

    A-1-6

     

    

 

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, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United
States and having appropriate facilities therefor provided that such Holder shall have provided the Paying Agent with wire
instructions in writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class
mail to the address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in
like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its
agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders
of such final distribution.

 

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 in trust 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 Trust 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, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice 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. If within two years after the second notice any such 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 under the Trust and Servicing Agreement and the transfer of such amounts to a successor
certificate administrator and (ii) subject to applicable law, the termination of the Trust Fund and distribution of such
amounts to the Residual 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 the Trust and Servicing Agreement. Such funds held by the Certificate Administrator may be invested under certain circumstances,
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
Loan, as more specifically set forth herein and in the Trust and Servicing Agreement.

 

As
provided in the Trust and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any

 

    A-1-7

     

    

 

interest of the Companion Loan Holder) (i) the Trust Loan, together with
the Mortgage File relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Trust Loan
due after the Cut-off Date; (iii) any REO Property; (iv) all revenues received in respect of any REO Property; (v) any indemnities
or guaranties given as additional security for the Trust Loan; (vi) a security interest in all assets deposited in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve Accounts; (vii) amounts on deposit in the Collection Account
attributable to the Trust Loan as identified on the Trust Ledger, the Distribution Accounts, the Interest Reserve Account or the
REO Account, including any reinvestment income, as applicable; (viii) a security interest in any environmental indemnity agreements
relating to the Mortgaged Property; (ix) a security interest in all insurance policies with respect to the Trust Loan and the
Mortgaged Property; (x) the rights and remedies under the Trust Loan Purchase Agreements relating to document delivery requirements
with respect to the Trust Loan and the representations and warranties of the Trust Loan Sellers regarding the Trust Loan; (xi)
the Lower-Tier Regular Interests; and (xii) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the Borrowers).
As provided in the Trust 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 Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Trust and Servicing Agreement 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 Trust and
Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements Article V of
the Trust 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 Trust and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the 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 Operating Advisor, 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 Trust and Servicing Agreement other than for transfers to Institutional Accredited
Investors as

 

    A-1-8

     

    

 

provided in Section 5.02(h) of the Trust 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 Trust 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
Trust and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders
or the Companion Loan Holder, (i) to cure any ambiguity or to correct any error; (ii) to cause the provisions of the Trust and
Servicing 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 the Trust and Servicing Agreement or to correct or supplement any provisions of the Trust and
Servicing Agreement or the Offering Circular which may be defective or inconsistent with any other provisions of the Trust and
Servicing Agreement or the Offering Circular; (iii) to amend any provision of the Trust and Servicing Agreement to the extent
necessary or desirable to maintain the rating or ratings assigned to each of the Classes of Certificates or Companion Loan Securities
by each Rating Agency (provided that such amendment does not adversely affect in any material respect (x) the rights or
interests of any Certificateholder or the Companion Loan Holder not consenting thereto or (y) the rights or interests of the Directing
Holder without the consent of the Holders of Certificates representing 100% of the Controlling Class); (iv) to amend or supplement
a provision, or to supplement any other provisions to the extent not inconsistent with the provisions of the Trust and Servicing
Agreement, or any other change that will not adversely affect in any material respect the interests of any Certificateholder or
the Companion Loan Holder not consenting thereto (as evidenced in writing by an Opinion of Counsel or, if solely affecting any
Certificateholder of a rated Class or a Companion Loan Holder of rated Companion Loan Securities, in respect of which a No Downgrade
Confirmation has been obtained relating to the Certificates or the Companion Loan Securities, if applicable); (v) 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 Credit Risk
Retention Rules, as evidenced by an opinion of counsel, or (b) in the event the Credit Risk Retention Rules or any other
regulations applicable to the risk retention requirements for this securitization transaction are amended or repealed in whole
or in part, to the extent required to comply with any such amendment or, to the extent applicable, to modify or eliminate the
affected provision(s) related to 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 Successor Third Party Purchaser under the Trust
and Servicing Agreement or the related risk retention agreement without the consent of the Successor Third Party Purchaser; and
(vi) to modify the procedures of the Trust and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such modification would not (a) materially increase the obligations or decrease the rights of the Depositor,
the Trustee, the Paying Agent, the Certificate Administrator, the Operating Advisor, the 17g-5 Information Provider, the Master
Servicer or the Special Servicer without such parties’ consent, (b) reduce the consent or consultation rights or the right
to receive information under the Trust and Servicing Agreement of the Directing Holder without the consent of the Directing Holder
or

 

    A-1-9

     

    

 

(c) adversely affect in any material respect the interests of any Certificateholders or the Companion Loan Holder not consenting
thereto, as evidenced by in the case of clauses (iii), (iv) and (vi) above by (x) an Opinion of Counsel or (y) solely in the case
of a Certificateholder of a rated Class, receipt of a No Downgrade Confirmation from each Rating Agency and a No Downgrade Confirmation
with respect to any Companion Loan Securities. In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier
REMIC to fail to qualify as a REMIC, affect the status of the Grantor Trust as a grantor trust or subject either REMIC or the
Grantor Trust to tax.

 

The
Trust 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 Operating Advisor, the Certificate Administrator and the Trustee with the prior written consent of the
Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates and the Companion
Loan Holder affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents or the Trust Loan Sellers) 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 modifying in any manner the rights of the Certificateholders; provided,
however, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Whole Loan
                                         which are required to be distributed on any Certificate, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         affected thereby, or which are required to be distributed to the Companion Loan Holder
                                         without the consent of the Companion Loan Holder;

 

		(ii)	alter
                                         the Servicing Standard or obligations of the Master Servicer or the Trustee to make a
                                         P&I Advance, Administrative Advance or a Property Advance, without the consent of
                                         the Holders of the Certificates representing all of the Percentage Interests of the Class
                                         or Classes affected thereby and the consent of the Companion Loan Holder (if affected
                                         thereby);

 

		(iii)	change
                                         the percentages of Voting Rights or Percentage Interests of Holders of Certificates which
                                         are required to consent to any action or inaction under the Trust and Servicing Agreement
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby and the consent of the Companion Loan
                                         Holder (if affected thereby); or

 

		(iv)	amend
                                         any section of the Trust and Servicing Agreement which relates to the amendment of the
                                         Trust and Servicing Agreement without the consent of the Holders of all Certificates
                                         representing all of the Percentage Interests of the Class or Classes affected thereby
                                         and the consent of the Companion Loan Holder (if affected thereby).

 

    A-1-10

     

    

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee,
at any time and from time to time, without the consent of the Certificateholders or Companion Loan Holders, may amend the Trust
and Servicing Agreement to modify, eliminate or add to any of its provisions to such extent as shall be necessary: (i) to maintain
the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC or the Grantor Trust as a grantor trust under the
relevant provisions of the Code, 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 the Companion Loan Holder or (ii) to comply
with the Investment Company Act of 1940, as amended, and/or any related regulatory actions and/or interpretations.

 

The
Directing Holder and, if the Directing Holder does not exercise such option, then the Special Servicer and if the Special Servicer
does not exercise such option, then the Master Servicer, and if the Master Servicer does not exercise such option, then the Holder of a majority Percentage Interest in the Class R and Class LR Certificates, may effect an early termination of
the Trust Fund (provided that such party has provided 15 Business Days’ prior notice to each of the parties with
such option and none of the parties with a higher priority has elected to exercise such option within such 15 Business Day period),
upon not less than 30 days’ prior Notice of Termination (which Notice of Termination shall satisfy the notice requirement
of the proviso) given to the Trustee, the Certificate Administrator, the Special Servicer and the Master Servicer any time on
or after the Early Termination Notice Date specifying the Anticipated Final Termination Date, by purchasing on such date all,
but not less than all, of the Trust Loan then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of the Trust Loan, at a purchase price, payable in cash, equal to the greater of,

 

(i)
       the sum of, without duplication:

 

		(A)	100%
                                         the outstanding principal balance of the Trust Loan as of the last day of the month preceding
                                         such Anticipated Final Termination Date (less any P&I Advances previously made on
                                         account of principal);

 

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

 

		(C)	all
unpaid interest accrued on the outstanding principal balance of the Trust Loan (including circumstances where title to the Mortgaged
Property has been acquired) at the Trust Loan Rate to the last day of the Whole Loan Interest Accrual Period preceding

 

 

    A-1-11

     

    

 

such Anticipated Final Termination Date (less any P&I Advances previously made on account of interest);

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Advance Rate,
                                         unpaid Servicing Compensation, Special Servicing Compensation, Trustee/Certificate Administrator
                                         Fees, the Operating Advisor Fee, the CREFC® License Fee and Trust Fund
                                         expenses and indemnity amounts owed by the Trust; and

 

(ii)       the
aggregate fair market value of the Trust Loan, and all other property acquired in respect of the Trust Loan in the Trust Fund,
on the last day of the month preceding such Distribution Date, as determined by an Independent appraiser acceptable to the Master
Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date, together with
one month’s interest thereon at the Trust Loan Rate.

 

In
addition, the Trust and Servicing Agreement provides that the Sole Certificateholder shall have the right to exchange all of its
Regular Certificates for the Trust Loan or REO Property, as applicable, as contemplated by clause (ii) of Section 9.01(a)
of the Trust and Servicing Agreement by giving written notice to all the parties to the Trust and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Trust and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Trust Loan and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Trust and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Trust and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Certificate Administrator and the Trustee created by the Trust and Servicing Agreement with respect to the Certificates (other
than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Trust and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Companion Loan Holder 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 Trust and Servicing Agreement to be so paid on the Distribution Date following
the earlier to occur of (i) the purchase of the Trust Loan and all other property held by the Trust Fund in accordance with
Section 9.01(c) of the Trust and Servicing Agreement; and (ii) the exchange by the Sole Certificateholder of its Certificates
for the Trust Loan in accordance with Section 9.01(g) of the Trust and Servicing Agreement and (iii) the later of (a) the
receipt or collection of the last payment due on the Trust Loan included in the Trust Fund, or (b) the liquidation and disposition
pursuant to the Trust and Servicing Agreement of the last asset held by the Trust Fund; provided, however, that
in no event shall the trust created by the Trust and Servicing Agreement continue beyond the expiration of twenty-one

 

    A-1-12

     

    

 

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 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.

 

This
Certificate does not purport to summarize the Trust and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the parties thereto.  This Certificate is issued under and is subject to the terms, provisions and conditions
of the Trust and Servicing Agreement, to which Trust and Servicing Agreement, as amended from time to time, the Holder of this
Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.  In the case of any conflict between
terms specified in this Certificate and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing
Agreement shall govern.

 

    A-1-13

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A Certificate to be duly executed.

 

Dated:
_______________

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	COMPUTERSHARE TRUST COMPANY, N.A., as attorney-in-fact
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

Certificate
of Authentication

 

This
is one of the Class A Certificates referred to in the Trust and Servicing Agreement.

 

Dated:
_______________

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	COMPUTERSHARE TRUST COMPANY, N.A., as attorney-in-fact
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    A-1-14

     

    

 

[TO
BE ATTACHED TO GLOBAL CERTIFICATES] SCHEDULE OF EXCHANGES OF GLOBAL CERTIFICATES

 

The
following exchanges of a part of this Global Certificate have been made:

 

    A-1-15

     

    

 

EXHIBIT
A-2

 

FORM
OF CLASS X [RULE 144A]1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

[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.]4

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “Securities
Act”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS
CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE
Securities Act AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED
EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A
UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A
“QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”)
PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER
HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,

 

 

 

1
For Rule 144A Global Certificates only.

 

2
For Reg S Global Certificates only.

 

3
Legend required as long as DTC is the Depository under the Trust and Servicing Agreement.

 

4
Global Certificate legend.

 

    A-2-1

     

    

 

(3) TO
AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF
REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH “ACCREDITED INVESTORS”
AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) TO AN INSTITUTION
THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH, RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER
APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE TRUST AND SERVICING AGREEMENT.
A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE TRUST
AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE)
AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED
INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.

 

THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN OR RETIREMENT
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 ERISA, OR OTHER PLAN
SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY
RESPONSIBILITY PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (EACH, A “PLAN”), OR (B) ANY PERSON ACTING ON BEHALF
OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN (INCLUDING ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON
OF A PLAN’S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATIONS SECTION 2510.3-101, AS
MODIFIED BY SECTION 3(42) OF ERISA)), UNLESS (X) THE TRANSFEREE HAS ACQUIRED AND IS HOLDING THIS CERTIFICATE IN RELIANCE ON THE
EXEMPTION GRANTED TO (I) DEUTSCHE BANK SECURITIES INC., AS DEPARTMENT FINAL AUTHORIZATION NUMBER 97-03E, (II) J.P. MORGAN SECURITIES
LLC, AS PROHIBITED TRANSACTION EXEMPTION 2002-19, AND (III) BOFA SECURITIES,

 

    A-2-2

     

    

 

INC., AS PROHIBITED TRANSACTION EXEMPTION 93-31,
58 FED. REG. 28,620 (MAY 14, 1993), EACH AS AMENDED BY PROHIBITED TRANSACTION EXEMPTION 2013-08 (COLLECTIVELY, THE “EXEMPTION”)
AND IT UNDERSTANDS THAT THERE ARE CERTAIN CONDITIONS TO THE AVAILABILITY OF THE EXEMPTION, INCLUDING THAT THIS CERTIFICATE MUST
BE RATED, AT THE TIME OF PURCHASE, NOT LOWER THAN “BBB-” (OR ITS EQUIVALENT) BY A RATING AGENCY SET FORTH THEREIN
AND THAT THIS CERTIFICATE IS SO RATED AND IT 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, OR (Y) (1) IT IS AN INSURANCE COMPANY, (2) THE SOURCE
OF FUNDS USED TO ACQUIRE OR HOLD THIS CERTIFICATE OR INTEREST THEREIN IS AN “INSURANCE COMPANY GENERAL ACCOUNT,” AS
SUCH TERM IS DEFINED IN PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 95-60 AND (3) THE CONDITIONS IN SECTIONS I
AND III OF PTCE 95-60 HAVE BEEN SATISFIED WITH RESPECT TO THE ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE OR (Z)
IN THE CASE OF A TRANSFEREE WHICH IS SUBJECT TO SIMILAR LAW, ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE WILL
NOT RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

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 OPERATING ADVISOR, THE MASTER SERVICER, THE SPECIAL SERVICER AND THE DEPOSITOR
AGAINST ANY LIABILITY 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, ANY ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE OPERATING ADVISOR OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE
CERTIFICATES NOR THE UNDERLYING TRUST LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

THE
HOLDERS OF THIS CLASS X CERTIFICATE WILL BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X
CERTIFICATES AND WILL NOT BE ENTITLED TO ANY OF THE DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS
X CERTIFICATES IS EQUAL TO AN AMOUNT AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING
NOTIONAL BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

    A-2-3

     

    

 

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.]1

 

 

 

1 For
Reg S Global Certificates only.

 

    A-2-4

     

    

 

CAMB
2021-CX2 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS X

 

	Class X
    Pass-Through Rate: Variable	 	CUSIP:
12477BAC81

                                                                         U1308RAB02

12477BAD63

         

        ISIN:   
US12477BAC814

        USU1308RAB075

US12477BAD646

	Original
    Aggregate Notional Balance of the

    Class X Certificates: $200,690,000	 	Initial
    Notional Balance of this Certificate: $[______] [FOR GLOBAL CERTIFICATES ONLY: (SUBJECT TO SCHEDULES OF EXCHANGES ATTACHED)]
	First
    Distribution Date: December 10, 2021	 	Cut-off
    Date: November 6, 2021
	Assumed
    Final Distribution Date: November 2031	 	No.:
    X - [__]

 

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 Certificates. The Trust Fund, described more fully below, consists primarily of a Trust
Loan secured by, among other things, a mortgage on the fee simple interests of the Borrowers in two adjacent Class A life sciences
laboratory and office buildings located in Cambridge and Boston, Massachusetts, and held in trust by the Trustee and serviced
by the Master Servicer. 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.

 

The
Trust and Servicing Agreement, dated as of November 9, 2021 (the “Trust and Servicing Agreement”), between
Deutsche Mortgage & Asset Receiving Corporation, as depositor (the “Depositor”), KeyBank National Association,
as master servicer (in such capacity, the “Master Servicer”), Situs Holdings, LLC, as special servicer (the
“Special Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”),
Wells Fargo Bank, National

 

 

 

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.

 

    A-2-5

     

    

 

Association, as certificate administrator (the “Certificate Administrator”), custodian
and paying agent, and Park Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”), evidences
the issuance of the Class A, Class X, Class B, Class C, Class D, Class HRR, Class S, Class R and Class LR 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 the Trust and Servicing Agreement. 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 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 Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator
under the Trust and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and
any provision of the Trust and Servicing Agreement, such provision of this Certificate shall be superseded by the Trust and Servicing
Agreement to the extent of such inconsistency.

 

Pursuant
to the terms of the Trust 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 X Certificates for such Distribution Date, all as more fully described in the Trust
and Servicing Agreement. “Determination Date” is defined in the Trust and Servicing Agreement as the 6th day of each
calendar month, or if such 6th day is not a Business Day, then the immediately preceding Business Day, commencing in December
2021. Holders of this Certificate may be entitled to Prepayment Charges as provided in the Trust and Servicing Agreement.

 

During
each Certificate Interest Accrual Period (as defined below), interest on the Class X 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 a Certificate Interest Accrual Period, plus the aggregate unpaid Class Interest Shortfall with
respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Trust and
Servicing Agreement. The “Certificate Interest Accrual Period” means, with respect to any Distribution Date, the calendar
month immediately preceding the month in which such Distribution Date occurs. The Certificate Interest Accrual Period is assumed
to consist of 30 days.

 

    A-2-6

     

    

 

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, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United
States and having appropriate facilities therefor provided that such Holder shall have provided the Paying Agent with wire
instructions in writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class
mail to the address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in
like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its
agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders
of such final distribution.

 

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 in trust 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 Trust 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, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice 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. If within two years after the second notice any such 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 under the Trust and Servicing Agreement and the transfer of such amounts to a successor
certificate administrator and (ii) subject to applicable law, the termination of the Trust Fund and distribution of such
amounts to the Residual 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 the Trust and Servicing Agreement. Such funds held by the Certificate Administrator may be invested under certain circumstances,
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
Loan, as more specifically set forth herein and in the Trust and Servicing Agreement.

 

As
provided in the Trust and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any

 

    A-2-7

     

    

 

interest of the Companion Loan Holder) (i) the Trust Loan, together with
the Mortgage File relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Trust Loan
due after the Cut-off Date; (iii) any REO Property; (iv) all revenues received in respect of any REO Property; (v) any indemnities
or guaranties given as additional security for the Trust Loan; (vi) a security interest in all assets deposited in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve Accounts; (vii) amounts on deposit in the Collection Account
attributable to the Trust Loan as identified on the Trust Ledger, the Distribution Accounts, the Interest Reserve Account or the
REO Account, including any reinvestment income, as applicable; (viii) a security interest in any environmental indemnity agreements
relating to the Mortgaged Property; (ix) a security interest in all insurance policies with respect to the Trust Loan and the
Mortgaged Property; (x) the rights and remedies under the Trust Loan Purchase Agreements relating to document delivery requirements
with respect to the Trust Loan and the representations and warranties of the Trust Loan Sellers regarding the Trust Loan; (xi)
the Lower-Tier Regular Interests; and (xii) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the Borrower).
As provided in the Trust 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 Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Trust and Servicing Agreement 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 Trust and
Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements Article V of
the Trust 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 Trust and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the 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 Operating Advisor, 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 Trust and Servicing Agreement other than for transfers to Institutional Accredited
Investors as

 

    A-2-8

     

    

 

provided in Section 5.02(h) of the Trust 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 Trust 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
Trust and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders
or the Companion Loan Holder, (i) to cure any ambiguity or to correct any error; (ii) to cause the provisions of the Trust and
Servicing 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 the Trust and Servicing Agreement or to correct or supplement any provisions of the Trust and
Servicing Agreement or the Offering Circular which may be defective or inconsistent with any other provisions of the Trust and
Servicing Agreement or the Offering Circular; (iii) to amend any provision of the Trust and Servicing Agreement to the extent
necessary or desirable to maintain the rating or ratings assigned to each of the Classes of Certificates or Companion Loan Securities
by each Rating Agency (provided that such amendment does not adversely affect in any material respect (x) the rights or
interests of any Certificateholder or the Companion Loan Holder not consenting thereto or (y) the rights or interests of the Directing
Holder without the consent of the Holders of Certificates representing 100% of the Controlling Class); (iv) to amend or supplement
a provision, or to supplement any other provisions to the extent not inconsistent with the provisions of the Trust and Servicing
Agreement, or any other change that will not adversely affect in any material respect the interests of any Certificateholder or
the Companion Loan Holder not consenting thereto (as evidenced in writing by an Opinion of Counsel or, if solely affecting any
Certificateholder of a rated Class or a Companion Loan Holder of rated Companion Loan Securities, in respect of which a No Downgrade
Confirmation has been obtained relating to the Certificates or the Companion Loan Securities, if applicable); (v) 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 Credit Risk
Retention Rules, as evidenced by an opinion of counsel, or (b) in the event the Credit Risk Retention Rules or any other
regulations applicable to the risk retention requirements for this securitization transaction are amended or repealed in whole
or in part, to the extent required to comply with any such amendment or, to the extent applicable, to modify or eliminate the
affected provision(s) related to 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 Successor Third Party Purchaser under the Trust
and Servicing Agreement or the related risk retention agreement without the consent of the Successor Third Party Purchaser; and
(vi) to modify the procedures of the Trust and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such modification would not (a) materially increase the obligations or decrease the rights of the Depositor,
the Trustee, the Paying Agent, the Certificate Administrator, the Operating Advisor the 17g-5 Information Provider, the Master
Servicer or the Special Servicer without such parties’ consent, (b) reduce the consent or consultation rights or the right
to receive information under the Trust and Servicing Agreement of the Directing Holder without the consent of the Directing Holder
or

 

    A-2-9

     

    

 

(c) adversely affect in any material respect the interests of any Certificateholders or the Companion Loan Holder not consenting
thereto, as evidenced by in the case of clauses (iii), (iv) and (vi) above by (x) an Opinion of Counsel or (y) solely in the case
of a Certificateholder of a rated Class, receipt of a No Downgrade Confirmation from each Rating Agency and a No Downgrade Confirmation
with respect to any Companion Loan Securities. In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier
REMIC to fail to qualify as a REMIC, affect the status of the Grantor Trust as a grantor trust or subject either REMIC or the
Grantor Trust to tax.

 

The
Trust 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 Operating Advisor, the Certificate Administrator and the Trustee with the prior written consent of the
Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates and the Companion
Loan Holder affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents or the Trust Loan Sellers) 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 modifying in any manner the rights of the Certificateholders; provided,
however, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Whole Loan
                                         which are required to be distributed on any Certificate, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         affected thereby, or which are required to be distributed to the Companion Loan Holder
                                         without the consent of the Companion Loan Holder;

 

		(ii)	alter
                                         the Servicing Standard or obligations of the Master Servicer or the Trustee to make a
                                         P&I Advance, Administrative Advance or a Property Advance, without the consent of
                                         the Holders of the Certificates representing all of the Percentage Interests of the Class
                                         or Classes affected thereby and the consent of the Companion Loan Holder (if affected
                                         thereby);

 

		(iii)	change
                                         the percentages of Voting Rights or Percentage Interests of Holders of Certificates which
                                         are required to consent to any action or inaction under the Trust and Servicing Agreement
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby and the consent of the Companion Loan
                                         Holder (if affected thereby); or

 

		(iv)	amend
                                         any section of the Trust and Servicing Agreement which relates to the amendment of the
                                         Trust and Servicing Agreement without the consent of the Holders of all Certificates
                                         representing all of the Percentage Interests of the Class or Classes affected thereby
                                         and the consent of the Companion Loan Holder (if affected thereby).

 

    A-2-10

     

    

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee,
at any time and from time to time, without the consent of the Certificateholders or Companion Loan Holders, may amend the Trust
and Servicing Agreement to modify, eliminate or add to any of its provisions to such extent as shall be necessary: (i) to maintain
the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC or the Grantor Trust as a grantor trust under the
relevant provisions of the Code, 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 the Companion Loan Holder or (ii) to comply
with the Investment Company Act of 1940, as amended, and/or any related regulatory actions and/or interpretations.

 

The
Directing Holder and, if the Directing Holder does not exercise such option, then the Special Servicer and if the Special Servicer
does not exercise such option, then the Master Servicer, and if the Master Servicer does not exercise such option, then the Holder of a majority Percentage Interest in the Class R and Class LR Certificates, may effect an early termination of
the Trust Fund (provided that such party has provided 15 Business Days’ prior notice to each of the parties with
such option and none of the parties with a higher priority has elected to exercise such option within such 15 Business Day period),
upon not less than 30 days’ prior Notice of Termination (which Notice of Termination shall satisfy the notice requirement
of the proviso) given to the Trustee, the Certificate Administrator, the Special Servicer and the Master Servicer any time on
or after the Early Termination Notice Date specifying the Anticipated Final Termination Date, by purchasing on such date all,
but not less than all, of the Trust Loan then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of the Trust Loan, at a purchase price, payable in cash, equal to the greater of,

 

(i)
       the sum of, without duplication:

 

		(A)	100%
                                         the outstanding principal balance of the Trust Loan as of the last day of the month preceding
                                         such Anticipated Final Termination Date (less any P&I Advances previously made on
                                         account of principal);

 

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

 

		(C)	all
unpaid interest accrued on the outstanding principal balance of the Trust Loan (including circumstances where title to the Mortgaged
Property has been acquired) at the Trust Loan Rate to the last day of the Whole Loan Interest Accrual Period preceding

 

    A-2-11

     

    

 

such Anticipated Final Termination Date (less any P&I Advances previously made on account of interest);

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Advance Rate,
                                         unpaid Servicing Compensation, Special Servicing Compensation, Trustee/Certificate Administrator
                                         Fees, the Operating Advisor Fee, the CREFC® License Fee and Trust Fund
                                         expenses and indemnity amounts owed by the Trust; and

 

(ii)       the
aggregate fair market value of the Trust Loan, and all other property acquired in respect of the Trust Loan in the Trust Fund,
on the last day of the month preceding such Distribution Date, as determined by an Independent appraiser acceptable to the Master
Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date, together with
one month’s interest thereon at the Trust Loan Rate.

 

In
addition, the Trust and Servicing Agreement provides that the Sole Certificateholder shall have the right to exchange all of its
Regular Certificates for the Trust Loan or REO Property, as applicable, as contemplated by clause (ii) of Section 9.01(a)
of the Trust and Servicing Agreement by giving written notice to all the parties to the Trust and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Trust and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Trust Loan and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Trust and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Trust and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Certificate Administrator and the Trustee created by the Trust and Servicing Agreement with respect to the Certificates (other
than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Trust and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Companion Loan Holder 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 Trust and Servicing Agreement to be so paid on the Distribution Date following
the earlier to occur of (i) the purchase of the Trust Loan and all other property held by the Trust Fund in accordance with
Section 9.01(c) of the Trust and Servicing Agreement; and (ii) the exchange by the Sole Certificateholder of its Certificates
for the Trust Loan in accordance with Section 9.01(g) of the Trust and Servicing Agreement and (iii) the later of (a) the
receipt or collection of the last payment due on the Trust Loan included in the Trust Fund, or (b) the liquidation and disposition
pursuant to the Trust and Servicing Agreement of the last asset held by the Trust Fund; provided, however, that
in no event shall the trust created by the Trust and Servicing Agreement continue beyond the expiration of twenty-one

 

    A-2-12

     

    

 

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 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.

 

This
Certificate does not purport to summarize the Trust and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the parties thereto.  This Certificate is issued under and is subject to the terms, provisions and conditions
of the Trust and Servicing Agreement, to which Trust and Servicing Agreement, as amended from time to time, the Holder of this
Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.  In the case of any conflict between
terms specified in this Certificate and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing
Agreement shall govern.

 

    A-2-13

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class X Certificate to be duly executed.

 

Dated:
_______________

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	COMPUTERSHARE TRUST COMPANY, N.A., as attorney-in-fact
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  
 

Certificate
of Authentication

 

This
is one of the Class X Certificates referred to in the Trust and Servicing Agreement.

 

Dated:
_______________

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	COMPUTERSHARE TRUST COMPANY, N.A., as attorney-in-fact
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    A-2-14

     

    

 

[TO
BE ATTACHED TO GLOBAL CERTIFICATES] SCHEDULE OF EXCHANGES OF GLOBAL CERTIFICATES

 

The
following exchanges of a part of this Global Certificate have been made:

 

    A-2-15

     

    

 

EXHIBIT
A-3

 

FORM
OF CLASS B [RULE 144A]1  [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

[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.]4

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “Securities
Act”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT
THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE Securities
Act AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE
UNDER THE Securities Act, (2) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE
FOR RESALE PURSUANT TO RULE 144A UNDER THE Securities Act (“RULE 144A”),
TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING
FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE,
PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,

 

 

  

		1	For Rule 144A Global Certificates
only.

 

		2	For Reg S Global Certificates
only.

 

		3	Legend required as long
as DTC is the Depository under the Trust and Servicing Agreement.

 

		4	Global Certificate legend.

 

    A-3-1

     

    

 

(3) TO AN INSTITUTION THAT IS AN “ACCREDITED
INVESTOR” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE Securities
Act OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED
IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) TO AN INSTITUTION THAT IS A NON-“U.S.
PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH, RULE 903 OR
RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE TRUST AND SERVICING AGREEMENT.
A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE TRUST
AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE)
AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED
INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.

 

THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN OR RETIREMENT
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 ERISA, OR OTHER PLAN
SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY
RESPONSIBILITY PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (EACH, A “PLAN”), OR (B) ANY PERSON ACTING ON BEHALF
OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN (INCLUDING ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON
OF A PLAN’S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATIONS SECTION 2510.3-101, AS
MODIFIED BY SECTION 3(42) OF ERISA)), UNLESS (X) THE TRANSFEREE HAS ACQUIRED AND IS HOLDING THIS CERTIFICATE IN RELIANCE ON THE
EXEMPTION GRANTED TO (I) DEUTSCHE BANK SECURITIES INC., AS DEPARTMENT FINAL AUTHORIZATION NUMBER 97-03E, (II) J.P. MORGAN SECURITIES
LLC, AS PROHIBITED TRANSACTION EXEMPTION 2002-19, AND (III) BOFA SECURITIES,

 

    A-3-2

     

    

 

INC., AS PROHIBITED TRANSACTION EXEMPTION 93-31,
58 FED. REG. 28,620 (MAY 14, 1993), EACH AS AMENDED BY PROHIBITED TRANSACTION EXEMPTION 2013-08 (COLLECTIVELY, THE “EXEMPTION”)
AND IT UNDERSTANDS THAT THERE ARE CERTAIN CONDITIONS TO THE AVAILABILITY OF THE EXEMPTION, INCLUDING THAT THIS CERTIFICATE MUST
BE RATED, AT THE TIME OF PURCHASE, NOT LOWER THAN “BBB-” (OR ITS EQUIVALENT) BY A RATING AGENCY SET FORTH THEREIN
AND THAT THIS CERTIFICATE IS SO RATED AND IT 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, OR (Y) (1) IT IS AN INSURANCE COMPANY, (2) THE SOURCE
OF FUNDS USED TO ACQUIRE OR HOLD THIS CERTIFICATE OR INTEREST THEREIN IS AN “INSURANCE COMPANY GENERAL ACCOUNT,” AS
SUCH TERM IS DEFINED IN PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 95-60 AND (3) THE CONDITIONS IN SECTIONS I
AND III OF PTCE 95-60 HAVE BEEN SATISFIED WITH RESPECT TO THE ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE OR (Z)
IN THE CASE OF A TRANSFEREE WHICH IS SUBJECT TO SIMILAR LAW, ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE WILL
NOT RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

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 OPERATING ADVISOR, THE MASTER SERVICER, THE SPECIAL SERVICER AND THE DEPOSITOR
AGAINST ANY LIABILITY 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, ANY ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE OPERATING ADVISOR OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE
CERTIFICATES NOR THE UNDERLYING TRUST LOAN 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 TRUST 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 TRUST AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

    A-3-3

     

    

 

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.]1

 

 

 

1 For
Reg S Global Certificates only.

 

    A-3-4

     

    

 

CAMB
2021-CX2 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS B

 

	Class
    B Pass-Through Rate: The Net Mortgage Rate	 	CUSIP:
12477BAE41

                                                                         U1308RAC82

12477BAF13

         

        ISIN:   
US12477BAE484

        USU1308RAC895

US12477BAF136

	Original
    Aggregate Certificate Balance of the

    Class B Certificates: $57,945,000	 	Initial
    Certificate Balance of this Certificate: $[______] [FOR GLOBAL CERTIFICATES ONLY: (SUBJECT TO SCHEDULES OF EXCHANGES ATTACHED)]
	First
    Distribution Date: December 10, 2021	 	Cut-off
    Date: November 6, 2021
	Assumed
    Final Distribution Date: November 2031	 	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 Trust
Loan secured by, among other things, a mortgage on the fee simple interests of the Borrowers in two adjacent Class A life sciences
laboratory and office buildings located in Cambridge and Boston, Massachusetts, and held in trust by the Trustee and serviced
by the Master Servicer. 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.

 

The
Trust and Servicing Agreement, dated as of November 9, 2021 (the “Trust and Servicing Agreement”), between
Deutsche Mortgage & Asset Receiving Corporation, as depositor (the “Depositor”), KeyBank National Association,
as master servicer (in such capacity, the “Master Servicer”), Situs Holdings, LLC, as special servicer (the
“Special Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”),
Wells Fargo Bank, National

 

 

 

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.

 

    A-3-5

     

    

 

Association, as certificate administrator (the “Certificate Administrator”), custodian
and paying agent, and Park Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”), evidences
the issuance of the Class A, Class X, Class B, Class C, Class D, Class HRR, Class S, Class R and Class LR 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 the Trust and Servicing Agreement. 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 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 Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator
under the Trust and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and
any provision of the Trust and Servicing Agreement, such provision of this Certificate shall be superseded by the Trust and Servicing
Agreement to the extent of such inconsistency.

 

Pursuant
to the terms of the Trust 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 Trust
and Servicing Agreement. “Determination Date” is defined in the Trust and Servicing Agreement as the 6th day of each
calendar month, or if such 6th day is not a Business Day, then the immediately preceding Business Day, commencing in December
2021. Holders of this Certificate may be entitled to Prepayment Charges as provided in the Trust and Servicing Agreement.

