Document:

Exhibit
4.3 

 

EXECUTION
VERSION

	 

 

BANC
OF AMERICA MERRILL LYNCH LARGE LOAN, INC., 

Depositor,

 

Wells
farGO bank, national association,

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 18, 2020

 

 

 

Grace
Trust 2020-GRCE

Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE

	 

 

     

     

    

 

Table
of Contents

 

Page

 

	Article
    I
	 
	DEFINITIONS
	 
	Section 1.01	Defined Terms	3
	Section 1.02	Certain Calculations	65
	Section 1.03	Certain Constructions	69
	 	 	 
	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	69
	Section 2.02	Acceptance by Custodian
    and the Trustee	74
	Section 2.03	Representations,
    Warranties and Covenants of the Depositor; Repurchase of Trust Loan	76
	Section 2.04	Representations,
    Warranties and Covenants of the Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Operating
    Advisor	82
	Section 2.05	Execution and Delivery
    of Certificates; Issuance of Lower-Tier Regular Interests; Issuance of Upper-Tier Interests	88
	Section 2.06	Miscellaneous REMIC
    Provisions	88
	 	 	 
	Article III
	 	 
	ADMINISTRATION AND SERVICING
	OF THE TRUST FUND
	 
	Section 3.01	The Servicer to
    Act as Servicer; Special Servicer To Act as Special Servicer; Administration of the Whole Loan	88
	Section 3.02	Liability of the
    Servicer and the Special Servicer When Sub-Servicing	92
	Section 3.03	Collection of Whole
    Loan Payments	92
	Section 3.04	Collection of Taxes,
    Assessments and Similar Items; Escrow Accounts	92
	Section 3.05	Collection Account;
    Distribution Accounts and Interest Reserve Account	94
	Section 3.06	Permitted Withdrawals
    from the Collection Account and the Distribution Accounts; Trust Ledger	97
	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	104
	Section 3.08	Maintenance of Insurance
    Policies and Errors and Omissions and Fidelity Coverage	106
	Section 3.09	Enforcement of Due-on-Sale
    Clauses; Assumption Agreements; Defeasance Provisions	109
	Section 3.10	Appraisals; Realization
    upon Defaulted Mortgage Loan	113
	Section 3.11	Custodian to Cooperate;
    Release of Mortgage File	119

 

    -i-

     

    

 

Table
of Contents

(continued)

 

Page

 

	Section 3.12	Servicing Fees,
    Trustee/Certificate Administrator Fees and Special Servicing Compensation	119
	Section 3.13	Reports to the Certificate
    Administrator; Collection Account Statements	124
	Section 3.14	Access to Certain
    Documentation	129
	Section 3.15	Title and Management
    of REO Property and REO Accounts	135
	Section 3.16	Sale of a Specially
    Serviced Loan or the REO Property	139
	Section 3.17	Additional Obligations
    of the Servicer and the Special Servicer; Inspections	142
	Section 3.18	Authenticating Agent	143
	Section 3.19	Appointment of Custodians	144
	Section 3.20	Lock-Box Accounts,
    Cash Collateral Accounts, Escrow Accounts and Reserve Accounts	145
	Section 3.21	Property Advances	145
	Section 3.22	Appointment of Special
    Servicer	148
	Section 3.23	Transfer of Servicing
    Between the Servicer and the Special Servicer; Record Keeping; Asset Status Report; Notice of Mezzanine Foreclosure	150
	Section 3.24	Special Instructions
    for the Servicer and/or Special Servicer	155
	Section 3.25	Certain Rights and
    Obligations of the Servicer and/or the Special Servicer	155
	Section 3.26	Modification, Waiver,
    Amendment and Consents	156
	Section 3.27	Annual Compliance
    Statements	158
	Section 3.28	Annual Reports on
    Assessment of Compliance with Servicing Criteria	158
	Section 3.29	Annual Independent
    Public Accountants’ Servicing Report	159
	Section 3.30	No Downgrade Confirmation	159
	Section 3.31	Certain Co-Lender
    Matters Relating to the Whole Loan	161
	Section 3.32	Horizontal Credit
    Risk Retention	164
	Section 3.33	Resignation Upon
    Prohibited Credit Risk Retention Affiliation	164
	 	 	 
	Article
    IV
	 
	DISTRIBUTIONS TO CERTIFICATEHOLDERS
	 	 	 
	Section 4.01	Distributions	165
	Section 4.02	Statements to Certificateholders;
    Reports by Certificate Administrator; Other Information Available to the Holders and Others	170
	Section 4.03	Compliance with
    Withholding Requirements	180
	Section 4.04	REMIC Compliance	180
	Section 4.05	Imposition of Tax
    on the Trust Fund	182
	Section 4.06	Remittances	183
	Section 4.07	P&I Advances
    and Administrative Advances	183
	Section 4.08	Appraisal Reductions;
    Collateral Deficiency Amounts	187
	 	 	 
	Article
    V
	 
	THE CERTIFICATES
	 	 	 
	Section 5.01	The Certificates	189
	Section 5.02	Registration, Transfer
    and Exchange of Certificates	192

 

    -ii-

     

    

 

Table
of Contents

(continued)

 

Page

 

	Section 5.03	Mutilated, Destroyed,
    Lost or Stolen Certificates	202
	Section 5.04	Appointment of Paying
    Agent	203
	Section 5.05	Access to Certificateholders’
    Names and Addresses; Special Notices	203
	Section 5.06	Actions of Certificateholders	203
	Section 5.07	Rule 144A Information	204
	 	 	 
	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 Servicer, the Special Servicer and the Operating Advisor.	204
	Section 6.02	Merger or Consolidation
    of either the Servicer, the Special Servicer, the Operating Advisor or the Depositor	204
	Section 6.03	Limitation on Liability
    of the Depositor, the Servicer and Others	205
	Section 6.04	Limitation on Resignation
    of the Servicer and the Special Servicer; Termination of the Servicer and the Special Servicer	206
	Section 6.05	Rights of the Depositor
    and the Trustee in Respect of the Servicer and the Special Servicer	207
	Section 6.06	The Servicer or
    Special Servicer as Owners of a Certificate	208
	Section 6.07	Selection and Removal
    of the Directing Holder	209
	Section 6.08	Limitation on Liability
    of Directing Holder; Acknowledgements of the Certificateholders	211
	Section 6.09	Rights and Powers
    of the Directing Holder	211
	Section 6.10	Directing Holder
    and Operating Advisor Contact with Servicer and Special Servicer	213
	Section 6.11	The Operating Advisor	214
	 	 	 
	Article
    VII
	 
	TERMINATION EVENTS
	 	 	 
	Section 7.01	Servicer Termination
    Events	219
	Section 7.02	Trustee to Act;
    Appointment of Successor	227
	Section 7.03	Notification to
    Certificateholders and Other Persons	228
	Section 7.04	Other Remedies of
    Trustee	229
	Section 7.05	Waiver of Past Servicer
    Termination Events; Termination	229
	Section 7.06	Trustee as Maker
    of Advances	229
	 	 	 
	Article
    VIII
	 
	CONCERNING THE TRUSTEE AND CERTIFICATE ADMINISTRATOR
	 	 	 
	Section 8.01	Duties of Trustee
    and Certificate Administrator	230
	Section 8.02	Certain Matters
    Affecting the Trustee and the Certificate Administrator	232

 

    -iii-

     

    

 

Table
of Contents

(continued)

 

Page

 

	Section 8.03	Trustee and Certificate
    Administrator Not Liable for Certificates or the Trust Loan	234
	Section 8.04	Trustee and Certificate
    Administrator May Own Certificates	235
	Section 8.05	Payment of Trustee’s
    and Certificate Administrator’s Fees and Expenses; Indemnification	236
	Section 8.06	Eligibility Requirements
    for Trustee and Certificate Administrator	238
	Section 8.07	Resignation and
    Removal of Trustee and Certificate Administrator	239
	Section 8.08	Successor Trustee
    and Certificate Administrator	240
	Section 8.09	Merger or Consolidation
    of Trustee or Certificate Administrator	241
	Section 8.10	Appointment of Co-Trustee
    or Separate Trustee	241
	 	 	 
	Article
    IX
	 
	TERMINATION
	 	 	 
	Section 9.01	Termination	242
	 	 	 
	Article
    X
	 
	MISCELLANEOUS PROVISIONS
	 	 	 
	Section 10.01	Counterparts	246
	Section 10.02	Limitation on Rights
    of Certificateholders	247
	Section 10.03	Governing Law	247
	Section 10.04	Waiver of Jury Trial;
    Consent to Jurisdiction	248
	Section 10.05	Notices	248
	Section 10.06	Severability of
    Provisions	254
	Section 10.07	Notice to the Depositor
    and Each Rating Agency	254
	Section 10.08	Amendment	256
	Section 10.09	Confirmation of
    Intent	258
	Section 10.10	No Intended Third-Party
    Beneficiaries	259
	Section 10.11	Entire Agreement	259
	Section 10.12	Third Party Beneficiaries	259
	 	 	 
	Article
    XI
	 	 	 
	EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE
	 
	Section 11.01	Intent of the Parties;
    Reasonableness	260
	Section 11.02	Succession; Sub-Servicers;
    Subcontractors	260
	Section 11.03	Other Securitization
    Trust’s Filing Obligations	262
	Section 11.04	Form 10-D Disclosure	262
	Section 11.05	Form 10-K Disclosure	262
	Section 11.06	Form 8-K Disclosure	263
	Section 11.07	Annual Compliance
    Statements	263
	Section 11.08	Annual Reports on
    Assessment of Compliance with Servicing Criteria	264

 

    -iv-

     

    

 

Table
of Contents

(continued)

 

Page

 

	Section 11.09	Annual Independent
    Public Accountants’ Servicing Report	265
	Section 11.10	Significant Obligor	266
	Section 11.11	Sarbanes-Oxley Backup
    Certification	267
	Section 11.12	Indemnification	267
	Section 11.13	Amendments	270
	Section 11.14	Termination of the
    Certificate Administrator	270
	Section 11.15	Termination of Sub-Servicing
    Agreements	270
	Section 11.16	Notification Requirements
    and Deliveries in Connection with Securitization of a Companion Loan	270

 

    -v-

     

    

 

	TABLE OF SCHEDULES
	 	 
	Schedule I	Servicing Criteria to Be Addressed in Assessment
    of Compliance
	 	 
	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 E Certificate
	Exhibit A-7	Form of Class F Certificate
	Exhibit A-8	Form of Class HRR Certificate
	Exhibit A-9	Form of Class LR Certificate
	Exhibit A-10	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
	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 Servicer and
    Special Servicer
	Exhibit R	[Reserved]
	Exhibit S	Form of Operating Advisor Annual Report

 

    -vi-

     

    

 

	Exhibit T	Form of Notice from Operating
    Advisor Recommending Replacement of Special Servicer
	Exhibit U	Form of Notice of Mezzanine Collateral Foreclosure
	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 18, 2020, among Banc of America Merrill Lynch Large Loan, Inc., as Depositor,
Wells Fargo Bank, National Association, as 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
not defined in this Preliminary Statement shall have the meanings specified in Article 1 hereof.

 

Bank
of America, National Association (together with its successors-in-interest, “BANA”), JPMorgan Chase Bank, National
Association (together with its successors-in-interest, “JPMCB”), DBR Investments Co. Limited (together with
its successors-in-interest, “DBRI”) Column Financial, Inc. (together with its successors-in-interest, “Column”),
co-originated a floating rate loan (the “Whole Loan”) pursuant to a Mortgage Loan Agreement (as may be amended,
modified, supplemented or restated from time to time, the “Loan Agreement”), dated as of November 17,
2020, among BANA, JPMBC, DBRI and Column, as lenders, and 1114 6th Avenue Owner LLC, a Delaware limited liability company
(the “Borrower”), and is evidenced by twenty-two (22) promissory notes (as the same may hereafter be amended,
restated, supplemented or otherwise modified, the “Notes”) listed below. Shortly after November 17, 2020
and prior to the Closing Date, DBRI sold its respective portion of any right, title and interest in, to and under the Trust Loan
to German American Capital Corporation (“GACC”).

 

	Note
	Trust
                                         /

                                         Non-Trust
	Loan
                                         Seller / Companion 

                                         Loan Holder
	Senior/
                                         

                                         Subordinate(1)
	Original
                                         

                                         Principal Balance
	Note
                                         Rate

	Note A-1-1	Trust
    Note	BANA	Senior	$114,900,000	2.6921%
	Note A-1-2	Non-Trust
    Note	BANA	Senior	$75,000,000
    	2.6921%
	Note
    A-1-3	Non-Trust
    Note	BANA	Senior	$75,000,000
    	2.6921%
	Note A-2-1	Trust
    Note	JPMCB	Senior	$114,900,000
    	2.6921%
	Note A-2-2	Non-Trust
    Note	JPMCB	Senior	$30,000,000	2.6921%
	Note
    A-2-3	Non-Trust
    Note	JPMCB	Senior	$30,000,000	2.6921%
	Note A-2-4	Non-Trust
    Note	JPMCB	Senior	$30,000,000	2.6921%
	Note
    A-2-5	Non-Trust
    Note	JPMCB	Senior	$20,000,000	2.6921%
	Note A-2-6	Non-Trust
    Note	JPMCB	Senior	$20,000,000	2.6921%
	Note A-2-7	Non-Trust
    Note	JPMCB	Senior	$20,000,000	2.6921%
	Note A-3-1	Trust
    Note	Column	Senior	$76,600,000
    	2.6921%
	Note A-3-2	Non-Trust
    Note	Column	Senior	$30,000,000
    	2.6921%
	Note
    A-3-3	Non-Trust
    Note	Column	Senior	$30,000,000
    	2.6921%
	Note
    A-3-4	Non-Trust
    Note	Column	Senior	$20,000,000
    	2.6921%
	Note
    A-3-5	Non-Trust
    Note	Column	Senior	$20,000,000
    	2.6921%
	Note A-4-1	Trust
    Note	GACC	Senior	$76,600,000
    	2.6921%
	Note A-4-2	Non-Trust
    Note	DBRI	Senior	$40,000,000
    	2.6921%
	Note
    A-4-3	Non-Trust
    Note	DBRI	Senior	$30,000,000
    	2.6921%
	Note A-4-4	Non-Trust
    Note	DBRI	Senior	$20,000,000
    	2.6921%
	Note
    A-4-5	Non-Trust
    Note	DBRI	Senior	$10,000,000
    	2.6921%
	Note B-1	Trust
    Note	BANA	Subordinate	$110,100,000
    	2.6921%
	Note
    B-2	Trust
    Note	JPMCB	Subordinate	$110,100,000
    	2.6921%
	Note
    B-3	Trust
    Note	Column	Subordinate	$73,400,000
    	2.6921%
	Note
                                         B-4
	Trust
    Note	GACC	Subordinate	$73,400,000
    	2.6921%

 

Each
Note with an “A-” designation in the chart above is individually referred to herein as a “Senior Note”
and are collectively referred to as the “Senior Notes”.

 

Each
Note with an “A-” designation and the designation “Trust Note” in the chart above is individually referred
to herein as a “Senior Trust Note” and are collectively referred to as the “Senior Trust Notes.”

 

     

     

    

 

Each
Note with an “B-” designation in the chart above is individually referred to herein as a “Junior Note”
and are collectively referred to as the “Junior Notes” and the Junior Notes, together with the Senior Trust
Notes are collectively referred to as the “Trust Notes.”

 

Each
Note with the designation “Non-Trust Note” in the chart above is individually referred to herein as a “Non-Trust
Note” and are collectively referred to as the “Non-Trust Notes.”

 

The
portion of the Whole Loan evidenced by the Trust Notes, referred to herein as the “Trust Loan,” has an aggregate
principal balance as of the Cut-off Date of $750,000,000. The portion of the Whole Loan evidenced by Non-Trust Notes, collectively
referred to as the “Companion Loan”, has an aggregate principal balance as of the Cut-off Date of $500,000,000.
The Trust Notes and the Non-Trust Notes are collectively referred to herein as the “Notes” and, each, as a
“Note.”

 

Each
Loan Seller sold and assigned its respective portion of the Trust Loan to the Depositor pursuant to the related Trust Loan Purchase
Agreement. The Companion Loan will not be an asset of the Trust.

 

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, and will issue (a) 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 (b) 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 (a) the Class A, Class X, Class B, Class C, Class D, Class E, Class F and Class HRR Certificates, each of which
is a class of “regular interests” in the Upper-Tier REMIC and (b) the Class R Certificates, as the sole class
of residual interests in the Upper-Tier REMIC.

 

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 Components 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, 

                                         Notional Amount
	Corresponding
                                         

                                         Lower-Tier Regular 

                                         Interests(1)
	Lower-Tier
                                         

                                         Principal Balance
	Corresponding
                                         

                                         Component

	Class
    A	$     304,700,000	LA	$304,700,000	XA
	Class
    X 	$     348,800,000	N/A	     N/A	N/A
	Class
    B 	$     44,100,000	LB	$44,100,000	XB
	Class
    C 	$     34,200,000	LC	$34,200,000	N/A
	Class
    D 	$     124,700,000	LD	$124,700,000	N/A
	Class
    E 	$     135,300,000	LE	$135,300,000	N/A
	Class
    F 	$     60,630,000	LF	$60,630,000	N/A
	Class
    HRR 	$     46,370,000	LHRR	$46,370,000	N/A
	 	 	 	 	 

 

 

 

     -2-

     

    

 

		(1)	The
                                         Lower-Tier Regular Interest and the Components 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.

 

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 $750,000,000.

 

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

 

Article
I

DEFINITIONS

 

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

 

“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.

 

“AB
Modified Loan”: Any Corrected Loan (a) that became a Corrected 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 (b) as to which an Appraisal Reduction Amount is not in effect.

 

     -3-

     

    

 

“Acceptable
Insurance Default”: With respect to the Whole Loan, any Default arising when the Loan Documents require that the Borrower
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 (a) 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 Property and located
in or around 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 (b) 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.

 

“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 Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the 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 Servicer, the Certificate
Administrator, the Trustee, the 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 Servicer or Special Servicer, as applicable,
of any right granted under the Loan Documents to obtain terrorism insurance in the event that the Borrower (a) is not required
to purchase such terrorism insurance or (b) is 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).

 

“Administrative
Fee Rate”: The percentage rate per annum equal to the sum of (a) the Servicing Fee Rate, (b) the Trustee/Certificate
Administrator Fee Rate, (c) the CREFC® License Fee Rate and (d) the

 

     -4-

     

    

 

Operating Advisor Fee Rate. The Administrative
Fee Rate is equal to 0.01220% 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 Servicer or the Trustee, as applicable, has not been reimbursed for the number of days from the date on
which such Advance was made to the date of payment or reimbursement of the related Advance or other such amount, less any amount
of interest previously paid on such Advance; provided that if, during any Collection Period in which an Advance was made,
the Borrower makes 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 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 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 (a) cause
either Trust REMIC to fail to qualify as a REMIC or (b) 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.

 

“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 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.

 

     -5-

     

    

 

“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).

 

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

 

“Applicable
KBRA Permitted Investment Rating”: (a) In the case of such investments with maturities of thirty (30) days or less,
the short-term obligations (or, if applicable, deposit accounts) of which are rated at least “K3” by KBRA or the long-term
obligations (or, if applicable, deposit accounts) of which are rated at least “BBB-” by KBRA, (b) in the case of such
investments with maturities of three months or less, but more than thirty (30) days, the short-term obligations (or, if applicable,
deposit accounts) of which are rated at least “K3” by KBRA or the long-term obligations (or, if applicable, deposit
accounts) of which are rated at least “BBB-” by KBRA, (c) in the case of such investments with maturities of six months
or less, but more than three months, the short-term obligations (or, if applicable, deposit accounts) of which are rated at least
“K1” by KBRA or the long-term obligations (or, if applicable, deposit accounts) of which are rated at least “A-”
by KBRA, (d) in the case of such investments with maturities of 365 days or less, but more than six months, the short-term obligations
(or, if applicable, deposit accounts) of which are rated at least “K1” by KBRA or the long-term obligations (or, if
applicable, deposit accounts) of which are rated “A-” by KBRA.

 

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

 

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

 

“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 the Property or the REO Property, an appraisal of such Property or REO Property, conducted by an Independent MAI
appraiser in accordance with the standards of the Appraisal Institute and certified by such Independent MAI 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
REO Property shall use the most recently determined appraised value set forth in an Appraisal (or update thereof) unless a different
valuation is specifically required (such as the appraised value of the Property at origination).

 

“Appraisal
Reduction Amount”: For any Distribution Date as to which an Appraisal Reduction Event has occurred, an amount calculated
by the Servicer by the first Determination Date that is at least ten (10) Business Days following the date the 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

 

     -6-

     

    

 

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 Servicer, the Trustee, the Other 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 Trust 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 Premiums 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 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 Property as determined by
an Updated Appraisal obtained by the Special Servicer (the costs of which shall be paid by the 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 Servicer or Other 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 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 sixty (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 thirty (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 Servicer or Other 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”).

 

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 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.

 

     -7-

     

    

 

“Appraisal
Reduction Event”: With respect to the Whole Loan, on the earliest of the following (a) the date on which the Whole
Loan becomes a Modified Loan, (b) the 90th day following the occurrence of any uncured Delinquency in Monthly Payments, (c) receipt
of notice that the Borrower has filed a bankruptcy petition or the date on which a receiver is appointed and continues in such
capacity in respect of the Property or the 60th day after the Borrower becomes the subject of involuntary bankruptcy proceedings
and such proceedings are not dismissed in respect of the Property, (d) the date on which the Property becomes an REO Property
and (e) a payment default shall have occurred with respect to the related Balloon Payment; provided, however,
that for purposes of clause (e) above, if (i) the Borrower is diligently seeking a refinancing commitment or
sale of the Property (and delivers a statement to that effect to the Servicer within thirty (30) days after the default, which
shall promptly deliver a copy to the Special Servicer), (ii) the Borrower continues to make the Assumed Scheduled Payment
and (iii) no other Appraisal Reduction Event has occurred with respect to the Whole Loan, then an Appraisal Reduction Event
will not occur until sixty (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 Borrower has delivered to the 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 Servicer, or a signed purchase agreement reasonably acceptable to the Servicer, and the Borrower continues 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 Servicer promptly upon the occurrence of any of the foregoing events
if the Whole Loan is a Specially Serviced Loan.

 

“Appraised-Out
Class” As defined in Section 4.08(b).

 

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

 

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

 

“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 Property is 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 Note Rate), assuming such Balloon
Payment had not become due, after giving effect to any prior modification, and (b) interest at the Trust Note Rate minus
the applicable Servicing Fee Rate.

 

“Assumption
Fees”: Any fees (other than assumption application fees) collected by the Servicer or the Special Servicer in connection
with an assumption of the Whole Loan or related substitution of the

 

     -8-

     

    

 

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.

 

“Available
Funds”: For any Distribution Date the sum of (a) 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)) received by or on behalf of the Servicer in the Collection
Period relating to such Distribution Date, (b) all P&I Advances made by the Servicer or the Trustee, as applicable, in
respect of the Trust Loan as of such Distribution Date, (c) all other amounts received by the Servicer in the Collection
Period and required to be deposited in the Collection Account by the Servicer pursuant to 3.05, (d) 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, (e) any Servicer
Prepayment Interest Shortfall Amount remitted by the Servicer to the Collection Account, (f) 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; but excluding
(without duplication) the following (in no order of priority), and (g) solely with respect to the Distribution Date occurring
in December 2020, the Initial Deposit Amount:

 

(a)            all amounts permitted to be used to reimburse the Servicer or the Trustee, as applicable, for previously unreimbursed Advances
and interest thereon as described in Section 3.06;

 

(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), 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 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 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 Borrower)

 

(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 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;

 

     -9-

     

    

 

(f)             all amounts representing certain fees and expenses, including indemnity amounts, reimbursable or payable to the 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 Servicer or withdrawn by the Servicer from the Collection Account
to the extent expressly set forth in this Agreement (including, without limitation, as provided in Section 3.06 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;

 

(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 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;

 

(j)             Prepayment Premiums; and

 

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). 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”:
As defined in the Preliminary Statement.

 

“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 Closing 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, Class D, Class E and Class F Certificates with a Pass-Through Rate equal to either
the Net Trust Note Rate or the Net Trust Note Rate less a specified rate shall be a fraction (not greater than one) (i) the
numerator of which is the greater of zero and the amount, if any, by which (A) the Pass-Through Rate on such Class of Certificates,
exceeds (B) the yield rate (as provided by the Servicer) used in calculating the Prepayment Premiums with respect to such Principal
Prepayment and (ii) the denominator of which is the amount, if any, by which (A) the Net Trust Note Rate exceeds (B) the
Discount Rate (as provided by the Servicer) used in calculating the Prepayment Premiums with respect to such Principal Prepayment;
provided that if such Discount Rate is greater than or equal to the Net Trust Note Rate, then the Base Interest Fraction
shall be zero; provided, further, that if such yield rate

 

     -10-

     

    

 

is greater than or equal to the Net Trust Note Rate, but
less than the Pass-Through Rate described in clause (i)(A) above, then the Base Interest Fraction shall be one; and

 

(b)       any
of the Class A, Class B, Class C, Class E and Class F Certificates with a Pass-Through Rate equal to a fixed per
annum rate, shall be a fraction (not greater than one) (i) the numerator of which is the greater of zero and the amount,
if any, by which (A) the Pass-Through Rate on such Class of Certificates, exceeds (B) the yield rate (as provided by the Servicer)
used in calculating the Prepayment Premiums with respect to such Principal Prepayment and (ii) the denominator of which is
the amount, if any, by which (A) the Trust Note Rate (net of the Administrative Fee Rate) multiplied by 365/360 exceeds (B) the
Discount Rate (as provided by the Servicer) used in calculating the Prepayment Premiums with respect to such Principal Prepayment;
provided that if such Discount Rate is greater than or equal to the amount set forth in clause (ii)(A) 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 (ii)(A) above, but less than the Pass-Through Rate described in clause (i)(A)
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 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:
(x) two or more U.S. Treasury issues with the same coupon the issue with the lower yield shall be selected and (y) 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 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” shall mean any Certificate registered in the name of the Depository or its nominee.

 

“Borrower”:
1114 6th Avenue Owner LLC, a Delaware limited liability company (or the successor in interest to the foregoing under
the Loan Agreement).

 

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

 

“Borrower
Related Party”: Any of (a) the Borrower, any Approved Mezzanine Borrower (as defined in the Loan Agreement), any SPE
Component Entity (as defined in the Loan Agreement), any TRS Entity (as defined in the Loan Agreement), any Affiliated Manger,
any Guarantor, or a Restricted Holder, (b) any other Person controlling or controlled by or under common control with the Borrower,
any Approved Mezzanine Borrower, any SPE Component Entity, any TRS Entity, any Affiliated Manger, any Guarantor, or a Restricted
Holder, as applicable, or (c) any other Person owning, directly or indirectly, 25% or more of the beneficial interests in the
Borrower, any Approved Mezzanine Borrower, any SPE Component Entity, any TRS Entity, any Affiliated Manger, any Guarantor, 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.

 

     -11-

     

    

 

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

 

“Business
Day”: Any day other than (a) a Saturday or a Sunday, (b) a legal holiday in New York, New York, Concord, California,
Charlotte, North Carolina, or any principal city in which the Servicer, the Special Servicer, the Trustee, the Certificate Administrator
or the Operating Advisor conduct servicing, trust administration or surveillance operations, or (c) any day on which the Federal
Reserve Bank of New York or banking institutions or savings associations in New York, New York, Concord, California, Charlotte,
North Carolina or any principal city in which the Servicer, the Special Servicer, the Trustee, the Certificate Administrator or
the Operating Advisor are located or conducts servicing, trust administration, certificate transfers or surveillance operations
are authorized or obligated by law or executive order to be closed.

 

“Calculation
Rate”: A discount rate appropriate for the type of cash flows being discounted, namely (a) for principal and interest
payment on the Trust Loan or Whole Loan or sale of a Defaulted Mortgage Loan, the highest of (i) the rate determined by the Servicer
or Special Servicer, as applicable, that approximates the market rate that would be obtainable by the Borrower on similar non-defaulted
debt of the Borrower as of such date of determination, (ii) the Trust Note Rate or Whole Loan Rate, as applicable, and (iii) the
yield on 10-year U.S. treasuries as of such date of determination and (b) 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 Holder, as successor to the 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, which Person shall be
taxed on all reinvestment income or gain thereon in accordance with the terms of the Loan Agreement. The 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.

 

“Cash
Collateral Account Agreement”: The cash collateral account agreement between the Originators and the Borrower, 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 E, Class F, Class HRR, 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

 

     -12-

     

    

 

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.

 

“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 (i) the Depositor, the 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 (ii) any Borrower
Related Party, shall be deemed not to be outstanding and the Voting Rights to which it is entitled shall not be taken into account
in determining whether the requisite percentage of Voting Rights necessary to effect any such consent or take any such action
has been obtained;

 

(b)            for purposes of obtaining the consent of Certificateholders to an amendment of this Agreement, any Certificates beneficially owned
by the 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 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

 

     -13-

     

    

 

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 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.

 

“Certification
Parties”: As defined in Section 11.11.

 

“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.

 

“Certifying
Servicer”: As defined in Section 3.27.

 

“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 2.347000% 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 2.600000% 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 Trust Note Rate for the related Distribution Date.

 

     -14-

     

    

 

“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 Trust Note Rate for the related Distribution Date.

 

“Class E
Certificate”: Any one of the Certificates with a “Class E” designation on the face thereof, executed and
authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form
of Exhibit A-6 to this Agreement.

 

“Class E
Pass-Through Rate”: A per annum rate equal to the Net Trust Note Rate for the related Distribution Date.

 

“Class F
Certificate”: Any one of the Certificates with a “Class F” designation on the face thereof, executed and
authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form
of Exhibit A-7 to this Agreement.

 

“Class F
Pass-Through Rate”: A per annum rate equal to the Net Trust Note 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-8 to this Agreement.

 

“Class HRR
Pass-Through Rate”: A per annum rate equal to the Net Trust Note 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 (a) the Interest Distribution Amount and any Class Interest Shortfall for such
Class of Regular Certificates for the immediately preceding Distribution Date over (b) 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”,
“Class LE Interest”, “Class LF 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.

 

“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-9 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-10 to this Agreement. The Class R Certificates have no Pass-Through Rate or Certificate Balance.

 

     -15-

     

    

 

“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”: Each of Component XA and Component XB.

 

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

 

“Class X
Pass-Through Rate”: With respect to any Distribution Date, a variable rate per annum equal to the weighted average
of the Class X Strip Rates for each Class X Component for such Distribution Date (adjusted to accrue, if necessary, on a 30/360
Basis), wighted on the basis of the respective Lower-Tier Principal Balances outstanding immediately prior to such Distribution
Date. The Class X Pass-Through Rate for the initial Distribution Date is approximately 0.300912% per annum.

 

“Class
X Strip Rate”: With respect to each Class X Component for any Distribution Date, the excess, if any, of (a) the
Net Trust Note Rate for such Distribution Date over (b) the Pass-Through Rate of the Class of Corresponding Certificates.

 

“Clearstream”:
Clearstream Banking, S.A.

 

“Closing
Date”: November 18, 2020.

 

“CMBS”:
Commercial mortgage-backed securities.

 

“Co-Lender
Agreement”: The co-lender agreement, dated as of November 18, 2020, among BANA, JPMCB, Column and DBRI.

 

“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 (a) 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 (b) the sum of (solely to the extent allocable to the Trust Loan) (i) the most recent appraised
value for the Property, plus (ii) 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 Borrower at the time the Whole Loan became (and as part of the modification related
to) such AB Modified Loan for the benefit of the Property, plus (iii) any other escrows or reserves (in addition to any
amounts set forth in the immediately preceding clause (ii)) 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 Servicer’s calculation or determination of any Collateral Deficiency Amount.

 

“Collection
Account”: The trust account, accounts or sub-accounts created and maintained by the Servicer pursuant to Section
3.05(a), which shall be entitled “Wells Fargo Bank, National Association, as Servicer, on behalf of Wilmington Trust,
National Association, as Trustee, in trust for the benefit of the Holders of Grace Trust 2020-GRCE Commercial Mortgage Pass-Through
Certificates, Series 2020-GRCE, Collection Account” and “Wells Fargo Bank, National Association, as Servicer, for
the benefit of the Companion Loan Holders, relating to the Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates,
Series 2020-GRCE, Collection Account” and each of which must be an Eligible Account.

 

     -16-

     

    

 

“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.

 

“Column”:
As defined in the Preliminary Statement.

 

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

 

“Column
Trust Loan Purchase Agreement”: The Trust Loan Purchase Agreement dated and effective the Closing Date, between Column
and the Depositor.

 

“Commission”:
The Securities and Exchange Commission.

 

“Companion
Loan”: As defined in the Preliminary Statement. As of the date hereof, the Companion Loan has an outstanding principal
balance as of the Closing Date of $500,000,000.

 

“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 Register”: As defined in Section 3.31(b).

 

“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”:
Each of the Component XA and the Component XB.

 

“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.

 

     -17-

     

    

 

“Component XB”:
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 LB 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 Property by or to any governmental, quasi-governmental authority or private
entity with condemnation powers (other than amounts to be applied to the restoration, preservation or repair of the Property or
released to the Borrower 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 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 and shall specifically identify the Conflicted Controlling Class Holder. As of the Closing Date, the Directing Holder
is not a Conflicted Controlling Class Holder.

 

“Controlling
Class”: The most subordinate of the Class F or 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 neither the Class F or the Class HRR Certificates 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 (a) be permitted to appoint the Directing
Holder or (b) be entitled to exercise any consent, consultation or direction rights that may otherwise be exercised by a holder
of Certificates of the Controlling Class. Notwithstanding anything to the contrary, neither the Depositor nor any Affiliate thereof
may serve as the Controlling Class Certificateholder, and solely for purposes of determining the identity of or selecting the
Directing Holder, any portion of the Controlling Class held by the Depositor or any Affiliate thereof shall be deemed not to be
outstanding. The Controlling Class as of the Closing Date will be the Class HRR Certificates.

 

“Controlling
Class Certificateholder”: Each Holder (or Beneficial Owner, if applicable) of 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).

 

“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 – Grace 2020-GRCE, 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 - Grace 2020-GRCE,
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 55479, Attention: CTS - Certificate Transfer Services, Grace Trust
2020-GRCE, or the principal trust office of any successor certificate administrator qualified and appointed pursuant to this Agreement.

 

“Corrected
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.

 

     -18-

     

    

 

“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”: As “affiliate” or “affiliated”
are defined in §246.2 of the Credit Risk Retention Rules.

 

“Credit
Risk Retention Rule”: 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 Servicer and reasonably acceptable to the Certificate Administrator, the Trustee and the Special Servicer.

 

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

 

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

 

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

 

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

 

     -19-

     

    

 

“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 Servicer shall process (a) interim financial statements beginning with interim financial statements for the fiscal quarter
ending March 2021, and (b) annual financial statements beginning with annual financial statements for the 2020 fiscal year (for
the 2020 fiscal year, to the extent the Borrower provides 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 ninety (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 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 Loan Report”: The monthly report in the “Historical
Loan Modification and Corrected 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)”:

 

(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/Forbearance and Corrected 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

 

     -20-

     

    

 

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 Note 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 following instructions (or such other instructions as may hereafter be furnished by
CREFC® to the Servicer in writing at least two Business Days prior to the Servicer Remittance Date):

 

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

Bank Name: JPMorgan Chase Bank, National Association

Bank Address: 80 Broadway, New York, NY 10005

Routing Number: 021000021

Account Number: 213597397

 

“CREFC®
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® 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.

 

     -21-

     

    

 

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

 

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

 

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

 

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

 

“CREFC®
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/Forbearance and Corrected Loan Report, the CREFC® REO Status Report, the CREFC®
Servicer Watch List, the CREFC® NOI Adjustment Worksheet, the CREFC® Comparative Financial
Status Report, the CREFC® Operating Statement Analysis Report, the CREFC® Loan Level Reserve/LOC
Report, the CREFC® Advance Recovery Report and the CREFC® Total Loan Report.

 

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

 

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

 

“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.

 

     -22-

     

    

 

“Custodian”:
Any Custodian appointed pursuant to Section 3.19. 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 Servicer or any Affiliate
of the Certificate Administrator, the Trustee or the 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 18, 2020.

 

“DBRI”:
As defined in the Preliminary Statement.

 

“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 Property, for the most recently ended 12-month trailing or one-year period
for which data is available from the Borrower (or year-to-date until such time that data for the trailing 12-month period is available),
before payment of any scheduled payments of principal and interest on 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
Property by the Servicer or Special Servicer, if applicable, pursuant to Section 3.13, 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 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 each Note, the Trust Loan or Whole Loan, as applicable, at the excess of (a) the
Default Rate over (b) the Trust Note 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 sixty (60) days in respect of its Monthly Payments or more
than sixty (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).

 

“Deficient
Exchange Act Deliverable”: With respect to the 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 (a) regarding such party,
(b) prepared by such party or any registered public accounting firm, attorney or other agent retained by such party to prepare
such item and (c) delivered by or on behalf of such party pursuant to the delivery requirements under Article XI 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.

 

     -23-

     

    

 

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

 

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

 

“Depositor”:
Banc of America Merrill Lynch Large Loan, Inc., 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.

 

“Determination
Date”: With respect to each calendar month commencing in December 2020, 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 Servicer, the Special Servicer, the Trustee and the Certificate Administrator as owning, the largest aggregate Certificate
Balance of Certificates of the Controlling Class. Notwithstanding anything to the contrary, neither the Depositor nor any Affiliate
thereof may serve as the Directing Holder, and solely for purposes of determining the identity of or selecting the Directing Holder
(or the Controlling Class Certificateholder), any portion of the Controlling Class held by the Depositor or any Affiliate thereof
shall be deemed not to be outstanding.

 

“Directly
Operate”: If the Property becomes 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).

 

“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 Borrower, 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 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

 

     -24-

     

    

 

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).

 

“Discount
Rate” As defined in the Loan 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 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 2020, the 4th Business Day following the Determination
Date in such calendar month.

 

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

 

“Do
Not Hire List”: The list, as may be updated at any time, provided by the Depositor to the 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 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 (a) 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 (b) the

 

     -25-

     

    

 

Whole Loan after the Maturity Date therefore
or any REO Loan, the day 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:

 

(a)            an account or accounts:

 

(i)             maintained with a depository institution or trust company, (1) the short-term unsecured debt obligations or commercial paper of
which are rated at least “F-1” by Fitch in the case of accounts in which funds are held for thirty (30) days or less
and (2) in the case of accounts in which funds are held for more than thirty (30) days, the long-term unsecured debt obligations
of which are rated at least “A” by Fitch, and at least “K3” by KBRA or the long-term obligations (or,
if applicable, deposit accounts) of which are rated at least “BBB-” by KBRA, or, if not rated by KBRA, an equivalent
(or higher) rating by any two (2) other NRSROs (which may include Fitch), and (2) in the case of such investments with maturities
of more than thirty (30) days, the short-term obligations of which are rated at least “F-1+” by Fitch or the long-term
obligations of which are rated at least “AA-” by Fitch and the short-term obligations (or, if applicable, deposit
accounts) of which are rated at least “K3” by KBRA or the long-term obligations (or, if applicable, deposit accounts)
of which are rated at least “BBB-” by KBRA, or, if not rated by KBRA, an equivalent (or higher) rating by any two
other NRSROs (which may include Fitch),

 

(ii)            maintained with Wells Fargo Bank, National Association, a subsidiary of Wells Fargo & Co., so long as (1) its long-term unsecured
debt rating is at least “A” by Fitch (if the deposits are to be held in the account for more than thirty (30) days),
or (2) its short-term deposit or short-term unsecured debt rating must be at least “F-1” by Fitch (if the deposits
are to be held in the account for thirty (30) days or less),

 

(iii)           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, or

 

(b)            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 that has a Fitch rating of (and whose long term unsecured debt
obligations or deposits are rated) at least “A” and 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),

 

(c)            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 (a) and (b) 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

 

(d)            any other account for which the Certificate Administrator, the Trustee, the 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 Servicer
or the Special Servicer.

 

Eligible
Accounts may bear interest.

 

     -26-

     

    

 

“Eligible
Investor”: Any of (a) 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 (b) (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 a Rating Agency (including, in the case of the Operating Advisor, this transaction) but has not been special
servicer or operating advisor on a transaction for which 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 Depositor, the Trustee, the Certificate Administrator, the Servicer, the Special Servicer, the Originators,
any Guarantor, any Borrower Related Party, the Directing Holder, or any of their respective affiliates; (d) that has not
been paid by the Special Servicer or successor special servicer any fees, compensation or other remuneration (i) in respect
of its obligations hereunder or (ii) for the appointment of, or recommendation for replacement of the Special Servicer by,
a successor special servicer; (e) that (i) has been regularly engaged in the business of analyzing and advising clients
in commercial mortgage-backed securities matters and has at least five (5) years of experience in collateral analysis and loss
projections and (ii) has at least five (5) years of experience in commercial real estate asset management and experience
in the workout and management of distressed commercial real estate assets; and (f) that does not directly or indirectly,
through one or more Affiliates or otherwise, own or have derivative exposure in any interest in any Certificates, the Trust Loan
or otherwise have any financial interest in the securitization transaction to which this Agreement relates, other than in fees
from its role as Operating Advisor.

 

“Environmental
Insurance Policy”: With respect to the Property 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 Property 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 Holder.

 

“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).

 

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

 

“Escrow
Payment”: Any payment made by the Borrower to the Servicer pursuant to the Mortgage, Cash Collateral Account Agreement,
Lock-Box Agreement, Loan Agreement or other Loan Document for the account of the Borrower for application toward the payment of
taxes, insurance premiums, assessments, environmental remediation and similar items in respect of the Property 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
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 (a) the Servicer Prepayment Interest Shortfall Amount with respect
to such Distribution Date and (b) any Prepayment Interest Excess with respect to such Distribution Date.

 

     -27-

     

    

 

“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 0.0%; provided that such rate shall be subject to reduction at any time following any
resignation of a Servicer pursuant to Section 6.04 (if no successor is appointed in accordance with Section 6.04)
or any termination of the Servicer pursuant to Section 7.01, 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 7.02.

 

“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 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 (a) 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 (b) 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 Loan Sellers pursuant to Section 2.03(e) 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 Servicer (or if the Whole Loan becomes a Specially Serviced
Loan or an REO 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 Servicer, if the certificate is
from the Special Servicer), expects to be finally recoverable. The Servicer shall maintain records, prepared by a Servicing Officer,
of each Final Recovery Determination until the earlier of (a) its termination as the Servicer hereunder and the transfer
of such records to a successor servicer and (b) 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, Inc. 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

 

     -28-

     

    

 

to the other parties hereto and specific ratings of Fitch herein referenced
shall be deemed to refer to the equivalent ratings of the party so designated.

 

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

 

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

 

“GACC”:
As defined in the Preliminary Statement.

 

“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 Closing 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.

 

“Guarantor”:
As defined in the Loan Agreement.

 

“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, radon gas, petroleum and petroleum products, urea formaldehyde and any substances classified
as being “in inventory,” “usable work in process” or similar classification which would, if classified
as unusable, be included in the foregoing definition.

 

“Holder”:
With respect to (a) any Certificate, a Certificateholder; and (b) 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, as the
context requires.

 

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

 

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

 

     -29-

     

    

 

“Independent
Contractor”: Either (a) 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 Servicer
nor the Special Servicer shall be considered to be an Independent Contractor under the definition in this clause (a) unless
an Opinion of Counsel (at the expense of the party seeking to be deemed an Independent Contractor) addressed to the 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 (b) any other Person (including the Servicer and the Special Servicer) if
the 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.

 

“Initial
Deposit Amount”: An initial deposit made by the Depositor on the Closing Date in an amount equal to $1,682,562.50.

 

“Initial
Purchasers”: BofA Securities, Inc., J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities
Inc., and their respective successors in interest.

 

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

 

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

 

“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 Servicer pursuant to Section 3.08).

 

“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); 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 Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE Interest Reserve Account” and which

 

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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 Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Trustee, the Directing Holder, any Certificateholder, the Companion Loan Holder, any Independent
Contractor engaged by the Special Servicer pursuant to Section 3.15, 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).

 

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

 

“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 (a) 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 (i) is not a Borrower Related Party
or (ii) is a Borrower Related Party, substantially in the form of Exhibit L-1-A (in the case of clause (ii))
or Exhibit L-1-B (in the case of clause (ii)) to this Agreement or in the form of an electronic certification
contained on the Certificate Administrator’s Website and/or (b) for purposes of exercising Voting Rights, such Person is
not the Depositor, the Certificate Administrator, the Trustee or a Borrower Related Party, 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).

 

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

 

“IRS”:
The Internal Revenue Service.

 

“JPMCB”:
As defined in the Preliminary Statement.

 

“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 Closing Date, between JPMCB
and the Depositor.

 

“Junior
Notes”: As defined in the Preliminary Statement. The Junior Notes have an aggregate original principal amount of $367,000,000.

 

“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,

 

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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 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 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 (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) with respect to the Whole Loan (if repurchased
in accordance with Section 2.03(e)), 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 Borrower, a loan purchaser
or the 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 0.25% 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; subject to a cap of $1,250,000; 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 (e) of the definition of Liquidation Proceeds; (b) in
the case of clause (f) of the definition of Liquidation Proceeds if exercised within ninety (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 Loan Seller Percentage Interest in the Trust
Loan (or the REO Loan, if applicable) by a Loan Seller pursuant to the related Trust Loan Purchase Agreement, if such Loan Seller
repurchases the related Loan Seller Percentage Interest in the Trust Loan within the resolution time period set forth in Section
2.03(e) (and giving effect to any applicable extension period beyond the end of the Initial Resolution Period set forth in
Section 2.03(e)); (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 ninety (90) days after the transfer of the Defaulted Mortgage Loan to
special servicing; (e) in connection with any indemnification payment made by a Loan Seller as a result of a Material Breach or
Material Document Defect pursuant to Section 2.03(e), if such Loan Seller makes such indemnification payment within the
resolution time period set forth in Section 2.03(e) (and giving effect to any applicable extension period beyond the end
of the Initial Resolution Period set forth in Section 2.03(e)); (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 Special Servicer may collect from the Borrower and retain
(i) a liquidation fee, (ii) such other fees

 

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as are provided for in the Loan Documents, and (iii) 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 ninety (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 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 (i) a repurchase or replacement of such Companion Loan by the
applicable 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 (ii) 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 Servicer or the Special Servicer in connection with: (a) the liquidation of the Property 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 Borrower in accordance with applicable law and the terms and conditions
of the Notes and the Mortgage, (b) the realization upon any deficiency judgment obtained against the Borrower, (c) the
sale of the Defaulted Mortgage Loan, (d) a repurchase of the related Loan Seller Percentage Interest in the Trust Loan (or
REO Loan) by a Loan Seller pursuant to the related Trust Loan Purchase Agreement, (e) 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 Servicer pursuant to Section
9.01, (f) the purchase of the Whole Loan by the holder of the related mezzanine loan pursuant to the mezzanine intercreditor
agreement, or (g) the purchase of the Trust Loan by the Companion Loan Holder.

 

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

 

“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.

 

“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.

 

“Loan
Seller Percentage Interest”: As to BANA, an approximately 30% interest in the Trust Loan, as to JPMCB, an approximately
30% interest in the Trust Loan, as to Column, an approximately 20% interest in the Trust Loan and as to GACC, an approximately
20% interest in the Trust Loan.

 

“Loan
Seller Transferred Interests”: (a) In the case of BANA, the portion of the Trust Loan evidenced by Note A-1-1 and Note
B-1, (b) in the case of JPMCB, the portion of the Trust Loan evidenced by Note A-2-1 and Note B-2, (c) in the case of Column,
the portion of the Trust Loan evidenced by Note A-3-1 and Note B-3 and (d) in the case of GACC, the portion of the Trust Loan
evidenced by Note A-4-1 and Note B-4.

 

“Loan
Sellers”: BANA, JPMCB, Column and GACC.

 

“Lock-Box
Account”: With respect to the Property, if applicable, any account created pursuant to the Loan Documents to receive
revenues therefrom. Any Lock-Box Account shall be beneficially owned

 

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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, which Person shall be taxed on all reinvestment income or gain thereon. The 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 Borrower, 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), 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 Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE, 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.

 

“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, 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, the
Class LE Interest, the Class LF 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 (a) is designated as a “regular interest” in
the Lower-Tier REMIC (b) relates to its Corresponding Certificates, (c) is uncertificated, (d) has an initial Lower-Tier
Principal Balance equal to the original Lower-Tier Principal Balance set forth in the Preliminary Statement herein, (e) has
a Pass-Through Rate equal to the Net Trust Note Rate, (f) 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 (g) is entitled to the distributions
in the amounts and at the times specified in Section 4.01(a).

 

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

 

“MAI”:
Member of the Appraisal Institute.

 

“Major
Decision”: Any of the following:

 

(a)           any substitution or release of real property collateral for the Whole Loan (other than in connection with a defeasance or condemnation)
except as expressly permitted by the Loan Documents;

 

(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);

 

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(c)           any transfer of the Property or any portion of the Property, or any transfer of any direct or indirect ownership interest in the
Borrower to the extent 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 material lender discretion, or in connection with a pending or threatened condemnation;

 

(d)           any consent to the incurrence of direct or indirect debt by the Borrower or mezzanine debt by a direct or indirect parent of the
Borrower, including modification of the terms of any document evidencing or securing any such additional debt and of any intercreditor
or subordination agreement executed in connection therewith and any waiver of or amendment or modification to the terms of any
such document or agreement, in each case to the extent 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 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 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 Loan Event if Default, any 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 Borrower or the Property;

 

(h)           any sale or other disposition of the Whole Loan or the Property (including any REO Property) for less than the Repurchase Price;

 

(i)            any determination to bring the Property or an REO Property into compliance with applicable environmental laws or to otherwise
address hazardous material located at the Property or a REO Property;

 

(j)            any modification, waiver or amendment of any intercreditor agreement, co-lender agreement (other than any modification of the
Co-Lender Agreement in connection with the splitting of any Note as permitted pursuant to the terms of the Co-Lender Agreement),
participation agreement or similar agreement with any mezzanine lender or subordinate debt holder (or holder of preferred equity
that is substantially equivalent to a mezzanine loan) related to the Whole Loan, or an action to enforce rights (or decision not
to enforce rights) with respect thereto, or any modification, waiver, or amendment of such agreements and/or the exercise of rights
and powers granted under any intercreditor agreement, Co-Lender Agreement, participation agreement or similar agreement to the
lender to the extent such rights or powers affect the priority of payment, consent rights or security interest with respect to
the Whole 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 Borrower, any Guarantor 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;

 

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(o)           any consent to (i) the termination or surrender of any “major lease” under the Loan Agreement, (ii) the Borrower entering
into a “major lease” under the Loan Agreement or (iii) the execution, termination or renewal of a ground lease or
any other lease, to the extent such lease constitutes a “major lease” under the Loan Agreement, including any consent
to entering into any subordination, non-disturbance and attornment agreement, in each case, solely to the extent the Lender’s
approval or discretion is required by the Loan Documents;

 

(p)           any adoption or implementation of the annual budget for which lender consent is required under the Loan Documents;

 

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

 

(r)            approval of casualty/condemnation insurance settlements other than pursuant to the specific terms of the Whole Loan, and any
determination to apply casualty proceeds or condemnation awards to the reduction of the debt rather than to the restoration of
the Property if application of such proceeds would not result in payment in full of the Whole Loan;

 

(s)           any proposed modification or waiver of any provision of any Loan Documents which reduces the types, nature or amounts of insurance
coverage, including terrorism insurance, required to be obtained and maintained by the Borrower (to the extent the Lender’s
approval is required under the Loan Documents);

 

(t)            if the Property is a REO Property, approval of operating and business plans or asset sale and disposition plans of such REO Property
(including incurring financing, restructuring or refinancing debt, engaging or replacing the Manager or leasing agent, decisions
with respect to operating and capital expenses, etc.; and

 

(u)           any calculation of debt yield or determination of whether a Trigger Period (as defined in the Loan Agreement) is in effect when
required for any purposes under the Loan Documents solely to the extent such calculation or determination waives a requirement
in any material respect or reflects a material change in the methodology of the applicable calculation or determination.

 

“Major
Decision Reporting Package”: As defined in Section 6.09.

 

“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 the Property, the property management agreement, if any, by and between a Manager and the
Borrower (or an affiliate), or any successor property management agreement between such parties.

 

“Manager”:
With respect to the Property, any property manager for the Property.

 

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

 

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

 

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

 

“Maturity
Date”: The scheduled maturity date on December 6, 2030.

 

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“Mezzanine
Loan”: Any mezzanine indebtedness (if any) 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 Servicer or the Special Servicer (other than all 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 Borrower 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 Borrower with
respect to a Specially Serviced Loan or REO Loan.

 

“Modified
Loan”: A Specially Serviced Loan which has been modified by the Special Servicer pursuant to Section 3.26 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 Property without a corresponding Principal Prepayment in an amount not less than the fair market value (as is), as determined
by an Appraisal delivered to the Special Servicer (at the expense of the Borrower and upon which the Special Servicer may conclusively
rely), of the property to be released; or

 

(c)            in the reasonable good faith judgment of the Special Servicer, otherwise materially impairs the value of the security for 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 Note 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 Property
securing the Notes.

 

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“Mortgage
File”: Collectively, the mortgage documents listed in Section 2.01(a)(i) through Section 2.01(a)(xx) pertaining
to the Whole Loan and any additional documents required to be added to the Mortgage File pursuant to the express provisions; 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 the Property;

 

(c)            the Trust Note 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 for the Trust Loan and the Whole Loan;

 

(f)             the Maturity Date for the Whole Loan;

 

(g)            the Due Date;

 

(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.