 

During
each Certificate Interest Accrual Period (as defined below), interest on the Class B Certificates will be calculated based on
a 360-day year consisting of twelve 30-day months, on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during a Certificate Interest Accrual Period, plus the aggregate unpaid Class Interest Shortfall with
respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Trust and
Servicing Agreement. The “Certificate Interest Accrual Period” means, with respect to any Distribution Date, the calendar
month immediately preceding the month in which such Distribution Date occurs. The Certificate Interest Accrual Period is assumed
to consist of 30 days.

 

    A-3-6

     

    

 

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, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United
States and having appropriate facilities therefor provided that such Holder shall have provided the Paying Agent with wire
instructions in writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class
mail to the address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in
like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its
agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders
of such final distribution.

 

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 in trust 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 Trust 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, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice 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. If within two years after the second notice any such 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 under the Trust and Servicing Agreement and the transfer of such amounts to a successor
certificate administrator and (ii) subject to applicable law, the termination of the Trust Fund and distribution of such
amounts to the Residual 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 the Trust and Servicing Agreement. Such funds held by the Certificate Administrator may be invested under certain circumstances,
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
Loan, as more specifically set forth herein and in the Trust and Servicing Agreement.

 

As
provided in the Trust and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any

 

    A-3-7

     

    

 

interest of the Companion Loan Holder) (i) the Trust Loan, together with
the Mortgage File relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Trust Loan
due after the Cut-off Date; (iii) any REO Property; (iv) all revenues received in respect of any REO Property; (v) any indemnities
or guaranties given as additional security for the Trust Loan; (vi) a security interest in all assets deposited in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve Accounts; (vii) amounts on deposit in the Collection Account
attributable to the Trust Loan as identified on the Trust Ledger, the Distribution Accounts, the Interest Reserve Account or the
REO Account, including any reinvestment income, as applicable; (viii) a security interest in any environmental indemnity agreements
relating to the Mortgaged Property; (ix) a security interest in all insurance policies with respect to the Trust Loan and the
Mortgaged Property; (x) the rights and remedies under the Trust Loan Purchase Agreements relating to document delivery requirements
with respect to the Trust Loan and the representations and warranties of the Trust Loan Sellers regarding the Trust Loan; (xi)
the Lower-Tier Regular Interests; and (xii) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the Borrower).
As provided in the Trust 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 Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Trust and Servicing Agreement 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 Trust and
Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements Article V of
the Trust 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 Trust and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the 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 Operating Advisor, 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 Trust and Servicing Agreement other than for transfers to Institutional Accredited
Investors as

 

    A-3-8

     

    

 

provided in Section 5.02(h) of the Trust 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 Trust 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
Trust and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders
or the Companion Loan Holder, (i) to cure any ambiguity or to correct any error; (ii) to cause the provisions of the Trust and
Servicing 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 the Trust and Servicing Agreement or to correct or supplement any provisions of the Trust and
Servicing Agreement or the Offering Circular which may be defective or inconsistent with any other provisions of the Trust and
Servicing Agreement or the Offering Circular; (iii) to amend any provision of the Trust and Servicing Agreement to the extent
necessary or desirable to maintain the rating or ratings assigned to each of the Classes of Certificates or Companion Loan Securities
by each Rating Agency (provided that such amendment does not adversely affect in any material respect (x) the rights or
interests of any Certificateholder or the Companion Loan Holder not consenting thereto or (y) the rights or interests of the Directing
Holder without the consent of the Holders of Certificates representing 100% of the Controlling Class); (iv) to amend or supplement
a provision, or to supplement any other provisions to the extent not inconsistent with the provisions of the Trust and Servicing
Agreement, or any other change that will not adversely affect in any material respect the interests of any Certificateholder or
the Companion Loan Holder not consenting thereto (as evidenced in writing by an Opinion of Counsel or, if solely affecting any
Certificateholder of a rated Class or a Companion Loan Holder of rated Companion Loan Securities, in respect of which a No Downgrade
Confirmation has been obtained relating to the Certificates or the Companion Loan Securities, if applicable); (v) 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 Credit Risk
Retention Rules, as evidenced by an opinion of counsel, or (b) in the event the Credit Risk Retention Rules or any other
regulations applicable to the risk retention requirements for this securitization transaction are amended or repealed in whole
or in part, to the extent required to comply with any such amendment or, to the extent applicable, to modify or eliminate the
affected provision(s) related to 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 Successor Third Party Purchaser under the Trust
and Servicing Agreement or the related risk retention agreement without the consent of the Successor Third Party Purchaser; and
(vi) to modify the procedures of the Trust and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such modification would not (a) materially increase the obligations or decrease the rights of the Depositor,
the Trustee, the Paying Agent, the Certificate Administrator, the Operating Advisor the 17g-5 Information Provider, the Master
Servicer or the Special Servicer without such parties’ consent, (b) reduce the consent or consultation rights or the right
to receive information under the Trust and Servicing Agreement of the Directing Holder without the consent of the Directing Holder
or

 

    A-3-9

     

    

 

(c) adversely affect in any material respect the interests of any Certificateholders or the Companion Loan Holder not consenting
thereto, as evidenced by in the case of clauses (iii), (iv) and (vi) above by (x) an Opinion of Counsel or (y) solely in the case
of a Certificateholder of a rated Class, receipt of a No Downgrade Confirmation from each Rating Agency and a No Downgrade Confirmation
with respect to any Companion Loan Securities. In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier
REMIC to fail to qualify as a REMIC, affect the status of the Grantor Trust as a grantor trust or subject either REMIC or the
Grantor Trust to tax.

 

The
Trust 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 Operating Advisor, the Certificate Administrator and the Trustee with the prior written consent of the
Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates and the Companion
Loan Holder affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents or the Trust Loan Sellers) 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 modifying in any manner the rights of the Certificateholders; provided,
however, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Whole Loan
                                         which are required to be distributed on any Certificate, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         affected thereby, or which are required to be distributed to the Companion Loan Holder
                                         without the consent of the Companion Loan Holder;

 

		(ii)	alter
                                         the Servicing Standard or obligations of the Master Servicer or the Trustee to make a
                                         P&I Advance, Administrative Advance or a Property Advance, without the consent of
                                         the Holders of the Certificates representing all of the Percentage Interests of the Class
                                         or Classes affected thereby and the consent of the Companion Loan Holder (if affected
                                         thereby);

 

		(iii)	change
                                         the percentages of Voting Rights or Percentage Interests of Holders of Certificates which
                                         are required to consent to any action or inaction under the Trust and Servicing Agreement
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby and the consent of the Companion Loan
                                         Holder (if affected thereby); or

 

		(iv)	amend
                                         any section of the Trust and Servicing Agreement which relates to the amendment of the
                                         Trust and Servicing Agreement without the consent of the Holders of all Certificates
                                         representing all of the Percentage Interests of the Class or Classes affected thereby
                                         and the consent of the Companion Loan Holder (if affected thereby).

 

    A-3-10

     

    

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee,
at any time and from time to time, without the consent of the Certificateholders or Companion Loan Holders, may amend the Trust
and Servicing Agreement to modify, eliminate or add to any of its provisions to such extent as shall be necessary: (i) to maintain
the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC or the Grantor Trust as a grantor trust under the
relevant provisions of the Code, 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 the Companion Loan Holder or (ii) to comply
with the Investment Company Act of 1940, as amended, and/or any related regulatory actions and/or interpretations.

 

The
Directing Holder and, if the Directing Holder does not exercise such option, then the Special Servicer and if the Special Servicer
does not exercise such option, then the Master Servicer, and if the Master Servicer does not exercise such option, then the Holder of a majority Percentage Interest in the Class R and Class LR Certificates, may effect an early termination of
the Trust Fund (provided that such party has provided 15 Business Days’ prior notice to each of the parties with
such option and none of the parties with a higher priority has elected to exercise such option within such 15 Business Day period),
upon not less than 30 days’ prior Notice of Termination (which Notice of Termination shall satisfy the notice requirement
of the proviso) given to the Trustee, the Certificate Administrator, the Special Servicer and the Master Servicer any time on
or after the Early Termination Notice Date specifying the Anticipated Final Termination Date, by purchasing on such date all,
but not less than all, of the Trust Loan then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of the Trust Loan, at a purchase price, payable in cash, equal to the greater of,

 

(i)
       the sum of, without duplication:

 

		(A)	100%
                                         the outstanding principal balance of the Trust Loan as of the last day of the month preceding
                                         such Anticipated Final Termination Date (less any P&I Advances previously made on
                                         account of principal);

 

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

 

		(C)	all
unpaid interest accrued on the outstanding principal balance of the Trust Loan (including circumstances where title to the Mortgaged
Property has been acquired) at the Trust Loan Rate to the last day of the Whole Loan Interest Accrual Period preceding

 

    A-3-11

     

    

 

such Anticipated Final Termination Date (less any P&I Advances previously made on account of interest);

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Advance Rate,
                                         unpaid Servicing Compensation, Special Servicing Compensation, Trustee/Certificate Administrator
                                         Fees, the Operating Advisor Fee, the CREFC® License Fee and Trust Fund
                                         expenses and indemnity amounts owed by the Trust; and

 

(ii)       the
aggregate fair market value of the Trust Loan, and all other property acquired in respect of the Trust Loan in the Trust Fund,
on the last day of the month preceding such Distribution Date, as determined by an Independent appraiser acceptable to the Master
Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date, together with
one month’s interest thereon at the Trust Loan Rate.

 

In
addition, the Trust and Servicing Agreement provides that the Sole Certificateholder shall have the right to exchange all of its
Regular Certificates for the Trust Loan or REO Property, as applicable, as contemplated by clause (ii) of Section 9.01(a)
of the Trust and Servicing Agreement by giving written notice to all the parties to the Trust and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Trust and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Trust Loan and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Trust and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Trust and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Certificate Administrator and the Trustee created by the Trust and Servicing Agreement with respect to the Certificates (other
than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Trust and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Companion Loan Holder 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 Trust and Servicing Agreement to be so paid on the Distribution Date following
the earlier to occur of (i) the purchase of the Trust Loan and all other property held by the Trust Fund in accordance with
Section 9.01(c) of the Trust and Servicing Agreement; and (ii) the exchange by the Sole Certificateholder of its Certificates
for the Trust Loan in accordance with Section 9.01(g) of the Trust and Servicing Agreement and (iii) the later of (a) the
receipt or collection of the last payment due on the Trust Loan included in the Trust Fund, or (b) the liquidation and disposition
pursuant to the Trust and Servicing Agreement of the last asset held by the Trust Fund; provided, however, that
in no event shall the trust created by the Trust and Servicing Agreement continue beyond the expiration of twenty-one

 

    A-3-12

     

    

 

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 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.

 

This
Certificate does not purport to summarize the Trust and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the parties thereto.  This Certificate is issued under and is subject to the terms, provisions and conditions
of the Trust and Servicing Agreement, to which Trust and Servicing Agreement, as amended from time to time, the Holder of this
Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.  In the case of any conflict between
terms specified in this Certificate and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing
Agreement shall govern.

 

    A-3-13

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class B Certificate to be duly executed.

 

Dated:
_______________

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	COMPUTERSHARE TRUST COMPANY, N.A., as attorney-in-fact
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Certificate
of Authentication

 

This
is one of the Class B Certificates referred to in the Trust and Servicing Agreement. 

 

Dated:
_______________

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	COMPUTERSHARE TRUST COMPANY, N.A., as attorney-in-fact
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    A-3-14

     

    

 

[TO
BE ATTACHED TO GLOBAL CERTIFICATES] SCHEDULE OF EXCHANGES OF GLOBAL CERTIFICATES

 

The
following exchanges of a part of this Global Certificate have been made:

 

    A-3-15

     

    

 

EXHIBIT
A-4

 

FORM
OF CLASS C [RULE 144A]1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

[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.]4

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “Securities
Act”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS
CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE Securities
Act AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE
UNDER THE Securities Act, (2) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE
FOR RESALE PURSUANT TO RULE 144A UNDER THE Securities Act (“RULE 144A”),
TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE
ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE
OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,

 

 

  

1 For
Rule 144A Global Certificates only.

 

2 For
Reg S Global Certificates only.

 

3 Legend
required as long as DTC is the Depository under the Trust and Servicing Agreement.

 

4 Global
Certificate legend.

 

    A-4-1

     

    

 

(3) TO
AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF
REGULATION D UNDER THE Securities Act OR ANY ENTITY IN WHICH ALL OF THE EQUITY
OWNERS ARE SUCH “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D
UNDER THE SECURITIES ACT, OR (4) TO AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,”
AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES
ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE
JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE TRUST AND SERVICING AGREEMENT.
A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE TRUST
AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE)
AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED
INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.

 

THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN OR RETIREMENT
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 ERISA, OR OTHER PLAN
SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY
RESPONSIBILITY PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (EACH, A “PLAN”), OR (B) ANY PERSON ACTING ON BEHALF
OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN (INCLUDING ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON
OF A PLAN’S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATIONS SECTION 2510.3-101, AS
MODIFIED BY SECTION 3(42) OF ERISA)), UNLESS (X) THE TRANSFEREE HAS ACQUIRED AND IS HOLDING THIS CERTIFICATE IN RELIANCE ON THE
EXEMPTION GRANTED TO (I) DEUTSCHE BANK SECURITIES INC., AS DEPARTMENT FINAL AUTHORIZATION NUMBER 97-03E,
(II) J.P. MORGAN SECURITIES LLC, AS PROHIBITED TRANSACTION EXEMPTION 2002-19, AND (III) BOFA SECURITIES,

 

    A-4-2

     

    

 

INC.,
AS PROHIBITED TRANSACTION EXEMPTION 93-31, 58 FED. REG. 28,620 (MAY 14, 1993), EACH AS AMENDED BY PROHIBITED TRANSACTION EXEMPTION
2013-08 (COLLECTIVELY, THE “EXEMPTION”)
AND IT UNDERSTANDS THAT THERE ARE CERTAIN CONDITIONS TO THE AVAILABILITY OF THE EXEMPTION, INCLUDING THAT THIS CERTIFICATE MUST
BE RATED, AT THE TIME OF PURCHASE, NOT LOWER THAN “BBB-” (OR ITS EQUIVALENT) BY A RATING AGENCY SET FORTH THEREIN
AND THAT THIS CERTIFICATE IS SO RATED AND IT 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, OR (Y) (1) IT IS AN INSURANCE COMPANY, (2) THE SOURCE
OF FUNDS USED TO ACQUIRE OR HOLD THIS CERTIFICATE OR INTEREST THEREIN IS AN “INSURANCE COMPANY GENERAL ACCOUNT,” AS
SUCH TERM IS DEFINED IN PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 95-60 AND (3) THE CONDITIONS IN SECTIONS I
AND III OF PTCE 95-60 HAVE BEEN SATISFIED WITH RESPECT TO THE ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE OR (Z)
IN THE CASE OF A TRANSFEREE WHICH IS SUBJECT TO SIMILAR LAW, ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE WILL
NOT RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

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 OPERATING ADVISOR, THE MASTER SERVICER, THE SPECIAL SERVICER AND THE DEPOSITOR
AGAINST ANY LIABILITY 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, ANY ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE OPERATING ADVISOR OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE
CERTIFICATES NOR THE UNDERLYING TRUST LOAN 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 TRUST 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 TRUST AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

    A-4-3

     

    

 

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.]1

 

 

 

1 For
Reg S Global Certificates only.

 

 

    A-4-4

     

    

 

CAMB
2021-CX2 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS C

 

	Class
    C Pass-Through Rate: The Net Mortgage Rate	 	CUSIP:
12477BAG91

                                                                                               U1308RAD62

12477BAH73

         

        ISIN:   
US12477BAG954

        USU1308RAD625

US12477BAH786 

	Original
    Aggregate Certificate Balance of the

    Class C Certificates: $258,191,000	 	Initial
    Certificate Balance of this Certificate: $[______] [FOR GLOBAL CERTIFICATES ONLY: (SUBJECT TO SCHEDULES OF EXCHANGES ATTACHED)]
	First
    Distribution Date: December 10, 2021	 	Cut-off
    Date: November 6, 2021
	Assumed
    Final Distribution Date: November 2031	 	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 Trust
Loan secured by, among other things, a mortgage on the fee simple interests of the Borrowers in two adjacent Class A life sciences
laboratory and office buildings located in Cambridge and Boston, Massachusetts, and held in trust by the Trustee and serviced
by the Master Servicer. 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.

 

The
Trust and Servicing Agreement, dated as of November 9, 2021 (the “Trust and Servicing Agreement”), between
Deutsche Mortgage & Asset Receiving Corporation, as depositor (the “Depositor”), KeyBank National Association,
as master servicer (in such capacity, the “Master Servicer”), Situs Holdings, LLC, as special servicer (the
“Special Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”),
Wells Fargo Bank, National

 

 

 

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.

 

    A-4-5

     

    

 

Association,
as certificate administrator (the “Certificate Administrator”), custodian and paying agent, and Park Bridge
Lender Services LLC, as operating advisor (the “Operating Advisor”), evidences the issuance of the Class A,
Class X, Class B, Class C, Class D, Class HRR, Class S, Class R and Class LR 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 the Trust and Servicing Agreement. 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 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 Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator
under the Trust and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and
any provision of the Trust and Servicing Agreement, such provision of this Certificate shall be superseded by the Trust and Servicing
Agreement to the extent of such inconsistency.

 

Pursuant
to the terms of the Trust 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 Trust
and Servicing Agreement. “Determination Date” is defined in the Trust and Servicing Agreement as the 6th day of each
calendar month, or if such 6th day is not a Business Day, then the immediately preceding Business Day, commencing in December
2021. Holders of this Certificate may be entitled to Prepayment Charges as provided in the Trust and Servicing Agreement.

 

During
each Certificate Interest Accrual Period (as defined below), interest on the Class C Certificates will be calculated based on
a 360-day year consisting of twelve 30-day months, on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during a Certificate Interest Accrual Period, plus the aggregate unpaid Class Interest Shortfall with
respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Trust and
Servicing Agreement. The “Certificate Interest Accrual Period” means, with respect to any Distribution Date, the calendar
month immediately preceding the month in which such Distribution Date occurs. The Certificate Interest Accrual Period is assumed
to consist of 30 days.

 

    A-4-6

     

    

 

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, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United
States and having appropriate facilities therefor provided that such Holder shall have provided the Paying Agent with wire
instructions in writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class
mail to the address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in
like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its
agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders
of such final distribution.

 

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 in trust 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 Trust 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, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice 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. If within two years after the second notice any such 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 under the Trust and Servicing Agreement and the transfer of such amounts to a successor
certificate administrator and (ii) subject to applicable law, the termination of the Trust Fund and distribution of such
amounts to the Residual 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 the Trust and Servicing Agreement. Such funds held by the Certificate Administrator may be invested under certain circumstances,
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
Loan, as more specifically set forth herein and in the Trust and Servicing Agreement.

 

As
provided in the Trust and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any

 

    A-4-7

     

    

 

interest
of the Companion Loan Holder) (i) the Trust Loan, together with the Mortgage File relating thereto; (ii) all scheduled or
unscheduled payments on or collections in respect of the Trust Loan due after the Cut-off Date; (iii) any REO Property; (iv) all
revenues received in respect of any REO Property; (v) any indemnities or guaranties given as additional security for the Trust
Loan; (vi) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and
Reserve Accounts; (vii) amounts on deposit in the Collection Account attributable to the Trust Loan as identified on the Trust
Ledger, the Distribution Accounts, the Interest Reserve Account or the REO Account, including any reinvestment income, as applicable;
(viii) a security interest in any environmental indemnity agreements relating to the Mortgaged Property; (ix) a security interest
in all insurance policies with respect to the Trust Loan and the Mortgaged Property; (x) the rights and remedies under the Trust
Loan Purchase Agreements relating to document delivery requirements with respect to the Trust Loan and the representations and
warranties of the Trust Loan Sellers regarding the Trust Loan; (xi) the Lower-Tier Regular Interests; and (xii) the proceeds of
the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts
and any Reserve Accounts, to the extent such interest belongs to the Borrower). As provided in the Trust 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 Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Trust and Servicing Agreement 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 Trust and
Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements Article V of
the Trust 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 Trust and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the 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 Operating Advisor, 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 Trust and Servicing Agreement other than for transfers to Institutional Accredited
Investors as

 

    A-4-8

     

    

 

provided
in Section 5.02(h) of the Trust 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 Trust 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
Trust and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders
or the Companion Loan Holder, (i) to cure any ambiguity or to correct any error; (ii) to cause the provisions of the Trust and
Servicing 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 the Trust and Servicing Agreement or to correct or supplement any provisions of the Trust and
Servicing Agreement or the Offering Circular which may be defective or inconsistent with any other provisions of the Trust and
Servicing Agreement or the Offering Circular; (iii) to amend any provision of the Trust and Servicing Agreement to the extent
necessary or desirable to maintain the rating or ratings assigned to each of the Classes of Certificates or Companion Loan Securities
by each Rating Agency (provided that such amendment does not adversely affect in any material respect (x) the rights or
interests of any Certificateholder or the Companion Loan Holder not consenting thereto or (y) the rights or interests of the Directing
Holder without the consent of the Holders of Certificates representing 100% of the Controlling Class); (iv) to amend or supplement
a provision, or to supplement any other provisions to the extent not inconsistent with the provisions of the Trust and Servicing
Agreement, or any other change that will not adversely affect in any material respect the interests of any Certificateholder or
the Companion Loan Holder not consenting thereto (as evidenced in writing by an Opinion of Counsel or, if solely affecting any
Certificateholder of a rated Class or a Companion Loan Holder of rated Companion Loan Securities, in respect of which a No Downgrade
Confirmation has been obtained relating to the Certificates or the Companion Loan Securities, if applicable); (v) 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 Credit Risk
Retention Rules, as evidenced by an opinion of counsel, or (b) in the event the Credit Risk Retention Rules or any other
regulations applicable to the risk retention requirements for this securitization transaction are amended or repealed in whole
or in part, to the extent required to comply with any such amendment or, to the extent applicable, to modify or eliminate the
affected provision(s) related to 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 Successor Third Party Purchaser under the Trust
and Servicing Agreement or the related risk retention agreement without the consent of the Successor Third Party Purchaser; and
(vi) to modify the procedures of the Trust and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such modification would not (a) materially increase the obligations or decrease the rights of the Depositor,
the Trustee, the Paying Agent, the Certificate Administrator, the Operating Advisor the 17g-5 Information Provider, the Master
Servicer or the Special Servicer without such parties’ consent, (b) reduce the consent or consultation rights or the right
to receive information under the Trust and Servicing Agreement of the Directing Holder without the consent of the Directing Holder
or

 

    A-4-9

     

    

 

(c)
adversely affect in any material respect the interests of any Certificateholders or the Companion Loan Holder not consenting thereto,
as evidenced by in the case of clauses (iii), (iv) and (vi) above by (x) an Opinion of Counsel or (y) solely in the case of a
Certificateholder of a rated Class, receipt of a No Downgrade Confirmation from each Rating Agency and a No Downgrade Confirmation
with respect to any Companion Loan Securities. In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier
REMIC to fail to qualify as a REMIC, affect the status of the Grantor Trust as a grantor trust or subject either REMIC or the
Grantor Trust to tax.

 

The
Trust 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 Operating Advisor, the Certificate Administrator and the Trustee with the prior written consent of the
Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates and the Companion
Loan Holder affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents or the Trust Loan Sellers) 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 modifying in any manner the rights of the Certificateholders; provided,
however, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Whole Loan
                                         which are required to be distributed on any Certificate, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         affected thereby, or which are required to be distributed to the Companion Loan Holder
                                         without the consent of the Companion Loan Holder;

 

		(ii)	alter
                                         the Servicing Standard or obligations of the Master Servicer or the Trustee to make a
                                         P&I Advance, Administrative Advance or a Property Advance, without the consent of
                                         the Holders of the Certificates representing all of the Percentage Interests of the Class
                                         or Classes affected thereby and the consent of the Companion Loan Holder (if affected
                                         thereby);

 

		(iii)	change
                                         the percentages of Voting Rights or Percentage Interests of Holders of Certificates which
                                         are required to consent to any action or inaction under the Trust and Servicing Agreement
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby and the consent of the Companion Loan
                                         Holder (if affected thereby); or

 

		(iv)	amend
                                         any section of the Trust and Servicing Agreement which relates to the amendment of the
                                         Trust and Servicing Agreement without the consent of the Holders of all Certificates
                                         representing all of the Percentage Interests of the Class or Classes affected thereby
                                         and the consent of the Companion Loan Holder (if affected thereby).

 

    A-4-10

     

    

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee,
at any time and from time to time, without the consent of the Certificateholders or Companion Loan Holders, may amend the Trust
and Servicing Agreement to modify, eliminate or add to any of its provisions to such extent as shall be necessary: (i) to maintain
the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC or the Grantor Trust as a grantor trust under the
relevant provisions of the Code, 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 the Companion Loan Holder or (ii) to comply
with the Investment Company Act of 1940, as amended, and/or any related regulatory actions and/or interpretations.

 

The
Directing Holder and, if the Directing Holder does not exercise such option, then the Special Servicer and if the Special Servicer
does not exercise such option, then the Master Servicer, and if the Master Servicer does not exercise such option, then the Holder of a majority Percentage Interest in the Class R and Class LR Certificates, may effect an early termination of
the Trust Fund (provided that such party has provided 15 Business Days’ prior notice to each of the parties with
such option and none of the parties with a higher priority has elected to exercise such option within such 15 Business Day period),
upon not less than 30 days’ prior Notice of Termination (which Notice of Termination shall satisfy the notice requirement
of the proviso) given to the Trustee, the Certificate Administrator, the Special Servicer and the Master Servicer any time on
or after the Early Termination Notice Date specifying the Anticipated Final Termination Date, by purchasing on such date all,
but not less than all, of the Trust Loan then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of the Trust Loan, at a purchase price, payable in cash, equal to the greater of,

 

(i)
       the sum of, without duplication:

 

		(A)	100%
                                         the outstanding principal balance of the Trust Loan as of the last day of the month preceding
                                         such Anticipated Final Termination Date (less any P&I Advances previously made on
                                         account of principal);

 

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

 

		(C)	all
                                         unpaid interest accrued on the outstanding principal balance of the Trust Loan (including
                                         circumstances where title to the Mortgaged Property has been acquired) at the Trust
                                         Loan Rate to the last day of the Whole Loan Interest Accrual Period preceding

 

    A-4-11

     

    

 

such
Anticipated Final Termination Date (less any P&I Advances previously made on account of interest);

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Advance Rate,
                                         unpaid Servicing Compensation, Special Servicing Compensation, Trustee/Certificate Administrator
                                         Fees, the Operating Advisor Fee, the CREFC® License Fee and Trust Fund
                                         expenses and indemnity amounts owed by the Trust; and

 

(ii)       the
aggregate fair market value of the Trust Loan, and all other property acquired in respect of the Trust Loan in the Trust Fund,
on the last day of the month preceding such Distribution Date, as determined by an Independent appraiser acceptable to the Master
Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date, together with
one month’s interest thereon at the Trust Loan Rate.

 

In
addition, the Trust and Servicing Agreement provides that the Sole Certificateholder shall have the right to exchange all of its
Regular Certificates for the Trust Loan or REO Property, as applicable, as contemplated by clause (ii) of Section 9.01(a)
of the Trust and Servicing Agreement by giving written notice to all the parties to the Trust and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Trust and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Trust Loan and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Trust and Servicing
Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Trust and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Certificate Administrator and the Trustee created by the Trust and Servicing Agreement with respect to the Certificates (other
than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Trust and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Companion Loan Holder 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 Trust and Servicing Agreement to be so paid on the Distribution Date following
the earlier to occur of (i) the purchase of the Trust Loan and all other property held by the Trust Fund in accordance with
Section 9.01(c) of the Trust and Servicing Agreement; and (ii) the exchange by the Sole Certificateholder of its Certificates
for the Trust Loan in accordance with Section 9.01(g) of the Trust and Servicing Agreement and (iii) the later of (a) the
receipt or collection of the last payment due on the Trust Loan included in the Trust Fund, or (b) the liquidation and disposition
pursuant to the Trust and Servicing Agreement of the last asset held by the Trust Fund; provided, however, that
in no event shall the trust created by the Trust and Servicing Agreement continue beyond the expiration of twenty-one

 

    A-4-12

     

    

 

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 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.

 

This
Certificate does not purport to summarize the Trust and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the parties thereto.  This Certificate is issued under and is subject to the terms, provisions and conditions
of the Trust and Servicing Agreement, to which Trust and Servicing Agreement, as amended from time to time, the Holder of this
Certificate by virtue of the acceptance hereof assents and by which such Holder is bound.  In the case of any conflict between
terms specified in this Certificate and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing
Agreement shall govern.

 

    A-4-13

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class C Certificate to be duly executed.

 

Dated:
_______________

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	COMPUTERSHARE TRUST COMPANY, N.A., as attorney-in-fact
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

Certificate
of Authentication

 

This
is one of the Class C Certificates referred to in the Trust and Servicing Agreement.

 

Dated:
_______________

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	COMPUTERSHARE TRUST COMPANY, N.A., as attorney-in-fact
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    A-4-14

     

    

 

[TO
BE ATTACHED TO GLOBAL CERTIFICATES] SCHEDULE OF EXCHANGES OF GLOBAL CERTIFICATES

 

The
following exchanges of a part of this Global Certificate have been made:

 

    A-4-15

     

    

 

 

EXHIBIT
A-5

 

FORM
OF CLASS D [RULE 144A]1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

[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.]4

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “Securities
Act”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS
CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE Securities
Act AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER
THE Securities Act, (2) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A UNDER THE Securities Act (“RULE 144A”), TO AN
INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT
OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,

 

 

	1	For
                                         Rule 144A Global Certificates only.

	2	For
                                         Reg S Global Certificates only.

	3	Legend
                                         required as long as DTC is the Depository under the Trust and Servicing Agreement.

	4	Global
                                         Certificate legend.

 

     A-5-1

     

    

 

(3) TO AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS SUCH TERM
IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE Securities Act
OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED IN
RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) TO AN INSTITUTION THAT IS A NON-”U.S. PERSON”
IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE TRUST AND SERVICING AGREEMENT.
A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE TRUST
AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE)
AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED
INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.

 

THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN OR RETIREMENT
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 ERISA, OR OTHER PLAN
SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY
RESPONSIBILITY PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (EACH, A “PLAN”), OR (B) ANY PERSON ACTING ON BEHALF
OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN (INCLUDING ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON
OF A PLAN’S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATIONS SECTION 2510.3-101, AS MODIFIED
BY SECTION 3(42) OF ERISA)), UNLESS (X) THE TRANSFEREE HAS ACQUIRED AND IS HOLDING THIS CERTIFICATE IN RELIANCE ON THE EXEMPTION
GRANTED TO (I) DEUTSCHE BANK SECURITIES INC., AS DEPARTMENT FINAL AUTHORIZATION NUMBER 97-03E,
(II) J.P. MORGAN SECURITIES LLC, AS PROHIBITED TRANSACTION EXEMPTION 2002-19, AND (III) BOFA SECURITIES,

 

     A-5-2

     

    

 

INC., AS PROHIBITED TRANSACTION
EXEMPTION 93-31, 58 FED. REG. 28,620 (MAY 14, 1993), EACH AS AMENDED BY PROHIBITED TRANSACTION EXEMPTION 2013-08 (COLLECTIVELY,
THE “EXEMPTION”) AND IT UNDERSTANDS THAT THERE ARE CERTAIN CONDITIONS TO THE AVAILABILITY OF THE EXEMPTION, INCLUDING
THAT THIS CERTIFICATE MUST BE RATED, AT THE TIME OF PURCHASE, NOT LOWER THAN “BBB-” (OR ITS EQUIVALENT) BY A RATING
AGENCY SET FORTH THEREIN AND THAT THIS CERTIFICATE IS SO RATED AND IT 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, OR (Y) (1) IT IS AN INSURANCE
COMPANY, (2) THE SOURCE OF FUNDS USED TO ACQUIRE OR HOLD THIS CERTIFICATE OR INTEREST THEREIN IS AN “INSURANCE COMPANY GENERAL
ACCOUNT,” AS SUCH TERM IS DEFINED IN PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 95-60 AND (3) THE CONDITIONS
IN SECTIONS I AND III OF PTCE 95-60 HAVE BEEN SATISFIED WITH RESPECT TO THE ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE
OR (Z) IN THE CASE OF A TRANSFEREE WHICH IS SUBJECT TO SIMILAR LAW, ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE
WILL NOT RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

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 OPERATING ADVISOR, THE MASTER SERVICER, THE SPECIAL SERVICER AND THE DEPOSITOR
AGAINST ANY LIABILITY 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, ANY ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE OPERATING ADVISOR OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE
CERTIFICATES NOR THE UNDERLYING TRUST LOAN 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 TRUST 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 TRUST AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

     A-5-3

     

    

 

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.]1

 

 

	1	For
                                         Reg S Global Certificates only.

 

     A-5-4

     

    

 

CAMB
2021-CX2 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS D

 

	Class
    D Pass-Through Rate: The Net Mortgage Rate	 	CUSIP:	12477BAJ31

    U1308RAE42

    12477BAK03
	 	 	 	 
	 	 	ISIN:	US12477BAJ354

    USU1308RAE465

    US12477BAK086
	 	 	 	 
	Original
    Aggregate Certificate Balance of the Class D Certificates: $138,174,000	 	Initial
    Certificate Balance of this Certificate: $[______] [FOR GLOBAL CERTIFICATES ONLY: (SUBJECT TO SCHEDULES OF EXCHANGES ATTACHED)]
	 	 	 
	First
    Distribution Date: December 10, 2021	 	Cut-off
    Date: November 6, 2021
	 	 	 
	Assumed
    Final Distribution Date: November 2031	 	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 Trust
Loan secured by, among other things, a mortgage on the fee simple interests of the Borrowers in two adjacent Class A life sciences
laboratory and office buildings located in Cambridge and Boston, Massachusetts, and held in trust by the Trustee and serviced
by the Master Servicer. 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.

 

The
Trust and Servicing Agreement, dated as of November 9, 2021 (the “Trust and Servicing Agreement”), between
Deutsche Mortgage & Asset Receiving Corporation, as depositor (the “Depositor”), KeyBank National Association,
as master servicer (in such capacity, the “Master Servicer”), Situs Holdings, LLC, as special servicer (the
“Special Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”),
Wells Fargo Bank, National

 

 

	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.

 

     A-5-5

     

    

 

Association, as certificate administrator (the “Certificate Administrator”), custodian
and paying agent, and Park Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”), evidences
the issuance of the Class A, Class X, Class B, Class C, Class D, Class HRR, Class S, Class R and Class LR 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 the Trust and Servicing Agreement. 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 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 Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator
under the Trust and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and
any provision of the Trust and Servicing Agreement, such provision of this Certificate shall be superseded by the Trust and Servicing
Agreement to the extent of such inconsistency.

 

Pursuant
to the terms of the Trust 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 Trust
and Servicing Agreement. “Determination Date” is defined in the Trust and Servicing Agreement as the 6th day of each
calendar month, or if such 6th day is not a Business Day, then the immediately preceding Business Day, commencing in December
2021. Holders of this Certificate may be entitled to Prepayment Charges as provided in the Trust and Servicing Agreement.

 

During
each Certificate 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.

 

Interest
accrued on this Certificate during a Certificate Interest Accrual Period, plus the aggregate unpaid Class Interest Shortfall with
respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Trust and
Servicing Agreement. The “Certificate Interest Accrual Period” means, with respect to any Distribution Date, the calendar
month immediately preceding the month in which such Distribution Date occurs. The Certificate Interest Accrual Period is assumed
to consist of 30 days.

 

     A-5-6

     

    

 

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, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United
States and having appropriate facilities therefor provided that such Holder shall have provided the Paying Agent with wire
instructions in writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class
mail to the address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in
like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its
agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders
of such final distribution.

 

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 in trust 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 Trust 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, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice 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. If within two years after the second notice any such 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 under the Trust and Servicing Agreement and the transfer of such amounts to a successor
certificate administrator and (ii) subject to applicable law, the termination of the Trust Fund and distribution of such amounts
to the Residual 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 the Trust
and Servicing Agreement. Such funds held by the Certificate Administrator may be invested under certain circumstances, 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
Loan, as more specifically set forth herein and in the Trust and Servicing Agreement.

 

As
provided in the Trust and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any

 

     A-5-7

     

    

 

interest of the Companion Loan Holder) (i) the Trust Loan, together with the Mortgage
File relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Trust Loan due after the
Cut-off Date; (iii) any REO Property; (iv) all revenues received in respect of any REO Property; (v) any indemnities or guaranties
given as additional security for the Trust Loan; (vi) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (vii) amounts on deposit in the Collection Account attributable to
the Trust Loan as identified on the Trust Ledger, the Distribution Accounts, the Interest Reserve Account or the REO Account,
including any reinvestment income, as applicable; (viii) a security interest in any environmental indemnity agreements relating
to the Mortgaged Property; (ix) a security interest in all insurance policies with respect to the Trust Loan and the Mortgaged
Property; (x) the rights and remedies under the Trust Loan Purchase Agreements relating to document delivery requirements with
respect to the Trust Loan and the representations and warranties of the Trust Loan Sellers regarding the Trust Loan; (xi) the
Lower-Tier Regular Interests; and (xii) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the Borrower).
As provided in the Trust 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 Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Trust and Servicing Agreement 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 Trust and
Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements Article V of
the Trust 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 Trust and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the 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 Operating Advisor, 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 Trust and Servicing Agreement other than for transfers to Institutional Accredited
Investors as

 

     A-5-8

     

    

 

provided in Section 5.02(h) of the Trust 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 Trust 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
Trust and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders
or the Companion Loan Holder, (i) to cure any ambiguity or to correct any error; (ii) to cause the provisions of the Trust and
Servicing 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 the Trust and Servicing Agreement or to correct or supplement any provisions of the Trust and
Servicing Agreement or the Offering Circular which may be defective or inconsistent with any other provisions of the Trust and
Servicing Agreement or the Offering Circular; (iii) to amend any provision of the Trust and Servicing Agreement to the extent
necessary or desirable to maintain the rating or ratings assigned to each of the Classes of Certificates or Companion Loan Securities
by each Rating Agency (provided that such amendment does not adversely affect in any material respect (x) the rights or
interests of any Certificateholder or the Companion Loan Holder not consenting thereto or (y) the rights or interests of the Directing
Holder without the consent of the Holders of Certificates representing 100% of the Controlling Class); (iv) to amend or supplement
a provision, or to supplement any other provisions to the extent not inconsistent with the provisions of the Trust and Servicing
Agreement, or any other change that will not adversely affect in any material respect the interests of any Certificateholder or
the Companion Loan Holder not consenting thereto (as evidenced in writing by an Opinion of Counsel or, if solely affecting any
Certificateholder of a rated Class or a Companion Loan Holder of rated Companion Loan Securities, in respect of which a No Downgrade
Confirmation has been obtained relating to the Certificates or the Companion Loan Securities, if applicable); (v) 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 Credit Risk Retention
Rules, as evidenced by an opinion of counsel, or (b) in the event the Credit Risk Retention Rules or any other regulations applicable
to the risk retention requirements for this securitization transaction are amended or repealed in whole or in part, to the extent
required to comply with any such amendment or, to the extent applicable, to modify or eliminate the affected provision(s) related
to 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 Successor Third Party Purchaser under the Trust and Servicing Agreement
or the related risk retention agreement without the consent of the Successor Third Party Purchaser; and (vi) to modify the procedures
of the Trust and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such modification
would not (a) materially increase the obligations or decrease the rights of the Depositor, the Trustee, the Paying Agent, the
Certificate Administrator, the Operating Advisor the 17g-5 Information Provider, the Master Servicer or the Special Servicer without
such parties’ consent, (b) reduce the consent or consultation rights or the right to receive information under the Trust
and Servicing Agreement of the Directing Holder without the consent of the Directing Holder or

 

     A-5-9

     

    

 

(c) adversely affect in any material
respect the interests of any Certificateholders or the Companion Loan Holder not consenting thereto, as evidenced by in the case
of clauses (iii), (iv) and (vi) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated
Class, receipt of a No Downgrade Confirmation from each Rating Agency and a No Downgrade Confirmation with respect to any Companion
Loan Securities. In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as
a REMIC, affect the status of the Grantor Trust as a grantor trust or subject either REMIC or the Grantor Trust to tax.

 

The
Trust 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 Operating Advisor, the Certificate Administrator and the Trustee with the prior written consent of the
Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates and the Companion
Loan Holder affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents or the Trust Loan Sellers) 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 modifying in any manner the rights of the Certificateholders; provided,
however, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Whole Loan
                                         which are required to be distributed on any Certificate, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         affected thereby, or which are required to be distributed to the Companion Loan Holder
                                         without the consent of the Companion Loan Holder;

 

		(ii)	alter
                                         the Servicing Standard or obligations of the Master Servicer or the Trustee to make a
                                         P&I Advance, Administrative Advance or a Property Advance, without the consent of
                                         the Holders of the Certificates representing all of the Percentage Interests of the Class
                                         or Classes affected thereby and the consent of the Companion Loan Holder (if affected
                                         thereby);

 

		(iii)	change
                                         the percentages of Voting Rights or Percentage Interests of Holders of Certificates which
                                         are required to consent to any action or inaction under the Trust and Servicing Agreement
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby and the consent of the Companion Loan
                                         Holder (if affected thereby); or

 

		(iv)	amend
                                         any section of the Trust and Servicing Agreement which relates to the amendment of the
                                         Trust and Servicing Agreement without the consent of the Holders of all Certificates
                                         representing all of the Percentage Interests of the Class or Classes affected thereby
                                         and the consent of the Companion Loan Holder (if affected thereby).

 

     A-5-10

     

    

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee,
at any time and from time to time, without the consent of the Certificateholders or Companion Loan Holders, may amend the Trust
and Servicing Agreement to modify, eliminate or add to any of its provisions to such extent as shall be necessary: (i) to maintain
the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC or the Grantor Trust as a grantor trust under the
relevant provisions of the Code, 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 the Companion Loan Holder or (ii) to comply
with the Investment Company Act of 1940, as amended, and/or any related regulatory actions and/or interpretations.

 

The
Directing Holder and, if the Directing Holder does not exercise such option, then the Special Servicer and if the Special Servicer
does not exercise such option, then the Master Servicer, and if the Master Servicer does not exercise such option, then the Holder of a majority Percentage Interest in the Class R and Class LR Certificates, may effect an early termination of
the Trust Fund (provided that such party has provided 15 Business Days’ prior notice to each of the parties with
such option and none of the parties with a higher priority has elected to exercise such option within such 15 Business Day period),
upon not less than 30 days’ prior Notice of Termination (which Notice of Termination shall satisfy the notice requirement
of the proviso) given to the Trustee, the Certificate Administrator, the Special Servicer and the Master Servicer any time on
or after the Early Termination Notice Date specifying the Anticipated Final Termination Date, by purchasing on such date all,
but not less than all, of the Trust Loan then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of the Trust Loan, at a purchase price, payable in cash, equal to the greater of,

 

		(i)	the
sum of, without duplication:

 

		(A)	100%
                                         the outstanding principal balance of the Trust Loan as of the last day of the month preceding
                                         such Anticipated Final Termination Date (less any P&I Advances previously made on
                                         account of principal);

 

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

 

		(C)	all
                                         unpaid interest accrued on the outstanding principal balance of the Trust Loan (including
                                         circumstances where title to the Mortgaged Property has been acquired) at the Trust Loan
                                         Rate to the last day of the Whole Loan Interest Accrual Period preceding 

 

     A-5-11

     

    

 

such Anticipated
                                         Final Termination Date (less any P&I Advances previously made on account of interest);

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Advance Rate,
                                         unpaid Servicing Compensation, Special Servicing Compensation, Trustee/Certificate Administrator
                                         Fees, the Operating Advisor Fee, the CREFC® License Fee and Trust Fund
                                         expenses and indemnity amounts owed by the Trust; and

 

(ii)           the
aggregate fair market value of the Trust Loan, and all other property acquired in respect of the Trust Loan in the Trust Fund,
on the last day of the month preceding such Distribution Date, as determined by an Independent appraiser acceptable to the Master
Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date, together with
one month’s interest thereon at the Trust Loan Rate.

 

In
addition, the Trust and Servicing Agreement provides that the Sole Certificateholder shall have the right to exchange all of its
Regular Certificates for the Trust Loan or REO Property, as applicable, as contemplated by clause (ii) of Section 9.01(a) of the
Trust and Servicing Agreement by giving written notice to all the parties to the Trust and Servicing Agreement no later than 60
days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Trust and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Trust Loan and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Trust and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be
entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Trust and
Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Certificate Administrator and the Trustee created by the Trust and Servicing Agreement with respect to the Certificates (other
than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Trust and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Companion Loan Holder 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 Trust and Servicing Agreement to be so paid on the Distribution Date following
the earlier to occur of (i) the purchase of the Trust Loan and all other property held by the Trust Fund in accordance with Section
9.01(c) of the Trust and Servicing Agreement; and (ii) the exchange by the Sole Certificateholder of its Certificates for the
Trust Loan in accordance with Section 9.01(g) of the Trust and Servicing Agreement and (iii) the later of (a) the receipt or collection
of the last payment due on the Trust Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Trust
and Servicing Agreement of the last asset held by the Trust Fund; provided, however, that in no event shall the
trust created by the Trust and Servicing Agreement continue beyond the expiration of twenty-one

 

     A-5-12

     

    

 

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 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.

 

This
Certificate does not purport to summarize the Trust and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the parties thereto. This Certificate is issued under and is subject to the terms, provisions and conditions of
the Trust and Servicing Agreement, to which Trust and Servicing Agreement, as amended from time to time, the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound. In the case of any conflict between terms specified
in this Certificate and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing Agreement shall
govern.

 

     A-5-13

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class D Certificate to be duly executed.

 

Dated: __________

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 
	 	By: 	COMPUTERSHARE TRUST COMPANY, N.A., as attorney-in-fact
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Certificate
of Authentication

 

This
is one of the Class D Certificates referred to in the Trust and Servicing Agreement.

 

Dated: __________

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Authenticating Agent
	 	 
	 	By: 	COMPUTERSHARE TRUST COMPANY, N.A., as attorney-in-fact
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     A-5-14

     

    

 

[TO
BE ATTACHED TO GLOBAL CERTIFICATES] SCHEDULE OF EXCHANGES OF GLOBAL CERTIFICATES

 

The
following exchanges of a part of this Global Certificate have been made:

 

     A-5-15

     

    

 

EXHIBIT
A-6

 

FORM
OF CLASS HRR [RULE 144A]1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

[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.]4

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “Securities
Act”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS
CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE Securities
Act AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER
THE Securities Act, (2) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A UNDER THE Securities Act (“RULE 144A”), TO AN
INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT
OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,

 

 

	1	For
                                         Rule 144A Global Certificates only.

	2	For
                                         Reg S Global Certificates only.

	3	Legend
                                         required as long as DTC is the Depository under the Trust and Servicing Agreement.

	4	Global
                                         Certificate legend.

 

     A-6-1

     

    

 

(3) TO AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS SUCH TERM
IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE Securities Act
OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED IN
RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) TO AN INSTITUTION THAT IS A NON-”U.S. PERSON”
IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE TRUST AND SERVICING AGREEMENT.
A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE TRUST
AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE)
AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED
INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.

 

THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN OR RETIREMENT
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 ERISA, OR OTHER PLAN
SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY
RESPONSIBILITY PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (EACH, A “PLAN”), OR (B) ANY PERSON ACTING ON BEHALF
OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN (INCLUDING ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON
OF A PLAN’S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATIONS SECTION 2510.3-101, AS MODIFIED
BY SECTION 3(42) OF ERISA)), UNLESS (X) THE TRANSFEREE HAS ACQUIRED AND IS HOLDING THIS CERTIFICATE IN RELIANCE ON THE EXEMPTION
GRANTED TO (I) DEUTSCHE BANK SECURITIES INC., AS DEPARTMENT FINAL AUTHORIZATION NUMBER 97-03E,
(II) J.P. MORGAN SECURITIES LLC, AS PROHIBITED TRANSACTION EXEMPTION 2002-19, AND (III) BOFA SECURITIES,

 

     A-6-2

     

    

 

INC., AS PROHIBITED TRANSACTION
EXEMPTION 93-31, 58 FED. REG. 28,620 (MAY 14, 1993), EACH AS AMENDED BY PROHIBITED TRANSACTION EXEMPTION 2013-08 (COLLECTIVELY,
THE “EXEMPTION”) AND IT UNDERSTANDS THAT THERE ARE CERTAIN CONDITIONS TO THE AVAILABILITY OF THE EXEMPTION, INCLUDING
THAT THIS CERTIFICATE MUST BE RATED, AT THE TIME OF PURCHASE, NOT LOWER THAN “BBB-” (OR ITS EQUIVALENT) BY A RATING
AGENCY SET FORTH THEREIN AND THAT THIS CERTIFICATE IS SO RATED AND IT 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, OR (Y) (1) IT IS AN INSURANCE
COMPANY, (2) THE SOURCE OF FUNDS USED TO ACQUIRE OR HOLD THIS CERTIFICATE OR INTEREST THEREIN IS AN “INSURANCE COMPANY GENERAL
ACCOUNT,” AS SUCH TERM IS DEFINED IN PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 95-60 AND (3) THE CONDITIONS
IN SECTIONS I AND III OF PTCE 95-60 HAVE BEEN SATISFIED WITH RESPECT TO THE ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE
OR (Z) IN THE CASE OF A TRANSFEREE WHICH IS SUBJECT TO SIMILAR LAW, ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE
WILL NOT RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

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 OPERATING ADVISOR, THE MASTER SERVICER, THE SPECIAL SERVICER AND THE DEPOSITOR
AGAINST ANY LIABILITY 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, ANY ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE OPERATING ADVISOR OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE
CERTIFICATES NOR THE UNDERLYING TRUST LOAN 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 TRUST 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 TRUST AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

     A-6-3

     

    

 

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.]1

 

 

	1	For
                                         Reg S Global Certificates only.

 

     A-6-4

     

    

 

CAMB
2021-CX2 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS HRR

 

	Class
    HRR Pass-Through Rate: The Net Mortgage Rate	 	CUSIP:	12477BAL81

    U1308RAF12

    12477BAM63
	 	 	 	 
	 	 	ISIN:	US12477BAL804

    USU1308RAF115

    US12477BAM636
	 	 	 	 
	Original
    Aggregate Certificate Balance of the Class HRR Certificates: $41,000,000	 	Initial
    Certificate Balance of this Certificate: $[______] [FOR GLOBAL CERTIFICATES ONLY: (SUBJECT TO SCHEDULES OF EXCHANGES ATTACHED)]
	 	 	 
	First
    Distribution Date: December 10, 2021	 	Cut-off
    Date: November 6, 2021
	 	 	 
	Assumed
    Final Distribution Date: November 2031	 	No.:
    HRR-[__]

 

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 HRR Certificates. The Trust Fund, described more fully below, consists primarily of a Trust
Loan secured by, among other things, a mortgage on the fee simple interests of the Borrowers in two adjacent Class A life sciences
laboratory and office buildings located in Cambridge and Boston, Massachusetts, and held in trust by the Trustee and serviced
by the Master Servicer. 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.

 

The
Trust and Servicing Agreement, dated as of November 9, 2021 (the “Trust and Servicing Agreement”), between
Deutsche Mortgage & Asset Receiving Corporation, as depositor (the “Depositor”), KeyBank National Association,
as master servicer (in such capacity, the “Master Servicer”), Situs Holdings, LLC, as special servicer (the
“Special Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”),
Wells Fargo Bank, National

 

 

	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.

 

     A-6-5

     

    

 

Association, as certificate administrator (the “Certificate Administrator”), custodian
and paying agent, and Park Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”), evidences
the issuance of the Class A, Class X, Class B, Class C, Class D, Class HRR, Class S, Class R and Class LR 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 the Trust and Servicing Agreement. 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 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 Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator
under the Trust and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and
any provision of the Trust and Servicing Agreement, such provision of this Certificate shall be superseded by the Trust and Servicing
Agreement to the extent of such inconsistency.

 

Pursuant
to the terms of the Trust 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 HRR Certificates for such Distribution Date, all as more fully described in the
Trust and Servicing Agreement. “Determination Date” is defined in the Trust and Servicing Agreement as the 6th day
of each calendar month, or if such 6th day is not a Business Day, then the immediately preceding Business Day, commencing in December
2021. Holders of this Certificate may be entitled to Prepayment Charges as provided in the Trust and Servicing Agreement.

 

During
each Certificate Interest Accrual Period (as defined below), interest on the Class HRR 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 a Certificate Interest Accrual Period, plus the aggregate unpaid Class Interest Shortfall with
respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Trust and
Servicing Agreement. The “Certificate Interest Accrual Period” means, with respect to any Distribution Date, the calendar
month immediately preceding the month in which such Distribution Date occurs. The Certificate Interest Accrual Period is assumed
to consist of 30 days.

 

     A-6-6

     

    

 

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, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United
States and having appropriate facilities therefor provided that such Holder shall have provided the Paying Agent with wire
instructions in writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class
mail to the address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in
like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its
agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders
of such final distribution.

 

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 in trust 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 Trust 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, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice 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. If within two years after the second notice any such 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 under the Trust and Servicing Agreement and the transfer of such amounts to a successor
certificate administrator and (ii) subject to applicable law, the termination of the Trust Fund and distribution of such amounts
to the Residual 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 the Trust
and Servicing Agreement. Such funds held by the Certificate Administrator may be invested under certain circumstances, 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
Loan, as more specifically set forth herein and in the Trust and Servicing Agreement.

 

As
provided in the Trust and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any

 

     A-6-7

     

    

 

interest of the Companion Loan Holder) (i) the Trust Loan, together with the Mortgage
File relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Trust Loan due after the
Cut-off Date; (iii) any REO Property; (iv) all revenues received in respect of any REO Property; (v) any indemnities or guaranties
given as additional security for the Trust Loan; (vi) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (vii) amounts on deposit in the Collection Account attributable to
the Trust Loan as identified on the Trust Ledger, the Distribution Accounts, the Interest Reserve Account or the REO Account,
including any reinvestment income, as applicable; (viii) a security interest in any environmental indemnity agreements relating
to the Mortgaged Property; (ix) a security interest in all insurance policies with respect to the Trust Loan and the Mortgaged
Property; (x) the rights and remedies under the Trust Loan Purchase Agreements relating to document delivery requirements with
respect to the Trust Loan and the representations and warranties of the Trust Loan Sellers regarding the Trust Loan; (xi) the
Lower-Tier Regular Interests; and (xii) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the Borrower).
As provided in the Trust 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 Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Trust and Servicing Agreement 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 Trust and
Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements Article V of
the Trust 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 Trust and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the 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 Operating Advisor, 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 Trust and Servicing Agreement other than for transfers to Institutional Accredited
Investors as

 

     A-6-8

     

    

 

provided in Section 5.02(h) of the Trust 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 Trust 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
Trust and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders
or the Companion Loan Holder, (i) to cure any ambiguity or to correct any error; (ii) to cause the provisions of the Trust and
Servicing 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 the Trust and Servicing Agreement or to correct or supplement any provisions of the Trust and
Servicing Agreement or the Offering Circular which may be defective or inconsistent with any other provisions of the Trust and
Servicing Agreement or the Offering Circular; (iii) to amend any provision of the Trust and Servicing Agreement to the extent
necessary or desirable to maintain the rating or ratings assigned to each of the Classes of Certificates or Companion Loan Securities
by each Rating Agency (provided that such amendment does not adversely affect in any material respect (x) the rights or
interests of any Certificateholder or the Companion Loan Holder not consenting thereto or (y) the rights or interests of the Directing
Holder without the consent of the Holders of Certificates representing 100% of the Controlling Class); (iv) to amend or supplement
a provision, or to supplement any other provisions to the extent not inconsistent with the provisions of the Trust and Servicing
Agreement, or any other change that will not adversely affect in any material respect the interests of any Certificateholder or
the Companion Loan Holder not consenting thereto (as evidenced in writing by an Opinion of Counsel or, if solely affecting any
Certificateholder of a rated Class or a Companion Loan Holder of rated Companion Loan Securities, in respect of which a No Downgrade
Confirmation has been obtained relating to the Certificates or the Companion Loan Securities, if applicable); (v) 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 Credit Risk Retention
Rules, as evidenced by an opinion of counsel, or (b) in the event the Credit Risk Retention Rules or any other regulations applicable
to the risk retention requirements for this securitization transaction are amended or repealed in whole or in part, to the extent
required to comply with any such amendment or, to the extent applicable, to modify or eliminate the affected provision(s) related
to 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 Successor Third Party Purchaser under the Trust and Servicing Agreement
or the related risk retention agreement without the consent of the Successor Third Party Purchaser; and (vi) to modify the procedures
of the Trust and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such modification
would not (a) materially increase the obligations or decrease the rights of the Depositor, the Trustee, the Paying Agent, the
Certificate Administrator, the Operating Advisor the 17g-5 Information Provider, the Master Servicer or the Special Servicer without
such parties’ consent, (b) reduce the consent or consultation rights or the right to receive information under the Trust
and Servicing Agreement of the Directing Holder without the consent of the Directing Holder or

 

     A-6-9

     

    

 

(c) adversely affect in any material
respect the interests of any Certificateholders or the Companion Loan Holder not consenting thereto, as evidenced by in the case
of clauses (iii), (iv) and (vi) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated
Class, receipt of a No Downgrade Confirmation from each Rating Agency and a No Downgrade Confirmation with respect to any Companion
Loan Securities. In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as
a REMIC, affect the status of the Grantor Trust as a grantor trust or subject either REMIC or the Grantor Trust to tax.

 

The
Trust 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 Operating Advisor, the Certificate Administrator and the Trustee with the prior written consent of the
Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates and the Companion
Loan Holder affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents or the Trust Loan Sellers) 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 modifying in any manner the rights of the Certificateholders; provided,
however, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Whole Loan
                                         which are required to be distributed on any Certificate, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         affected thereby, or which are required to be distributed to the Companion Loan Holder
                                         without the consent of the Companion Loan Holder;

 

		(ii)	alter
                                         the Servicing Standard or obligations of the Master Servicer or the Trustee to make a
                                         P&I Advance, Administrative Advance or a Property Advance, without the consent of
                                         the Holders of the Certificates representing all of the Percentage Interests of the Class
                                         or Classes affected thereby and the consent of the Companion Loan Holder (if affected
                                         thereby);

 

		(iii)	change
                                         the percentages of Voting Rights or Percentage Interests of Holders of Certificates which
                                         are required to consent to any action or inaction under the Trust and Servicing Agreement
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby and the consent of the Companion Loan
                                         Holder (if affected thereby); or

 

		(iv)	amend
                                         any section of the Trust and Servicing Agreement which relates to the amendment of the
                                         Trust and Servicing Agreement without the consent of the Holders of all Certificates
                                         representing all of the Percentage Interests of the Class or Classes affected thereby
                                         and the consent of the Companion Loan Holder (if affected thereby).

 

     A-6-10

     

    

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee,
at any time and from time to time, without the consent of the Certificateholders or Companion Loan Holders, may amend the Trust
and Servicing Agreement to modify, eliminate or add to any of its provisions to such extent as shall be necessary: (i) to maintain
the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC or the Grantor Trust as a grantor trust under the
relevant provisions of the Code, 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 the Companion Loan Holder or (ii) to comply
with the Investment Company Act of 1940, as amended, and/or any related regulatory actions and/or interpretations.

 

The
Directing Holder and, if the Directing Holder does not exercise such option, then the Special Servicer and if the Special Servicer
does not exercise such option, then the Master Servicer, and if the Master Servicer does not exercise such option, then the Holder of a majority Percentage Interest in the Class R and Class LR Certificates, may effect an early termination of
the Trust Fund (provided that such party has provided 15 Business Days’ prior notice to each of the parties with
such option and none of the parties with a higher priority has elected to exercise such option within such 15 Business Day period),
upon not less than 30 days’ prior Notice of Termination (which Notice of Termination shall satisfy the notice requirement
of the proviso) given to the Trustee, the Certificate Administrator, the Special Servicer and the Master Servicer any time on
or after the Early Termination Notice Date specifying the Anticipated Final Termination Date, by purchasing on such date all,
but not less than all, of the Trust Loan then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of the Trust Loan, at a purchase price, payable in cash, equal to the greater of,

 

		(i)	the
sum of, without duplication:

 

		(A)	100%
                                         the outstanding principal balance of the Trust Loan as of the last day of the month preceding
                                         such Anticipated Final Termination Date (less any P&I Advances previously made on
                                         account of principal);

 

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

 

		(C)	all
unpaid interest accrued on the outstanding principal balance of the Trust Loan (including circumstances where title to the Mortgaged
Property has been acquired) at the Trust Loan Rate to the last day of the Whole Loan Interest Accrual Period preceding

 

     A-6-11

     

    

 

such Anticipated
                                         Final Termination Date (less any P&I Advances previously made on account of interest);

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Advance Rate,
                                         unpaid Servicing Compensation, Special Servicing Compensation, Trustee/Certificate Administrator
                                         Fees, the Operating Advisor Fee, the CREFC® License Fee and Trust Fund
                                         expenses and indemnity amounts owed by the Trust; and

 

(ii)           the
aggregate fair market value of the Trust Loan, and all other property acquired in respect of the Trust Loan in the Trust Fund,
on the last day of the month preceding such Distribution Date, as determined by an Independent appraiser acceptable to the Master
Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date, together with
one month’s interest thereon at the Trust Loan Rate.

 

In
addition, the Trust and Servicing Agreement provides that the Sole Certificateholder shall have the right to exchange all of its
Regular Certificates for the Trust Loan or REO Property, as applicable, as contemplated by clause (ii) of Section 9.01(a) of the
Trust and Servicing Agreement by giving written notice to all the parties to the Trust and Servicing Agreement no later than 60
days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Trust and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Trust Loan and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Trust and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be
entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Trust and
Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Certificate Administrator and the Trustee created by the Trust and Servicing Agreement with respect to the Certificates (other
than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Trust and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Companion Loan Holder 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 Trust and Servicing Agreement to be so paid on the Distribution Date following
the earlier to occur of (i) the purchase of the Trust Loan and all other property held by the Trust Fund in accordance with Section
9.01(c) of the Trust and Servicing Agreement; and (ii) the exchange by the Sole Certificateholder of its Certificates for the
Trust Loan in accordance with Section 9.01(g) of the Trust and Servicing Agreement and (iii) the later of (a) the receipt or collection
of the last payment due on the Trust Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Trust
and Servicing Agreement of the last asset held by the Trust Fund; provided, however, that in no event shall the
trust created by the Trust and Servicing Agreement continue beyond the expiration of twenty-one

 

     A-6-12

     

    

 

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 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.

 

This
Certificate does not purport to summarize the Trust and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the parties thereto. This Certificate is issued under and is subject to the terms, provisions and conditions of
the Trust and Servicing Agreement, to which Trust and Servicing Agreement, as amended from time to time, the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound. In the case of any conflict between terms specified
in this Certificate and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing Agreement shall
govern.

 

     A-6-13

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class HRR Certificate to be duly executed.

 

Dated: __________

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 
	 	By: 	COMPUTERSHARE TRUST COMPANY, N.A., as attorney-in-fact
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Certificate
of Authentication

 

This
is one of the Class HRR Certificates referred to in the Trust and Servicing Agreement.

 

Dated: __________

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Authenticating Agent
	 	 
	 	By: 	COMPUTERSHARE TRUST COMPANY, N.A., as attorney-in-fact
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     A-6-14

     

    

 

[TO
BE ATTACHED TO GLOBAL CERTIFICATES] SCHEDULE OF EXCHANGES OF GLOBAL CERTIFICATES

 

The
following exchanges of a part of this Global Certificate have been made:

 

     A-6-15

     

    

 

EXHIBIT
A-7

 

FORM
OF CLASS S CERTIFICATE

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, ANY ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
TRUST LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “Securities
Act”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS
CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE Securities
Act AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER
THE Securities Act, (2) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A UNDER THE Securities Act (“RULE 144A”), TO AN
INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT
OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS SUCH TERM
IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE Securities Act
OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED IN
RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) TO AN INSTITUTION THAT IS A NON-”U.S. PERSON”
IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF, REGULATION
S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN OR RETIREMENT
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

 

     A-7-1

     

    

 

INTERNAL REVENUE
CODE OF 1986, AS AMENDED (THE “CODE”) OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN
SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY
RESPONSIBILITY PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (EACH, A “PLAN”), OR (B) ANY PERSON ACTING ON BEHALF
OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN (INCLUDING ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON
OF A PLAN’S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATIONS SECTION 2510.3-101, AS MODIFIED
BY SECTION 3(42) OF ERISA)). TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED TO DELIVER
A LETTER IN THE FORM ATTACHED TO THE TRUST AND SERVICING AGREEMENT TO SUCH EFFECT.

 

TRANSFERS
AND EXCHANGES OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE OPERATING ADVISOR, THE MASTER SERVICER, THE SPECIAL SERVICER AND THE DEPOSITOR
AGAINST ANY LIABILITY 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-7-2

     

    

 

CAMB
2021-CX2 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS S

 

	No.: S-[__]	 	 
	 	 	Percentage Interest: ___%
	 	 	 
	 	 	CUSIP:	12477BAN41
	 	 	 	[_]2
	 	 	 	12477BAP93
	 	 	 	 
	 	 	ISIN:	US12477BAN474
	 	 	 	[_]5
	 	 	 	US12477BAP946

 

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 Trust Loan
secured by, among other things, a mortgage on the fee simple interests of the Borrowers in two adjacent Class A life sciences
laboratory and office buildings located in Cambridge and Boston, Massachusetts, and held in trust by the Trustee and serviced
by the Master Servicer. 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.

 

The
Trust and Servicing Agreement, dated as of November 9, 2021 (the “Trust and Servicing Agreement”), between
Deutsche Mortgage & Asset Receiving Corporation, as depositor (the “Depositor”), KeyBank National Association,
as master servicer (in such capacity, the “Master Servicer”), Situs Holdings, LLC, as special servicer (the
“Special Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”),
Wells Fargo Bank, National Association, as certificate administrator (the “Certificate Administrator”), custodian
and paying agent, and Park Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”), evidences
the issuance of the Class A, Class X, Class B, Class C, Class D, Class HRR, Class S, Class R and Class LR 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 the Trust and Servicing 

 

 

	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.

 

     A-7-3

     

    

 

Agreement. 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 beneficial ownership interest in a portion of the Excess Interest collected on the Trust 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.

 

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. In the event that there is any conflict between any provision of this Certificate and
any provision of the Trust and Servicing Agreement, such provision of this Certificate shall be superseded by the Trust and Servicing
Agreement to the extent of such inconsistency.

 

Pursuant
to the terms of the Trust 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 S Certificates for such Distribution Date, all as more fully described in the Trust
and Servicing Agreement. “Determination Date” is defined in the Trust and Servicing Agreement as the 6th day of each
calendar month, or if such 6th day is not a Business Day, then the immediately preceding Business Day, commencing in December
2021.

 

Interest
accrued on this Certificate during a Certificate Interest Accrual Period, plus the aggregate unpaid Class Interest Shortfall with
respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Trust and
Servicing Agreement. The “Certificate Interest Accrual Period” means, with respect to any Distribution Date, the calendar
month immediately preceding the month in which such Distribution Date occurs. The Certificate 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, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United
States and having appropriate facilities therefor provided that such Holder shall have provided the Paying Agent with wire
instructions in writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class
mail to the address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in
like manner,

 

     A-7-4

     

    

 

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 in trust 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 Trust 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, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice 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. If within two years after the second notice any such 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 under the Trust and Servicing Agreement and the transfer of such amounts to a successor
certificate administrator and (ii) subject to applicable law, the termination of the Trust Fund and distribution of such amounts
to the Residual 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 the Trust
and Servicing Agreement. Such funds held by the Certificate Administrator may be invested under certain circumstances, 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
Loan, as more specifically set forth herein and in the Trust and Servicing Agreement.