 

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

 

“Net
Default Interest”: With respect to any Distribution Date, an amount equal to the sum of (a) the amount of Default
Interest received during the preceding Collection Period, minus (b) any portions thereof withdrawn from the applicable Collection
Account pursuant to Section 3.06(a)(vi) 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
Property or released to the Borrower in accordance with the express requirements of the Loan Documents or other documents included
in the Mortgage File or in accordance with prudent and customary servicing practices.

 

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

 

“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).

 

“Net
Trust Note 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 Loan Interest Accrual Period. Notwithstanding the
foregoing, the Net Trust Note Rate (which accrues interest on an Actual/360 Basis) for any 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 Trust Note Rate during such
Loan Interest Accrual Period; provided that the Net Trust Note Rate for the one-month period (a) preceding the Distribution
Dates in (i) January and February in each year that is not a leap year or (ii) 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 2021), shall be determined
net of any Withheld Amounts from that month and (b) preceding the Due Date in March (or February if the related Distribution Date
is the final Distribution Date), shall be determined inclusive of the Withheld Amounts, if applicable, from the immediately preceding
February, and, if applicable, January; provided, further, that for purposes of calculating Pass-Through Rates, the
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 or the Special Servicer or resulting from a bankruptcy, insolvency or similar proceeding involving
the Borrower or otherwise.

 

“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” shall mean, 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 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 Downgrade Confirmation
shall be required from that Rating Agency.

 

“Non-Reduced
Certificates”: As of any date of determination, any Class of Principal Balance Certificates then outstanding for which
(a)(i) the initial Certificate Balance of such Class of Principal Balance Certificates minus (ii) 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

 

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Balance Certificates,
a 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.

 

“Non-Trust
Notes”: As defined in the Preliminary Statement. The Non-Trust Notes have an aggregate principal amount of $500,000,000.

 

“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, in the reasonable judgment of the 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).

 

“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, in the reasonable judgment of the 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).

 

“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 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).

 

“Notes”:
As described in the Preliminary Statement, collectively, as of any date of determination, the notes or other evidence of indebtedness
and/or agreements evidencing the indebtedness of the Borrower 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
Servicer by the Special Servicer, the 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).

 

“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 November 10, 2020, 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 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 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 (a) such Modification Fees were earned and collected by the Special Servicer (i) 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 (ii) 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 (b) 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 (a) 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 (b) 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 with respect to such Asset Status Report or Major Decision equal to $10,000
(or such lesser amount that the Borrower pays), payable pursuant to Section 6.11(l); 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 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 the Servicing
Standard (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), 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.

 

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“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 0.00220% 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 the Borrower, any Manager of the Property, any Guarantor, the
Loan Sellers, the Depositor, the 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 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;

 

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(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 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 Servicer or the Special
Servicer pursuant to Section 6.04(b), must be an opinion of counsel who is Independent of the Depositor, the Servicer and
the Special Servicer.

 

“Originators”:
Each of BANA, JPMCB, Column and DBRI, in its capacity as co-originator of the Whole Loan under the Loan Agreement.

 

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

 

“Other
Certificate Administrator”: The applicable other “certificate administrator” 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
Sections 11.07, 11.08, 11.09 and 11.16 only, the trustee, certificate administrator, master servicer,
special servicer or depositor under the related Other Pooling and Servicing Agreement that is responsible for the preparation
and/or dissemination of periodic distribution date statements or similar reports, as identified in writing to the parties to this
Agreement.

 

“Other
Operating Advisor”: The applicable other “operating advisor” under an Other Pooling and Servicing Agreement
relating to a Companion Loan.

 

“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.

 

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“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
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.

 

“P&I
Advance”: Any advance made by the Servicer or the Trustee pursuant to Section 4.07. 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 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.

 

“PACE
Loan”: Any (a) “Property-Assessed Clean Energy loan” or (b) other indebtedness, without regard to the name
given to such indebtedness, which is (i) incurred for improvements to the Property for the purpose of increasing energy efficiency,
increasing use of renewable energy sources, resource conservation, or a combination of the foregoing, and (ii) repaid through
multi-year assessments against the Property.

 

“Pass-Through
Rate”: With respect to 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 E	Class E
    Pass-Through Rate
	Class F	Class F
    Pass-Through Rate
	Class
    HRR	Class
    HRR Pass-Through Rate

 

With
respect to each Class of Lower-Tier Regular Interests, the Net Trust Note Rate.

 

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

 

“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 Borrower that
represent default charges, penalty charges, late fees and/or Default Interest, and excluding any Prepayment Premium.

 

“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

 

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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.

 

“Performing
Party”: As defined in Section 11.12.

 

“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:

 

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

 

(b)            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 KBRA 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);

 

(c)            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 Fitch Permitted Investment Rating and the Applicable KBRA 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);

 

(d)            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 KBRA 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);

 

(e)            (i) 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

 

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Obligation Money Market Fund, US Bank Long Term Eurodollar Sweep or the Wells
Fargo Money Market Funds) so long as any such fund has the highest rating obtainable from Fitch (if rated by Fitch) and has the
highest rating obtainable from KBRA (or, if not rated by such Rating Agency, an equivalent rating (or higher) by at least two
(2) NRSROs) 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 (ii) 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 the highest rating obtainable from Fitch (if rated by Fitch) and has
the highest rating obtainable from KBRA (or, if not rated by such Rating Agency, an equivalent rating (or higher) by at least
two (2) NRSROs); and

 

(f)             any other demand, money market or time deposit, demand obligation or any other obligation, security or investment, provided
that the Servicer, Special Servicer or Certificate Administrator, as applicable, has received a 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” or “(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 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.

 

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

 

“Prepayment
Assumption”: The assumption that the Trust Loan does not prepay prior to its Maturity Date.

 

“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 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 accrued at the Whole Loan 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 Servicer or the Special Servicer (without regard to any Prepayment
Premiums 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 Servicer or Special Servicer for
application to the Whole Loan, in each case on or prior to the Due Date in the related Loan Interest Accrual Period preceding
such Distribution Date, the shortfall in the amount of interest that would have accrued and been payable through the end of the
Loan Interest Accrual Period at the Whole Loan 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 Premiums actually collected).

 

“Prepayment
Premiums”: 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 Borrower in connection
with a Principal Prepayment during or after a “lockout” period shall constitute Prepayment Premiums.

 

“Pricing
Date”: November 10, 2020.

 

“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 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, Class E, Class F and Class HRR Certificates.

 

“Principal
Distribution Amount”: For any Distribution Date, an amount equal to (a) 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):

 

     -47-

     

    

 

(i)             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);

 

(ii)            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;

 

(iii)           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, purchased from the Trust Fund pursuant to Section 3.16, or purchased
from the Trust Fund pursuant to Section 9.01;

 

(iv)           the portion of Unscheduled Payments allocable to principal of the Trust Loan received during the Collection Period;

 

(v)            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;

 

(vi)           all other Principal Prepayments on the Trust Loan received in the related Collection Period;

 

(vii)          any indemnification payment made by any Loan Seller as a result of a Material Breach or Material Document Defect pursuant to Section
2.03(e) to the extent that such amount was transferred into the Collection Account pursuant to Section 3.05(a)(xi)
during the related Collection Period;

 

(viii)         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

 

(ix)            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;

 

(b)            as
reduced by 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 (a) of this definition.

 

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

 

“Principal
Prepayment”: Any payments of principal made by the Borrower on the Trust Loan 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 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 (a) correspondence or other communications between the Directing Holder (or the Controlling Class)
on the one hand, and the Special Servicer (or the Servicer), on the other

 

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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, (b) strategically sensitive information that the Special Servicer has reasonably determined could compromise
the Trust’s position in any ongoing or future negotiations with the Borrower or other interested party and (c) 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, 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, the Loan Sellers, a Rating Agency, a designee of the Depositor (including any financial
market publisher), the Initial Purchasers, the Directing Holder (but only during any Subordinate Control Period and any Subordinate
Consultation Period), the Companion Loan Holders 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 (a) that is listed on the Depositor’s Do Not Hire List or
(b) for which the 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”:
As “Property” is defined in the Loan Agreement.

 

“Property
Advance”: Any advance made by the 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 Property, 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, 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 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 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

 

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3.15(b), Section
3.15(c), Section 3.16(c) or Section 3.24(a) 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.

 

“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 Servicer
or the Special Servicer, as applicable, or by any Person or Persons who directly or indirectly own equity ownership interests
in the Servicer or the Special Servicer, as applicable.

 

“Qualified
Bidder”: As defined in Section 7.01(a).

 

“Qualified
Institutional Buyer”: A “qualified institutional buyer” within the meaning of Rule 144A.

 

“Qualified
Insurer”: As used in Section 3.08: (a) 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 at least “A” by
Fitch and “A-” or its equivalent by KBRA (or, if not rated by KBRA and/or Fitch, an equivalent (or higher) rating
by at least two (2) NRSROs (which may include Fitch or KBRA)); (b) in the case of the fidelity bond and the errors and omissions
insurance required to be maintained pursuant to Section 3.08(d), a company that shall have a claims paying ability rated
at least equal to any one of the following: (i) “A-” or better by S&P, (ii) “A3” or better by Moody’s,
(iii) “A-” or better by Fitch, (iv) “A (low)” or better by DBRS Morningstar, (v) “A-:X”
or better by A.M. Best or (vi) an equivalent rating by KBRA; and (c) 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 an Other Securitization Trust for which the minimum rating set forth in the applicable clause is not satisfied.

 

“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 (a) that is a Qualified Servicer, (b) that is not the
Operating Advisor or an affiliate of the Operating Advisor, (c) that is not obligated to pay the Operating Advisor (i) any fees
or otherwise compensate the Operating Advisor in respect of its obligations under this Agreement, or (ii) for the appointment
of the successor Special Servicer or the recommendation by the Operating Advisor for the replacement Special Servicer to become
the Special Servicer, (d) 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, (e) 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, (f) currently has a special servicer
rating of at least “CSS3” or “CLLSS3” from Fitch or (g) KBRA has not cited servicing concerns of the applicable
replacement as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch
status” in contemplation of a ratings downgrade or withdrawal) of securities in a CMBS transaction serviced by the applicable
servicer prior to the time of determination, if KBRA is the non-responding Rating Agency.

 

“Qualified
Servicer”: As defined in Section 3.30.

 

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“Rated
Final Distribution Date”: With respect to the Regular Certificates, the Distribution Date in December 2040.

 

“Rating
Agency”: Any of Fitch and KBRA.

 

“Rating
Agency Q&A Forum and Document Request Tool”: As defined in Section 3.14(d).

 

“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, Class E, Class F and Class HRR Certificates.

 

“Regular
Interest Distribution Amount”: With respect to any Distribution Date, an amount equal to, (a) 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 (b) 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.

 

“Regulation
S Global Certificate”: Each of the Class A, Class X, Class B, Class C, Class D, Class E and Class
F 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).

 

“Relevant
Servicing Criteria”: The Servicing Criteria applicable to each Reporting Servicer (as set forth, with respect to the
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 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 Servicer, the Special Servicer, the Certificate Administrator or the

 

     -51-

     

    

 

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 Servicer is required to make a distribution to the Companion Loan Holder
pursuant to Section 3.05(h), the amounts received by the Servicer (or, with respect to an 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 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 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).

 

“REO
Loan”: The Whole Loan if the Property has 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.

 

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“REO
Property”: The Property, 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.

 

“Reportable
Event”: As defined in Section 11.06.

 

“Reporting
Requirements”: As defined in Section 11.12.

 

“Reporting
Servicer”: As defined in Section 3.28.

 

“Repurchase
Communication”: For purposes of Section 2.03(d) 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, or if the Trust Loan becomes a Specially Serviced Loan or REO Loan that is to be sold pursuant to Section
3.16, an amount, calculated by the 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 Note 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 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 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 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 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 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 Loan
Seller shall be the repurchase price paid by the related 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).

 

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

 

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

 

“Repurchase
Request Withdrawal”: As defined in Section 2.03(d).

 

“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(b).

 

“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 or gain thereon in accordance
with the terms and provisions of the Whole Loan and Section 3.07, which Person shall be taxed on all reinvestment income
or gain thereon. The 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 Loan Sellers’ receipt of
written notice from the 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 Loan Sellers’ receipt of written
notice from the 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 days; provided that, if the Loan Sellers did not receive
written notice from the 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

 

     -54-

     

    

 

required to be signed by a Responsible Officer, such an officer whose name and specimen signature appears
on a list of corporate trust officers furnished to the 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).

 

“Restricted
Holder”: Any Certificateholder, beneficial owner of a Certificate or prospective purchaser of a Certificate (whether
legally, beneficially or otherwise) or any other person that as of the time of the events in clauses (a), (b) and
(c) below is also a holder of a related mezzanine loan (or any affiliate or agent thereof) or an owner in any interest
in any related mezzanine loan (whether legally, beneficially or otherwise, including as a holder of a note evidencing a related
mezzanine loan, a holder of a participation interest in a related mezzanine loan or a beneficial owner of any securities collateralized
by a related mezzanine loan) (a) as to which an event of default has occurred under such mezzanine loan giving rise to an automatic
acceleration of such mezzanine loan or the right of the lender thereunder to accelerate such mezzanine loan, (b) as to which foreclosure
or enforcement proceedings against the related collateral have been initiated (and in respect of which, the Special Servicer has
received notice thereof) or (c) at any time when any Servicing Transfer Event has occurred and is continuing with respect to the
Whole Loan as a result of any determination by the Servicer or the Special Servicer that a default in the payment of principal
or interest under the Whole Loan is reasonably foreseeable or there is a significant risk of such default.

 

“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”: The Third Party Purchaser, or any successor Holder of all or part of the Class HRR Certificates.

 

“Retaining
Sponsor”: BANA, acting as retaining sponsor as such term is defined in the Credit Risk Retention Rule.

 

“Risk
Retained Certificates”: The Class HRR Certificates.

 

“Risk
Retained Certificate Safekeeping Account”: As defined in Section 5.02(a).

 

“Rule 144A”:
Rule 144A under the Act.

 

“Rule 144A
Global Certificate”: Each of the Class A, Class X, Class B, Class C, Class D, Class E and Class
F 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).

 

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

 

“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.

 

     -55-

     

    

 

“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.

 

“Securities
Legend”: As defined in Section 5.02(c)(iii).

 

“Senior
Notes”: As defined in the Preliminary Statement.

 

“Senior
Trust Notes”: As defined in the Preliminary Statement. The Senior Trust Notes have an aggregate principal amount of
$383,000,000.

 

“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”:
Wells Fargo Bank, National Association, a national banking association, its successor in interest (in such capacity), or if any
successor Servicer is appointed as herein provided, such successor Servicer or any successor master servicer appointed as herein
provided.

 

“Servicer
Prepayment Interest Shortfall Amount”: As defined in Section 3.17(c).

 

“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.

 

“Servicer’s
Website”: Shall mean the internet website maintained by the Servicer; initially located at “www.wellsfargo.com/com/comintro”.

 

“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 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 provisions of Section 1.02(a). For the avoidance of doubt, the Servicing
Fee shall be deemed for tax purposes as paid from the Lower-Tier REMIC.

 

     -56-

     

    

 

“Servicing
Fee Rate”: (a) With respect to the Trust Loan, a master servicing fee rate equal to 0.00250% per annum, and (b)
with respect to the Whole Loan, a primary servicing fee rate equal to 0.00250% per annum.

 

“Servicing
File”: As defined in the Trust Loan Purchase Agreements.

 

“Servicing
Function Participant”: Any Person, other than the 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 Servicer has assumed responsibility for the servicing activity, as provided for
under Regulation AB.

 

“Servicing
Officer”: Any officer or employee of the 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 Servicer or the Special Servicer, as applicable, as such list may
from time to time be amended.

 

“Servicing
Party”: As defined in Section 11.02.

 

“Servicing
Released Bid”: As defined in Section 7.01(a).

 

“Servicing
Retained Bid”: As defined in Section 7.01(a).

 

“Servicing
Standard”: With respect to the 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 Holder
(as a collective whole as if such Certificateholders and the Companion Loan Holder constituted a single lender), as determined
by the 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 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 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 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 Servicer or the Special Servicer, as the case may be, services and
administers commercial and multifamily mortgage loans owned, if any, by the Servicer or the Special Servicer, as the case may
be, with a view to the timely recovery of all

 

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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 Holder (as a collective whole as if such
Certificateholders and the Companion Loan Holder constituted a single lender), as determined by the 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: (i) any relationship that the Servicer or the Special Servicer, as the case may be, or any Affiliate of the Servicer
or the Special Servicer, may have with the Borrower, the Loan Sellers, the Companion Loan Holder, any other party to this Agreement
or any Affiliate of the foregoing; (ii) the ownership of any Certificate, Companion Loan, or any mezzanine loan related to
the Whole Loan by the Servicer or the Special Servicer, as the case may be, or any Affiliate of the Servicer or the Special Servicer;
(iii) the Servicer’s obligation to make Advances; (iv) the 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; (v) the
ownership, servicing or management for others of the mezzanine loan or any other mortgage loans or mortgaged properties by the
Servicer or the Special Servicer or any Affiliate of the Servicer or the Special Servicer, as applicable; and (vii) any debt
that the Servicer or the Special Servicer or any Affiliate of the Servicer or the Special Servicer, as applicable, has extended
to the Borrower or an Affiliate of the 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 fifteen (15) days after the distribution date under the related Other Pooling and Servicing
Agreement occurring on or immediately following the 60th 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).

 

“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), (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) 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).

 

“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.

 

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“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 (a)-(g) 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 thirty (30) days);
provided however in no case shall such fee be greater than $750,000 per calendar year. 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 0.150% per annum.

 

“Specially
Serviced Loan”: Subject to Section 3.23, 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 (i) the Borrower is diligently seeking a refinancing commitment or sale of the Property (and delivers a statement
to that effect, within thirty (30) days after such default, to the Servicer, which shall promptly deliver a copy to the Special
Servicer), (ii) the Borrower continues to make its Assumed Scheduled Payment, and (iii) no other Servicing Transfer
Event shall have occurred with respect to the Whole Loan, a Servicing Transfer Event will not occur until sixty (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 Borrower delivers to the 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
Servicer, or a signed purchase agreement reasonably acceptable to the Servicer, and the Borrower continues to make its 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 sixty (60) days or more delinquent;

 

(c)            the 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 Property
or the value of the Property 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 sixty (60) days) and is not likely to be cured by the Borrower within sixty (60) days
or, except as provided in clause (a) above, in the case of a Balloon Payment, for at least thirty (30) days;

 

(d)            the 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

 

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liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar
proceedings, or for the winding-up or liquidation of its affairs;

 

(e)            the 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 the Borrower of or relating to all or substantially all of
its property;

 

(f)             the Borrower admits in writing its inability to pay its debts generally as they become due, files a petition to take advantage
of any applicable insolvency or reorganization statute, makes an assignment for the benefit of its creditors, or voluntarily suspends
payment of its obligations;

 

(g)            a default, of which the Servicer or Special Servicer has notice (other than a failure by the Borrower to pay principal or interest)
and that in the opinion of the Servicer or Special Servicer materially and adversely affects the interests of the Certificateholders
or the Companion Loan Holder, 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, sixty (60) days);

 

(h)            the Servicer or Special Servicer receives notice of the foreclosure or proposed foreclosure of any lien on the Property; or

 

(i)             the Servicer or the Special Servicer receives actual notice that the 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 Loan”) (i) with
respect to the circumstances described in clauses (a) and (b) above, when the Borrower has 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.

 

“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).

 

“Stated
Principal Balance”: With respect to the Trust Loan, a 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 (a) 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 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 Holder
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 (b) 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) distributed to Certificateholders. The Stated Principal Balance of the Whole Loan with respect to which the Servicer
or Special Servicer has made a Final Recovery Determination is zero.

 

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“Sub-Servicer”:
Any Person engaged by the Servicer or the Special Servicer to perform Servicing with respect to the Whole Loan or REO Loan.

 

“Sub-Servicing
Agreement”: The written contract between the 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).

 

“Sub-Servicing
Entity”: As defined in Section 7.01(a).

 

“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 Servicer
or a Servicing Function Participant.

 

“Subordinate
Consultation Period”: Any period when both (a) the Certificate Balance of the Class F 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 F Certificates
and (b) the Certificate Balance of the Class F Certificates (without regard to the application of any Appraisal Reduction
Amounts and Collateral Deficiency Amounts allocated to the Class F Certificates) is at least 25% of the initial Certificate Balance
of the Class F 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 F 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 F Certificates; provided
that if at any time the Certificate Balances of the Class A, Class B, Class C, Class D and Class E Certificates
have been reduced to zero as a result of the allocation of principal payments on the 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)).

 

“Subsequent
Third Party Purchaser”: as defined in the Credit Risk Retention Compliance Agreement.

 

“Successful
Bidder”: As defined in Section 7.01(a).

 

“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.

 

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“Terminated
Party”: As defined in Section 7.01(d).

 

“Terminating
Party”: As defined in Section 7.01(d).

 

“Termination
Date”: The Distribution Date on which the Trust Fund is terminated pursuant to Section 9.01.

 

“Third
Party Purchaser”: Core Credit Partners A LLC, or any Person that purchases the Class HRR Certificates in accordance
with this Agreement and applicable laws and regulations.

 

“Third
Party Reports”: With respect to the 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.

 

“Transfer
Restriction Period”: The period from the Closing Date to the earliest of (a) the date on which the Third Party Purchaser
(or its “majority-owned affiliate” as defined in the Credit Risk Retention Rules) transfers all of the Class HRR Certificates
to a Subsequent Third Party Purchaser in accordance with the Credit Risk Retention Compliance Agreement, (b) the date that is
the latest of: (i) 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; (ii) 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 (iii) two years after the Closing Date, (c) 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 (d) 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.

 

“Transferee
Affidavit”: As defined in Section 5.02(l)(ii).

 

“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
Holder therein): (a) the Trust Loan, together with the Mortgage File relating thereto; (b) all scheduled or unscheduled payments
on or collections in respect of the Trust Loan due after the Cut-off Date; (c) any REO Property; (d) all revenues received
in respect of any REO Property; (e) any indemnities or guaranties given as additional security for the Trust Loan; (f) a
security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve Accounts;
(g) 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; (h) a security
interest in any environmental indemnity agreements relating to the Property; (i) a security interest in all insurance policies
with respect to the Trust Loan and the Property; (j) 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 Loan Sellers regarding
the Trust Loan; (k) the Lower-Tier Regular Interests; and (l) 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 “Grace Trust 2020-GRCE”.

 

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“Trust
Ledger”: Amounts deposited in the Collection Account attributable to the Whole Loan, which are maintained pursuant to
Section 3.06 and held on behalf of the Trustee on behalf of the Certificateholders and the Companion Loan Holder.

 

“Trust
Loan”: As described, in the Preliminary Statement, 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 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 BANA Trust Loan Purchase Agreement, the Column Trust Loan Purchase Agreement,
the GACC Trust Loan Purchase Agreement and the JPMCB Trust Loan Purchase Agreement.

 

“Trust
Note Rate”: With respect to the Trust Loan and any 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
Notes”: As described, in the Preliminary Statement, collectively, as of any date of determination, the notes or other
evidence of indebtedness and/or agreements evidencing the indebtedness of the Borrower 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). 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 0.00450% per annum.

 

“Underwriter
Exemption”: With respect to (a) BofA Securities, Inc., as Prohibited Transaction Exemption 93-31, 58 Fed. Reg. 28620
(May 14, 1993), (b) J.P. Morgan Securities LLC, as Prohibited Transaction Exemption 2002-19, 67 Fed. Reg. 14,979 (March 28, 2002),
as amended by Prohibited Transaction Exemption 2013-08, 78 Fed. Reg. 41090 (July 9, 2013), (c) Credit Suisse Securities (USA)
LLC, Prohibited Transaction Exemption 89-90, 54 Fed. Reg. 42597 (October 17, 1989) and (d) Deutsche Bank Securities Inc., Department
of Labor Final Authorization Number 97-03E (December 9, 1996), 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 any 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

 

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repurchased or purchased pursuant to Section 2.03(e), Section 3.16 or Section 9.01
or by a mezzanine lender, any indemnification payment made by the Loan Sellers as a result of a Material Breach or Material
Document Defect pursuant to Section 2.03(e) 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 Servicer (but excluding Prepayment
Premiums, if any) during such Collection Period.

 

“Updated
Appraisal”: An Appraisal of the Property 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 the Appraisal Institute standards, the costs of which shall be
paid as a Property Advance by the 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), 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 Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE, 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 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.

 

“Whole
Loan”: As defined in the Preliminary Statement. References herein to the Whole Loan shall be construed to refer to the
aggregate indebtedness under each Senior Note and each Junior Note.

 

“Whole
Loan Rate”: With respect to the Whole Loan and any 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

 

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in either case such Distribution Date is the final Distribution
Date, an amount equal to one day’s interest at the Net Trust Note 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 0.25% of each collection of interest and principal (including scheduled payments, prepayments
(provided that a repurchase by a Loan Seller of its respective 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 Loan for so long as it remains a Corrected Loan, pursuant to Section 3.12(c), subject
to a cap of $1,250,000; provided, that no Workout Fee shall be payable by the Trust with respect to any Corrected Loan
if and to the extent that the Corrected Loan (a) 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 (b) in connection with the purchase of a Specially
Serviced Loan that is subject to mezzanine indebtedness by the holder of the related mezzanine loan within ninety (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 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 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 Borrower and
retain (i) a workout fee, (ii) such other fees as are provided for in the Loan Documents and (iii) other appropriate fees in connection
with such workout. The total amount of Workout Fees payable by the Trust with respect to the Corrected Loan and with respect to
any particular workout (assuming, for the purposes of this calculation, that the Corrected 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 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 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 Borrower immediately prior to such repurchase. In furtherance of the foregoing,
upon the Specially Serviced Loan becoming a Corrected Loan, the Special Servicer shall provide the Servicer with a calculation
of the total amount of Workout Fees expected to be payable by the Trust with respect to the Corrected Loan throughout its term
(which calculation shall be reasonably acceptable to the 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:

 

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(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 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) 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 Borrower, Liquidation
Proceeds, Condemnation Proceeds or Insurance Proceeds (exclusive of any amounts payable to the Companion Loan Holder pursuant
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 Holder 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) to the extent of the excess of (A) accrued and unpaid interest on the
Trust Loan at the Trust Note 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 clause (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) 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

 

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(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) 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 Premiums 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); and

 

(xii)      as
a recovery of any remaining principal of the Trust Loan to the extent of its entire remaining unpaid principal balance;

 

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 Property (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 Holder

 

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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) to the extent of the excess of (A) accrued and unpaid interest on the
Trust Loan at the Trust Note 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 Loan Payment Date), over (B) 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 clause (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) 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 Premium then due and owing under the Trust Loan;

 

(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;
and

 

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(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).

 

(g)       The
applications of amounts received in respect of the Trust Loan pursuant to Section 1.02(e) shall be determined by the Servicer
in accordance with the Servicing Standard. The applications of amounts received in respect of the Trust Loan or any REO Property
pursuant to Section 1.02(f) 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 Property 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 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 Sections
1.02(e) and (f) 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, Class E, Class F 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 or any other Class of Certificates remains outstanding.

 

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 “Grace
Trust 2020-GRCE”, 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 Holder. 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 BANA Indemnification Agreement, the Column Indemnification

 

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Agreement, the GACC Indemnification Agreement and the JPMCB 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 Servicer on behalf of the Trustee as successor to the Loan Sellers.

 

In
connection with such transfer and assignment, the Depositor does hereby deliver to, and deposit with, the Custodian, with copies
to the 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 Servicer):

 

(i)        each
original Trust Note, evidencing a portion of the related Loan Seller’s 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 Grace Trust 2020-GRCE
Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE without recourse”;

 

(ii)       the
original (or a copy thereof certified from the applicable recording office) of the 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 Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates
(and the Companion Loan Holder)”;

 

(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 Grace Trust 2020-GRCE 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 Borrower at the Property (in each case with evidence of filing or recording thereon)
and which were in the possession of the 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 Loan Sellers, an assignment of UCC financing statement by the most recent assignee of record prior to the Trustee
or, if none, by the

 

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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 Grace Trust
2020-GRCE Commercial Mortgage Pass-Through Certificates (and the Companion Loan Holder)”; provided that other evidence
of filing or recording reasonably acceptable to the Trustee may be delivered in lieu of delivering such UCC financing statements
including, without limitation, evidence of such filed or recorded UCC financing statement as shown on a written UCC search report
from a reputable search firm, such as CSC/LexisNexis Document Solutions, Corporation Service Company, CT Corporation System and
the like or printouts of on-line confirmations from such UCC filing or recording offices or authorized agents thereof;

 

(vi)      the
original or a copy of the Loan Agreement relating to 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 Property, 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 Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates (and the Companion
Loan Holder)”, 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 Property required in connection with origination of the Whole Loan, if any;

 

(x)       an
original or a copy of the Assignment of Management Agreement and originals or copies of the currently effective Management Agreement,
if any, for the Property;

 

(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: “Wilmington
Trust, National Association, as Trustee, for the benefit of the Holders of Grace Trust 2020-GRCE Commercial Mortgage Pass-Through
Certificates (and the Companion Loan Holder)”;

 

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(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 Holder);

 

(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 Holder);

 

(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 Borrower 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)   [reserved];

 

(xviii)  a
copy of the Co-Lender Agreement and any mezzanine loan intercreditor agreement;

 

(xix)     the
original (or copy, if the original is held by the 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; and

 

(xx)      an
original or a copy of the Cash Management 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. 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.

 

On
or prior to the Closing Date, the 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 Holder. On or promptly following the Closing Date, the 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 Loan Sellers (in proportion
to their respective 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 Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates) in the appropriate public
recording office in no event

 

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later than thirty (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 sixty (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 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 Loan Sellers (as set forth in the Trust
Loan Purchase Agreements). The Loan Sellers shall, promptly upon receipt of the original recorded or filed copy (and in no event
later than five (5) 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 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 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 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 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 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 Holder. 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 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 Servicer pursuant to Section 2.01(c)) of any letters of credit
held by the lender as beneficiary or assigned as security

 

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for the Whole Loan, and, within thirty (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 Servicer and (ii) the Servicer, on or before the Closing Date, all documents and records that are part of each applicable
Servicing File. If the Loan Sellers cannot deliver, or cause to be delivered, as to the Trust Loan, the original Trust Notes,
the 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 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, the applicable title insurance company or a 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 sixty (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 Loan Sellers have provided the
Custodian with evidence of such recording or filing, as the case may be, or has certified to the Custodian as to the occurrence
of such recording or filing, as the case may be, and is, as certified to the Custodian 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 twenty-four (24) months in the aggregate).

 

(c)       Notwithstanding
anything herein to the contrary, with respect to the documents referred to in Section 2.01(a)(xix), the 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 Loan Seller shall be deemed to have satisfied the delivery requirements of its respective Trust Loan Purchase
Agreement and this Section 2.01 by delivering the original of each such document to the Servicer, which shall forward a
copy of the applicable document to the Custodian. The 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 Servicer) required
in order for the Servicer to draw on such letter of credit on behalf of the Trust. In the event that the documents specified in
Section 2.01(a)(xix) are missing because the related assignment or amendment documents have not been completed, the Loan
Sellers shall take all necessary steps to enable the 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 Servicer and immediately
remitting such funds (or causing such funds to be remitted) to the Servicer.

 

Section
2.02     Acceptance by Custodian and the Trustee. By its execution and delivery of this Agreement,
the Trustee (a) acknowledges the assignment to it of the Trust Loan in good faith without notice of adverse claims and (b) 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 Holder.

 

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The
Custodian hereby certifies to each of the Depositor, the Certificate Administrator, the Trustee, the Servicer, the Special Servicer
and the 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 (i) appears regular on its face (handwritten additions, changes
or corrections shall not constitute irregularities if initialed by the Borrower), (ii) appears to have been executed (where appropriate)
and (iii) 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)(xix) 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 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 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 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 Servicer,
the Special Servicer, the Operating Advisor and the Loan Sellers in the form attached as Exhibit N-2 to this Agreement
that all documents (other than documents referred to in clauses Section 2.01(a)(xix) and Section 2.01(a)(xx), which
shall be delivered to the Servicer and the documents referred to in Section 2.01(a) (iii), (v)(B) and (viii)
and the assignments of financing statements referred to in Section 2.01(a)(xiv), which shall be delivered for filing
or recording by the 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 (xxi), as identified to it in writing as a document required to be delivered by the 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 Servicer, the Special
Servicer, the Operating Advisor and the 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 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 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). None of the 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 Loan Seller to deliver, a power of attorney substantially
in the form of Exhibit C to the Trust Loan Purchase

 

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Agreements to the 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 Loan Seller shall be required to effect (at the expense of the related 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.

 

In
reviewing any Mortgage File pursuant to the third preceding paragraph of Section 2.01, the 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:

 

(A)       to
acquire, own, hold, sell, transfer, assign, pledge and otherwise deal with the following: (I) “fully-modified pass-through”
certificates (“GNMA

 

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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 instrumentality which would materially and adversely affect the ability of the Depositor to carry out its
obligations under this Agreement;

 

(vii)     No
consent, approval, authorization or order of, or registration or filing with, or notice to any court or governmental agency or
body, is required for the execution, delivery and performance by the Depositor of or compliance by the Depositor with this Agreement,
or if required, such approval has been obtained prior to the Cut-off Date; and

 

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(viii)    The
Trustee, if not the owner of the 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 Holder, the Certificate Administrator, the Trustee, the Custodian, the Servicer and the Special Servicer.

 

(d)       If
the 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 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 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 Request
Rejection (each such notice, a “Rule 15Ga-1 Notice”) to the Depositor and the related 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 Servicer
receives notice of a Repurchase Request Withdrawal or Repurchase Request Rejection from the Special Servicer, the 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.

 

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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 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 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 Grace Trust 2020-GRCE 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 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 in connection with its review of the Mortgage
File.

 

(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 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 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 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)) and the Companion
Loan Holder. If any such Defect or Breach materially and adversely affects the value of the Trust Loan, the value of the Property
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 Section 2.01(a)(i),
(ii), (vii) and (xix) are not delivered as required in each Trust Loan Purchase Agreement and certified as
missing pursuant to Section 2.02, 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 Borrower or a third party with respect to the Trust Loan,

 

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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 Servicer, the Special Servicer, the Operating Advisor, the Trustee, the Certificate Administrator or the
Custodian, on behalf of the Trust Fund, each Loan Seller shall, not later than ninety (90) days from such 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 Loan Seller Transferred Interest in the Trust Loan at an amount equal to its Loan Seller Percentage
Interest of the Repurchase Price in conformity with the applicable Trust Loan Purchase Agreement or (iii) indemnify the Trust
for its 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 Loan Seller, subject to the approval of the Special Servicer));
provided that if (i) such 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 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 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 Loan Seller Transferred Interest or
indemnify the Trust in respect of its 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 ninety
(90) days of the date of discovery of such Material Breach or Material Document Defect, the applicable Loan Seller shall (i) cure
the same in all material respects or (ii) repurchase its Loan Seller Percentage Interest in the Trust Loan at an amount equal
to its 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 Servicer and the Special Servicer shall each tender to the 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 Servicer and the Special Servicer,
as applicable) (including the original Trust Notes related to each Loan Seller’s 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 Servicer or the
Special Servicer, as applicable, of a trust receipt and (ii) to the Custodian by the Servicer or the Special Servicer, as applicable,
of a Request for Release and an acknowledgement by the Servicer or Special Servicer, as applicable, of its receipt of each Loan
Seller Percentage Interest of the Repurchase Price from the 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 Loan Sellers, as the case may be, to the Loan Sellers as shall be necessary to vest
in the Loan Sellers the legal and beneficial ownership of each Loan Seller’s respective repurchased Loan Seller Transferred
Interest in the Trust Loan to the extent such ownership was transferred to the Trustee (provided, however, that
the Servicer or Special Servicer, as applicable, shall use reasonable efforts to cooperate in furnishing necessary information
to the extent in its possession to the Loan Sellers

 

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in connection with the preparation by the Loan Sellers of such endorsement
or assignment) and (C) the Certificate Administrator, the 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 Servicer and the Special
Servicer, as applicable, or on the Certificate Administrator’s, the Servicer’s and the Special Servicer’s, as
applicable, behalf, in respect of the Trust Loan to the Loan Sellers in accordance with their respective repurchased Loan Seller
Transferred Interests in the Trust Loan.

 

(g)       The
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 and the Trustee, use reasonable efforts to enforce the obligations of the related 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 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 (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, 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 Loan Sellers prevail in such proceeding, the 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 Servicer, the Special Servicer, the Operating Advisor and the
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 Servicer or
the Special Servicer, unless such defense results in any liability of the Servicer or the Special Servicer, as applicable.

 

(i)         If
for any reason any Loan Seller fails to fulfill its obligations under the related Trust Loan Purchase Agreement with respect to
the Trust Loan, the 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 Loan Seller to cure or repurchase or make an indemnity
payment with respect to its Loan Seller Transferred Interest under the terms of the related Trust Loan Purchase Agreement all
at the expense of the related Loan Seller.

 

(j)        To
the extent that not all of the Loan Sellers repurchase their respective 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 Servicer and,
as applicable, the Special Servicer, in accordance with the terms of this Agreement on behalf of each repurchasing Loan

 

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Seller
and the Certificateholders as a collective whole, and the 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 Loan Seller
Transferred Interests, (v) each repurchasing Loan Seller shall be entitled to remittances on or prior to the Distribution Date
of its pro rata share, based upon its 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
Loan Seller’s Loan Seller Percentage Interest and (B) all costs and expenses incurred in connection with the 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 Servicer by the Loan Seller to the extent such direction is received at least ten (10) Business Days prior
to the related Distribution Date, (vi) each repurchasing 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 Loan Seller in respect of such repurchasing Loan Seller’s Loan Seller Transferred Interest without the consent
of such repurchasing 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 Loan Seller’s 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 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 Loan Seller shall be construed to instead refer to a photocopy of such Trust Note) and (x) the Servicer
and the Special Servicer shall not be required to obtain the concurrence or consent of a repurchasing Loan Seller prior to, or
as a condition to, taking any action required of either of the Servicer or the Special Servicer pursuant to the terms of this
Agreement, nor shall the repurchasing Loan Seller have any right to direct the actions of the 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 Servicer nor the Trustee shall make any P&I Advance or Administrative Advance with respect to any Loan Seller
Transferred Interest of the Trust Loan which has been repurchased as described herein.

 

Section
2.04     Representations, Warranties and Covenants of the Servicer, the Special Servicer, the Certificate
Administrator, the Trustee and the Operating Advisor. (a) Wells Fargo Bank, National Association, as the 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 Holder, to the Depositor, to the Certificate Administrator, to the Special Servicer and to the Operating Advisor,
as of the Closing Date, that:

 

(i)        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 America) in which the Property is 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,

 

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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.

 

(ix)       To
the actual knowledge of the Servicer, the Servicer is not a Credit Risk Retention Affiliate of the Third Party Purchaser

 

(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 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 Property is 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

 

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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

 

(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 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 Holder and the
Servicer or Special Servicer, as the case may be. Upon discovery by the Depositor, the Operating Advisor, the 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 Servicer, Special Servicer, the
Companion Loan Holder or the Trustee in the Trust Loan, the party discovering such breach shall give prompt written notice to
the other parties hereto and the Loan Sellers.

 

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(d)       The
Trustee hereby represents and warrants to the Depositor, the Servicer, the Special Servicer, the Operating Advisor, the Certificate
Administrator, the Certificateholders and the Companion Loan Holder as of the Closing Date, that:

 

(i)        The
Trustee is a national banking association, duly organized, validly existing and in good standing under the laws of the United
States of America and has full power, authority and legal right to own its properties and conduct its business as presently conducted
and to execute, deliver and perform the terms of this Agreement;

 

(ii)       This
Agreement has been duly authorized, executed and delivered by the Trustee and, assuming due authorization, execution and delivery
by the other parties hereto, constitutes a legal, valid and binding instrument enforceable against the Trustee in accordance with
its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting
the enforcement of creditors’ rights in general and by general equity principles (regardless of whether such enforcement
is considered in a proceeding in equity or at law);

 

(iii)      Neither
the execution and delivery of this Agreement by the Trustee nor the consummation by the Trustee of the transactions herein contemplated
to be performed by the Trustee, nor compliance by the Trustee with the provisions hereof, will conflict with or result in a breach
of, or constitute a default under, any of the provisions of any applicable law (subject to the appointment in accordance with
such applicable law of any co-Trustee or separate Trustee required pursuant to this Agreement), governmental rule, regulation,
judgment, decree or order binding on the Trustee or its properties or the organizational documents of the Trustee or the terms
of any material agreement, instrument or indenture to which the Trustee is a party or by which it is bound which, in the Trustee’s
good faith and reasonable judgment, is likely to affect materially and adversely the ability of the Trustee to perform its obligations
under this Agreement;

 

(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;

 

(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.

 

(vii)     To
the actual knowledge of the Trustee, the Trustee is not a Credit Risk Retention Affiliate of the Third Party Purchaser

 

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(e)       The
Certificate Administrator hereby represents and warrants to the Depositor, the Trustee, the Servicer, the Special Servicer, the
Operating Advisor, the Certificateholders and the Companion Loan Holder 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 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.

 

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(vii)     To
the actual knowledge of the Certificate Administrator, the Certificate Administrator is not a Credit Risk Retention Affiliate
of the Third Party Purchaser.

 

(f)        The
Operating Advisor hereby represents and warrants to the Depositor, the Trustee, the Servicer, the Special Servicer, the Certificate
Administrator, the Certificateholders and the Companion Loan Holder 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);

 

(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;

 

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(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 and, concurrently with such delivery, (a) acknowledges and hereby
declares that it holds the Trust Loan and the other assets included in the Lower-Tier REMIC on behalf of the Lower-Tier REMIC
and the Holders of the Certificates; (b) acknowledges the issuance of the Lower-Tier Regular Interests to the Depositor in exchange
for the Trust Loan and other assets included in the Lower-Tier REMIC, (c) 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 (d) 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 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 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)       None
of the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Servicer or the Special Servicer shall
enter into any arrangement by which the Trust Fund will receive a fee or other compensation for services other than as specifically
contemplated herein.

 

Article
III

ADMINISTRATION AND SERVICING

OF THE TRUST FUND

 

Section
3.01     The Servicer to Act as Servicer; Special Servicer To Act as Special Servicer; Administration
of the Whole Loan. (a) The 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

 

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Loan Holder
(as a collective whole as if such Certificateholders and the Companion Loan Holder constituted a single lender), in accordance
with the Servicing Standard.

 

The
Servicer’s or Special Servicer’s liability for actions and omissions in its capacity as 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 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 Servicer or Special
Servicer of the collectability of the Whole Loan. Subject only to the Servicing Standard, the 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), 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 Holder (as a collective
whole as if such Certificateholders and the Companion Loan Holder 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 Holder
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 Property 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 Property.
Notwithstanding the foregoing, neither the 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 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 Borrower reports required to be provided to it pursuant to the Loan Documents. Subject
to Section 3.11, the Trustee shall, upon the receipt of a written request of a Servicing Officer, execute and deliver to
the 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 Servicer or the Special Servicer, as applicable) and other
documents (including, but not limited to, other powers of attorney) prepared by the Servicer and Special Servicer, as applicable,
and necessary or appropriate (as certified in such written request) to enable the 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 Servicer and Special Servicer, as applicable. Notwithstanding anything contained herein to the contrary,
none of the 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 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 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 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 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 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

 

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following the date of receipt of such partial Principal Prepayment; provided that the 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 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
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 Sections
3.27, 3.28 or 3.29 applicable to such Sub-Servicer, including the failure to deliver any reports or certificates
at the time such report or certification is required under Sections 3.27, 3.28 or 3.29 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 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 Servicer or the Special Servicer, as applicable, shall grant any modification, waiver or amendment to the Whole
Loan or foreclose on the Mortgage without the approval of the 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 and (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. 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 Servicer on the date received by such Sub-Servicer.

 

Any
Sub-Servicing Agreement entered into by the 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 Servicer or the Special Servicer, respectively,
or any successor 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
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 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 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 Holder 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 Holder 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 Servicer assumes the obligations of the 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
Servicer or such successor Special Servicer, as applicable, to the extent necessary to permit the Trustee, the successor 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 Servicer or such successor Special Servicer, as applicable, succeed to all of the rights
and obligations of the Servicer or the Special Servicer, as applicable, under any Sub-Servicing Agreement entered into by the
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 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 Servicer or the Special Servicer, as applicable, prior to such deemed assumption)
and to have replaced the 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 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 Servicer or successor Special Servicer, as applicable, assumes the servicing obligations of the Servicer
or the Special Servicer, as applicable, then upon request of such successor, the 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 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 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 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 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 Holder under the Co-Lender Agreement, including, without
limitation with respect to (i) the allocation of collections (and all other amounts received in connection with the Whole Loan)
on or in respect of the Whole Loan and (ii) 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.

 

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Section
3.02     Liability of the 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 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 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 Holder) 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 Servicer or the Special Servicer, as applicable, alone was servicing and administering the
Whole Loan. Each of the Servicer and the Special Servicer shall be entitled to enter into an agreement with any Sub-Servicer providing
for indemnification of the 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 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 Servicer or the Special Servicer of the collectability of the Whole Loan. With respect
to the Performing Loan, the Servicer shall use its reasonable efforts, consistent with the Servicing Standard, to collect income
statements and rent rolls from the Borrower as required by the Loan Documents and the terms hereof. The Servicer shall provide
at least ninety (90) days’ notice (with a copy to the Special Servicer) to the Borrower of Balloon Payments coming due.
Consistent with the foregoing, the 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 Servicer
shall maintain accurate records with respect to the Property 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 Borrower as required by the Loan Documents. The Special Servicer, in the case of an
REO Loan, and the 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 Servicer to effect, payment of all such bills with respect to the
Property 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 Borrower fails to make any such payment on a timely basis or collections from the
Borrower are insufficient to pay any such item before the applicable penalty or termination date, the Servicer shall advance the
amount of any shortfall as a Property Advance unless the 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 Servicer shall comply with the provisions of Section 3.21(d)). The 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 from

 

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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. No costs incurred by the Servicer in effecting the payment of taxes and
assessments on the Property 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
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
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) and any Insurance Proceeds or Liquidation Proceeds which are required to be applied to the
restoration or repair of the 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 Servicer shall have thirty (30) Business Days (or such longer time as confirmed by a No Downgrade Confirmation, obtained at
the expense of the Servicer relating to the Certificates) to transfer such account to an Eligible Account. Escrow Accounts shall
be entitled, “Wells Fargo Bank, National Association, as Servicer, on behalf of Wilmington Trust, National Association,
as Trustee, in trust for the benefit of the Holders of Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series
2020-GRCE the Borrower and the Companion Loan Holder”. Withdrawals from an Escrow Account may be made by the Servicer only:

 

(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 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 the 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 Borrower any interest or investment income earned on funds deposited in the Escrow Account if such
income is required to be paid to the Borrower under law or by the terms of the Loan Documents, or otherwise to the 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 Borrower
determined to be overages.

 

(c)       The
Servicer shall, as to the Whole Loan (i) maintain accurate records with respect to the Property reflecting the status of real
estate taxes, assessments and other similar items that are or may become a lien thereon and the status of insurance premiums and
any ground rents payable in respect thereof and (ii) use reasonable efforts to obtain, from time to time, all bills for (or otherwise
confirm) the payment of such items (including renewal premiums) and, if the Whole Loan requires the Borrower to escrow for such
items, shall effect payment thereof prior to the applicable penalty or termination date. For purposes of

 

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effecting any such payment
for which it is responsible, the Servicer shall apply Escrow Payments as allowed under the terms of the Loan Documents (or, if
the Whole Loan does not require the Borrower to escrow for the payment of real estate taxes, assessments, insurance premiums,
ground rents (if applicable) and similar items, the Servicer shall use reasonable efforts consistent with the Servicing Standard
to cause the Borrower to comply with the requirement of the Mortgage that the Borrower makes 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 Property for nonpayment of such items). Subject to Section 3.21, the 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 Servicer
shall establish and maintain a Collection Account, for the benefit of the Certificateholders, the Companion Loan Holder and the
Trustee as the Holder of the Lower-Tier Regular Interests. The Collection Account shall be established and maintained as an Eligible
Account.

 

The
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
Premiums and the interest component of all Unscheduled Payments;

 

(iii)      any
amounts required to be deposited pursuant to Section 3.07(b), in connection with net losses realized on Permitted Investments
with respect to funds held in the Collection Account;

 

(iv)      all
Net REO Proceeds withdrawn from the related REO Account pursuant to Section 3.15(b);

 

(v)       any
amounts received from the Borrower 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 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, 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);

 

(viii)    any
amounts required to be deposited by the Servicer or the Special Servicer pursuant to Section 3.08(b) n connection with
losses resulting from a deductible clause in a blanket or master force-placed policy in respect of the Property;

 

(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

 

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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 Servicer or Special Servicer;

 

(x)        any
Servicer Prepayment Interest Shortfall Amounts in respect of the Trust Loan pursuant to Section 3.17(c); and

 

(xi)       any
indemnity payment received from a 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).

 

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, consent fees, extension fees, demand fees, defeasance fees, beneficiary
statement charges and similar fees need not be deposited in the Collection Account by the Servicer or the Special Servicer, as
applicable, and, to the extent permitted by applicable law, the 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.

 

On
the Closing Date, the Depositor shall remit to the Servicer for deposit into the Collection Account, a payment in an amount equal
to the Initial Deposit Amount.

 

In
the event that the 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 Servicer for deposit into the Collection Account in accordance with the second paragraph of this Section
3.05, 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 Servicer
for deposit into the Collection Account pursuant to Section 3.15(b). With respect to any such amounts paid by check to
the order of the Special Servicer, the Special Servicer shall endorse without recourse or warranty such check to the order of
the Servicer and shall promptly deliver any such check to the 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 Holder 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 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. Upon receipt from the 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

 

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hereof,
(B) Prepayment Premiums to be distributed pursuant to Section 4.01(c) 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).

 

(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) on such date.

 

(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. Funds in the Distribution Account and the Interest Reserve Account shall remain uninvested.

 

The
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 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 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 Servicer shall remit, from
amounts on deposit in the Collection Account, to the

 

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Companion Loan Holder by wire transfer in immediately available funds to
the account of such Companion Loan Holder or an agent therefor appearing on the 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 Companion Loan 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 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 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 Premiums) 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), 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)); the Operating 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 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 Servicer’s, the Trustee’s and the applicable 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;

 

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(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 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 Borrower 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 Note, based on the outstanding principal balance of the Junior Note,
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, 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 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 related
Companion Loan Holder 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

 

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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 Defect giving rise
to a repurchase obligation of the Loan Sellers under Section 6 of each 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 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 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 Servicer Prepayment Interest Shortfall Amounts calculated pursuant to Section 3.17(c));

 

(ix)       (A)
to pay itself, as additional Servicing Compensation in accordance with Section 3.12(a), (1) interest and investment income
earned in respect of amounts relating to the Trust Fund held in the Collection Account as provided in Section 3.12(b) (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 Borrower 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), 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 Borrower 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);

 

(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;

 

(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

 

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of their assets or transactions, together with all incidental costs and expenses, to the extent
that none of the 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 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
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) any interest or investment income earned on funds deposited
in the Collection Account;

 

(xviii)  [Reserved];

 

(xix)     to
pay itself, the Special Servicer or the 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);

 

(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; and

 

(xxiii)   to
make remittances each month in an aggregate amount of immediately available funds equal to the Remittance Amount to the Companion
Loan Holder in accordance with Section 3.05(h) and in accordance with the Co-Lender Agreement, including amounts to be
remitted to the Companion Loan Holder or the Companion Loan Servicer Providers under clauses (iii), (v) and (vi);
provided that Liquidation Proceeds relating to the repurchase of a Companion Loan by the related seller thereof shall be
remitted solely to the holder of such Companion Loan, as the case

 

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may be, and Liquidation Proceeds relating to the repurchase
of a Trust Loan related to the Whole Loan by the related 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 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 Servicer (or the
Trustee) directly to the party entitled to such payment).

 

Upon
written request, the Servicer shall provide to the Certificate Administrator such records and any other information in the possession
of the Servicer to enable the Certificate Administrator to determine the amounts attributable to the Lower-Tier REMIC.

 

The
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 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 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 Servicer or the Trustee), their respective indemnification payments (if any)
pursuant to Section 6.03, Section 8.05 or Section 10.02 (for each of such Persons other than CREFC®),
their respective expenses hereunder to the extent such fees and expenses are to be reimbursed or paid from amounts on deposit
in the Collection Account pursuant to this Agreement. For the avoidance of doubt, any fees or expenses (including legal fees)
for which a party is to be indemnified pursuant to Section 6.03 herein may be submitted directly to the Trust Fund to be
paid from amounts on deposit in the Collection Account. In addition, the Certificate Administrator, the Trustee, the Special Servicer,
the 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 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) 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

 

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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 the 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)), at least fifteen (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 Servicer or the Trustee determines
in its sole discretion that waiting fifteen (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 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 Servicer or the Trustee has not timely received from the Certificate
Administrator information requested by the 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 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)). 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.

 

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 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 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 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 Holder 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 or the Companion Loan Holder. Nothing herein
shall be deemed to create in the Certificateholders or the Companion Loan Holder 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). 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 Servicer and (b) in accordance with good faith business judgment,
with respect to the Trustee, and in each case, 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 the Companion Loan Holder 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.

 

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None
of the 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 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 Servicer shall withdraw from the related Collection
Account and remit to the Companion Loan Holder, within one (1) Business Day of receipt of properly identified funds, any amounts
that represent Late Collections or Principal Prepayments on such 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 such 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 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 Servicer shall remit such amounts within two (2) Business Days of receipt of properly identified funds.

 

If
the 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 Holder (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 Servicer shall pay to the Certificate Administrator (in respect of the Trust Loan) or the Companion
Loan Holder (in respect of the Companion Loan), for the account of the Certificate Administrator (in respect of the Trust Loan)
or related Companion Loan Holder (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 related Companion Loan Holder, as applicable.