 

As
provided in the Trust 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 the Companion Loan Holder) (i) the Trust Loan, together with the Mortgage
File relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Trust Loan due after the
Cut-off Date; (iii) any REO Property; (iv) all revenues received in respect of any REO Property; (v) any indemnities or guaranties
given as additional security for the Trust Loan; (vi) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (vii) amounts on deposit in the Collection Account attributable to
the Trust Loan as identified on the Trust Ledger, the Distribution Accounts, the Interest Reserve Account or the REO Account,
including any reinvestment income, as applicable; (viii) a security interest in any environmental indemnity agreements relating
to the Mortgaged Property; (ix) a security interest in all insurance policies with respect to the Trust Loan and the Mortgaged
Property; (x) the rights and remedies under the

 

     A-7-5

     

    

 

Trust Loan Purchase Agreements relating to document delivery requirements with
respect to the Trust Loan and the representations and warranties of the Trust Loan Sellers regarding the Trust Loan; (xi) the
Lower-Tier Regular Interests; and (xii) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the Borrower).
As provided in the Trust 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 Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Trust and Servicing Agreement 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 Trust and
Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements Article V of
the Trust 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 Trust and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the 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 Operating Advisor, 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 Trust and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Trust 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 Trust 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
Trust and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Operating Advisor,

 

     A-7-6

     

    

 

the Certificate Administrator and the Trustee without the consent of any of the Certificateholders
or the Companion Loan Holder, (i) to cure any ambiguity or to correct any error; (ii) to cause the provisions of the Trust and
Servicing 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 the Trust and Servicing Agreement or to correct or supplement any provisions of the Trust and
Servicing Agreement or the Offering Circular which may be defective or inconsistent with any other provisions of the Trust and
Servicing Agreement or the Offering Circular; (iii) to amend any provision of the Trust and Servicing Agreement to the extent
necessary or desirable to maintain the rating or ratings assigned to each of the Classes of Certificates or Companion Loan Securities
by each Rating Agency (provided that such amendment does not adversely affect in any material respect (x) the rights or
interests of any Certificateholder or the Companion Loan Holder not consenting thereto or (y) the rights or interests of the Directing
Holder without the consent of the Holders of Certificates representing 100% of the Controlling Class); (iv) to amend or supplement
a provision, or to supplement any other provisions to the extent not inconsistent with the provisions of the Trust and Servicing
Agreement, or any other change that will not adversely affect in any material respect the interests of any Certificateholder or
the Companion Loan Holder not consenting thereto (as evidenced in writing by an Opinion of Counsel or, if solely affecting any
Certificateholder of a rated Class or a Companion Loan Holder of rated Companion Loan Securities, in respect of which a No Downgrade
Confirmation has been obtained relating to the Certificates or the Companion Loan Securities, if applicable); (v) 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 Credit Risk Retention
Rules, as evidenced by an opinion of counsel, or (b) in the event the Credit Risk Retention Rules or any other regulations applicable
to the risk retention requirements for this securitization transaction are amended or repealed in whole or in part, to the extent
required to comply with any such amendment or, to the extent applicable, to modify or eliminate the affected provision(s) related
to 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 Successor Third Party Purchaser under the Trust and Servicing Agreement
or the related risk retention agreement without the consent of the Successor Third Party Purchaser; and (vi) to modify the procedures
of the Trust and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such modification
would not (a) materially increase the obligations or decrease the rights of the Depositor, the Trustee, the Paying Agent, the
Certificate Administrator, the Operating Advisor the 17g-5 Information Provider, the Master Servicer or the Special Servicer without
such parties’ consent, (b) reduce the consent or consultation rights or the right to receive information under the Trust
and Servicing Agreement of the Directing Holder without the consent of the Directing Holder or (c) adversely affect in any material
respect the interests of any Certificateholders or the Companion Loan Holder not consenting thereto, as evidenced by in the case
of clauses (iii), (iv) and (vi) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated
Class, receipt of a No Downgrade Confirmation from each Rating Agency and a No Downgrade Confirmation with respect to any Companion
Loan Securities. In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as
a REMIC, affect the status of the Grantor Trust as a grantor trust or subject either REMIC or the Grantor Trust to tax.

 

The
Trust 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

 

     A-7-7

     

    

 

Operating Advisor, the Certificate Administrator and the Trustee with the prior written consent of the
Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates and the Companion
Loan Holder affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents or the Trust Loan Sellers) 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 modifying in any manner the rights of the Certificateholders; provided,
however, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Whole Loan
                                         which are required to be distributed on any Certificate, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         affected thereby, or which are required to be distributed to the Companion Loan Holder
                                         without the consent of the Companion Loan Holder;

 

		(ii)	alter
                                         the Servicing Standard or obligations of the Master Servicer or the Trustee to make a
                                         P&I Advance, Administrative Advance or a Property Advance, without the consent of
                                         the Holders of the Certificates representing all of the Percentage Interests of the Class
                                         or Classes affected thereby and the consent of the Companion Loan Holder (if affected
                                         thereby);

 

		(iii)	change
                                         the percentages of Voting Rights or Percentage Interests of Holders of Certificates which
                                         are required to consent to any action or inaction under the Trust and Servicing Agreement
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby and the consent of the Companion Loan
                                         Holder (if affected thereby); or

 

		(iv)	amend
                                         any section of the Trust and Servicing Agreement which relates to the amendment of the
                                         Trust and Servicing Agreement without the consent of the Holders of all Certificates
                                         representing all of the Percentage Interests of the Class or Classes affected thereby
                                         and the consent of the Companion Loan Holder (if affected thereby).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee,
at any time and from time to time, without the consent of the Certificateholders or Companion Loan Holders, may amend the Trust
and Servicing Agreement to modify, eliminate or add to any of its provisions to such extent as shall be necessary: (i) to maintain
the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC or the Grantor Trust as a grantor trust under the
relevant provisions of the Code, 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 the Companion Loan Holder or (ii) to

 

     A-7-8

     

    

 

comply
with the Investment Company Act of 1940, as amended, and/or any related regulatory actions and/or interpretations.

 

The
Directing Holder and, if the Directing Holder does not exercise such option, then the Special Servicer and if the Special Servicer
does not exercise such option, then the Master Servicer, and if the Master Servicer does not exercise such option, then the Holder of a majority Percentage Interest in the Class R and Class LR Certificates, may effect an early termination of
the Trust Fund (provided that such party has provided 15 Business Days’ prior notice to each of the parties with
such option and none of the parties with a higher priority has elected to exercise such option within such 15 Business Day period),
upon not less than 30 days’ prior Notice of Termination (which Notice of Termination shall satisfy the notice requirement
of the proviso) given to the Trustee, the Certificate Administrator, the Special Servicer and the Master Servicer any time on
or after the Early Termination Notice Date specifying the Anticipated Final Termination Date, by purchasing on such date all,
but not less than all, of the Trust Loan then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of the Trust Loan, at a purchase price, payable in cash, equal to the greater of,

 

		(i)	the
sum of, without duplication:

 

		(A)	100%
                                         the outstanding principal balance of the Trust Loan as of the last day of the month preceding
                                         such Anticipated Final Termination Date (less any P&I Advances previously made on
                                         account of principal);

 

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

 

		(C)	all
                                         unpaid interest accrued on the outstanding principal balance of the Trust Loan (including
                                         circumstances where title to the Mortgaged Property has been acquired) at the Trust Loan
                                         Rate to the last day of the Whole Loan Interest Accrual Period preceding such Anticipated
                                         Final Termination Date (less any P&I Advances previously made on account of interest);

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Advance Rate,
                                         unpaid Servicing Compensation, Special Servicing Compensation, Trustee/Certificate Administrator
                                         Fees, the Operating Advisor Fee, the CREFC® License Fee and Trust Fund
                                         expenses and indemnity amounts owed by the Trust; and

 

(ii)           the
aggregate fair market value of the Trust Loan, and all other property acquired in respect of the Trust Loan in the Trust Fund,
on the last day of the month

 

     A-7-9

     

    

 

preceding such Distribution Date, as determined by an Independent appraiser acceptable to the Master
Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date, together with
one month’s interest thereon at the Trust Loan Rate.

 

In
addition, the Trust and Servicing Agreement provides that the Sole Certificateholder shall have the right to exchange all of its
Regular Certificates for the Trust Loan or REO Property, as applicable, as contemplated by clause (ii) of Section 9.01(a) of the
Trust and Servicing Agreement by giving written notice to all the parties to the Trust and Servicing Agreement no later than 60
days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Trust and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Trust Loan and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Trust and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be
entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Trust and
Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Certificate Administrator and the Trustee created by the Trust and Servicing Agreement with respect to the Certificates (other
than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Trust and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Companion Loan Holder 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 Trust and Servicing Agreement to be so paid on the Distribution Date following
the earlier to occur of (i) the purchase of the Trust Loan and all other property held by the Trust Fund in accordance with Section
9.01(c) of the Trust and Servicing Agreement; and (ii) the exchange by the Sole Certificateholder of its Certificates for the
Trust Loan in accordance with Section 9.01(g) of the Trust and Servicing Agreement and (iii) the later of (a) the receipt or collection
of the last payment due on the Trust Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Trust
and Servicing Agreement of the last asset held by the Trust Fund; provided, however, that in no event shall the
trust created by the Trust and Servicing Agreement 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.

 

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.

 

This
Certificate does not purport to summarize the Trust and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the parties thereto. This Certificate is issued under and is subject to the terms, provisions and conditions of
the Trust and Servicing Agreement, to which Trust and Servicing

 

     A-7-10

     

    

 

Agreement, as amended from time to time, the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound. In the case of any conflict between terms specified
in this Certificate and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing Agreement shall
govern.

 

     A-7-11

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class S Certificate to be duly executed.

 

Dated: __________

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	COMPUTERSHARE TRUST COMPANY, N.A., as attorney-in-fact
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Certificate
of Authentication

 

This
is one of the Class S Certificates referred to in the Trust and Servicing Agreement.

 

Dated: __________

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	COMPUTERSHARE TRUST COMPANY, N.A., as attorney-in-fact
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     A-7-12

     

    

 

EXHIBIT
A-8

 

FORM
OF CLASS LR CERTIFICATE

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, ANY ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
TRUST LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “RESIDUAL INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(2) AND 860D OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED (THE “CODE”). A TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE ACCEPTED
THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY, AS SET FORTH IN SECTION 5.02 OF THE TRUST AND SERVICING AGREEMENT,
AND SHALL BE REQUIRED TO FURNISH AN AFFIDAVIT TO THE TRANSFEROR AND THE CERTIFICATE ADMINISTRATOR TO THE EFFECT THAT IT IS A PERMITTED
TRANSFEREE AND, AMONG OTHER THINGS, (A) IT IS NOT A DISQUALIFIED ORGANIZATION, AS SUCH TERM IS DEFINED IN SECTION 860E(e)(5) OF
THE CODE, OR AN AGENT (INCLUDING A BROKER, NOMINEE OR OTHER MIDDLEMAN) FOR SUCH DISQUALIFIED ORGANIZATION AND IS OTHERWISE A PERMITTED
TRANSFEREE, (B) IT WILL NOT CAUSE INCOME WITH RESPECT TO THIS CERTIFICATE TO BE ATTRIBUTABLE TO A FOREIGN PERMANENT ESTABLISHMENT
OR FIXED BASE, WITHIN THE MEANING OF AN APPLICABLE INCOME TAX TREATY, OF SUCH PERSON OR ANY OTHER U.S. PERSON, (C) IT HAS HISTORICALLY
PAID ITS DEBTS AS THEY HAVE COME DUE AND INTENDS TO CONTINUE TO PAY ITS DEBTS AS THEY COME DUE IN THE FUTURE, AND (D) IT INTENDS
TO PAY ANY TAXES ASSOCIATED WITH HOLDING THIS CERTIFICATE AS THEY BECOME DUE. ANY PURPORTED TRANSFER TO A DISQUALIFIED ORGANIZATION
OR OTHER PERSON THAT IS NOT A PERMITTED TRANSFEREE OR OTHERWISE IN VIOLATION OF THESE RESTRICTIONS SHALL BE ABSOLUTELY NULL AND
VOID AND SHALL VEST NO RIGHTS IN ANY PURPORTED TRANSFEREE. BECAUSE THIS CERTIFICATE REPRESENTS A “NON-ECONOMIC RESIDUAL
INTEREST,” AS DEFINED IN TREASURY REGULATIONS SECTION 1.860E-1(c), CERTAIN TRANSFERS OF THIS CERTIFICATE WILL BE DISREGARDED
FOR FEDERAL INCOME TAX PURPOSES. IN ORDER TO SATISFY A REGULATORY SAFE HARBOR UNDER WHICH SUCH TRANSFERS WILL NOT BE DISREGARDED,
THE TRANSFEROR MAY BE REQUIRED, AMONG OTHER THINGS, TO SATISFY ITSELF AS TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE
AND EITHER TO PAY A SPECIFIED AMOUNT TO THE PROPOSED TRANSFEREE OR TRANSFER TO AN ELIGIBLE TRANSFEREE AS PROVIDED IN REGULATIONS.

 

     A-8-1

     

    

 

THE
HOLDER OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE AGREED TO THE DESIGNATION OF THE CERTIFICATE ADMINISTRATOR
AS THE “PARTNERSHIP REPRESENTATIVE” (WITHIN THE MEANING OF SECTION 6223 OF THE CODE) OF THE ([UPPER TIER REMIC] [LOWER
TIER REMIC] OR AS OTHERWISE PROVIDED IN THE TRUST AND SERVICING AGREEMENT FOR PURPOSES OF SUBCHAPTER C OF CHAPTER 63 OF SUBTITLE
F OF THE CODE).

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “Securities
Act”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS
CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE Securities
Act AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER
THE Securities Act, OR (2) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A UNDER THE Securities Act (“RULE 144A”), TO AN
INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT
OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE
OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN OR RETIREMENT
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 ERISA, OR OTHER PLAN
SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY
RESPONSIBILITY PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (EACH, A “PLAN”), OR (B) ANY PERSON ACTING ON BEHALF
OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN (INCLUDING ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON
OF A PLAN’S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATIONS SECTION 2510.3-101, AS MODIFIED
BY SECTION 3(42) OF ERISA)). TRANSFEREES OF THIS CERTIFICATE TAKING

 

     A-8-2

     

    

 

DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED TO DELIVER
A LETTER IN THE FORM ATTACHED TO THE TRUST AND SERVICING AGREEMENT TO SUCH EFFECT.

 

TRANSFERS
AND EXCHANGES OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE OPERATING ADVISOR, THE MASTER SERVICER, THE SPECIAL SERVICER AND THE DEPOSITOR
AGAINST ANY LIABILITY 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-8-3

     

    

 

CAMB
2021-CX2 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS LR

 

	No.: LR-[__]	 	Percentage Interest: ___%
	 	 	 	 
	 	 	CUSIP:	12477BAS31
	 	 	 	 
	 	 	ISIN:	US12477BAS342

 

This
certifies that [_______] is the registered owner of the Percentage Interest evidenced by this Certificate in the Trust Fund. The Class
LR Certificateholder is not entitled to interest or principal distributions. The Class LR 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 Trust Loan secured by, among
other things, a mortgage on the fee simple interests of the Borrowers in two adjacent Class A life sciences laboratory and office
buildings located in Cambridge and Boston, Massachusetts, and held in trust by the Trustee and serviced by the Master Servicer.
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.

 

The
Trust and Servicing Agreement, dated as of November 9, 2021 (the “Trust and Servicing Agreement”), between
Deutsche Mortgage & Asset Receiving Corporation, as depositor (the “Depositor”), KeyBank National Association,
as master servicer (in such capacity, the “Master Servicer”), Situs Holdings, LLC, as special servicer (the
“Special Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”),
Wells Fargo Bank, National Association, as certificate administrator (the “Certificate Administrator”), custodian
and paying agent, and Park Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”), evidences
the issuance of the Class A, Class X, Class B, Class C, Class D, Class HRR, Class S, Class R and Class LR 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 the Trust and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.

 

This
Class LR Certificate represents the sole “residual interest” in a “real estate mortgage investment conduit”,
as those terms are defined, respectively, in Sections 860G(a)(1)

 

 

	1	For
                                         Rule 144A Certificates.

	2	For
                                         Rule 144A Certificates.

 

     A-8-4

     

    

 

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 the “partnership representative”
within the meaning of Section 6223 of the Code of the Lower-Tier REMIC pursuant to Treasury Regulations Section 1.860F-4(d). In
addition, each Holder agrees to the irrevocable designation of the Certificate Administrator as the “partnership representative”
as defined in Section 6223 of the Code of the Lower-Tier REMIC and to the Certificate Administrator making any elections allowed
under the Code to avoid (i) the application of Section 6221 of the Code (or successor provisions) to the Lower-Tier REMIC and
(ii) payment by the Lower-Tier REMIC under Section 6225 of the Code (or successor provisions) of any tax, penalty, interest or
other amount imposed under the Code that would otherwise be imposed on any holder of a Class LR Certificate, past or present.

 

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. In the event that there is any conflict between any provision of this Certificate and
any provision of the Trust and Servicing Agreement, such provision of this Certificate shall be superseded by the Trust and Servicing
Agreement to the extent of such inconsistency.

 

Pursuant
to the terms of the Trust 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 LR Certificates for such Distribution Date, all as more fully described in the Trust
and Servicing Agreement. “Determination Date” is defined in the Trust and Servicing Agreement as the 6th day of each
calendar month, or if such 6th day is not a Business Day, then the immediately preceding Business Day, commencing in December
2021.

 

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, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United
States and having appropriate facilities therefor provided that such Holder shall have provided the Paying Agent with wire
instructions in writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class
mail to the address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in
like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its
agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders
of such final distribution.

 

     A-8-5

     

    

 

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 in trust 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 Trust 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, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice 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. If within two years after the second notice any such 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 under the Trust and Servicing Agreement and the transfer of such amounts to a successor
certificate administrator and (ii) subject to applicable law, the termination of the Trust Fund and distribution of such amounts
to the Residual 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 the Trust
and Servicing Agreement. Such funds held by the Certificate Administrator may be invested under certain circumstances, 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
Loan, as more specifically set forth herein and in the Trust and Servicing Agreement.

 

As
provided in the Trust 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 the Companion Loan Holder) (i) the Trust Loan, together with the Mortgage
File relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Trust Loan due after the
Cut-off Date; (iii) any REO Property; (iv) all revenues received in respect of any REO Property; (v) any indemnities or guaranties
given as additional security for the Trust Loan; (vi) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (vii) amounts on deposit in the Collection Account attributable to
the Trust Loan as identified on the Trust Ledger, the Distribution Accounts, the Interest Reserve Account or the REO Account,
including any reinvestment income, as applicable; (viii) a security interest in any environmental indemnity agreements relating
to the Mortgaged Property; (ix) a security interest in all insurance policies with respect to the Trust Loan and the Mortgaged
Property; (x) the rights and remedies under the Trust Loan Purchase Agreements relating to document delivery requirements with
respect to the Trust Loan and the representations and warranties of the Trust Loan Sellers regarding the Trust Loan; (xi) the
Lower-Tier Regular Interests; and (xii) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow

 

     A-8-6

     

    

 

Accounts and any Reserve Accounts, to the extent such interest belongs to the Borrower).
As provided in the Trust 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 Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Trust and Servicing Agreement 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 Trust and
Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements Article V of
the Trust 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 Trust and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the 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 Operating Advisor, 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 Trust and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Trust 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 Trust 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
Trust and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders
or the Companion Loan Holder, (i) to cure any ambiguity or to correct any error; (ii) to cause the provisions of the Trust and
Servicing Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular with respect
to the Certificates, the

 

     A-8-7

     

    

 

Trust or the Trust and Servicing Agreement or to correct or supplement any provisions of the Trust and
Servicing Agreement or the Offering Circular which may be defective or inconsistent with any other provisions of the Trust and
Servicing Agreement or the Offering Circular; (iii) to amend any provision of the Trust and Servicing Agreement to the extent
necessary or desirable to maintain the rating or ratings assigned to each of the Classes of Certificates or Companion Loan Securities
by each Rating Agency (provided that such amendment does not adversely affect in any material respect (x) the rights or
interests of any Certificateholder or the Companion Loan Holder not consenting thereto or (y) the rights or interests of the Directing
Holder without the consent of the Holders of Certificates representing 100% of the Controlling Class); (iv) to amend or supplement
a provision, or to supplement any other provisions to the extent not inconsistent with the provisions of the Trust and Servicing
Agreement, or any other change that will not adversely affect in any material respect the interests of any Certificateholder or
the Companion Loan Holder not consenting thereto (as evidenced in writing by an Opinion of Counsel or, if solely affecting any
Certificateholder of a rated Class or a Companion Loan Holder of rated Companion Loan Securities, in respect of which a No Downgrade
Confirmation has been obtained relating to the Certificates or the Companion Loan Securities, if applicable); (v) 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 Credit Risk Retention
Rules, as evidenced by an opinion of counsel, or (b) in the event the Credit Risk Retention Rules or any other regulations applicable
to the risk retention requirements for this securitization transaction are amended or repealed in whole or in part, to the extent
required to comply with any such amendment or, to the extent applicable, to modify or eliminate the affected provision(s) related
to 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 Successor Third Party Purchaser under the Trust and Servicing Agreement
or the related risk retention agreement without the consent of the Successor Third Party Purchaser; and (vi) to modify the procedures
of the Trust and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such modification
would not (a) materially increase the obligations or decrease the rights of the Depositor, the Trustee, the Paying Agent, the
Certificate Administrator, the Operating Advisor the 17g-5 Information Provider, the Master Servicer or the Special Servicer without
such parties’ consent, (b) reduce the consent or consultation rights or the right to receive information under the Trust
and Servicing Agreement of the Directing Holder without the consent of the Directing Holder or (c) adversely affect in any material
respect the interests of any Certificateholders or the Companion Loan Holder not consenting thereto, as evidenced by in the case
of clauses (iii), (iv) and (vi) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated
Class, receipt of a No Downgrade Confirmation from each Rating Agency and a No Downgrade Confirmation with respect to any Companion
Loan Securities. In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as
a REMIC, affect the status of the Grantor Trust as a grantor trust or subject either REMIC or the Grantor Trust to tax.

 

The
Trust 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 Operating Advisor, the Certificate Administrator and the Trustee with the prior written consent of the
Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates and the Companion
Loan Holder affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents or the Trust

 

     A-8-8

     

    

 

Loan Sellers) 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 modifying in any manner the rights of the Certificateholders; provided,
however, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Whole Loan
                                         which are required to be distributed on any Certificate, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         affected thereby, or which are required to be distributed to the Companion Loan Holder
                                         without the consent of the Companion Loan Holder;

 

		(ii)	alter
                                         the Servicing Standard or obligations of the Master Servicer or the Trustee to make a
                                         P&I Advance, Administrative Advance or a Property Advance, without the consent of
                                         the Holders of the Certificates representing all of the Percentage Interests of the Class
                                         or Classes affected thereby and the consent of the Companion Loan Holder (if affected
                                         thereby);

 

		(iii)	change
                                         the percentages of Voting Rights or Percentage Interests of Holders of Certificates which
                                         are required to consent to any action or inaction under the Trust and Servicing Agreement
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby and the consent of the Companion Loan
                                         Holder (if affected thereby); or

 

		(iv)	amend
                                         any section of the Trust and Servicing Agreement which relates to the amendment of the
                                         Trust and Servicing Agreement without the consent of the Holders of all Certificates
                                         representing all of the Percentage Interests of the Class or Classes affected thereby
                                         and the consent of the Companion Loan Holder (if affected thereby).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee,
at any time and from time to time, without the consent of the Certificateholders or Companion Loan Holders, may amend the Trust
and Servicing Agreement to modify, eliminate or add to any of its provisions to such extent as shall be necessary: (i) to maintain
the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC or the Grantor Trust as a grantor trust under the
relevant provisions of the Code, 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 the Companion Loan Holder or (ii) to comply
with the Investment Company Act of 1940, as amended, and/or any related regulatory actions and/or interpretations.

 

The
Directing Holder and, if the Directing Holder does not exercise such option, then the Special Servicer and if the Special Servicer
does not exercise such option, then the

 

     A-8-9

     

    

 

Master Servicer, and if the Master Servicer does not exercise such option, then the Holder of a majority Percentage Interest in the Class R and Class LR Certificates, may effect an early termination of
the Trust Fund (provided that such party has provided 15 Business Days’ prior notice to each of the parties with
such option and none of the parties with a higher priority has elected to exercise such option within such 15 Business Day period),
upon not less than 30 days’ prior Notice of Termination (which Notice of Termination shall satisfy the notice requirement
of the proviso) given to the Trustee, the Certificate Administrator, the Special Servicer and the Master Servicer any time on
or after the Early Termination Notice Date specifying the Anticipated Final Termination Date, by purchasing on such date all,
but not less than all, of the Trust Loan then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of the Trust Loan, at a purchase price, payable in cash, equal to the greater of,

 

		(i)	the
sum of, without duplication:

 

		(A)	100%
                                         the outstanding principal balance of the Trust Loan as of the last day of the month preceding
                                         such Anticipated Final Termination Date (less any P&I Advances previously made on
                                         account of principal);

 

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

 

		(C)	all
                                         unpaid interest accrued on the outstanding principal balance of the Trust Loan (including
                                         circumstances where title to the Mortgaged Property has been acquired) at the Trust Loan
                                         Rate to the last day of the Whole Loan Interest Accrual Period preceding such Anticipated
                                         Final Termination Date (less any P&I Advances previously made on account of interest);

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Advance Rate,
                                         unpaid Servicing Compensation, Special Servicing Compensation, Trustee/Certificate Administrator
                                         Fees, the Operating Advisor Fee, the CREFC® License Fee and Trust Fund
                                         expenses and indemnity amounts owed by the Trust; and

 

(ii)           the
aggregate fair market value of the Trust Loan, and all other property acquired in respect of the Trust Loan in the Trust Fund,
on the last day of the month preceding such Distribution Date, as determined by an Independent appraiser acceptable to the Master
Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date, together with
one month’s interest thereon at the Trust Loan Rate.

 

     A-8-10

     

    

 

In
addition, the Trust and Servicing Agreement provides that the Sole Certificateholder shall have the right to exchange all of its
Regular Certificates for the Trust Loan or REO Property, as applicable, as contemplated by clause (ii) of Section 9.01(a) of the
Trust and Servicing Agreement by giving written notice to all the parties to the Trust and Servicing Agreement no later than 60
days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Trust and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Trust Loan and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Trust and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be
entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Trust and
Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Certificate Administrator and the Trustee created by the Trust and Servicing Agreement with respect to the Certificates (other
than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Trust and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Companion Loan Holder 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 Trust and Servicing Agreement to be so paid on the Distribution Date following
the earlier to occur of (i) the purchase of the Trust Loan and all other property held by the Trust Fund in accordance with Section
9.01(c) of the Trust and Servicing Agreement; and (ii) the exchange by the Sole Certificateholder of its Certificates for the
Trust Loan in accordance with Section 9.01(g) of the Trust and Servicing Agreement and (iii) the later of (a) the receipt or collection
of the last payment due on the Trust Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Trust
and Servicing Agreement of the last asset held by the Trust Fund; provided, however, that in no event shall the
trust created by the Trust and Servicing Agreement 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.

 

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.

 

This
Certificate does not purport to summarize the Trust and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the parties thereto. This Certificate is issued under and is subject to the terms, provisions and conditions of
the Trust and Servicing Agreement, to which Trust and Servicing Agreement, as amended from time to time, the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound. In the case of any conflict between terms specified
in this Certificate and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing Agreement shall
govern.

 

     A-8-11

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class LR Certificate to be duly executed.

 

Dated: __________

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 
	 	By: 	COMPUTERSHARE TRUST COMPANY, N.A., as attorney-in-fact
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Certificate
of Authentication

 

This
is one of the Class LR Certificates referred to in the Trust and Servicing Agreement.

 

Dated: __________

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Authenticating Agent
	 	 
	 	By: 	COMPUTERSHARE TRUST COMPANY, N.A., as attorney-in-fact
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     A-8-12

     

    

 

EXHIBIT
A-9

 

FORM
OF CLASS R CERTIFICATE

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, ANY ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
TRUST LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “RESIDUAL INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(2) AND 860D OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED (THE “CODE”). A TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE ACCEPTED
THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY, AS SET FORTH IN SECTION 5.02 OF THE TRUST AND SERVICING AGREEMENT,
AND SHALL BE REQUIRED TO FURNISH AN AFFIDAVIT TO THE TRANSFEROR AND THE CERTIFICATE ADMINISTRATOR TO THE EFFECT THAT IT IS A PERMITTED
TRANSFEREE AND, AMONG OTHER THINGS, (A) IT IS NOT A DISQUALIFIED ORGANIZATION, AS SUCH TERM IS DEFINED IN SECTION 860E(e)(5) OF
THE CODE, OR AN AGENT (INCLUDING A BROKER, NOMINEE OR OTHER MIDDLEMAN) FOR SUCH DISQUALIFIED ORGANIZATION AND IS OTHERWISE A PERMITTED
TRANSFEREE, (B) IT WILL NOT CAUSE INCOME WITH RESPECT TO THIS CERTIFICATE TO BE ATTRIBUTABLE TO A FOREIGN PERMANENT ESTABLISHMENT
OR FIXED BASE, WITHIN THE MEANING OF AN APPLICABLE INCOME TAX TREATY, OF SUCH PERSON OR ANY OTHER U.S. PERSON, (C) IT HAS HISTORICALLY
PAID ITS DEBTS AS THEY HAVE COME DUE AND INTENDS TO CONTINUE TO PAY ITS DEBTS AS THEY COME DUE IN THE FUTURE, AND (D) IT INTENDS
TO PAY ANY TAXES ASSOCIATED WITH HOLDING THIS CERTIFICATE AS THEY BECOME DUE. ANY PURPORTED TRANSFER TO A DISQUALIFIED ORGANIZATION
OR OTHER PERSON THAT IS NOT A PERMITTED TRANSFEREE OR OTHERWISE IN VIOLATION OF THESE RESTRICTIONS SHALL BE ABSOLUTELY NULL AND
VOID AND SHALL VEST NO RIGHTS IN ANY PURPORTED TRANSFEREE. BECAUSE THIS CERTIFICATE REPRESENTS A “NON-ECONOMIC RESIDUAL
INTEREST,” AS DEFINED IN TREASURY REGULATIONS SECTION 1.860E-1(c), CERTAIN TRANSFERS OF THIS CERTIFICATE WILL BE DISREGARDED
FOR FEDERAL INCOME TAX PURPOSES. IN ORDER TO SATISFY A REGULATORY SAFE HARBOR UNDER WHICH SUCH TRANSFERS WILL NOT BE DISREGARDED,
THE TRANSFEROR MAY BE REQUIRED, AMONG OTHER THINGS, TO SATISFY ITSELF AS TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE
AND EITHER TO PAY A SPECIFIED AMOUNT TO THE PROPOSED TRANSFEREE OR TRANSFER TO AN ELIGIBLE TRANSFEREE AS PROVIDED IN REGULATIONS.

 

     A-9-1

     

    

 

THE
HOLDER OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE AGREED TO THE DESIGNATION OF THE CERTIFICATE ADMINISTRATOR
AS THE “PARTNERSHIP REPRESENTATIVE” (WITHIN THE MEANING OF SECTION 6223 OF THE CODE) OF THE ([UPPER TIER REMIC] [LOWER
TIER REMIC] OR AS OTHERWISE PROVIDED IN THE TRUST AND SERVICING AGREEMENT FOR PURPOSES OF SUBCHAPTER C OF CHAPTER 63 OF SUBTITLE
F OF THE CODE).

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “Securities
Act”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS
CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE Securities
Act AND OTHER APPLICABLE LAWS, AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER
THE Securities Act, OR (2) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A UNDER THE Securities Act (“RULE 144A”), TO AN
INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT
OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE
OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN OR RETIREMENT
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 ERISA, OR OTHER PLAN
SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY
RESPONSIBILITY PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (EACH, A “PLAN”), OR (B) ANY PERSON ACTING ON BEHALF
OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN (INCLUDING ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON
OF A PLAN’S INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATIONS SECTION 2510.3-101, AS MODIFIED
BY SECTION 3(42) OF ERISA)). TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED TO DELIVER
A

 

     A-9-2

     

    

 

LETTER IN THE FORM ATTACHED TO THE TRUST AND SERVICING AGREEMENT TO SUCH EFFECT.

 

TRANSFERS
AND EXCHANGES OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE OPERATING ADVISOR, THE MASTER SERVICER, THE SPECIAL SERVICER AND THE DEPOSITOR
AGAINST ANY LIABILITY 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-9-3

     

    

 

CAMB
2021-CX2 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS R

 

	No.: R-[__]	 	Percentage Interest: ___%
	 	 	 
	 	 	CUSIP:	12477BAQ71
	 	 	 	 
	 	 	ISIN:	US12477BAQ772

 

This
certifies that [_______] is the registered owner of the Percentage Interest evidenced by this Certificate in 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 Trust Loan secured by, among
other things, a mortgage on the fee simple interests of the Borrowers in two adjacent Class A life sciences laboratory and office
buildings located in Cambridge and Boston, Massachusetts, and held in trust by the Trustee and serviced by the Master Servicer.
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.

 

The
Trust and Servicing Agreement, dated as of November 9, 2021 (the “Trust and Servicing Agreement”), between
Deutsche Mortgage & Asset Receiving Corporation, as depositor (the “Depositor”), KeyBank National Association,
as master servicer (in such capacity, the “Master Servicer”), Situs Holdings, LLC, as special servicer (the
“Special Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”),
Wells Fargo Bank, National Association, as certificate administrator (the “Certificate Administrator”), custodian
and paying agent, and Park Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”), evidences
the issuance of the Class A, Class X, Class B, Class C, Class D, Class HRR, Class S, Class R and Class LR 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 the Trust and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.

 

This
Class R Certificate represents the sole “residual interest” in a “real estate mortgage investment conduit”,
as those terms are defined, respectively, in Sections 860G(a)(1)

 

 

	1	For
                                         Rule 144A Certificates.

	2	For
                                         Rule 144A Certificates.

 

     A-9-4

     

    

 

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 the “partnership representative”
within the meaning of Section 6223 of the Code of the Upper-Tier REMIC pursuant to Treasury Regulations Section 1.860F-4(d). In
addition, each Holder agrees to the irrevocable designation of the Certificate Administrator as the “partnership representative”
as defined in Section 6223 of the Code of the Upper-Tier REMIC and to the Certificate Administrator making any elections allowed
under the Code to avoid (i) the application of Section 6221 of the Code (or successor provisions) to the Upper-Tier REMIC and
(ii) payment by the Upper-Tier REMIC under Section 6225 of the Code (or successor provisions) of any tax, penalty, interest or
other amount imposed under the Code that would otherwise be imposed on any holder of a Class R Certificate, past or present.

 

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. In the event that there is any conflict between any provision of this Certificate and
any provision of the Trust and Servicing Agreement, such provision of this Certificate shall be superseded by the Trust and Servicing
Agreement to the extent of such inconsistency.

 

Pursuant
to the terms of the Trust 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 R Certificates for such Distribution Date, all as more fully described in the Trust
and Servicing Agreement. “Determination Date” is defined in the Trust and Servicing Agreement as the 6th day of each
calendar month, or if such 6th day is not a Business Day, then the immediately preceding Business Day, commencing in December
2021.

 

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, by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United
States and having appropriate facilities therefor provided that such Holder shall have provided the Paying Agent with wire
instructions in writing at least five Business Days prior to the related Record Date, or, otherwise, by check mailed by first-class
mail to the address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in
like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its
agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders
of such final distribution.

 

     A-9-5

     

    

 

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 in trust 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 Trust 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, at their last addresses shown in the Certificate Register, to surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice 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. If within two years after the second notice any such 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 under the Trust and Servicing Agreement and the transfer of such amounts to a successor
certificate administrator and (ii) subject to applicable law, the termination of the Trust Fund and distribution of such amounts
to the Residual 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 the Trust
and Servicing Agreement. Such funds held by the Certificate Administrator may be invested under certain circumstances, 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
Loan, as more specifically set forth herein and in the Trust and Servicing Agreement.

 

As
provided in the Trust 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 the Companion Loan Holder) (i) the Trust Loan, together with the Mortgage
File relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Trust Loan due after the
Cut-off Date; (iii) any REO Property; (iv) all revenues received in respect of any REO Property; (v) any indemnities or guaranties
given as additional security for the Trust Loan; (vi) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (vii) amounts on deposit in the Collection Account attributable to
the Trust Loan as identified on the Trust Ledger, the Distribution Accounts, the Interest Reserve Account or the REO Account,
including any reinvestment income, as applicable; (viii) a security interest in any environmental indemnity agreements relating
to the Mortgaged Property; (ix) a security interest in all insurance policies with respect to the Trust Loan and the Mortgaged
Property; (x) the rights and remedies under the Trust Loan Purchase Agreements relating to document delivery requirements with
respect to the Trust Loan and the representations and warranties of the Trust Loan Sellers regarding the Trust Loan; (xi) the
Lower-Tier Regular Interests; and (xii) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow

 

     A-9-6

     

    

 

Accounts and any Reserve Accounts, to the extent such interest belongs to the Borrower).
As provided in the Trust 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 Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Trust and Servicing Agreement 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 Trust and
Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements Article V of
the Trust 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 Trust and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the 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 Operating Advisor, 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 Trust and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Trust 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 Trust 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
Trust and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders
or the Companion Loan Holder, (i) to cure any ambiguity or to correct any error; (ii) to cause the provisions of the Trust and
Servicing Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular with respect
to the Certificates, the

 

     A-9-7

     

    

 

Trust or the Trust and Servicing Agreement or to correct or supplement any provisions of the Trust and
Servicing Agreement or the Offering Circular which may be defective or inconsistent with any other provisions of the Trust and
Servicing Agreement or the Offering Circular; (iii) to amend any provision of the Trust and Servicing Agreement to the extent
necessary or desirable to maintain the rating or ratings assigned to each of the Classes of Certificates or Companion Loan Securities
by each Rating Agency (provided that such amendment does not adversely affect in any material respect (x) the rights or
interests of any Certificateholder or the Companion Loan Holder not consenting thereto or (y) the rights or interests of the Directing
Holder without the consent of the Holders of Certificates representing 100% of the Controlling Class); (iv) to amend or supplement
a provision, or to supplement any other provisions to the extent not inconsistent with the provisions of the Trust and Servicing
Agreement, or any other change that will not adversely affect in any material respect the interests of any Certificateholder or
the Companion Loan Holder not consenting thereto (as evidenced in writing by an Opinion of Counsel or, if solely affecting any
Certificateholder of a rated Class or a Companion Loan Holder of rated Companion Loan Securities, in respect of which a No Downgrade
Confirmation has been obtained relating to the Certificates or the Companion Loan Securities, if applicable); (v) 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 Credit Risk Retention
Rules, as evidenced by an opinion of counsel, or (b) in the event the Credit Risk Retention Rules or any other regulations applicable
to the risk retention requirements for this securitization transaction are amended or repealed in whole or in part, to the extent
required to comply with any such amendment or, to the extent applicable, to modify or eliminate the affected provision(s) related
to 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 Successor Third Party Purchaser under the Trust and Servicing Agreement
or the related risk retention agreement without the consent of the Successor Third Party Purchaser; and (vi) to modify the procedures
of the Trust and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such modification
would not (a) materially increase the obligations or decrease the rights of the Depositor, the Trustee, the Paying Agent, the
Certificate Administrator, the Operating Advisor the 17g-5 Information Provider, the Master Servicer or the Special Servicer without
such parties’ consent, (b) reduce the consent or consultation rights or the right to receive information under the Trust
and Servicing Agreement of the Directing Holder without the consent of the Directing Holder or (c) adversely affect in any material
respect the interests of any Certificateholders or the Companion Loan Holder not consenting thereto, as evidenced by in the case
of clauses (iii), (iv) and (vi) above by (x) an Opinion of Counsel or (y) solely in the case of a Certificateholder of a rated
Class, receipt of a No Downgrade Confirmation from each Rating Agency and a No Downgrade Confirmation with respect to any Companion
Loan Securities. In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as
a REMIC, affect the status of the Grantor Trust as a grantor trust or subject either REMIC or the Grantor Trust to tax.

 

The
Trust 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 Operating Advisor, the Certificate Administrator and the Trustee with the prior written consent of the
Holders of Certificates representing not less than 66-2/3% of the Percentage Interests of each Class of Certificates and the Companion
Loan Holder affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents or the Trust

 

     A-9-8

     

    

 

Loan Sellers) 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 modifying in any manner the rights of the Certificateholders; provided,
however, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Whole Loan
                                         which are required to be distributed on any Certificate, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         affected thereby, or which are required to be distributed to the Companion Loan Holder
                                         without the consent of the Companion Loan Holder;

 

		(ii)	alter
                                         the Servicing Standard or obligations of the Master Servicer or the Trustee to make a
                                         P&I Advance, Administrative Advance or a Property Advance, without the consent of
                                         the Holders of the Certificates representing all of the Percentage Interests of the Class
                                         or Classes affected thereby and the consent of the Companion Loan Holder (if affected
                                         thereby);

 

		(iii)	change
                                         the percentages of Voting Rights or Percentage Interests of Holders of Certificates which
                                         are required to consent to any action or inaction under the Trust and Servicing Agreement
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby and the consent of the Companion Loan
                                         Holder (if affected thereby); or

 

		(iv)	amend
                                         any section of the Trust and Servicing Agreement which relates to the amendment of the
                                         Trust and Servicing Agreement without the consent of the Holders of all Certificates
                                         representing all of the Percentage Interests of the Class or Classes affected thereby
                                         and the consent of the Companion Loan Holder (if affected thereby).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee,
at any time and from time to time, without the consent of the Certificateholders or Companion Loan Holders, may amend the Trust
and Servicing Agreement to modify, eliminate or add to any of its provisions to such extent as shall be necessary: (i) to maintain
the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC or the Grantor Trust as a grantor trust under the
relevant provisions of the Code, 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 the Companion Loan Holder or (ii) to comply
with the Investment Company Act of 1940, as amended, and/or any related regulatory actions and/or interpretations.

 

The
Directing Holder and, if the Directing Holder does not exercise such option, then the Special Servicer and if the Special Servicer
does not exercise such option, then the

 

     A-9-9

     

    

 

Master Servicer, and if the Master Servicer does not exercise such option, then the Holder of a majority Percentage Interest in the Class R and Class LR Certificates, may effect an early termination of
the Trust Fund (provided that such party has provided 15 Business Days’ prior notice to each of the parties with
such option and none of the parties with a higher priority has elected to exercise such option within such 15 Business Day period),
upon not less than 30 days’ prior Notice of Termination (which Notice of Termination shall satisfy the notice requirement
of the proviso) given to the Trustee, the Certificate Administrator, the Special Servicer and the Master Servicer any time on
or after the Early Termination Notice Date specifying the Anticipated Final Termination Date, by purchasing on such date all,
but not less than all, of the Trust Loan then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of the Trust Loan, at a purchase price, payable in cash, equal to the greater of,

 

		(i)	the
sum of, without duplication:

 

		(A)	100%
                                         the outstanding principal balance of the Trust Loan as of the last day of the month preceding
                                         such Anticipated Final Termination Date (less any P&I Advances previously made on
                                         account of principal);

 

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

 

		(C)	all
                                         unpaid interest accrued on the outstanding principal balance of the Trust Loan (including
                                         circumstances where title to the Mortgaged Property has been acquired) at the Trust Loan
                                         Rate to the last day of the Whole Loan Interest Accrual Period preceding such Anticipated
                                         Final Termination Date (less any P&I Advances previously made on account of interest);

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Advance Rate,
                                         unpaid Servicing Compensation, Special Servicing Compensation, Trustee/Certificate Administrator
                                         Fees, the Operating Advisor Fee, the CREFC® License Fee and Trust Fund
                                         expenses and indemnity amounts owed by the Trust; and

 

(ii)           the
aggregate fair market value of the Trust Loan, and all other property acquired in respect of the Trust Loan in the Trust Fund,
on the last day of the month preceding such Distribution Date, as determined by an Independent appraiser acceptable to the Master
Servicer as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date, together with
one month’s interest thereon at the Trust Loan Rate.

 

     A-9-10

     

    

 

In
addition, the Trust and Servicing Agreement provides that the Sole Certificateholder shall have the right to exchange all of its
Regular Certificates for the Trust Loan or REO Property, as applicable, as contemplated by clause (ii) of Section 9.01(a) of the
Trust and Servicing Agreement by giving written notice to all the parties to the Trust and Servicing Agreement no later than 60
days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Trust and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Trust Loan and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Trust and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be
entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Trust and
Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor,
the Certificate Administrator and the Trustee created by the Trust and Servicing Agreement with respect to the Certificates (other
than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders
as set forth in the Trust and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders
and the Companion Loan Holder 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 Trust and Servicing Agreement to be so paid on the Distribution Date following
the earlier to occur of (i) the purchase of the Trust Loan and all other property held by the Trust Fund in accordance with Section
9.01(c) of the Trust and Servicing Agreement; and (ii) the exchange by the Sole Certificateholder of its Certificates for the
Trust Loan in accordance with Section 9.01(g) of the Trust and Servicing Agreement and (iii) the later of (a) the receipt or collection
of the last payment due on the Trust Loan included in the Trust Fund, or (b) the liquidation and disposition pursuant to the Trust
and Servicing Agreement of the last asset held by the Trust Fund; provided, however, that in no event shall the
trust created by the Trust and Servicing Agreement 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.

 

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.

 

This
Certificate does not purport to summarize the Trust and Servicing Agreement and reference is made to that agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and duties evidenced hereby and the rights, duties and
obligations of the parties thereto. This Certificate is issued under and is subject to the terms, provisions and conditions of
the Trust and Servicing Agreement, to which Trust and Servicing Agreement, as amended from time to time, the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound. In the case of any conflict between terms specified
in this Certificate and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing Agreement shall
govern.

 

     A-9-11

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class R Certificate to be duly executed.

 

Dated: __________

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 
	 	By: 	COMPUTERSHARE TRUST COMPANY, N.A., as attorney-in-fact
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Certificate
of Authentication

 

This
is one of the Class R Certificates referred to in the Trust and Servicing Agreement.

 

Dated: __________

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Authenticating Agent
	 	 
	 	By: 	COMPUTERSHARE TRUST COMPANY, N.A., as attorney-in-fact
	 	 
	 	By:	  
	 	 	Name:
	 	 	Title:

 

     A-9-12

     

    
 

 

EXHIBIT B

 

MORTGAGE LOAN SCHEDULE

 

     

     

    

 

CAMB
2021-CX2

 

	Loan
    Name	Address	City	State	Zip
    Code	Trust
    Loan

    Interest Rate	Whole
    Loan

    Interest Rate	Trust
    Loan

    Original

    Principal

    Balance	Whole
    Loan

    Original

    Principal

    Balance	Trust
    Loan Cut-

    off Date

    Principal

    Balance	Whole
    Loan Cut

    off Date

    Principal

    Balance	Payment

    Day	First
    Pmt Date	Trust
    Loan

    Monthly Debt

    Service	Whole
    Loan

    Monthly Debt

    Service	Maturity

    Date	Fully

    Extended

    Maturity	Master	Primary	Cert
    Admin Fee

    Rate	CREFC
    Fee

    Rate	OA
    Rate	Admin
    Fee

    Rate	Letter
    of

    Credit
	CX - 350 and 450
    Water Street	350
    and 450 Water Street	Cambridge	MA	02141	2.79200%	2.7920%	$696,000,000	$1,225,000,000	$696,000,000	$1,225,000,000	6	12/6/2021	$1,641,851.11	$2,889,752.31	11/6/2031	11/6/2036	0.00750%	0.00600%	0.00450%	0.00050%	0.00230%	0.02080%	N/A

 

     

     

    

 

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	)
	 	) ss.:
	COUNTY OF	)

 

 ______________, being first
duly sworn, deposes and says:

 

1.     
That he/she is a                       of
                     
(the “Purchaser”), a                        
duly organized and existing under the laws of the State of_________  on behalf of which he/she makes this affidavit.

 

2.     
That the Purchaser’s Taxpayer Identification Number is                      .

 

3.     
That the Purchaser of the CAMB 2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Class [R][LR] (the
“Class [R][LR] Certificate”) is a Permitted Transferee (as defined in Article I of the Trust and Servicing
Agreement, dated as of November 9, 2021 (the “Trust and Servicing Agreement”), entered into in connection with
the CAMB 2021-CX2 Mortgage Trust securitization transaction) or is acquiring the Class [R][LR] 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][LR] Certificate as they become due.

 

5.     
That the Purchaser understands that it may incur tax liabilities with respect to the Class [R][LR] Certificate in excess
of any cash flow generated by the Class [R][LR] Certificate.

 

6.     
That the Purchaser will not transfer the Class [R][LR] Certificate to any person or entity from which the Purchaser has
not received an affidavit substantially in the form of this affidavit or as to which the Purchaser has actual knowledge that the
requirements set forth in paragraph 3, paragraph 4 or paragraph 7 hereof are not satisfied or that the Purchaser has reason to
know does not satisfy the requirements set forth in paragraph 4 hereof.

 

7.     
That the Purchaser is not a Disqualified Non-U.S. Person and is not purchasing the Class [R][LR] Certificate for the account
of, or as an agent (including as a broker, nominee or other middleman) for, a Disqualified Non-U.S. Person and is otherwise a Permitted
Transferee.

 

    C-1-1 

     

    

 

8.     
That the Purchaser agrees to such amendments of the Trust and Servicing Agreement as may be required to further effectuate
the restrictions on transfer of the Class [R][LR] 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.     
The Purchaser agrees to the irrevocable designation of the Certificate Administrator as the “partnership representative”
within the meaning of Section 6223 of the Code of the [Upper-Tier REMIC][Lower-Tier REMIC] and to the Certificate Administrator
making any elections allowed under the Code to avoid (i) the application of Section 6221 of the Code (or successor provisions)
to the [Upper-Tier REMIC][Lower-Tier REMIC] and (ii) payment by the [Upper-Tier REMIC][Lower-Tier REMIC] under Section 6225 of
the Code (or successor provisions) of any tax, penalty, interest or other amount imposed under the Code that would otherwise be
imposed on any holder of a Class [R][LR] Certificate, past or present.

 

10. 
The Purchaser agrees to be bound by and to abide by the provisions of Section 5.02 of the Trust and Servicing Agreement
concerning registration of the transfer and exchange of the Class [R][LR] Certificate.

 

11. 
The Purchaser will not cause income from the Class [R][LR] Certificate to be attributable to a foreign permanent establishment
or fixed base, within the meaning of an applicable income tax treaty, of the Purchaser or any other U.S. Person.

 

12. 
Check the applicable paragraph:

 

☐       The
present value of the anticipated tax liabilities associated with holding the Class [R][LR] 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][LR] 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][LR] 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 highest rate specified in Code Section 11(b) if the Purchaser
has been subject to the alternative minimum tax under Code Section 55 in the preceding two years and will compute its taxable
income in the current taxable year using the alternative minimum tax rate) and (ii) present values are computed using a discount
rate equal to the short-term Federal rate prescribed by Code Section 1274(d) for the month of the transfer and the compounding
period used by the Purchaser.

 

☐       The
transfer of the Class [R][LR] 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][LR] 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][LR] 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][LR] Certificate based
on reasonable market assumptions (including, but not limited to, borrowing and investment rates, prepayment and loss assumptions,
expense and reinvestment assumptions, tax rates and other factors specific to the Purchaser) that it has determined in good faith.

 

☐       None
of the above.

 

Capitalized terms used
but not defined herein have the respective meanings ascribed to such terms in the Trust and Servicing Agreement.

 

IN WITNESS WHEREOF, the
Purchaser has caused this instrument to be executed on its behalf by its                             
this day of          ,               .

 

	 	[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 CERTIFICATE

 

[Date]

 

Wells Fargo Bank, National Association

Certificate Registrar

600 South 4th Street, 7th Floor

MAC: N9300-070

Minneapolis, Minnesota 55415

Attention: CTS - Certificate Transfer Services, CAMB 2021-CX2

 

Re:           CAMB 2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Class [R][LR]

 

Ladies and Gentlemen:

 

[Transferor] has reviewed
the attached affidavit of [Transferee], and has no actual knowledge that such affidavit is not true or that [Transferee] is not
a Permitted Transferee (as defined in the Trust and Servicing Agreement defined in the attached affidavit) and has no actual knowledge
or reason to know that the information contained in the attached affidavit is not true. No purpose of [Transferor]’s transfer
of the Class [R][LR] Certificate[s] 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

 

FORM
OF TRANSFEREE Certificate for Transfer OF RISK RETAINED CERTIFICATES

 

[Date]

 

	
        Wells Fargo Bank, National Association

        

        as Certificate Registrar

        

        9062 Old Annapolis Road

        

        Columbia, Maryland 21045-1951

        

        Attention: Risk Retention Custody 

(CMBS)
        — CAMB 2021-CX2

         

        3650 Cal Bridge Lending, LLC

        

        as Retaining Sponsor

        

        2977 McFarlane Road, Suite
        300

        

        Miami, Florida 33133

        Attention: Jonathan Roth and Mark A. Jefferis

         

        

        Deutsche Mortgage & Asset Receiving
        Corporation

        

        1 Columbus Circle

        

        New York, New York 10019

        Attention: Helaine M. Kaplan

         

        with copies via email to:

         

        cmbs.requests@db.com 
	 	 

 

		Re:	CAMB 2021-CX2 Commercial Mortgage Pass-Through Certificates (the “Certificates”)
issued pursuant to the Trust and Servicing Agreement (the “Trust and Servicing Agreement”), dated as of November
9, 2021, between Deutsche Mortgage & Asset Receiving Corporation, as Depositor, KeyBank National Association, as Master Servicer,
Situs Holdings, LLC, as Special Servicer, Wilmington Trust, National Association, as trustee, Wells Fargo Bank, National Association,
as Certificate Administrator, and Park Bridge Lender Services LLC, as Operating Advisor

 

    C-3-1 

     

    

 

	STATE OF	)
	 	)           ss.:
	COUNTY OF	)

 

[_____] (the “Purchaser”)
hereby certifies, represents and warrants to you, as Certificate Registrar and as “retaining sponsor”, respectively,
as such term is defined in Regulation RR, that:

 

		1.	The Purchaser is acquiring (the “Transfer”) $[_____] aggregate Certificate Balance
of the Class HRR Certificates from [_____] (the “Transferor”).

 

		2.	If the Purchaser is acquiring the Class HRR Certificates after the termination of the Transfer
Restriction Period and the Purchaser is not a “majority-owned affiliate” (as defined in the Credit Risk Retention Rules)
of the Retaining Sponsor, then Purchaser is an eligible Successor Third Party Purchaser.

 

		3.	The Purchaser is aware that the Certificate Registrar will not register any transfer of any portion
of the Class HRR Certificate by the Transferor unless the Purchaser’s transferee, or such transferee’s agent, delivers
to the Certificate Registrar, among other things, a certificate in substantially the same form as this certificate. The Purchaser
expressly agrees that it will not consummate any such transfer if it knows or believes that any representation contained in such
certificate is false.

 

		4.	The Transfer is in compliance with any applicable credit risk retention agreement in effect between
the Retaining Sponsor and the Depositor and, if applicable, a Successor Third Party Purchaser if it is the Transferor, and the
Transferor has satisfied all requirements pursuant to such credit risk retention agreement.

 

		5.	The Purchaser represents that it is not acquiring the Class HRR Certificate as a nominee, trustee
or agent for any person that is not an eligible Successor Third Party Purchaser and that for so long as it retains its interest
in the Class HRR Certificate, it will endeavor to remain an eligible Successor Third Party Purchaser.

 

		6.	The Purchaser has reviewed the relevant provisions of the Trust and Servicing Agreement; and the
Purchaser expressly agrees to be bound by and to comply with such provisions.

 

		7.	If the Purchaser is an insurance company general account relying on PTCE 95-60 to cover its acquisition
of the Class HRR Certificates, (a) all of the conditions of Parts I and III of PTCE 95-60 will be satisfied with respect to the
acquisition of the Class HRR Certificates and (b) the acquisition of the Class HRR Certificates will be effected through Deutsche
Bank Securities Inc, BofA Securities, Inc. and J.P. Morgan Securities LLC.

 

		8.	Check one of the following:

 

☐       The
Transfer will occur during the Transfer Restriction Period, and the Purchaser certifies, represents and warrants to you, as Certificate
Registrar, that:

 

    C-3-2 

     

    

 

		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.	If applicable and required, it will deliver a joinder agreement substantially in the form attached
to the applicable Successor Third Party Purchaser credit risk retention agreement, pursuant to which it has agreed to be bound
by the terms of such credit risk retention agreement to the same extent as if it was the Transferor itself.

 

☐       The
transfer will occur during the Transfer Restriction Period with respect to the Class HRR Certificate, and the Purchaser certifies,
represents and warrants to each of the addressees hereto that it is in compliance with the applicable credit risk retention agreement
between such Trasnsferor and [_].

 

☐       The
transfer will occur after the expiration of the Transfer Restriction Period with respect to the Class HRR Certificate and the consent
of the Retaining Sponsor is not required.

 

Capitalized terms used but not defined herein
have the meanings assigned thereto in the Trust and Servicing Agreement.

 

IN WITNESS WHEREOF, the Purchaser has caused
this instrument to be duly executed on its behalf by its duly authorized senior officer this ___day of _________, 20__.

 

	 	[PURCHASER]
	 	 	 
		By:	   
	 	 	Name:

Title:

 

    C-3-3 

     

    

 

On this ____ day of _______20__, before me,
the undersigned, a Notary Public in and for the State of _______________, duly commissioned and sworn, personally appeared ______________________
and ________________________, known or proved to me to be the same persons who executed the foregoing instrument and to be _____________________________
and ___________________________, respectively, of the Purchaser, and acknowledged to me that they executed the same as their respective
free acts and deeds and as the free act and deed of the Purchaser.

 

_________________________

NOTARY PUBLIC in and for the

State of _______________

 

[SEAL]

 

My Commission expires:

 

    C-3-4 

     

    

 

The foregoing certificate
is hereby confirmed, and the transfer is accepted, as of the date first above written:

 

[RETAINING PARTY]

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

3650 CAL BRIDGE LENDING, LLC,

a Delaware limited liability company

 

By: 3650 Bridge Cal-SMA Manager LLC,

its Manager

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

    C-3-5 

     

    

 

EXHIBIT C-4

 

FORM
OF TRANSFEROR Certificate for Transfer of RISK RETAINED CERTIFICATES

 

[Date]

 

	
        Wells Fargo Bank, National Association

        

        as Certificate Registrar

        

        9062 Old Annapolis Road

        

        Columbia, Maryland 21045-1951

        

        Attention: Risk Retention Custody (CMBS)

        — CAMB 2021-CX2

         

        3650 Cal Bridge Lending, LLC

        

        as Retaining Sponsor

        

        2977 McFarlane Road, Suite
        300

        

        Miami, Florida 33133

        Attention: Jonathan Roth and Mark A. Jefferis

         

        Deutsche Mortgage & Asset Receiving Corporation

        

        1 Columbus Circle

        

        New York, New York 10019

        Attention: Helaine M. Kaplan

         

        with copies via email to:

         

        cmbs.requests@db.com
	 

 

		Re:	CAMB 2021-CX2
Mortgage Trust Commercial Mortgage Pass-Through Certificates

 

Ladies and Gentlemen:

 

This is delivered to
you in connection with the transfer (the “Transfer”) by [______] (the “Transferor”) to [______]
(the “Transferee”) of $[_____] aggregate Certificate Balance of the Class HRR Certificates.

 

The Class HRR Certificates
were issued pursuant to the Trust and Servicing Agreement, dated as of November 9, 2021 (the “Trust and Servicing Agreement”),
between Deutsche Mortgage & Asset Receiving Corporation, as Depositor, KeyBank National Association, as Master Servicer, Situs
Holdings, LLC, as Special Servicer, Wilmington Trust, National

 

    C-4-1 

     

    

 

Association, as trustee, Wells Fargo Bank, National Association,
as Certificate Administrator, and Park Bridge Lender Services LLC, as Operating Advisor. All capitalized terms used but not otherwise
defined herein shall have the respective meanings set forth in the Trust and Servicing Agreement. The Transferor hereby certifies,
represents and warrants to you that:

 

		1.	The transfer is in compliance with Section [_] and Section [_], as applicable, of that certain
credit risk retention agreement in effect between the retaining sponsor, the Depositor, and if applicable, a Successor Third Party
Purchaser and the Transferor (the “Third Party Purchaser Agreement”) and the Trust and Servicing Agreement.

 

		2.	Check one of the following:

 

		☐	The transfer will occur during the Transfer Restriction Period, and the Transferor certifies,
represents and warrants to you, as Certificate Registrar, that:

 

		A.	The Transferee is a “majority-owned affiliate”, as such term is defined in Regulation
RR, of the Transferor (a “Majority-Owned Affiliate”).

 

		B.	The Transferor has satisfied all of the conditions under the applicable credit risk retention agreement
and the Trust and Servicing Agreement applicable to transfers by the Transferor to a Majority-Owned Affiliate.

 

		C.	The Transferor certifies, represents and warrants to you that the Transferor has provided notice
of the Transfer to the Retaining Sponsor and the Depositor and the Retaining Sponsor has consented to the Transfer, a copy of which
is attached hereto.

 

		☐	The transfer will occur after the Transfer Restriction Period with respect to the Class HRR Certificate,
and the Transferor certifies, represents and warrants to you that:

 

		A.	The Transferor has satisfied all of the conditions under the applicable credit risk retention agreement
and the Trust and Servicing Agreement applicable to transfers by the Transferor to successor Third Party Purchasers.

 

		B.	The Transferor certifies, represents and warrants to you that the Transferor has provided notice
of the Transfer to the Retaining Sponsor and the Depositor and the Retaining Sponsor has consented to the Transfer, a copy of which
is attached hereto.

 

		3.	The Transferor understands that the Transferee has delivered to you a Transferee Certificate in
the form attached to the Trust and Servicing Agreement as Exhibit C-3. The Transferor does not know or believe that the
Transferee is not an eligible Successor Third Party Purchaser and does not know or believe that any representation contained therein
is false.

 

    C-4-2 

     

    

 

IN WITNESS WHEREOF, the Transferor has caused
this instrument to be duly executed on its behalf by its duly authorized senior officer this ___day of _________, 20__.

 

	 	 	[TRANSFEROR]
	 	 	 
		By:	    
	 	 	Name:

Title:

 

The foregoing certificate
is hereby confirmed, and the transfer is accepted, as of the date first above written:

 

3650 CAL BRIDGE LENDING, LLC,

a Delaware limited liability company

 

By: 3650 Bridge Cal-SMA Manager LLC,

its Manager

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

    C-4-3 

     

    

 

EXHIBIT D-1

 

FORM OF INVESTMENT REPRESENTATION LETTER

 

Wells Fargo Bank, National Association

Certificate Registrar

600 South 4th Street, 7th Floor MAC N9300-070

Minneapolis, Minnesota 55415

Attention: Corporate Trust Services, CAMB 2021-CX2

 

Deutsche Mortgage & Asset Receiving Corporation

1 Columbus Circle

New York, New York 10019

Attention: Helaine M. Kaplan

with a copy via e-mail to cmbs.requests@db.com

 

		Re:	Transfer of CAMB 2021-CX2 Mortgage
                                         Trust Commercial Mortgage Pass-Through Certificates: Class [__]

 

Ladies and Gentlemen:

 

This letter is delivered
pursuant to Section 5.02 of the Trust and Servicing Agreement, dated as of November 9, 2021 (the “Trust and Servicing
Agreement”), entered into in connection with the CAMB 2021-CX2 securitization transaction and the issuance of CAMB 2021-CX2
Mortgage Trust Commercial Mortgage Pass-Through Certificates (the “Certificates”) in connection with 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”). Capitalized terms used but not defined herein have the respective meanings set forth 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]

 

		(i)	The Purchaser is an “institutional accredited investor” (i.e., an entity meeting
the requirements 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 meet the requirements of Rule 501(a)(1),
(2), (3) or (7) of Regulation D promulgated under 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 to each of which the Purchaser exercises sole investment discretion. The Purchaser hereby

 

    D-1-1 

     

    

 

	 	 	 undertakes to reimburse the Trust
for any costs incurred by it in connection with this transfer.

 

[For Qualified Institutional
Buyers only]

 

		(i)	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.

 

		(ii)	The Purchaser’s intention is to acquire the certificate (A) for investment for the Purchaser’s
own account or (B) for resale to (1) “qualified institutional buyers” in transactions under Rule 144A,
(2) “institutional accredited investors” 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”), or an entity in which all of the equity
owners meet the requirements of Rule 501(a)(1), (2), (3) or (7) of Regulation D promulgated under the Securities Act, or (3) 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) in the case of a transfer
to an Affiliated Person, the receipt by the Certificate Registrar of an opinion of counsel acceptable to the Certificate Registrar
that such reoffer, resale, pledge or other 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 other 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 Individual 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.

 

		(iii)	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.

 

		(iv)	The Purchaser has reviewed the applicable Offering Circular dated October 22, 2021, 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.

 

    D-1-2 

     

    

 

		(v)	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 an Individual Certificate or Certificates, as the case may be (each, a “Certificateholder”),
in all respects as if it were a signatory thereto. This undertaking is made for the benefit of the Trust, the Trustee, the Certificate
Administrator, the Certificate Registrar and all Certificateholders present and future.

 

		(vi)	The Purchaser will not sell or otherwise transfer any portion of the Certificate, except in compliance
with Section 5.02 of the Trust and Servicing Agreement.

 

		(vii)	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, as applicable, (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 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 U.S. Securities 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 or W-8BEN-E, as applicable, 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 (vii), “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:

 

    D-1-3 

     

    

 

		Account number:	 	 

 

	 	Institution:	 	 

 

	 	(b) by mailing a check or draft to the following address:
	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

	 	Very truly yours,
	 	 	 
	 	[The Purchaser]
	 	 	 
		By:	    
	 	 	 
	 	 	Name:

Title:

 

Dated:  ________________, 20___

 

 

		*	Delete
                                         for Class R and Class LR.

		**	Only
                                         to be filled out by Purchasers of Individual Certificates. Please select (a) or (b).

 

    D-1-4 

     

    

 

EXHIBIT D-2

 

FORM OF ERISA REPRESENTATION LETTER

 

[Date]

 

Wells Fargo Bank, National
Association

Certificate Registrar

600 South 4th Street, 7th Floor MAC N9300-070

Minneapolis, Minnesota 55415

Attention: CTS - Certificate Transfer Services, CAMB 2021-CX2

 

Deutsche Mortgage & Asset Receiving Corporation

1 Columbus Circle

New York, New York 10019

Attention: Helaine M. Kaplan

with a copy via e-mail to cmbs.requests@db.com

 

		Re:	CAMB 2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through
                                         Certificates, Class [    ]  

 

Ladies and Gentlemen:

 

[_____] (the “Purchaser”)
intends to purchase from [______] (the “Seller”) $[_] initial Certificate Balance of CAMB 2021-CX2 Mortgage
Trust Commercial Mortgage Pass-Through Certificates, Class [ ], CUSIP No. [_____] (the “Certificates”),
issued pursuant to the Trust and Servicing Agreement, dated as of November 9, 2021 (the “Trust and Servicing Agreement”),
entered into in connection with the CAMB 2021-CX2 securitization transaction. Capitalized terms used but not defined herein have
the respective meanings set forth in the Trust 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 or retirement arrangement, including an individual retirement
account or a Keogh plan, which is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)
or to Section 4975 of the Code, or a governmental plan, as defined in Section 3(32) of ERISA, or other plan subject to
any federal, state or local law (“Similar Law”) which is to a material extent similar to the fiduciary responsibility
provisions of ERISA or to Section 4975 of the Code (each, a “Plan”), or (b) a person acting on behalf of
any such Plan or using the assets of any such Plan (including any entity whose underlying assets include plan assets by reason
of a Plan’s investment in the entity (within the meaning of Department of Labor Regulations Section 2510.3-101, as modified
by Section 3(42) of ERISA)), other than (except with respect to the Class S, Class R and Class LR Certificates) an insurance company
general account acquiring its interest in the Certificates under circumstances where all requirements of Sections I and III of
Department of Labor Prohibited Transaction Exemption 95-60 will be met with respect to its acquisition, holding and disposition
of the Certificates (or in the case of a Plan subject to Similar Law, where its acquisition, holding and disposition of the Certificates
will not result in a non-exempt violation of Similar Law).

 

    D-2-1 

     

    

 

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

 

	Loan Information	 
	Name of Borrowers:	
        DW
Propco G, LLC and DW Propco H, LLC

	[Master Servicer][Special Servicer] Loan No.:	 
	Custodian	 
	Name: 	Wells
Fargo Bank, National Association
	Address: 	
        Wells Fargo Bank, N.A.