 

(c)       On
each Servicer Remittance Date, all net income and gain realized from investment of funds to which the Servicer or the Special
Servicer is entitled pursuant to Section 3.07(b) shall be subject to withdrawal by the 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
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 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 related Companion Loan Holder or, if such 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.]

 

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(f)        The
Certificate Administrator, may, from time to time, make withdrawals from the Lower-Tier Distribution Account for any of the following
purposes (the order set forth below shall not indicate any order of priority), in each case to the extent not previously paid
from the Collection Account:

 

(i)        to
make deposits of the Lower-Tier Distribution Amount and the amount of any Prepayment Premiums distributable pursuant to Section
4.01(a) in the Upper-Tier Distribution Account, and to make distributions on the Class LR Certificates pursuant to Section
4.01(a);

 

(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);

 

(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);

 

(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.

 

(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, 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.

 

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 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 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 Reserve Account (the “Borrower Accounts”), the Servicer shall act upon the written
request of the Borrower or Manager to the extent that the Servicer is required to do so under the terms of the Loan Documents,
provided that in the absence of appropriate written instructions from the Borrower or Manager meeting the requirements
of this Section

 

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3.07, the 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 Servicer, the Special Servicer, the Borrower or Manager or any losses resulting
therefrom, whether from Permitted Investments or otherwise. The Servicer shall have no responsibility or liability with respect
to the investment directions of the Special Servicer, the Certificate Administrator, the Trustee, the Borrower or Manager or any
losses resulting therefrom, whether from Permitted Investments or otherwise. The Special Servicer shall have no responsibility
or liability with respect to the investment directions of the Servicer, the Certificate Administrator, the Trustee, the Borrower
or Manager or any losses resulting therefrom, whether from Permitted Investments or otherwise. In the event amounts on deposit
in an Investment Account are at any time invested in a Permitted Investment payable on demand, the 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 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 Servicer
(except with respect to the investment of funds deposited in (i) the Borrower Accounts, which shall be for the benefit of the
Borrower 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 Servicer
or the Special Servicer, as applicable, in accordance with Section 3.06 or Section 3.15(b), as applicable. The 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 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 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 Borrower under the terms of the Loan Documents or applicable law; provided that neither the Servicer nor the Special
Servicer shall be required to deposit any loss on an investment of funds in an Investment Account if such loss is incurred solely
as a result of the insolvency of the federal or state chartered depository institution or trust company that holds such Investment
Account, so long as such depository institution or trust company has satisfied the qualifications set forth in the definition
of Eligible Account both (x) at the time the investment was made and (y) thirty (30) days prior to such insolvency.

 

(c)       Except
as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Permitted Investment,
or if a default occurs in any other performance required under any Permitted Investment, in either case as a result of an action
or inaction of the 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 Servicer, if such Permitted

 

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Investment was for the benefit of the 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 Servicer shall use efforts consistent with the Servicing Standard to cause the Borrower
to maintain the following insurance coverage (including identifying the extent to which the Borrower is maintaining insurance
coverage and, if the Borrower does not maintain such coverage, the Servicer will itself cause such coverage to be maintained with
Qualified Insurers) for the Property: (x) except where the Loan Documents permit the Borrower to rely on self-insurance provided
by a tenant, a fire and casualty extended coverage insurance policy, which does not provide for reduction due to depreciation,
in an amount that is at least equal to the 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
Servicer shall not be required to maintain any earthquake or environmental insurance policy on the Property 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 Servicer shall
require the Borrower to maintain such insurance in the amount, in the case of clause (x), maintained at origination, and
in the case of clause (y), required by the Whole Loan to the extent such amounts are available at commercially reasonable
rates and to the extent the Trustee has an insurable interest;

 

(ii)       if
and to the extent that the Loan Document grants the lender thereunder any discretion (by way of consent, approval or otherwise)
as to the insurance provider from whom the Borrower is to obtain the requisite insurance coverage, the Servicer shall (to the
extent consistent with the Servicing Standard) require the Borrower to obtain the requisite insurance coverage from Qualified
Insurers;

 

(iii)      the
Servicer shall have no obligation beyond using its efforts consistent with the Servicing Standard to cause the Borrower to maintain
the insurance required to be maintained under the Loan Documents; provided, however, that this clause shall not
limit the 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 Servicer be required to cause the Borrower
to maintain, or itself obtain, insurance coverage to the extent that the failure of the Borrower to maintain insurance coverage
is an Acceptable Insurance Default (as determined by the Special Servicer);

 

(v)       to
the extent that the Servicer itself is required to maintain insurance that the Borrower does not maintain, the Servicer will not
be required to maintain insurance other than what is available to the 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

 

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(vi)      any
explicit terrorism insurance requirements contained in the Loan Documents shall be enforced by the Servicer in accordance with
the Servicing Standard, unless the Special Servicer has consented to a waiver (including a waiver to permit the 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 Servicer in writing of such waiver.

 

The
Servicer shall notify the Special Servicer, the Certificate Administrator and the Trustee if the Servicer determines in accordance
with the Servicing Standard that the Borrower has failed to maintain insurance required under the Loan Documents and such failure
materially and adversely affects the interests of the Certificateholders or if the Borrower has notified the Servicer in writing
that the Borrower does not intend to maintain such insurance and that the 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), if the Property is 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 Servicer to make a Property Advance for the
costs associated with coverage that the Special Servicer determines to maintain, in which case the 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 full replacement value of the Property (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 Servicer (on behalf of the Trustee on behalf of Certificateholders and the Companion
Loan Holder), 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 Holder) (in the case of insurance maintained if the Property is an REO Property).
Any amounts collected by the Servicer or Special Servicer, as applicable, under any such policies (other than amounts to be applied
to the restoration or repair of the Property or REO Property or amounts to be released to the Borrower, in each case in accordance
with the Servicing Standard) shall be deposited in the Collection Account, subject to withdrawal pursuant to Section 3.06,
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, in the case of amounts received in respect of the REO Property. Any cost incurred by the 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 Holder, 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 Servicer or Special Servicer on behalf of the Trust Fund to enforce any obligations of the Borrower under the Whole Loan.
Any costs incurred by the Servicer in maintaining insurance policies in respect of the Whole Loan or a Specially Serviced Loan
(other than the REO Property) (i) if the Borrower defaults on its obligation to do so, shall be advanced by the Servicer as a
Property Advance and will be charged to the Borrower and (ii) shall not, for purposes of calculating monthly distributions to
Certificateholders, be added to the Stated Principal Balance of the

 

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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 Servicer as a Property Advance
(or paid from the Collection Account if the Servicer determines such Advance would be a Nonrecoverable Advance, subject to Section
3.21(d)).

 

(b)       If
either: (i) the Servicer or Special Servicer obtains and maintains, or causes to be obtained and maintained, a blanket policy
or master force-placed policy insuring against hazard losses on all of the Property or REO Property, as applicable, then, to the
extent such policy (A) is obtained from a Qualified Insurer, and (B) provides protection equivalent to the individual policies
otherwise required, or (ii) the Servicer or Special Servicer has long-term unsecured debt obligations or deposit accounts that
are rated not lower than “A-” by Fitch (or, if not then rated by Fitch, or at least one other NRSRO, or such other
rating as to which a No Downgrade Confirmation has been obtained), and the Servicer or Special Servicer self-insures for its obligation
to maintain the individual policies otherwise required, then the 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 Property 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
Servicer or the Special Servicer, as the case may be, that maintains such policy shall, if there shall not have been maintained
on the Property or REO Property thereunder a hazard insurance policy complying with the requirements of Section 3.08(a),
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 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 Holder 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 Servicer or Special Servicer, as applicable, causes the Property or REO Property to be covered by such “force-placed”
insurance policy, the incremental costs of such insurance applicable to the Property or REO Property (i.e., other than
any minimum or standby premium payable for such policy whether or not the Property or REO Property is covered thereby) shall be
paid as a Property Advance.

 

(c)       If
the Whole Loan is subject to an Environmental Insurance Policy, and the Servicer has actual knowledge of any event giving rise
to a claim under an Environmental Insurance Policy, the Servicer shall notify the Special Servicer to such effect and the 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 Holder, is entitled thereunder. Any legal fees or other out-of-pocket costs incurred in accordance with
the Servicing Standard in connection with any claim under an Environmental Insurance Policy described above (whether by the Servicer
or Special Servicer) shall be paid by, and reimbursable to, the Servicer as a Property Advance.

 

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(d)       The
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 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 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 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 or at least its equivalent by
KBRA (if then rated by KBRA) or at least one other NRSRO, or such other rating as to which a No Downgrade Confirmation has been
obtained, the 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
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 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 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 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 or at least its equivalent by KBRA (if then rated by KBRA), the 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 Property (in full or part) or the sale, transfer, pledge or hypothecation of direct or indirect interests
in the Borrower or its owners), which by its terms:

 

(i)        provides
that 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 Property (including, without limitation, the sale, transfer, pledge or hypothecation of direct or indirect interests
in the 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

 

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(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 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 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 the Borrower or (2) the 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 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 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 Property has been or is about to be conveyed,
and to release the original Borrower 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 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 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 Servicer nor the
Special Servicer shall waive any rights under a due on sale 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 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 Servicer. The 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 that any such assumption or substitution agreement has been completed by forwarding to the Custodian (with a copy
to the 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 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 Borrower to pay any fees owed to the Rating Agencies associated with the approval of such assumption or substitution.
However, in the event that the Borrower is required but fails to pay such fees, such fees shall be an expense of the Trust Fund;
provided that, with respect to the Companion Loan, the Servicer (if the Whole Loan is a Performing Loan) or the Special
Servicer (if the Whole Loan is a Specially Serviced Loan), shall, after receiving

 

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payment from amounts on deposit in the Collection
Account, if any, (i) promptly notify the Companion Loan Holder 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 related Companion Loan Holder.

 

(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 Property or any direct or indirect ownership interest in the Borrower (including, unless specifically permitted,
any additional mezzanine financing of the Borrower or the Property or any sale or transfer of preferred equity in the Borrower
or its owners),

 

(ii)       requires
the consent of the mortgagee to the creation of any such lien or other encumbrance on the Property (including, without limitation,
any additional mezzanine financing of the Borrower or the Property or any sale or transfer of preferred equity in the Borrower
or its owners), or

 

(iii)      provides
that the Property may be further encumbered without the consent of the mortgagee (including, without limitation, any additional
mezzanine financing of the Borrower or the Property or any sale or transfer of preferred equity in the Borrower or its owners),
provided that certain conditions set forth in the Loan Documents are satisfied,

 

then,
neither the 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 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 Holder, 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 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 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 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 Borrower to pay any fees owed to the Rating Agencies associated with
the approval of such lien or encumbrance. However, in the event that the Borrower is required but fails to pay such fees, such
fees shall be an expense of the Trust Fund; provided that the Servicer (if the Whole Loan is a Performing Loan) or the
Special Servicer (if the Whole Loan is a Specially Serviced Loan), shall be required, after receiving payment from amounts on
deposit in the Collection Account, if any, to (i) promptly notify the Companion Loan Holder 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 related Companion Loan Holder.

 

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(c)       [Reserved].

 

(d)       The
Servicer and the Special Servicer, as applicable, shall each provide copies of any waivers it effects pursuant to Section 3.09(a)
or (b) 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)) 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 the Property or the creation of any lien or other encumbrance
with respect to the Property.

 

(f)        In
connection with the taking of, or the failure to take, any action pursuant to this Section 3.09, the Special Servicer shall
not agree to modify, waive or amend, and no assumption or substitution agreement entered into pursuant to Section 3.09(a)
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 fifteen (15)
Business Days after receipt (unless earlier objected to) by the Special Servicer from the Servicer of the 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 the Property through defeasance:

 

(i)        subject
to the consent rights and process set forth in Section 6.09 with respect to Major Decisions, the 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 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 Servicer shall not accept the amounts paid by the Borrower to effect defeasance until
acceptable government securities have been identified;

 

(iii)      to
the extent not inconsistent with the Whole Loan, the Servicer shall require the Borrower to provide an Opinion of Counsel (which
shall be an expense of the Borrower) to the effect that the Trustee has a first priority perfected security interest in the defeasance
collateral (including the government securities) and the assignment of the defeasance collateral is valid and enforceable;

 

(iv)      to
the extent not inconsistent with the Whole Loan, the Servicer shall require a certificate at the Borrower’s expense from
an Independent certified public accountant certifying to the effect that the government securities will provide cash flows sufficient
to meet all payments of interest and principal (including payments at maturity) on the Whole Loan in compliance with the requirements
of the terms of the related Loan Documents;

 

(v)       prior
to permitting release of the Property through defeasance, the Servicer shall require an Opinion of Counsel to the effect that
such release will not cause either 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 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 a Companion Loan is
held by a REMIC, on or prior to the second anniversary of the startup day of such REMIC;

 

(vii)     the
Servicer shall, at the expense of the Borrower (to the extent not inconsistent with the related Loan Documents), cause the U.S.
government securities to be held for the benefit of the Certificateholders and the Companion Loan Holder, 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
Servicer shall, in accordance with the Servicing Standard, enforce provisions in the Whole Loan requiring the Borrower 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 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 Servicer shall deposit all payments received by it
from defeasance collateral substituted for the Property into the Collection Account and treat any such payments as payments made
on the Whole Loan in advance of its 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 Servicer
permit such amounts to be maintained in the Collection Account for a period in excess of 365 days.

 

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, or (C) consent to the release of the 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 Appraisal (or a letter update for an existing appraisal which
is less than two years old) within sixty (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 Property 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 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 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

 

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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, and if required in accordance with any such adjustment, each Class of Certificates that has been
notionally reduced as a result of Appraisal Reduction Amounts shall have its related Certificate Balance notionally restored to
the extent required by such adjustment of the Appraisal Reduction Amount, and the Special Servicer shall redetermine whether a
Subordinate Control Period or a Subordinate Consultation Period is then in effect and, for the avoidance of doubt, which Class
of Certificates is the then-Controlling Class. 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 F
Certificates; third, to the Class E Certificates; fourth, to the Class D Certificates; fifth, to the Class
C Certificates; sixth, 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 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)).
During any Subordinate Control Period and any Subordinate Consultation Period, within fifteen (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 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)).

 

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 Property, initiate corrective action
(with notification to and the consent of the Directing Holder during any Subordinate Control Period and upon consultation with
the Directing Holder during any Subordinate Consultation Period) in cooperation with the Borrower 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), 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 Property; 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 Holder (as a collective whole as if such Certificateholders
and the Companion Loan Holder 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 Servicer shall pay the costs and expenses in any such proceedings as a Property Advance unless the 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 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 Holder (as a collective whole as if such Certificateholders
and the Companion Loan Holder constituted a single lender) the Special Servicer shall direct the 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 Servicer or

 

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Special Servicer that a Property Advance, if made, would constitute a Nonrecoverable
Advance. If the 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 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.

 

The
Special Servicer shall deliver by electronic mail (or via other means of electronic delivery reasonably acceptable to the Servicer
and the Special Servicer) to the 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 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 Servicer’s
failure to timely make such request shall not relieve the Special Servicer of its obligation to provide such information to the
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 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 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 Property
is located, the Special Servicer shall not be required to pursue a deficiency judgment against the Borrower or any other liable
party if (i) the laws of the state do not permit such a deficiency judgment after a non-judicial foreclosure or (ii) if the Special
Servicer determines, in its best judgment, that the likely recovery if a deficiency judgment is obtained will not be sufficient
to warrant the cost, time, expense and/or exposure of pursuing the deficiency judgment and such determination is evidenced by
an Officer’s Certificate delivered to the Trustee and the Certificate Administrator.

 

(c)       Prior
to any foreclosure or by transfer-in-lieu (or deed-in-lieu) of foreclosure, with respect to the Property, the Special Servicer
shall consider all information in its possession or provided by the Servicer from the Borrower or of which the Special Servicer
otherwise has actual knowledge with respect to any environmental matters with respect to the Property, and based on such information
shall determine in accordance with Servicing Standard if any independent site assessments of the Property are advisable. The Special
Servicer, in the case of any foreclosure with respect to the Property 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 Property) on behalf of the Trust REMIC unless it receives an Opinion of Counsel (the cost of which
shall be paid by the Servicer as an Administrative Advance unless the Servicer determines that

 

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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 Servicer to, and the 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 Property 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 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
Loan shall (except for purposes of Section 9.01) 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 Loan shall be considered to be an outstanding Whole Loan, 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), 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), 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 Holder 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 Holder; 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

 

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other equity interest in the Borrower pledged pursuant to any pledge agreement
unless the Special Servicer shall have requested and received an Opinion of Counsel (which opinion shall be an expense of the
Trust Fund and in accordance with the allocation provisions of the Co-Lender Agreement) to the effect that the holding of such
partnership interest 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 Property as a result of or in lieu of foreclosure or otherwise, to obtain title to any direct
or indirect partnership interest in the Borrower pledged pursuant to a pledge agreement and thereby be the beneficial owner of
the Property, to have a receiver of rents appointed with respect to the Property, and shall not otherwise cause the Trustee to
acquire possession of, or take any other action with respect to, the Property if, as a result of any such action, the Trustee,
for the benefit of the Trust Fund or the Certificateholders or the Companion Loan Holder would 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 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)        the
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 Holder, as a collective whole
as if such Certificateholders and the Companion Loan Holder constituted a single lender, to take such actions as are necessary
to bring the Property in compliance therewith, and

 

(ii)       there
are no circumstances present at the 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 Holder, as a collective whole as if such Certificateholder and the Companion Loan Holder constituted a single lender,
to take such actions with respect to the Property.

 

In
the event that the environmental assessment first obtained by the Special Servicer with respect to the Property indicates that
the 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 Holder. 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) shall be prepared within three months (or as soon thereafter as
practicable) of the determination that such assessment is required by any Independent Person who regularly conducts environmental
audits for purchasers of commercial property where the Property is located, as determined by the Special Servicer in a manner
consistent with the Servicing Standard. Upon the written direction of the Special Servicer and delivery by the Special Servicer
to the Servicer of pertinent back-up information the Servicer shall advance the cost of preparation of such environmental assessments
as a Property Advance unless the Servicer determines, in its good faith judgment, that such Property Advance would be a Nonrecoverable
Advance. The Servicer shall be entitled to reimbursement of Property Advances (with interest at the Advance Rate) made pursuant

 

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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 Servicer, the Companion Loan Holder 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)),
monthly regarding any actions taken by the Special Servicer with respect to the Property securing a Defaulted Mortgage Loan as
to which the environmental testing contemplated by Section 3.10(g) 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 Loan Sellers or (iii) release of the lien
of the Mortgage on the Property.

 

(i)        If
the Special Servicer determines pursuant to Section 3.10(g)(i) that the 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 Holder, as a collective whole
as if the Certificateholders and the Companion Loan Holder constituted a single lender, to take such actions as are necessary
to bring the 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 Holder, as a collective whole as if the Certificateholders and the Companion
Loan Holder constituted a single lender, to take such action with respect to the containment, clean-up or remediation of Hazardous
Materials affecting the 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 Holder,
as a collective whole as if such Certificateholders and the Companion Loan Holder 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 Holder
of such proposed action, which notice shall be prepared by the Special Servicer, and only if the Certificate Administrator does
not receive, within thirty (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 Holder 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 the 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 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 the Companion Loan
Holder unless the Certificateholders and the Companion Loan Holder agree to indemnify the Trustee, the Certificate Administrator,
the Servicer and the Special Servicer with respect to such action or inaction. The Servicer shall advance the cost of any such
compliance, containment, clean-up or remediation as a Property Advance unless the Servicer determines, in its good faith judgment,
that such Advance would constitute a Nonrecoverable Advance.

 

(j)        The
Special Servicer shall notify the Servicer if the Property is abandoned or foreclosed and requires reporting to the IRS and shall
provide the 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 Servicer shall report to the IRS and the Borrower, in the manner required
by applicable law, such information and the 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 Servicer by the Special Servicer. The Servicer shall deliver
a copy of any such report to the Trustee and the Certificate Administrator.

 

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(k)       The
costs of any Updated Appraisal obtained pursuant to this Section 3.10 shall be paid by the 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 Servicer of a notification that payment in full has been escrowed in a manner customary for such purposes,
the 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 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 Borrower shall be chargeable to the Trust Fund. The Servicer agrees to use reasonable efforts in accordance with
the Servicing Standard to enforce any provisions in the Loan Documents that require the Borrower to pay such amounts. No expenses
incurred in connection with any instrument of satisfaction or deed of reconveyance shall be an expense of the Trustee or the Custodian
or chargeable to the Collection Account.

 

From
time to time upon request of the 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 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 Property
was liquidated and that all amounts received or to be received in connection with such liquidation which are required to be deposited
into the Collection Account 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 Servicer or the Special Servicer, as applicable.

 

Upon
written certification of a Servicing Officer, the Trustee shall execute and deliver to the 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 Property or to any legal action brought
to obtain judgment against the Borrower 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 Servicer shall be entitled to the Servicing Fee. The 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 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 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 Servicer or the Special Servicer during any 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)

 

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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 Premiums) and (iv) to the extent permitted by applicable law and the Loan Documents, 100%
of any Modification Fees, loan 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) 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 Premiums) 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. For the avoidance of doubt, with respect to any fee split between the Servicer and the Special Servicer pursuant to
the terms of Section 3.12(a) or (b) hereof, the 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 Servicer nor the Special Servicer shall have the right to reduce or elect not to charge the percentage interest
of any fee due to the other and (y) to the extent either of the Servicer or the Special Servicer exercises its right to reduce
or elect not to charge its respective percentage interest in any fee, the party that reduced or elected not to charge such fee
shall not have any right to share in any portion of the other party’s fee. For the avoidance of doubt, if the Servicer decides
not to charge any fee, the Special Servicer shall still be entitled to charge the portion of the related fee the Special Servicer
would have been entitled to if the Servicer had charged a fee and the Servicer shall not be entitled to any of such fee charged
by the Special Servicer. The Servicer shall also be entitled pursuant to, and to the extent provided in, Section 3.06(a)(viii)
or 3.07(b), as applicable, to withdraw from the Collection Account and to receive from any Borrower Accounts (to the extent
not payable to the Borrower 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.

 

Wells
Fargo Bank, 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 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. Wells Fargo Bank, National Association and each holder of an Excess Servicing
Fee Right desiring to effect a transfer, sale, pledge or other assignment of such Excess Servicing Fee Right shall, and the 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

 

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Initial Purchasers, the Certificate Administrator,
the Trustee, the Servicer, the Certificate Registrar and the Special Servicer against any liability that may result if such transfer
is not exempt from registration and/or qualification under the Act or other applicable federal and state securities laws or is
not made in accordance with such federal and state laws or in accordance with the foregoing provisions of this paragraph. By its
acceptance of an Excess Servicing Fee Right, the holder thereof shall be deemed to have agreed not to use or disclose such information
in any manner that could result in a violation of any provision of the Act or other applicable securities laws or that would require
registration of such Excess Servicing Fee Right or any Certificate pursuant to the Act. From time to time following any transfer,
sale, pledge or assignment of an Excess Servicing Fee Right, the 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 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 Servicer, in each case in accordance
with payment instructions provided by such holder in writing to the Servicer. The holder of an Excess Servicing Fee Right shall
not have any rights under this Agreement except as set forth in the preceding sentences of this paragraph. None of the Certificate
Administrator, the 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.

 

Except
as otherwise provided herein, the 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. 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 Servicer or the Special Servicer during any 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 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 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), 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 Premiums), (iii) any interest or other
income earned on deposits in the REO Accounts and (iv) 100% of any Assumption Fees, assumption

 

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application fees, consent fees
(or similar fees) relating to the transactions referred to in Section 3.09(b), 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 Servicer and the Special Servicer pursuant
to the terms of Section 3.12(a) or (b) hereof, the 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 Servicer nor the Special Servicer shall have the right to reduce or elect not to charge the percentage interest
of any fee due to the other and (y) to the extent either of the Servicer or the Special Servicer exercises its right to reduce
or elect not to charge its respective percentage interest in any fee, the party that reduced or elected not to charge such fee
shall not have any right to share in any portion of the other party’s fee. For the avoidance of doubt, if the Servicer decides
not to charge any fee, the Special Servicer shall still be entitled to charge the portion of the related fee the Special Servicer
would have been entitled to if the Servicer had charged a fee and the Servicer shall not be entitled to any of such fee charged
by the Special Servicer.

 

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 Loan. The Workout Fee will cease to be payable if the Whole Loan again becomes a Specially Serviced
Loan or if the Property becomes an REO Property; provided that a new Workout Fee will become payable if and when the Whole
Loan again becomes a Corrected 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
Loan during the period that it had responsibility for servicing such Corrected Loan (or the Specially Serviced Loan had not yet
become a Corrected Loan because as of the time that the Special Servicer is terminated, the Borrower has not made three (3) consecutive
monthly debt service payments and subsequently, the Specially Serviced Loan becomes a Corrected Loan) at the time of such termination
or resignation (and the successor Special Servicer shall not be entitled to any portion of such Workout Fees), in each case until
the Workout Fee for any such loan ceases to be payable in accordance with the preceding sentence.

 

A
Liquidation Fee will be payable to the Special Servicer with respect to (i) the Trust Loan if repurchased by the Loan Sellers
after the applicable time period (including any applicable extension thereof) in Section 2.03(e), (ii) a Specially Serviced
Loan as to which the Special Servicer obtains a full, partial or discounted payoff from the Borrower 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 Loan Sellers after the applicable time period (including any applicable extension
thereof) in Section 2.03(e) 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 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 ninety (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

 

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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 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 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, except to the extent such premiums are reimbursable
pursuant to Section 3.08), 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 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, the Borrower, 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 Servicer is permitted to receive or retain pursuant to this Agreement in connection with its duties in such capacity
as the 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)       In
determining the compensation of the 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 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 Servicer, the Trustee or to any Companion Loan Service Provider pursuant to Section 3.06(a)(vi)
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

 

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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 Servicer and the Special Servicer based upon the amount of Penalty Charges the 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.

 

(e)       The
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 reimbursable in Section 3.06(a)(xv).
All such costs and expenses shall be treated as costs and expenses of the Lower-Tier REMIC and the Companion Loan, if applicable.

 

(f)        No
provision of this Agreement or of the Certificates shall require the 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 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 from adequate indemnity from
other assets comprising the Trust Fund against such risk or liability.

 

If
the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Trustee receives a request or
inquiry from the Borrower, any Certificateholder or any other Person the response to which would, in the 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 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 Holder hereunder, then the 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 the
Borrower, such Certificateholder, or such other Person, as applicable, makes arrangements for the payment of the 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
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 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 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 Servicer and the Certificate Administrator), if available,
and to the extent required pursuant to Section 4.08, 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 Servicer’s responsibilities under this Section 3.13(a) with respect to REO Loan shall be subject

 

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to the satisfaction
of the Special Servicer’s obligations under Section 3.23. In the event of the receipt by the Servicer of a Principal
Prepayment or other Unscheduled Payment after a Determination Date but prior to the related Servicer Remittance Date, the Servicer
shall be permitted to deliver to the 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 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 Servicer shall
make available to the Companion Loan Holder on each Distribution Date or, if such 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 Servicer promptly upon reasonable request. The 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 Servicer makes deposits into or credits to and withdrawals or debits from the Collection Account, not later than
fifteen (15) days after each Distribution Date, the Servicer shall forward to the Certificate Administrator a statement prepared
by the 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 and each category of withdrawal (or
debit) specified in Section 3.06 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 Servicer solely relating to the Trust Loan and the performance of its duties hereunder.

 

(c)       Beginning
in December 2020, no later than 4:00 p.m. (New York City Time) on each Servicer Remittance Date, the 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)), the Operating Advisor, the Companion Loan Holder and the 17g-5 Information Provider
(which shall post such reports to the 17g-5 Information Provider’s website) 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 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/Forbearance and Corrected 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.

 

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 Servicer (other than information as to which the Servicer has the primary responsibility
to generate) no later than the related Determination Date in the form required by Section 3.13(f) or shall be provided
by means of such reports so delivered by the Special Servicer to the Servicer in the form so required. In the absence of manifest
error,

 

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the 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 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
Servicer shall deliver or cause to be delivered to the Trustee, the Certificate Administrator, the Operating Advisor, the Companion
Loan Holder, 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 Servicer with respect to the Trust Loan, which
shall be made available by the Certificate Administrator on the Certificate Administrator’s Website:

 

(i)        Within
forty-five (45) days of receipt by the Servicer (or within sixty (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 2021, with respect to the Property 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 Borrower is required by the Loan Documents
to deliver, or otherwise agrees 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 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 Borrower (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 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
forty-five (45) days after receipt by the Servicer (or within sixty (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 2021, if any, with respect to the Property 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® NOI Adjustment Worksheet
for the Property (with the annual year-end operating statements attached thereto as an exhibit). The 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 Property (other than an REO Property
or the Property for so long as the Whole Loan is a Specially Serviced Loan) to update the CREFC® Operating Statement
Analysis Report for the Property, 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 Servicer shall deliver the CREFC® Operating Statement Analysis Report and CREFC® NOI Adjustment
Worksheet on a monthly basis to the Certificate Administrator; provided,

 

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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.

 

The
Servicer shall maintain one CREFC® Operating Statement Analysis Report for the Property or REO Property (to the
extent prepared by and received from the Special Servicer in the case of an REO Property or the Property 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 Property (other than an REO Property or the Property 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 2020 (to the extent the Borrower provides
sufficient information report in accordance with CREFC® guidelines), or year-to-date information until 12-month
trailing information is available by the Servicer and such updated report shall be delivered to the Trustee, the Operating Advisor,
the Certificate Administrator and the Companion Loan Holder in the calendar month following receipt by the Servicer of such updated
trailing or year-to-date operating statements and related rent rolls for the Property.

 

The
Special Servicer shall pursuant to Section 3.13(d) deliver to the 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 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 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.

 

(f)        On
each Determination Date, the Special Servicer shall deliver, or cause to be delivered, to the 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 Servicer,
data files in a form acceptable to the Servicer), which CREFC® Special Servicer Loan File shall include data, to
enable the 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 Servicer.

 

(g)       The
Special Servicer shall deliver or cause to be delivered to the 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 2021, within sixty (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 Property or REO Property as of the end of the
preceding calendar year, together with copies of the operating statements and rent rolls for the Property or REO Property as of
the end of the preceding calendar year (but only to the extent the Borrower is required by the Loan Documents to deliver, or otherwise
agrees 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

 

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related rent rolls
with respect to the Property for so long as the Whole Loan is a Specially Serviced Loan or REO Property, which efforts shall include
a letter sent to the Borrower 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 2021, within sixty (60) days of receipt by the Special Servicer of any annual operating statements with respect to the Property
for so long as the Whole Loan is a Specially Serviced Loan, a CREFC® NOI Adjustment Worksheet for the Property
or REO Property (with the annual operating statements attached thereto as an exhibit); provided, however, that,
with the consent of the Servicer, the Special Servicer may instead provide data files in a form acceptable to the 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 Property 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 Property, 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 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)).

 

The
Special Servicer shall maintain one CREFC® Operating Statement Analysis Report for the Property for so long as
the Whole Loan is a Specially Serviced Loan or the Property is an REO Property. The CREFC® Operating Statement
Analysis Report for the Property or REO Property is to be updated by the Special Servicer and such updated report delivered to
the Servicer within forty-five (45) days after receipt by the Special Servicer of updated operating statements and related rent
rolls for the Property when the Whole Loan is a Specially Serviced Loan or the Property is 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 Servicer in the then applicable CREFC® format.

 

(h)       If
the 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 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 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).

 

(i)        The
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 Servicer’s Website only with the use of a password, in which case the 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, and has delivered an Investor
Certification to the Trustee, the Certificate Administrator and the Servicer. In connection with providing access to the Servicer’s
Website, the 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 Servicer deems necessary or appropriate, conditioning

 

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access on execution of an agreement governing the availability, use and disclosure of such information, and which may provide
indemnification to the 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 Servicer, without charge
and on the related Determination 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 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 Servicer, if it has received such information, shall forward such
information to the Certificate Administrator no later than the Servicer Remittance Date). Such report to the Certificate Administrator
may omit any information that has previously been delivered to the Certificate Administrator by the 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 Servicer and Special Servicer, as applicable,
shall provide to any Certificateholders and Companion Loan Holder 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 the 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 Servicer or Special Servicer,
as applicable. In addition, upon reasonable prior written notice to the 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 Servicer or the Special
Servicer, as the case may be, as they relate to the Property and any REO Property during normal business hours at the offices
of the Servicer or the Special Servicer, as the case may be. Nothing in this Section 3.14 shall detract from the obligation
of the Servicer and Special Servicer to observe any applicable law prohibiting disclosure of information with respect to the Borrower,
and the failure of the 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 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 Holder access to the information described in the preceding
paragraph, the 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 Servicer or the Special Servicer,
as the case may be, 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 governmental body and will keep such information confidential.

 

(c)       Upon
the reasonable request of any Certificateholder or any Companion Loan Holder identified to the Servicer to the Servicer’s
reasonable satisfaction, the 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
Servicer

 

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or the Special Servicer; provided that, in connection therewith, the Servicer may require a written confirmation
executed by the requesting Person substantially in such form as may be reasonably acceptable to the 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 “Grace Trust 2020-GRCE” 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;

 

(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) 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);

 

(iv)      any
environmental assessments delivered by the Special Servicer pursuant to Section 3.10(h);

 

(v)       any
annual statements as to compliance and related Officer’s Certificates delivered pursuant to Section 3.28;

 

(vi)      any
annual independent public accountants’ attestation reports delivered pursuant to Section 3.29;

 

(vii)     any
Appraisals delivered to the 17g-5 Information Provider pursuant to Section 3.10;

 

(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;

 

(ix)      copies
of any questions or requests submitted by the Rating Agencies directed toward the 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;

 

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(xi)      any
notice of resignation of the Trustee or Certificate Administrator and any notice of the acceptance of appointment by the successor
Trustee or successor Certificate Administrator pursuant to Section 8.07 or Section 8.08, as applicable;

 

(xii)     any
notice of resignation or assignment of the rights of the Servicer or the Special Servicer pursuant to Section 6.04;

 

(xiii)    any
notice of Servicer Termination Event, Operating Advisor Termination Event or termination of the Servicer or the Special Servicer
delivered pursuant to Section 7.03;

 

(xiv)    any
notice of the merger or consolidation of the Certificate Administrator or the Trustee pursuant to Section 8.09;

 

(xv)     any
notice of the merger or consolidation of the Servicer or the Special Servicer pursuant to Section 6.02;

 

(xvi)    any
notice of any amendment that modifies the procedures herein relating to Exchange Act Rule 17g-5 pursuant to Section 10.08;

 

(xvii)   any
notice or other information provided by the Servicer pursuant to Section 10.07;

 

(xviii)  any
summary of oral communication with the Rating Agencies delivered to the 17g-5 Information Provider pursuant to Section 3.14(f);
provided that the summary of such oral communication shall not attribute which Rating Agency the communication was with;

 

(xix)     the
Rating Agency Q&A Forum and Document Request Tool; and

 

(xx)      such
information as is delivered to the 17g-5 Information Provider by the Depositor in mutually agreeable electronic format within
fifteen (15) days of the Closing Date.

 

The
foregoing information shall be made available by the 17g-5 Information Provider on the 17g-5 Information Provider’s Website
(a link to which shall be provided on the Depositor’s website at www.intralinks.com or such other website as the Depositor
may notify the parties hereto in writing). Information will be posted on the same Business Day of receipt provided that
such information is received by 2:00 p.m. (eastern time) or, if received after 2:00 p.m., on the next Business Day by 12:00 p.m.
(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).

 

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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 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 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 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 Property, (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 Servicer or the Special Servicer, the 17g-5
Information Provider shall forward the Inquiry to the Certificate Administrator, the Servicer or the Special Servicer, as applicable,
in each case within a commercially reasonable period following receipt thereof. Following receipt of an Inquiry or request relating
to the subject matters described in clauses (i) or (iii) above, the Certificate Administrator, the Servicer or the
Special Servicer, as applicable, unless it determines not to answer such Inquiry as provided below, shall reply to the Inquiry,
which reply of the Certificate Administrator, 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 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 Servicer or the Special Servicer, as
applicable, and (B) the Certificate Administrator, the Servicer or the Special Servicer, as applicable, determines in accordance
with the 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

 

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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 Inquiry and, in the case of
the Certificate Administrator, Servicer or the Special Servicer, shall promptly notify the 17g-5 Information Provider, and the
17g-5 Information Provider shall post such 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 Servicer, the Special Servicer, the Certificate Administrator or the Trustee or any of their respective Affiliates and no
such party shall have any responsibility or liability for the content of any such information. The 17g-5 Information Provider
shall not be required to post to the 17g-5 Information Provider’s Website any Inquiry or answer thereto that the 17g-5 Information
Provider determines, in its sole discretion, is administrative or ministerial in nature. The Rating Agency Q&A Forum and Document
Request Tool will not reflect questions, answers and other communications between the 17g-5 Information Provider and any Person
which are not submitted via the 17g-5 Information Provider’s Website.

 

In
connection with providing access to the Certificate Administrator’s Website and the 17g-5 Information Provider’s Website,
the Certificate Administrator and/or the 17g-5 Information Provider may require registration and the acceptance of a disclaimer.
The Certificate Administrator and the 17g-5 Information Provider, as the case may be, shall not be liable for the dissemination
of information in accordance with the terms of this Agreement, make no representations or warranties as to the accuracy or completeness
of such information being made available, and assume no responsibility for such information; provided that it is acknowledged
and agreed that the 17g-5 Information Provider shall not be charged with knowledge of any of the contents of such information
solely by virtue of its compliance with its obligations to post such information to the 17g-5 Information Provider’s Website.
The 17g-5 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 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 “Grace Trust 2020-GRCE” 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 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)
relating to the Whole Loan, the Property or the Borrower, for review by the Depositor, the Initial Purchasers and any other
Persons who

 

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deliver an Investor Certification in accordance with this Section 3.14, the Companion Loan Holder and the Rating
Agencies (collectively, the “Disclosure Parties”) (only to the extent such additional information is simultaneously
or previously delivered to the 17g-5 Information Provider in accordance with the provisions of Section 3.14(d), which shall
post such additional information on the 17g-5 Information Provider’s Website in accordance with the provisions of Section
3.14(d)), in each case, except to the extent doing so is prohibited by this Agreement, applicable law or by the 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, enter into an Investor Certification or other confidentiality agreement acceptable to the Servicer or the Special
Servicer, as the case may be, and (B) acknowledge that the Servicer or the Special Servicer may contemporaneously provide such
information to any other Disclosure Party. In addition, to the extent access to such information is provided via the Servicer’s
or the Special Servicer’s website, the Servicer and the Special Servicer may require registration and the acceptance of
a reasonable and customary disclaimer and/or an additional or alternative agreement as to the confidential nature of such information.
In connection with providing access to or copies of the information described in this Section 3.14(e) 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 (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 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 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 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
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 Holder, the Property or any REO Property; provided that such party summarizes the information provided
to the Rating Agencies in such communication in writing and provides the 17g-5 Information Provider with such written summary
in accordance with the procedures set forth in Section 3.14(d) 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).

 

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(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 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 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 any Rating Agency or NRSRO in connection with such review and evaluation by such Rating Agency or NRSRO unless
(x) Borrower, property and other deal specific identifiers are redacted; (y) such information has already been provided to the
17g-5 Information Provider 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 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 Property is acquired for the benefit of the Certificateholders and the Companion Loan Holder in foreclosure, by deed-in-lieu
of foreclosure or upon abandonment or reclamation from bankruptcy, the deed or certificate of sale shall be taken in the name
of the Trustee, or its nominee (which shall not include the Servicer), or a separate Trustee or co-Trustee, in each case on behalf
of the Trust Fund and the Companion Loan Holder. The Special Servicer, on behalf of the Trust Fund and the Companion Loan Holder,
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

 

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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 Holder, 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 Holder 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 Holder, 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 Holder than an alternative method of operation or rental
of the REO Property that would not be subject to such a tax.

 

The
Special Servicer shall segregate and hold all revenues received by it with respect to any 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 Grace
Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates and the Companion Loan Holder, 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 REMIC that is managed
by the Special Servicer (the costs of which shall be advanced by the Servicer; provided that such Advance would not be
a Nonrecoverable Advance); 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 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). 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;

 

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(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 Servicer shall make such Advance unless the 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 Servicer shall comply with the provisions of the second to last paragraph in Section 3.21(d)) and if
the Servicer does not make any such Advance, the Trustee, to the extent the Trustee has actual knowledge of the Servicer’s
failure to make such Advance, shall make such Advance, unless in each case, the 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 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 Servicer or the Trustee, as applicable,
shall be entitled to reimbursement of such 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 withdraw from the REO Account and remit to the 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 ninety (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 

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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 ninety (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 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 thirty (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 Holder, 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 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 Servicer and the Companion
Loan Holder of the results of such Appraisal. Any such Appraisal shall be conducted in accordance with the 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

 

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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).

 

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 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 Holder (as a collective whole as if such Certificateholders and the Companion Loan Holder 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 Holder 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 Servicer, the Directing Holder
(during any Subordinate Control Period and any Subordinate Consultation Period) and the Companion Loan Holder, 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 any Companion Loan
Holder pursuant to the second previous sentence shall include notice of the Companion Loan Holder’s 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 Servicer if the Special Servicer is making
such an offer unless the Servicer and Special Servicer are Affiliates or (iii) the Trustee if the 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 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 

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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 Property, the state of the local economy
in the area where the Property is 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 Property. 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 Property known
to the Special Servicer that has occurred subsequent to, and that would, in the Special Servicer’s reasonable judgment,
materially affect the value of the 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 Property is located. The Special Servicer may, to the
extent it is reasonable to do so in accordance with the Servicing Standard, conclusively rely on any opinions or reports of qualified
Independent experts in real estate or commercial mortgage loan matters with at least five years’ experience in valuing or
investing in loans similar to the subject Specially Serviced Loan, selected with reasonable care by the Special Servicer, in making
such determination. All reasonable costs and expenses incurred by the Special Servicer pursuant to this Section 3.16(c)
shall constitute, and be reimbursable as, 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 Holder) 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 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 Servicer, the Depositor,
the Operating Advisor, the Certificate Administrator 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.

 

(e)       Any
sale of a Defaulted Mortgage Loan shall be for cash only.

 

(f)       [Reserved].

 

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(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 Holder in such manner as will be reasonably likely to realize a fair price within the
time period provided for by Section 3.15(a). 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), 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 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 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 Property 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). 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 Holder) 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

 

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accordance with the terms of this Agreement, none of the Special Servicer, the 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 Holder, as a collective whole as if such Certificateholders
and the Companion Loan Holder 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 Holder (as a collective whole as if such Certificateholders
and the Companion Loan Holder 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 Certificateholders
and the Companion Loan Holder. 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 Servicer and the Special Servicer; Inspections. (a) The 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
Property at such times and in such manner as is consistent with the Servicing Standard, but in any event shall inspect the Property
at least once every 12 months commencing in 2021; provided that if the Whole Loan becomes a Specially Serviced Loan, the
Special Servicer shall inspect or cause to be inspected the Property 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 Servicer will not be required to inspect the 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 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 Servicer shall, after receiving payment or making payments from amounts on deposit in the Collection
Account, if any (i) promptly notify the Companion Loan Holder 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 related Companion Loan Holder. The 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 Property and specifying the existence of any material vacancies in the Property, any sale, transfer or abandonment of the
Property of which it has actual knowledge, any material adverse change in the condition of the Property, or any visible material
waste committed on the Property. Upon request of any Rating Agency, the 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)) and, upon request, to the Initial Purchasers within 20 days of completion, each inspection
report.

 

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(b)       The
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 Agreement, if any.

 

(c)       If
the 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 restrictions)
(except (i) in accordance with the terms of the Loan Documents, (ii) in connection with the payment of Insurance Proceeds or Condemnation
Proceeds, (iii) subsequent to a default under the Loan Documents (provided that the Servicer reasonably believes that acceptance
of such prepayment is consistent with the Servicing Standard), (iv) pursuant to applicable law or a court order, or (v) at the
request of or with the consent of the Special Servicer), resulting in a Prepayment Interest Shortfall, then the 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 “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 master servicing fees that is being paid in such Collection
Period (calculated for this purpose at 0.25 basis points (0.00250%) 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 Servicer’s
obligations to pay any 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
Servicer shall, if the Whole Loan is secured by the interest of the Borrower under a ground lease, promptly (and in any event
within sixty (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 Servicer; provided that the Loan Sellers shall cooperate with the Servicer with respect
to such notices, including, without limitation, providing the form of notice to be delivered to such ground lessors.

 

(e)       The
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 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 or consolidation to which the Authenticating Agent shall be party, or any corporation succeeding
to the corporate agency business of

 

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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 thirty (30) days’ advance written notice of resignation to
the Certificate Administrator, the Trustee, the Operating Advisor, the Depositor and the 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 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 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 Servicer need not be obtained and the Certificate
Administrator shall instead notify the 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 Holder. 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 an equivalent rating from
KBRA (if rated by KBRA). 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 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. 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” by Fitch (or, if not rated by KBRA, then the equivalent rating

 

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by two (2) other NRSROs). 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 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 Servicer (or, to the extent provided in Section 3.21(c), 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
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 Servicer not less than five (5) Business Days’
written notice with respect to any Property Advance to be made on a Specially Serviced Loan, before the date on which the 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 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 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
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 (5) Business Days following such notice,
the Trustee, subject to the provisions of Section 3.21(d), 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 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 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. 

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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
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 Borrower under the terms of the Whole Loan as it may have been modified, (iii) consider (among other things) the Property
in its “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 Servicer or the Special Servicer) regarding the possibility and effects of future
adverse changes with respect to the Property, (iv) estimate and consider (consistent with the Servicing Standard in the case of
the 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 the Property shall not have been obtained within the prior 9 month period (and the 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 Servicer, the Special Servicer or the Trustee, reflect current market conditions, and the Servicer or the Trustee, as applicable,
and the Special Servicer cannot agree on the appropriate downward adjustment to such Appraisal, the 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).

 

Any
determination by the Servicer, Special Servicer or the Trustee that the Servicer or Trustee, as the case may be, has made a Property
Advance that is a Nonrecoverable Property Advance or any determination by the 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 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 Holder 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 Servicer, the Special Servicer, the Operating Advisor,
the Companion Loan Holder 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 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 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 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 Holder 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)), 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 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 

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of a determination by the Special Servicer that such an Advance is a Nonrecoverable
Advance, then all such decisions shall remain with the 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 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 Holder.

 

Notwithstanding
the above, the Trustee shall be entitled to rely conclusively on any determination by the Servicer and the 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 Nonrecoverable Property Advance shall be subject to the standards applicable to the Servicer hereunder.

 

With
respect to the payment of insurance premiums and delinquent tax assessments, in the event that the Servicer determines that a
Property Advance of such amounts would constitute a Nonrecoverable Advance, the Servicer shall deliver notice of such determination
to the Trustee, the Certificate Administrator and the Special Servicer. Upon receipt of such notice, the 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 Servicer) whether the payment of such amount (i)
is necessary to preserve the Property and (ii) would be in the best interests of the Certificateholders and the Companion Loan
Holder, as a collective whole as if such Certificateholders and the Companion Loan Holder constituted a single lender. If the
Servicer or the Special Servicer determines that the payment of such amount (i) is necessary to preserve the Property and (ii)
would be in the best interests of the Certificateholders and the Companion Loan Holder, as a collective whole as if such Certificateholders
and the Companion Loan Holder constituted a single lender, the 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
Servicer in writing to make such payment and, in either case, the 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 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 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 Servicer to not make such
expenditure), where making such expenditure would prevent (i) the Property from being uninsured or being sold at a tax sale or
(ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the
Whole Loan; provided that in each instance, the 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 Holder, all as a collective whole as if such Certificateholders
and the Companion Loan Holder constituted a single lender. The Servicer may elect to obtain reimbursement of Nonrecoverable Property
Advances from the Trust Fund in accordance with Section 3.06.

 

(e)       The
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, if 

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applicable, of this Agreement, together with any related Advance Interest Amount
in respect of such Property Advances, and the 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 Borrower to the extent permitted by applicable
law and the related Loan Documents.

 

(f)       If
the 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 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 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 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 

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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) or direction to terminate pursuant
to Section 3.22(a), so notify the Certificate Administrator, the Companion Loan Holder 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)).
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 and (iv) the replacement Special Servicer certifies
that such replacement special servicer satisfies all related qualifications set forth in the Co-Lender Agreement. Any successor
Special Servicer shall make the representations and warranties provided for in Section 2.04(e) 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) in the event that the Special Servicer is terminated
and any indemnification rights that the Special Servicer is entitled to pursuant to Section 6.03(a)) 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 Servicer or the Trustee of their respective obligations
to make Advances as set forth herein; provided, however, that neither the Trustee nor the 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.

 

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(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 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 thirty (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
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 thirty (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 Servicer and the Special Servicer; Record Keeping; Asset Status Report; Notice of
Mezzanine Foreclosure. (a) Upon the occurrence of any event specified in the definition of Specially Serviced Loan with respect
to the Whole Loan of which the Servicer has notice, the Servicer shall promptly give notice thereof to the Special Servicer, the
Certificate Administrator, the Trustee, the Operating Advisor, the Companion Loan Holder and the 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 

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Servicer to enable it to assume its duties hereunder with respect thereto without acting through a Sub-Servicer. The
Servicer shall use efforts in accordance with the Servicing Standard to comply with the preceding sentence within five (5) 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 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 Servicer shall instruct
the Borrower to continue to remit all payments in respect of the Whole Loan to the Servicer. The Servicer shall forward any notices
it would otherwise send to the Borrower of a Specially Serviced Loan to the Special Servicer, which shall send such notice to
the Borrower.

 

Upon
determining that a Specially Serviced Loan has become a Corrected Loan, the Special Servicer shall immediately give notice thereof
to the 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 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 Borrower, 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.

 

(c)       Not
later than two Business Days preceding each date on which the Servicer is required to furnish a report under Section 3.13(a)
to the Certificate Administrator, the Special Servicer shall deliver to the Certificate Administrator, with a copy to the
Trustee, the Operating Advisor and the 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 (it being understood and agreed that to the extent this information is provided in
accordance with Section 3.13(f), this Section 3.23(c) shall be deemed to be satisfied) and (ii) such additional
information relating to a Specially Serviced Loan as the 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 Servicer in
writing and/or in such electronic media as is acceptable to the Servicer.

 

(d)       Notwithstanding
the provisions of the preceding Section 3.23(c), the 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 Servicer with any information reasonably required by the Servicer to perform its duties under this Agreement.

 

(e)       No
later than sixty (60) days after the Whole Loan becomes a Specially Serviced Loan, the Special Servicer shall deliver to the Servicer,
the Directing Holder (during any Subordinate Control Period and any Subordinate Consultation Period), the Operating Advisor, the
Companion Loan

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 Holder 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)), a report (the “Asset Status Report”) with respect to the Whole
Loan and the Property. 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;

 

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

 

(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 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 Property together with the assumptions used in the calculation thereof, and a copy of the last obtained
Appraisal of the 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 

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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) 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 the 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 the 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 Holder. 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 Property 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 extent it determines such
alternatives to be in the best interest of the Certificateholders (including any 

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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 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 Holder 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 Depositor, the 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 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 Borrower.

 

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(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
Property 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.

 

(h)       If
a Servicing Officer of any of the Servicer, Special Servicer or the Depositor shall receive written notice pursuant to the mezzanine
intercreditor agreement that (i) the mezzanine lender has either accelerated any Mezzanine Loan or commenced foreclosure proceedings
against the collateral related to any Mezzanine Loan or collateral related to a future mezzanine loan, or (ii) an event of default
has occurred under any Mezzanine Loan giving rise to an automatic acceleration of any Mezzanine Loan, as applicable, it shall
provide such notice in the form of Exhibit U to the other parties hereto.

 

Section
3.24 Special Instructions for the Servicer and/or Special Servicer. (a) Prior to taking any action with respect to the
Whole Loan secured by the Property located in a “one-action” state, the 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
Servicer shall send written notice to the Borrower and the Managers 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 Servicer hereunder with respect to the enforcement of the Borrower’s obligations under the
Loan Documents, the 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 Premiums.

 

(d)       In
the event that a Rating Agency shall charge a fee in connection with providing a No Downgrade Confirmation, the Servicer shall
require the Borrower 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)).

 

(e)       With
respect to the Whole Loan, to the extent not inconsistent with the Whole Loan, neither the Servicer nor the Special Servicer,
as applicable, shall consent to a change of franchise affiliation with respect to the Property, if applicable, or any property
manager with respect to the Property or any material amendment to the Co-Lender Agreement or any mezzanine intercreditor agreement
unless the Servicer or Special Servicer, as applicable, obtains a No Downgrade Confirmation relating to the Certificates and Companion
Loan Securities, if any.

 

Section
3.25 Certain Rights and Obligations of the 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 and (ii) certain waivers of due-on-sale
or due-on-encumbrance 

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clauses as described above under Section 3.09. With respect
to a Performing Loan, the 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
Servicer’s possession). The Special Servicer shall have fifteen (15) Business Days (from the date that the Special Servicer
receives the information it requested from the 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 fifteen (15) Business Day period (or in
connection with an Acceptable Insurance Default, ninety (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(g), 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 Servicer (subject to the
Special Servicer’s consent if required pursuant to Sections 3.25 and 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
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 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 Servicer nor the Special Servicer shall extend the Maturity Date of the Whole Loan beyond the date that is the date occurring
later than five (5) years prior to the Rated Final Distribution Date.

 

(c)        Neither
the Servicer nor the Special Servicer shall permit the Borrower to add or substitute any collateral for the Whole Loan, which
collateral constitutes real property, unless the 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 the Companion Loan Holder, 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)        Subject
to Section 3.30, prior to implementing any of clause (k) of the definition of Major Decision, the Servicer or the Special
Servicer shall obtain a No Downgrade Confirmation with respect to such Major Decision.

 

(f)        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 shall be in writing.

 

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(g)       The
Servicer or the Special Servicer, as applicable, shall notify 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
Holder 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)), 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 ten (10)
Business Days) following the execution thereof.

 

(h)       The
Servicer or the Special Servicer may (subject to the Servicing Standard), as a condition to granting any request by the Borrower
for consent, modification, waiver or indulgence or any other matter or thing, the granting of which is within its discretion pursuant
to the terms of the instruments evidencing or securing the Whole Loan and is permitted by the terms of this Agreement and applicable
law, require that the Borrower pays 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 event shall the Servicer or the Special Servicer be entitled to payment for such fees or expenses
unless such payment is collected from the Borrower.

 

(i)       Notwithstanding
the foregoing, the Servicer shall not permit the substitution of the 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).

 

(j)       Notwithstanding
anything herein or in the Loan Documents to the contrary, the Servicer may permit the substitution of direct, non-callable “government
securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, or any other securities that comply
with Treasury Regulations Section 1.860G-2(a)(8)(ii) (including U.S. government agency securities if such securities are eligible
defeasance collateral under then current guidelines of the Rating Agencies) for the Property pursuant to the defeasance provisions
of the Whole Loan (or any portion thereof) in lieu of the defeasance collateral specified in the Loan Documents; provided
that the Servicer receives an Opinion of Counsel (at the expense of the Borrower to the extent permitted under the Loan Documents)
to the effect that such use would not be and would not constitute a “significant modification” of the 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”).

 

(k)       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 Servicer.

 

(l)       The
Servicer or the Special Servicer, as applicable, may grant a forbearance on the Whole Loan related to the global COVID-19 pandemic
only if (i) prior to the 2021 calendar year, the period of forbearance granted, when added to any prior periods of forbearance
granted before or after the Trust acquired the Whole Loan (whether or not such prior grants of forbearance were specifically covered
by Revenue Procedure 2020-26), does not exceed six months (or such longer period of time as may be allowed by future guidance
that is binding on federal income tax authorities) and such forbearance is specifically covered by Revenue Procedure 2020-26,
(ii) such forbearance is permitted under another provision of this 

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Agreement and the requirements under such provision are satisfied,
or (iii) an Opinion of Counsel is delivered to the effect that such forbearance will not result in an Adverse REMIC Event.

 

Section
3.27 Annual Compliance Statements. The Servicer, the Special Servicer, and each Servicing Function Participant (if such
Servicing Function Participant is a servicer contemplated by Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB) (each, a “Certifying
Servicer”) shall, and the Servicer and the Special Servicer shall use commercially reasonable efforts to cause each
Servicing Function Participant (if such Servicing Function Participant is a servicer contemplated by Item 1108(a)(2)(i), (ii)
or (iii) of Regulation AB) (other than any party to this Agreement) with which it has entered into a servicing relationship with
respect to the Whole Loan, to deliver to the Trustee, the Depositor, the Operating Advisor (in the case of the Special Servicer
only), the Certificate Administrator, the 17g-5 Information Providers (who shall promptly post such report to the 17g-5 Information
Provider’s Website pursuant to Section 3.14(d)) on or before March 15 (subject to a grace period through March 31st)
with respect to the Servicer, the Special Servicer, or any Servicing Function Participant, of each year, commencing in 2020, an
Officer’s Certificate stating, as to the signer thereof, that (A) a review of such Certifying Servicer’s activities
during the preceding calendar year or portion thereof and of such Certifying Servicer’s performance under this Agreement
or the applicable sub-servicing agreement has been made under such officer’s supervision and (B) that, to the best of such
officer’s knowledge, based on such review, such Certifying Servicer has fulfilled all its obligations under this Agreement,
or the applicable sub-servicing agreement, in all material respects throughout such year or portion thereof, or, if there has
been a failure to fulfill any such obligation in any material respect, specifying each such failure known to such officer and
the nature and status thereof. Promptly after receipt of each such Officer’s Certificate, the Depositor shall have the right
to review such Officer’s Certificate and, if applicable, consult with each Certifying Servicer, as applicable, as to the
nature of any failures by such Certifying Servicer, in the fulfillment of any of the Certifying Servicer’s obligations hereunder
or under the applicable Sub-Servicing Agreement.

 

Section
3.28 Annual Reports on Assessment of Compliance with Servicing Criteria. By March 15th (subject to a grace period through
March 31st) of each year, commencing in March 2021, the Servicer, the Special Servicer (regardless of whether the Special Servicer
has commenced special servicing of the Whole Loan) and each Servicing Function Participant (each, a “Reporting Servicer”),
each at its own expense, shall furnish, (and each Reporting Servicer, as applicable, shall use commercially reasonable efforts
to cause, by March 15th (subject to grace period through March 31st), each Servicing Function Participant (other than a party
to this Agreement) with which it has entered into a servicing relationship with respect to the Whole Loan to furnish, each at
its own expense, to the Trustee, the Certificate Administrator, the Depositor, the Operating Advisor (in the case of the Special
Servicer only), the 17g-5 Information Provider (who shall promptly post such report to the 17g-5 Information Provider’s
Website pursuant to Section 3.14(d))), a report on an assessment of compliance with the Relevant Servicing Criteria with
respect to commercial mortgage backed securities transactions taken as a whole involving such party that contains (a) a statement
by such Reporting Servicer of its responsibility for assessing compliance with the Relevant Servicing Criteria, (b) a statement
that such Reporting Servicer used the Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (c) such Reporting
Servicer’s assessment of compliance with the Relevant Servicing Criteria as of and for the period ending the end of the
fiscal year, including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion
of each such failure and the nature and status thereof, and (d) a statement that a registered public accounting firm has issued
an attestation report on such Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria as of and
for such period. Copies of all compliance reports delivered pursuant to this Section 3.28 shall be made available to any
Privileged Person by the Certificate Administrator pursuant to Section 4.02(b) and to any Rating Agency and any NRSRO by
the 17g-5 Information Provider pursuant to Section 3.14(d).

 

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No
later than ten (10) Business Days after the end of each fiscal year for the Trust, the Servicer and the Special Servicer shall
each forward to the Certificate Administrator and the Depositor the name and contact information of each Servicing Function Participant
engaged by it during such year or portion thereof and what Relevant 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 each Servicing Function
Participant submit their respective assessments by March 15th (subject to grace period through March 31st), as applicable, to
the Certificate Administrator (and such other trustee), each such party shall also at such time, if it has received the assessment
(and attestation pursuant to Section 3.29) of each Servicing Function Participant engaged by it, include such assessment
(and attestation) in its submission to the Certificate Administrator (and such other trustee).

 

Promptly
after receipt of each such report on assessment of compliance, the Depositor shall have the right to review each such report and,
if applicable, consult with the Servicer, the Special Servicer and any Servicing Function Participant as to the nature of any
material instance of noncompliance with the Relevant Servicing Criteria by the Servicer, the Special Servicer or any Servicing
Function Participant.

 

The
parties hereto acknowledge that a material instance of noncompliance with the Relevant Servicing Criteria reported on an assessment
of compliance pursuant to this Section 3.28 by the Servicer or the Special Servicer shall not, as a result of being so
reported, in and of itself, constitute a breach of such parties’ obligations, as applicable, under this Agreement unless
otherwise provided for in this Agreement.

 

Section
3.29 Annual Independent Public Accountants’ Servicing Report. By March 15th (subject to a grace period through
March 31st), of each year, commencing in March 2021, each Reporting Servicer, each at its own expense, shall cause, and each Reporting
Servicer, as applicable, shall use commercially reasonable efforts to cause each Servicing Function Participant (other than a
party to this Agreement) with which it has entered into a servicing relationship with respect to the Whole Loan, to cause, each
at its own expense, a registered public accounting firm (which may also render other services to the Servicer, the Special Servicer
and such Servicing Function Participant, as the case may be) and that is a member of the American Institute of Certified Public
Accountants to furnish a report to the Trustee, the Certificate Administrator, the Operating Advisor (in the case of the Special
Servicer only), the Depositor and the 17g-5 Information Provider (who shall promptly post such report to the 17g-5 Information
Provider’s Website pursuant to Section 3.14(d)) to the effect that (i) it has obtained a representation regarding
certain matters from the management of such Reporting Servicer, which includes an assessment from such Reporting Servicer of its
compliance with the Relevant Servicing Criteria in all material respects, and (ii) on the basis of an examination conducted by
such firm in accordance with standards for attestation engagements issued or adopted by the PCAOB, it is expressing an opinion
as to whether such Reporting Servicer’s compliance with the Relevant Servicing Criteria was fairly stated in all material
respects, or it cannot express an overall opinion regarding such Reporting Servicer’s assessment of compliance with the
Relevant Servicing Criteria. If an overall opinion cannot be expressed, such registered public accounting firm shall state in
such report why it was unable to express such an opinion. Such report must be available for general use and not contain restricted
use language.

 

Promptly
after receipt of such report from each Reporting Servicer, the Depositor shall have the right to review the report and, if applicable,
consult with the related Reporting Servicer as to the nature of any material instance of noncompliance by such Reporting Servicer
with the Servicing Criteria applicable to such person, as the case may be, in the fulfillment of any of such Reporting Servicer’s
obligations hereunder or under any applicable Sub-Servicing Agreement or primary servicing agreement.

 

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

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from each Rating Agency has made
a request to any Rating 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 the Borrower,
then the 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 Holder (as a collective whole as if such Certificateholders
and the Companion Loan Holder constituted a single lender), and if the Requesting Party (or, if the Requesting Party is the Borrower,
then the Servicer or the Special Servicer, as applicable) determines that such action would be in the best interest of the Certificateholders
and the Companion Loan Holder (as a collective whole, as if such Certificateholders and the Companion Loan Holder 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 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 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” or
“CLLSS3” (in the case of the special servicer), if Fitch is the non-responding rating agency; and (v) DBRS Morningstar,
if DBRS Morningstar has not qualified, downgraded or withdrawn the then-current rating or ratings of one or more classes of CMBS
certificates citing servicing concerns with the master servicer or special servicer, as applicable, as the sole or material factor
in such rating action, if DBRS Morningstar is the non-responding rating agency (clauses (i) through (v), “Qualified Servicer”).

 

Any
No Downgrade Confirmation request made by the 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 

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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).

 

Promptly
following the Servicer’s or Special Servicer’s determination to take any action discussed in this Section
3.30(b) following any requirement to obtain a No Downgrade Confirmation being considered satisfied, the Servicer or
Special Servicer, as the case may be, shall provide electronic written notice to the 17g-5 Information Provider of the action
taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5
Information Provider’s Website in accordance with Section 3.14(d).

 

(b)       To
the extent the Loan Documents permit the incurrence of a PACE Loan, the Servicer and Special Servicer, prior to permitting the
incurrence of such PACE Loan, shall receive a No Downgrade Confirmation in accordance with Section 3.30(b). The 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 Borrower on behalf of the Trust Fund.

 

(c)        If
the Servicer receives a request from the Borrower for approval of a Qualified Equityholder pursuant to clause (ii) of the definition
of “Qualified Equityholder” in the Loan Agreement, and such entity would not otherwise meet the requirements set forth
in such definition, the Servicer shall receive a No Downgrade Confirmation in accordance with Section 3.30(b) prior to
approving such entity.

 

(d)       For
all other matters or actions not specifically discussed in Section 3.30(b) 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 Servicer or the Special Servicer, as applicable, shall perform such
duties and furnish such notices, reports and information on behalf of the Trust Fund as may be the obligation of the Trust, or
the obligation of the master servicer or the special servicer, as applicable, following securitization, under the Co-Lender Agreement.

 

(b)       The
Servicer shall maintain a register (the “Companion Loan Register”) on which the Servicer shall record the names
and addresses of any Companion Loan Holder and wire transfer instructions for the Companion Loan Holder from time to time, to
the extent such information is provided in writing to the Servicer by the related Companion Loan Holder. Any Companion Loan Holder
agrees to inform the 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 Holder as of the Closing Date is set forth in the Co-Lender Agreement.
The Servicer shall be entitled to conclusively rely upon the information delivered by any Companion Loan Holder 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 Servicer be obligated to pay any party the amounts payable to a Companion Loan Holder hereunder other than
the Person listed as the applicable Companion Loan Holder on the Companion Loan Register. In the event that a Companion Loan Holder
transfers a Companion Loan without notice to the Servicer, the Servicer shall have no liability whatsoever for any misdirected
payment on such Companion Loan and shall have no obligation to recover and redirect such payment.

 

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The
Servicer shall promptly provide the name and address of any Companion Loan Holder, including the identity of the controlling class
representative in any related Other Securitization Trust, to any party hereto, the 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 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 Servicer, any Special Servicer, any Certificateholder (including
the Directing Holder, if applicable) or any Companion Loan Holder, as applicable. The Directing Holder will not have any liability
to the Certificateholders (including the Directing Holder, if applicable), the 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 a Companion Loan if such Companion Loan is a Specially Serviced Loan or an REO Loan) or the
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 and the 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 Servicer, the Special Servicer or the Trustee shall make any P&I Advance with respect to the Companion Loan; and

 

(ii)       the
Servicer and the Special Servicer shall each consult with and obtain the consent of the Companion Loan Holder to the extent, if
any, required by the Co-Lender Agreement.

 

The
Servicer or Special Servicer, as applicable, shall timely provide to the Companion Loan Holder any reports or notices required
to be delivered to the Companion Loan Holder 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 Holder 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 Servicer and the Servicer shall reasonably
cooperate with the Special Servicer in preparing/delivering any such report or notice with respect to special servicing matters.

 

If
a Companion Loan or any portion thereof or any particular payments thereon are included in a REMIC or a “grantor trust”,
then neither the 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 the Companion Loan Holder shall not (1) owe any fiduciary duty to the Trustee, the Certificate
Administrator, the 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 

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judgment. Each Certificateholder, by its acceptance of a Certificate, shall be deemed to have confirmed
its understanding that the Companion Loan Holder (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 Holder or any of its
officers, directors, employees, principals or agents as a result of such special relationships or conflicts, and (iii) shall not
be liable by reason of its having acted or refrained from acting solely in its interest or in the interest of its Affiliates.

 

The
parties hereto recognize and acknowledge the respective rights of the Companion Loan Holder under the Co-Lender Agreement. Each
of the rights of the Companion Loan Holder under or contemplated by this Section 3.31(e) may be exercisable by a designee
thereof on its behalf; provided that the Servicer, the Special Servicer, the Certificate Administrator and the Trustee
are provided with written notice by the 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 the Companion Loan Holder may require
or cause the 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 Servicer’s or Special
Servicer’s obligation to act in accordance with the Servicing Standard, or expose the Servicer, the Special Servicer, the
Depositor, a Loan Seller, the Paying Agent, the Trust Fund, the Certificate Administrator or the Trustee to liability, or materially
expand the scope of the 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 Servicer or the Special Servicer, as applicable, shall provide the Companion Loan Holder 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 Servicer pursuant
to the terms of the related Loan Documents, (2) copies of any notice of default sent to the Borrower and (3) subject to the terms
of the Loan Documents, copies of any other documents or information relating to the Trust Loan (including, without limitation,
property inspection reports, loan servicing statements, Borrower requests and asset status reports) that the 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 Servicer or the Special 

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Servicer may be furnished
by hard copy or 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
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
Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Custodian, as the case may be. For the avoidance
of doubt, none of the Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Custodian (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)       The
Third Party Purchaser, prior to its acquisition of the Class HRR Certificates, will be required to enter into an agreement with
the Retaining Sponsor (the “Credit Risk Retention Compliance Agreement”).

 

(b)       None
of the Servicer, the Special Servicer, the Operating Advisor, the Trustee, the Certificate Administrator or the Custodian shall
be obligated to monitor, supervise or enforce the performance of any party under the Credit Risk Retention Compliance Agreement.

 

Section
3.33 Resignation Upon Prohibited Credit Risk Retention Affiliation.

 

Upon
the occurrence of (i) a Servicing Officer of the Servicer or a Responsible Officer of the Certificate Administrator or the Trustee,
as applicable, obtaining actual knowledge that the Servicer, the Certificate Administrator or the Trustee, as applicable, is or
has become a Credit Risk Retention Affiliate of the Third Party Purchaser (an “Impermissible TPP Affiliate”),
(ii) the Servicer, the Certificate Administrator or the Trustee receiving written notice from any other party to this Agreement,
the Third Party Purchaser, any Loan Seller or any Initial Purchaser that the Servicer, the Certificate Administrator or the Trustee,
as applicable, is or has become an Impermissible TPP Affiliate, or (iii) an officer or manager of the Operating Advisor that is
responsible for performing the duties of the Operating Advisor obtaining actual knowledge that it is or has become a Credit Risk
Retention Affiliate of the Third Party Purchaser or any other party to this Agreement (an “Impermissible Operating Advisor
Affiliate”; and either of an Impermissible TPP Affiliate or an Impermissible Operating Advisor Affiliate being an “Impermissible
Credit Risk Retention Affiliate”), then in each such case the Impermissible Credit Risk Retention Affiliate shall be
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 the Third Party Purchaser acquiring
an interest in such Impermissible Credit Risk Retention Affiliate or an affiliate of such Impermissible Credit Risk Retention
Affiliate, then such costs and expenses will be an expense of the Trust.

 

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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), the Withheld
Amounts and Prepayment Premiums) 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). 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 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 and Class
LB Interest shall be deemed to have received distributions in respect of interest in an amount equal to the pro rata portion
of 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).

 

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) 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, Class LE,
Class LF and Class LHRR Interests equals the Certificate Balance of the Corresponding Certificates.

 

The
Certificate Administrator shall be deemed to deposit the Lower-Tier Distribution Amount, Prepayment Premiums 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).

 

(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), 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;

 

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(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;

 

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

 

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(xviii)      Eighteenth,
to the Class E Certificates, in respect of interest, up to an amount equal to the Class Interest Shortfall for such Class;

 

(xix)        Nineteenth,
to the Class E 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 E 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;

 

(xxi)        Twenty-first,
to the Class F Certificates, in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

(xxii)       Twenty-second,
to the Class F Certificates, in respect of interest, up to an amount equal to the Class Interest Shortfall for such Class;

 

(xxiii)      Twenty-third,
to the Class F 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;

 

(xxiv)      Twenty-fourth,
to the Class F 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;

 

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

 

(xxvi)      Twenty-sixth,
to the Class HRR Certificates, in respect of interest, up to an amount equal to the Class Interest Shortfall for such Class;

 

(xxvii)     Twenty-seventh,
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;

 

(xxviii)    Twenty-eighth,
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

 

(xxix)       Twenty-ninth,
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 

    -167- 

     

    

 

mean pro rata based on the amount of unreimbursed Realized Losses previously
allocated to the applicable Classes.

 

(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), the Certificate Administrator shall make distributions of any Prepayment Premiums
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, Class D, Class E and Class F 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 Premiums, and (ii) any Prepayment Premiums remaining after such distributions to the Certificateholders described
in clause (i) will be distributed to the Class X Certificates.

 

All
Prepayment Premiums 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.

 

(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 F Certificates; third, to the Class E Certificates; fourth, to the Class D Certificates;
fifth, to the Class C Certificates sixth, 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). 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
Note Rate on the Trust Loan by a bankruptcy court pursuant to a plan of reorganization or pursuant to any of its equitable powers,
or otherwise, shall be treated as and allocated in the same manner as Realized Losses.

 

With
respect to any Distribution Date, any Realized Losses allocated to a Class of Principal Balance Certificates to Section 4.01(b)
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 

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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 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.

 

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(g)       Any
shortfalls in Available Funds resulting from Excess Prepayment Interest Shortfalls shall be allocated to, and 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 F Certificates, third, to the Class E Certificates, fourth, to the
Class D Certificates, fifth, to the Class C Certificates, sixth, 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. Servicer
Prepayment Interest Shortfall Amounts shall be deposited by the 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 Servicer (other than the CREFC® Special Servicer Loan File) and the other reports prepared by the 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;

 

(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
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 ninety (90) days or more or (D) current
but is a Specially Serviced Loan or in foreclosure (but not REO Loan);

 

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(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 Premiums;

 

(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 Regular 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;

 

(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 Loan Sellers or the Trust Loan was otherwise liquidated or disposed
of during the related Collection Period, the 

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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 Property becomes an REO Property during the preceding calendar month, the latest Debt Service Coverage Ratio and the current
Stated Principal Balance;

 

(xxvii)      if
the Property became 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 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 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.

 

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In
the case of information furnished pursuant to 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. 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 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;

 

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(iii)       the
following “additional documents”:

 

(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 Servicer, the Special Servicer, the Operating Advisor or the Trustee (and appointments of
successors to the 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 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 Servicer and the Special Servicer) and the Officer’s Certificates
delivered by the Servicer, the Special Servicer and the Operating Advisor to the Certificate Administrator since the Closing Date
pursuant to Section 3.28; and

 

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(M)       the
annual independent public accountants’ servicing report caused to be delivered by the Servicer and the Special Servicer
to the Certificate Administrator since the Closing Date pursuant to Section 3.28;

 

(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 Third Party Purchaser or a 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 email notification to any Privileged
Person (other than Financial Market Publishers) that has registered to receive access to the Certificate Administrator’s
Website that a notice has been posted to the “Risk Retention Special Notices” tab.

 

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 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 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 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

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anything herein to the contrary, each of the 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 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 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 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 Property 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 Servicer or, Special Servicer or Operating Advisor that
is included in any reports, statements, materials or information prepared or provided by the Servicer or, Special Servicer or
Operating Advisor, as applicable, and the Certificate Administrator shall be entitled to conclusively rely upon the 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 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 Servicer’s ability to make accessible certain information regarding the Trust
Loan at a website maintained by the Servicer. In providing access to any information, the Servicer shall be entitled to rely on
the certifications delivered to it pursuant to and in accordance with the terms of this Agreement. The 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 

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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 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 Property 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 Servicer, the Special Servicer or the Operating Advisor, the Certificate Administrator shall forward the Inquiry to the
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 Servicer, the Special Servicer or the Operating
Advisor, as applicable, unless it determines not to answer such Inquiry as provided below, shall reply to the Inquiry, which reply
of the Servicer, Special Servicer or Operating Advisor shall be 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 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 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 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 forty-five (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)

    -177- 

     

    

 

 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 forty-five (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
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 Servicer’s Website only with the use of a password, in which case the 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 Servicer. In connection with providing access
to the Servicer’s Website, the 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 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 Servicer for any liability or damage that may arise therefrom. The 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 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 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 Servicer is required or permitted to provide to the Borrower with respect to the Borrower’s 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 Servicer is required to deliver any statement, report or other information under any provision of this Agreement,
then, the 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 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 Servicer) provide the Servicer
with such information in its possession regarding a Specially Serviced Loan or an REO Property as may be reasonably necessary
for the Servicer to prepare each report and any supplemental information to be provided by the 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 Servicer. Unless the Certificate Administrator has actual knowledge that any report or file received from
the 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
and preparing the statements to Certificateholders required by Section 4.02(a).

 

(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 

    -178- 

     

    

 

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 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 Property as to which the environmental
testing contemplated by Section 3.10(g) 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 Servicer or the Special Servicer in respect to the Property;

 

(iii)       the
Mortgage File, including any and all modifications, waivers and amendments of the terms of the Whole Loan entered into by the
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.

 

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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 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
4.04 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
thirty (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 ten (10) Business Days of the Closing
Date to provide any information reasonably requested by the 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,

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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 or the imposition of tax on the Lower-Tier
REMIC or the Upper-Tier REMIC (other than a tax on income expressly permitted to be received by the terms of this Agreement).
Notwithstanding any provision of this paragraph to the contrary, the Certificate Administrator shall not be required to take any
action that the Certificate Administrator in good faith believes to be inconsistent with any other provision of this Agreement,
nor shall the Certificate Administrator be deemed in violation of this paragraph if it takes any action expressly required or
authorized by any other provision of this Agreement, and the Certificate Administrator shall have no responsibility or liability
with respect to any act or omission of the Depositor, the Trustee, the 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 corporate
tax rate on net income from foreclosure property), or (C) cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify
as a REMIC; and (ii) exercise reasonable care not to allow the Trust Fund to receive any contributions, or any income from the
performance of services or from assets not permitted under the REMIC Provisions to be held by a REMIC (provided, 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 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 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 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.

 

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(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 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 to cause early termination of the Trust Fund; and (iii) no Trust Loan is repurchased
by the Loan Sellers pursuant to Article II hereof.

 

Section
4.05 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 or the Upper-Tier REMIC, such tax shall be charged against amounts
otherwise distributable to the Holders of the Certificates; provided that any taxes imposed on any net income from foreclosure
property pursuant to Section 860G(d) of the Code or any similar tax imposed by a state or local jurisdiction shall instead be
treated as an expense of the related 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), 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, 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 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 Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or
the Trustee or an act or omission of the 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, in the case of the Servicer, Section 6.03, in the case of the Operating Advisor, Section 4.04, in the
case of the Trustee or Section 4.04, 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 Servicer, the
Special Servicer or the Operating Advisor shall not be responsible for the Trustee’s or the Certificate 

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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 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 Servicer or the Special Servicers and the Operating Advisor
shall not be responsible for the breaches, acts or omissions of the 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
4.06 Remittances. On the Servicer Remittance Date immediately preceding each Distribution Date, the 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
4.07 P&I Advances and Administrative Advances. (a) On or before 3:00 p.m. (New York City Time) on each Servicer
Remittance Date, the Servicer shall 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 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 Servicer’s
records and replaced by the 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 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 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 by 12:00 noon
(New York City time) on the related Distribution Date, in each case unless the 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 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 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 

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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 Servicer or any Sub-Servicer on behalf
of the 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 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 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
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 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 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 Borrower (1) is obligated to reimburse the Trust for such
amounts pursuant to the Loan Documents and (2) does 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 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 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 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 by 12:00 noon (New York City time) on the related Distribution Date, in each case unless
the 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 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 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
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
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 Borrower under the terms of the Whole
Loan as it may have been modified, (iii) to consider (among other things) the Property in its “as-is” 

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or then-current
conditions and occupancy, as modified by such party’s assumptions (consistent with the Servicing Standard in the case of
the Servicer or the Special Servicer) regarding the possibility and effects of future adverse changes with respect to the Property,
(iv) to estimate and consider (consistent with the Servicing Standard in the case of the 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 the Property shall not have been obtained within the prior 9-month period (and the 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 Servicer, the Special Servicer or the Trustee, reflect current market conditions, and the Servicer or the Trustee, as applicable,
and the Special Servicer cannot agree on the appropriate downward adjustment to such Appraisal, the 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 Servicer, Special Servicer or the Trustee that the 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 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 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 Servicer, the Special
Servicer, the Operating Advisor 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
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 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 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)) 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 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 is a Nonrecoverable Advance) and (consistent with the Servicing Standard in the
case of the 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 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 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

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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 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, the 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 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, (i) neither the Servicer nor the Trustee shall make an advance for
Prepayment Premiums, Penalty Charges 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 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 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 Monthly Payment(s), as accrued at the Whole Loan Rate from the date as
to which interest was last paid by the Borrower up to but not including the Due Date in the Collection Period in which such proceeds
are received; provided, 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
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 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 and the Servicer and
the Special Servicer each hereby covenants and agrees to promptly seek and effect the reimbursement of such Advances from the
Borrower to the extent permitted by applicable law and the Trust Loan and this Agreement.

 

(g)       The
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

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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 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 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 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 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 such 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 Servicer or the Trustee.

 

If
the 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, it shall promptly notify the Trustee, any Other Trustee,
any Other Servicer and any other trustee or master servicer with respect to each commercial mortgage securitization that holds
a Companion Loan, if any.

 

Section
4.08 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 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 F Certificates, third, to the Class E Certificates, fourth,
to the Class D Certificates, fifth, to the Class C Certificates, sixth, to the Class B Certificates,
and seventh, 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.

 

(b)       If
the Certificate Balance of the Class F or Class HRR Certificates (in each case, 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 Property (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 sixty (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 Property following an Appraisal Reduction Event if an event has occurred at,
or with regard to, the Property that would have a material effect on its appraised value, and the Special Servicer shall use reasonable
efforts to obtain an 

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appraisal from an MAI appraiser reasonably acceptable to the Special Servicer within sixty (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 Property have
occurred that would have a material effect on the appraised value of the Property. 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.

 

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 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 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 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 F or Class HRR Certificates is the Controlling Class or
whether a Subordinate Control Period or a Subordinate Consultation Period is then in effect, the Certificates representing the
Controlling Class 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 Property shall be determined on an “as is”
basis.

 

The
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 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 F or Class HRR is the Controlling
Class. In connection with the Certificate Administrator’s determination of whether the Class F or Class HRR (or neither)
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 F or Class HRR is no longer the Controlling
Class, the Certificate Administrator shall notify the Servicer and the Special Servicer.

 

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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 E Certificates, the Class F Certificates, the Class
HRR Certificates the Class R Certificates and the Class LR Certificates.

 

The
Class A, Class X, Class B, Class C, Class D, Class E, Class F, Class HRR, Class R and Class LR Certificates will be substantially
in the forms of Exhibits A-1 through A-10 to this Agreement, as set forth in the Table of Exhibits to this Agreement.
The Certificates of each Class (other than the 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	$304,700,000
	X 	$1,000,000  	$348,800,000
	B 	$100,000	  $44,100,000
	C 	$100,000	  $34,200,000
	D 	$100,000	$124,700,000
	E 	$100,000	$135,300,000
	F 	$100,000	  $60,630,000
	HRR 	$100,000	  $46,370,000

 

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

 

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 

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for
the purposes of exercising the rights of Certificateholders hereunder; provided, however, that for purposes of transmitting
communications pursuant to Section 5.05(a), 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
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:

 

“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 

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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 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 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 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 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 Servicer or the Special
Servicer to obtain possession of the Certificates, the Trustee, the Certificate Administrator, the Servicer or the Special Servicer
may in their sole discretion determine that the Certificates represented by the Global Certificates shall no longer be represented
by such Global Certificates. In such event, the Certificate Administrator or the Authenticating Agent will execute and authenticate
and the Certificate Registrar will deliver, in exchange for such Global Certificates, Individual Certificates (and if the Certificate
Administrator or the Certificate Custodian has in its possession Individual Certificates previously executed, the Authenticating
Agent will authenticate and the Certificate Registrar will deliver such Certificates) in a Denomination equal to the aggregate
Denomination of such Global Certificates.

 

(g)       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-10 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 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 Borrower fails to make such payments at such time, and the 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 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 Borrower failing to make such payments shall be 

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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 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 owner and Holder thereof for all purposes of this Agreement and the Depositor, Certificate Registrar,
the 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 Section 5.02(g) and
Sections 5.02(c), 5.02(d), 5.02(e), 5.02(f), 5.02(g), 5.02(h) and 5.02(i). 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:

 

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Wells
Fargo Bank, NA

425 E Hennepin Avenue

Minneapolis, MN 55414

Attention: Security Control and Transfer (SCAT) – MAC N9345-010

 

On
the Closing Date, the Certificate Administrator shall deliver written confirmation to the Depositor, the Retaining Sponsor and
the initial Third Party Purchaser substantially in the form of Exhibit 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), 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). 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).

 

(c)       In
addition to the provisions of Sections 5.01(g) and 5.02(d), (e), (f), (g), (h) and (i)
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

 

(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 

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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 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

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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 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 

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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).

 

(B)       Transfers
of a beneficial interest in a Global Certificate to a Qualified Institutional Buyer or a Regulation S Investor wishing to take
delivery in the form of an Individual Certificate will be registered by the Certificate Registrar only upon compliance with the
provisions of Section 5.02(c)(i)(A) and (B), respectively.

 

(C)       Notwithstanding
the foregoing, no transfer of a beneficial interest in a Regulation S Global Certificate to an Individual Certificate pursuant
to clause (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 (1)
the Individual Certificate to be transferred with an assignment and transfer pursuant to Section 5.05(a), (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 

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the Denomination of the Individual Certificate to be so
transferred, (3) a written order given in accordance with the Applicable Procedures containing information regarding the account
of the Agent Member and, in the case of any transfer pursuant to Regulation S, the Euroclear or Clearstream account, as the case
may be, to be credited with such beneficial interest, and (4) (x) an Investment Representation Letter from the transferee and,
if delivery is to be taken in the form of a beneficial interest in the Regulation S Global Certificate, a Regulation S Transfer
Certificate from the transferor or (y) an Investment Representation Letter from the transferee to the effect that such transferee
is a Qualified Institutional Buyer if delivery is to be taken in the form of a beneficial interest in the Rule 144A Global Certificate,
the Certificate Registrar shall cancel such Individual Certificate, execute and deliver a new Individual Certificate for the Denomination
of the Individual Certificate not so transferred, registered in the name of the Holder or the Holder’s transferee (as instructed
by the Holder), and the Certificate Registrar shall instruct the Depository or the Certificate Custodian, as applicable, to increase
the Denomination of the Regulation S Global Certificate or the Rule 144A Global Certificate, as the case may be, by the Denomination
of the Individual Certificate to be so transferred, and to credit or cause to be credited to the account of the Person specified
in such instructions who, in the case of any increase in the Regulation S Global Certificate during the Restricted Period, shall
be an Agent Member acting for or on behalf of Euroclear or Clearstream, or both, as the case may be, a corresponding Denomination
of the Rule 144A Global Certificate or the Regulation S Global Certificate, as the case may be.

 

It
is the intent of the foregoing that under no circumstances may an Institutional Accredited Investor that is not a Qualified Institutional
Buyer take delivery in the form of a beneficial interest in a Rule 144A Global Certificate other than the initial transfer from
the Initial Purchasers 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 

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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 (5) 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 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 fifteen (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) 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), 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 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 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 F, Class HRR, Class R or Class LR Certificate (each, a “Restricted Certificate”) shall
be made to (i) an employee benefit plan or other retirement arrangement, including an individual retirement account or Keogh plan,
subject to the fiduciary responsibility provisions of ERISA, or to Section 4975 of the Code, or a governmental plan, as defined
in Section 3(32) of ERISA, or other plan subject to any federal, state or local law (“Similar Law”) which is
to a material extent similar to the foregoing provisions of ERISA or the Code (each, a “Plan”) or (ii) any
Person acting on behalf of any 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 F and
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
such that 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, and is not acting on behalf of an entity that is or will become, a Person referred to in
(i) or (ii) above. Neither the Certificate Administrator nor the Certificate Registrar shall register a Class R or Class LR Certificate
in any Person’s name unless such Person has provided the letter referred to in the preceding sentence. Each beneficial owner
of a Certificate (other than a 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, either that (i) it is not and will not be a Plan
and is not and will not be 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, it has acquired and is holding such Certificate
or an interest therein in reliance on the Underwriter Exemption, it understands that there are certain conditions to the availability
of the Exemption, including that the 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 such Certificate is so rated and it is an “accredited investor”
as defined in Rule 501(a) of Regulation D (or, in the case of a Plan subject to Similar Law, its acquisition, holding and disposition
of the Certificate will not result in a non-exempt violation of Similar Law), and its acquisition, holding and disposition of
such Certificate or interest therein will not constitute or result in a non-exempt violation of Section 406 of ERISA or Section
4975 of the Code (or, in the case of a Plan subject to Similar Law, will not result in a non-exempt violation of Similar Law),
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 

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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 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 Servicer, the Special Servicer, the Loan Sellers
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 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)

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 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, 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 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 sixty (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 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.

 

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(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, the Retaining Sponsor and the Depositor with a medallion stamp guarantee of the Retaining Party, the Retaining
Sponsor and the Depositor, (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, the Retaining
Sponsor (if different) and the Depositor with a medallion stamp guarantee of the Retaining Party, the Retaining Sponsor (if different)
and the Depositor, (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 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.

 

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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. The Certificate Administrator shall
cause such Paying Agent, if other than the Certificate Administrator, the Trustee or the Servicer, to execute and deliver to the
Servicer and the Trustee an instrument in which such Paying Agent shall agree with the 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 (if rated
by Fitch) and “A” by KBRA (or, if not rated by KBRA and/or Fitch, an equivalent (or higher) rating by any two (2)
other NRSROs), or shall be the subject of a No Downgrade Confirmation from each Rating Agency.

 

Section
5.05      Access to Certificateholders’ Names and Addresses; Special Notices. (a) If
any Certifying Certificateholder or the 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 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 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 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.

 

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(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 Servicer in reliance thereon, whether
or not notation of such action is made upon such Certificate.

 

(d)       The
Certificate Administrator, the Trustee or Certificate Registrar may require such additional proof of any matter referred to in
this Section 5.06 as it shall deem necessary.

 

Section
5.07      Rule 144A Information. The Certificate Administrator shall, upon request of any Certifying Certificateholder that
is a Holder of a 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 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
6.02      Merger or Consolidation of either the Servicer, the Special Servicer, the Operating Advisor or the Depositor. Subject
to the following paragraph, each of the 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 Property securing the Trust Loan is 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 Property is 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 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 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 Servicer, the Special Servicer, the Operating Advisor or the Depositor is a party, or any Person succeeding to the
business of the 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 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 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 provided a No Downgrade Confirmation (and each rating agency then

 

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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 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
Servicer, the Special Servicer or the Operating Advisor enters into a merger and the Servicer, the Special Servicer or the Operating
Advisor, as applicable, is the surviving entity under the applicable law, in which case, the 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 Servicer, Special Servicer or Operating Advisor may remain the 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 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 Servicer and Others. (a) None of the Depositor, the 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 Servicer, the Special Servicer or the Operating Advisor shall be under
any liability to the Trust Fund, the Certificateholders, the Companion Loan Holder 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 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 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 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 Servicer, the Special Servicer, the Operating Advisor and any Affiliate, member, manager, shareholder, director,
officer, employee or agent of the Depositor, the Servicer, the Special Servicer or the Operating Advisor may rely in good faith
on any document of any kind which, prima facie, is properly executed and submitted by any appropriate Person respecting
any matters arising hereunder. In addition, in no event shall the Depositor be obligated to cause any party to perform or comply
with the obligations to remit the CREFC® 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 Holder shall be indemnified and held harmless by each of the Servicer, the Special Servicer
and the Operating Advisor (severally and not jointly) for any loss, liability or expense (including legal fees and expenses) incurred
in connection with any claim, loss, penalty, fine, foreclosure, judgment or liability relating to this Agreement, the Certificates,
incurred by the Trust Fund or the Companion Loan Holder, 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 Servicer, the Special Servicer, the Operating Advisor and any Affiliate, director, officer, employee, shareholder,
member, manager or agent of the Depositor, the 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,

 

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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 Servicer shall, after receiving payment from amounts on deposit in the Collection
Account, promptly notify the Companion Loan Holder 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 related Companion Loan Holder.

 

(b)       None
of the Depositor, the Servicer, the Special Servicer or the Operating Advisor shall be under any obligation to appear in, prosecute
or defend any legal action, 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 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 Holder 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 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) no later than sixty (60) days after submitting such expenses or costs for reimbursement, provided
that a failure to reimburse such parties within such sixty (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 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 Servicer and the Special Servicer; Termination of the Servicer and the Special Servicer.
(a) Each of the 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 Servicer or Special Servicer or a Person resulting from a merger, consolidation or succession
that is permitted under Section 6.02, (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 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

 

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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 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 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 Servicer or Special Servicer, as applicable, hereunder.

 

(b)       Except
as provided in Section 6.02 and this Section 6.04, the 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 Servicer or the Special Servicer, as applicable, shall be evidenced by an Opinion of Counsel (obtained at the resigning 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 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 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 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 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 Servicer, the successor Servicer has deposited
into the Investment Accounts from which amounts were withdrawn to reimburse the terminated 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 Servicer shall, immediately upon deposit, have the same right of reimbursement or payment as the terminated
Servicer had immediately prior to its termination without regard to the operation of this paragraph.

 

No
resignation or removal of the Servicer or the Special Servicer as contemplated by the preceding paragraphs shall become effective
until the Trustee or a successor Servicer or Special Servicer shall have assumed the resigning or terminated Servicer’s
or the Special Servicer’s responsibilities, duties, liabilities and obligations hereunder. If no successor Servicer or Special
Servicer can be obtained to perform such obligations for the same compensation to which the terminated Servicer or Special Servicer
would have been entitled, additional amounts payable to such successor Servicer or Special Servicer shall be treated as Realized
Losses.

 

Section
6.05      Rights of the Depositor and the Trustee in Respect of the Servicer and the Special Servicer. Solely with respect
to their performance of their respective duties under this Agreement, the 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

 

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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 Servicer and/or the Special Servicer, as applicable, shall furnish
to the Depositor, the 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 Servicer, those of its ultimate parent) and such
other non-proprietary information as the 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 Servicer
or the Special Servicer, however, the Depositor may, but is not obligated to, enforce the obligations of the 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 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 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 Servicer or Special Servicer, as applicable. None of the Depositor, the Certificate Administrator, the Trustee, the Operating
Advisor, the 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 Servicer), shall have any responsibility or liability for any action or failure
to act by the Servicer or the Special Servicer and no such party is obligated to monitor or supervise the performance of the Servicer
or the Special Servicer under this Agreement or otherwise. Neither the Servicer nor the Special Servicer shall be under any obligation
to disclose confidential or proprietary information pursuant to this Section.

 

Section
6.06      The Servicer or Special Servicer as Owners of a Certificate. The Servicer or an Affiliate of the 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 Servicer or the Special Servicer or an Affiliate
thereof. If, at any time during which the Servicer or the Special Servicer or an Affiliate of the Servicer or the Special Servicer
is the Holder or Beneficial Owner of any Certificate, the 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
Servicer’s or the Special Servicer’s good faith judgment, violate the Servicing Standard, and (ii) if taken,
might nonetheless, in the Servicer’s or the Special Servicer’s good faith judgment, be considered by other Persons
to violate the Servicing Standard, the 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 Servicer or the Special Servicer or an Affiliate of the Servicer or the Special Servicer, and (iii) describes
in reasonable detail the action (or inaction) that the 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 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 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 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 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.

 

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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 Controlling Class Certificateholder that owns,
and is identified (with contact information) to the 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 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 Servicer, Special Servicer,
Operating Advisor, Certificate Administrator and Trustee may conclusively rely on such certification and the 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)       The
initial Directing Holder is Core Credit Partners A LLC. The Majority Controlling Class Certificateholder, if any, shall give written
notice to the Trustee, the Certificate Administrator, the 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
notify the Trustee, the Operating Advisor, the Special Servicer and the 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

 

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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 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
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 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 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 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 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 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 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 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 Servicer or the Special Servicer, as applicable, shall
promptly notify the Trustee, the Operating Advisor, the Certificate Administrator, the Servicer and the Special Servicer thereof,
who may rely conclusively on such notice from the Servicer or the Special Servicer, as applicable.

 

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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: (a) 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 Holder; (b)
the Directing Holder and/or any Controlling Class Certificateholder may act solely in the interests of the Holders of the Controlling
Class; (c) 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 Holder; (d) 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 Holder; (e) 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 Holder or
any other Person (including the Borrower) for having acted in accordance with or as permitted under the terms of this Agreement;
and (f) the Holders of the Certificates and the Companion Loan Holder 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 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 Servicer’s written analysis and recommendation together with any information in the possession
of the Servicer that is reasonably required to make a decision regarding the subject action), and (ii) during any Subordinate
Control Period, the Special Servicer shall not be permitted to consent to the Servicer’s taking any of the actions constituting
a Major Decision, nor will the Special Servicer itself be permitted to take any of the actions constituting a Major Decision,
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 Servicer (if the Servicer is otherwise authorized by this Agreement
to take such action), as applicable, determines that immediate action, with respect to a Major Decision, or any other matter requiring
consent of the Directing Holder during any Subordinate Control Period, is necessary to protect the interests of the Certificateholders,
the Special Servicer or Servicer, as applicable, may take any such action without waiting for the Directing Holder’s (or,
if applicable, the Special Servicer’s) response; provided, further, that the Special Servicer or the 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 would have been required during any Subordinate Control Period;
provided, further, that for so long as there is no Directing Holder, the Servicer

 

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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).

 

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 ten (10) Business Days unless
otherwise specified.

 

In
the event that no Directing Holder 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 Trustee or 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 the Directing
Holder, it being acknowledged that the initial Directing Holder is set forth in Section 6.07(c).

 

In
addition, during any Subordinate Control Period, the Directing Holder may direct the Special Servicer to take, or to refrain from
taking, such other actions with respect to the Whole Loan as the Directing Holder may deem advisable or as to which provision
is otherwise made herein. Notwithstanding anything herein to the contrary, no such direction, and no direction or objection contemplated
by the preceding paragraph or any other provision of this Agreement, may (a) require or cause the 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 Servicer’s or the Special Servicer’s obligation to act in accordance with the Servicing Standard, (b)
expose any Certificateholder, the Operating Advisor, the 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 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 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 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 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 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 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 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 Servicer or Special Servicer in accordance with the direction of or approval
of the Directing Holder

 

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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 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 Whole Loan and such Major Decision and/or Asset Status Report in order to address reasonable
questions that the Operating Advisor may have relating to, among other things, such Major Decision and/or Asset Status Report
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)       In
the event that no Directing Holder has been appointed or identified to the Servicer or Special Servicer, as applicable, and the
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 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 the Directing
Holder.

 

Section
6.10      Directing Holder and Operating Advisor Contact with Servicer and Special Servicer. Upon reasonable request, each
of the Servicer and the Special Servicer shall, without charge, make a Servicing Officer available to answer questions from the
Directing Holder (during any Subordinate Control Period 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 Servicer or the Special Servicer, as the case may be, is responsible.

 

Notwithstanding
any provision of this Agreement to the contrary, the failure of the Servicer or the Special Servicer to disclose any information
otherwise required to be disclosed by it pursuant to this Agreement shall not constitute a breach of this Agreement if the Servicer
or the Special Servicer, as applicable, determines, in its reasonable and good faith judgment and consistent with the Servicing

 

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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 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, 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, 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 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

 

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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 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 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.

 

(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

 

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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) 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 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 information to any other Person (including
any Certificateholders other than the Directing Holder), other than (i) to the extent expressly set forth herein, to
the other parties to this Agreement with a notice indicating that such information is Privileged Information, (ii) pursuant
to a Privileged Information Exception or (iii) where necessary to support specific findings or

 

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conclusions concerning allegations
of deviations from the Servicing Standard (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).

 

(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).

 

(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), 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 applicable,
shall use commercially reasonable efforts consistent with the Servicing Standard to collect the applicable Operating Advisor Consulting
Fee from the Borrower in connection with such an Asset Status Report or Major Decision, but only to the extent not prohibited
by the related Loan Documents. 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 the Servicing
Standard, but in no event shall the 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 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

 

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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 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 (i) the occurrence of any Operating Advisor Termination Event or (ii) any
termination of the Operating Advisor and appointment of a successor to the Operating Advisor, the Trustee shall, as soon as possible,
give written notice thereof to the Special Servicer, the Servicer, the Certificate Administrator, the 17g-5 Information Provider
(for posting to the 17g-5 Information Provider’s Website), the Depositor, the 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 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 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

 

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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 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.

 

Article
VII

TERMINATION EVENTS

 

Section
7.01      Servicer Termination Events. (a) With respect to the Servicer, “Master Servicer Termination Event”,
wherever used herein, means any one of the following events:

 

(i)       (A) any
failure by the 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 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 Servicer determines such P&I Advance or Administrative Advance is a Nonrecoverable Advance) under this
Agreement, which

 

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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 Servicer does not timely make such remittance to the Certificate Administrator, the 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 Servicer to remit to any holder of a 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 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 thirty (30) days (fifteen (15) days in the case
of the Servicer’s failure to make a Property Advance or forty-five (45) days in the case of failure to pay the premium for
any insurance policy required to be force placed by the 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 Servicer by any other party hereto, or to the 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 Servicer is diligently pursuing such cure, such 15-, 30- or 45-day period, as applicable,
will be extended an additional thirty (30) days;

 

(iii)       any
breach on the part of the Servicer of any representation or warranty contained in Section 2.04(a), which materially and
adversely affects the interests of the Holders of any Class of Certificates or the Companion Loan Holder and which continues unremedied
for a period of thirty (30) days after the date on which notice of such breach, requiring the same to be remedied, shall have
been given to the Servicer by any party hereto, or to the 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 Servicer
is diligently pursuing such cure, such 30-day period will be extended an additional thirty (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 Servicer and such decree
or order shall have remained in force undischarged, undismissed or unstayed for a period of sixty (60) days;

 

(v)       the
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 Servicer or
of or relating to all or substantially all of its property;

 

(vi)       the
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;

 

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(vii)       the
Servicer ceases to have a commercial master servicer rating of at least “CMS3” from Fitch and such rating is not reinstated
within sixty (60) days of such downgrade or withdrawal of such rating;

 

(viii)       KBRA
has (a) qualified, downgraded or withdrawn its ratings of one or more Classes of Certificates, or (b) placed one or more Classes
of Certificates on “watch status” in contemplation of a rating downgrade or withdrawal (and such qualification, downgrade,
withdrawal or “watch status” placement has not been withdrawn by KBRA within sixty (60) days of such event) and, in
the case of either of clauses (a) or (b), publically cited servicing concerns with the 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
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 sixty (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 Servicer or any primary
servicer, Sub-Servicer or Servicing Function Participant (such entity, the “Sub-Servicing Entity”) retained
by the 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 Servicer (other than the rights to indemnification provided in Section 6.03 and compensation provided in Section
3.12).

 

In
the event that the Servicer is also the Special Servicer and the Servicer is terminated as provided in this Section 7.01,
then the Servicer shall also be terminated as Special Servicer.

 

If
the Servicer receives notice of termination under this Section 7.01(a) solely due to a Master Servicer Termination Event
under Error! Reference source not found., (vi) or (ix) and if the Servicer provides
the Trustee with the appropriate “request for proposal” materials within five (5) Business Days following such termination
notice, then the Servicer shall continue to serve as Servicer hereunder until a successor 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 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 Servicer hereunder in accordance with
Section 6.02 and 7.02 (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 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

 

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this Agreement as successor Servicer, and to agree to be bound by the terms hereof, within
forty-five (45) days after the notice of termination of the Servicer. The materials provided to the Trustee shall provide for
soliciting bids: (i) on the basis of such successor 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 a Sub-Servicing Agreement
with the terminated Servicer to service the Whole Loan at a sub-servicing fee rate per annum equal to 0.00250% (a “Servicing
Retained Bid”); and (ii) on the basis of the terminated 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 Servicer
hereunder; provided, however, that if the Trustee does not receive a No Downgrade Confirmation within ten (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 forty-five (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 Servicer pursuant to the terms hereof no later than forty-five (45)
days after notice of the termination of the Servicer; provided, however, that the initial Servicer may request and
obtain an additional 20 days for such sale and assumption to be completed so long as the initial 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) 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 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 Servicer and each terminated Sub-Servicer its respective bid
allocation.

 

The
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 Servicer within the above described time period or no Successful
Bidder was identified within the above described time period, the Servicer to be terminated pursuant to Section 7.01(a)
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 Servicer hereunder in accordance with Section 7.02.

 

Notwithstanding
anything to the contrary in this Article VII, if the Servicer shall timely deliver the notice and request for proposal
materials referred to in the fourth preceding paragraph, no resignation or termination of the Servicer shall be effective in connection
with a Master Servicer Termination Event under Section 7.01(a)(vii), and the 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 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:

 

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(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 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 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 Servicer for any loss of income on such amount suffered by the 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 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 thirty (30) days (forty-five (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 thirty (30)
days;

 

(iii)       any
breach on the part of the Special Servicer of any representation or warranty contained in Section 2.04(a), which materially
and adversely affects the interests of the Holders of any Class of Certificates or the Companion Loan Holder and which continues
unremedied for a period of thirty (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 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 thirty (30) days;

 

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

 

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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 ceases to have a commercial special servicer rating of at least “CSS3” or “CLLSS3” from
Fitch and such rating is not reinstated within sixty (60) days of such downgrade or withdrawal of such rating;

 

(viii)       KBRA
has (a) qualified, downgraded or withdrawn its ratings of one or more Classes of Certificates, or (b) placed one or more Classes
of Certificates on “watch status” in contemplation of a rating downgrade or withdrawal (and such qualification, downgrade,
withdrawal or “watch status” placement has not been withdrawn by KBRA within sixty (60) days of such event) and, in
the case of either of clauses (a) or (b), publically cited servicing concerns with the Special 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
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 sixty (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
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) and compensation provided
in Section 3.12(c)). 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 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 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 Servicer to appoint a sub-servicer (or if the Whole Loan is currently being sub-serviced, then the Trustee shall direct the
Servicer to replace such sub-servicer with a new sub-servicer but only if such original sub-

 

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servicer is in default (beyond any
applicable cure periods) under the related sub-servicing agreement, and the Servicer shall be permitted to terminate the sub-servicing
agreement due to such default) that shall be responsible for servicing the Whole Loan; provided that the 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 a Companion Loan Holder’s
direction shall not be the Person (or an Affiliate thereof) that was so terminated without the prior written consent of the Companion
Loan Holder.

 

(c)       During
any Subordinate Control Period, the Directing Holder shall have the right to direct the Trustee to terminate the Special Servicer
(subject to such terminated Special Servicer’s rights to indemnification, payment of outstanding fees, and other rights
set forth in this Agreement which survive termination) at any time, with or without cause, and the Directing Holder shall have
the right to, and shall, appoint a successor Special Servicer, 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 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

 

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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 that are not Credit Risk Retention Affiliated
with each other and (ii) delivery of written notice to the Rating Agency by the Certificate Administrator 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 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 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
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). 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

 

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to complete the transfer and endorsement or assignment of the Whole
Loan and related documents, or otherwise. The Servicer and the Special Servicer each agree in the event it is terminated pursuant
to this Section 7.01 to promptly (and in any event no later than ten Business Days subsequent to such notice) provide,
at its own expense, the Terminating Party with all documents and records requested by the Terminating Party to enable the Terminating
Party to assume its functions hereunder, and to cooperate with the Terminating Party and the successor to its responsibilities
hereunder in effecting the termination of its responsibilities and rights hereunder, including, without limitation, the transfer
to the successor 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 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 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 Servicer or Special Servicer shall reasonably request (including electronic form), to enable it to assume
the 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 Servicer or the Special
Servicer would be required to provide under this Agreement) or the successor Servicer or successor Special Servicer incurred in
connection with transferring the Mortgage Files to the successor Servicer or Special Servicer and amending this Agreement to reflect
such succession as successor Servicer or successor Special Servicer pursuant to Section 7.01(a) or (b), as applicable,
shall be paid by the predecessor Servicer or the Special Servicer, as applicable, upon presentation of reasonable documentation
of such costs and expenses. If the predecessor Servicer or Special Servicer (as the case may be) has not reimbursed the Terminating
Party or the 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 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
Servicer or Special Servicer.