        

        1055 10th Avenue
        SE

        

        Minneapolis, Minnesota 55414

        

        Attention: Document Custody
        Group CAMB 2021-CX2

        

        E-mail: cmbscustody@wellsfargo.com

         

	Custodian Mortgage File No.:	

	Depositor	 
	Name: 	Deutsche Mortgage & Asset Receiving Corporation
	Address: 	Deutsche Mortgage & Asset Receiving Corporation

1 Columbus Circle

New York, New York 10019
	Certificates:	CAMB 2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through Certificates

 

The undersigned
[Master Servicer][Special Servicer] hereby requests delivery from Wells Fargo Bank, National Association, as Custodian for the
Holders of CAMB 2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, the documents (the “Documents”)
specified below. 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 November 9, 2021 (the “Trust and Servicing Agreement”) and executed
in connection with the CAMB 2021-CX2 securitization transaction.

 

	 	(  )	 
	 	 	 
	 	(  )	 
	 	 	 
	 	(  )	 
	 	 	 
	 	(  )	 

 

    E-1 

     

    

 

The undersigned
[Master Servicer][Special Servicer] hereby acknowledges and agrees as follows:

 

(i)          The [Master Servicer][Special Servicer] shall hold and retain possession of the Documents in trust for the benefit of the
Trustee, solely for the purposes provided in the Trust and Servicing Agreement.

 

(ii)         The [Master Servicer][Special Servicer] shall not cause or permit the Documents to become subject to, or encumbered by,
any claim, liens, security interest, charges, writs of attachment or other impositions nor shall the [Master Servicer][Special
Servicer] assert or seek to assert any claims or rights of set-off to or against the Documents or any proceeds thereof except as
otherwise provided in the Trust and Servicing Agreement.

 

(iii)        The [Master 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.

 

(iv)        The Documents coming into the possession or control of the [Master Servicer][Special Servicer] shall at all times be held
for the account of the Trustee, and the [Master Servicer][Special Servicer] shall keep the Documents and any proceeds separate
and distinct from all other property in the [Master Servicer][Special Servicer]’s possession, custody or control.

  

	 	[MASTER SERVICER/SPECIAL SERVICER]
	 	 	 
		By: 	   
	 	 	Name:

Title:

 

		Dated: 	______________

 

    E-2 

     

    

 

EXHIBIT F

 

SECURITIES LEGEND

 

THIS CERTIFICATE HAS
NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE
REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY
(A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS
CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL
INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR A PERSON PURCHASING FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL
BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE
ON RULE 144A, (3) TO AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2),
(3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS
THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE
SECURITIES ACT, OR (4) TO AN INSTITUTION THAT IS A NON “U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH
TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE
WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR
IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS
DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. A TRANSFEREE
IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE TRUST AND SERVICING
AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL
ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL
BUYER WITHIN THE MEANING OF RULE 144A.

 

    F-1 

     

    

 

EXHIBIT G

 

FORM OF REGULATION S TRANSFER CERTIFICATE

 

Wells Fargo Bank, National
Association

Certificate Registrar

600 South 4th Street, 7th Floor MAC N9300-070

Minneapolis, Minnesota 55415

Attention: CTS - Certificate Transfer Services, CAMB 2021-CX2

 

		Re:	Transfer of CAMB 2021-CX2 Mortgage
                                         Trust Commercial Mortgage Pass-Through Certificates, Class [    ] 

 

Ladies and Gentlemen:

 

This certificate is delivered
pursuant to Section 5.02 of the Trust and Servicing Agreement, dated as of November 9, 2021 (the “Trust and Servicing
Agreement”) and executed in connection with the CAMB 2021-CX2 securitization transaction, on behalf of the holders of
the CAMB 2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through Certificates, 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 Trust 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 Trust 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 outside the United States or the Transferor and any person acting on its behalf reasonably
believed that the Transferee was outside the United States;]*

 

[(2)     the transaction
was executed in, on or through the facilities of a designated offshore securities market and neither the undersigned nor any person
acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;]*

 

(3)       no
directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable;
and

 

 

 

*
Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

  

    G-1 

     

    

 

(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, the Special Servicer and the Operating Advisor.

 

	 	[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 Trust and Servicing Agreement)

 

Wells Fargo Bank, National
Association

Certificate Registrar

600 South 4th Street, 7th Floor MAC N9300-070

Minneapolis, Minnesota 55415

Attention: CTS - Certificate Transfer Services, CAMB 2021-CX2

 

		Re:	Transfer of CAMB 2021-CX2 Mortgage
                                         Trust Commercial Mortgage Pass-Through Certificates, Class [    ]

 

Reference is hereby made
to the Trust and Servicing Agreement, dated as of November 9, 2021 (the “Trust and Servicing Agreement”) and
executed in connection with the CAMB 2021-CX2 securitization transaction. 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 Certificates (the “Certificates”) which are held in the form of
a 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 Trust 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 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 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, the Special Servicer and the Operating Advisor.

 

	 	[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 Trust and Servicing Agreement)

 

Wells Fargo Bank, National
Association

Certificate Registrar

600 South 4th Street, 7th Floor MAC N9300-070

Minneapolis, Minnesota 55415

Attention: CTS - Certificate Transfer Services, CAMB 2021-CX2

 

		Re:	Transfer of CAMB 2021-CX2 Mortgage
                                         Trust Commercial Mortgage Pass-Through Certificates Class [    ]

 

Reference is hereby made
to the Trust and Servicing Agreement, dated as of November 9, 2021 (the “Trust and Servicing Agreement”) and
executed in connection with the CAMB 2021-CX2 securitization transaction. Capitalized terms used but not defined herein shall have
the meanings given to them in the Trust 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 Trust 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 outside the United States or the Transferor and any person acting on its behalf reasonably
believed that the transferee was outside the United States,]*

 

[(2)     the transaction
was executed 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,]*

 

 

 

*
Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    I-1 

     

    

 

(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, the Special Servicer and the Operating Advisor.

 

	 	[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

 

(Exchange or transfers pursuant to Section
5.02(c)(ii)(C)

of the Trust and Servicing Agreement)

 

Wells Fargo Bank, National
Association

Certificate Registrar

600 South 4th Street, 7th Floor MAC N9300-070

Minneapolis, Minnesota 55415

Attention: CTS - Certificate Transfer Services, CAMB 2021-CX2

 

		Re:	Transfer of CAMB 2021-CX2 Mortgage
                                         Trust Commercial Mortgage Pass-Through Certificates, Class [    ]

 

Reference is hereby made
to the Trust and Servicing Agreement, dated as of November 9, 2021 (the “Trust and Servicing Agreement”) and
executed in connection with the CAMB 2021-CX2 securitization transaction. Capitalized terms used but not defined herein shall have
the meanings given to them in the Trust 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 Trust and Servicing Agreement and (ii) Rule 144A under the Securities
Act to a transferee that the Transferor reasonably believes is purchasing the Certificates for its own account with respect to
which the transferee exercises sole investment discretion and the transferee and any such account is “qualified institutional
buyer” within the meaning of Rule 144A, in each case in a transaction meeting the requirements of Rule 144A and in accordance
with any applicable securities laws of any state of the United States or an jurisdiction.

 

 

 

*
Select appropriate depositary.

 

    J-1 

     

    

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Master Servicer, the Special Servicer and the Operating Advisor.

 

	 	[Insert Name of Transferor]
	 	 	 
		By:	   
	 	 	Name:

Title:

 

Dated: ______________, 20__

 

    J-2 

     

    

EXHIBIT K

 

FORM OF DISTRIBUTION DATE STATEMENT

 

    K-1 

     

    

 

	Distribution
    Date:	12/10/21	CAMB 2021-CX2 Mortgage Trust	
	Determination
    Date:	12/06/21
	Next
    Distribution Date:	01/10/22	Commercial Mortgage Pass-Through Certificates
	Record
    Date:	11/30/21	Series 2021
	 	 	 	 

 

	Table
    of Contents
	Section	Pages
	Certificate
    Distribution Detail	2
	Certificate
    Factor Detail	3
	Certificate
    Interest Reconciliation Detail	4
	Additional
    Information	5
	Bond
    / Collateral Reconciliation - Cash Flows	6
	Certificate Ratings Detail	7
	Bond / Collateral Reconciliation - Balances	8
	Mortgage
    Loan Detail (Part 1)	9
	Mortgage
    Loan Detail (Part 2)	10
	Principal
    Prepayment Detail	11
	Historical
    Detail	12
	Delinquency
    Loan Detail	13
	Collateral
    Stratification and Historical Detail	14
	Specially
    Serviced Loan Detail - Part 1	15
	Specially
    Serviced Loan Detail - Part 2	16
	Modified
    Loan Detail	17
	Historical
    Liquidated Loan Detail	18
	Historical
    Bond / Collateral Loss Reconciliation Detail	19
	Interest
    Shortfall Detail - Collateral Level	20
	Supplemental
    Notes	21

	Contacts
	  Role	Party
    and Contact Information
	Depositor	Deutsche Mortgage
    & Asset Receiving Corporation	 	 
	 	Helaine M. Kaplan	 	cmbs.requests@db.com
	 	1 Columbus Circle,
    | New York, NY 10019
	Certificate
    Administrator	Computershare Trust Company,
    N.A. as agent for Wells Fargo	 	 
	 	Bank, N.A.	 	 
	 	Corporate Trust Services
    (CMBS)		cts.cmbs.bond.admin@wellsfargo.com; 

        trustadministrationgroup@wellsfargo.com

	 	9062 Old Annapolis
    Road, | Columbia, MD 21045
	Master
    Servicer	KeyBank National Association	 	 
	 	Michael Tilden	 	michael_a_tilden@keybank.com
	 	11501 Outlook
    Street, Suite 300, | Overland Park, KS 66211
	Special
    Servicer	Situs Holdings, LLC	 	 
	 	Attention: Stacey Ciarlanti	 	staceyciarlanti@situsamc.com
	 	2 Embarcadero
    Center, 8th Floor, | San Francisco, CA 94111
	Operating
    Advisor	Park Bridge Lender Services
    LLC	 	 
	 	CAMB 2021-CX2 Surveillance
    Manager	 	cmbs.notices@parkbridgefinancial.com
	 	600 Third Avenue,
    40th Floor, | New York, NY 10016
	Trustee	Wilmington Trust, National
    Association	 	 
	 	Attention: CMBS Trustee – CAMB
    2021-CX2	 	cmbstrustee@wilmingtontrust.com
	 	1100 North Market
    St., | Wilmington, DE 19890
	Rating
    Agency	DBRS, Inc.	 	 
	 	Attention: CMBS Surveillance	 	CMBS.surveillance@morningstar.com
	 	22 West Washington
    Street, | Chicago, IL 60602
	Rating
    Agency	Fitch Ratings, Inc.	 	 
	 	Commercial Mortgage Surveillance
    Group	 	info.cmbs@fitchratings.com
	 	300 West 57th
    Street, | New York, NY 10019
	 	 
	 	 
	 	 

	 	This report is compiled by Computershare Trust Company, N.A. from information provided by third parties. Computershare Trust Company, 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, certificate holders may register online for email notification when special notices are posted. For information or assistance please call 866-846-4526.

 

    
	© Copyright 2021 Computershare. All rights reserved. Confidential.	Page 1 of 21

     

    

 

	Distribution
    Date:	12/10/21	CAMB 2021-CX2 Mortgage Trust	
	Determination Date:	12/06/21
	Next
    Distribution Date:	01/10/22	Commercial Mortgage Pass-Through Certificates
	Record Date:	11/30/21	Series 2021
	 	 	 	 

 

	Certificate
                     Distribution Detail

         

	Class	CUSIP	Pass-Through
    Rate (2)	 	Original
    Balance	Beginning
    

    Balance	Principal
    Distribution	Interest
    Distribution	Prepayment
    

    Penalties	Realized
    Losses	Total
    Distribution	Ending
    Balance	Current
    Credit Support1	Original
    Credit Support1
	Regular Certificates
	A	 	0.000000%	 	0.00	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%	0.00%
	C	 	0.000000%	 	0.00	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%	0.00%
	HRR	 	0.000000%	 	0.00	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%	0.00%
	R	 	0.000000%	 	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00%	0.00%
	LR	 	0.000000%	 	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00%	0.00%
	Regular
    SubTotal	 	 	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	 	 
	 	 	 	 	 	 	 	 	 	 
	Notional Certificates
	X	 	0.000000%	 	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	 	 
	Notional
    SubTotal	 	 	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Deal Distribution
    Total	 	 	 	 	0.00	0.00	0.00	0.00	0.00	 	 	 

 

	 	*	Denotes the Controlling Class
    (if required)
	 	(1)	Calculated by taking (A) the sum
    of the ending certificate balance of all classes in a series less (B) the sum of (i) the ending certificate 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).
	 	(2)	Pass-Through Rates with respect
    to any Class of Certificates on next month's Payment Date is expected to be the same as the current respective Pass-Through
    Rate, subject to any modifications on the underlying loans, any change in certificate or pool balance, any change in the underlying
    index (if and as applicable), and any other matters provided in the governing documents.

    
	© Copyright 2021 Computershare. All rights reserved. Confidential.	Page 2 of 21

     

    

 

	Distribution
    Date:	12/10/21	CAMB 2021-CX2 Mortgage Trust	
	Determination
    Date:	12/06/21
	Next
    Distribution Date:	01/10/22	Commercial Mortgage Pass-Through Certificates
	Record
    Date:	11/30/21	Series 2021
	 	 	 	 

 

	Certificate
    Factor Detail
	 
	Class	CUSIP	Beginning
    Balance	Principal
    Distribution	Interest
    Distribution	Interest
    Shortfalls / (Paybacks)	Cumulative
    Interest Shortfalls	Prepayment

    Penalties	Realized
    Losses	Total
    Distribution	Ending
    Balance
	Regular Certificates                              
	A	 	0.00000000	0.00000000	0.00000000	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	0.00000000	0.00000000	0.00000000
	C	 	0.00000000	0.00000000	0.00000000	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	0.00000000	0.00000000	0.00000000
	HRR	 	0.00000000	0.00000000	0.00000000	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	0.00000000	0.00000000	0.00000000
	R	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000
	LR	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000
	 	 	 	 	 	 	 	 	 	 	 
	Notional Certificates                             
	X	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000

 

    
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	Determination
    Date:	12/06/21
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	Record
    Date:	11/30/21	Series 2021
	 	 	 	 

 

	Certificate
    Interest Reconciliation Detail
	 
	Class	Accrual
    Period	Accrual
    Days	Prior
    Cumulative Interest Shortfalls	Accrued
    Certificate Interest	Net
    Aggregate Prepayment Interest Shortfall	Distributable
    Certificate Interest	Interest
    Shortfalls / (Paybacks)	Payback
    of Prior Realized Losses	Additional
    Interest Distribution Amount	Interest
    Distribution	Cumulative
    Interest Shortfalls	 
	A	MM/DD/YY-MM/DD/YY	0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	 
	X	MM/DD/YY-MM/DD/YY	0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	 
	B	MM/DD/YY-MM/DD/YY	0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	 
	C	MM/DD/YY-MM/DD/YY	0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	 
	D	MM/DD/YY-MM/DD/YY	0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	 
	HRR	MM/DD/YY-MM/DD/YY	0	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	 
	 	 

 

    
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	Distribution
    Date:	12/10/21	CAMB 2021-CX2 Mortgage Trust	
	Determination
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	Record
    Date:	11/30/21	Series 2021
	 	 	 	 

  

Additional
Information

 

	 
	Total Available Distribution Amount (1)	0.00
	Borrower Reimbursable Trust Fund Expenses	0.00

 

		(1)	The
Available Distribution Amount includes any Prepayment Penalties.

 

    
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	Distribution
    Date:	12/10/21	CAMB 2021-CX2 Mortgage Trust	
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	Record
    Date:	11/30/21	Series 2021
	 	 	 	 

 

Bond
/ Collateral Reconciliation - Cash Flows

 

	Total Funds Collected

 

	 	Interest
	 	 	Interest Paid or Advanced	0.00
	 	 	Interest Reductions due to Nonrecoverability Determination	0.00
	 	 	Interest Adjustments	0.00
	 	 	Deferred Interest	0.00
	 	 	ARD Interest	0.00
	 	 	Net Prepayment Interest Excess / (Shortfall)	0.00
	 	 	Extension Interest	0.00
	 	 	Interest Reserve Withdrawal	0.00
	 	 	Total Interest Collected	0.00

 

	 	Principal
	 	 	Scheduled Principal	0.00
	 	 	Unscheduled Principal Collections	 
	 	 	Principal Prepayments	0.00
	 	 	Collection of Principal after Maturity Date	0.00
	 	 	Recoveries From Liquidations and Insurance Proceeds	0.00
	 	 	Excess of Prior Principal Amounts Paid	0.00
	 	 	Curtailments	0.00
	 	 	Negative Amortization	0.00
	 	 	Principal Adjustments	0.00
	 	 	 	 
	 	 	 	 
	 	 	Total Principal Collected	0.00

 

 

 

	 	Other
	 	 	Prepayment Penalties / Yield Maintenance	0.00
	 	 	Gain on Sale / Excess Liquidation Proceeds	0.00
	 	 	Borrower Option Extension Fees	0.00
	 	 	 	 
	 	 	Total Other Collected	0.00

 

	 	Total Funds Collected	0.00

	Total Funds Distributed

 

	 	Fees
	 	 	Master Servicing Fee	0.00
	 	 	Certificate Administrator Fee	0.00
	 	 	Trustee Fee	0.00
	 	 	CREFC® Intellectual Property Royalty License Fee	0.00
	 	 	Operating Advisor Fee	0.00
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	Total Fees	0.00

 

	 	Expenses/Reimbursements
	 	 	Reimbursement for Interest on Advances	0.00
	 	 	ASER Amount	0.00
	 	 	Special Servicing Fees (Monthly)	0.00
	 	 	Special Servicing Fees (Liquidation)	0.00
	 	 	Special Servicing Fees (Work Out)	0.00
	 	 	Legal Fees	0.00
	 	 	Rating Agency Expenses	0.00
	 	 	Taxes Imposed on Trust Fund	0.00
	 	 	Non-Recoverable Advances	0.00
	 	 	Workout Delayed Reimbursement Amounts	0.00
	 	 	Other Expenses	0.00
	 	 	Total Expenses/Reimbursements	0.00

 

	 	Interest Reserve Deposit	0.00

 

	 	Payments to Certificateholders and Others
	 	 	Interest Distribution	0.00
	 	 	Principal Distribution	0.00
	 	 	Prepayment Penalties / Yield Maintenance	0.00
	 	 	Borrower Option Extension Fees	0.00
	 	 	Total Payments to Certificateholders and Others	0.00

 

	 	Total Funds Distributed	0.00

 

    
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    Date:	11/30/21	Series 2021
	 	 	 	 

  

Certificate
                                         Ratings Detail

 

	 	 	 	 	 	DBRS,
    Inc.	 	 	Fitch
    Ratings, Inc.	 	 	 
	Class	 	CUSIP	 	 	Original	 	Current1	 	Date
    Last

    Changed	 	 	Original	 	Current1	 	Date
    Last

    Changed	 	 	 
	A	 	 	 	 	 	 	 	 	MM/DD/YY	 	 	 	 	 	 	MM/DD/YY	 	 	 
	X	 	 	 	 	 	 	 	 	MM/DD/YY	 	 	 	 	 	 	MM/DD/YY	 	 	 
	B	 	 	 	 	 	 	 	 	MM/DD/YY	 	 	 	 	 	 	MM/DD/YY	 	 	 
	C	 	 	 	 	 	 	 	 	MM/DD/YY	 	 	 	 	 	 	MM/DD/YY	 	 	 
	D	 	 	 	 	 	 	 	 	MM/DD/YY	 	 	 	 	 	 	MM/DD/YY	 	 	 
	HRR	 	 	 	 	 	 	 	 	MM/DD/YY	 	 	 	 	 	 	MM/DD/YY	 	 	 

 

		NR	-
                                         Designates that the class was not rated by the above agency at the time of original issuance.

 

		N/A	-
                                         Data not available this period.

 

		X	-
                                         Designates that the above rating agency did not rate any classes in this transaction
                                         at the time of original issuance.

 

		(1)	For
                                         any class not rated at the time of original issuance by any particular rating agency,
                                         no request has been made subsequent to issuance to obtain rating information, if any,
                                         from such rating agency. The current ratings were obtained directly from the applicable
                                         rating agency within 30 days of the payment date listed above. The ratings may have changed
                                         since they were obtained. Because the ratings may have changed, you may want to obtain
                                         current ratings directly from the rating agencies.

 

    
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    Date:	11/30/21	Series 2021
	 	 	 	 

  

Bond
/ Collateral Reconciliation - Balances

 

	Collateral Reconciliation

	 	 	 	 	Total
	Beginning Scheduled Collateral Balance	0.00	 	 	0.00
	(-) Scheduled Principal Collections	0.00	 	 	0.00
	(-) Unscheduled Principal Collections	0.00	 	 	0.00
	(-) Principal Adjustments (Cash)	0.00	 	 	0.00
	(-) Principal Adjustments (Non-Cash)	0.00	 	 	0.00
	(-) Realized Losses from Collateral	0.00	 	 	0.00
	(-) Other Adjustments2	0.00	 	 	0.00
	 	 	 	 	 
	 Ending Scheduled Collateral Balance	0.00	 	 	0.00
	 Beginning Actual Collateral Balance	0.00	 	 	0.00
	 Ending Actual Collateral Balance	0.00	 	 	0.00

	Certificate Reconciliation

	 	Total
	Beginning Certificate Balance	0.00
	(-) Principal Distributions	0.00
	(-) Realized Losses	0.00
	 	Realized Loss and Realized Loss Adjustments on Collateral	0.00
	 	Current Period NRA1	0.00
	 	Current Period WODRA1	0.00
	 	Principal Used to Pay Interest	0.00
	 	Non-Cash Principal Adjustments	0.00
	 	Certificate Other Adjustments**	0.00
	Ending Certificate Balance	0.00

	NRA/WODRA Reconciliation
	 	Non-Recoverable Advances (NRA) from Principal	Workout Delayed Reimbursement of Advances (WODRA) from Principal
	Beginning Cumulative Advances	0.00	0.00
	Current Period Advances	0.00	0.00
	Ending Cumulative Advances	0.00	0.00
	 	 	 

	Under / Over Collateralization Reconciliation
	Beginning UC / (OC)	0.00
	UC / (OC) Change	0.00
	Ending UC / (OC)	0.00
	Net WAC Rate	0.00%
	UC / (OC) Interest	0.00

	(1)	Current Period NRA and WODRA displayed will represent the portion applied as Realized Losses to the bonds.
	(2)	Other Adjustments value will represent miscellaneous items that may impact the Scheduled Balance of the collateral.
	**	A negative value for Certificate Other Adjustments represents the payback of prior Principal Shortfalls, if any.

 

    
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    Date:	11/30/21	Series 2021
	 	 	 	 

 

	Mortgage Loan Detail (Part 1)

                                                                     

	Pros ID 	Loan ID	Loan Group	Prop Type (1)	City 	State	Interest Accrual Type	Gross Rate	Scheduled Interest	Scheduled Principal	Principal

Adjustments	Anticipated Repay Date	Original Maturity Date	Adjusted Maturity Date	Beginning Scheduled Balance	Ending Scheduled Balance	Paid Through Date
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	1
    Property Type Codes
	 	 	HC
    - Health Care	MU
    - Mixed Use	WH
    - Warehouse	MF
    - Multi-Family
	 	 	SS
    - Self Storage	LO
    - Lodging	RT
    - Retail	SF
    - Single Family Rental
	 	 	98
    - Other	IN
    - Industrial	OF
    - Office	MH
    - Mobile Home Park
	 	 	SE
    - Securities	CH
    - Cooperative Housing	ZZ
    - Missing Information/Undefined	 

 

    
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	Mortgage
    Loan Detail (Part 2)
	 
	Pros ID 	Loan Group	Most Recent Fiscal NOI	Most Recent NOI	Most Recent NOI Start Date	Most Recent NOI End Date	Appraisal Reduction Date	Appraisal Reduction Amount	Cumulative ASER	Current P&I Advances	Cumulative P&I Advances	Cumulative Servicer Advances	Current NRA/WODRA from Principal	Defease Status
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

 

    
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    Date:	11/30/21	Series 2021
	 	 	 	 

 

	Principal
    Prepayment Detail
	 
	 	 	 	Unscheduled Principal 	Prepayment Premiums
	Pros ID	Loan Number	Loan

Group	Amount	 	Prepayment / Liquidation Code	Prepayment Premium Amount	Yield Maintenance Amount
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 
	 

	 	Note: Principal Prepayment Amount listed here may include Principal Adjustment Amounts on the loan in addition to the Unscheduled Principal Amount.

 

    
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    Date:	11/30/21	Series 2021
	 	 	 	 

 

	Historical
    Detail
	 
	 	Delinquencies1	Prepayments	Rate and Maturities
	 	30-59 Days	60-89 Days	90 Days or More	Foreclosure	REO	Modifications	Curtailments	Payoff	Next Weighted Avg.	 
	Distribution Date	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Amount	#	Amount	Coupon	Remit	WAM1
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	Note: Foreclosure and REO Totals are included in the delinquencies aging categories.

 

    
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    Date:	11/30/21	Series 2021
	 	 	 	 

 

	Delinquency
    Loan Detail
	 
	Pros ID	Loan ID	Paid Through Date	Months Delinquent	Mortgage

Loan

Status1	Current P&I Advances	Outstanding P&I Advances	
        Outstanding 

        Servicer

        Advances

        	Actual Principal Balance	
        Servicing 

        Transfer

        Date

        	Resolution

Strategy

Code2	Bankruptcy Date	Foreclosure Date	REO Date
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	1 Mortgage Loan Status
	 	 	A
    - Payment Not Received But Still in Grace Period	0
    - Current	4
    - Performing Matured Balloon
	 	 	B -
    Late Payment But Less Than 30 days  Delinquent	1 -
    30-59 Days Delinquent	5 -
    Non Performing Matured Balloon
	 	 	 	2 -
    60-89 Days Delinquent	6 -
    121+ Days Delinquent
	 	 	 	3 -
    90-120 Days Delinquent	 
	 	 	 	 	 

	 	2 Resolution Strategy Code
	 	 	1
    - Modification	6
    - DPO	10
    - Deed in Lieu of Foreclosures
	 	 	2 -
    Foreclosure	7 -
    REO	11-
    Full Payoff
	 	 	3 -
    Bankruptcy	8 -
    Resolved	12
    - Reps and Warranties
	 	 	4 -
    Extension	9 -
    Pending Return to Master Servicer	13
    -  TBD
	 	 	5 -
    Note Sale	98
    - Other	 

	 	Note: Outstanding P & I Advances include the current period advance.

 

    
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Collateral
Stratification and Historical Detail

 

	Maturity Dates and Loan Status1

	 	Total	Performing	Non-Performing	REO/Foreclosure
	 			
	Past Maturity	0	0	0	0
	0 - 6 Months	0	0	0	0
	7 - 12 Months	0	0	0	0
	13 - 24 Months	0	0	0	0
	25 - 36 Months	0	0	0	0
	37 - 48 Months	0	0	0	0
	49 - 60 Months	0	0	0	0
	>
    60 Months	0	0	0	0

 

	Historical Delinquency Information

	 	Total	Current	30-59 Days	60-89 Days	90+ Days	REO/Foreclosure
	 					
	Dec-21	0	0	0	0	0	0
	Nov-21	0	0	0	0	0	0
	Oct-21	0	0	0	0	0	0
	Sep-21	0	0	0	0	0	0
	Aug-21	0	0	0	0	0	0
	Jul-21	0	0	0	0	0	0
	Jun-21	0	0	0	0	0	0
	May-21	0	0	0	0	0	0
	Apr-21	0	0	0	0	0	0
	Mar-21	0	0	0	0	0	0
	Feb-21	0	0	0	0	0	0
	Jan-21	0	0	0	0	0	0

 

	(1)	Maturity dates used in this chart are based on the dates provided by the Master Servicer in the Loan Periodic File.

 

    
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	Specially
    Serviced Loan Detail - Part 1
	 
	Pros ID	Loan ID	Ending Scheduled Balance	Actual Balance	Appraisal Value	Appraisal Date	Net Operating Income	DSCR	DSCR Date	Maturity Date	
        Remaining

        Amort Term

        
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 
	 

 

    
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    Date:	11/30/21	Series 2021
	 	 	 	 

 

	Specially
    Serviced Loan Detail - Part 2
	 
	Pros ID	Loan ID	Property Type1	State	
        Servicing

        Transfer

        Date

        	Resolution Strategy Code2	Special Servicing Comments
	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 
	 	 
	 

	 	1 Property Type Codes
	 	 	HC - Health Care	MU - Mixed Use	WH - Warehouse
	 	 	MF - Multi-Family	SS - Self Storage	LO - Lodging
	 	 	RT - Retail	SF - Single Family Rental	98 - Other
	 	 	IN - Industrial	OF - Office	MH - Mobile Home Park
	 	 	SE - Securities	CH - Cooperative Housing	ZZ - Missing Information/Undefined

	 	2 Resolution Strategy Code
	 	 	1 - Modification	6 - DPO	10 - Deed in Lieu of Foreclosures
	 	 	2 - Foreclosure	7 - REO	11- Full Payoff
	 	 	3 - Bankruptcy	8 - Resolved	12 - Reps and Warranties
	 	 	4 - Extension	9 - Pending Return to Master Servicer	13 -  TBD
	 	 	5 - Note Sale	98 - Other	 

 

    
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	Determination
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	Next
    Distribution Date:	01/10/22	Commercial Mortgage Pass-Through Certificates
	Record
    Date:	11/30/21	Series 2021
	 	 	 	 

 

Modified
Loan Detail

 

	 	 	 	Pre-Modification	Post-Modification	 	 	 	 
	Pros ID	Loan Number	 	Balance	Rate	Balance	Rate	
        Modification 

        Code1

        	
        Modification Booking 

        Date

        	
        Modification Closing 

        Date

        	
        Modification Effective 

        Date

        
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 
	 

	1 Modification Codes
	 	1 - Maturity Date Extension	5 - Temporary Rate Reduction	8 - Other	 
	 	2 - Amortization Change	6 - Capitalization on Interest	9 - Combination	 
	 	3 - Principal Write-Off	7 - Capitalization on Taxes	10 - Forbearance	 
	 	 	 	 	 

	 	Note: Please refer to Servicer Reports for modification comments.

 

    
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	Distribution
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    Distribution Date:	01/10/22	Commercial Mortgage Pass-Through Certificates
	Record
    Date:	11/30/21	Series 2021
	 	 	 	 

 

	Historical
    Liquidated Loan Detail
	 
	Pros ID1	
        Loan

        Number

        	Dist.Date	
        Loan

        Beginning

        Scheduled

        Balance

        	
        Most Recent

        Appraised

        Value or BPO

        	
        Gross Sales

        Proceeds or

        Other

        Proceeds

        	
        Fees,

        Advances,

        and Expenses

        	
        Net Proceeds

        Received on

        Liquidation

        	
        Net Proceeds

        Available for

        Distribution

        	
        Realized Loss

        to Loan

        	
        Current 

        Period

        Adjustment to

        Loan

        	
        Cumulative

        Adjustment to

        Loan

        	
        Loss to Loan

        with

        Cumulative

        Adjustment

        	
        Percent of

        Original

        Loan

        Balance

        
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	Current Period Totals	 	 	 	 	 	 	 	 	 	 	 
	Cumulative Totals	 	 	 	 	 	 	 	 	 	 	 

 

	 	Note: Fees, Advances and Expenses also include outstanding P & I advances and unpaid fees (servicing, trustee, etc.).

 

    
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	Distribution
    Date:	12/10/21	CAMB 2021-CX2 Mortgage Trust	
	Determination
    Date:	12/06/21
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    Distribution Date:	01/10/22	Commercial Mortgage Pass-Through Certificates
	Record
    Date:	11/30/21	Series 2021
	 	 	 	 

 

	 	 	Historical
    Bond / Collateral Loss Reconciliation Detail	 
	 	 	 	 
	Pros ID	
        Loan

        Number

        	Distribution Date	
        Certificate 

        Interest Paid

        from Collateral

        Principal

        Collections

        	
        Reimb of Prior

        Realized Losses

        from Collateral

        Interest

        Collections

        	
        Aggregate

        Realized Loss to

        Loan

        	
        Loss Covered by

        Credit

        Support/Deal

        Structure

        	
        Loss Applied to

        Certificate

        Interest Payment

        	
        Loss Applied to

        Certificate

        Balance

        	
        Non-Cash 

        Principal

        Adjustment

        	
        Realized Losses

        from

        NRA/WODRA

        	
        Total Loss 

        Applied to

        Certificate

        Balance

        
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Current Period Totals	 	 	 	 	 	 	 	 	 	 
	Cumulative Totals	 	 	 	 	 	 	 	 	 	 
	 	 

 

    
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	Distribution
    Date:	12/10/21	CAMB 2021-CX2 Mortgage Trust	
	Determination
    Date:	12/06/21
	Next
    Distribution Date:	01/10/22	Commercial Mortgage Pass-Through Certificates
	Record
    Date:	11/30/21	Series 2021
	 	 	 	 

 

Interest Shortfall
Detail - Collateral Level

 

	Pros ID	
        Interest

        Adjustments

        	
        Deferred

        Interest

        Collected

        	Special Servicing Fees	ASER	PPIS /  (PPIE)	
        Non-

        Recoverable

        Interest

        	
        Interest on

        Advances

        	
        Reimbursement of 

        Advances from

        Interest

        	
        Other

        Shortfalls /

        (Refunds)

        	
        Modified

        Interest

        Reduction /

        (Excess)

        
	Monthly	Liquidation	Work Out
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Note: Interest Adjustments listed for each loan do not include amounts that were used to adjust the Weighted Average Net Rate of the mortgage loans.	 	Collateral Shortfall Total	0.00

 

    
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	Distribution
    Date:	12/10/21	CAMB 2021-CX2 Mortgage Trust	
	Determination
    Date:	12/06/21
	Next
    Distribution Date:	01/10/22	Commercial Mortgage Pass-Through Certificates
	Record
    Date:	11/30/21	Series 2021
	 	 	 	 

 

Supplemental
Notes

 

	None

 

    
	© Copyright 2021 Computershare. All rights reserved. Confidential.	Page 21 of 21

     

    

 

 

EXHIBIT
L-1-A

 

Form
of Investor Certification for Non-Borrower Related Parties 

 

[Date]

 

	KeyBank
                                         National Association

                                         11501 Outlook Street, Suite 300

                                         Overland Park, Kansas 66211

                                         Attention: Michael Tilden

                                         Email: Michael_a_tilden@keybank.com

         

        with
        a copy to:

         

        Polsinelli

900 West 48th Place, Suite 900

Kansas City, Missouri 64112

Attention: Kraig Kohring

Email: kkohring@polsinelli.com
	 	Wells
    Fargo Bank, National Association 

    9062 Old Annapolis Road 

    Columbia, Maryland 21045

    Attention: Corporate Trust Services – CAMB 2021-CX2
	 	 	 

		Re:	CAMB
2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through Certificates

 

In
accordance with the requirements for obtaining certain information under the Trust and Servicing Agreement, dated as of November
9, 2021 (the “Agreement”) and executed in connection with the CAMB 2021-CX2 securitization transaction, with
respect to the above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees
as follows:

 

1.        The
undersigned is a [certificateholder][Directing Holder][Controlling Class Certificateholder][beneficial owner][prospective purchaser]
of the Class [_] Certificates.