 

Section
7.02      Trustee to Act; Appointment of Successor. On and after the time the Servicer or the Special Servicer receives a
notice of termination pursuant to Section 7.01, the Terminating Party (subject to Section 7.01(a)) shall be its
successor, until such successor is appointed in accordance with this Section, in all respects in its capacity as the 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 Servicer or Special Servicer by the terms and provisions hereof, provided, however, that (a) the
Terminating Party shall have no responsibilities, duties, liabilities or obligations with respect to any act or omission of the
Servicer or Special Servicer and (b) 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 Servicer or successor Special Servicer,
shall be indemnified to the full extent provided to the Servicer or Special Servicer, as applicable, under this Agreement prior
to the Servicer’s or the Special Servicer’s termination. The appointment of a successor Servicer or successor Special
Servicer shall not affect any liability of the predecessor Servicer or Special Servicer which may have arisen prior to its termination
as the Servicer or the Special Servicer. The Terminating Party shall not be liable for any of the representations and warranties
of the Servicer or Special Servicer herein or in any related document or agreement, for any acts or omissions of the predecessor
Servicer or predecessor Special Servicer or for any losses incurred in respect of any Permitted Investment by the 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 Servicer or successor Special

 

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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 Servicer or Special Servicer would
have been entitled if such predecessor Servicer or Special Servicer, as applicable, had continued to act hereunder. In the event
any Advances made by the 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 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 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 Servicer (or the Special Servicer if the Special Servicer is also the 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 Servicer or Special Servicer and such successor shall take such action, consistent with this Agreement, as shall
be necessary to effectuate any such succession.

 

If
the Trustee or an Affiliate acts pursuant to this Section 7.02 as successor to the resigning or terminated Servicer, it
may reduce the Servicer’s Excess Servicing Fee Rate to the extent that its or such Affiliate’s compensation as successor
Servicer would otherwise be below the market rate servicing compensation. If the Trustee elects to appoint a successor to the
resigning or terminated Servicer other than itself or an Affiliate pursuant to this Section 7.02, it may reduce the 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 7.02.

 

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 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)).

 

(b)       Within
thirty (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

 

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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)) and the Companion Loan Holder 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, 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 Holder (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 (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 Servicer or the Special Servicer in the performance of its obligations hereunder and
its consequences, except (a) a termination event with respect to 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 (b) 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 Servicer fails to fulfill its obligations hereunder to make
any Advances and such failure remains uncured, the Trustee shall perform such obligations (a) within five (5) Business Days
of the Master Servicer Termination Event resulting from such failure by the 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 (b) 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(e) 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 Servicer’s rights with respect to Advances
hereunder, including, without limitation, the 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 Servicer’s failure to perform its obligations hereunder); provided, however,
that if Advances made by the Trustee and 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

 

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shall have been repaid in full, together with all interest accrued
thereon, prior to reimbursement of the 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 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, shall exercise such of the
rights and powers vested in it by this Agreement, and use the same degree of care and skill in their exercise, as a prudent person
would exercise or use under the circumstances in the conduct of such person’s own affairs.

 

(b)       The
Trustee and the Certificate Administrator, upon receipt of any resolutions, certificates, statements, opinions, reports, documents,
orders or other instruments furnished to the Trustee or the Certificate Administrator, as the case may be, which are specifically
required to be furnished 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, 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

 

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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 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 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 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 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

 

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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 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 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 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:

 

(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 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;

 

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(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 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 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 Servicer or the Special Servicer
(unless the Trustee is acting as Servicer or Special Servicer, as the case may be, in which case the Trustee shall only be responsible
for its own actions as Servicer or Special Servicer) or of the Depositor;

 

(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.

 

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(b)       Following
the Startup Day, the Trustee and the Certificate Administrator shall not, except as expressly required by any provision of this
Agreement, accept any contribution of assets to the Trust Fund unless the Trustee or the Certificate Administrator shall have
received an Opinion of Counsel (the costs of obtaining such opinion to be borne by the Person requesting such contribution) to
the effect that the inclusion of such assets in the Trust Fund will not cause 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 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,
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 Servicer, or the Special Servicer and the Trustee, the Certificate Administrator, the Operating Advisor, the Servicer and
the Special Servicer assume no responsibility for their correctness. The Trustee, the Certificate Administrator, the Operating
Advisor, the 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 Property; (ii) the existence of any hazard or other
insurance thereon (other than if the Trustee shall assume the duties of the

 

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Servicer or the Special Servicer pursuant to Section
7.02) 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 Servicer or the Special Servicer pursuant
Section 7.02); (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 Servicer or the Special Servicer pursuant to Section 7.02); (vi) the compliance by the Depositor,
the Servicer, the Special Servicer or the Operating Advisor with any warranty or representation made under this Agreement or in
any related document or the accuracy of any such warranty or representation 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 Servicer or any loss resulting therefrom, the acts or omissions of any of the Depositor, the Certificate Administrator,
the Operating Advisor, the Servicer or the Special Servicer (other than if the Trustee shall assume the duties of the Certificate
Administrator, the Servicer or Special Servicer pursuant to Section 7.02) or any Sub-Servicer or the Borrower; any action
of the Servicer or Special Servicer (other than if the Trustee shall assume the duties of the Servicer or Special Servicer pursuant
to Section 7.02) 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 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 Servicer or the Special Servicer (other
than if the Trustee shall assume the duties of the Servicer or the Special Servicer pursuant to Section 7.02) 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 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 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 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 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 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 Servicer or the Special Servicer hereunder pursuant to
or otherwise arising from the resignation or removal of the Servicer or the Special Servicer, the Trustee shall be entitled to
the compensation to which the 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) 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), 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.

 

The
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 Servicer
or the Special Servicer, respectively, hereunder, pursuant to or otherwise arising from the resignation or removal of the Servicer
or Special Servicer (except in the case of removal of the Special Servicer without cause), as applicable, in accordance with any
of the provisions of this Agreement (and including the reasonable fees and expenses and disbursements of its counsel and all other
persons not regularly in its employ), except any such expense, disbursement or advance as may arise from the negligence, willful
misconduct or bad faith of the Trustee.

 

(d)       Each
of the Certificate Administrator, the Custodian, the Paying Agent, the Trustee, the Depositor, the 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

 

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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 Servicer, any agent of the 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 Servicer, the Special Servicer, the Paying Agent, the Certificate Administrator, the Certificate
Registrar or the Custodian.

 

(f)       This
Section 8.05 shall be expressly construed to include, but not be limited to, such indemnities, compensation, expenses,
disbursements, advances, losses, liabilities, damages and the like, as may pertain or relate to any environmental law or environmental
matter.

 

(g)       Each
of the Certificate Administrator, 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 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
8.05(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.

 

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(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 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,

 

(iv)       have
a rating on its unsecured long-term debt of at least “A” by Fitch and its equivalent by KBRA, if then rated by KBRA,
or otherwise acceptable to Fitch as confirmed by receipt of a No Downgrade Confirmation; provided that the Trustee will
not become ineligible to serve if the Trustee maintains a Fitch rating of at least “BBB” as long as it has a rating
on its short-term debt obligations of at least “F1” by Fitch and the servicer has a rating on its long-term senior
unsecured debt of at least “A+” by Fitch, provided, that if any such institution is not rated by KBRA, such
institution maintains an equivalent (or higher) rating by any two (2) other NRSROs or such other rating with respect to which
the Rating Agencies have provided a No Downgrade Confirmation,

 

(v)       be
subject to supervision or examination by federal or state authority and, in the case of the Trustee, shall not be an Affiliate
of the Servicer or the Special Servicer (except, in the case of the Trustee, during any period when the Trustee has assumed the
duties of the Servicer or Special Servicer, as the case may be, pursuant to Section 7.02), 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 or the Certificate Administrator meets the provisions of clauses (i) through (iii),
(v) and (vi) above, but does not meet the provisions of clause (iv) above, the Trustee or the Certificate
Administrator, as the case may be, shall be deemed to meet the provisions of such clause (iv) if it appoints a fiscal
agent as a back-up liquidity provider, provided that such fiscal agent meets the provisions of clauses (i) through
(vi) above and shall have assumed in writing all obligations of the Trustee or the Certificate Administrator, as the case
may be, to make Advances under this Agreement as

 

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and when required of the Trustee or the Certificate Administrator, as the case
may be. If a corporation or association publishes reports of condition at least annually, pursuant to law or to the requirements
of the aforesaid supervising or examining authority, then for purposes of this Section the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.
If the place of business from which the Trustee administers the Trust Fund is a state or local jurisdiction that imposes a tax
on the Trust Fund or the net income of 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,
(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.

 

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 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)); 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 Servicer, the appointment of which
successor is subject to the requirements contained in Section 8.06. 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. If no successor trustee or certificate administrator shall have been so appointed and have accepted
appointment within thirty (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 and shall fail to resign after written request therefor by the Depositor or the 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 Servicer may remove the Trustee or the
Certificate Administrator, as the case may be, and the Depositor or the 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. If no successor Trustee, successor Custodian or successor Certificate Administrator shall have been so appointed and
shall have accepted appointment within 90 days after the giving of such notice of removal, the removed Trustee, Custodian or Certificate
Administrator, as applicable, may petition any court of competent jurisdiction for the appointment of a successor Trustee, Custodian
or Certificate Administrator, as applicable, at the expense of the Trust.

 

The
Certificateholders entitled to at least 50% of the Voting Rights may with cause (at any time) or without cause (at any time with
thirty (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 Servicer and Special Servicer,
one complete set

 

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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 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 (i) 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 Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates or in blank, and (ii) 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 Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE
or in blank. If any assignable Loan Document (other than such 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 (ii)
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 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. The

 

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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.

 

Upon
acceptance of appointment by a successor trustee as provided in this Section 8.08, the Depositor shall mail notice of the
succession of such Trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register. If
the Depositor fails to mail such notice within ten (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 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) and provide notice of such event to
the 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)).

 

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 fifteen (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 Servicer hereunder), the

 

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Trustee
shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including
the holding of title to the Trust Fund or any portion thereof in any such jurisdiction) shall be exercised and performed by such
separate Trustee or co-Trustee solely at the direction of the Trustee.

 

No
Trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement;
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 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
Holder of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Servicer, as the case may be,
required hereunder to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Trust
Loan and all other property held by the Trust Fund in accordance with Section 9.01(c); (ii) the exchange by the Sole
Certificateholder of its Certificates for the Trust Loan in accordance with Section 9.01(g); 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.

 

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For
purposes of this Section 9.01, the Sole Certificateholder shall have the first option to terminate the Trust Fund, pursuant
to Section 9.01(g), and then the Directing Holder, and then the Special Servicer and then the Servicer and then the Holder
of a majority Percentage Interest in the Class R and Class LR Certificates, in that order, pursuant to 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 ninety (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)
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 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 Servicer, and if the 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 fifteen (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 fifteen (15) Business Day
period), upon not less than thirty (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 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 Servicer as of a date not more than thirty
(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 Property
has been acquired) at the Trust Note Rate to the last day of the Loan Interest Accrual Period preceding such Anticipated
Final Termination Date (less any P&I Advances previously made on account of interest);

 

     -243-

     

    

 

(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 Servicer
as of a date not more than thirty (30) days prior to the last day of the month preceding such Distribution Date, together with
one month’s interest thereon at the Trust Note Rate.

 

In
the event that the Directing Holder, the Special Servicer, the 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 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),
which portion shall be deposited in the Collection Account). In addition, the 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 with Section 4.01(a) and (b). Upon confirmation
that such final deposits have been made and upon direction from the Servicer, the Custodian shall, release or cause to be released
to the Directing Holder, the Special Servicer, the 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 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

 

     -244-

     

    

 

to be distributed
on such Distribution Date pursuant to Section 4.01(b) 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 Servicer, the Special Servicer, the Operating Advisor, the Loan Sellers,
the Companion Loan Holder 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)) at their addresses shown in the Certificate Registrar not more than thirty (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;

 

(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 Holders of Residual Certificates. 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 Section 9.01(a)(ii) by giving written notice to all the parties hereto no later than sixty
(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

 

     -245-

     

    

 

Administrator as of the first
day of the current calendar month and such Sole Certificateholder pays to the 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 (3), 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 to the Depositor, the 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 t or that may be withdrawn
from the Distribution Accounts pursuant to Section 3.06(f) and Section 3.06(g), but only to the extent that such
amounts are not already on deposit in the Collection Account. In addition, the 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. 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 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 email, 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 manually executed signature or use of a paper-based record-keeping system to the fullest extent
permitted by applicable law,

 

     -246-

     

    

 

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 Holder 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 sixty (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.

 

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.

 

     -247-

     

    

 

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:

 

If
to the Trustee, to:

Wilmington
Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee – Grace 2020-GRCE

 

with
a copy to:

Email:
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 – Grace 2020-GRCE

with
a copy to:

 

     -248-

     

    

 

Facsimile
number: (410) 715-2380

Email: cts.cmbs.bond.admin@wellsfargo.com and 

trustadministrationgroup@wellsfargo.com

 

If
to the Custodian, to:

Wells
Fargo Bank, National Association

1055
10th Avenue SE

Minneapolis,
Minnesota 55414

Attention:
Document Custody Group Grace 2020-GRCE

Email:
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) – Grace 2020-GRCE

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

600 South 4th Street, 7th Floor MAC N9300-070

Minneapolis, Minnesota 55479

Attention: CTS - Certificate Transfer Services, Grace 2020-GRCE

 

If
to the Depositor, to:

Banc
of America Merrill Lynch Large Loan, Inc.

One
Bryant Park, NY1-100-11-07

New York, New York 10036

Attention: Leland F. Bunch, III

Facsimile:
(646) 855-5044

Email: leland.f.bunch@bofa.com

 

with
a copy to:

Bank
of America Legal Department

150
North College Street, NC1-028-24-02

Charlotte,
North Carolina 28255

Attention:
W. Todd Stillerman, Esq.,

Associate
General Counsel & Director

Facsimile:
(404) 736-2127

Email:
todd.stillerman@bofa.com

 

with
a copy to:

Dechert
LLP

300
South Tryon St, Suite 800

Charlotte,
North Carolina 28202

Attention:
Stewart McQueen

Email:
stewart.mcqueen@dechert.com

 

with
a copy to:

cmbsnotices@bofa.com

 

     -249-

     

    

 

If
to the Servicer, to:

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: Grace 2020-GRCE Asset Manager

Facsimile number: (704) 715-0036

 

With
a copy by email to: commercial.servicing@wellsfargo.com

and
with respect to any notice relating to Rating Agency requests:

RAInvRequests@wellsfargo.com

and with respect to any notice relating to investor requests:

REAM_InvestorRelations@wellsfargo.com

with a copy to:

Wells Fargo Bank, National Association

Legal Department

301 South College Street

Charlotte, North Carolina 28202-0166

Attention: Commercial Mortgage Servicing Legal Support

Facsimile number: (704) 383-0353

Reference: Grace 2020-GRCE

with a copy to:

K&L Gates LLP

300 South Tryon Street, Suite 1000

Charlotte, North Carolina 28202

Attention: Stacy G. Ackermann

Reference: Grace 2020-GRCE

Facsimile number: (704) 353-3190

Email: stacy.ackermann@klgates.com

 

If
to the Special Servicer, to:

Situs
Holdings, LLC

101 Montgomery Street, Suite 2250

San Francisco, California 94104

Attention: Stacey Ciarlanti

Email: staceyciarlanti@situsamc.com

 

with
a copy to:

Situs
Group, LLC

5065 Westheimer, Suite 700E

Houston, Texas 77056

Attention: Legal Department

Email: legal@situsamc.com;

 

     -250-

     

    

 

If
to the Operating Advisor, to:

Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: Grace 2020-GRCE-Surveillance Manager (with a copy sent 

contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

 

If
to BANA, as a Loan Seller, to:

Bank
of America, National Association

One
Bryant Park, NY1-100-11-07

New
York, New York 10036

Attention:
Leland F. Bunch, III

Fax
Number: (646) 855-5044

Email:
leland.f.bunch@bofa.com

 

with
a copy to:

Bank
of America Legal Department

150
North College Street, NC1-028-24-02

Charlotte,
North Carolina 28255

Attention:
W. Todd Stillerman, Esq.,

Associate
General Counsel & Director

Facsimile:
(404) 736-2127

Email:
todd.stillerman@bofa.com

 

with
a copy to:

cmbsnotices@bofa.com

 

If
to JPMCB, as a Loan Seller, to:

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

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 Column as a Loan Seller, to:

Column
Financial, Inc.

11
Madison Avenue

New
York, New York 10010

Attention:
David Tlusty

Fax
number: (646) 935-8520

Email:
david.tlusty@credit-suisse.com

 

with
a copy to:

Column
Financial, Inc.

 

     -251-

     

    

 

11
Madison Avenue

New
York, New York 10010

Attention:
N. Dante LaRocca

Email:
dante.larocca@credit-suisse.com

 

If
to GACC, as a Loan Seller, to:

German American Capital Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

with a copy via email to:

Email: cmbs.requests@db.com

 

If
to BofA Securities, Inc. as an Initial Purchaser, to:

BofA
Securities, Inc.

One
Bryant Park

NY1-100-11-07

New
York, New York 10036

Attention:
Leland F. Bunch, III

Email:
leland.f.bunch@bofa.com

 

with
a copy to:

Bank of America Legal Department

150
North College Street, NC1-028-24-02

Charlotte,
North Carolina 28255

Attention:
W. Todd Stillerman, Esq.,

Associate
General Counsel & Director

Facsimile:
(404) 736-2127

Email:
todd.stillerman@bofa.com

 

with
a copy to:

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 Credit Suisse (USA) LLC as an Initial Purchaser, to:

 

     -252-

     

    

 

Credit
Suisse Securities (USA) LLC

11 Madison Avenue

New York, New York 10010

Attention: Chuck Lee

Facsimile No.: (212) 322-0965

Email: chuck.lee@credit-suisse.com

 

with
a copy to

Credit Suisse Securities (USA) LLC

11 Madison Avenue

New York, New York 10010

Attention: N. Dante La Rocca

Facsimile No.: (646) 935-8520

Email: dante.larocca@credit-suisse.com

 

with
a copy to

Credit Suisse Securities (USA) LLC

11 Madison Avenue

New York, New York 10010

Attention: Barbara Nottebohm

Facsimile No.: (212) 743-2823

Email: barbara.nottebohm@credit-suisse.com

 

with
a copy to

Credit Suisse Securities (USA) LLC

11 Madison Avenue

New York, New York 10010

Attention: Julia Powell

Email: julia.powell@credit-suisse.com

 

If
to Deutsche Bank Securities Inc. as an Initial Purchaser:

Deutsche Bank Securities Inc.

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

with
a copy to:

cmbs.requests@db.com

 

If
to any Certificateholder, to:

the address set forth in the Certificate Register

 

If
to the Directing Holder, to:

 

Core
Credit Partners A LLC

c/o
Square Mile Capital Management LLC

350
Park Avenue

New
York, New York 10022

Attention:
Daniel M. Kasell

Email:
dkasell@squaremilecapital.com

 

with
a copy to 

 

     -253-

     

    

 

Arnold
& Porter Kaye Scholer LLP

70
West Madison Street, Suite 4200

Chicago,
Illinois 60602

Attention:
Daniel J. Hartnett

email:
Daniel.Hartnett@arnoldporter.com

 

If
to the 17g-5 Information Provider, electronically to:

17g5informationprovider@wellsfargo.com

(in an electronic format readable and uploadable (that is not locked or corrupted) on the 17g-5 Information Provider’s system,
specifically with a subject reference of “Grace Trust 2020-GRCE” and an identification of the type of information
being provided in the body of such email)

 

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 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 Servicer, the Special Servicer, the Operating
Advisor or the Trustee; and

 

(iv)       the
repurchase of Trust Loan pursuant to Section 2.03(e).

 

(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.

 

(c)       The
Servicer shall promptly furnish to the 17g-5 Information Provider (which shall promptly post such materials to the 17g-5 Information
Provider’s Website):

 

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(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;

 

(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 Servicer;

 

(v)       any
change in the lien priority of the Trust Loan;

 

(vi)       any
material damage to the Property;

 

(vii)       any
amendment to a mezzanine loan intercreditor agreement; and

 

(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 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:

 

Fitch
Ratings, Inc.

33 Whitehall Street

New York, New York 10004

Email: info.cmbs@fitchratings.com

 

Kroll
Bond Rating Agency, LLC

845 Third Avenue

New York, New York 10022

Attention: CMBS Surveillance

Facsimile number: (917) 281-3241

Email: cmbssurveillance@krollbondratings.com;

 

or
in each case to such other address as a Rating Agency shall specify by written notice to the parties hereto.

 

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(e)       In
connection with the delivery by the 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 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 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. (a) This Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Servicer,
the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor 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 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 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 this 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 Third Party Purchaser under this Agreement or the related risk retention agreement without the consent of
the Third Party Purchaser; 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 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 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; 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)). In no event shall any such amendment cause the Lower-Tier REMIC or the Upper-Tier
REMIC to fail to qualify as a REMIC or subject either REMIC to tax.

 

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(b)       This
Agreement or any Custodial Agreement may also 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 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 Depositor’s Affiliates and/or agents or the Loan Sellers) and the 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 Holder without the consent of such Companion
Loan Holder;

 

(ii)       alter
the Servicing Standard or obligations of the 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 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 the 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 the Companion Loan Holder (if affected
thereby).

 

Further,
the Depositor, the 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 the Companion Loan Holder, 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 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.

 

(c)       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 Servicer and
the Special Servicer, in writing, and to the extent required by this Section 10.08, the Certificateholders and the Companion
Loan Holder. Promptly after the execution of any amendment, the requesting party shall forward to the Trustee, the Certificate
Administrator, the Operating Advisor, the 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)).

 

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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 Holder
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 (a)(i), (ii) or (iii) of f 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 at any time that any Certificates are outstanding, or cause a tax to be imposed on the Trust Fund 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 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 (a)(i),
(ii) or (iii) 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 Loan Sellers (including,
without limitation, under any Trust Loan Purchase Agreement) or the Initial Purchasers without the consent of the 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 the Companion Loan Holder without the consent of such Companion Loan Holder.

 

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), and thereafter, the Certificate Administrator
shall furnish a copy of such amendment to each Certificateholder, the Operating Advisor, the Companion Loan Holder, the Depositor,
the 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

 

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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 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, no Person other than a party
to this Agreement, the 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 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 Servicer
and the Special Servicer acknowledge that (a) each Loan Seller and each Initial Purchaser is a third party beneficiary with
respect to Section 8.05(h), 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 Loan
Seller, (b) each Loan Seller is a third party beneficiary in respect of the rights afforded it under this Agreement and may
directly enforce such rights, (c) 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, (d) 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 (e) 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

 

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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 is, among other things, to facilitate compliance by any Other Depositor with the provisions of Regulation AB and the related
rules and regulations of the Commission. Except as expressly required by Sections 11.07, 11.08 and 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 Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates,
Series 2020-GRCE and any Companion Loan Securities, each of the parties to this Agreement shall cooperate fully with the Depositor,
the Certificate Administrator, any Other Depositor and any Other Exchange Act Reporting Party, as applicable, to deliver to the
Depositor or Other Depositor, as applicable (including any of its assignees or designees), any and all statements, reports, certifications,
records and any other information in its possession or reasonably available to it and necessary in the reasonable good faith determination
of the Depositor, the Certificate Administrator, any Other Depositor or any Other Exchange Act Reporting Party, as applicable,
to permit any Other Depositor to comply with the provisions of Regulation AB, together with such disclosures relating to the Servicer,
the Special Servicer, the 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), 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 to 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

 

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Depositor in order to comply with its reporting obligation under Item 6.02 of Form 8-K pursuant to the Exchange
Act (if such reports under the Exchange Act are required to be filed under the Exchange Act).

 

(b)       For
so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, each of the Servicer,
the Special Servicer, any Sub-Servicer, the Certificate Administrator, the Trustee and the Custodian (each of the 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 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, 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 Sub-Servicing Agreement. No Sub-Servicing 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 applicable law or any applicable confidentiality agreement, no later than the time required under Section 11.06) and
shall furnish pursuant to Section 11.06 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

 

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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 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), (a) 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 (b) 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 2021, (a) 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
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 (b) 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

 

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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, (a) 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 (b) 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 2021, each of the Servicer, the
Special Servicer (regardless of whether the Special Servicer has commenced special servicing of the Whole Loan) and, for so long
as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the Certificate Administrator,
the Custodian, any Additional Servicer and each Servicing Function Participant, each at its own expense, shall furnish (and each
such party, (a) 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 (b) 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 Certifying Servicer) to the Certificate Administrator and the 17g-5 Information Provider
(who shall post it to the Certificate Administrator’s Website and the 17g-5 Information Provider’s Website, as applicable),
the Trustee, the Depositor and the Companion Loan Holder (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 (i) 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 (ii) 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

 

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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 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 2021, the Servicer, the Special Servicer (regardless of whether the Special Servicer has commenced special servicing
of the Whole Loan) and, for so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange
Act, the Certificate Administrator, the Trustee and the Custodian, 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) to the Certificate
Administrator 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 Holder (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 Relevant Servicing Criteria that contains (A) a statement
by such Reporting Servicer of its responsibility for assessing compliance with the Relevant 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 Relevant Servicing Criteria, (C) such Reporting Servicer’s assessment of compliance with the Relevant
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 Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof and (D) a
statement that a registered public accounting firm 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 Relevant 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 Relevant 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. 

 

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(b)       On
the Closing Date, the 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 thirty (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,
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 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, the Trustee and the Custodian submit their assessments
pursuant to Section 11.08(a), 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 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 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 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
2021, 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 Trustee and the Custodian, each at its own expense, shall cause (and each
such party, (a) 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 (b) 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 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), the Depositor, the Companion Loan Holder (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 Relevant 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

 

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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 Relevant 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 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 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 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 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 Servicer
in writing that the 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 Servicer shall, solely to the extent 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)
(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 Borrower 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 twelve (12) or more Business Days prior to the related Significant Obligor NOI
Quarterly Filing Deadline or seventeen (17) or more Business Days prior to the related Significant Obligor NOI Yearly Filing Deadline,
as applicable, such financial statements of such “significant obligor”, together with the net operating income of
such significant obligor for the applicable period as calculated by the Servicer in accordance with the CREFC®
guidelines and (b) if such financial statement receipt occurs less than twelve (12)Business Days prior to the related Significant
Obligor NOI Quarterly Filing Deadline or less than seventeen (17) Business Days prior to the related Significant Obligor NOI Yearly
Filing Deadline, as applicable, such financial statements of such “significant obligor”, together with the net operating
income 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 Business Days after the date such financial information
is required to be delivered under the Loan Documents, the Servicer shall notify the Other Depositor with respect to such Other
Securitization Trust that includes such related Companion Loan (and shall cause each applicable sub-servicing agreement to require
any related

 

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Sub-Servicer to notify such Other Depositor) that it has not received them. The 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 Borrower under the Loan Documents.

 

The
Servicer shall (and shall cause each applicable sub-servicing agreement to require any related Sub-Servicer to) retain written
evidence of each instance in which it (or a Sub-Servicer) attempts to contact the Borrower to obtain the required financial information
and is unsuccessful and, within five (5) Business Days prior to the date in which a Form 10-D or Form 10-K, as applicable, is
required to be filed with respect to the Other Securitization Trust, shall forward an Officer’s Certificate evidencing its
attempts to obtain this information to the Other Exchange Act Reporting Party and Other Depositor related to such Other Securitization
Trust. This Officer’s Certificate should be addressed to the certificate administrator at its corporate trust office, as
specified in the related Other Pooling and Servicing Agreement.

 

Section
11.11      Sarbanes-Oxley Backup Certification. For so long as any Other Securitization Trust is subject to the reporting
requirements of the Exchange Act, the Certificate Administrator, the Trustee, the Custodian, the 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 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 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 (a) the failure to perform its obligations to the Depositor (or any Other Depositor related to an Other Securitization
Trust that includes

 

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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, (b) any untrue statement or alleged untrue statement of a material fact contained in any information
(i) regarding such party or any Servicing Function Participant, Additional Servicer or Subcontractor engaged by it, (ii) prepared
by any such party described in clause (i) or any registered public accounting firm, attorney or other agent retained
by such party to prepare such information and (iii) 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, (c) the failure of any Servicing Function Participant
or Additional Servicer retained by it 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 (d) any Deficient Exchange Act Deliverable.

 

In
addition, each of the 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”).

 

In
connection with comments provided to the Depositor or any Other Depositor from the Commission regarding information (i) delivered
by the Servicer, the Special Servicer, the Custodian, the Certificate Administrator, the Trustee, a Servicing Function Participant
or an Additional Servicer, as applicable (“Affected Reporting Party”), (ii) regarding such Affected Reporting
Party, and (iii) 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 Servicer, the 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 (1) 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 (2) 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

 

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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 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
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 any party to this Agreement) 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, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments and other costs and expenses
incurred by such Certification Party arising out of (1) 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 (2) any Deficient Exchange Act Deliverable.

 

If
the indemnification provided for herein is unavailable or insufficient to hold harmless any Certification Party, then the 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 Servicer, the Special Servicer, the Certificate Administrator
and the Trustee shall use commercially reasonable efforts to cause each Servicing Function Participant with which it has entered
into a servicing relationship (other than a party to this Agreement) with respect to the 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 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 any party to this Agreement) 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

 

     -269-

     

    

 

counsel shall be at the expense of such indemnified party unless
(i) the indemnifying party and the indemnified party shall have agreed to the retention of such counsel, (ii) the named
parties to any such proceeding (including any impleaded parties and, in the case of an investigation by the Commission, any parties
that are, or whose reporting materials are, the subject of such investigation) include both the indemnifying party and the indemnified
party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests
between them or (iii) the indemnifying party fails within a reasonable period of time to designate counsel that is reasonably
satisfactory to the indemnified party (which approval shall not be unreasonably withheld or delayed). In no event shall the indemnifying
parties be liable for fees and expenses of more than one counsel (in addition to any local counsel) in any one jurisdiction separate
from their own counsel for all indemnified parties in connection with any one action or separate but similar or related actions
in the same jurisdiction arising out of the same general allegations or circumstances. An indemnifying party shall not be liable
for any settlement of any proceeding effected without its written consent. However, if settled with such consent, the indemnifying
party shall indemnify the indemnified party from and against any loss or liability by reason of such settlement to the extent
that the indemnifying party is otherwise required to do so under this Agreement. If an indemnifying party assumes the defense
of any proceeding, it shall be entitled to settle such proceeding with the consent of the indemnified party (which consent shall
not be unreasonably withheld or delayed) or, if such settlement (i) provides for an unconditional release of the indemnified
party in connection with all matters relating to the proceeding that have been asserted against the indemnified party in such
proceeding by the other parties to such settlement and (ii) does not require an admission of fault by the indemnified party,
without the consent of the indemnified party.

 

Section
11.13      Amendments. This Article XI may be amended by the parties hereto pursuant to Section 11.08 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 (5) 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 Servicer, the Certificate Administrator, the Trustee and the Custodian, as applicable,
shall (a) 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 (b) 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 (a) 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, the Trustee or the Custodian, as applicable, may have to terminate
such Sub-Servicing Agreement.

 

Section
11.16      Notification Requirements and Deliveries in Connection with Securitization of a Companion Loan. (a) Any other
provision of this Article XI to the contrary

 

     -270-

     

    

 

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 thirty (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, 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
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. 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 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 Servicer, Special
Servicer, Certificate Administrator, Trustee or Custodian, as the case may be, to review and approve such disclosure materials,
permit the Companion Loan Holder to use such party’s description contained in the Offering Circular (updated as appropriate
by the Servicer, the Special Servicer, Certificate Administrator, Trustee or Custodian, 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 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 Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Custodian,
as the case may be, or their respective counsel,

 

     -271-

     

    

 

in connection with the information concerning such party in the Offering Circular
and/or any other disclosure materials relating to this Trust (updated as deemed appropriate by the Servicer, the Special Servicer,
the Trustee, 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 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]

 

     -272-

     

    

 

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.

 

	 	Banc of America Merrill Lynch Large Loan, Inc., as Depositor
	 	 
	 	By:	/s/ Leland
    F. Bunch, III
	 	 	Name: Leland F. Bunch, III

Title:   Vice President
	 	 	 
	 	WELLS FARGO BANK, national association, as Servicer
	 	 
	 	By:	/s/ Amanda Perkins
	 	
         
	Name:
                                       Amanda Perkins
                                        Title:   Vice President

	 	 	 
	 	SITUS HOLDINGS, LLC, as Special Servicer
	 	 
	 	By:	/s/ Marisa Cohen
	 	
         
	Name: Marisa Cohen

                                       Title:   Associate General Counsel

	 	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
	 	 
	 	By:	/s/ Dorri Costello
	 	 	Name: Dorri Costello

Title:   Vice President
	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Certificate Administrator, Custodian and Paying Agent
	 	 	 
	 	By:	/s/ Amy
    Mofsenson
	 	 	Name: Amy Mofsenson

Title:   Vice President

 

Grace
Trust 2020-GRCE – 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:	/s/ Robert J. Spinna, Jr.
	 	 	
         
	Name: Robert J. Spinna, Jr.

Title:   Managing Member

 

Grace
Trust 2020-GRCE – Trust and Servicing Agreement

 

     

     

    

 

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.	
        Servicer

        Special Servicer

        Certificate Administrator

	1122(d)(1)(ii)	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.	
        Servicer

        Special Servicer

        Certificate Administrator

	1122(d)(1)(iii)	Any requirements in the transaction agreements to maintain a back-up servicer for the mortgage loans are maintained.	N/A
	1122(d)(1)(iv)	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	Servicer

Special Servicer
	1122(d)(1)(v)	Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	
        Servicer

        Special Servicer

        Certificate Administrator

	 	Cash Collection and Administration	 
	1122(d)(2)(i)	Payments on mortgage loans are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.	Servicer

Special Servicer
	1122(d)(2)(ii)	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	Certificate Administrator
	1122(d)(2)(iii)	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.	
        Servicer

        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.	
        Servicer

        Special Servicer

        Certificate Administrator

 

    Sch. I - 1 

     

    

 

	Relevant Servicing Criteria	Applicable Party(ies)
	Reference	Criteria	 
	1122(d)(2)(v)	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	
        Servicer

        Special Servicer

        Certificate Administrator

	1122(d)(2)(vi)	Unissued checks are safeguarded so as to prevent unauthorized access.	Servicer

Special Servicer
	1122(d)(2)(vii)	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	
        Servicer

        Special Servicer

        Certificate Administrator

	 	Pool Asset Administration	 
	1122(d)(4)(i)	Collateral or security on mortgage loans is maintained as required by the transaction agreements or related mortgage loan documents.	
        Servicer

        Special Servicer

        Custodian

	1122(d)(4)(ii)	Mortgage loan and related documents are safeguarded as required by the transaction agreements.	Custodian
	1122(d)(4)(iii)	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	Servicer

Special Servicer
	1122(d)(4)(iv)	Payments on mortgage loans, including any payoffs, made in accordance with the related mortgage loan documents are posted to the Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related mortgage loan documents.	Servicer
	1122(d)(4)(v)	The Servicer’s records regarding the mortgage loans agree with the 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

 

    Sch. I - 2 

     

    

 

	Relevant Servicing Criteria	Applicable Party(ies)
	Reference	Criteria	 
	1122(d)(4)(viii)	Records documenting collection efforts are maintained during the period a mortgage loan is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent mortgage loans including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	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

 

    Sch. I - 3 

     

    

 

 

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, (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED INVESTOR”
AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL
OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED IN RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTION THAT
IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH,
RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE

 

 

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

     

    

 

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, OR IS ACTING ON BEHALF OF AN ENTITY THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER
RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO
ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY
PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (EACH, A “PLAN”), OR (B) 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)), UNLESS (X) THE TRANSFEREE HAS ACQUIRED AND IS HOLDING THIS CERTIFICATE IN RELIANCE ON THE EXEMPTION
GRANTED TO (I) BOFA SECURITIES, INC., AS PROHIBITED TRANSACTION EXEMPTION (“PTE”) 93-31, 58 FED. REG. 28620
(MAY 14, 1993), (II) J.P. MORGAN SECURITIES LLC, AS PTE 2002-19, 67 FED. REG. 14979 (MARCH 28, 2002), (III) CREDIT SUISSE SECURITIES
(USA) LLC, PTE 89-90, 54 FED. REG. 42597 (OCTOBER 17, 1989), AND (IV) DEUTSCHE BANK SECURITIES INC., AS DEPARTMENT FINAL AUTHORIZATION
NUMBER 97-03E, EACH, AS AMENDED BY PTE 2013-08, 78 FED. REG. 41090 (JULY 9, 2013), (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

 

     A-1-2

     

    

 

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 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 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 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-1-3

     

    

GRACE TRUST 2020-GRCE COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, SERIES 2020-GRCE, CLASS A

 

	Class A Pass-Through Rate: A per annum rate equal to 2.347000%	 	
        CUSIP: [38406J AA6]1

               [U38251 AA9]2

               [38406J AB4]3

         

        ISIN:    [US38406JAA60]4

              [USU38251AA98]5

             [US38406JAB44]6

         

	Original Aggregate Certificate Balance of the

Class A Certificates: $304,700,000	 	Initial Certificate Balance of this Certificate: $[______] [FOR GLOBAL CERTIFICATES ONLY: (SUBJECT TO SCHEDULES OF EXCHANGES ATTACHED)]
	 	 	 
	First Distribution Date:  December 10, 2020	 	Cut-off Date: November 18, 2020
	 	 	 
	Assumed Final Distribution Date: December 2030	 	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 interest of the Borrower in an office building located in New York, New York,
and held in trust by the Trustee and serviced by the 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 18, 2020 (the “Trust and Servicing Agreement”), among Banc of America Merrill
Lynch Large Loan, Inc., as depositor (the “Depositor”), Wells Fargo Bank, National Association, as servicer
(in such capacity, the “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”), 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 E, Class F, Class HRR, 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

 

 

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-1-4

     

    

 

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 2020. Holders
of this Certificate may be entitled to Prepayment Premiums 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.

 

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

 

     A-1-5

     

    

 

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 holders of the
Residual Certificates. 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 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 Property;
(ix) a security interest in all insurance policies with respect to the Trust Loan and the 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 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

 

     A-1-6

     

    

 

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 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 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 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 Third Party Purchaser under the Trust and Servicing Agreement or the related
risk retention agreement without the consent of the Third Party Purchaser; and (vi) to modify the procedures

 

     A-1-7

     

    

 

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 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 or subject either REMIC
to tax.

 

The Trust and Servicing
Agreement or any Custodial Agreement may also 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 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 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 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 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 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 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, 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 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-1-8

     

    

 

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 Servicer, and if the 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 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 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 Property has been acquired) at the Trust Note Rate to the last day of the 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 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 Note 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

 

     A-1-9

     

    

 

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 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 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-1-10

     

    

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:	 
	 	 	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:	 
	 	 	Name:
Title:

 

 

     A-1-11

     

    

[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-1-12

     

    

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, (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED INVESTOR”
AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL
OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED IN RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTION THAT
IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH,
RULE 903 OR RULE 904 OF, REGULATION S UNDER THE

 

 

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

     

    

 

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, OR IS ACTING ON BEHALF OF AN ENTITY THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER
RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO
ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY
PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (EACH, A “PLAN”), OR (B) 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)), UNLESS (X) THE TRANSFEREE HAS ACQUIRED AND IS HOLDING THIS CERTIFICATE IN RELIANCE ON THE EXEMPTION
GRANTED TO (I) BOFA SECURITIES, INC., AS PROHIBITED TRANSACTION EXEMPTION (“PTE”) 93-31, 58 FED. REG. 28620
(MAY 14, 1993), (II) J.P. MORGAN SECURITIES LLC, AS PTE 2002-19, 67 FED. REG. 14979 (MARCH 28, 2002), (III) CREDIT SUISSE SECURITIES
(USA) LLC, PTE 89-90, 54 FED. REG. 42597 (OCTOBER 17, 1989), AND (IV) DEUTSCHE BANK SECURITIES INC., AS DEPARTMENT FINAL AUTHORIZATION
NUMBER 97-03E, EACH, AS AMENDED BY PTE 2013-08, 78 FED. REG. 41090 (JULY 9, 2013), (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

 

     A-2-2

     

    

 

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 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 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.

 

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-2-3

     

    

GRACE TRUST 2020-GRCE COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, SERIES 2020-GRCE, CLASS X

 

	Class X Pass-Through Rate: Variable	 	
        CUSIP: [38406J AC2]1

                      [U38251 AB7]2

                      [38406J AD0]3

         

        ISIN:     [US38406JAC27]4

                      [USU38251AB71]5

                      [US38406JAD00]6

         

	Original Aggregate Notional Balance of the

Class X Certificates: $348,800,000	 	Initial Notional Balance of this Certificate: $[______] [FOR GLOBAL CERTIFICATES ONLY: (SUBJECT TO SCHEDULES OF EXCHANGES ATTACHED)]
	 	 	 
	First Distribution Date: December 10, 2020	 	Cut-off Date: November 18, 2020
	 	 	 
	Assumed Final Distribution Date: December 2030	 	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 interest of the Borrower in an office building located in New York, New York,
and held in trust by the Trustee and serviced by the 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 18, 2020 (the “Trust and Servicing Agreement”), among Banc of America Merrill
Lynch Large Loan, Inc., as depositor (the “Depositor”), Wells Fargo Bank, National Association, as servicer
(in such capacity, the “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”), 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 E, Class F, Class HRR, 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.

 

 

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-2-4

     

    

 

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 2020. Holders
of this Certificate may be entitled to Prepayment Premiums 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.

 

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

 

     A-2-5

     

    

 

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 holders of the
Residual Certificates. 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 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 Property;
(ix) a security interest in all insurance policies with respect to the Trust Loan and the 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 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

 

     A-2-6

     

    

 

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 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 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 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

 

     A-2-7

     

    

 

obligations of the Third Party Purchaser under the Trust and Servicing Agreement or the related risk
retention agreement without the consent of the 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 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 or subject either REMIC
to tax.

 

The Trust and Servicing
Agreement or any Custodial Agreement may also 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 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 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 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 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 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 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, 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 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

 

     A-2-8

     

    

 

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 Servicer, and if the 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 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 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 Property has been acquired) at the Trust Note Rate to the last day of the 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 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 Note 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.

 

     A-2-9

     

    

 

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 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 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-2-10

     

    

 

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:	 
	 	 	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:	 
	 	 	Name:
Title:

 

     A-2-11

     

    

[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-2-12

     

    

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, (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED INVESTOR”
AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL
OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED IN RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTION THAT
IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH,
RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE

 

 

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

     

    

 

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, OR IS ACTING ON BEHALF OF AN ENTITY THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER
RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO
ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY
PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (EACH, A “PLAN”), OR (B) 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)), UNLESS (X) THE TRANSFEREE HAS ACQUIRED AND IS HOLDING THIS CERTIFICATE IN RELIANCE ON THE EXEMPTION
GRANTED TO (I) BOFA SECURITIES, INC., AS PROHIBITED TRANSACTION EXEMPTION (“PTE”) 93-31, 58 FED. REG. 28620
(MAY 14, 1993), (II) J.P. MORGAN SECURITIES LLC, AS PTE 2002-19, 67 FED. REG. 14979 (MARCH 28, 2002), (III) CREDIT SUISSE SECURITIES
(USA) LLC, PTE 89-90, 54 FED. REG. 42597 (OCTOBER 17, 1989), AND (IV) DEUTSCHE BANK SECURITIES INC., AS DEPARTMENT FINAL AUTHORIZATION
NUMBER 97-03E, EACH, AS AMENDED BY PTE 2013-08, 78 FED. REG. 41090 (JULY 9, 2013), (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

 

     A-3-2

     

    

 

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 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 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.

 

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-3-3

     

    

GRACE TRUST 2020-GRCE COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, SERIES 2020-GRCE, CLASS B

 

	Class B Pass-Through Rate: A per annum rate equal to 2.600000%	 	
        CUSIP: [38406J AE8]1

                      [U38251 AC5]2

                      [38406J AF5]3

         

        ISIN:    [US38406JAE82]4

                      [USU38251AC54]5

                     [US38406JAF57]6

         

	Original Aggregate Certificate Balance of the

Class B Certificates: $44,100,000	 	Initial Certificate Balance of this Certificate: $[______] [FOR GLOBAL CERTIFICATES ONLY: (SUBJECT TO SCHEDULES OF EXCHANGES ATTACHED)]
	First Distribution Date: December 10, 2020	 	Cut-off Date: November 18, 2020
	Assumed Final Distribution Date: December 2030	 	No.: B-[__]

 

This certifies that
[_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with
respect to the Class B Certificates. The Trust Fund, described more fully below, consists primarily of a Trust Loan secured by,
among other things, a mortgage on the fee simple interest of the Borrower in an office building located in New York, New York,
and held in trust by the Trustee and serviced by the 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 18, 2020 (the “Trust and Servicing Agreement”), among Banc of America Merrill
Lynch Large Loan, Inc., as depositor (the “Depositor”), Wells Fargo Bank, National Association, as servicer
(in such capacity, the “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”), 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 E, Class F, Class HRR, 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

 

 

 

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-3-4

     

    

 

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 2020. Holders
of this Certificate may be entitled to Prepayment Premiums 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.

 

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-3-5

     

    

 

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 holders of the
Residual Certificates. 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 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 Property;
(ix) a security interest in all insurance policies with respect to the Trust Loan and the 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 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.

 

     A-3-6

     

    

 

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 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 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 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

 

     A-3-7

     

    

 

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 Third Party Purchaser under the Trust and Servicing Agreement or the related risk
retention agreement without the consent of the 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 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 or subject either REMIC
to tax.

 

The Trust and Servicing
Agreement or any Custodial Agreement may also 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 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 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 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 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 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 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

 

     A-3-8

     

    

 

Certificateholders, 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 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 Servicer, and if the 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 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 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 Property has been acquired) at the Trust Note Rate to the last day of the 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 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 Note 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

 

     A-3-9

     

    

 

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 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 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-3-10

     

    

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:	 
	 	 	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:	 
	 	 	Name:
Title:

  

     A-3-11

     

    

 

[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-3-12

     

    

 

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, (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED
INVESTOR” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY
IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED
IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) IN THE CASE OF THE REGULAR CERTIFICATES, TO
AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN,
AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE

 

 

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

     

    

 

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, OR IS ACTING ON BEHALF OF AN ENTITY THAT IS OR BECOMES
(A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH
IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR TO SECTION 4975
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION
3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL
EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (EACH, A “PLAN”),
OR (B) 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)), UNLESS (X) THE TRANSFEREE HAS ACQUIRED AND IS HOLDING THIS CERTIFICATE
IN RELIANCE ON THE EXEMPTION GRANTED TO (I) BOFA SECURITIES, INC., AS PROHIBITED TRANSACTION EXEMPTION (“PTE”)
93-31, 58 FED. REG. 28620 (MAY 14, 1993), (II) J.P. MORGAN SECURITIES LLC, AS PTE 2002-19, 67 FED. REG. 14979 (MARCH 28, 2002),
(III) CREDIT SUISSE SECURITIES (USA) LLC, PTE 89-90, 54 FED. REG. 42597 (OCTOBER 17, 1989), AND (IV) DEUTSCHE BANK SECURITIES
INC., AS DEPARTMENT FINAL AUTHORIZATION NUMBER 97-03E, EACH, AS AMENDED BY PTE 2013-08, 78 FED. REG. 41090 (JULY 9, 2013),
(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

 

     A-4-2

     

    

 

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 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 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.

 

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

 

 

5
For Reg S Global Certificates only.

 

     A-4-3

     

    

 

GRACE
TRUST 2020-GRCE COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2020-GRCE, CLASS C

 

	Class
    C Pass-Through Rate: The Net Trust Note Rate	 	CUSIP:   [38406J
                                         AG3]1

                                         [U38251 AD3]2

                                         [38406J AH1]3

         

        ISIN:      [US38406JAG31]4

        [USU38251AD38]5

        [US38406JAH14]6

         

	Original Aggregate
    Certificate Balance of the

    Class C Certificates: $34,200,000	 	Initial Certificate
    Balance of this Certificate: $[______] [FOR GLOBAL CERTIFICATES ONLY: (SUBJECT TO SCHEDULES OF EXCHANGES ATTACHED)]
	 	 	 
	First Distribution Date: December 10, 2020	 	Cut-off Date: November 18, 2020
	 	 	 
	Assumed Final
    Distribution Date: December 2030	 	No.: C-[__]

 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class C Certificates. The Trust Fund, described more fully below, consists primarily of a Trust
Loan secured by, among other things, a mortgage on the fee simple interest of the Borrower in an office building located in New
York, New York, and held in trust by the Trustee and serviced by the 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 18, 2020 (the “Trust and Servicing Agreement”), among Banc
of America Merrill Lynch Large Loan, Inc., as depositor (the “Depositor”), Wells Fargo Bank, National Association,
as servicer (in such capacity, the “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”), 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 E, Class F, Class HRR, 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

 

 

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-4-4

     

    

 

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
2020. Holders of this Certificate may be entitled to Prepayment Premiums 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.

 

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

 

     A-4-5

     

    

 

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 holders of the Residual Certificates. 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 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 Property; (ix) a security interest in all insurance policies with respect to the Trust Loan and the 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 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

 

     A-4-6

     

    

 

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 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 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 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 Third Party Purchaser under the Trust and Servicing
Agreement or the related risk retention agreement without the consent of the Third Party Purchaser; and (vi) to modify the procedures

 

     A-4-7

     

    

 

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 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 or subject either REMIC to tax.

 

The
Trust and Servicing Agreement or any Custodial Agreement may also 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 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 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 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 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 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 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, 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 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-4-8

     

    

 

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 Servicer, and if the 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 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 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 Property has been acquired) at the Trust Note Rate
                                         to the last day of the 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 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 Note 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

 

     A-4-9

     

    

 

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 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 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-4-10

     

    

 

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:	 
	 	 	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:	 
	 	 	Name:
	 	 	Title:

 

     A-4-11

     

    

 

[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-4-12

     

    

 

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, (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED
INVESTOR” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY
IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED
IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) IN THE CASE OF THE REGULAR CERTIFICATES, TO
AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN,
AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE

 

 

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

     

    

 

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, OR IS ACTING ON BEHALF OF AN ENTITY THAT IS OR BECOMES
(A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH
IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR TO SECTION 4975
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION
3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL
EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (EACH, A “PLAN”),
OR (B) 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)), UNLESS (X) THE TRANSFEREE HAS ACQUIRED AND IS HOLDING THIS CERTIFICATE
IN RELIANCE ON THE EXEMPTION GRANTED TO (I) BOFA SECURITIES, INC., AS PROHIBITED TRANSACTION EXEMPTION (“PTE”)
93-31, 58 FED. REG. 28620 (MAY 14, 1993), (II) J.P. MORGAN SECURITIES LLC, AS PTE 2002-19, 67 FED. REG. 14979 (MARCH 28, 2002),
(III) CREDIT SUISSE SECURITIES (USA) LLC, PTE 89-90, 54 FED. REG. 42597 (OCTOBER 17, 1989), AND (IV) DEUTSCHE BANK SECURITIES
INC., AS DEPARTMENT FINAL AUTHORIZATION NUMBER 97-03E, EACH, AS AMENDED BY PTE 2013-08, 78 FED. REG. 41090 (JULY 9, 2013),
(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

 

     A-5-2

     

    

 

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 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 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.

 

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-5-3

     

    

 

GRACE
TRUST 2020-GRCE COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2020-GRCE, CLASS D

 

	Class
    D Pass-Through Rate: The Net Trust Note Rate	 	CUSIP:   [38406J
                                         AJ7]1

                                         [U38251 AE1]2

                                         [38406J AK4]3

         

        ISIN:      [US38406JAJ79]4

        [USU38251AE11]5

        [US38406JAK43]6

         

	Original Aggregate
    Certificate Balance of the

    Class D Certificates: $124,700,000	 	Initial Certificate
    Balance of this Certificate: $[______] [FOR GLOBAL CERTIFICATES ONLY: (SUBJECT TO SCHEDULES OF EXCHANGES ATTACHED)]
	 	 	 
	First Distribution Date: December 10, 2020	 	Cut-off Date: November 18, 2020
	 	 	 
	Assumed Final
    Distribution Date: December 2030	 	No.: D-[__]

 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class D Certificates. The Trust Fund, described more fully below, consists primarily of a Trust
Loan secured by, among other things, a mortgage on the fee simple interest of the Borrower in an office building located in New
York, New York, and held in trust by the Trustee and serviced by the 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 18, 2020 (the “Trust and Servicing Agreement”), among Banc
of America Merrill Lynch Large Loan, Inc., as depositor (the “Depositor”), Wells Fargo Bank, National Association,
as servicer (in such capacity, the “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”), 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 E, Class F, Class HRR, 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

  

 

 

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-5-4

     

    

 

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
2020. Holders of this Certificate may be entitled to Prepayment Premiums 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.

 

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-5-5

     

    

 

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 holders of the Residual Certificates. 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 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 Property; (ix) a security interest in all insurance policies with respect to the Trust Loan and the 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 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.