 

2.
      The undersigned is not a Borrower Related Party.

 

3.        The
undersigned is requesting access pursuant to the Agreement to certain information (the “Information”) on the
[Master Servicer’s Website][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 Agreement.

 

In
consideration of the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information
confidential (except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related
Certificates, from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which
the undersigned is subject), and such Information will not, without the prior written consent of the Depositor, be otherwise disclosed
by the undersigned or by its

 

    L-1-A-1 

     

    

 

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.

 

4.        The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, each
Initial Purchaser 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 Related Party, the undersigned shall deliver the certification attached as Exhibit
L-1-B to the Agreement.

 

6.        The
undersigned agrees that each time it accesses the [Master Servicer’s Website][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 Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be
signed hereto by its duly authorized signatory, as of the date certified.

 

	 	[Certificateholder][Directing
    Holder][Controlling Class Certificateholder][Beneficial Owner][Prospective Purchaser]
	 	 	 
	 	By:	 
	 	 	Title:
	 	 	Company:
	 	 	Phone:

 

    L-1-A-2 

     

    

 

EXHIBIT
L-1-B

 

FORM
OF INVESTOR CERTIFICATION FOR BORROWER RELATED PARTIES

 

[Date]

 

	KeyBank
                                         National Association

                                         11501 Outlook Street, Suite 300

                                         Overland Park, Kansas 66211

                                         Attention: Michael Tilden

                                         Email: Michael_a_tilden@keybank.com

         

        with
        a copy to:

         

        Polsinelli

900 West 48th Place, Suite 900

Kansas City, Missouri 64112

Attention: Kraig Kohring

Email: kkohring@polsinelli.com
	 	Wells
                                         Fargo Bank, National Association

                                         9062 Old Annapolis Road

                                         Columbia, Maryland 21045

                                         Attention: Corporate Trust Services – CAMB 2021-CX2

         

	 	 	 

		Re:	CAMB
2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through Certificates

 

In
accordance with the requirements for obtaining certain information under the Trust and Servicing Agreement, dated as of November
9, 2021 (the “Agreement”) and executed in connection with the CAMB 2021-CX2 securitization transaction, with
respect to the above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees
as follows:

 

1.        The
undersigned is a [certificateholder][Directing Holder][Controlling Class Certificateholder][beneficial owner][prospective purchaser]
of the Class [_] Certificates.

 

2        The
undersigned is a Borrower Related Party.

 

3.        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 whatsoever, in whole or in part.

 

    L-1-B-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.

 

4.        The
undersigned hereby acknowledges and agrees that it is prohibited from accessing, reviewing and using Privileged Information (as
defined in the Agreement) to the extent the undersigned receives access to such Privileged Information on the Certificate Administrator’s
website or otherwise receives access to such Privileged Information in connection with its duties, or exercise of its rights pursuant
to the 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 Agreement, the Initial Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with
respect to any such breach by the undersigned or any of its Representatives.

 

6.        To
the extent the undersigned receives access to any Privileged Information on the Certificate Administrator’s Website or otherwise
receives access to such Privileged Information, the undersigned shall be deemed to have agreed that it (i) will not directly or
indirectly provide such Privileged Information to the Borrower or (A) any employees or personnel of the undersigned or any Affiliate
involved in the management of any investment in the Borrower or the Mortgaged Property or (B) to its actual knowledge, any non-Affiliate
that holds a direct or indirect ownership interest in the 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 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-1-B-2 

     

    

 

	 	[certificateholder][Directing
    Holder][Controlling Class Certificateholder][beneficial owner][prospective purchaser]
	 	 	 
	 	By:	 
	 	 	Title:
	 	 	Company:
	 	 	Phone:

 

    L-1-B-3 

     

    

 

EXHIBIT
L-1-C

 

Form
of Certification of the DIRECTING HOLDER

 

[Date]

 

	KeyBank
                           National Association

                           11501 Outlook Street, Suite 300

                           Overland Park, Kansas 66211

                           Attention: Michael Tilden

                           Email: Michael_a_tilden@keybank.com

         

        with
        a copy to:

         

        Polsinelli

900 West 48th Place, Suite 900

Kansas City, Missouri 64112

Attention: Kraig Kohring

Email: kkohring@polsinelli.com
	 	Wells
                           Fargo Bank, National Association

                           9062 Old Annapolis Road

                           Columbia, Maryland 21045

                           Attention: Corporate Trust Services – CAMB 2021-CX2

         

        Park
        Bridge Lender Services LLC

        600 Third Avenue, 40th Floor

        New York, New York 10016

        Attention: CAMB 2021-CX2-Surveillance Manager (with a copy sent contemporaneously via email to: cmbsnotices@parkbridgefinancial.com)

         

 

		Re:	Trust
                                         and Servicing Agreement (“Trust and Servicing Agreement”) relating to CAMB
                                         2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through Certificates

 

In
accordance with Section 6.07(e) of the Trust 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 Related Party.

 

3.        If
the undersigned becomes a Borrower Related Party, the undersigned agrees to and shall deliver the certification attached as Exhibit
L-1-B to the Trust and Servicing Agreement.

 

4.        The
undersigned shall be fully liable for any breach of this agreement by itself or any of its officers, directors, partners, employees,
agents or representatives (collectively, the “Representatives”) and shall indemnify each party to the Trust
and Servicing Agreement, the Initial Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with respect
to any such breach by the undersigned or any of its Representatives.

 

5.        The
undersigned 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

 

    L-1-C-1 

     

    

 

Servicing Agreement to each of the addressees listed above (a) by overnight courier or (b)
mailed by registered mail, postage prepaid.

 

6.        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 shall be deemed to have caused its name to be signed hereto by its duly authorized signatory,
as of the date certified.]

 

	 	[The
    Directing Holder][a Controlling Class Certificateholder]
	 	 	 
	 	By:	 
	 	 	Title:
	 	 	Company:
	 	 	Phone:

 

    L-1-C-2 

     

    

 

EXHIBIT
L-1-D

 

FORM
OF NOTICE OF CONFLICTED CONTROLLING CLASS HOLDER WHO

BECOMES A BORROWER RELATED PARTY

 

[Date]

 

	KeyBank
                                         National Association

                                         11501 Outlook Street, Suite 300

                                         Overland Park, Kansas 66211

                                         Attention: Michael Tilden

                                         Email: Michael_a_tilden@keybank.com

         

        with
        a copy to:

         

        Polsinelli

900 West 48th Place, Suite 900

Kansas City, Missouri 64112

Attention: Kraig Kohring

Email: kkohring@polsinelli.com

         
	 	Wells
                                         Fargo Bank, National Association

                                         9062 Old Annapolis Road

                                         Columbia, Maryland 21045

                                         Attention: Corporate Trust Services – CAMB 2021-CX2

         

		Re:	Trust
                                         and Servicing Agreement (“Trust and Servicing Agreement”) relating to CAMB
                                         2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through Certificates

 

In
accordance with Section 4.02 of the Trust and Servicing Agreement, with respect to the above-referenced certificates (the “Certificates”),
the undersigned (the “Conflicted Controlling Class Holder”) hereby certifies and agrees as follows:

 

1.        The
undersigned is [the Directing Holder][a Controlling Class Certificateholder] as of the date hereof.

 

2.        The
undersigned has become a Borrower Related Party with respect to the Trust Loan and has become a Conflicted Controlling Class Holder.

 

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 Trust and Servicing Agreement:

 

    L-1-D-1 

     

    

 

	CUSIP	Class	Outstanding
    Certificate Balance	Initial
    Certificate Balance
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

4.        The
undersigned hereby acknowledges and agrees that it is no longer a Privileged Person and shall only be entitled to access the Distribution
Date Statements, and the following items to the extent that they are made available to the general public on the Certificate Administrator’s
Website: the Trust and Servicing Agreement, the Trust Loan Purchase Agreements and any SEC filings.

 

5.        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 CAMB 2021-CX2 securitization should be revoked as to such users:

 

_______________________________

 

_______________________________

 

_______________________________

 

_______________________________

 

_______________________________

 

6.        The
undersigned shall be fully liable for any breach of the Trust and Servicing Agreement by itself or any of its Representatives
and shall indemnify the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the
Operating Advisor, the Initial Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with respect
to any such breach by the undersigned or any of its Representatives.

 

7.        The
undersigned 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.

 

8.        The
undersigned is simultaneously providing an investor certification to the Certificate Administrator in the form of Exhibit L-1-B
to the Trust and Servicing Agreement, requesting access to the Certificate Administrator’s site as a Borrower Related Party.
The undersigned acknowledges that it is no longer a Privileged Person and shall only be entitled to access the Distribution Date
Statements, and the following items to the extent that they are made available to the general public on the Certificate Administrator’s
Website: the Trust and Servicing Agreement, the Trust Loan Purchase Agreements and any SEC filings unless and until it has (i)
delivered notice of the termination of the related Conflicted Controlling Class Holder status and

 

    L-1-D-2 

     

    

 

(ii) submitted a new investor
certification in accordance with Section 4.02 of the Trust and Servicing Agreement.

 

9.        The
undersigned agrees to indemnify and hold harmless each party to the Trust and Servicing Agreement, the Initial Purchasers and
the Trust Fund from any damage, loss, cost or liability (including legal fees and expenses and the cost of enforcing this indemnity)
arising out of or resulting from any unauthorized access by the undersigned or any agent, employee, representative or person acting
on its behalf of any such information relating to the Whole Loan.

 

Capitalized
terms used but not defined herein have the respective meanings given to them in the Trust and Servicing Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

	 	[Directing
    Holder] [Controlling Class Certificateholder]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
_______

 

cc:
Deutsche Mortgage & Asset Receiving Corporation

 

    L-1-D-3 

     

    

 

EXHIBIT
L-2

 

FORM
OF INVESTOR CERTIFICATION TO EXERCISE VOTING RIGHTS

 

[Date]

 

KeyBank
National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Michael Tilden

Email: Michael_a_tilden@keybank.com

 

with
a copy to:

 

Polsinelli

900 West 48th Place, Suite 900

Kansas City, Missouri 64112

Attention: Kraig Kohring

Email: kkohring@polsinelli.com

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – CAMB 2021-CX2

 

		Re:	CAMB
                                         2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through Certificates

 

In
accordance with the requirements for the exercise of Voting Rights pursuant to the Trust and Servicing Agreement, dated as of
November 9, 2021 (the “Agreement”) and executed in connection with the CAMB 2021-CX2 securitization transaction,
with respect to the above-referenced certificates (the “Certificates”), the undersigned hereby certifies and
agrees as follows:

 

1.       The
undersigned is a [beneficial certificateholder of the Class [_] Certificates in the original principal amount of $[_____], CUSIP
number [_]].

 

2.       The
undersigned is duly authorized to deliver this certification to the Certificate Administrator, such power has not been granted
or assigned to any other Person and the Certificate Administrator may conclusively rely on this certification.

 

3.       The
undersigned intends to exercise Voting Rights under the Agreement, and certifies that the undersigned is not the Depositor, the
Certificate Administrator, the Trustee, the Operating Advisor, a Borrower Related Party, a Manager, a Restricted Holder, an Affiliate
of any of the foregoing or an agent of any of the foregoing.

 

4.       The
undersigned shall be fully liable for any breach of this agreement by itself or any of its officers, directors, partners, employees,
agents or representatives, and shall indemnify the Depositor, the Certificate Administrator, the Trustee, the Operating Advisor,
the

 

    L-2-1 

     

    

 

Master Servicer, the Special Servicer and the Trust Fund for any loss, liability or expense incurred thereby with respect
to any such breach by the undersigned or any of its Representatives.

 

5.       Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be
signed hereto by its duly authorized signatory, as of the date certified.

 

	 	[Certificateholder]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	Company:
	 	 	Phone:
	 	 	 
	 	[DTC Participant
    Name_________________
	 	 
	 	DTC Participant
    No. _________________]

 

    L-2-2 

     

    

 

EXHIBIT
L-3

 

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.

 

In
connection with the CAMB 2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through Certificates (the “Certificates”)
issued pursuant to the Trust and Servicing Agreement, dated as of November 9, 2021 (the “Trust and Servicing Agreement”)
and executed in connection with the CAMB 2021-CX2 securitization transaction, the undersigned hereby certifies and agrees as follows:

 

		1.	The
                                         undersigned is an employee or agent of BlackRock Financial Management, Inc., Bloomberg,
                                         L.P., Trepp, LLC, Intex Solutions, Inc., Thomson Reuters Corporation, Interactive Data
                                         Corporation, Moody’s Analytics, KBRA Analytics, LLC. or Markit LLC, 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
                                         Trust and Servicing Agreement to Privileged Persons on https://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.

 

	 	[______________________]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	Phone:
	 	 	E-mail:

 

Dated:

 

    L-3-1 

     

    

 

EXHIBIT
L-4

 

FORM
OF CREFC® Certification 

 

This
Certification has been prepared for provision of information to the CRE Finance Council®. 

 

In
connection with the CAMB 2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through Certificates (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

 

		1.	The
                                         undersigned is an employee or agent of the CRE Finance Council® that has
                                         been given access to the Distribution Date Statements and CREFC® reports
                                         on https://www.ctslink.com.

 

		2.	The
                                         undersigned agrees that each time it accesses https:// www.ctslink.com, 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 has caused, or shall be deemed to have caused,
its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

	 	[______________________]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	Phone:
	 	 	E-mail:

 

Dated:

 

    L-4-1 

     

    

 

EXHIBIT
M

 

FORM
OF NOTIFICATION FROM CUSTODIAN

 

[DATE]

 

To
the Persons Listed on the attached Schedule A

 

		Re:	CAMB
                                         2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through Certificates 

 

Ladies
and Gentlemen:

 

In
accordance with Section 2.02 of the Trust and Servicing Agreement, dated as of November 9, 2021 (the “Trust and Servicing
Agreement”) and executed in connection with the CAMB 2021-CX2 securitization transaction, the undersigned, as Custodian,
hereby notifies you that, based upon the review required under the Trust and Servicing Agreement, the Mortgage File for the Whole
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 Whole Loan, (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 Trust and Servicing Agreement.

 

	 	wells
    fargo bank, national association, as Custodian
	 	 
	 	By:
    COMPUTERSHARE TRUST COMPANY, N.A., as attorney-in-fact
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    M-1 

     

    

 

SCHEDULE
A

TO

FORM OF NOTIFICATION FROM CUSTODIAN

 

To
the Depositor:

 

Deutsche
Mortgage & Asset Receiving Corporation

1 Columbus Circle

New York, New York 10019

Attention: Helaine
M. Kaplan 

with
a copy via e-mail to cmbs.requests@db.com

 

To
the Certificate Administrator:

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road 

Columbia,
Maryland 21045 

Attention:
Corporate Trust Services – CAMB 2021-CX2 

Email:
trustadministrationgroup@wellsfargo.com; 

cts.cmbs.bond.admin@wellsfargo.com

 

To
the Trustee: 

Wilmington
Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee – CAMB 2021-CX2 

with
a copy to: 

E-mail:
cmbstrustee@wilmingtontrust.com

 

To
the Master Servicer:

 

KeyBank
National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Michael Tilden

Email: Michael_a_tilden@keybank.com

 

with
a copy to:

 

Polsinelli

900 West 48th Place, Suite 900

Kansas City, Missouri 64112

Attention: Kraig Kohring

Email: kkohring@polsinelli.com

 

To
the Special Servicer:

 

    M-2 

     

    

 

Situs
Holdings, LLC

2 Embarcadero Center, 8th Floor

San Francisco, California 94111 

Attention:
Stacey Ciarlanti 

E-mail:
staceyciarlanti@situsamc.com

 

with
a copy to:

 

Situs
Group, LLC

5065 Westheimer, Suite 700E

Houston, Texas 77056

Attention: Legal Department

E-mail: legal@situsamc.com

 

To
the Operating Advisor:

 

Park
Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: CAMB 2021-CX2-Surveillance Manager (with a copy sent contemporaneously via email to: cmbsnotices@parkbridgefinancial.com)

 

To
the Trust Loan Sellers:

 

German
American Capital Corporation

1 Columbus Circle

New York, New York 10019

Attention: Helaine M. Kaplan

with a copy via e-mail to:

E-mail: cmbs.request@db.com

 

Bank
of America, N.A.

One Bryant Park

Mail Code: NY1-100-11-07 

New
York, New York 10036

Attention: Director of CMBS Securitization 

Email:
leland.f.bunch@bofa.com

 

with
a copy to:

 

Bank
of America Legal Department 

150
North College Street 

Mail
Code: NC1-028-24-02 

Charlotte,
North Carolina 28255 

Attention:
W. Todd Stillerman, Esq., Associate General Counsel & Director 

 

    M-3 

     

    

 

Email:
todd.stillerman@bofa.com and cmbsnotices@bofa.com

 

JPMorgan
Chase Bank, National Association

383 Madison Avenue, 8th Floor

New York, New York 10179

Attention: SPG Syndicate 

Email:
ABS_Synd@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

 

3650
Cal Bridge Lending, LLC

2977 McFarlane Road, Suite 300

Miami, Florida 33133 

with copies via email to:

Jonathan Roth

Email: jroth@3650reit.com

and 

Mark A. Jefferis, General Counsel and Chief Compliance Officer

Email: mjefferis@3650reit.com

 

    M-4 

     

    

 

DEFECT
SCHEDULE

TO FORM OF NOTIFICATION FROM CUSTODIAN

 

    M-5 

     

    

 

EXHIBIT
N-1

 

FORM
OF CLOSING DATE CUSTODIAN CERTIFICATION

 

[Date]

 

	Deutsche
                                         Mortgage & Asset Receiving Corporation

                                         1 Columbus Circle

                                         New York, New York 10019

                                         Attention: Helaine M. Kaplan

         

        Wells
        Fargo Bank, National Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Services – CAMB 2021-CX2

         

        KeyBank
        National Association

        11501 Outlook Street, Suite 300

        Overland Park, Kansas 66211

        Attention: Michael Tilden

        Email: Michael_a_tilden@keybank.com

         

        with
        a copy to:

         

        Polsinelli

        900 West 48th Place, Suite 900

        Kansas City, Missouri 64112

        Attention: Kraig Kohring

        Email: kkohring@polsinelli.com

         

        German
        American Capital Corporation

        1 Columbus Circle

        New York, New York 10019

        Attention: Helaine M. Kaplan

        with a copy via e-mail to:

        cmbs.request@db.com

         

        Wilmington
Trust, National Association

1100 North Market Street 

        Wilmington,
Delaware 19890 

        Facsimile
Number: (302) 630-4140
	 	Bank
of America, N.A.

One Bryant Park

Mail Code: NY1-100-11-07 

        New
York, New York 10036

Attention: Director of CMBS Securitization 

        Email:
        leland.f.bunch@bofa.com

         

        with
        a copy to:

         

        Bank
        of America Legal Department

        150
North College Street 

        Mail
Code: NC1-028-24-02 

        Charlotte,
North Carolina 28255 

        Attention:
W. Todd Stillerman, Esq., Associate General Counsel & Director 

        Email:
        todd.stillerman@bofa.com and cmbsnotices@bofa.com

         

        JPMorgan
Chase Bank, National Association

383 Madison Avenue, 8th Floor

New York, New York 10179

Attention: SPG Syndicate 

        Email:
ABS_Synd@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

         

        3650
Cal Bridge Lending, LLC

2977 McFarlane Road, Suite 300

Miami, Florida 33133

with copies via email to:

Jonathan Roth

Email: jroth@3650reit.com

 

    N-1-1 

     

    

 

	Attention:
    CMBS Trustee – CAMB 2021-CX2

    Email: cmbstrustee@wilmingtontrust.com	 	and
    

    

    Mark A. Jefferis, General Counsel and Chief Compliance Officer

    Email: mjefferis@3650reit.com
	 	 	 

		Re:	CAMB
                                         2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through Certificates 

 

In
accordance with Section 2.02 of the Trust and Servicing Agreement, dated as of November 9, 2021 (the “Agreement”)
and executed in connection with the CAMB 2021-CX2 securitization transaction, the Custodian hereby certifies that, with respect
to the Trust Loan listed on the Mortgage Loan Schedule attached hereto as Schedule A, (a) the Custodian has in its possession
the Trust Notes, and (b) the foregoing documents delivered or caused to be delivered by the Trust Loan Seller as described in
clause (a) above have been reviewed by it and appear regular on their face, appear to be executed and purport to relate to the
Whole Loan, except as identified on Schedule B attached hereto, and each of the documents specified in Section 2.01(a)(ii),
Section 2.01(a)(vii) and, to the extent delivered, Section 2.01(a)(xviii) of the 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 or
mutilated or otherwise defaced, and that such documents relate to the Whole Loan identified in the Mortgage Loan Schedule.

 

Capitalized
terms used but not defined herein shall the respective meanings set forth in the Agreement.

 

    N-1-2 

     

    

 

	 	wells
    fargo bank, national association,
	 	not
    in its individual capacity
	 	but
    solely as Custodian
	 	 
	 	By:
    COMPUTERSHARE TRUST COMPANY, N.A., as attorney-in-fact
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    N-1-3 

     

    

 

SCHEDULE
A 

TO CLOSING DATE CUSTODIAN CERTIFICATION

 

MORTGAGE
LOAN SCHEDULE

 

    N-1-4 

     

    

 

SCHEDULE
B

TO CLOSING DATE CUSTODIAN CERTIFICATION

 

Exceptions
to the Mortgage File Delivery and Review

 

    N-1-5 

     

    

 

EXHIBIT
N-2

 

FORM
OF POST-CLOSING CUSTODIAN CERTIFICATION

 

[Date]

 

	Deutsche
                                         Mortgage & Asset Receiving Corporation

                                         1 Columbus Circle

                                         New York, New York 10019

                                         Attention: Helaine M. Kaplan

         

        Wells
        Fargo Bank, National Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Services – CAMB 2021-CX2

         

        KeyBank
        National Association

        11501 Outlook Street, Suite 300

        Overland Park, Kansas 66211

        Attention: Michael Tilden

        Email: Michael_a_tilden@keybank.com

         

        with
        a copy to:

         

        Polsinelli

        900 West 48th Place, Suite 900

        Kansas City, Missouri 64112

        Attention: Kraig Kohring

        Email: kkohring@polsinelli.com

         

        German
        American Capital Corporation

        1 Columbus Circle

        New York, New York 10019

        Attention: Helaine M. Kaplan

        with a copy via e-mail to:

        cmbs.request@db.com

         

        Wilmington
Trust, National Association

1100 North Market Street 

        Wilmington,
Delaware 19890 

        Facsimile
Number: (302) 630-4140 

        Attention:
CMBS Trustee – CAMB 2021-CX2 

        Email:
        cmbstrustee@wilmingtontrust.com
	 	Bank
of America, N.A.

One Bryant Park

Mail Code: NY1-100-11-07 

        New
York, New York 10036

Attention: Director of CMBS Securitization 

        Email:
        leland.f.bunch@bofa.com

         

        with
        a copy to:

         

        Bank
of America Legal Department 

        150
North College Street 

        Mail
Code: NC1-028-24-02 

        Charlotte,
North Carolina 28255 

        Attention:
W. Todd Stillerman, Esq., Associate General Counsel & Director 

        Email:
        todd.stillerman@bofa.com and cmbsnotices@bofa.com

         

        JPMorgan
Chase Bank, National Association

383 Madison Avenue, 8th Floor

New York, New York 10179

Attention: SPG Syndicate 

        Email:
ABS_Synd@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

         

        3650
Cal Bridge Lending, LLC

2977 McFarlane Road, Suite 300

Miami, Florida 33133

with copies via email to:

Jonathan Roth

Email: jroth@3650reit.com

 

    N-2-1 

     

    

 

	 	 	and
    

    

    Mark A. Jefferis, General Counsel and Chief Compliance Officer

    Email: mjefferis@3650reit.com

 

		Re:	CAMB
                                         2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through Certificates 

 

In
accordance with Section 2.02 of the Trust and Servicing Agreement, dated as of November 9, 2021 (the “Agreement”)
and executed in connection with the CAMB 2021-CX2 securitization transaction, the Custodian hereby certifies, subject to the terms
of the Agreement, that, with respect to the Trust Loan listed on the Mortgage Loan Schedule attached hereto as Schedule A, all
documents (other than documents referred to in clauses (xviii) and (xix) of Section 2.01(a) of the Agreement,
the documents referred to in clauses (iii), (v)(B) and (viii) of Section 2.01(a) of the Agreement
and the assignments of financing statements referred to in clause (xiv) of Section 2.01(a) of the Agreement) referred
to in Section 2.01(a) of the Agreement (in the case of the documents referred to in Section 2.01(a)(iv), (v),
(vi), (vii) (in the case of any endorsement thereto), (viii) and (ix) through (xix) of the
Agreement, as identified to it in writing as a document required to be delivered by the Trust Loan Sellers) and any original recorded
documents included in the delivery of the 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 Whole Loan 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 the respective meanings set forth in the Agreement.

 

	 	wells
    fargo bank, national association,
	 	not
    in its individual capacity
	 	but
    solely as Custodian
	 	 
	 	By:
    COMPUTERSHARE TRUST COMPANY, N.A., as attorney-in-fact
	 	 
	 	 	By:	                      
	 	 	Name:
	 	 	Title:

 

    N-2-2 

     

    

 

SCHEDULE
A 

TO POST-CLOSING CUSTODIAN CERTIFICATION

 

MORTGAGE
LOAN SCHEDULE

 

    N-2-3 

     

    

 

EXHIBIT
O

 

FORM
OF NRSRO CERTIFICATION

 

[Date]

 

Wells
Fargo Bank, National Association,

as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – CAMB 2021-CX2

 

		Attention:	Deutsche
Mortgage & Asset Receiving Corporation, CAMB 2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through Certificates

 

In
accordance with the requirements for obtaining certain information pursuant to the Trust and Servicing Agreement, dated as of
November 9, 2021 (the “Trust and Servicing Agreement”) and executed in connection with the CAMB 2021-CX2 securitization
transaction, with respect to the above-referenced certificates (the “Certificates”), the undersigned hereby
certifies and agrees as follows:

 

		1.	The
                                         undersigned is either:

 

(a)      a
Rating Agency under the Trust and Servicing Agreement, or

 

(b)      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 Trust and Servicing Agreement to certain information (the “Information”) on such 17g-5 website
pursuant to the provisions of the Trust and Servicing Agreement, and agrees that any confidentiality agreement applicable to the
undersigned with respect to the information obtained from the Depositor’s 17g-5 website prior to the Closing Date shall
also be applicable to information obtained from the 17g-5 Information Provider’s Website (including without limitation,
to any information received by the Depositor for posting on the 17g-5 Information Provider’s Website), or (y), if the undersigned
did not have access to the Depositor’s 17g-5 website prior to the Closing Date, it hereby agrees that it shall be bound
by the provisions of the confidentiality agreement 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 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

 

    O-1 

     

    

 

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 shall be deemed to have recertified that the representations above remain
                                         true and correct.

 

Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Trust and Servicing Agreement.

 

    O-2 

     

    

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be
signed hereto by its duly authorized signatory, as of the date certified.

	 	 	 	 	 
	 	[Nationally
    Recognized Statistical Rating Organization]
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Company:	 
	 	 	 
	 	Phone:	 
	 	 	 
	 	Email:	 

 

    O-3 

     

    

 

Annex
A

 

CONFIDENTIALITY AGREEMENT

 

This
Confidentiality Agreement (the “Confidentiality Agreement”) is made in connection with the [Depositor] 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 [________________] (the “Certificates”)
pursuant to the Trust and Servicing Agreement, dated as of November 9, 2021 (the “Trust and Servicing Agreement”),
by and among Deutsche Mortgage & Asset Receiving Corporation, as Depositor, KeyBank National Association, as Master Servicer,
Situs Holdings, LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, Wells Fargo Bank, National Association,
as Certificate Administrator, and Park Bridge Lender Services LLC, as Operating Advisor, and the assets underlying or referenced
by the Certificates, including the identity of, and financial information with respect to borrowers, sponsors, guarantors, managers
and lessees with respect to such assets (together, the “Collateral”) to you (the “NRSRO”)
through the website of Wells Fargo Bank, National Association, as 17g-5 Information Provider under the Trust and Servicing Agreement,
including the [section of the 17g-5 Information Provider’s website that hosts the Depositor’s 17g-5 website after
the Closing Date (as defined in the Trust and Servicing Agreement)]. Information provided by each Furnishing Entity is labeled
as provided by the specific Furnishing Entity.

 

Definition
of Confidential Information. For purposes of this Confidentiality Agreement, the term “Confidential Information”
shall include the following information (irrespective of its source or form of communication, including information obtained by
you through access to this site) that may be furnished to you by or on behalf of a Furnishing Entity in connection with the issuance
or monitoring of a rating with respect to the Certificates: (x) all data, reports, interpretations, forecasts, records, agreements,
legal documents and other information (such information, the “Evaluation Material”) and (y) any of the terms,
conditions or other facts with respect to the transactions contemplated by the Trust and Servicing Agreement, including the status
thereof; provided, however, that the term Confidential Information shall not include information which:

 

was
or becomes generally available to the public (including through filing with the Securities and Exchange Commission or disclosure
in an offering document) other than as a result of a disclosure by you or a NRSRO Representative (as defined in Section 2(c)(i)
below) in violation of this Confidentiality Agreement;

 

was
or is lawfully obtained by you from a source other than a Furnishing Entity or its representatives that (i) is reasonably believed
by you to be under no obligation to maintain the information as confidential and (ii) provides it to you without any obligation
to maintain the information as confidential; or is independently developed by the NRSRO without reference to any Confidential
Information.

 

Information
to Be Held in Confidence.

 

You
will use the Confidential Information solely for the purpose of determining or monitoring a credit rating on the Certificates
and, to the extent that any information used is derived

 

    O-4 

     

    

 

from but does not reveal any Confidential Information, for benchmarking,
modeling or research purposes (the “Intended Purpose”).

 

You
acknowledge that you are aware that the United States and state securities laws impose restrictions on trading in securities when
in possession of material, non-public information and that the NRSRO will advise (through policy manuals or otherwise) each NRSRO
Representative who is informed of the matters that are the subject of this Confidentiality Agreement to that effect.

 

You
will treat the Confidential Information as private and confidential. Subject to Section 4, without the prior written consent of
the applicable Furnishing Entity, you will not disclose to any person any Confidential Information, whether such Confidential
Information was furnished to you before, on or after the date of this Confidentiality Agreement. Notwithstanding the foregoing,
you may:

 

disclose
the Confidential Information to any of the NRSRO’s affiliates, directors, officers, employees, legal representatives, agents
and advisors (each, a “NRSRO Representative”) who, in the reasonable judgment of the NRSRO, need to know such
Confidential Information in connection with the Intended Purpose; provided, that, prior to disclosure of the Confidential
Information to a NRSRO Representative, the NRSRO shall have taken reasonable precautions to ensure, and shall be satisfied, that
such NRSRO Representative will act in accordance with this Confidentiality Agreement;

 

solely
to the extent required for compliance with Rule 17g-5(a)(3) of the Act (17 C.F.R. 240.17g-5), post the Confidential Information
to the NRSRO’s password protected website; and

 

use
information derived from the Confidential Information in connection with an Intended Purpose, if such derived information does
not reveal any Confidential Information.

 

Disclosures
Required by Law. If you or any NRSRO Representative is requested or required (orally or in writing, by interrogatory,
subpoena, civil investigatory demand, request for information or documents, deposition or similar process relating to any legal
proceeding, investigation, hearing or otherwise) to disclose any Confidential Information, you agree to provide the relevant Furnishing
Entity with notice as soon as practicable (except in the case of regulatory or other governmental inquiry, examination or investigation,
and otherwise to the extent practical and permitted by law, regulation or regulatory or other governmental authority) that a request
to disclose the Confidential Information has been made so that the relevant Furnishing Entity may seek an appropriate protective
order or other reasonable assurance that confidential treatment will be accorded the Confidential Information if it so chooses.
Unless otherwise required by a court or other governmental or regulatory authority to do so, and provided that you been informed
by written notice that the related Furnishing Entity is seeking a protective order or other reasonable assurance for confidential
treatment with respect to the requested Confidential Information, you agree not to disclose the Confidential Information while
the Furnishing Entity’s effort to obtain such a protective order or other reasonable assurance for confidential treatment
is pending. You agree to reasonably cooperate with each Furnishing Entity in its efforts to obtain a protective order

 

    O-5 

     

    

 

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.

 

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.

 

    O-6 

     

    

 

Governing
Law. This Confidentiality Agreement and any claim, controversy or dispute arising under the Confidentiality Agreement,
the relationships of the parties and/or the interpretation and enforcement of the rights and duties of the parties shall be governed
by and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed within
such State.

 

Amendments.
This Confidentiality Agreement may be modified or waived only by a separate writing by the NRSRO and each Furnishing Entity.

 

Entire
Agreement. This Confidentiality Agreement represents the entire agreement between you and the Furnishing Entities
relating to the treatment of Confidential Information heretofore or hereafter reviewed or inspected by you. This agreement supersedes
all other understandings and agreements between us relating to such matters; provided, however, that, if the terms
of this Confidentiality Agreement conflict with another agreement relating to the Confidential Information that specifically states
that the terms of such agreement shall supersede, modify or amend the terms of this Confidentiality Agreement, then to the extent
the terms of this Confidentiality Agreement conflict with such agreement, the terms of such agreement shall control notwithstanding
acceptance by you of the terms hereof by entry into this website.

 

Contact
Information. Notices for each Furnishing Entity under this Confidentiality Agreement, shall be directed as set
forth below:

 

[_____________]

 

    O-7 

     

    

 

EXHIBIT
P-1

 

FORM
OF TRANSFEROR CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

Deutsche
Mortgage & Asset Receiving Corporation

1 Columbus Circle

New York, New York 10019

Attention: Helaine M. Kaplan

 

with
a copy via e-mail to cmbs.requests@db.com

 

		Re:	Deutsche
Mortgage & Asset Receiving Corporation, CAMB 2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through Certificates

 

Ladies
and Gentlemen:

 

This
letter is delivered to you in connection with the transfer by [_____] (the “Transferor”) to [_____] (the “Transferee”)
of the Excess Servicing Fee Right established under the Trust and Servicing Agreement, dated as of November 9, 2021 (the “Trust
and Servicing Agreement”) and executed in connection with the CAMB 2021-CX2 securitization transaction. All capitalized
terms used but not otherwise defined herein shall have the respective meanings set forth in the Trust and Servicing Agreement.
The Transferee hereby certifies, represents and warrants to you, as Depositor, that:

 

1.       The
Transferor is the lawful owner of the right to receive the Excess Servicing Fees with respect to the Whole Loan for which [_____]
is the Master Servicer (the “Excess Servicing Fee Right”), with the full right to transfer the Excess Servicing
Fee Right free from any and all claims and encumbrances whatsoever.

 

2.       Neither
the Transferor nor anyone acting on its behalf has (a) offered, transferred, pledged, sold or otherwise disposed of the Excess
Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security to any person in any manner,
(b) solicited any offer to buy or accept a transfer, pledge or other disposition of the Excess Servicing Fee Right, any interest
in the Excess Servicing Fee Right or any other similar security from any person in any manner, (c) otherwise approached or negotiated
with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with
any person in any manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the
Excess Servicing Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken
any other action, which (in the case of any of the acts described in clauses (a) through (e) hereof) would constitute a distribution
of the Excess Servicing Fee Right under the Securities Act of 1933, as amended (the “Securities Act”), or would
render the disposition of the Excess Servicing Fee Right a violation of Section 5 of the Securities Act or any state securities
laws, or would require registration or qualification of the Excess Servicing Fee Right pursuant to the Securities Act or any state
securities laws.

 

    P-1-1 

     

    

 

	 	Very truly
    yours,
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    P-1-2 

     

    

 

EXHIBIT
P-2

 

FORM
OF TRANSFEREE CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

Deutsche
Mortgage & Asset Receiving Corporation

1 Columbus Circle

New York, New York 10019

Attention: Helaine M. Kaplan 

with
a copy via e-mail to cmbs.requests@db.com

 

KeyBank
National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Michael Tilden

Email: Michael_a_tilden@keybank.com

 

with
a copy to:

 

Polsinelli

900 West 48th Place, Suite 900

Kansas City, Missouri 64112

Attention: Kraig Kohring

Email: kkohring@polsinelli.com

 

		Re:	Deutsche
Mortgage & Asset Receiving Corporation, CAMB 2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through Certificates

 

Ladies
and Gentlemen:

 

This
letter is delivered to you in connection with the transfer by [_____] (the “Transferor”) to [_____] (the “Transferee”)
of the Excess Servicing Fee Right established under the Trust and Servicing Agreement, dated as of November 9, 2021 (the “Trust
and Servicing Agreement”) and executed in connection with the CAMB 2021-CX2 securitization transaction. All capitalized
terms used but not otherwise defined herein shall have the respective meanings set forth in the Trust and Servicing Agreement.
The Transferee hereby certifies, represents and warrants to you, as the Depositor and the Master Servicer, that:

 

1.        The
Transferee is acquiring the right to receive Excess Servicing Fees with respect to the Whole Loan as to which [_____] is the applicable
Master Servicer (the “Excess Servicing Fee Right”) for its own account for investment and not with a view to
or for sale or transfer in connection with any distribution thereof, in whole or in part, in any manner which would violate the
Securities Act of 1933, as amended (the “Securities Act”), or any applicable state securities laws.

 

    P-2-1 

     

    

 

2.        The
Transferee understands that (a) the Excess Servicing Fee Right has not been and will not be registered under the Securities Act
or registered or qualified under any applicable state securities laws, (b) none of the Depositor, the Trustee, Certificate Administrator
or the Certificate Registrar is obligated so to register or qualify the Excess Servicing Fee Right, and (c) the Excess Servicing
Fee Right may not be resold or transferred unless it is (i) registered pursuant to the Securities Act and registered or qualified
pursuant to any applicable state securities laws or (ii) sold or transferred in transactions which are exempt from such registration
and qualification and (A) the Depositor has received a certificate from the prospective transferor substantially in the form attached
as Exhibit P-1 to the Trust and Servicing Agreement, and (B) each of the Master Servicer and the Depositor have received a certificate
from the prospective transferee substantially in the form attached as Exhibit P-2 to the Trust and Servicing Agreement.

 

3.        The
Transferee understands that it may not sell or otherwise transfer the Excess Servicing Fee Right or any interest therein except
in compliance with the provisions of Section 3.12 of the Trust and Servicing Agreement, which provisions it has carefully reviewed.

 

4.        Neither
the Transferee nor anyone acting on its behalf has (a) offered, pledged, sold, disposed of or otherwise transferred the Excess
Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security to any person in any manner,
(b) solicited any offer to buy or accept a pledge, disposition or other transfer of the Excess Servicing Fee Right, any interest
in the Excess Servicing Fee Right or any other similar security from any person in any manner, (c) otherwise approached or negotiated
with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with
any person in any manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the
Excess Servicing Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken
any other action with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar
security, which (in the case of any of the acts described in clauses (a) through (e) above) would constitute a distribution of
the Excess Servicing Fee Right under the Securities Act, would render the disposition of the Excess Servicing Fee Right a violation
of Section 5 of the Securities Act or any state securities law or would require registration or qualification of the Excess Servicing
Fee Right pursuant thereto. The Transferee will not act, nor has it authorized or will it authorize any person to act, in any
manner set forth in the foregoing sentence with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security.

 

5.        The
Transferee has been furnished with all information regarding (a) the Depositor, (b) the Excess Servicing Fee Right and any payments
thereon, (c) the Trust and Servicing Agreement and the Trust Fund created pursuant thereto, (d) the nature, performance and servicing
of the Whole Loan, and (e) all related matters that it has requested.

 

6.        The
Transferee is (a) a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act or (b)
an “accredited investor” as defined in any of paragraphs (1), (2), (3) and (7) of Rule 501(a) under the Securities
Act or an entity in which all of the equity owners are “accredited investors” as defined in any of paragraphs (1),
(2), (3) and (7) of Rule 501(a) under the Securities Act. The Transferee has such knowledge and experience in financial and business
matters as to be capable of evaluating the merits and risks of an investment in the Excess Servicing Fee Right; the Transferee
has sought such accounting, legal and tax advice as it

 

    P-2-2 

     

    

 

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 any Certificate
pursuant to the Securities Act, and (iii) not to disclose such information, and to cause its officers, directors, partners, employees,
agents or representatives not to disclose such information, in any manner whatsoever, in whole or in part, to any other Person
other than such holder’s auditors, legal counsel and regulators, except to the extent such disclosure is required by law,
court order or other legal requirement or to the extent such information is of public knowledge at the time of disclosure by such
holder or has become generally available to the public other than as a result of disclosure by such holder; provided, however,
that such holder may provide all or any part of such information to any other Person who is contemplating an acquisition of the
Excess Servicing Fee Right if, and only if, such Person (x) confirms in writing such prospective acquisition and (y) agrees in
writing to keep such information confidential, not to use or disclose such information in any manner which could result in a violation
of any provision of the Securities Act or would require registration of the Excess Servicing Fee Right or any Certificates pursuant
to the Securities Act and not to disclose such information, and to cause its officers, directors, partners, employees, agents
or representatives not to disclose such information, in any manner whatsoever, in whole or in part, to any other Person other
than such Persons’ auditors, legal counsel and regulators.

 

8.        The
Transferee acknowledges that the holder of the Excess Servicing Fee Right shall not have any rights under the Trust and Servicing
Agreement except as set forth in Section 3.12(a) of the Trust and Servicing Agreement, and that the Excess Servicing Fee Rate
may be reduced to the extent provided in the Trust and Servicing Agreement.

 

	 	Very truly
    yours,
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    P-2-3 

     

    

 

EXHIBIT
Q

 

FORM
OF POWER OF ATTORNEY BY TRUSTEE FOR MASTER SERVICER AND SPECIAL SERVICER

 

RECORDING
REQUESTED BY:

 

{insert address}

 

 

SPACE
ABOVE THIS LINE FOR RECORDER’S USE

 

LIMITED
POWER OF ATTORNEY

 

KNOW
ALL MEN BY THESE PRESENTS, that Wilmington Trust, National Association, a national banking association, incorporated and existing
under the laws of the United States, having its usual place of business at 1100 North Market Street, Wilmington, Delaware 19890
as Trustee (the “Trustee”) pursuant to that Trust and Servicing Agreement dated as of November 9, 2021 (the
“Agreement”) by and among Deutsche Mortgage & Asset Receiving Corporation, as depositor, KeyBank National
Association, as master servicer (in such capacity, the “Master Servicer”), Situs Holdings, LLC, as special
servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington
Trust, National Association, as Trustee and Park Bridge Lender Services LLC, as operating advisor (the “Operating Advisor”),
and the Trustee hereby constitutes and appoints the [Master][Special] Servicer, by and through the [Master][Special] Servicer
officers, the Trustee’s true and lawful Attorney-in-Fact, in the Trustee’s name, place and stead and for the Trustee’s
benefit, in connection with the mortgage loan (the “Trust Loan”) serviced by the Servicer and the property
(“[REO] Property”) administered by the [Master][Special] Servicer pursuant to the Agreement, to execute and
acknowledge in writing or by facsimile stamp all documents customarily and reasonably necessary and appropriate to effectuate
the enumerated transactions described in items 1 through 12 below with respect to the Trust Loan and the [REO] Property; provided
however, that the documents described below may only be executed and delivered by such Attorneys-in-Fact if such documents are
required or permitted under the Agreement. Capitalized terms used herein and not otherwise defined herein have the meanings set
forth in the Agreement.

 

		1.	The
                                         endorsement on behalf of the Trustee of all checks, drafts and/or other negotiable instruments
                                         made payable to the Trustee and draw upon, replace, substitute, release or amend letters
                                         of credit standing as collateral securing the Whole Loan.
                                         

 

		2.	The
                                         modification or re-recording of a Mortgage or deed of trust, where said modification
                                         or re-recording is solely for the purpose of correcting the Mortgage or deed of trust
                                         to conform same to the original intent of the parties thereto or to correct title errors
                                         discovered after such title insurance was issued; provided that (i) said modification
                                         or re-recording, in either instance, does not adversely affect the lien of the Mortgage
                                         or deed of trust as insured and (ii) otherwise conforms to the provisions of the Agreement.
                                         

 

    Q-1 

     

    

 

		3.	The
                                         subordination of the lien of a Mortgage or deed of trust to an easement in favor of a
                                         public utility company of a government agency or unit with powers of eminent domain;
                                         this section shall include, without limitation, the execution of partial satisfactions/releases,
                                         partial reconveyances or the execution or requests to trustees to accomplish same.
                                         

 

		4.	The
                                         conveyance of the property to the mortgage insurer, or the closing of the title to the
                                         property to be acquired as real estate owned, or conveyance of title to real estate owned.
                                         

 

		5.	The
                                         completion of loan assumption agreements.
                                         

 

		6.	The
                                         full satisfaction/release of a Mortgage or deed of trust or full conveyance upon payment
                                         and discharge of all sums secured thereby, including, without limitation, cancellation
                                         of the related Trust Note.

 

		7.	The
                                         assignment of any Mortgage or deed of trust and the related Trust Note, in connection
                                         with the repurchase of the mortgage loan secured and evidenced thereby.

 

		8.	The
                                         full assignment of a Mortgage or deed of trust upon payment and discharge of all sums
                                         secured thereby in conjunction with the refinancing thereof, including, without limitation,
                                         the assignment of the related Trust Note.

 

		9.	The
                                         full enforcement of and preservation of the Trustee’s interests in the Trust Notes,
                                         Mortgages or deeds of trust, and in the proceeds thereof, by way of, including but not
                                         limited to, foreclosure, the taking of a deed in lieu of foreclosure, or the completion
                                         of judicial or non-judicial foreclosure or the termination, cancellation or rescission
                                         of any such foreclosure, the initiation, prosecution and completion of eviction actions
                                         or proceedings with respect to, or the termination, cancellation or rescission of any
                                         such eviction actions or proceedings, and the pursuit of title insurance, hazard insurance
                                         and claims in bankruptcy proceedings, including, without limitation, any and all of the
                                         following acts:

 

		a.	the
                                         substitution of trustee(s) serving under a deed of trust, in accordance with state law
                                         and the deed of trust;
                                         

 

		b.	the
                                         preparation and issuance of statements of breach or non-performance;
                                         

 

		c.	the
                                         preparation and filing of notices of default and/or notices of sale;
                                         

 

		d.	the
                                         cancellation/rescission of notices of default and/or notices of sale;
                                         

 

		e.	the
                                         taking of deed in lieu of foreclosure;
                                         

 

		f.	the
                                         filing, prosecution and defense of claims, and to appear on behalf of the Trustee, in
                                         bankruptcy cases affecting Trust Notes, Mortgages or deeds of trust;
                                         

 

    Q-2 

     

    

 

		g.	the
                                         preparation and service of notices to quit and all other documents necessary to initiate,
                                         prosecute and complete eviction actions or proceedings;
                                         

 

		h.	the
                                         tendering, filing, prosecution and defense, as applicable, of hazard insurance and title
                                         insurance claims, including but not limited to appearing on behalf of the Trustee in
                                         quiet title actions; and
                                         

 

		i.	the
                                         preparation and execution of such other documents and performance of such other actions
                                         as may be necessary under the terms of the Mortgage, deed of trust or state law to expeditiously
                                         complete said transactions in paragraphs 9.a. through 9.h. above.

 

		10.	With
                                         respect to the sale of property acquired through a foreclosure or deed-in lieu of foreclosure,
                                         including, without limitation, the execution of the following documentation:
                                         

 

		a.	listing
                                         agreements;
                                         

 

		b.	purchase
                                         and sale agreements;
                                         

 

		c.	grant/warranty/quit
                                         claim deeds or any other deed causing the transfer of title of

 

the
property to a party contracted to purchase same;

 

		d.	escrow
                                         instructions; and
                                         

 

		e.	any
                                         and all documents necessary to effect the transfer of property.

 

		11.	The
                                         modification or amendment of escrow agreements established for repairs to the mortgaged
                                         property or reserves for replacement of personal property.

 

		12.	The
                                         execution and delivery of the following:

 

		a.	any
                                         and all financing statements, continuation statements and other documents or instruments
                                         necessary to maintain the lien created by the Mortgage, deed of trust or other security
                                         document in the Mortgage File or the Mortgaged Property and other related collateral;

 

		b.	any
                                         and all instruments of satisfaction or cancellation, or of partial or full release or
                                         discharge, or of partial or full defeasance, and all other comparable instruments; and

 

		c.	any
and all assumptions, modifications, waivers, substitutions, extensions, amendments, consents to transfers of interests in borrowers,
consents to any subordinate financings to be secured by the Mortgaged Property, consents to any mezzanine financing to be secured
by the ownership interests in a borrower, consents to and monitoring of the application of any proceeds of insurance policies
or condemnation awards to the restoration of the Mortgaged Property[, REO Property] or otherwise, documents relating to the management,
operation, maintenance, repair, leasing and marketing of the Mortgaged Property (including agreements and requests

 

    Q-3 

     

    

 

			by any borrower with respect to modifications of the standards
                                         of operation and management of the Mortgaged Property or the replacement of asset managers)
                                         or REO Properties, documents exercising any or all of the rights, powers and privileges
                                         granted or provided to the holder of the Mortgage Loan under the related loan documents,
                                         lease subordination agreements, non-disturbance and attornment agreements or other leasing
                                         or rental arrangements, any easements, covenants, conditions, restrictions, equitable
                                         servitudes, or land use or zoning requirements with respect to the Mortgaged Property
                                         [or REO Property], instruments relating to the custody of any collateral that now secures
                                         or hereafter may secure the Mortgage Loan and any other consents.

 

The
undersigned gives said Attorney-in-Fact full power and authority to execute such instruments and to do and perform all and every
act and thing necessary and proper to carry into effect the power or powers granted by or under this Limited Power of Attorney
as fully as the undersigned might or could do, and hereby does ratify and confirm to all that said Attorney-in-Fact shall be effective
as of the date set forth below.

 

This
appointment is to be construed and interpreted as a limited power of attorney. The enumeration of specific items, rights, acts
or powers herein is not intended to, nor does it give rise to, and it is not to be construed as a general power of attorney.

 

Solely
to the extent that the [Master][Special] Servicer has the power to delegate its rights or obligations under the Agreement, the
[Master][Special] Servicer also has the power to delegate the authority given to it by Wilmington Trust, National Association,
as Trustee, under this Limited Power of Attorney, for purposes of performing its obligations and duties by executing such additional
powers of attorney in favor of its attorneys-in-fact as are necessary for such purpose. The [Master][Special] Servicer’s
attorneys-in-fact shall have no greater authority than that held by the [Master][Special] Servicer.

 

Nothing
contained herein shall: (i) limit in any manner any indemnification provided to the Trustee under the Agreement, (ii) limit in
any manner the rights and protections afforded the Trustee under the Agreement, or (iii) be construed to grant the [Master][Special]
Servicer the power to initiate or defend any suit, litigation or proceeding in the name of Wilmington Trust, National Association
except as specifically provided for herein. If the [Master][Special] Servicer receives any notice of suit, litigation or proceeding
in the name of Wilmington Trust, National Association, then the [Master][Special] Servicer shall promptly forward a copy of same
to the Trustee.

 

This
limited power of attorney is not intended to extend the powers granted to the [Master][Special] Servicer under the Agreement or
to allow the [Master][Special] Servicer to take any action with respect to Mortgages, deeds of trust or Trust Notes not authorized
by the Agreement.

 

The
[Master][Special] Servicer hereby agrees to indemnify and hold the Trustee and its directors, officers, employees and agents harmless
from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses
or disbursements of any

 

    Q-4 

     

    

 

kind or nature whatsoever incurred by reason or result of the negligent use, or negligent or willful misuse,
of this Limited Power of Attorney by the [Master][Special] Servicer. The foregoing indemnity shall survive the termination of
this Limited Power of Attorney and the Agreement or the earlier resignation or removal of the Trustee under the Agreement.

 

This
Limited Power of Attorney is entered into and shall be governed by the laws of the State of New York, without regard to conflicts
of law principles of such state.

 

Third
parties without actual notice may rely upon the exercise of the power granted under this Limited Power of Attorney; and may be
satisfied that this Limited Power of Attorney shall continue in full force and effect and has not been revoked unless an instrument
of revocation has been made in writing by the undersigned.

 

IN
WITNESS WHEREOF, Wilmington Trust, National Association, as Trustee for CAMB 2021-CX2 Mortgage Trust has caused its corporate
seal to be hereto affixed and these presents to be signed and acknowledged in its name and behalf by a duly elected and authorized
signatory this ___________ day of ____________.

 

	 	Wilmington Trust, National Association,
    	 
	 	as Trustee for CAMB 2021-CX2 Mortgage
    Trust
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	Prepared by: 
	 	 
	 	 	 	 
	 	 	Name:	 

 

    Q-5 

     

    

 

State
of Delaware} 

County
of ____} 

On
________________________, before me, _________________________________Notary Public, personally appeared
___________________________, who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed
to the within instrument and acknowledged to me that he/she executed the same in his/her authorized capacity and that by
his/her signature on the instrument the person, or the entity upon behalf of which the person acted, executed the
instrument.

 

I
certify under PENALTY OF PERJURY under the laws of the State of Delaware that the foregoing paragraph is true and correct. 

Witness
my hand and official seal.

 

 

Notary
signature

 

    Q-6 

     

    

 

EXHIBIT
R

 

[RESERVED]

 

    R-1 

     

    

 

EXHIBIT
S

 

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 November 9, 2021 (the “Trust and Servicing Agreement”).

 

Transaction:
CAMB 2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through Certificates

 

Operating
Advisor: Park Bridge Lender Services 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 the Servicing Standard 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 the Servicing Standard, as a result of the following material deviations.]

 

		●	[LIST
                                         OF MATERIAL DEVIATION ITEMS]

 

In
addition, the Operating Advisor notes the following: [PROVIDE SUMMARY OF ANY ADDITIONAL MATERIAL INFORMATION].

 

[ADD
RECOMMENDATION OF REPLACEMENT OF SPECIAL SERVICER, IF APPLICABLE]

 

		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.	Major
                                         Decision Reporting Packages.

 

 

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.

 

    S-1 

     

    

 

		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 and Final Asset Status Report.

 

		3.	The
                                         Special Servicer’s assessment of compliance report, attestation report by a third
                                         party regarding the Special Servicer’s compliance with its obligations and net
                                         present value calculations.

 

		4.	[LIST
                                         OTHER REVIEWED INFORMATION]

 

		5.	[INSERT
                                         WHEN AN OPERATING ADVISOR CONSULTATION PERIOD IS IN EFFECT: Consulted with the Special
                                         Servicer as provided under the Trust and Servicing Agreement in respect to the Asset
                                         Status Reports for the Trust Loan when a Servicing Transfer Event has occurred and with
                                         respect to Major Decisions.]

 

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. 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, re-engineer the quantitative aspects of their net present value
calculator, visit any related property, visit the Special Servicer, visit the Directing Holder or interact with the Borrower.
In addition, our review of the net present value calculations and Appraisal Reduction calculations is limited to the mathematical
accuracy of the calculations and the corresponding application of the non-discretionary portions of the applicable formulas, and
as such, does not take into account the reasonableness of the discretionary portions of such formulas.

 

		III.	Qualifications
                                         and Disclaimers Related to the Work Product Undertaken and Opinions Related to this Report

 

		1.	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.

 

		2.	Except
                                         as may have been reflected in any Major Decision Reporting Package or Asset Status Report,
                                         the Operating Advisor did not participate in, or have access to, the Special Servicer’s
                                         and Directing Holder’s discussion(s) regarding the Whole Loan when a Servicing
                                         Transfer Event has occurred. The Operating Advisor does not have authority to speak with
                                         the Directing Holder 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.

 

		3.	The
                                         Special Servicer has the legal authority and responsibility to service the Whole Loan
                                         when a Servicing Transfer Event has occurred pursuant to the Trust and Servicing Agreement.
                                         The Operating Advisor has no responsibility or authority to alter the standards set forth
                                         therein or direct the actions of the Special Servicer.

 

    S-2 

     

    

 

		4.	Confidentiality
                                         and other contractual limitations limit the Operating Advisor’s ability to outline
                                         the details or substance of any communications held between it and the Special Servicer
                                         regarding the Whole Loan when a Servicing Transfer Event has occurred 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.

 

		5.	The
                                         Operating Advisor is not empowered to speak with any investors directly. If the investors
                                         have questions regarding this report, they should address such questions to the Certificate
                                         Administrator through the Certificate Administrator’s website.

 

		6.	This
                                         report does not constitute recommendations to buy, sell or hold any security, nor does
                                         the Operating Advisor take into account market prices of securities or financial markets
                                         generally when performing its limited review of the Special Servicer as described above.
                                         The Operating Advisor does not have a fiduciary relationship with any Certificateholder
                                         or any other party or individual. Nothing is intended to or should be construed as creating
                                         a fiduciary relationship between the Operating Advisor and any Certificateholder, party
                                         or individual.

 

Terms
used but not defined herein have the meaning set forth in the Trust and Servicing Agreement.

 

	 	PARK BRIDGE LENDER SERVICES LLC,
    
	 	as Operating Advisor
	 	 	 
	 	By: 	Park Bridge Advisors LLC, a New
    York
	 	 	limited liability company, its sole
    member
	 	 	 	 
	 	 	By:	Park Bridge Financial LLC, a New York
	 	 	 	limited liability company, its sole member
	 	 	 	 
	 	 	By:	 
	 	 	 	Name: 
	 	 	 	Title: 

 

    S-3 

     

    

 

EXHIBIT
T

 

Form
of Notice from operating advisor recommending replacement of special servicer

 

Wilmington
Trust, National Association

as Trustee 

1100
North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee – CAMB 2021-CX2 

with
a copy to: 

E-mail:
cmbstrustee@wilmingtontrust.com

 

Wells
Fargo Bank, National Association

as Certificate Administrator 

9062
Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – CAMB 2021-CX2

 

KeyBank
National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Michael Tilden

Email: Michael_a_tilden@keybank.com

 

with
a copy to: 

Polsinelli

900 West 48th Place, Suite 900

Kansas City, Missouri 64112

Attention: Kraig Kohring

Email: kkohring@polsinelli.com

 

Situs
Holdings, LLC

as
Special Servicer 

2
Embarcadero Center, 8th Floor

San Francisco, California 94111 

Attention:
Stacey Ciarlanti 

E-mail:
staceyciarlanti@situsamc.com

 

		Re:	CAMB
                                         2021-CX2, Commercial Mortgage Pass-Through Certificates, Recommendation of Replacement
                                         of Special Servicer 

 

    T-1 

     

    

 

Ladies
and Gentlemen:

 

This
letter is delivered pursuant to Section 7.01(e) of the Trust and Servicing Agreement, dated as of November 9, 2021 (the “Trust
and Servicing Agreement”), and executed in connection with the above-referenced transaction, on behalf of the holders
of CAMB 2021-CX2, Commercial Mortgage Pass-Through Certificates (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 6.11
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: [________].

 

Based
upon such assessment, we further hereby recommend that Situs Holdings, LLC be removed as Special Servicer and that [________]
be appointed its successor in such capacity.

 

	 	Very
    truly yours,
	 	 
	 	 
	 	[The
    Operating Advisor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:

 

    T-2 

     

    

 

EXHIBIT
U

 

RESERVED

 

    U-1 

     

    

 

EXHIBIT
V

 

Form
of cERTIFICATE ADMINISTRATOR RECEIPT OF CLASS HRR

CERTIFICATES

 

	3650
                                         Cal Bridge Lending, LLC

        as
Retaining Sponsor 

        2977
McFarlane Road, Suite 300 

        Miami,
        Florida 33133

        Attention: Jonathan Roth and Mark A. Jefferis

         

        Deutsche
Mortgage & Asset Receiving Corporation 

        1
Columbus Circle 

        New
        York, New York 10019

        Attention: Helaine M. Kaplan

         

        with
copies via email to: 

        lainie.kaye@db.com,
and 

cmbs.requests@db.com

         
	 	3650
                                         Cal Bridge Cambridge Crossing LLC

        as
Retaining Party 

        2977
McFarlane Road, Suite 300 

        Miami,
Florida 33133

Attention: Jonathan Roth and Mark A. Jefferis

		Re:	CAMB
                                         2021-CX2 Mortgage Trust Commercial Mortgage Pass-Through Certificates 

 

In
accordance with Section 5.02(a) of the Trust and Servicing Agreement, dated as of November 9, 2021 (the “Agreement”),
the Certificate Administrator hereby acknowledges receipt of $[_] of the Class HRR Certificates (CUSIP No. [_]) in the form of
a Definitive Certificate, for the benefit of , the Retaining Party.

 

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:
    COMPUTERSHARE TRUST COMPANY, N.A., as attorney-in-fact
	 	 
	 	  By:	        
	 	 	Name:
	 	 	Title:

 

    V-1 

     

    

 

EXHIBIT
W

 

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
11.04 of the Trust and Servicing Agreement to disclose to each Other Exchange Act Reporting Party and the 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 Exchange Act Reporting Party 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 Trust 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 Exchange Act Reporting Party 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 CAMB 2021-CX2 Trust 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 Exchange Act Reporting Party 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

        ●    Trust
        Loan Seller (only with respect to 1121(c)(2))

        	 
	Item
    2: Legal Proceedings:

    Item 1117 of Regulation AB (to the extent material to Certificateholders)	●    Master
                                         Servicer (as to itself)

        ●    Special
        Servicer (as to itself)

        ●    Trustee
        (as to itself)

        ●    Certificate
        Administrator (as to itself)

        ●    Depositor
        (as to itself)

        ●    Any
        other Reporting Servicer (as to itself)

        	 

 

    W-1 

     

    

 

	 	●    Trustee/Certificate
                                         Administrator/Master Servicer/ Depositor/Special Servicer as to the Trust

        ●    Trust
        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)

        	 

 

    W-2 

     

    

 

EXHIBIT
X

 

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
11.05 of the Trust and Servicing Agreement to disclose to each Other Exchange Act Reporting 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 Exchange Act Reporting Party 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 Trust 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 Exchange Act Reporting Party 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 CAMB 2021-CX2 Trust 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 Exchange Act Reporting Party 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	 

 

    X-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

        ●    Trust
        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)

        ●    Trust
        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)

        	 

 

    X-2 

     

    

 

EXHIBIT
Y

 

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
11.06 of the Trust and Servicing Agreement to disclose to each Other Exchange Act Reporting Party 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
Exchange Act Reporting Party 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 Trust 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 Exchange Act Reporting Party
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 CAMB 2021-CX2 Trust 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 Exchange Act Reporting Party 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 securitization (other than
    expiration in accordance with its terms), 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
    1.03- Bankruptcy or Receivership	●    Depositor 

        ●    Trust
Loan Seller
	 

 

    Y-1 

     

    

 

	Item
    on Form 8-K	Party
    Responsible	 
	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
    Trust and Servicing Agreement.	●    Certificate
    Administrator	 
	Item
    5.03- Amendments of Articles of Incorporation or Bylaws; Change of Fiscal Year

    

    Disclosure is required of any amendment “to the governing documents of the issuing entity”.	●    Depositor	 
	Item
    5.06 – Change in Shell Company Status	●    Depositor	 
	Item
    5.07 – Submission of Matters to a Vote of Security Holders	●    Depositor	 
	Item
    5.08 – Shareholder Director Nomination	●    Depositor	 
	Item
    6.01- ABS Informational and Computational Material	●    Depositor	 
	Item
    6.02- Change of Servicer or Trustee 

    

    Requires disclosure of any removal, replacement, substitution or addition of any master servicer, affiliated servicer, other
    servicer servicing 10% or more of pool assets at time of report, other material servicers or trustee.	●    Master
Servicer (as to itself or a servicer retained by it) 

        ●    Special
Servicer (as to itself or a servicer retained by it) 

        ●    Certificate
Administrator (as to itself or an entity retained by it) 

        ●    Trustee 

        ●    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	 

 

    Y-2 

     

    

 

	Item
    on Form 8-K	Party
    Responsible	 
	Item
    9.01 – Financial Statements and Exhibits	●    Responsible
    party for reporting/disclosing the financial statement or exhibit	 

 

    Y-3 

     

    

 

EXHIBIT
Z

 

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 ADDRESSES IMMEDIATELY
BELOW**

 

[Other
Depositor Address]

 

[Each
Other Exchange Act Reporting Party Address]

 

		Re:	**Additional
                                         Form [10-D][10-K][8-K] Disclosure Required **

 

Ladies
and Gentlemen: 

 

In
accordance with Section [11.04][11.05][11.06] of the Trust and Servicing Agreement, dated as of November 9, 2021 (the “Trust
and Servicing Agreement”), entered into between Deutsche Mortgage & Asset Receiving Corporation, as depositor, KeyBank
National Association, as master servicer (in such capacity, the “Master Servicer”), Situs Holdings, LLC, as
special servicer (the “Special Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”),
Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”),
paying agent and custodian, and Park Bridge Lender Services LLC, as operating advisor (the “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:

 

    Z-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:

 

    W-2 

     

    

 

EXHIBIT
AA

 

INITIAL
SUB-SERVICERS

 

Computershare
Trust Company, N.A.

 

    AA-1 

     

    

 

EXHIBIT
BB

 

FORM
OF BACKUP CERTIFICATION

 

CAMB
2021-CX2 Mortgage Trust (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 November 9, 2021 (the “Trust and Servicing
Agreement”), entered into between Deutsche Mortgage & Asset Receiving Corporation, as depositor, KeyBank National
Association, as master servicer (in such capacity, the “Master Servicer”), Situs Holdings, LLC, as special
servicer (the “Special Servicer”), Wilmington Trust, National Association, as trustee (the “Trustee”),
Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”),
as paying agent and custodian, and Park Bridge Lender Services LLC, as operating advisor (the “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 Master
                                         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 11.07 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

 

    BB-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 [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:

 

    BB-2 

     

    

 

EXHIBIT
CC

 

FORM
OF COMPANION LOAN HOLDER CERTIFICATION

 

[Date]

 

KeyBank National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Michael Tilden

Email: Michael_a_tilden@keybank.com

 

with
a copy to: 

Polsinelli

900 West 48th Place, Suite 900

Kansas City, Missouri 64112

Attention: Kraig Kohring

Email: kkohring@polsinelli.com

 

Wells
Fargo Bank, National Association 

9062
Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – CAMB 2021-CX2

 

with
copies to:

 

ct.cmbs.bond.admin@wellsfargo.com,
and 

trustadministrationgroup@wellsfargo.com

 

		Re:	CAMB
                                         2021-CX2 Mortgage Trust – Companion Loan

 

In
accordance with the requirements for obtaining certain information under the Trust and Servicing Agreement (the “Agreement”),
dated as of November 9, 2021, among Deutsche Mortgage & Asset Receiving Corporation, as Depositor, KeyBank National Association,
as Master Servicer, Situs Holdings, LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, Wells Fargo
Bank, National Association, as Certificate Administrator and Park Bridge Lender Services LLC, as Operating Advisor, 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 Holder (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.

 

    CC-1 

     

    

 

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.

 

The
undersigned shall not use or disclose the Information in any manner which could result in a violation of any provision of the
Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended,
or would require registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

3.        The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations contained herein remain true and correct.

 

4.        The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the
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 Holder]
	 	 	 
	 	By:	 
	 	 	Title: 
	 	 	Company: 
	 	 	Phone:

 

    CC-2

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