 

     A-5-6

     

    

 

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 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 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 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

 

     A-5-7

     

    

 

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 Third Party Purchaser under the Trust and Servicing
Agreement or the related risk retention agreement without the consent of the 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 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 or subject either REMIC to tax.

 

The
Trust and Servicing Agreement or any Custodial Agreement may also 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 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 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 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 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 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 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

 

     A-5-8

     

    

 

Certificateholders, 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 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 Servicer, and if the 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 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 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 Property has been acquired) at the Trust Note Rate
                                         to the last day of the 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 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 Note 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

 

     A-5-9

     

    

 

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 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 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-5-10

     

    

 

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:	 
	 	 	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:	 
	 	 	Name:
	 	 	Title:

 

     A-5-11

     

    

 

[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-5-12

     

    

 

EXHIBIT
A-6

 

FORM
OF CLASS E [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, (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED
INVESTOR” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY
IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED
IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) IN THE CASE OF THE REGULAR CERTIFICATES, TO
AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN,
AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE

 

 

 

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

     

    

 

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, OR IS ACTING ON BEHALF OF AN ENTITY THAT IS OR BECOMES
(A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH
IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR TO SECTION 4975
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION
3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL
EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (EACH, A “PLAN”),
OR (B) 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)), UNLESS (X) THE TRANSFEREE HAS ACQUIRED AND IS HOLDING THIS CERTIFICATE
IN RELIANCE ON THE EXEMPTION GRANTED TO (I) BOFA SECURITIES, INC., AS PROHIBITED TRANSACTION EXEMPTION (“PTE”)
93-31, 58 FED. REG. 28620 (MAY 14, 1993), (II) J.P. MORGAN SECURITIES LLC, AS PTE 2002-19, 67 FED. REG. 14979 (MARCH 28, 2002),
(III) CREDIT SUISSE SECURITIES (USA) LLC, PTE 89-90, 54 FED. REG. 42597 (OCTOBER 17, 1989), AND (IV) DEUTSCHE BANK SECURITIES
INC., AS DEPARTMENT FINAL AUTHORIZATION NUMBER 97-03E, EACH, AS AMENDED BY PTE 2013-08, 78 FED. REG. 41090 (JULY 9, 2013),
(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

 

     A-6-2

     

    

 

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 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 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.

 

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-6-3

     

    

 

GRACE
TRUST 2020-GRCE COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2020-GRCE, CLASS E

 

	Class
    E Pass-Through Rate: The Net Trust Note Rate	 	CUSIP:   [38406J
                                         AL2]1

                                         [U38251 AF8]2

                                         [38406J AM0]3

         

        ISIN:       [US38406JAL26]4

        [USU38251AF85]5

        [US38406JAM09]6

         

	Original Aggregate
    Certificate Balance of the

    Class E Certificates: $135,300,000	 	Initial Certificate
    Balance of this Certificate: $[______] [FOR GLOBAL CERTIFICATES ONLY: (SUBJECT TO SCHEDULES OF EXCHANGES ATTACHED)]
	 	 	 
	First Distribution Date: December 10, 2020	 	Cut-off Date: November 18, 2020
	 	 	 
	Assumed Final
    Distribution Date: December 2030	 	No.: E-[__]

 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class E Certificates. The Trust Fund, described more fully below, consists primarily of a Trust
Loan secured by, among other things, a mortgage on the fee simple interest of the Borrower in an office building located in New
York, New York, and held in trust by the Trustee and serviced by the 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 18, 2020 (the “Trust and Servicing Agreement”), among Banc
of America Merrill Lynch Large Loan, Inc., as depositor (the “Depositor”), Wells Fargo Bank, National Association,
as servicer (in such capacity, the “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”), 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 E, Class F, Class HRR, 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

 

 

 

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-6-4

     

    

 

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 E 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
2020. Holders of this Certificate may be entitled to Prepayment Premiums as provided in the Trust and Servicing Agreement.

 

During
each Certificate Interest Accrual Period (as defined below), interest on the Class E Certificates will be calculated based on
a 360-day year consisting of twelve 30-day months, on the outstanding Certificate Balance hereof.

 

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, 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-6-5

     

    

 

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 holders of the Residual Certificates. 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 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 Property; (ix) a security interest in all insurance policies with respect to the Trust Loan and the 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 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.

 

     A-6-6

     

    

 

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 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 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 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

 

     A-6-7

     

    

 

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 Third Party Purchaser under the Trust and Servicing
Agreement or the related risk retention agreement without the consent of the 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 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 or subject either REMIC to tax.

 

The
Trust and Servicing Agreement or any Custodial Agreement may also 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 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 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 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 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 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 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

 

     A-6-8

     

    

 

Certificateholders, 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 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 Servicer, and if the 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 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 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 Property has been acquired) at the Trust Note Rate
                                         to the last day of the 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 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 Note 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

 

     A-6-9

     

    

 

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 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 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-6-10

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class E Certificate to be duly executed.

 

Dated: _________

 

	 	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: __________

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     A-6-11

     

    

 

[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-6-12

     

    

 

EXHIBIT
A-7

 

FORM
OF CLASS F [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, (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED
INVESTOR” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY
IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED
IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) IN THE CASE OF THE REGULAR CERTIFICATES, TO
AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN,
AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE

  

 

 

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-7-1

     

    

 

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, OR IS ACTING ON BEHALF OF AN ENTITY THAT IS OR BECOMES
(A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH
IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR TO SECTION 4975
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION
3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL
EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (EACH, A “PLAN”),
OR (B) 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)), UNLESS (X) THE TRANSFEREE HAS ACQUIRED AND IS HOLDING THIS CERTIFICATE
IN RELIANCE ON THE EXEMPTION GRANTED TO (I) BOFA SECURITIES, INC., AS PROHIBITED TRANSACTION EXEMPTION (“PTE”)
93-31, 58 FED. REG. 28620 (MAY 14, 1993), (II) J.P. MORGAN SECURITIES LLC, AS PTE 2002-19, 67 FED. REG. 14979 (MARCH 28, 2002),
(III) CREDIT SUISSE SECURITIES (USA) LLC, PTE 89-90, 54 FED. REG. 42597 (OCTOBER 17, 1989), AND (IV) DEUTSCHE BANK SECURITIES
INC., AS DEPARTMENT FINAL AUTHORIZATION NUMBER 97-03E, EACH, AS AMENDED BY PTE 2013-08, 78 FED. REG. 41090 (JULY 9, 2013),
(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

 

     A-7-2

     

    

 

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 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.

 

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 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 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.

 

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-7-3

     

    

 

GRACE
TRUST 2020-GRCE COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2020-GRCE, CLASS F

 

	Class
    F Pass-Through Rate: The Net Trust Note Rate	 	CUSIP:   [38406J
                                         AN8]1
 [U38251 AG6]2
 [38406J AP3]3

         

        ISIN:      [US38406JAN81]4

        [USU38251AG68]5

        [US38406JAP30]6

         

	Original Aggregate
    Certificate Balance of the

    Class F Certificates: $61,980,000	 	Initial Certificate
    Balance of this Certificate: $[______] [FOR GLOBAL CERTIFICATES ONLY: (SUBJECT TO SCHEDULES OF EXCHANGES ATTACHED)]
	 	 	 
	First Distribution Date: December 10, 2020	 	Cut-off Date: November 18, 2020
	 	 	 
	Assumed Final
    Distribution Date: December 2030	 	No.: F-[__]

 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class F Certificates. The Trust Fund, described more fully below, consists primarily of a Trust
Loan secured by, among other things, a mortgage on the fee simple interest of the Borrower in an office building located in New
York, New York, and held in trust by the Trustee and serviced by the 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 18, 2020 (the “Trust and Servicing Agreement”), among Banc
of America Merrill Lynch Large Loan, Inc., as depositor (the “Depositor”), Wells Fargo Bank, National Association,
as servicer (in such capacity, the “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”), 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 E, Class F, Class HRR, 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

 

 

 

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-7-4

     

    

 

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 F 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
2020. Holders of this Certificate may be entitled to Prepayment Premiums as provided in the Trust and Servicing Agreement.

 

During
each Certificate Interest Accrual Period (as defined below), interest on the Class F Certificates will be calculated based on
a 360-day year consisting of twelve 30-day months, on the outstanding Certificate Balance hereof.

 

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, 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-7-5

     

    

 

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 holders of the Residual Certificates. 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 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 Property; (ix) a security interest in all insurance policies with respect to the Trust Loan and the 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 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.

 

     A-7-6

     

    

 

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 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 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 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

 

     A-7-7

     

    

 

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 Third Party Purchaser under the Trust and Servicing
Agreement or the related risk retention agreement without the consent of the 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 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 or subject either REMIC to tax.

 

The
Trust and Servicing Agreement or any Custodial Agreement may also 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 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 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 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 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 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 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

 

     A-7-8

     

    

 

Certificateholders, 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 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 Servicer, and if the 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 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 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 Property has been acquired) at the Trust Note Rate
                                         to the last day of the 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 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 Note 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

 

     A-7-9

     

    

 

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 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 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-7-10

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class F Certificate to be duly executed.

 

Dated: __________

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Certificate
of Authentication

 

This
is one of the Class F Certificates referred to in the Trust and Servicing Agreement.

 

Dated: __________

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     A-7-11

     

    

 

[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-7-12

     

    

 

EXHIBIT
A-8

 

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, (3) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED
INVESTOR” AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY
IN WHICH ALL OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED
IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) IN THE CASE OF THE REGULAR CERTIFICATES, TO
AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN,
AND IN ACCORDANCE WITH, RULE 903 OR RULE 904 OF, REGULATION S UNDER THE

  

 

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-8-1

     

    

 

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, OR IS ACTING ON BEHALF OF AN ENTITY THAT IS OR BECOMES
(A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH
IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR TO SECTION 4975
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION
3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL
EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR TO SECTION 4975 OF THE CODE (EACH, A “PLAN”),
OR (B) 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)), UNLESS (X) THE TRANSFEREE HAS ACQUIRED AND IS HOLDING THIS CERTIFICATE
IN RELIANCE ON THE EXEMPTION GRANTED TO (I) BOFA SECURITIES, INC., AS PROHIBITED TRANSACTION EXEMPTION (“PTE”)
93-31, 58 FED. REG. 28620 (MAY 14, 1993), (II) J.P. MORGAN SECURITIES LLC, AS PTE 2002-19, 67 FED. REG. 14979 (MARCH 28, 2002),
(III) CREDIT SUISSE SECURITIES (USA) LLC, PTE 89-90, 54 FED. REG. 42597 (OCTOBER 17, 1989), AND (IV) DEUTSCHE BANK SECURITIES
INC., AS DEPARTMENT FINAL AUTHORIZATION NUMBER 97-03E, EACH, AS AMENDED BY PTE 2013-08, 78 FED. REG. 41090 (JULY 9, 2013),
(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

 

     A-8-2

     

    

 

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 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.

 

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 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 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.

 

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-8-3

     

    

 

GRACE
TRUST 2020-GRCE COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2020-GRCE, CLASS HRR

 

	Class
    HRR Pass-Through Rate: The Net Trust Note Rate	 	CUSIP:   [38406J
                                         AQ1]1

                                         [U38251 AH4]2

                                         [38406J AR9]3

         

        ISIN:      [US38406JAQ13]4

        [USU38251AH42]5

        [US38406JAR95]6

         

	Original Aggregate
    Certificate Balance of the

    Class HRR Certificates: $45,020,000	 	Initial Certificate
    Balance of this Certificate: $[______] [FOR GLOBAL CERTIFICATES ONLY: (SUBJECT TO SCHEDULES OF EXCHANGES ATTACHED)]
	 	 	 
	First Distribution Date: December 10, 2020	 	Cut-off Date: November 18, 2020
	 	 	 
	Assumed Final
    Distribution Date: December 2030	 	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 interest of the Borrower in an office building located in New
York, New York, and held in trust by the Trustee and serviced by the 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 18, 2020 (the “Trust and Servicing Agreement”), among Banc
of America Merrill Lynch Large Loan, Inc., as depositor (the “Depositor”), Wells Fargo Bank, National Association,
as servicer (in such capacity, the “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”), 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 E, Class F, Class HRR, 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

 

 

 

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-8-4

     

    

 

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 2020. Holders of this Certificate may be entitled to Prepayment Premiums 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.

 

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

 

     A-8-5

     

    

 

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 holders of the Residual Certificates. 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 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 Property; (ix) a security interest in all insurance policies with respect to the Trust Loan and the 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 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

 

     A-8-6

     

    

 

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 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 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 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 Third Party Purchaser under the Trust and Servicing
Agreement or the related risk retention agreement without the consent of the 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;

 

     A-8-7

     

    

 

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 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 or subject either REMIC to tax.

 

The
Trust and Servicing Agreement or any Custodial Agreement may also 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 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 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 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 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 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 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, 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 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-8-8

     

    

 

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 Servicer, and if the 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 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 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 Property has been acquired) at the Trust Note Rate
                                         to the last day of the 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 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 Note 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

 

     A-8-9

     

    

 

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 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 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-8-10

     

    

 

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:	 
	 	 	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:	 
	 	 	Name:
	 	 	Title:

 

     A-8-11

     

    

 

[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-8-12

     

    

 

EXHIBIT A-9

 

FORM OF CLASS LR CERTIFICATE

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, ANY ORIGINATOR, THE 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.

 

THE HOLDER OF THIS CERTIFICATE, BY ACCEPTANCE
HEREOF, IS DEEMED TO HAVE AGREED TO THE DESIGNATION OF THE CERTIFICATE ADMINISTRATOR AS “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

 

    A-9-1

     

    

 

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) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED INVESTOR”
AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL
OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED IN RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTION THAT
IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH,
RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (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, OR IS ACTING ON BEHALF OF AN ENTITY THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER
RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
(THE “CODE”) OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE
OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA
OR TO SECTION 4975 OF THE CODE (EACH, A “PLAN”), OR (B) 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)). 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

 

    A-9-2

     

    

 

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

     

    

 

GRACE TRUST 2020-GRCE COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, SERIES 2020-GRCE, CLASS LR

 

	No.: LR-[__]	Percentage Interest: ___%
	 	
        CUSIP:    [38406J AU2]1

         

        ISIN:        [US38406JAU25]2

 

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 interest of the Borrower in an office building located in New York, New York, and held in trust by the Trustee and serviced
by the 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 18, 2020 (the “Trust and Servicing Agreement”), among Banc of America Merrill
Lynch Large Loan, Inc., as depositor (the “Depositor”), Wells Fargo Bank, National Association, as servicer
(in such capacity, the “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”), 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 E, Class F, Class HRR, 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) 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

 

 

1
For Rule 144A Certificates.

2
For Rule 144A Certificates.

 

    A-9-4

     

    

 

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 2020. Holders
of this Certificate may be entitled to Prepayment Premiums as provided in the Trust and Servicing Agreement.

 

During each Certificate
Interest Accrual Period (as defined below), interest on the Class LR 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.

 

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

 

    A-9-5

     

    

 

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 holders of the Residual
Certificates. 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 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 Property; (ix) a security
interest in all insurance policies with respect to the Trust Loan and the 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 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

 

    A-9-6

     

    

 

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 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 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 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 Third Party Purchaser under the Trust and Servicing Agreement or the related risk

 

    A-9-7

     

    

 

retention agreement
without the consent of the 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 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 or subject either REMIC to tax.

 

The Trust and Servicing
Agreement or any Custodial Agreement may also 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 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 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 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 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 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 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, 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 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

 

    A-9-8

     

    

 

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 Servicer, and if the 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 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 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 Property has been acquired) at the Trust Note Rate to the
last day of the 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 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 Note 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

 

    A-9-9

     

    

 

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 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 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-9-10

     

    

 

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:

	
 

	
 

	
 

	
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:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

    A-9-11

     

    

 

EXHIBIT A-10

 

FORM OF CLASS R CERTIFICATE

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, ANY ORIGINATOR, THE 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.

 

THE HOLDER OF THIS CERTIFICATE, BY ACCEPTANCE
HEREOF, IS DEEMED TO HAVE AGREED TO THE DESIGNATION OF THE CERTIFICATE ADMINISTRATOR AS “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.

 

    A-10-1

     

    

 

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) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTIONAL INVESTOR THAT IS AN “ACCREDITED INVESTOR”
AS SUCH TERM IS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL
OF THE EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” AS SUCH TERM IS DEFINED IN RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTION THAT
IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH,
RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (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, OR IS ACTING ON BEHALF OF AN ENTITY THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER
RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
(THE “CODE”) OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE
OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA
OR TO SECTION 4975 OF THE CODE (EACH, A “PLAN”), OR (B) 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)). 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.

 

    A-10-2

     

    

 

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 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-10-3

     

    

 

GRACE TRUST 2020-GRCE COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, SERIES 2020-GRCE, CLASS R

 

	No.: R-[__]	Percentage Interest: ___%
	 	
        CUSIP:    [38406J AS7]1

         

        ISIN:        [US38406JAS78]2

 

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 interest of the Borrower in an office building located in New York, New York, and held in trust by the Trustee and serviced
by the 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 18, 2020 (the “Trust and Servicing Agreement”), among Banc of America Merrill
Lynch Large Loan, Inc., as depositor (the “Depositor”), Wells Fargo Bank, National Association, as servicer
(in such capacity, the “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”), 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 E, Class F, Class HRR, 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) 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

 

 

1
For Rule 144A Certificates.

2
For Rule 144A Certificates.

 

    A-10-4

     

    

 

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 2020. Holders
of this Certificate may be entitled to Prepayment Premiums as provided in the Trust and Servicing Agreement.

 

During each Certificate
Interest Accrual Period (as defined below), interest on the Class R 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.

 

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

 

    A-10-5

     

    

 

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 holders of the Residual
Certificates. 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 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 Property; (ix) a security
interest in all insurance policies with respect to the Trust Loan and the 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 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

 

    A-10-6

     

    

 

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 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 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 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 Third Party Purchaser under the Trust and Servicing Agreement or the related risk

 

    A-10-7

     

    

 

retention agreement
without the consent of the 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 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 or subject either REMIC to tax.

 

The Trust and Servicing
Agreement or any Custodial Agreement may also 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 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 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 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 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 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 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, 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 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

 

    A-10-8

     

    

 

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 Servicer, and if the 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 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 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 Property has been acquired) at the Trust Note Rate to the
last day of the 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 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 Note 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

 

    A-10-9

     

    

 

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 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 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-10-10

     

    

 

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:

	
 

	
 

	
 

	
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:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

    A-10-11

     

    

 

EXHIBIT B

 

MORTGAGE LOAN SCHEDULE

 

    B-1

     

    

 

	Loan Name	Property Name	Address	City	State	State Zip Code	Trust Loan Original Balance	Trust Loan Cut-off Date Principal Balance	Whole Loan Original Balance	Whole Loan Cut-off Date Principal Balance	Trust Loan Coupon	Whole Loan Coupon	First Monthly Payment following Loan Cut-off Date	Payment Day	Maturity Date	Servicing Fee Rate	Cert. Admin./Trustee Fee Rate	Operating Advisor Fee	CREFC Fee	Admin Fee Rate	Letter of Credit (Y/N)
	The Grace Building	The Grace Building	1114 Avenue of the Americas	New York	NY	10036	$750,000,000	$750,000,000	$1,250,000,000	$1,250,000,000	2.69210%	2.69210%	$2,843,219.04	6	12/6/2030	0.0050%	0.00450%	0.00220%	0.00050%	0.01220%	No

 

     

     

    

 

EXHIBIT C-1

 

FORM OF TRANSFEREE AFFIDAVIT

 

AFFIDAVIT PURSUANT TO

SECTION 860E(e)(4) OF THE

INTERNAL REVENUE CODE OF

1986, AS AMENDED

 

	STATE OF NEW YORK	)
	 	) ss.:
	COUNTY OF NEW YORK	)

  

__________________, being first duly sworn, deposes and
says:

 

1.      
That he/she is a                       of
                     
(the “Purchaser”), a                        
duly organized and existing under the laws of the State of_________ on behalf of which he/she makes this affidavit.

 

2.      
That the Purchaser’s Taxpayer Identification Number is                      .

 

3.      
That the Purchaser of the Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE, 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 18, 2020 (the “Trust and Servicing Agreement”), entered into in connection with
the Grace Trust 2020-GRCE 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.

 

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.

 

    C-1-1

     

    

 

9.     That, if a “partnership representative” is required to be designated with respect to the [Upper-Tier REMIC]
[Lower-Tier REMIC], the Purchaser agrees to act as “partnership representative” and to perform the functions of “partnership
representative” of the [Upper-Tier REMIC][Lower-Tier REMIC] pursuant to Section 4.04 of the Trust and Servicing Agreement,
and agrees to the irrevocable designation of the Certificate Administrator as the Purchaser’s agent in performing the function
of “partnership representative” and “partnership representative.”

 

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 highest rate currently specified in Code Section 11(b) (but
the tax rate in Code Section 55(b)(1)(B) may be used in lieu of the highest rate specified in Code Section 11(b) if the
Purchaser has been subject to the alternative minimum tax under Code Section 55 in the preceding two years and will compute
its taxable income in the current taxable year using the alternative minimum tax rate) and (ii) present values are computed
using a discount rate equal to the short-term Federal rate prescribed by Code Section 1274(d) for the month of the transfer
and the compounding period used by the Purchaser.

 

☐       The
transfer of the Class [R][LR] Certificate complies with U.S. Treasury Regulations Section 1.860E-1(c)(5) and (6) and, accordingly,

 

		(i)	the Purchaser is an “eligible corporation,” as defined in U.S. Treasury
                                                              Regulations Section 1.860E-1(c)(6)(i), as to which income from the 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 

 

    C-1-2

     

    

 

	 	 	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          ,, 20___.

	 	 	 
	 	[The Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Personally appeared before me the above
named [_____], known or proved to me to be the same person who executed the foregoing instrument and to be the of the Purchaser,
and acknowledged to me that he/she executed the same as his/her free act and deed and the free act and deed of the Purchaser.

 

Subscribed and sworn
before me this      day of               ,
20    .

_________________________________

NOTARY
PUBLIC

COUNTY
OF ______________________

 

STATE
OF ________________________

 

My commission expires the     
day of               , 20    .

 

    C-1-3

     

    

 

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 55479

Attention: CTS - Certificate Transfer Services, Grace 2020-GRCE

 

Re:          Grace Trust 2020-GRCE Commercial Mortgage Pass-Through
Certificates, Series 2020-GRCE, Class [R][LR]

 

To the above mentioned party:

 

[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)
        — Grace 2020-GRCE

         

        Bank of America, National
Association

        as Retaining Sponsor

        One Bryant Park, NY1-100-11-07

        New York, New York 10036

        Attention: Leland F. Bunch, III

        Fax Number: (646) 855-5044

        Email: leland.f.bunch@bofa.com
	 	
        Banc of America Merrill Lynch
Large Loan, Inc.

        One Bryant Park, NY1-100-11-07

        New York, New York 10036

        Attention: Leland F. Bunch, III

        Facsimile number: (646) 855-5044

        Email: leland.f.bunch@bofa.com

         

        With a copy to:

cmbsnotices@bofa.com

 

		Re:	Grace Trust 2020-GRCE, Commercial Mortgage Pass-Through
Certificates, Series 2020-GRCE (the “Certificates”) issued pursuant to the Trust and Servicing Agreement (the
“Trust and Servicing Agreement”), dated as of November 18, 2020, among Banc of America Merrill Lynch Large
Loan, Inc., as Depositor, Wells Fargo Bank, National Association, as 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

 

	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.	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.

 

    C-3-1

     

    

 

		3.	The Transfer is in compliance with any applicable third party purchaser agreement in effect between
the Retaining Sponsor and the Transferor (the “Third Party Purchaser Agreement”), and the Transferor has satisfied
all requirements pursuant to such Third Party Purchaser Agreement.

 

		4.	If the Purchaser is an insurance company general account relying on PTCE 95-60 to cover its acquisition
of the Class HRR 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 BofA Securities,
Inc., J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc.

 

		5.	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:

 

		A.	It is a “majority-owned affiliate”, as such term is defined in Regulation RR, of the
Transferor (a “Majority-Owned Affiliate”).

 

		B.	It is not acquiring the Class HRR Certificates as a nominee, trustee or agent for any person that
is not a Majority-Owned Affiliate, and that for so long as it retains its interest in the Class HRR Certificates, it will remain
a Majority-Owned Affiliate.

 

		C.	It will deliver a joinder agreement substantially in the form attached to the Third Party Purchaser
Agreement, pursuant to which it has agreed to be bound by the terms of the Third Party Purchaser Agreement to the same extent as
if it was the Transferor itself.

 

☐       The
transfer will occur during the Transfer Restriction Period with respect to the Class HRR Certificate, and the Purchaser certificates,
represents and warrants to each of the addressees hereto that it is in compliance with Section 3(d) of the Third Party Purchaser
Agreement.

 

☐       The
transfer will occur after the expiration of the 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-3-2

     

    

 

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-3-3

     

    

 

The foregoing certificate is hereby confirmed,
and the transfer is accepted, as of the date first above written:

 

	[RETAINING PARTY]
	 	 	 
	By:	 	 
	 	Name:  	 
	 	Title:	 
	 	 	 
	[Medallion Stamp Guarantee]
	 	 	 
	BANK OF AMERICA, NATIONAL ASSOCIATION
	 	 	 
	By:	 	 
	 	Name:  	 
	 	Title:	 
	 	 	 
	[Medallion Stamp Guarantee]
	 	 	 
	BANC OF AMERICA MERRILL LYNCH LARGE LOAN, INC.
	 	 	 
	By:	 	 
	 	Name:  	 
	 	Title:	 

 

[Medallion Stamp Guarantee]

 

    C-3-4

     

    

 

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)
        — Grace 2020-GRCE

         

        Bank of America, National
Association

        as Retaining Sponsor

        One Bryant Park, NY1-100-11-07

        New York, New York 10036

        Attention: Leland F. Bunch, III

        Fax Number: (646) 855-5044

        Email: leland.f.bunch@bofa.com
	 	
        Banc of America Merrill Lynch
Large Loan, Inc.

        One Bryant Park, NY1-100-11-07

        New York, New York 10036

        Attention: Leland F. Bunch, III

        Facsimile number: (646) 855-5044

        Email: leland.f.bunch@bofa.com

         

        With a copy to:

cmbsnotices@bofa.com

 

		Re:	Grace Trust 2020-GRCE, Commercial Mortgage Pass-Through Certificates,
                                         Series 2020-GRCE

 

To the above mentioned parties:

 

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 18, 2020 (the “Trust and Servicing Agreement”),
among Banc of America Merrill Lynch Large Loan, Inc., as Depositor, Wells Fargo Bank, National Association, as 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. All capitalized terms used but not otherwise
defined herein shall have the respective meanings set forth in the Trust and Servicing Agreement. The Transferor hereby certifies,
represents and warrants to you that:

 

		1.	The transfer is in compliance with Section 3(b) or 3(d), as applicable, of that certain third party
purchaser agreement in effect between the retaining sponsor and the Transferor (the Third Party Purchaser Agreement”)
and the Trust and Servicing Agreement.

 

		2.	Check one of the following:

 

		☐	The transfer will occur during the Transfer Restriction Period, and the Purchaser certifies, represents
and warrants to you, as Certificate Registrar, that:

 

		A.	The Transferee is a “majority-owned affiliate”, as such term is defined in Regulation
RR, of the Transferor (a “Majority-Owned Affiliate”).

 

		B.	The Transferor has satisfied all of the conditions under the Third Party Purchaser Agreement applicable
to transfers by the Transferor to a Majority-Owned Affiliate.

 

    C-4-1

     

    

 

		C.	The Transferor certifies, represents and warrants to you that the Transferor has provided notice
of the Transfer to the Retaining Sponsor and the Retaining Sponsor has consented to the Transfer, a copy of which is attached hereto.

 

		☐	The transfer will occur during the Transfer Restriction Period with respect to the Class HRR Certificate,
and the Transferor certifies, represents and warrants to you that:

 

		A.	The Transferor has satisfied all of the conditions under the Third Party Purchaser Agreement applicable
to transfers by the Transferor to subsequent Third Party Purchasers.

 

		B.	The Transferor certifies, represents and warrants to you that the Transferor has provided notice
of the Transfer to the Retaining Sponsor and the Retaining Sponsor has consented to the Transfer, a copy of which is attached hereto.

 

		3.	The Transferor understands that the Transferee has delivered to you a Transferee Certificate in
the form attached to the Trust and Servicing Agreement as Exhibit C-3. The Transferor does not know or believe that any
representation contained therein is false.

 

IN WITNESS WHEREOF, the
Transferor has caused this instrument to be duly executed on its behalf by its duly authorized senior officer this ___day of _________,
20__.

 

	 	[TRANSFEROR]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

The foregoing certificate
is hereby confirmed, and the transfer is accepted, as of the date first above written:

 

	BANK OF AMERICA, NATIONAL ASSOCIATION
	 	 	 
	By:	 	 
	 	Name:  	 
	 	Title:	 
	 	 	 
	[Medallion Stamp Guarantee]
	 	 	 
	BANC OF AMERICA MERRILL LYNCH LARGE LOAN, INC.
	 	 	 
	By:	 	 
	 	Name:  	 
	 	Title:	 

 

    C-4-2

     

    

 

[Medallion Stamp Guarantee]

 

    C-4-3

     

    

 

EXHIBIT D-1

 

FORM OF INVESTMENT REPRESENTATION LETTER

 

Wells Fargo Bank, National Association

as Certificate Registrar

600 South 4th Street, 7th Floor MAC N9300-070

Minneapolis, Minnesota 55479

Attention: CTS - Certificate Transfer Services, Grace 2020-GRCE

 

Banc of America Merrill Lynch Large Loan,
Inc.

One Bryant Park, NY1-100-11-07

New York, New York 10036

Attention: Leland F. Bunch, III

Facsimile number: (646) 855-5044

Email: leland.f.bunch@bofa.com

 

With a copy to:

cmbsnotices@bofa.com

 

		Re:	Transfer of Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE:
Class [__]

 

To the above mentioned parties:

 

This letter is delivered
pursuant to Section 5.02 of the Trust and Servicing Agreement, dated as of November 18, 2020 (the “Trust and Servicing
Agreement”), entered into in connection with the Grace Trust 2020-GRCE securitization transaction and the issuance of
the Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE (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 undertakes to reimburse the Trust
for any costs incurred by it in connection with this transfer.

 

    D-1-1

     

    

 

[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
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,
or (3) pursuant to any other exemption from the registration requirements of the Securities Act, subject in the case of this clause (3)
to (a) the receipt by the Certificate Registrar of a letter substantially in the form hereof, (b) the receipt by the Certificate
Registrar of an opinion of counsel acceptable to the Certificate Registrar that such reoffer, resale, pledge or 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 Offering Circular dated November 18, 2020, 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.

 

		(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 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:

 

    D-1-2

     

    

 

☐         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) in the case of an individual, 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) in the case of an entity, a duly executed IRS Form W-8BEN-E (or successor form), which identifies
such Purchaser as the beneficial owner of the Certificate(s) and states that such Purchaser is not a U.S. Person, (iii) two duly
executed copies of IRS Form W-8IMY (and all appropriate attachments) or (iv)]* 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, IRS Forms W-8BEN-E, IRS Forms W-8IMY or]*
IRS Forms W-8ECI[, as the case may be]*, any applicable successor IRS forms, or such other certifications as the Certificate
Registrar may reasonably request, on or before the date that any such IRS form or certification expires or becomes obsolete, or
promptly after the occurrence of any event requiring a change in the most recent IRS form of certification furnished by it to the
Certificate Registrar.

 

For purposes of this
paragraph (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:

 

	Account number:	 
	 	 
	Institution:	 

 

(b) by
mailing a check or draft to the following address:

 

	 
	 
	 

 

	 	Very truly
    yours,
	 	 	 
	 	[The Purchaser]

 

    D-1-3

     

    

 

	 	 	 
	 	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 55479

Attention: CTS - Certificate Transfer Services, Grace 2020-GRCE

 

Wells Fargo Bank, National Association,

as Certificate Administrator

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – Grace 2020-GRCE

 

Banc of America Merrill Lynch Large Loan, Inc.

One Bryant Park, NY1-100-11-07

New York, New York 10036

Attention: Leland F. Bunch, III 

Facsimile number: (646) 855-5044

Email: leland.f.bunch@bofa.com

 

With a copy to:

cmbsnotices@bofa.com

 

		Re:	Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates,
                                         Series 2020-GRCE, Class [     ]

 

To the above mentioned parties:

 

[_____] (the “Purchaser”)
intends to purchase from [______] (the “Seller”) $[_] initial Certificate Balance or []% Percentage Interest
of Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE, Class [ ], CUSIP No. [_____]
(the “Certificates”), issued pursuant to the Trust and Servicing Agreement, dated as of November 18, 2020 (the
“Trust and Servicing Agreement”), entered into in connection with the Grace Trust 2020-GRCE 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, and is not acting on behalf of an entity that is or will become (a) an employee benefit plan or other retirement
arrangement, including an individual retirement account or a Keogh plan, which is subject to the Employee Retirement Income Security
Act of 1974, as amended (“ERISA”) or to 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

 

    D-2-1

     

    

 

entity (within the meaning of Department of Labor Regulations
Section 2510.3-101, as modified by Section 3(42) of ERISA)), other than, but only with respect to the Class F and Class HRR 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).

 

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 Borrower:	1114
        6th Avenue Owner LLC

	[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 Grace 2020-GRCE

        

        Email: cmbscustody@wellsfargo.com

	Custodian
    Mortgage File No.:	
	Depositor	 
	Name:
    	Banc of America Merrill Lynch Large Loan, Inc.
	Address:
    	Banc of America Merrill Lynch Large Loan, Inc.

One Bryant Park, NY1-100-11-07

New York, New York 10036
	Certificates:	Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE

 

The undersigned
[Servicer][Special Servicer] hereby requests delivery from Wells Fargo Bank, National Association, as Custodian for the Holders
of Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE, 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 18, 2020 (the “Trust and Servicing Agreement”) and executed
in connection with the Grace Trust 2020-GRCE securitization transaction.

 

(
 )_____________________________________________________________ 

 

(
 )_____________________________________________________________ 

 

(
 )_____________________________________________________________ 

 

(
 )_____________________________________________________________ 

 

The undersigned
[Servicer][Special Servicer] hereby acknowledges and agrees as follows:

 

(i)                 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.

 

    E-1

     

    

 

(ii)                The [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 [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 [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 [Servicer][Special Servicer] shall at all times be held for the
account of the Trustee, and the [Servicer][Special Servicer] shall keep the Documents and any proceeds separate and distinct from
all other property in the [Servicer][Special Servicer]’s possession, custody or control.

 

	 	[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) IN THE CASE OF THE REGULAR CERTIFICATES, 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) IN THE CASE OF THE REGULAR CERTIFICATES, TO AN INSTITUTION THAT IS
A NON “U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH,
RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (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 55479

Attention: CTS - Certificate Transfer Services, Grace 2020-GRCE

 

		Re:	Transfer
                                         of Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE,
                                         Class [    ]	 

 

To
the above mentioned party:

 

This
certificate is delivered pursuant to Section 5.02 of the Trust and Servicing Agreement, dated as of November 18, 2020 (the “Trust
and Servicing Agreement”) and executed in connection with the Grace Trust 2020-GRCE securitization transaction, on behalf
of the holders of the Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE, 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

 

(4)       the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

 

*
Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    G-1 

     

    

 

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 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 55479

Attention: CTS - Certificate Transfer Services, Grace 2020-GRCE

 

		Re:	Transfer
                                         of Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE,
                                         Class [    ]	 

 

Reference
is hereby made to the Trust and Servicing Agreement, dated as of November 18, 2020 (the “Trust and Servicing Agreement”)
and executed in connection with the Grace Trust 2020-GRCE 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,]**

 

[(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

 

 

*
Select appropriate depository.

 

**
Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    H-1 

     

    

 

(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 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 55479

Attention: CTS - Certificate Transfer Services, Grace 2020-GRCE

 

		Re:	Transfer
                                         of Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE,
                                         Class [    ]	 

 

Reference
is hereby made to the Trust and Servicing Agreement, dated as of November 18, 2020 (the “Trust and Servicing Agreement”)
and executed in connection with the Grace Trust 2020-GRCE 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,]*

 

(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;

 

 

*
Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    I-1 

     

    

 

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 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 55479

Attention: CTS - Certificate Transfer Services, Grace 2020-GRCE

 

		Re:	Transfer
                                         of Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE,
                                         Class [    ]	 

 

Reference
is hereby made to the Trust and Servicing Agreement, dated as of November 18, 2020 (the “Trust and Servicing Agreement”)
and executed in connection with the Grace Trust 2020-GRCE 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.

 

This
certificate and the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator,
the Trustee, the Servicer, the Special Servicer and the Operating Advisor.

 

	 	[Insert
    Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
______________, 20__

 

 

*
Select appropriate depositary.

    J-1 

     

    

EXHIBIT
K

 

FORM
OF DISTRIBUTION DATE STATEMENT

 

    K-1 

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

                                                

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 	 	 
	 	 	 	 	DISTRIBUTION DATE STATEMENT	 	 	 
	 	 	 	 	Table of Contents	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	STATEMENT SECTIONS	PAGE(s)	 	 	 
	 	 	 	 	Certificate Distribution Detail	2	 	 	 
	 	 	 	 	Certificate Factor Detail	3	 	 	 
	 	 	 	 	Reconciliation Detail	4	 	 	 
	 	 	 	 	Other Required Information	5	 	 	 
	 	 	 	 	Cash Reconciliation Detail	6	 	 	 
	 	 	 	 	Ratings Detail 

	7	 	 	 
	 	 	 	 	Mortgage Loan Detail	8	 	 	 
	 	 	 	 	NOI Detail	9	 	 	 
	 	 	 	 	Principal Prepayment Detail	10	 	 	 
	 	 	 	 	Historical Detail	11	 	 	 
	 	 	 	 	Delinquency Loan Detail	12	 	 	 
	 	 	 	 	Specially Serviced Loan Detail	13-14	 	 	 
	 	 	 	 	Advance Summary	15	 	 	 
	 	 	 	 	Modified Loan Detail	16	 	 	 
	 	 	 	 	Historical Liquidated Loan Detail	17	 	 	 
	 	 	 	 	Historical Bond / Collateral Loss Reconciliation	18	 	 	 
	 	 	 	 	Interest Shortfall Reconciliation Detail	19-20	 	 	 
	 	 	 	 	Supplemental Reporting	21	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Depositor	 	 	 	Servicer	 	 	 	Special
    Servicer	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Banc of America Merrill Lynch Large Loan, Inc.	 	 	 	Wells Fargo Bank, National Association
	 	 	 	Situs Holdings, LLC

	 	 
	 	 	 	One Bryant Park	 	 	 	Three Wells Fargo, MAC D1050-084	 	 	 	101 Montgomery Street

	 	 
	 	 	 	New York, NY 10036 

	 	 	 	401 S. Tryon Street, 8th Floor

	 	 	 	Suite 2250 

	 	 
	 	 	 	 	 	 	 	Charlotte, NC 28202

 	 	 	 	San Francisco, CA 94104	 	 
	 	 	 	 	 	 	 		 	 	 		 	 
	 	 	 	 	 	 	 		 	 	 	 	 	 
	 	 	 	Contact:    Leland F. Bunch, III	 	 	 	Contact:	 	 	 	Contact: Stacey.Ciarlanti@situsamc.com	 	 
	 	 	 	Phone Number:    (646) 855-3953	 	 	 	REAM_InvestorRelations@wellsfargo.com 

	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 

                                             This report is compiled by Wells Fargo Bank, N.A. from information provided by third parties.  Wells Fargo Bank, N.A. has not independently confirmed the accuracy of the information. 

        

        Please
        visit www.ctslink.com for additional information and if applicable, any special notices and any credit risk retention
        notices. In addition, certificateholders may register online for email notification when special notices are posted. For
        information or assistance please call 866-846-4526.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 

  

    Page 1 of 21

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Certificate Distribution
    Detail	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	CUSIP	Pass-Through

    Rate	 	Original

    Balance	 	Beginning

    Balance	 	Principal

    Distribution	 	Interest

    Distribution	 	Prepayment

    Premium	 	Realized Loss/
 Additional Trust
 Fund Expenses	Total

    Distribution	 	Ending

    Balance	 	Current
 Subordination
 Level (1)	 
	 	 	A	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	C	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	D	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	E	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	F	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	HRR	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	R	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	LR	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	Totals	 	 	 	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	CUSIP	Pass-Through

    Rate	 	Original

    Notional

    Amount	 	Beginning

    Notional

    Amount	 	Interest

    Distribution	 	Prepayment

    Premium	 	Total

    Distribution	 	Ending

    Notional

    Amount	 	 	 	 	 	 	 	 
	 	 	X	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	(1) Calculated by taking (A) the sum of the ending certificate balance of all classes less (B) the sum of (i) the ending balance of the designated class and (ii) the ending certificate balance of all classes which are not subordinate to the designated class and dividing the result by (A).

	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 2 of 21

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	Certificate Factor Detail
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

Balance
	Principal

Distribution
	Interest

Distribution
	Prepayment

Premium
	Realized
Loss/

Additional Trust

Fund Expenses
	Ending

Balance
	 
	 	 
	 	 
	 	A	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	B	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	C	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	D	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	E	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	F	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	HRR	 	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	 
	 	LRR	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

        Notional

        Amount
	Interest

        Distribution
	Prepayment

        Premium
	Ending

        Notional

        Amount
	 	 	 
	 	 	 	 
	 	 	 	 
	 	 X	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

    Page 3 of 21

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Reconciliation Detail	 	 
	 	 	Principal
    Reconciliation	 	 
	 	 	 	 	Stated
    Beginning 

    Principal Balance	 	Unpaid
    Beginning

    Principal Balance	 	Scheduled
    

    Principal	 	Unscheduled

    Principal	 	Principal

    Adjustments	 	Realized
    Loss	 	Stated Ending 

Principal Balance	 	Unpaid
    Ending

    Principal Balance	 	Current
    Principal

    Distribution Amount	 	 
	 	 	Total	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Certificate Interest Reconciliation	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	Accrual

    Dates	 	Accrual
 Days	 	Accrued

    Certificate

    Interest	 	Net Aggregate

    Prepayment

    Interest Shortfall	 	Distributable

    Certificate

    Interest	 	Distributable

    Certificate Interest

    Adjustment	 	WAC CAP

    Shortfall	 	Additional 

Trust Fund 

Expenses	 	Interest

    Distribution	 	Remaining
    Unpaid

    Distributable

 Certificate Interest	 	 
	 	 	A	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	B	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	C	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	D	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	E	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	F	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	HRR	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	Totals	 	 	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

    Page 4 of 21

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Other Required Information	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Available
Distribution Amount (1)	 	  0.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 			 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 			 	Appraisal Reduction Amount	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Loan

    Number	 	 	Appraisal	 	 	Cumulative	 	 	Most Recent	 	 	 
	 	 	 	 	 	 	 	 	 	Reduction	 	 	ASER	 	 	App. Red.	 	 	 
	 	 	 	 	 	 	 	 	 	Effected	 	 	Amount	 	 	Date	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Controlling
    Class Information	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Controlling Class: TBA

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Directing Holder: TBA	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
        (1) The
Available Distribution Amount includes any Prepayment Premiums.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 5 of 21

     

    

 

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Cash
    Reconciliation Detail	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Total Funds Collected	 	 	 	Total Funds Distributed	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Interest:	 	 	 	Fees:	 	 	 
	 	Interest paid or
    advanced	0.00	 	 	Servicing Fee - Wells Fargo Bank, N.A.	0.00	 	 
	 	Interest reductions
    due to Non-Recoverability Determinations	0.00	 	 	Trustee Fee - Wilmington Trust, N.A.	0.00	 	 
	 	Interest Adjustments	0.00	 	 	Certificate Administrator Fee - Wells Fargo Bank, N.A.	0.00	 	 
	 	Deferred Interest	0.00	 	 	CREFC®
    Intellectual Property Royalty License Fee	0.00	 	 
	 	Net Prepayment Interest
    Shortfall	0.00	 	 	Miscellaneous Fee	0.00	 	 
	 	Net Prepayment Interest
    Excess	0.00	 	 			 	 
	 	 	 	 	 	Total Fees	 	0.00	 
	 	Total Interest
    Collected	 	0.00	 		 		 
	 		 	 	 	Additional
    Trust Fund Expenses:	 	 	 
	 	 	 	 	 	Reimbursement for
    Interest on Advances	0.00		 
	 	 	 	 	 	ASER Amount	0.00	 	 
	 	 	 	 	 	Special Servicing
    Fee	0.00	 	 
	 	Principal:	 	 	 	Rating Agency Expenses	0.00	 	 
	 	Scheduled Principal	0.00	 	 	Attorney
                                     Fees & Expenses 

	0.00	 	 
	 	Unscheduled Principal	0.00	 	 	Bankruptcy Expense	0.00	 	 
	 	Principal Prepayments	0.00	 	 	Taxes Imposed on
    Trust Fund	0.00	 	 
	 	Collection of Principal
    after Maturity Date	0.00	 	 	Non-Recoverable Advances	0.00	 	 
	 	Recoveries from
    Liquidation and Insurance Proceeds	0.00	 	 	Other Expenses	0.00	 	 
	 	Excess of Prior
    Principal Amounts paid	0.00	 	 	Total Additional
    Trust Fund Expenses	 	0.00	 
	 	Curtailments	0.00	 	 	 		 	 
	 	Negative Amortization	0.00	 	 				 
	 	Principal Adjustments	0.00	 	 	 	 	 	 
	 	Total Principal
    Collected		0.00 	 		 		 
	 	 	 	 	 	 	 	 	 
	 	Other:	 	 	 	Payments to Certificateholders
    & Others:	 	 	 
	 	Prepayment Premiums	0.00	 	 	Interest Distribution	0.00	 	 
	 	Repayment Fees	0.00	 	 	Principal Distribution	0.00	 	 
	 	 	 	 	 	Prepayment Premiums
    	0.00	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Total Other Collected		0.00	 	Total Payments
    to Certificateholders & Others		0.00	 
	 	Total Funds Collected	 	0.00	 	Total Funds
    Distributed	 	0.00	 
	 	 	 	 	 	 	 	 	 

 

    Page 6 of 21

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 	 	 	 
	 	Ratings
    Detail	 
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Original
    Ratings	Current
    Ratings (1)	 
	 	Fitch	KBRA	 	Fitch	KBRA	 	 
	 	 A	 	 	 	 	 	 	 	 
	 	 X	 	 	 	 	 	 	 	 
	 	 B	 	 	 	 	 	 	 	 
	 	 C	 	 	 	 	 	 	 	 
	 	 D	 	 	 	 	 	 	 	 
	 	 E	 	 	 	 	 	 	 	 
	 	 F	 	 	 	 	 	 	 	 
	 	 HRR	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	NR   -   Designates that the class was not rated by the above agency at the time of original issuance.	 
	 	 X     -
      Designates that the above rating agency did not rate any classes in this transaction at the time of original issuance.	 
	 	N/A  -   Data not available this period.	 
	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.	 
	 	 	 	 	 	 	 	 	 	 
	 	Fitch Ratings, Inc.	 	Kroll Bond Rating Agency, LLC	 
	 	33 Whitehall
    Street 	 	805 Third Avenue	 	 
	 	New York, NY 10004	 	 New York, NY 10022	 	 	 
	 	 	 	 	 	 	 
	 	(212) 908-0500	 	 	(212) 702-0707	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

    Page 7 of 21

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Mortgage Loan Detail	 
	 	 	 
	 	Loan

    Number	ODCR
    	Property

    Type (1)	City	State	Interest

    Payment	Principal

    Payment	Gross

    Coupon	Anticipated
    

    Repayment

    Date	Maturity

    Date	Neg.

    Amort

    (Y/N)	Beginning

    Scheduled

    Balance	Ending

    Scheduled

    Balance	Paid

    Thru

    Date	Appraisal

    Reduction

    Date	Appraisal

    Reduction

    Amount	Res.

    Strat.

    (2)	Mod.

    Code

    (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1)
    Property Type Code	(2)
    Resolution Strategy Code	(3)
    Modification Code
	 	 	 
	 	MF 	-	Multi-Family	SS

	-	Self Storage

	1	-	Modification	7	-	REO	11	-	Full Payoff	1	-	Maturity Date Extension	6	-	Capitalization on Interest	 
	 	RT 	-	Retail	98	-	Other

	2 	-	Foreclosure	8	-	Resolved	12 	 -	Reps and
    Warranties  	2	-	Amortization Change	7	-	Capitalization on Taxes	 
	 	HC	-	Health Care	SE	-	Securities

	3	-	Bankruptcy	9	-	Pending Return	13	-	TBD	3	-	Principal Write-Off	8	-	Other	 
	 	 IN	-	Industrial	CH	-	Cooperative
                                         Housing

	4	-	Extension			to Master Servicer 	98	-	Other	4	-	Blank	9	-	Combination	 
	 	MH	-	Mobile Home Park	WH	-	Warehouse	5	-	Note Sale	10	- 	Deed in Lieu Of				5	-	Temporary Rate Reduction  	10	-	Forbearance

	 
	 	OF 	-	Office	ZZ

	-	Missing Information

	6	-	DPO

	 	 	Foreclosure

	 	 	 	 	 	 	 	 	 	 
	 	MU

	-	Mixed Use

	SF	-	Single Family

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	LO

	-	Lodging	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 8 of 21

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 	 	 	 	 	 
	 	NOI
    Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	ODCR	Property

    Type	City	State	Ending

    Scheduled

    Balance	Most

    Recent

    Fiscal NOI 	Most

    Recent

    NOI 	Most
    Recent

    NOI Start

    Date	Most
    Recent

    NOI End

    Date	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Total	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 9 of 21

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 	 
	 	Principal
    Prepayment Detail	 
	 	 	 	 	 	 	 	 
	 	Loan
    Number	Loan
    Group	Offering
    Document
Cross-Reference	Principal
    Prepayment Amount	Spread Maintenance Premium	 
	 	Payoff
    Amount	Curtailment
    Amount	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

 

    Page 10 of 21

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical
    Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquencies	Prepayments	Rate
    and Maturities	 
	 	Distribution	30-59
    Days	60-89
    Days	90
    Days or More	Foreclosure	REO	Modifications	Curtailments	Payoff	Next
    Weighted Avg.	WAM 	 
	 	Date	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance 	#	Balance	Coupon	Remit	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note: Foreclosure and REO Totals
    are excluded from the delinquencies.	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 11 of 21

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquency
    Loan Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan
    Number	Offering

    Document

    Cross-Reference	#
    of

    Months

    Delinq.	Paid
    Through

    Date	Current

    P & I

    Advances	Outstanding

    P & I

    Advances **	Status
    of

    Loan  (1)	Resolution

    Strategy

    Code  (2)	Servicing
Transfer
    Date	Foreclosure

    Date	Actual

    Principal

    Balance	Outstanding

    Servicing

    Advances	Bankruptcy

    Date	REO

    Date	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	(1)
    Status of Loan	 	 	(2)
    Resolution Strategy Code	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 	 	 	 	 	 
	 	 	A	-	Payment Not Received	0	- Current	4	-	Assumed Scheduled Payment

	1	-	Modification	6	-	DPO	10	-	Deed In Lieu Of

	 	 
	 	 	 	 	 But Still in Grace Period	1	- One Month Delinquent	 	 	(Performing Matured
    Balloon)	2 	-	Foreclosure	7	-	REO	 	 	  Foreclosure	 	 
	 	 	 	 	 Or Not Yet Due	2	- Two Months Delinquent	5	-	Non Performing Matured Balloon	3 	-	Bankruptcy	8	-	Resolved	11	-	Full Payoff	 	 
	 	 	B	-	Late Payment But Less	3	- Three or More Months Delinquent	 	 	 	4 	-	Extension	9	-	Pending Return	12	-	Reps and Warranties

	 	 
	 	 	 	 	 Than 1 Month Delinquent	 	 	 	 	 	5 	-	Note Sale	 	 	   to
                                      Master Servicer

	13	-	Other or TBD	 	 
	 	 	** Outstanding P & I Advances
    include the current period advance.	 		 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 12 of 21

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Specially
    Serviced Loan Detail - Part 1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	Loan

    Number	Offering

Document

Cross-Reference	Servicing

    Transfer

    Date	Resolution

    Strategy

    Code (1)	Scheduled

    Balance	Property

    Type (2)	State	Interest

    Rate	Actual

    Balance	Net

    Operating

    Income	NOI

    Date	DSCR	Note

    Date	Maturity

    Date	Remaining

    Amortization

    Term	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(1)
    Resolution Strategy Code	(2)
    Property Type Code	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	1	-  Modification	6	-	REO	10	-	Deed In Lieu Of	MF	-	Multi-Family	OF	-	Office

	 
	 	2	-  Foreclosure	7	-	REO	 	  	Foreclosure	RT	-	Retail	MU	-	Mixed use

	 
	 	3	-  Bankruptcy	8	-	Resolved	11	-	Full Payoff	HC	-	Health Care	LO	-	Lodging

	 
	 	4	-  Extension	9	-	Pending Return	12	-	Reps and Warranties	IN	-	Industrial	SS	-	Self Storage

	 
	 	5	-  Note Sale	 	 	to Master Servicer	13	-	Other or TBD	WH  	-	Warehouse	OT	-	Other

	 
	 	 	 	 	 		 	 	 	MH

	-	Mobile Home Park

	 

	 	 

	 
	 	 	 	 	 	 	 	 	 	 

	 	

 	 		 	 
	 	 	 	 	 	 	 	 	 	

	 	 

	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 13 of 21

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 	 	 	 	 	 
	 	Specially
    Serviced Loan Detail - Part 2	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	Loan

    Number	Offering

    Document

     Cross-Reference 	Resolution

    Strategy

    Code (1)	Site

    Inspection

    Date	

     Phase 1 Date
	Appraisal

Date	Appraisal

    Value	Other
    REO

    Property Revenue	Comment	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 
	(1)
    Resolution Strategy Code
	 	 	 	 	 	 	 	 	 	 	 
	 	1	-	Modification	6	-	DPO	10	-	Deed In Lieu Of	 
	 	2	-	Foreclosure	7	-	REO	 	 	Foreclosure	 
	 	3	-	Bankruptcy	8	-	Resolved	11	-	Full Payoff	 
	 	4	-	Extension	9	-	Pending Return	12	-	Reps and Warranties	 
	 	5	-	Note Sale	 	 	to Master Servicer	13	-	Other or TBD	 
	 	 	 	 	 	 	 	 	 	 	 

 

    Page 14 of 21

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 
	Advance
    Summary
	 	 	 	 	 	 	 
	 	 	Current
    P&I

    Advances	Outstanding
    P&I

    Advances	Outstanding
    Servicing

    Advances	Current
    Period Interest

    on P&I and Servicing

    Advances Paid	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	Totals	0.00	0.00	0.00	0.00	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

    Page 15 of 21

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 	 	 	 
	 	Modified
    Loan Detail	 
	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	Offering

    Document

    Cross-Reference	Pre-Modification

    Balance	Post-Modification

    Balance	Pre-Modification

    Interest Rate	Post-Modification

    Interest Rate	Modification

    Date	Modification
    Description	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

    Page 16 of 21

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical
    Liquidated Loan Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	ODCR	Beginning

    Scheduled

    Balance	Fees,

    Advances,

    and Expenses *	Most
    Recent

    Appraised

    Value or BPO	Gross
    Sales

    Proceeds or

    Other Proceeds	Net
    Proceeds

    Received on

    Liquidation	Net
    Proceeds

    Available for

    Distribution	Realized
    

    Loss to Trust	Date
    of Current

    Period Adj.

    to Trust	Current
    Period

    Adjustment

    to Trust	Cumulative

    Adjustment

    to Trust	Loss
    to Loan

    with Cum

    Adj. to Trust	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current
    Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	Cumulative
    Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	*
    Fees, Advances and Expenses also include outstanding P & I advances and unpaid fees (servicing, trustee, etc.).	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 17 of 21

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical
    Bond/Collateral Loss Reconciliation Detail	 
	 	 	 
	 	Distribution

    Date	 	 	Offering

    Document

    Cross-Reference	 	 	Beginning

    Balance

    at Liquidation	 	 	Aggregate

    Realized Loss

    on Loans	 	 	Prior
    Realized

    Loss Applied

    to Certificates	 	 	Amounts

    Covered by

    Credit Support	 	 	Interest

    (Shortages)/

    Excesses	 	 	Modification

    /Appraisal

    Reduction Adj.	 	 	Additional

    (Recoveries)

    /Expenses	 	 	Realized
    Loss

    Applied to

    Certificates to Date	 	 	Recoveries
    of

    Realized Losses

    Paid as Cash	 	 	(Recoveries)/

    Losses Applied to

    Certificate Interest	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	   	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals     	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 18 of 21

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Interest
    Shortfall Reconciliation Detail - Part 1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Offering

    Document

    Cross-

    Reference	 	 	Stated

    Principal

    Balance at

    Contribution	 	 	Current

    Ending

    Scheduled

    Balance	 	 	Special
    Servicing Fees	 	 	ASER	 	 	(PPIS)
    Excess	 	 	Non-Recoverable

    (Scheduled

    Interest)	 	 	Interest
    on

    Advances	 	 	Modified
    Interest

    Rate (Reduction)

    /Excess	 
	Monthly	 	 	Liquidation	 	Work
    Out
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 19 of 21

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 	 	 	 	 	 	 
	 	Interest
    Shortfall Reconciliation Detail - Part 2	 
	 	 	 	 	 	 	 	 	 
	 	Offering

    Document

    Cross-Reference	Stated
    Principal

    Balance at

    Contribution	Current
    Ending

    Scheduled

    Balance	Reimb
    of Advances to the Servicer	 Other
     (Shortfalls)/ 

     Refunds	Comments	 
	Current
    Month	Left
    to Reimburse

    Master Servicer
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 
	 	Interest
    Shortfall Reconciliation Detail Part 2 Total	0.00	 	 	 
	 	Interest
    Shortfall Reconciliation Detail Part 1 Total	0.00	 	 	 
	 	Total
    Interest Shortfall Allocated to Trust	0.00	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    Page 20 of 21

     

    

 

	 	 	 	 
		Grace Trust 2020-GRCE

                                                

                                               Commercial Mortgage Pass-Through Certificates

Series 2020-GRCE
	For
Additional Information please contact 
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	12/10/20
	8480 Stagecoach Circle	Record Date:	11/30/20
	Frederick, MD 21701-4747	Determination Date:	12/4/20

	 	 	 
	 	 	 
	 	Supplemental Reporting	 
	 	 	 
	 	 	 
	 	Any
    Disclosable Special Servicing Fees would be listed here.	 
	 	 	 
	 	Risk
    Retention	 
	 	 	 
	 	Pursuant
                                         to the TSA, the Certificate Administrator has made available on www.ctslink.com <http://www.ctslink.com>,
                                         specifically under the “Risk Retention Special Notices” tab for the Grace
                                         2020-GRCE transaction, certain information regarding ongoing compliance by the Retaining
                                         Third-Party Purchaser with certain specified provisions of the Credit Risk Retention
                                         Rules. Investors should refer to the Certificate Administrator’s website for all
                                         such information.

	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    Page 21 of 21

     

    

 

EXHIBIT
L-1-A

 

Form
of Investor Certification for Non-Borrower Related Parties 

 

[Date]

 

	Wells
    Fargo Bank, National Association

    Commercial Mortgage Servicing

    Three Wells Fargo 

    401 South Tryon Street, 8th Floor

    MAC D1050-084

    Charlotte, North Carolina 28202

    Attention: Grace 2020-GRCE Asset Manager 

    Email: commercial.servicing@wellsfargo.com	Wells
    Fargo Bank, National Association 

    9062 Old Annapolis Road 

    Columbia, Maryland 21045

    Attention: Corporate Trust Services – Grace 2020-GRCE

 

		Re:	Grace
                                         Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE 	 

 

In
accordance with the requirements for obtaining certain information under the Trust and Servicing Agreement, dated as of November
18, 2020 (the “Agreement”) and executed in connection with the Grace Trust 2020-GRCE 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][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
[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 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 Servicer, the Special Servicer, the Operating Advisor, each Initial
Purchaser and the Trust Fund for any 

    L-1-A-1

     

    

 

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 [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][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]

 

	Wells
Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: Grace 2020-GRCE Asset Manager

Email: commercial.servicing@wellsfargo.com
	Wells
                                         Fargo Bank, National Association

                                         9062 Old Annapolis Road

                                         Columbia, Maryland 21045

                                         Attention: Corporate Trust Services – Grace 2020-GRCE

         

 

		Re:	Grace
                                         Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE 	 

 

In
accordance with the requirements for obtaining certain information under the Trust and Servicing Agreement, dated as of November
18, 2020 (the “Agreement”) and executed in connection with the Grace Trust 2020-GRCE 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][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.

 

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

    L-1-B-1

     

    

 

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 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.]

 

	 	[certificateholder][Directing Holder][beneficial
owner][prospective Purchaser]
	 	 	 
	 	By:	 
	 	 	Title:
	 	 	Company:
	 	 	Phone:

 

    L-1-B-2

     

    

 

EXHIBIT
L-1-C

 

Form
of Certification of the DIRECTING HOLDER

 

[Date]

 

	Wells
    Fargo Bank, National Association

    Commercial Mortgage Servicing

    Three Wells Fargo 

    401 South Tryon Street, 8th Floor

    MAC D1050-084

    Charlotte, North Carolina 28202

    Attention: Grace 2020-GRCE Asset Manager 

    Email: commercial.servicing@wellsfargo.com  	Wells
        Fargo Bank, National Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Services – Grace 2020-GRCE

         

        Park
Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: Grace 2020-GRCE-Surveillance Manager (with
a copy sent contemporaneously via email to: cmbsnotices@parkbridgefinancial.com)  

 

Trust
and Servicing Agreement (“Trust and Servicing Agreement”) relating to Grace Trust 2020-GRCE Commercial Mortgage Pass-Through
Certificates, Series 2020-GRCE

 

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 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-1

     

    

 

EXHIBIT
L-1-D

 

FORM
OF NOTICE OF CONFLICTED CONTROLLING CLASS HOLDER WHO BECOMES A BORROWER RELATED PARTY

 

[Date]

 

	Wells
Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: Grace 2020-GRCE Asset Manager

Email: commercial.servicing@wellsfargo.com 
	Wells
                                         Fargo Bank, National Association

                                         9062 Old Annapolis Road

                                         Columbia, Maryland 21045

                                         Attention: Corporate Trust Services – Grace 2020-GRCE

         

 

Trust
and Servicing Agreement (“Trust and Servicing Agreement”) relating to Grace Trust 2020-GRCE Commercial Mortgage Pass-Through
Certificates, Series 2020-GRCE

 

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:

 

	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 Grace Trust 2020-GRCE securitization should be revoked as to such users: 

	 	 	 

 

    L-1-D-1

     

    
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

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 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 (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:
Banc of America Merrill Lynch Large Loan, Inc.

 

    L-1-D-2

     

    

 

EXHIBIT
L-2

 

FORM
OF INVESTOR CERTIFICATION TO EXERCISE VOTING RIGHTS

 

[Date]

 

Wells
Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: Grace 2020-GRCE Asset Manager

Email: commercial.servicing@wellsfargo.com

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – Grace 2020-GRCE

 

		Re:	Grace
                                         Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE 	 

 

In
accordance with the requirements for the exercise of Voting Rights pursuant to the Trust and Servicing Agreement, dated as of
November 18, 2020 (the “Agreement”) and executed in connection with the Grace Trust 2020-GRCE 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, 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 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.

 

    L-2-1

     

    

 

	 	[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 Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE (the “Certificates”)
issued pursuant to the Trust and Servicing Agreement, dated as of November 18, 2020 (the “Trust and Servicing Agreement”)
and executed in connection with the Grace Trust 2020-GRCE securitization transaction, the undersigned hereby certifies and agrees
as follows:

 

		1.	The
                                         undersigned is an employee or agent of BlackRock Financial Management, Bloomberg, L.P.,
                                         Trepp, LLC, Intex Solutions, Inc., Moody’s Analytics, Interactive Data Corporation,
                                         Markit LLC, KBRA Analytics, Inc. and Thomson Reuters Corporation, a market data provider
                                         that has been given access to the Distribution Date Statements, CREFC reports and supplemental
                                         notices delivered or made available pursuant to Section 4.02 of the 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: 	 
	 	 	Email:	 

 

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 Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE (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: 	 
	 	 	Email:	 

 

Dated:

 

    L-4-1

     

    

 

EXHIBIT
M

 

FORM
OF NOTIFICATION FROM CUSTODIAN

 

[DATE]

 

To
the Persons Listed on the attached Schedule A

 

		Re:	Grace
                                         Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE 	 

 

To
the parties listed on the attached Schedule A:

 

In
accordance with Section 2.02 of the Trust and Servicing Agreement, dated as of November 18, 2020 (the “Trust and Servicing
Agreement”) and executed in connection with the Grace Trust 2020-GRCE 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:	 
	 	 	Name:
	 	 	Title:

 

    M-1

     

    

 

SCHEDULE
A

TO

FORM OF NOTIFICATION FROM CUSTODIAN

 

To
the Depositor:

 

Banc
of America Merrill Lynch Large Loan, Inc.

One Bryant Park, NY1-100-11-07

New York, New York 10036

Attention: Leland F. Bunch, III

Facsimile: (646) 855-5044

Email: leland.f.bunch@bofa.com

 

With
a copy to:

cmbsnotices@bofa.com

 

To
the Certificate Administrator:

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia,
Maryland 21045

Attention:
Corporate Trust Services – Grace 2020-GRCE

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 – Grace 2020-GRCE

 

with
a copy to:

 

Email:
cmbstrustee@wilmingtontrust.com

 

To
the Servicer:

 

Wells
Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202 

Attention:
Grace 2020-GRCE Asset Manager

Email: commercial.servicing@wellsfargo.com

 

To the Special Servicer:

 

    M-2

     

    

 

Situs
Holdings, LLC

101 Montgomery Street, Suite 2250

San Francisco, California 94104

Attention: Stacey Ciarlanti

Email: stacey.ciarlanti@situsamc.com

 

with
a copy to:

 

Situs
Group, LLC

5065 Westheimer, Suite 700E

Houston, Texas 77056

Attention: Legal Department

Email: legal@situsamc.com

 

To
the Operating Advisor:

 

Park
Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: Grace 2020-GRCE-Surveillance Manager (with a copy sent contemporaneously via email to: cmbsnotices@parkbridgefinancial.com)

 

To
the Loan Sellers:

 

Bank
of America, National Association

One Bryant Park, NY1-100-11-07

New York, New York 10036

Attention: Leland F. Bunch, III

Fax Number: (646) 855-5044

Email: leland.f.bunch@bofa.com

 

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

 

Column
Financial, Inc.

11
Madison Avenue

New
York, New York 10010

Attention:
David Tlusty

Fax
number: (646) 935-8520

Email:
david.tlusty@credit-suisse.com

 

German
American Capital Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

Email: cmbs.requests@db.com

 

    M-3

     

    

 

DEFECT
SCHEDULE

TO FORM OF NOTIFICATION FROM CUSTODIAN

 

    M-4

     

    

 

EXHIBIT
N-1

 

FORM
OF CLOSING DATE CUSTODIAN CERTIFICATION

 

[Date]

 

	Banc
of America Merrill Lynch Large Loan, Inc.

        One
Bryant Park, NY1-100-11-07

        New
York, New York 10036

        Attention:
Leland F. Bunch, III

        Facsimile
number: (646) 855-5044

        Email:
        leland.f.bunch@bofa.com

         

        With
        a copy to:

        cmbsnotices@bofa.com

         

        Wells
        Fargo Bank, National Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Services – Grace 2020-GRCE

         

        Wells
        Fargo Bank, National Association

        Commercial Mortgage Servicing

        Three Wells Fargo

        401 South Tryon Street, 8th Floor

        MAC D1050-084

        Charlotte, North Carolina 28202

        Attention: Grace 2020-GRCE Asset Manager

        Email: commercial.servicing@wellsfargo.com

         
	Wilmington
Trust, National Association

        1100
North Market Street

        Wilmington,
Delaware 19890

        Facsimile
Number: (302) 630-4140

        Attention:
CMBS Trustee – Grace 2020-GRCE 

        Email:
        cmbstrustee@wilmingtontrust.com

         

        Bank
of America, National Association

        One
Bryant Park, NY1-100-11-07

        New
York, New York 10036

        Attention:
Leland F. Bunch, III 

        Fax
Number: (646) 855-5044 

        Email:
        leland.f.bunch@bofa.com

         

        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

         

        Column
Financial, Inc.

        11
Madison Avenue

        New
York, New York 10010 

        Attention:
David Tlusty 

        Fax
number: (646) 935-8520 

        Email:
        david.tlusty@credit-suisse.com

         

        German
American Capital Corporation 

        60
Wall Street 

        New
York, New York 10005 

        Attention:
Lainie Kaye 

        Email:
cmbs.request@db.com 

 

		Re:	Grace
                                         Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE 	 

 

In
accordance with Section 2.02 of the Trust and Servicing Agreement, dated as of November 18, 2020 (the “Agreement”)
and executed in connection with the Grace Trust 2020-GRCE 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 Notes, and (b) the foregoing documents delivered or caused to be delivered by the Loan Sellers 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)(xix) of the Agreement have been received, have been executed,
appear to be what they purport to

 

    N-1-1

     

    

 

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.

 

	 	Wells
    fargo bank, national association,

    not in its individual capacity

    but solely as Custodian
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    N-1-2

     

    

 

SCHEDULE
A 

TO CLOSING DATE CUSTODIAN CERTIFICATION

 

MORTGAGE
LOAN SCHEDULE

 

    N-1-3

     

    

 

SCHEDULE
B

TO CLOSING DATE CUSTODIAN CERTIFICATION

 

Exceptions
to the Mortgage File Delivery and Review

 

    N-1-4

     

    

 

EXHIBIT
N-2

 

FORM
OF POST-CLOSING CUSTODIAN CERTIFICATION

 

[Date]

 

	Banc
of America Merrill Lynch Large Loan, Inc.

        One
Bryant Park, NY1-100-11-07

        New
York, New York 10036

        Attention:
Leland F. Bunch, III

        Facsimile
number: (646) 855-5044 

        Email:
        leland.f.bunch@bofa.com

         

        With
        a copy to:

        cmbsnotices@bofa.com

         

        Wells
        Fargo Bank, National Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Services – Grace 2020-GRCE

         

        Wells
        Fargo Bank, National Association

        Commercial Mortgage Servicing

        Three Wells Fargo

        401 South Tryon Street, 8th Floor

        MAC D1050-084

        Charlotte, North Carolina 28202

        Attention: Grace 2020-GRCE Asset Manager

        Email: commercial.servicing@wellsfargo.com

         

        Wilmington
Trust, National Association

        1100
North Market Street

        Wilmington,
Delaware 19890

        Facsimile
Number: (302) 630-4140

        Attention:
CMBS Trustee – Grace 2020-GRCE

Email: cmbstrustee@wilmingtontrust.com
	Bank
of America, National Association

        One
Bryant Park, NY1-100-11-07

        New
York, New York 10036

        Attention:
Leland F. Bunch, III

        Fax
Number: (646) 855-5044

        Email:
        leland.f.bunch@bofa.com

         

        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

         

        Column
Financial, Inc.

        11
Madison Avenue

        New
York, New York 10010

        Attention:
David Tlusty

        Fax
number: (646) 935-8520

        Email:
        david.tlusty@credit-suisse.com

         

        German
American Capital Corporation

        60
Wall Street

        New
York, New York 10005

        Attention:
Lainie Kaye

        Email:
cmbs.request@db.com

 

		Re:	Grace
                                         Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE 	 

 

In
accordance with Section 2.02 of the Trust and Servicing Agreement, dated as of November 18, 2020 (the “Agreement”)
and executed in connection with the Grace Trust 2020-GRCE 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 (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 (xx) of the Agreement, as
identified to it in writing as a document required to be delivered by the 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

 

    N-2-1

     

    

 

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:	 	 
	 	 	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 – Grace 2020-GRCE

 

		Attention:	Banc
                                         of America Merrill Lynch Large Loan, Inc., Grace Trust 2020-GRCE Commercial Mortgage
                                         Pass-Through Certificates, Series 2020-GRCE 

 

In
accordance with the requirements for obtaining certain information pursuant to the Trust and Servicing Agreement, dated as of
November 18, 2020 (the “Trust and Servicing Agreement”) and executed in connection with the Grace Trust 2020-GRCE
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 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-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:	       

 

    O-2

     

    

 

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 Grace Trust 2020-GRCE Commercial
Mortgage Pass-Through Certificates, Series 2020-GRCE (the “Certificates”) pursuant to the Trust and Servicing
Agreement, dated as of November 18, 2020 (the “Trust and Servicing Agreement”), by and among Banc of America
Merrill Lynch Large Loan, Inc., as Depositor, Wells Fargo Bank, National Association, as 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 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 

    O-3

     

    

 

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 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 

    O-4

     

    

 

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.

 

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-5

     

    

 

EXHIBIT
P-1

 

FORM
OF TRANSFEROR CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

Banc
of America Merrill Lynch Large Loan, Inc.

One
Bryant Park, NY1-100-11-07

New
York, New York 10036

Attention:
Leland F. Bunch, III

Facsimile
number: (646) 855-5044

Email:
leland.f.bunch@bofa.com

 

With
a copy to: 

cmbsnotices@bofa.com

 

		Re:	Banc
                                         of America Merrill Lynch Large Loan, Inc., Grace Trust 2020-GRCE Commercial Mortgage
                                         Pass-Through Certificates, Series 2020-GRCE 

 

To
the above mentioned party:

 

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 18, 2020 (the “Trust
and Servicing Agreement”) and executed in connection with the Grace Trust 2020-GRCE 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 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]

 

Banc
of America Merrill Lynch Large Loan, Inc. 

One
Bryant Park, NY1-100-11-07

New
York, New York 10036

Attention:
Leland F. Bunch, III

Facsimile
number: (646) 855-5044

Email:
leland.f.bunch@bofa.com

 

With
a copy to:

cmbsnotices@bofa.com 

 

Wells
Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: Grace 2020-GRCE Asset Manager

Email: commercial.servicing@wellsfargo.com

 

		Re:	Banc
                                         of America Merrill Lynch Large Loan, Inc., Grace Trust 2020-GRCE Commercial Mortgage
                                         Pass-Through Certificates, Series 2020-GRCE

 

To
the above mentioned parties:

 

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 18, 2020 (the “Trust
and Servicing Agreement”) and executed in connection with the Grace Trust 2020-GRCE 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 Servicer, that:

 

1.       The
Transferee is acquiring the right to receive Excess Servicing Fees with respect to the Whole Loan as to which [_____] is the applicable
Servicer (the “Excess Servicing Fee Right”) for its own account for investment and not with a view to or for
sale or transfer in connection with any distribution thereof, in whole or in part, in any manner which would violate the Securities
Act of 1933, as amended (the “Securities Act”), or any applicable state securities laws.

 

2.       The
Transferee understands that (a) the Excess Servicing Fee Right has not been and will not be registered under the Securities Act
or registered or qualified under any applicable state securities laws, (b) none of the Depositor, the Trustee, 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

 

    P-2-1

     

    

 

prospective transferor substantially in the form attached
as Exhibit P-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 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 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

 

    P-2-2

     

    

 

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 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 18, 2020 (the
“Agreement”) by and among Banc of America Merrill Lynch Large Loan, Inc., as depositor, Wells Fargo Bank, National
Association, as servicer (in such capacity, the “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 [Special] Servicer, by and through the [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 [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.

 

		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.

 

    Q-1

     

    

 

		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;

 

		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:

 

    Q-2

     

    

 

		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 Property and other related collateral;

 

		b.	any
                                         and all instruments of satisfaction or cancellation, or of partial or full release or
                                         discharge, or of partial or full defeasance, and all other comparable instruments; and

 

		c.	any
                                         and all assumptions, modifications, waivers, substitutions, extensions, amendments, consents
                                         to transfers of interests in borrowers, consents to any subordinate financings to be
                                         secured by the Property, consents to any mezzanine financing to be secured by the ownership
                                         interests in a borrower, consents to and monitoring of the application of any proceeds
                                         of insurance policies or condemnation awards to the restoration of the Property[, REO
                                         Property] or otherwise, documents relating to the management, operation, maintenance,
                                         repair, leasing and marketing of the Property (including agreements and requests by any
                                         borrower with respect to modifications of the standards of operation and management of
                                         the 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 Trust Loan under the related loan documents, lease subordination agreements, non-disturbance
                                         and attornment agreements or other leasing or rental arrangements, any easements, covenants,
                                         conditions, restrictions, equitable servitudes, or land use or zoning requirements with
                                         respect to the Property [or REO Property], instruments relating to the custody of any
                                         collateral that now secures or hereafter may secure the Trust 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 [Special] Servicer has the power to delegate its rights or obligations under the Agreement, the [Special]
Servicer also has the power to delegate the authority given to it by Wilmington

 

    Q-3

     

    

 

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 [Special] Servicer’s attorneys-in-fact shall have
no greater authority than that held by the [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 [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 [Special] Servicer receives any notice of suit, litigation or proceeding in the name
of Wilmington Trust, National Association, then the [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 [Special] Servicer under the Agreement or to allow
the [Special] Servicer to take any action with respect to Mortgages, deeds of trust or Trust Notes not authorized by the Agreement.

 

The
[Special] Servicer hereby agrees to indemnify and hold the Trustee and its directors, officers, employees and agents harmless
from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses
or disbursements of any kind or nature whatsoever incurred by reason or result of the negligent use, or negligent or willful misuse,
of this Limited Power of Attorney by the [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 Grace Trust 2020-GRCE 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 Grace Trust 2020-GRCE	 
	 	 	 	 
	 	By:	 	 
	 	 	          Name:	 
	 	 	          Title:	 
	 	 	 	 
	 	Prepared by:	 
	 	 	 	 
	 	 	          Name:	 

 

    Q-4

     

    

 

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-5

     

    

 

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 18, 2020 (the “Trust and Servicing Agreement”),
among Wells Fargo Bank, National Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National
Association, as Certificate Administrator and as Custodian, Wilmington Trust, National Association, as Trustee, and Park Bridge
Lender Services LLC, as Operating Advisor.

 

Transaction:
Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE

 

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 ANY MATERIAL DEVIATION ITEMS]

 

In
addition, the Operating Advisor notes the following: [PROVIDE SUMMARY OF ANY ADDITIONAL MATERIAL INFORMATION].

 

[ADD
RECOMMENDATION OF REPLACEMENT OF SPECIAL SERVICER, IF APPLICABLE]

 

II.            List
of Items that Were Considered in Compiling this Report 

 

  In
rendering our assessment herein, we examined and relied upon the accuracy and completeness of the items listed below:

 

1.       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 procedures manual (including
amendments and appendices thereof), 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.

 

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.

 

    S-2

     

    

 

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 – Grace 2020-GRCE

with
a copy to: Email: cmbstrustee@wilmingtontrust.com

 

Wells
Fargo Bank, National Association

as Certificate Administrator

9062
Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – Grace 2020-GRCE

 

Situs
Holdings, LLC, as Special Servicer

101
Montgomery Street, Suite 2250

San
Francisco, California 94104

Attention:
Stacey Ciarlanti

Email:
stacey.ciarlanti@situsamc.com

 

		Re:	Grace
                                         Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE, Recommendation
                                         of Replacement of Special Servicer 

 

To
the above mentioned parties:

 

This
letter is delivered pursuant to Section 7.01(e) of the Trust and Servicing Agreement, dated as of November 18, 2020 (the “Trust
and Servicing Agreement”), and executed in connection with the above-referenced transaction, on behalf of the holders
of Grace Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE (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-1

     

    

 

EXHIBIT
U

 

Form
of Notice OF MEZZANINE COLLATERAL FORECLOSURE

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services—Grace 2020-GRCE

 

Wells
Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: Grace 2020-GRCE Asset Manager 

 

Situs
Holdings, LLC

101
Montgomery Street, Suite 2250

San
Francisco, California 94104

Attention:
Stacey Ciarlanti

Email:
stacey.ciarlanti@situsamc.com 

 

Wilmington
Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee – Grace 2020-GRCE

 

In
accordance with Section 3.23(h) of the Trust and Servicing Agreement, dated as of November 18, 2020 (the “Agreement”),
by and among Banc of America Merrill Lynch Large Loan, Inc., as Depositor, Wells Fargo Bank, National Association, as Servicer,
Situs Holdings, LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, Wells Fargo Bank, National Association,
as Certificate Administrator, Paying Agent and Custodian and Park Bridge Lender Services LLC, as Operating Advisor, with respect
to the above-referenced certificates, the undersigned hereby notifies you that the following mezzanine lenders have accelerated
the Mezzanine Loan and/or have commenced foreclosure proceedings against the related mezzanine collateral:

 

[INSERT
NAME]

 

As
set forth in the Agreement, you are required to cause such mezzanine lender to re-submit any Investor Certification previously
delivered by such mezzanine lender, prior to allowing it access to the information on the Certificate Administrator’s website,
to the extent such information is accessible only to Privileged Persons.

 

Capitalized
terms used but not defined herein shall have the meanings ascribed thereto in the Agreement.

 

	 	[Servicer]
    [Special Servicer] [Certificate Administrator][Banc of America Merrill Lynch Large Loan, Inc.]
	 	 	 
	 	Name:	 
	 	Title:	 

 

    U-1

     

    

 

EXHIBIT
V

 

Form
of cERTIFICATE ADMINISTRATOR RECEIPT OF CLASS HRR CERTIFICATES 

 

	Bank
of America, National Association

        as
Retaining Sponsor

        One
Bryant Park, NY1-100-11-07

        New
York, New York 10036

        Attention:
Leland F. Bunch, III

        Fax
Number: (646) 855-5044

        Email:
leland.f.bunch@bofa.com
	Core
Credit Partners A LLC

        c/o
Square Mile Capital Management LLC 350 Park Avenue

        New
York, New York 10022,

        Attention:
Daniel M. Kasell

        Email:
dkasell@squaremilecapital.com

         

         

	 

        Banc
of America Merrill Lynch Large Loan, Inc.

        One
Bryant Park, NY1-100-11-07

New York, New York 10036

Attention: Leland F. Bunch, III

Email: leland.f.bunch@bofa.com

         

        with
a copy to:

cmbsnotices@bofa.com
	 

 

		Re:	Grace
                                         Trust 2020-GRCE Commercial Mortgage Pass-Through Certificates, Series 2020-GRCE 	 

 

In
accordance with Section 5.02(a) of the Trust and Servicing Agreement, dated as of November 18, 2020 (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 [Core Credit Partners A LLC], the initial Third Party Purchaser.

 

Capitalized
terms used but not defined herein shall have the respective meanings set forth in the Agreement.

 

	 	Wells
    Fargo Bank, National Association,
	 	not in its individual capacity
	 	but solely as Certificate Administrator
	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

    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 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 Loan
Sellers. Each of the Certificate Administrator, the Paying Agent, the Trustee, the 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 Grace Trust 2020-GRCE Trust and Servicing Agreement and any Other Securitization Trust, each of the Certificate
Administrator, the Paying Agent, the Trustee, the 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
        Servicer (only with respect to 1121(a)(12) as to non-Specially Serviced Loans)

         

        ●     Special
        Servicer 

(only with respect to 1121(a)(12) as to Specially Serviced Loans)

         

        ●     Depositor

         

        ●     Certificate
        Administrator

         

	Item
    2: Legal Proceedings:

    Item 1117 of Regulation AB (to the extent material to Certificateholders)	●     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)

         

        ●     Trustee/Certificate
        Administrator/Servicer/ Depositor/Special Servicer as to the Trust

         

        ●     Originators
        under Item 1110 of Regulation AB (to be provided by the Depositor)

         

        ●     Party
under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor)

 

    W-1

     

    

 

	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	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 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
Loan Sellers. Each of the Certificate Administrator, the Paying Agent, the Trustee, the 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 Grace Trust 2020-GRCE Trust and Servicing Agreement and any Other Securitization, each of the Certificate
Administrator, the Paying Agent, the Trustee, the 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	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)	●    Servicer
(as to itself)

                                                                                                                                                                   

        ●    Special
        Servicer (as to itself)

         

        ●    Certificate
Administrator (as to itself)

         

        ●    Trustee
(as to itself)

         

        ●    Depositor
(as to itself)

         

        ●    Any
other Reporting Servicer (as to itself)

         

        ●    Trustee/Certificate
Administrator/Servicer/Depositor/Special Servicer as to the Trust 

         

        ●    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	●    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, 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)

         

        ●    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 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 Loan Sellers. Each of the Certificate Administrator, the Paying Agent, the Trustee,
the 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 Grace Trust 2020-GRCE Trust and Servicing Agreement
and any Other Securitization, each of the Certificate Administrator, the Paying Agent, the Trustee, the 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/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/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

 

    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.	●     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.	●     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

 

    Y-2

     

    

 

	Item
    on Form 8-K	Party
    Responsible 

	Item
    6.05- Securities Act Updating Disclosure	●     Depositor
	Item
    7.01- Regulation FD Disclosure	●     Depositor
	Item
    8.01 – Other Events

    

    Any event, with respect to which information is not otherwise called for in Form 8-K, that the registrant deems of importance
    to certificateholders.	●     Depositor
	Item
    9.01 – Financial Statements and Exhibits	●     Responsible
    party for reporting/disclosing the financial statement or exhibit

    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]

 

**Additional
Form [10-D][10-K][8-K] Disclosure Required **

 

To
the above mentioned parties:

 

In
accordance with Section [11.04][11.05][11.06] of the Trust and Servicing Agreement, dated as of November 18, 2020 (the “Trust
and Servicing Agreement”), entered into among Banc of America Merrill Lynch Large Loan, Inc., as depositor, Wells Fargo
Bank, National Association, as servicer (in such capacity, the “Servicer”), Situs Holdings, LLC, as special
servicer (the “Special Servicer”), Wilmington Trust, National Association, as 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:

 

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:

 

    Z-4

     

    

 

EXHIBIT
AA

 

INITIAL
SUB-SERVICERS

 

None.

 

    AA-1

     

    

 

EXHIBIT
BB

 

FORM
OF BACKUP CERTIFICATION

 

Grace
Trust 2020-GRCE (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 18, 2020 (the “Trust and Servicing
Agreement”), entered into among Banc of America Merrill Lynch Large Loan, Inc., as depositor, Wells Fargo Bank, National
Association, as servicer (in such capacity, the “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”),
on behalf of the [identify role], certify to [Name of Certifying Person(s) for Sarbanes-Oxley Certification], the Depositor, and
its officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification, that:

 

		1.	Based
                                         on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
                                         Period”), all servicing information and all required reports required to be
                                         submitted by the [identify role] to the applicable Other Exchange Act Reporting Party
                                         pursuant to the Trust and Servicing Agreement for inclusion in the annual report on Form
                                         10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K (the
                                         “Reports”) have been submitted by the [identify role] to the Servicer,
                                         the Depositor, the Trustee or the Certificate Administrator, as applicable, for inclusion
                                         in these reports;

 

		2.	Based
                                         on my knowledge, the [identify role] information contained in the Reports, taken as a
                                         whole, does not contain any untrue statement of a material fact or omit to state a material
                                         fact necessary to make the statements made therein, in light of the circumstances under
                                         which such statements were made, not misleading with respect to the period covered by
                                         these reports;

 

		3.	I
                                         am, or an officer under my supervision is, responsible for reviewing the activities performed
                                         by the [identify role] under the Trust and Servicing Agreement and based upon my knowledge
                                         and the annual compliance reviews conducted in preparing the servicer compliance statements
                                         required in this report under Item 1123 of Regulation AB with respect to the [identify
                                         role], and except as disclosed in the compliance certificate delivered by the [identify
                                         role] under Section 11.07 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 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 

 

    BB-1

     

    

 

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]

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: Grace 2020-GRCE Asset Manager

 

Wells
Fargo Bank, National Association

9062
Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – Grace 2020-GRCE

 

with
copies to:

 

cts.cmbs.bond.admin@wellsfargo.com,
and

trustadministrationgroup@wellsfargo.com

 

		Re:	Grace
                                         Trust 2020-GRCE – Companion Loan

 

In
accordance with the requirements for obtaining certain information under the Trust and Servicing Agreement (the “Agreement”),
dated as of November 18, 2020, among Banc of America Merrill Lynch Large Loan, Inc., as Depositor, Wells Fargo Bank, National
Association, as 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.

 

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

 

    CC-1

     

    

 

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 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-2Exhibit 4.4

 

EXECUTION
VERSION

 

GS
MORTGAGE SECURITIES CORPORATION II,
as Depositor

 

WELLS
FARGO Bank, National Association,
as
Master Servicer

 

KEYBANK
NATIONAL ASSOCIATION,
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 as Asset Representations Reviewer

 

POOLING
AND SERVICING AGREEMENT

 

Dated
as of

May
1, 2020

 

GS
Mortgage Securities Trust 2020-GC47
Commercial Mortgage Pass-Through Certificates

 

Series
2020-GC47

 

    

     

    

 

TABLE
OF CONTENTS

 

	 

	 

	 	Page

	ARTICLE
                                         I

	 

	DEFINITIONS

	 
	Section
                                         1.01

	Defined
                         Terms

	 	5

	Section
                                         1.02

	Certain
                         Calculations

	 	124

	ARTICLE
                                         II

	 

	CONVEYANCE
                                         OF MORTGAGE LOANS;

	ORIGINAL
                                         ISSUANCE OF CERTIFICATES; CREATION OF RR INTEREST

	 
	Section
                                         2.01

	Conveyance
                         of Mortgage Loans

	 	125

	Section
                                         2.02

	Acceptance
                         by Trustee

	 	130

	Section
                                         2.03

	Representations,
                         Warranties and Covenants of the Depositor; Mortgage Loan Sellers’ Repurchase or Substitution of
                         Mortgage Loans for Defects in Mortgage Files and Breaches of Representations and Warranties

	 	132

	Section
                                         2.04

	Execution
                         of Certificates; Issuance of Lower-Tier Regular Interests

	 	149

	 	 	 	 
	ARTICLE
                                         III

	 

	ADMINISTRATION
                                         AND

	SERVICING
                                         OF THE TRUST FUND

	 
	Section
                                         3.01

	The
                         Master Servicer to Act as Master Servicer; Special Servicer to Act as Special Servicer; Administration
                         of the Mortgage Loans, the Serviced Companion Loans and REO Properties

	 	150

	Section
                                         3.02

	Collection
                         of Mortgage Loan Payments

	 	157

	Section
                                         3.03

	Collection
                         of Taxes, Assessments and Similar Items; Servicing Accounts

	 	162

	Section
                                         3.04

	The
                         Collection Account, the Lower-Tier REMIC Distribution Account, the Upper-Tier REMIC Distribution Account,
                         the Serviced Whole Loan Custodial Account, the Interest Reserve Account, the Non-VRR Gain-on-Sale Reserve
                         Account and the VRR Gain-on-Sale Reserve Account

	 	167

	Section
                                         3.05

	Permitted
                         Withdrawals from the Collection Account, the Distribution Accounts and the Serviced Whole Loan Custodial
                         Account

	 	173

	Section
                                         3.06

	Investment
                         of Funds in the Collection Account, Servicing Accounts and the REO Accounts

	 	185

	Section
                                         3.07

	Maintenance
                         of Insurance Policies; Errors and Omissions and Fidelity Coverage

	 	186

 

    -i-

     

    
	Section
                                         3.08

	Enforcement
                                         of Due-on-Sale Clauses; Assumption Agreements

	 	192

	Section
                                         3.09

	Realization
                                         Upon Defaulted Mortgage Loans and Companion Loans

	 	197

	Section
                                         3.10

	Trustee
                                         and Custodian to Cooperate; Release of Mortgage Files

	 	201

	Section
                                         3.11

	Servicing
                                         Compensation

	 	203

	Section
                                         3.12

	Inspections;
                                         Collection of Financial Statements

	 	210

	Section
                                         3.13

	Access
                                         to Certain Information

	 	216

	Section
                                         3.14

	Title
                                         to REO Property; REO Account

	 	229

	Section
                                         3.15

	Management
                                         of REO Property

	 	231

	Section
                                         3.16

	Sale
                                         of Defaulted Mortgage Loans and REO Properties

	 	233

	Section
                                         3.17

	Additional
                                         Obligations of Master Servicer and Special Servicer

	 	240

	Section
                                         3.18

	Modifications,
                                         Waivers, Amendments and Consents

	 	242

	Section
                                         3.19

	Transfer
                                         of Servicing Between Master Servicer and Special Servicer; Recordkeeping; Asset Status
                                         Report

	 	252

	Section
                                         3.20

	Sub-Servicing
                                         Agreements

	 	259

	Section
                                         3.21

	Interest
                                         Reserve Account

	 	263

	Section
                                         3.22

	Directing
                                         Holder and Operating Advisor Contact with Master Servicer and Special Servicer

	 	263

	Section
                                         3.23

	Controlling
                                         Class Certificateholders and the Controlling Class Representative and the Risk Retention
                                         Consultation Parties; Certain Rights and Powers of Directing Holder and Risk Retention
                                         Consultation Parties

	 	263

	Section
                                         3.24

	Co-Lender
                                         Agreements

	 	268

	Section
                                         3.25

	Rating
                                         Agency Confirmation

	 	271

	Section
                                         3.26

	The
                                         Operating Advisor

	 	273

	Section
                                         3.27

	Companion
                                         Paying Agent

	 	281

	Section
                                         3.28

	Companion
                                         Register

	 	282

	Section
                                         3.29

	Certain
                                         Matters Relating to the Non-Serviced Mortgage Loans

	 	282

	Section
                                         3.30

	Delivery
                                         of Excluded Information to the Certificate Administrator

	 	284

	Section
                                         3.31

	Credit
                                         Risk Retention

	 	285

	 	 	 	 
	ARTICLE
                                         IV

	 

	DISTRIBUTIONS
                                         TO CERTIFICATEHOLDERS AND RR INTEREST OWNER

	 
	Section
                                         4.01

	Distributions

	 	285

	Section
                                         4.02

	Distribution
                                         Date Statements; CREFC® Investor Reporting Packages; Grant of Power of Attorney

	 	296

	Section
                                         4.03

	P&I
                                         Advances

	 	302

	Section
                                         4.04

	Allocation
                                         of Realized Losses

	 	304

	Section
                                         4.05

	Appraisal
                                         Reduction Amounts; Collateral Deficiency Amounts

	 	306

	Section
                                         4.06

	[Reserved]

	 	311

	Section
                                         4.07

	Investor
                                         Q&A Forum; Investor Registry; and Rating Agency Q&A Forum and Document Request
                                         Tool

	 	311

	Section
                                         4.08

	Secure
                                         Data Room

	 	314

 

    -ii-

     

    
	ARTICLE
                                         V

	 

	THE
                                         CERTIFICATES

	 
	Section
                                         5.01

	The
                                     Certificates

	 	315

	Section
                                         5.02

	Form
                         and Registration

	 	318

	Section
                                         5.03

	Registration
                         of Transfer and Exchange of Certificates

	 	320

	Section
                                         5.04

	Mutilated,
                         Destroyed, Lost or Stolen Certificates

	 	329

	Section
                                         5.05

	Persons
                         Deemed Owners

	 	329

	Section
                                         5.06

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

	 	330

	Section
                                         5.07

	Maintenance
                         of Office or Agency

	 	331

	Section
                                         5.08

	Appointment
                         of Certificate Administrator

	 	331

	Section
                                         5.09

	Voting
                         Procedures for Certificates

	 	331

	 	 	 	 
	ARTICLE
                                         VI

	 

	THE
                                         DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE 
OPERATING
                                         ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE 
DIRECTING
                                         HOLDER AND THE RISK RETENTION CONSULTATION PARTIES

	 
	Section
                                         6.01

	Representations,
                         Warranties and Covenants of the Master Servicer, Special Servicer, the Operating Advisor and the Asset
                         Representations Reviewer

	 	333

	Section
                                         6.02

	Liability
                         of the Depositor, the Master Servicer, the Operating Advisor, the Special Servicer and the Asset Representations
                         Reviewer

	 	339

	Section
                                         6.03

	Merger,
                         Consolidation or Conversion of the Depositor, the Master Servicer, the Operating Advisor, the Special
                         Servicer or the Asset Representations Reviewer

	 	339

	Section
                                         6.04

	Limitation
                         on Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the
                         Asset Representations Reviewer and Others

	 	341

	Section
                                         6.05

	Depositor,
                         Master Servicer and Special Servicer Not to Resign

	 	346

	Section
                                         6.06

	Rights
                         of the Depositor in Respect of the Master Servicer and the Special Servicer

	 	347

	Section
                                         6.07

	The
                         Master Servicer and the Special Servicer as Certificate Owner

	 	347

	Section
                                         6.08

	The
                         Directing Holder and the Risk Retention Consultation Parties

	 	347

	Section
                                         6.09

	Rating
                         Agency Surveillance Fees

	 	356

	 	 	 	 
	ARTICLE
                                         VII

	 

	SERVICER
                                         TERMINATION EVENTS

	 
	Section
                                         7.01

	Servicer
                         Termination Events; Master Servicer and Special Servicer Termination

	 	356

	Section
                                         7.02

	Trustee
                         to Act; Appointment of Successor

	 	365

 

    -iii-

     

    
	Section
                                         7.03

	Notification
                                     to Certificateholders and RR Interest Owner

	 	367

	Section
                                         7.04

	Waiver
                         of Servicer Termination Events

	 	368

	Section
                                         7.05

	Trustee
                         as Maker of Advances

	 	368

	 	 	 	 
	Article
                                         VIII

	 

	CONCERNING
                                         THE TRUSTEE AND THE CERTIFICATE ADMINISTRATOR

	 
	Section
                                         8.01

	Duties
                         of the Trustee and the Certificate Administrator

	 	369

	Section
                                         8.02

	Certain
                         Matters Affecting the Trustee and the Certificate Administrator

	 	370

	Section
                                         8.03

	Trustee
                         and Certificate Administrator Not Liable for Validity or Sufficiency of Certificates, RR Interest or
                         Mortgage Loans

	 	372

	Section
                                         8.04

	Trustee
                         or Certificate Administrator May Own Certificates

	 	373

	Section
                                         8.05

	Fees
                         and Expenses of Trustee and Certificate Administrator; Indemnification of Trustee and Certificate Administrator

	 	373

	Section
                                         8.06

	Eligibility
                         Requirements for Trustee and Certificate Administrator

	 	375

	Section
                                         8.07

	Resignation
                         and Removal of the Trustee and Certificate Administrator

	 	375

	Section
                                         8.08

	Successor
                         Trustee or Certificate Administrator

	 	378

	Section
                                         8.09

	Merger
                         or Consolidation of Trustee or Certificate Administrator

	 	378

	Section
                                         8.10

	Appointment
                         of Co-Trustee or Separate Trustee

	 	379

	Section
                                         8.11

	Appointment
                         of Custodians

	 	380

	Section
                                         8.12

	Representations
                         and Warranties of the Trustee

	 	380

	Section
                                         8.13

	Provision
                         of Information to Certificate Administrator, Master Servicer and Special Servicer

	 	381

	Section
                                         8.14

	Representations
                         and Warranties of the Certificate Administrator

	 	382

	Section
                                         8.15

	Compliance
                         with the PATRIOT Act

	 	383

	 	 	 	 
	ARTICLE
                                         IX

	 

	 

	 	 

	TERMINATION

	 
	Section
                                         9.01

	Termination
                         upon Repurchase or Liquidation of All Mortgage Loans

	 	383

	Section
                                         9.02

	Additional
                         Termination Requirements

	 	387

	 	 	 	 
	ARTICLE
                                         X

	 

	 

	 	 

	ADDITIONAL
                                         REMIC PROVISIONS

	 
	Section
                                         10.01

	REMIC
                         Administration

	 	388

	Section
                                         10.02

	Use
                         of Agents

	 	391

	Section
                                         10.03

	Depositor,
                         Master Servicer and Special Servicer to Cooperate with Certificate Administrator

	 	391

	Section
                                         10.04

	Appointment
                         of REMIC Administrators

	 	392

 

    -iv-

     

    
	ARTICLE
                                         XI

	 

	EXCHANGE
                                         ACT REPORTING AND REGULATION AB COMPLIANCE

	 
	Section
                                         11.01

	Intent
                                     of the Parties; Reasonableness

	 	393

	Section
                                         11.02

	Succession;
                         Subcontractors

	 	393

	Section
                                         11.03

	Filing
                         Obligations

	 	395

	Section
                                         11.04

	Form 10-D
                         and Form ABS-EE Filings

	 	396

	Section
                                         11.05

	Form 10-K
                         Filings

	 	400

	Section
                                         11.06

	Sarbanes-Oxley
                         Certification

	 	403

	Section
                                         11.07

	Form 8-K
                         Filings

	 	404

	Section
                                         11.08

	Form 15
                         Filing

	 	406

	Section
                                         11.09

	Annual
                         Compliance Statements

	 	406

	Section
                                         11.10

	Annual
                         Reports on Assessment of Compliance with Servicing Criteria

	 	408

	Section
                                         11.11

	Annual
                         Independent Public Accountants’ Attestation Report

	 	410

	Section
                                         11.12

	Indemnification

	 	411

	Section
                                         11.13

	Amendments

	 	414

	Section
                                         11.14

	Regulation AB
                         Notices

	 	414

	Section
                                         11.15

	Certain
                         Matters Relating to the Future Securitization of the Serviced Pari Passu Companion Loans

	 	414

	Section
                                         11.16

	Certain
                         Matters Regarding Significant Obligors

	 	419

	Section
                                         11.17

	Impact
                         of Cure Period

	 	419

	 	 	 	 
	ARTICLE
                                         XII

	 

	THE
                                         ASSET REPRESENTATIONS REVIEWER

	 
	Section
                                         12.01

	Asset
                         Review

	 	420

	Section
                                         12.02

	Payment
                         of Asset Representations Reviewer Fees and Expenses; Limitation of Liability

	 	427

	Section
                                         12.03

	Resignation
                         of the Asset Representations Reviewer

	 	428

	Section
                                         12.04

	Restrictions
                         of the Asset Representations Reviewer

	 	428

	Section
                                         12.05

	Termination
                         of the Asset Representations Reviewer

	 	428

	 	 	 	 
	ARTICLE
                                         XIII

	 

	 

	 	 

	MISCELLANEOUS
                                         PROVISIONS

	 
	Section
                                         13.01

	Amendment

	 	431

	Section
                                         13.02

	Recordation
                         of Agreement; Counterparts

	 	436

	Section
                                         13.03

	Limitation
                         on Rights of Certificateholders and RR Interest Owner

	 	436

	Section
                                         13.04

	Governing
                         Law; Submission to Jurisdiction; Waiver of Jury Trial

	 	437

	Section
                                         13.05

	Notices

	 	438

	Section
                                         13.06

	Severability
                         of Provisions

	 	445

	Section
                                         13.07

	Grant
                         of a Security Interest

	 	445

	Section
                                         13.08

	Successors
                         and Assigns; Third Party Beneficiaries

	 	446

 

    -v-

     

    
	Section
                                         13.09

	Article
                                     and Section Headings

	 	446

	Section
                                         13.10

	Notices
                         to the Rating Agencies

	 	446

	Section
                                         13.11

	Cooperation
                         with the Mortgage Loan Sellers with Respect to Rights Under the Loan Agreements

	 	448

 

    -vi-

     

    
EXHIBITS

 

	Exhibit A-1

	Form of
Class A-1 Certificate

	Exhibit
A-2

	Form of
Class A-4 Certificate

	Exhibit
A-3

	Form of
Class A-5 Certificate

	Exhibit
A-4

	Form of
Class A-AB Certificate

	Exhibit
A-5

	Form of
Class X-A Certificate

	Exhibit
A-6

	Form of
Class A-S Certificate

	Exhibit
A-7

	Form of
Class B Certificate

	Exhibit A-8

	Form of
Class C Certificate

	Exhibit A-9

	Form of
Class D Certificate

	Exhibit A-10

	Form of
Class E Certificate

	Exhibit A-11

	Form of
Class X-E Certificate

	Exhibit
A-12

	Form of
Class F Certificate

	Exhibit A-13

	Form of
Class X-F Certificate

	Exhibit
A-14

	Form of
Class G Certificate

	Exhibit A-15

	Form of
Class X-G Certificate

	Exhibit A-16

	Form of
Class H Certificate

	Exhibit
A-17

	Form
of Class RR Certificate

	Exhibit
A-18

	Form of
Class R Certificate

	Exhibit
B

	Mortgage
Loan Schedule

	Exhibit
C

	Form of
Investment Representation Letter

	Exhibit
D-1

	Form of
Transferee Affidavit

	Exhibit
D-2

	Form of
Transferor Letter

	Exhibit
D-3

	Form
of Transferee Certificate for Transfers of the RR Interest

	Exhibit
D-4

	Form
of Transferor Certificate for Transfers of the RR Interest

	Exhibit
D-5

	Form
of Transferee Certificate for Transfers of the Class RR Certificates

	Exhibit
D-6

	Form
of Transferor Certificate for Transfers of the Class RR Certificates

	Exhibit
D-7

	Form
of Request of Retaining Sponsor Consent for Release of the Class RR Certificates

	Exhibit
E

	Form of
Request for Release

	Exhibit
F-1

	Form of
ERISA Representation Letter regarding ERISA Restricted Certificates

	Exhibit
F-2

	Form of
ERISA Representation Letter regarding [Class R Certificates][Class RR Certificates][the RR Interest]

	Exhibit
G

	Form of
Distribution Date Statement

	Exhibit
H

	[Reserved]

	Exhibit
I

	Form of
Transfer Certificate for Rule 144A Book-Entry Certificate to Temporary Regulation S Book-Entry Certificate during Restricted
Period

	Exhibit
J

	Form of
Transfer Certificate for Rule 144A Book-Entry Certificate to Regulation S Book-Entry Certificate after Restricted Period

	Exhibit
K

	Form of
Transfer Certificate for Temporary Regulation S Book-Entry Certificate to Rule 144A Book-Entry Certificate during Restricted
Period

	Exhibit
L

	Form of
Transfer Certificate for Temporary Regulation S Book-Entry Certificate to Regulation S Book-Entry Certificate after
Restricted Period

 

    -vii-

     

    
	Exhibit
M

	Form of
Transfer Certificate for Non-Book Entry Certificate to Temporary Regulation S Book-Entry Certificate

	Exhibit
N

	Form of
Transfer Certificate for Non-Book Entry Certificate to Regulation S Book-Entry Certificate

	Exhibit
O

	Form of
Transfer Certificate for Non-Book Entry Certificate to Rule 144A Book-Entry Certificate

	Exhibit
P-1A

	Form of
Investor Certification for Non-Borrower Party and/or a Risk Retention Consultation Party (for Persons other than the Directing
Holder, the Controlling Class Representative and/or a Controlling Class Certificateholder)

	Exhibit
P-1B

	Form of
Investor Certification for Non-Borrower Party (for the Directing Holder, Controlling Class Representative and/or a Controlling
Class Certificateholder)

	Exhibit
P-1C

	Form of
Investor Certification for Borrower Party (for Persons other than the Directing Holder, a Risk Retention Consultation Party, Controlling
Class Representative and/or a Controlling Class Certificateholder)

	Exhibit
P-1D

	Form of
Investor Certification for Borrower Party (for the Directing Holder, Controlling Class Representative and/or a Controlling Class Certificateholder)

	Exhibit
P-1E

	Form of
Notice of Excluded Controlling Class Holder

	Exhibit
P-1F

	Form of
Notice of Excluded Controlling Class Holder to Certificate Administrator

	Exhibit
P-1G

	Form of
Certification of the Controlling Class Representative

	Exhibit
P-1H

	Form of
Certification of a Risk Retention Consultation Party

	Exhibit
P-2

	Form of
Certification for NRSROs

	Exhibit
P-3

	Online
Market Data Provider Certification

	Exhibit
Q

	Custodian
Certification/Exception Report

	Exhibit
R-1

	Form of
Power of Attorney by Trustee for Master Servicer

	Exhibit
R-2

	Form of
Power of Attorney by Trustee for Special Servicer

	Exhibit
S

	Initial
Companion Holders, Initial Class Majority Certificateholder

	Exhibit T

	Form of
Notice Relating to the Non-Serviced Mortgage Loans

	Exhibit
U

	Form of
Notice and Certification Regarding Defeasance of Mortgage Loan

	Exhibit
V

	Form of
Operating Advisor Annual Report

	Exhibit
W

	Form of
Notice from Operating Advisor Recommending Replacement of the Special Servicer

	Exhibit X

	Form of
Confidentiality Agreement

	Exhibit Y

	Form Certification
to be Provided with Form 10-K

	Exhibit Z-1

	Form of
Certification to be Provided to Depositor by Certificate Administrator

	Exhibit Z-2

	Form of
Certification to be Provided to Depositor by Master Servicer

	Exhibit Z-3

	Form of
Certification to be Provided to Depositor by Special Servicer

	Exhibit Z-4

	Form of
Certification to be Provided to Depositor by Trustee

	Exhibit Z-5

	Form of
Certification to be Provided to Depositor by Operating Advisor

	Exhibit
Z-6

	Form of
Certification to be Provided to Depositor by Custodian

	Exhibit
Z-7

	Form of
Certification to be Provided to Depositor by Asset Representations Reviewer

 

    -viii-

     

    
	Exhibit
AA

	Servicing
Criteria to be Addressed in Assessment of Compliance

	Exhibit BB

	Additional
Form 10-D Disclosure

	Exhibit CC

	Additional
Form 10-K Disclosure

	Exhibit DD

	Form 8-K
Disclosure Information

	Exhibit EE

	Additional
Disclosure Notification

	Exhibit
FF

	Initial
Sub-Servicers

	Exhibit
GG

	Servicing
Function Participants

	Exhibit
HH

	Form of
Annual Compliance Statement

	Exhibit
II

	Form of
Report on Assessment of Compliance with Servicing Criteria

	Exhibit JJ

	CREFC®
Payment Information

	Exhibit KK

	Form of
Notice of Additional Secured Indebtedness Notification

	Exhibit
LL

	Additional
Disclosure Notification (Accounts)

	Exhibit
MM

	Form of
Notice of Purchase of Controlling Class Certificate

	Exhibit
NN

	Form of
Asset Review Report by the Asset Representations Reviewer

	Exhibit
OO

	Form of
Asset Review Report Summary

	Exhibit
PP

	Asset
Review Procedures

	Exhibit
QQ

	Form of
Certification to Certificate Administrator Requesting Access to Secure Data Room

	Exhibit
RR

	Form of
Notice of [Additional Delinquent Mortgage Loan][Cessation of Delinquent Mortgage Loan][Cessation of Asset Review Trigger]

	Exhibit
SS

	[Reserved]

	Exhibit
TT

	Form
of Certificate Administrator Receipt of the Class RR Certificates Upon Transfer

	Exhibit
UU

	Form
of Certificate Administrator Receipt of the Class RR Certificates

	Exhibit
VV

	Retained
Defeasance Rights and Obligations Mortgage Loans

 

    -ix-

     

    
SCHEDULES

 

	Schedule
1

	Mortgage
Loans With Additional Secured Debt

	Schedule
2

	Class A-AB
Scheduled Principal Balance Schedule

	Schedule
3

	Mortgage
Loans With “Performance”, “Earn-Out” or “Holdback” Escrows or Reserves

 

    -x-

     

    
This Pooling and Servicing Agreement is dated and effective as of May 1, 2020, among GS Mortgage Securities Corporation II, as Depositor, Wells Fargo Bank, National Association, as Master Servicer, KeyBank National Association, 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 as Asset Representations Reviewer.

 

PRELIMINARY STATEMENT:

 

The Depositor intends to sell commercial mortgage pass-through certificates (collectively, the “Certificates”), to be issued hereunder in multiple classes (each, a “Class”), which in the aggregate, and collectively with the RR Interest, will evidence the entire ownership interest in the Trust to be created hereunder, the primary assets of which will be a pool of commercial mortgage loans. As provided herein, the Certificate Administrator shall elect or shall cause an election to be made to treat designated portions of the Trust 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” as described herein).

 

The Depositor intends (i) to sell the Certificates (other than the Class RR Certificates) to the Underwriters and the Initial Purchasers, (ii) to cause the RR Interest to be owned on the Closing Date by the Retaining Sponsor and (iii) to cause the Class RR Certificates to be owned on the Closing Date by CREFI.

 

LOWER-TIER REMIC

 

The Lower-Tier REMIC
will hold the Mortgage Loans and will issue the Class LA1, Class LA4, Class LA5, Class LAAB, Class LAS, Class LB,
Class LC, Class LD, Class LE, Class LF, Class LG, Class LH and Class LRR Uncertificated Interests and the
LRI Uncertificated Interest (the “Lower-Tier Regular Interests”), which will evidence the “regular
interests” in the Lower-Tier REMIC created hereunder. The Lower-Tier REMIC will also issue the uncertificated Class LR
Interest, which is the sole Class of “residual interests” in the Lower-Tier REMIC for purposes of the REMIC Provisions
and is represented by the Class R Certificates.

 

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The following table
sets forth the Original Lower-Tier Principal Amounts and per annum rates of interest for the Lower-Tier Regular Interests
and the Class LR Interest:

	
Designation 

	
 

	
Interest Rate or Pass-Through Rate 

	
 

	
Original Lower-Tier
Principal Amount  

	
Class LA1

	
 

	
(1)

	
 

	
$      3,688,000

	
Class LA4

	
 

	
(1)

	
 

	
$  190,000,000

	
Class LA5

	
 

	
(1)

	
 

	
$  310,694,000

	
Class LAAB

	
 

	
(1)

	
 

	
$      8,900,000

	
Class LAS

	
 

	
(1)

	
 

	
$    60,494,000

	
Class LB

	
 

	
(1)

	
 

	
$    35,746,000

	
Class LC

	
 

	
(1)

	
 

	
$    32,997,000

	
Class LD

	
 

	
(1)

	
 

	
$    22,914,000

	
Class LE

	
 

	
(1)

	
 

	
$    17,415,000

	
Class LF

	
 

	
(1)

	
 

	
$    13,749,000

	
Class LG

	
 

	
(1)

	
 

	
$      7,332,000

	
Class LH

	
 

	
(1)

	
 

	
$    29,331,281

	
Class LRR

	
 

	
(1)

	
 

	
    $    13,027,646(2)

	
Class LR

	
 

	
N/A(3)

	
 

	
             N/A

	
LRI

	
 

	
(1)

	
 

	
    $    25,565,001(4)

 

 

	
(1)

	
The interest rate for each Class of Lower-Tier Regular Interests on any Distribution Date will be the Weighted Average Net Mortgage Rate for such Distribution Date.

 

	
(2)

	
The Class LRR Uncertificated Interest (evidenced by the Class RR Certificates) will have an original principal balance equal to (a) the VRR Percentage minus the RRI Percentage, multiplied by (b) the aggregate Cut-off Date Principal Balance of the Mortgage Loans.

 

	
(3)

	
The Class LR 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 Yield Maintenance Charges. Any Aggregate Available Funds remaining in the Lower-Tier REMIC Distribution Account after distributing the Lower-Tier Distribution Amount will be deemed distributed to the Class LR Interest and shall be payable to the Holders of the Class R Certificates.

 

	
(4)

	
The LRI Uncertificated Interest will have an original principal balance equal to the RRI Percentage multiplied by the aggregate Cut-off Date Principal Balance of the Mortgage Loans.

 

UPPER-TIER REMIC

 

The Upper-Tier REMIC will hold the Lower-Tier Regular Interests and will issue the Class A-1, Class A-4, Class A-5, Class A-AB, Class X-A, Class A-S, Class B, Class C, Class D, Class E, Class X-E, Class F, Class X-F, Class G, Class X-G, Class H and Class RR Certificates and the RR Interest, representing the “regular interests” in the Upper-Tier REMIC created hereunder. The Upper-Tier REMIC will also issue the uncertificated Class UR Interest, which is the sole Class of “residual interests” in the Upper-Tier REMIC for purposes of the REMIC Provisions and is represented by the Class R Certificates.

 

 

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THE CERTIFICATES AND THE RR INTEREST

 

The following table
(and related paragraphs) sets forth the designation, the initial pass-through rate (in the case of the Non-VRR Certificates, the
“Pass-Through Rate”, and in the case of the VRR Interest, the “VRR
Interest Rate”) and the aggregate initial principal amount (in the case of the Principal Balance Certificates
and the Class RR Certificates, the “Original Certificate Balance”)
or the aggregate initial notional amount (in the case of the Class X Certificates, the “Original Notional Amount”),
and the aggregate initial principal amount (in the case of the RR Interest, the “Original
RR Interest Balance”), as applicable, for each Class of Certificates and the RR Interest:

	
Class of Certificates or RR Interest 

	
 

	
Initial
Pass-Through 

Rate or VRR 

Interest Rate 

	
 

	
Original Certificate 

Balance, Notional 

Amount or RR Interest 

Balance 

	
Class A-1 Certificates

	
 

	
1.35860%

	
 

	
$         3,688,000

	
Class A-4 Certificates

	
 

	
2.12450%

	
 

	
$     190,000,000

	
Class A-5 Certificates

	
 

	
2.37720%

	
 

	
$     310,694,000

	
Class A-AB Certificates

	
 

	
2.31610%

	
 

	
$         8,900,000

	
Class X-A Certificates

	
 

	
   1.24748%(1)

	
 

	
    $     573,776,000(2)

	
Class A-S Certificates

	
 

	
2.73130%

	
 

	
$       60,494,000

	
Class B Certificates

	
 

	
3.57084%

	
 

	
$       35,746,000

	
Class C Certificates

	
 

	
3.57084%

	
 

	
$       32,997,000

	
Class D Certificates

	
 

	
3.57084%

	
 

	
$       22,914,000

	
Class E Certificates

	
 

	
2.57084%

	
 

	
$       17,415,000

	
Class X-E Certificates

	
 

	
   1.00000%(1)

	
 

	
    $       17,415,000(2)

	
Class F Certificates

	
 

	
2.57084%

	
 

	
$       13,749,000

	
Class X-F Certificates

	
 

	
   1.00000%(1)

	
 

	
    $       13,749,000(2)

	
Class G Certificates

	
 

	
2.57084%

	
 

	
$         7,332,000

	
Class X-G Certificates

	
 

	
   1.00000%(1)

	
 

	
    $         7,332,000(2)

	
Class H Certificates

	
 

	
3.57084%

	
 

	
 $        29,331,281

	
Class R Certificates

	
 

	
N/A(3)

	
 

	
N/A

	
Class RR Certificates

	
 

	
(4)

	
 

	
  $     13,027,646(5)

	
RR Interest

	
 

	
(4)

	
 

	
  $     25,565,001(6)

 

 

	
(1)

	
The Pass-Through Rate for the Class X-A Certificates will be calculated in accordance with the definition of “Class X-A Pass-Through Rate”. The Pass-Through Rate for the Class X-E Certificates will be calculated in accordance with the definition of “Class X-E Pass-Through Rate”. The Pass-Through Rate for the Class X-F Certificates will be calculated in accordance with the definition of “Class X-F Pass-Through Rate”. The Pass-Through Rate for the Class X-G Certificates will be calculated in accordance with the definition of “Class X-G Pass-Through Rate”.

 

	
(2)

	
None of the Class X-A, Class X-E, Class X-F or Class X-G Certificates will have a Certificate Balance; rather, such Classes of Certificates will accrue interest as provided herein on the Class X-A Notional Amount, the Class X-E Notional Amount, the Class X-F Notional Amount and the Class X-G Notional Amount.

 

	
(3)

	
The Class R Certificates will not have a Certificate Balance or a Notional Amount, bear interest or be entitled to distributions of Yield Maintenance Charges. Any Aggregate Available Funds remaining in the Upper-Tier REMIC Distribution Account, after all required distributions under this Agreement have been made to each Class of Regular Certificates and the RR Interest will be deemed distributed to the Class UR Interest and shall be payable to the Holders of the Class R Certificates.

 

 

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(4)

	
The VRR Interest Rate on any Distribution Date will be the Weighted Average Net Mortgage Rate for such Distribution Date.

 

	
(5)

	
The Class RR Certificates will have an original principal balance equal to (a) the VRR Percentage minus the RRI Percentage, multiplied by (b) the aggregate Cut-off Date Principal Balance of the Mortgage Loans.

 

	
(6)

	
The RR Interest will have an Original RR Interest Balance equal to the RRI Percentage multiplied by the aggregate Cut-off Date Principal Balance of the Mortgage Loans.

 

As of the close of business on the Cut-off Date, the Mortgage Loans had an aggregate principal balance, after application of all payments of principal due on or before such date, whether or not received, equal to approximately $771,852,928.

 

WHOLE LOANS

 

	
Loan No.

	
Whole Loan

	
Type

	
Non-Serviced Pooling Agreement

	
Companion Loan Type

	
Servicing Shift Lead Note (if any)

	
1

	
1633 Broadway

	
Non-Serviced

	
BWAY 2019-1633 TSA

	
Pari Passu and Subordinate

	
N/A

	
2

	
Moffett Towers Buildings A, B & C

	
Non-Serviced

	
MOFT 2020-ABC TSA

	
Pari Passu and Subordinate

	
N/A

	
3

	
711 Fifth Avenue

	
Serviced

	
N/A

	
Pari Passu

	
N/A

	
5

	
650 Madison Avenue

	
Non-Serviced

	
MAD 2019-650M TSA

	
Pari Passu and Subordinate

	
N/A

	
7

	
City National Plaza

	
Non-Serviced

	
MSC 2020-CNP

	
Pari Passu

	
N/A

	
8

	
555 10th Avenue

	
Non-Serviced

	
CGCMT 2020-555 TSA

	
Pari Passu and Subordinate

	
N/A

	
16

	
PCI Pharma Portfolio

	
Non-Serviced

	
COMM 2019-GC44 PSA

	
Pari Passu

	
N/A

	
18

	
Midland Atlantic Portfolio

	
Non-Serviced

	
CGCMT 2020-GC46 PSA

	
Pari Passu

	
N/A

	
20

	
525 Market Street

	
Non-Serviced

	
MKT 2020-525M TSA

	
Pari Passu and Subordinate

	
N/A

 

Each of the Whole Loans listed above consists of the corresponding Mortgage Loan and one or more Companion Loans.  With respect to any Whole Loan, each of the Mortgage Loan and the Pari Passu Companion Loan(s) are pari passu with each other to the extent provided in the related Co-Lender Agreement, and any AB Subordinate Companion Loan(s) is generally subordinate to the related Mortgage Loan and any Pari Passu Companion Loan(s) to the extent provided in the related Co-Lender Agreement.  Each Serviced Whole Loan will be serviced and administered in accordance with this Agreement and the related Co-Lender Agreement.  Each Non-Serviced Whole Loan will be serviced and administered in accordance with the related Non-Serviced Pooling Agreement and the related Co-Lender Agreement. Each 

 

 

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Servicing Shift Whole Loan will be serviced and administered in accordance with this Agreement and the related Co-Lender Agreement prior to the related Servicing Shift Securitization Date, and will be serviced and administered in accordance with the related Non-Serviced Pooling Agreement and the related Co-Lender Agreement on and after the related Servicing Shift Securitization Date.

 

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

 

Article I

DEFINITIONS

 

Section 1.01   Defined Terms. Whenever used in this Agreement, including in the Preliminary Statement, the following capitalized terms, unless the context otherwise requires, shall have the meanings specified in this Article.

 

“10-K Filing Deadline”:  As defined in Section 11.05(a).

 

“15Ga-1 Notice”:  As defined in Section 2.03(b).

 

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

 

“15Ga-1 Repurchase Request”:  As defined in Section 2.03(b).

 

“1633 Broadway Co-Lender Agreement”: That certain Co-Lender Agreement, dated as of December 20, 2020, by and among the holders of the respective promissory notes evidencing the 1633 Broadway Whole Loan, relating to the relative rights of such holders, as the same may be further amended in accordance with the terms thereof.

 

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

 

“17g-5 Information Provider’s Website”:  The 17g-5 Information Provider’s Internet website, which shall initially be located within the Certificate Administrator’s Website (initially “www.ctslink.com”), under the “NRSRO” tab on the page relating to this transaction.

 

“30/360 Mortgage Loans”:  The Mortgage Loans indicated as such in the Mortgage Loan Schedule.

 

“525 Market Street Co-Lender Agreement”:  That certain Co-Lender Agreement, dated as of February 26, 2020, by and between the holders of the respective promissory notes evidencing the 525 Market Street Whole Loan, relating to the relative rights of such holders, as the same may be further amended in accordance with the terms thereof.

 

“555 10th Avenue Co-Lender Agreement”:  That certain Co-Lender Agreement, dated as of March 10, 2020, by and between the holders of the respective promissory notes evidencing the 555 10th Avenue Whole Loan, relating to the relative rights of such holders, as the same may be further amended in accordance with the terms thereof.

 

 

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“650 Madison Avenue Co-Lender Agreement”:  That certain Agreement Between Noteholders, dated as of November 26, 2019, by and between the holders of the respective promissory notes evidencing the 650 Madison Avenue Whole Loan, relating to the relative rights of such holders, as the same may be further amended in accordance with the terms thereof.

 

“711 Fifth Avenue Co-Lender Agreement”:  That certain Agreement Between Noteholders, dated as of May 21, 2020, by and between the holders of the respective promissory notes evidencing the 711 Fifth Avenue Whole Loan, relating to the relative rights of such holders, as the same may be further amended in accordance with the terms thereof.

 

“AB Co-Lender Agreement”:  Any Co-Lender Agreement by and among the holder of an AB Subordinate Companion Loan and the holder(s) of the related Mortgage Loan and any holder(s) of any related Pari Passu Companion Loan, relating to the relative rights of such holders of the related AB Whole Loan, as the same may be further amended in accordance with the terms thereof.  The 1633 Broadway Co-Lender Agreement, the Moffett Towers Buildings A, B & C Co-Lender Agreement, the 650 Madison Avenue Co-Lender Agreement, the 555 10th Avenue Co-Lender Agreement and the 525 Market Street Co-Lender Agreement will each be an AB Co-Lender Agreement under this Agreement.

 

“AB Control Appraisal Period”:  With respect to any AB Whole Loan, a “control appraisal period” as defined in the related Co-Lender Agreement.

 

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

 

“AB Mortgage Loan”:  A senior “A note” that is part of an AB Whole Loan and which is a Mortgage Loan that is part of the Trust Fund.

 

“AB Mortgaged Property”:  The Mortgaged Property that secures the related AB Whole Loan.

 

“AB Subordinate Companion Loan”:  With respect to any AB Whole Loan, the related Companion Loan(s) evidenced by the related promissory note made by the related Mortgagor and secured by the Mortgage on the related AB Mortgaged Property, which is not included in the Trust and which is subordinate in right of payment to the related AB Mortgage Loan to the extent set forth in the related Mortgage Loan documents and as provided in the related Co-Lender Agreement.  The Companion Loans identified as note B-1, note B-2, note B-3 and note B-4 related to the 1633 Broadway Whole Loan, note B-1, note B-2 and note B-3 related to the Moffett Towers Buildings A, B & C Whole Loan, note B-1, note B-2, note B-3 and note B-4 related to the 650 Madison Avenue Whole Loan, note B related to the 555 10th Avenue 

 

 

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Whole Loan, and note B-1, note B-2 and note B-3 related to the 525 Market Street Whole Loan will each be AB Subordinate Companion Loans with respect to the Trust.

 

“AB Whole Loan”:  A Whole Loan that consists of such Mortgage Loan and a related AB Subordinate Companion Loan.  The 1633 Broadway Whole Loan, the Moffett Towers Buildings A, B & C Whole Loan, the 650 Madison Avenue Whole Loan, the 555 10th Avenue Whole Loan and the 525 Market Street Whole Loan will be AB Whole Loans with respect to the Trust.

 

“AB Whole Loan Controlling Holder”:  With respect to an AB Whole Loan, the “Directing Lender”, “Controlling Noteholder” or similarly defined party identified in the related AB Co-Lender Agreement.

 

“Acceptable Insurance Default”:  With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan, a default under the related Mortgage Loan documents arising by reason of (i) any failure on the part of the related Mortgagor to maintain with respect to the related Mortgaged Property specific insurance coverage with respect to, or an all-risk casualty Insurance Policy that does not specifically exclude, terrorist or similar acts, and/or (ii) any failure on the part of the related Mortgagor to maintain with respect to the related Mortgaged Property insurance coverage with respect to damages or casualties caused by terrorist or similar acts upon terms not materially less favorable than those in place as of the Closing Date, in each case as to which default the Master Servicer and the Special Servicer may forbear taking any enforcement action, provided that the Master Servicer (with respect to Non-Specially Serviced Mortgage Loans) or the Special Servicer (with respect to Specially Serviced Mortgage Loans) has determined, in its reasonable judgment, based on inquiry consistent with the Servicing Standard and (unless (i) a Control Termination Event is continuing and (ii) with respect to a Specially Serviced Mortgage Loan, after consultation with the Risk Retention Consultation Parties pursuant to Section 6.08 (in either case, other than with respect to any applicable Excluded Loan), with the consent of the Directing Holder (and after a Control Termination Event has occurred, but prior to the occurrence of a Consultation Termination Event (or other than with respect to any applicable Excluded Loan), after consultation with the Directing Holder as provided in Section 6.08 hereof)), that either (a) such insurance is not available at commercially reasonable rates and that such hazards are not at the time commonly insured against for properties similar to the related Mortgaged Property and located in or around the region in which such related Mortgaged Property is located, or (b) such insurance is not available at any rate; provided, however, that the Directing Holder and the Risk Retention Consultation Parties will not have more than thirty (30) days to respond to the Master Servicer’s or Special Servicer’s request for such consent or consultation; provided, further, that upon the Master Servicer’s or Special Servicer’s determination, consistent with the Servicing Standard, that exigent circumstances do not allow the Master Servicer or Special Servicer, as applicable, to consult with the Directing Holder or a Risk Retention Consultation Party, the Master Servicer or Special Servicer, as applicable, is not required to do so.  Each of the Master Servicer (at its own expense) and the Special Servicer (at the expense of the Trust Fund) shall be entitled to rely on insurance consultants in making the determinations described above.

 

 

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

 

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

 

“Actual/360 Basis”:  Interest accrual on the basis of the actual number of days in a month assuming a 360-day year.

 

“Actual/360 Mortgage Loans”:  The Mortgage Loans, to the extent indicated as such in the Mortgage Loan Schedule.

 

“Additional Secured Debt”:  With respect to any Mortgage Loan, any debt owed by the related Mortgagor to a party other than the lender under such Mortgage Loan that is secured by the related Mortgaged Property as of the Closing Date as set forth on Schedule 1 hereto, as increased or decreased from time to time pursuant to the terms of the related subordinate or pari passu loan documents (including any Co-Lender Agreement or subordination agreement).

 

“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 that is attached hereto as Exhibit EE.

 

“Additional Exclusions”:  Exclusions in addition to those customarily found in the insurance policies for mortgaged properties similar to the Mortgaged Properties on or prior to September 11, 2001.

 

“Additional Form 10-D Disclosure”:  As defined in Section 11.04(a).

 

“Additional Form 10-K Disclosure”:  As defined in Section 11.05(a).

 

“Additional Servicer”:  Each Affiliate of the Master Servicer, the Special Servicer or any Mortgage Loan Seller that services any of the Mortgage Loans and each Person who is not an Affiliate of the Master Servicer, other than the Special Servicer, who services 10% or more of the Mortgage Loans by unpaid principal balance as of any date of determination pursuant to Article XI.

 

“Administrative Cost Rate”:  As of any date of determination and with respect to each Mortgage Loan, a per annum rate equal to the sum of the Servicing Fee Rate, the Certificate Administrator/Trustee Fee Rate (which fee rate accounts for the Trustee Fee), the Operating Advisor Fee Rate, the Asset Representations Reviewer Fee Rate and the CREFC® Intellectual Property Royalty License Fee Rate and, in the case of each Non-Serviced Mortgage Loan, the related Non-Serviced Primary Servicing Fee Rate.

 

“Advance”:  Any P&I Advance or Property Protection Advance.

 

“Adverse REMIC Event”:  As defined in Section 10.01(f).

 

 

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“Affected Party”:  As defined in Section 7.01(b).

 

“Affected Reporting Party”:  As defined in Section 11.12.

 

“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.

 

“Affirmative Asset Review Vote”:  As defined in Section 12.01(a).

 

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

 

(a)        the aggregate amount of all cash received on the Mortgage Loans (in the case of a Non-Serviced Mortgage Loan, only to the extent received by the Trust pursuant to the related Non-Serviced Pooling Agreement and/or the related Non-Serviced Co-Lender Agreement) (including the portion of Loss of Value Payments deposited into the Collection Account pursuant to Section 3.05(f) of this Agreement) and any REO Property on deposit in the Collection Account (in each case, exclusive of any amount on deposit in or credited to any portion of the Collection Account that is held for the benefit of the Companion Holders), as of the close of business on the related Master Servicer Remittance Date, exclusive of (without duplication):

 

(i)     all Periodic Payments paid by the Mortgagors of a Mortgage Loan that are due on a Due Date following the end of the related Collection Period, excluding interest relating to periods prior to, but due after, the Cut-off Date;

 

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

 

(iii)   (A) all amounts payable or reimbursable to any Person from the Collection Account pursuant to clauses (ii) through (xviii), inclusive, and (xxi) of Section 3.05(a); (B) all amounts payable or reimbursable to any Person from the Lower-Tier REMIC Distribution Account pursuant to clauses (ii) through (vii), inclusive, of Section 3.05(b); and (C) any Net Investment Earnings contained therein;

 

(iv)   with respect to the Actual/360 Mortgage Loans and any Distribution Date occurring in (1) each February or (2) any January in a year that

 

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is not a leap year (in each case, unless the related Distribution Date is the final Distribution Date), an amount equal to one (1) day of interest on the Stated Principal Balance of such Mortgage Loans as of the Due Date in the month preceding the month in which such Distribution Date occurs at the related Net Mortgage Rate to the extent such amounts are Withheld Amounts related to the Mortgage Loans to the extent those funds are on deposit in the Collection Account;

 

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

 

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

 

(vii)  any Penalty Charges allocable to the Mortgage Loans;

 

(b)        if and to the extent not already included in clause (a) hereof, the aggregate amount transferred from the REO Accounts allocable to the Mortgage Loans to the Collection Account for such Distribution Date pursuant to Section 3.14(c);

 

(c)        the aggregate amount of (i) any Compensating Interest Payments made by the Master Servicer with respect to the Mortgage Loans with respect to such Distribution Date pursuant to Section 3.17(a) and (ii) P&I Advances on the Mortgage Loans made by the Master Servicer or the Trustee, as applicable, with respect to the Mortgage Loans and the Distribution Date (net of the related Certificate Administrator/Trustee Fee, Operating Advisor Fee, CREFC® Intellectual Property Royalty License Fee and Asset Representations Reviewer Fee with respect to the Mortgage Loans for which such P&I Advances are made) pursuant to Section 4.03 or Section 7.05; and

 

(d)        with respect to each Actual/360 Mortgage Loan and any Distribution Date occurring in each March (or February, if the related Distribution Date is the final Distribution Date), the Withheld Amounts related to the Mortgage Loans remitted to the Lower-Tier REMIC Distribution Account pursuant to Section 3.21(b).

 

Notwithstanding the investment of funds held in the Collection Account pursuant to Section 3.06, for purposes of calculating the Aggregate Available Funds, the amounts so invested shall be deemed to remain on deposit in such account.

 

“Aggregate Principal Distribution Amount”:  With respect to any Distribution Date, an amount equal to the sum of the following amounts: (a) the Aggregate Principal Shortfall for such Distribution Date, (b) the Scheduled Principal Distribution Amount for such Distribution Date and (c) the Unscheduled Principal Distribution Amount for such Distribution Date; provided that the Aggregate Principal Distribution Amount for any Distribution Date shall be reduced, to not less than zero, by the amount of any reimbursements of (A) Nonrecoverable Advances (including any property protection advance with respect to the Non-Serviced Mortgage Loan under the related Non-Serviced Pooling Agreement reimbursed out of general collections on the Mortgage Loans), with interest on such Nonrecoverable Advances at the Reimbursement Rate that are paid or reimbursed from principal collections on the Mortgage Loans in a period during which such principal collections would have otherwise been included in the Aggregate Principal Distribution Amount for such Distribution Date and (B) Workout 

 

 

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

 

“Aggregate Principal Shortfall”:  For any Distribution Date after the initial Distribution Date with respect to the Mortgage Loans, the amount, if any, by which the related Aggregate Principal Distribution Amount for the preceding Distribution Date exceeds the aggregate amount actually distributed on the preceding Distribution Date in respect of such Aggregate Principal Distribution Amount.  The Aggregate Principal Shortfall for the initial Distribution Date will be zero.

 

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

 

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

 

“Applicable KBRA Permitted Investment Rating”: (A) in the case of such investments with maturities of 90 days or less, the short-term debt obligations of which are rated of at least “K3” or the long-term obligations of which are rated at least “BBB-” and (B) in the case of such investments with maturities greater than 90 days but not more than one year, the short-term debt obligations of which are rated of at least “K1” or the long-term obligations of which are rated at least “A-” (in each case, if then rated by KBRA).

 

“Applicable Laws”:  As defined in Section 8.15.

 

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

 

“Applicable S&P Permitted Investment Rating”: (A) in the case of such investments with maturities of sixty (60) days or less, the short term obligations of which are rated at least “A-1” by S&P, and (B) in the case of such investments with maturities of more than sixty (60) days, the short term obligations of which are rated “A-1+” by S&P (or at least “A-1” by S&P, if the long term obligations of which are rated at least “AA-” by S&P).

 

“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 other state or local tax laws whose applicability shall have been brought to the attention of the Trustee and the 

 

 

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Certificate Administrator by either (i) an Opinion of Counsel delivered to it, or (ii) written notice from the appropriate taxing authority as to the applicability of such state or local tax laws.

 

“Appraisal”:  An appraisal prepared by an MAI appraiser who is licensed or certified to prepare appraisals in the state where the Mortgaged Property is located, as appropriate; provided that each appraiser will be required to represent in such appraisal or in a supplemental letter that the appraisal satisfies the requirements of the “Uniform Standards of Professional Appraisal Practice” as adopted by the Appraisal Standards Board of the Appraisal Foundation and has certified that such appraiser had no interest, direct or indirect, in the Mortgaged Property or the Mortgagor or in any loan made on the security thereof, and its compensation is not affected by the approval or disapproval of the Mortgage Loan.

 

“Appraisal Reduction Amount”:  For any Distribution Date and for any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or any Serviced Whole Loan as to which any Appraisal Reduction Event has occurred, will be an amount, calculated by the Special Servicer in consultation with the Directing Holder (for so long as no Consultation Termination Event is continuing and only with respect to any Mortgage Loan or Serviced Whole Loan other than an applicable Excluded Loan) and in consultation with the Operating Advisor (during the continuance of a Control Termination Event), as of the first Determination Date that is at least ten (10) Business Days following the later of (a) the date on which the Special Servicer receives an Appraisal or conducts a valuation described below and (b) the occurrence of such Appraisal Reduction Event, equal to the excess of (a) the Stated Principal Balance of that Mortgage Loan or Serviced Whole Loan, as the case may be, over (b) the excess of (i) the sum of (A) 90% of the Appraised Value of the related Mortgaged Property as determined (1) by one or more Appraisals obtained by the Special Servicer with respect to that Mortgage Loan (together with any other Mortgage Loan cross-collateralized with such Mortgage Loan) or Serviced Whole Loan, as the case may be, with an outstanding principal balance equal to or in excess of $2,000,000 (the costs of which shall be paid by the Master Servicer as an Advance) or (2) by an internal valuation performed by the Special Servicer with respect to that Mortgage Loan (together with any other Mortgage Loan cross-collateralized with such Mortgage Loan) or Serviced Whole Loan, as the case may be, with an outstanding principal balance less than $2,000,000, minus, with respect to any Appraisals, such downward adjustments as the Special Servicer may make (without implying any obligation to do so) based upon its review of the Appraisal and any other information it deems relevant and (B) all escrows, letters of credit and reserves in respect of such Mortgage Loan or Serviced Whole Loan, as of the date of calculation over (ii) the sum of, as of the Due Date occurring in the month of the date of determination, (A) to the extent not previously advanced by the Master Servicer or the Trustee, all unpaid interest due on such Mortgage Loan or Serviced Whole Loan, as the case may be, at a per annum rate equal to its Mortgage Rate (and, with respect to any Serviced AB Whole Loan, any accrued and unpaid interest on the related AB Subordinate Companion Loan at a per annum rate equal to its related mortgage interest rate), (B) all P&I Advances on the related Mortgage Loan and all Property Protection Advances on the related Mortgage Loan or Serviced Whole Loan, not reimbursed from proceeds of such Mortgage Loan or Serviced Whole Loan, and interest thereon at the Reimbursement Rate in respect of such Mortgage Loan or Serviced Whole Loan, (C) all currently due and unpaid real estate taxes, assessments, insurance premiums, ground rents, unpaid Special Servicing Fees and all other amounts due and unpaid (including any capitalized interest whether or not then due and payable) with respect to such Mortgage Loan or Serviced 

 

 

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Whole Loan, as the case may be (which taxes, premiums, ground rents and other amounts have not been the subject of an Advance by the Master Servicer, the Special Servicer or the Trustee, as applicable) and (D) any other unpaid additional expenses of the issuing entity in respect of such Mortgage Loan or Serviced Whole Loan; provided, however, without limiting the Special Servicer’s obligation to order and obtain such Appraisal or perform such valuation, if the Special Servicer has not obtained an Appraisal or performed such valuation, as applicable, referred to above within one hundred twenty (120) days of the event described in the definition of “Appraisal Reduction Event” (without regard to the time periods set forth in the definition), then solely for purposes of determining the amounts of the P&I Advances, the Appraisal Reduction Amount shall be deemed to be an amount equal to 25% of the current Stated Principal Balance of the related Mortgage Loan or Serviced Whole Loan, until such time as an Appraisal is received by the Special Servicer and the Appraisal Reduction Amount is calculated by the Special Servicer as of the first Determination Date that is at least ten (10) Business Days thereafter. Within sixty (60) days after the Appraisal Reduction Event, the Special Servicer shall order and use reasonable efforts to receive an Appraisal (the cost of which shall be paid by the Master Servicer as a Property Protection Advance); provided, further, however, that with respect to an Appraisal Reduction Event as set forth in clause (i) of the definition of Appraisal Reduction Event, the Special Servicer shall order and use reasonable efforts to receive such Appraisal within the one hundred twenty (120) day period set forth in such clause (i), and with respect to an Appraisal Reduction Event as set forth in clause (vi) of the definition of Appraisal Reduction Event, the Special Servicer shall order and use reasonable efforts to receive such Appraisal within the ninety (90) day period or one hundred twenty (120) day period, as applicable, set forth in such clause (vi); provided, further, however, that in no event shall the Special Servicer be required to order any such Appraisal prior to the conclusion of such sixty (60), ninety (90), or one hundred twenty (120) day period, as applicable, and in each case, the related Appraisal shall be promptly delivered in electronic format by the Special Servicer to the Master Servicer, the Directing Holder (but only prior to the occurrence of a Consultation Termination Event), the Operating Advisor, the Certificate Administrator and the Trustee. In connection with any Appraisal Reduction Amount, the Master Servicer will provide the Special Servicer with the information as set forth in Section 4.05(c). The Master Servicer shall not calculate Appraisal Reduction Amounts.

 

With respect to any Appraisal Reduction Amount calculated for purposes of determining the existence and identity of the Controlling Class pursuant to Section 4.05(a) hereof, the Appraised Value for the related Mortgaged Property determined in connection with clause (b)(i)(A)(1) or clause (b)(i)(A)(2) of the first paragraph of this definition shall be determined on an “as-is” basis.

 

Notwithstanding anything herein to the contrary, the aggregate Appraisal Reduction Amount related to a Mortgage Loan, or the related REO Property will be reduced to zero as of the date on which Mortgage Loan is paid in full, liquidated, repurchased or otherwise removed from the Trust or as otherwise set forth in Section 4.05(d).

 

Any Appraisal Reduction Amount in respect of a Non-Serviced Whole Loan shall be calculated by the applicable party under and in accordance with and pursuant to the terms of the applicable Non-Serviced Pooling Agreement.

 

 

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“Appraisal Reduction Event”:  With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan), or Serviced Whole Loan, the earliest of (i) the date on which a reduction in the amount of Periodic Payments on such Mortgage Loan or related Companion Loan, as applicable, or a change in any other material economic term of such Mortgage Loan or related Companion Loan, as applicable, (other than an extension of the Maturity Date), becomes effective as a result of a modification of such Mortgage Loan or related Companion Loan, as applicable, by the Special Servicer, (ii) the 60th day after an uncured delinquency (without regard to the application of any Grace Period), other than any uncured delinquency in respect of a Balloon Payment, occurs in respect of such Mortgage Loan or related Companion Loan, as applicable, (iii) solely in the case of a delinquent Balloon Payment, (A) the date occurring sixty (60) days beyond the date on which that Balloon Payment was due (except as described in clause (B) below) or (B) if the related Mortgagor has delivered to the Master Servicer (and the Master Servicer shall promptly deliver a copy of such document to the Special Servicer, if it is not evident that a copy has been delivered to the Special Servicer) within sixty (60) days beyond the date on which that Balloon Payment was due, a written and fully executed (subject to customary final closing conditions) commitment, letter of intent, or otherwise binding application for refinancing or similar document that is, in each case, binding upon an acceptable lender or signed purchase agreement, in each case reasonably satisfactory in form and substance to the Master Servicer and (so long as no Control Termination Event is continuing) the Directing Holder, which provides that such refinancing or purchase will occur within one hundred twenty (120) days of such related Maturity Date, the date occurring one hundred twenty (120) days after the date on which that Balloon Payment was due (or for such shorter period beyond the date on which that Balloon Payment was due during which the refinancing or purchase is scheduled to occur pursuant to the commitment for refinancing or signed purchase agreement or on which such commitment or signed purchase agreement terminates), (iv) the date on which the related Mortgaged Property became an REO Property, (v) the sixtieth (60th) day after a receiver or similar official is appointed (and continues in that capacity) in respect of the related Mortgaged Property, (vi) the sixtieth (60th) day after the date the related Mortgagor or the tenant at a single tenant property is subject to a bankruptcy, insolvency or similar proceedings (if not dismissed within those sixty (60) days), and (vii) the date on which the Mortgage Loan (or Serviced Whole Loan) remains outstanding five (5) years following any extension of its Maturity Date pursuant to this Agreement; provided, however, that an Appraisal Reduction Event shall not occur at any time when the aggregate Certificate Balances of all Classes of Subordinate Certificates have been reduced to zero. The Special Servicer shall notify the Master Servicer, the Directing Holder and the Operating Advisor, or the Master Servicer shall notify the Special Servicer and the Operating Advisor, as applicable, promptly upon such Person having notice or knowledge of the occurrence of any of the foregoing events. The obligation to obtain an Appraisal following the occurrence of an Appraisal Reduction Event shall be subject to the provisions of Section 4.05 hereof.  For the avoidance of doubt, and for purposes of clauses (1) and (2) above, neither (i) a Payment Accommodation with respect to any Mortgage Loan or Serviced Whole Loan nor (ii) any default or delinquency that would have existed but for such Payment Accommodation shall constitute an Appraisal Reduction Event, for so long as the related borrower is complying with the terms of such Payment Accommodation.

 

“Appraisal Review Period”:  As defined in Section 4.05(b)(ii).

 

“Appraised-Out Class”:  As defined in Section 4.05(b)(i).

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 “Appraised Value”: With respect to any Mortgaged Property (other than a Non-Serviced Mortgaged Property), the appraised value thereof as determined by the most recent Appraisal of the Mortgaged Property securing the related Mortgage Loan, Serviced Whole Loan or Serviced AB Whole Loan, as applicable, and with respect to a Non-Serviced Mortgaged Property, the appraised value allocable thereto, as determined pursuant to the applicable Non-Serviced Pooling Agreement.

 

“ASR Consultation Process”: As defined in Section 3.19(d).

 

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

 

“Asset Representations Reviewer”: Park Bridge Lender Services LLC, a New York limited liability company, and its successors-in-interest.

 

“Asset Representations Reviewer Asset Review Fee”: As defined in Section 12.02(b).

 

“Asset Representations Reviewer Fee”: As defined in Section 12.02(a).

 

“Asset Representations Reviewer Fee Rate”: As defined in Section 12.02(a).

 

“Asset Representations Reviewer Termination Event”: As defined in Section 12.05(a).

 

“Asset Review”: As defined in Section 12.01(b)(iv).

 

“Asset Review Notice”: As defined in Section 12.01(a).

 

“Asset Review Quorum”: In connection with any solicitation of votes to authorize an Asset Review as described in Section 12.01(a), Certificateholders evidencing at least 5% of the aggregate Voting Rights.

 

“Asset Review Report”: As defined in Section 12.01(b)(viii), a report setting forth the findings and conclusions of an Asset Review substantially in the form attached hereto as Exhibit NN.

 

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“Asset Review Report Summary”: As defined in Section 12.01(b)(viii), a summary report setting forth the conclusions of an Asset Review Report substantially in the form attached hereto as Exhibit OO.

 

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

 

“Asset Review Trigger”: Any time that (1) Mortgage Loans having an aggregate outstanding principal balance of 25% or more of the aggregate outstanding principal balance of all of the Mortgage Loans (including any REO Loans (or a portion of any REO Loan in the case of a Whole Loan)) held by the Trust as of the end of the applicable Collection Period are Delinquent Mortgage Loans as of the end of the related Collection Period or (2) at least 15 Mortgage Loans are Delinquent Mortgage Loans as of the end of the applicable Collection Period and the outstanding principal balance of such Delinquent Mortgage Loans in the aggregate constitutes at least 20% of the aggregate outstanding principal balance of all of the Mortgage Loans (including any REO Loans (or a portion of any REO Loan in the case of a Whole Loan)) as of the end of the applicable Collection Period.

 

“Asset Review Vote Election”: As defined in Section 12.01(a).

 

“Asset Status Report”: As defined in Section 3.19(d).

 

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

 

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

 

“Assumed Scheduled Payment”: For any Collection Period and with respect to any Mortgage Loan (including any Non-Serviced Mortgage Loan) that is delinquent in respect of its Balloon Payment or any REO Loan (excluding, for purposes of determining or making P&I Advances, the portion allocable to any related Companion Loan), an amount equal to the sum of (a) the principal portion of the Periodic Payment that would have been due on such Mortgage Loan or REO Loan on the related Due Date based on the constant payment required by the related Mortgage Note or the original amortization schedule of such Mortgage Loan (as

 

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calculated with interest at the related Mortgage Rate), if applicable, assuming such Balloon Payment has not become due, after giving effect to any reduction in the principal balance thereof occurring in connection with a modification of such Mortgage Loan in connection with a default or bankruptcy (or similar proceeding), and (b) interest on the Stated Principal Balance of such Mortgage Loan or REO Loan (excluding, for purposes of determining P&I Advances, the portion allocable to any related Companion Loan, if applicable) at the applicable Mortgage Rate (net of interest at the Servicing Fee Rate and net of any applicable interest at the Non-Serviced Primary Servicing Fee Rate).

 

“Authenticating Agent”: The Certificate Administrator or any agent of the Certificate Administrator appointed to act as Authenticating Agent pursuant to Section 5.02(a).

 

“Balloon Mortgage Loan”: Any Mortgage Loan or Companion Loan that by its original terms or by virtue of any modification entered into as of the Closing Date provides for an amortization schedule for such Mortgage Loan or Companion Loan extending beyond its Maturity Date.

 

“Balloon Payment”: With respect to any Balloon Mortgage Loan, as of any date of determination, the Periodic Payment payable on the Maturity Date of such Balloon Mortgage Loan.

 

“Bankruptcy Code”: The federal Bankruptcy Code, as amended from time to time (Title 11 of the United States Code).

 

“Base Interest Fraction”: With respect to any Principal Prepayment on any Mortgage Loan and with respect to any Class of Class A-1, Class A-4, Class A-5, Class A-AB, Class A-S, Class B, Class C, Class D and Class E Certificates, a fraction (a) whose numerator is the greater of (x) zero and (y) the difference between (i) the Pass-Through Rate on such Class of Certificates, and (ii) the discount rate used in accordance with the related Mortgage Loan documents in calculating the Yield Maintenance Charge with respect to such Principal Prepayment and (b) whose denominator is the greater of (x) zero and (y) the difference between (i) the Mortgage Rate on such Mortgage Loan (or with respect to any Mortgage Loan that is part of a Serviced Whole Loan, the Mortgage Rate of such Serviced Whole Loan), and (ii) the discount rate used in accordance with the related Mortgage Loan documents in calculating the Yield Maintenance Charge with respect to such Principal Prepayment. However, (1) under no circumstances shall the Base Interest Fraction be greater than one or less than zero, (2) if such discount rate is greater than or equal to the Mortgage Rate on such Mortgage Loan or Serviced Whole Loan, and is greater than or equal to the Pass-Through Rate on such Class of Certificates, then the Base Interest Fraction will equal zero and (3) if the discount rate is greater than or equal to the Mortgage Rate on such Mortgage Loan or Serviced Whole Loan, and is less than the Pass-Through Rate on such Class of Certificates, then the Base Interest Fraction will be one (1). The Master Servicer shall provide to the Certificate Administrator the discount rate referenced above for purposes of calculating the Base Interest Fraction.

 

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

 

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“Borrower Delayed Reimbursements”: Any additional Trust Fund expenses and reimbursements of Advances that the related Mortgagor is required, pursuant to a written modification agreement, to pay in the future to the Trust in its capacity as owner of the related Mortgage Loan.

 

“Borrower Party”: A borrower, a manager of a Mortgaged Property, a Restricted Mezzanine Holder, or a Borrower Party Affiliate.

 

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

 

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

 

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

 

“BWAY 2019-1633 TSA”: The Trust and Servicing Agreement, dated as of December 20, 2019, between GS Mortgage Securities Corporation II, as depositor, KeyBank National Association, as servicer, Situs Holdings, LLC, as special servicer, Wells Fargo Bank, National Association, as certificate administrator, custodian and trustee, and Pentalpha Surveillance LLC, as operating advisor, as from time to time amended, supplemented or modified relating to the issuance of the BWAY Trust 2019-1633, Commercial Mortgage Pass-Through Certificates, Series 2019-1633.

 

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

 

“Certificate”: Any one of the Depositor’s Commercial Mortgage Pass-Through Certificates, Series 2020-GC47, as executed and delivered by the Certificate Registrar and authenticated and delivered hereunder by the Authenticating Agent. For the avoidance of doubt, the RR Interest is not a Certificate.

 

“Certificate Administrator”: Wells Fargo Bank, National Association, in its capacity as certificate administrator, and its successors-in-interest, or if any successor certificate administrator is appointed thereto pursuant to Section 5.08 or any successor certificate administrator appointed hereunder. Wells Fargo Bank, National Association will perform its duties as Certificate Administrator hereunder through its Corporate Trust Services division.

 

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“Certificate Administrator/Trustee Fee”: The fee to be paid to the Certificate Administrator as compensation for the Certificate Administrator’s activities under this Agreement; provided that the Certificate Administrator/Trustee Fee includes the Trustee Fee.

 

“Certificate Administrator/Trustee Fee Rate”: The Certificate Administrator/Trustee Fee shall be equal to the product of the rate equal to 0.00966% per annum and the aggregate Stated Principal Balance of the Mortgage Loans (calculated in the same manner as interest is calculated on the related Mortgage Loan) and any REO Loan (including any Non-Serviced Mortgage Loan but not any Companion Loan) and shall be calculated in the same manner as interest calculated on such Mortgage Loans as of the preceding Distribution Date. The Certificate Administrator/Trustee Fee includes the Trustee Fee.

 

“Certificate Administrator’s Website”: The Certificate Administrator’s internet website, which shall initially be located at www.ctslink.com.

 

“Certificate Balance”: With respect to any Class of Principal Balance Certificates or Class RR Certificates, (i) on or prior to the first Distribution Date, an amount equal to the Original Certificate Balance of such Class of Certificates, as specified in the Preliminary Statement hereto and (ii) as of any date of determination after the first Distribution Date, the Certificate Balance of such Class of Certificates on the Distribution Date immediately prior to such date of determination (determined as adjusted pursuant to Section 1.02(iii)).

 

“Certificate Factor”: With respect to any Class of Certificates (other than the Class R Certificates), as of any date of determination, a fraction, expressed as a decimal carried to at least eight (8) places, the numerator of which is the then related Certificate Balance or Notional Amount, and the denominator of which is the related Original Certificate Balance.

 

“Certificate Owner”: With respect to a Book-Entry 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 Depository Participant or on the books of an indirect participating brokerage firm for which a Depository Participant acts as agent.

 

“Certificate Register” and “Certificate Registrar”: The register maintained and registrar appointed pursuant to Section 5.03(a).

 

“Certificateholder” or “Holder”: The Person in whose name a Certificate is registered in the Certificate Register or any beneficial owner thereof; provided, however, that solely for the purposes of giving any consent, approval, waiver or taking any action pursuant to this Agreement, any Certificate registered in the name of or beneficially owned by the Master Servicer, the Special Servicer (including, for the avoidance of doubt, any Excluded Special Servicer), the Trustee, the Certificate Administrator, the Depositor, any Mortgage Loan Seller, a Mortgagor, a Borrower Party or any Affiliate of any of such Persons shall be deemed to be not outstanding (provided that notwithstanding the foregoing, any Controlling Class Certificates owned by an Excluded Controlling Class Holder shall be deemed to be not outstanding as to such Excluded Controlling Class Holder solely with respect to any related Excluded Controlling Class Loan; and provided, further, that any Controlling Class Certificates owned by the Special Servicer or an Affiliate thereof shall be deemed to be not outstanding as to the Special Servicer

 

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or such Affiliate solely with respect to any related Excluded Special Servicer Loan), and the Voting Rights to which it is entitled shall not be taken into account in determining whether the requisite percentage of Voting Rights necessary to effect any such consent, approval, waiver or take any such action has been obtained; provided, however, that the foregoing restrictions shall not apply in the case of the Master Servicer, the Special Servicer (including, for the avoidance of doubt, any Excluded Special Servicer), the Trustee, the Certificate Administrator, the Depositor, any Mortgage Loan Seller or any Affiliate of any of such Persons unless such consent, approval or waiver sought from such party would in any way increase its compensation or limit its obligations in the named capacities hereunder or waive a Servicer Termination Event or trigger an Asset Review with respect to such Mortgage Loan; provided, further, that so long as there is no Servicer Termination Event with respect to the Master Servicer or the Special Servicer, the Master Servicer and the Special Servicer or any such Affiliate thereof shall be entitled to exercise such Voting Rights with respect to any issue which could reasonably be believed to adversely affect such party’s compensation or increase its obligations or liabilities hereunder; and provided, further, that such restrictions shall not apply to (i) the exercise of the Special Servicer’s, the Master Servicer’s or any Mortgage Loan Seller’s rights, if any, or any of their Affiliates as a member of the Controlling Class or (ii) any Affiliate of the Depositor, the Master Servicer, the Special Servicer, the Trustee, or the Certificate Administrator that has provided an Investor Certification in which it has certified as to the existence of certain policies and procedures restricting the flow of information between it and the Depositor, the Master Servicer, the Special Servicer, the Trustee, or the Certificate Administrator, as applicable. The Trustee and the Certificate Administrator shall each be entitled to request and rely upon a certificate of the Master Servicer, the Special Servicer or the Depositor in determining whether a Certificate is registered in the name of an Affiliate of such Person. All references herein to “Holders” or “Certificateholders” shall reflect the rights of Certificate Owners as they may indirectly exercise such rights through the Depository and the Depository Participants, except as otherwise specified herein; provided, however, that the parties hereto shall be required to recognize as a “Holder” or “Certificateholder” only the Person in whose name a Certificate is registered in the Certificate Register. The Trustee shall be the Holder of the Lower-Tier Regular Interests for the benefit of the Certificateholders and the RR Interest Owner.

 

“Certification Parties”: As defined in Section 11.06.

 

“Certification Party”: Any one of the Certification Parties.

 

“Certifying Person”: As defined in Section 11.06.

 

“Certifying Servicer”: As defined in Section 11.09.

 

“CGCMT 2020-555 TSA”: The Trust and Servicing Agreement, dated as of March 6, 2020, by and among Citigroup Commercial Mortgage Securities Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as servicer, Midland Loan Services, a Division of PNC Bank, National Association, as special servicer, Wilmington Trust, National Association, as Trustee, and Citibank, N.A., as certificate administrator, as from time to time amended, supplemented or modified relating to the issuance of the Citigroup Commercial Mortgage Trust 2020-555, Commercial Mortgage Pass-Through Certificates, Series 2020-555.

 

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“CGCMT 2020-GC46 PSA”: The Pooling and Servicing Agreement, dated as of February 1, 2020, among Citigroup Commercial Mortgage Securities Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, CWCapital Asset Management LLC, as special servicer, Park Bridge Lender Services LLC, as operating advisor, Park Bridge Lender Services LLC, as asset representations reviewer, Citibank, N.A., as certificate administrator, and Wilmington Trust, National Association, as trustee, as from time to time amended, supplemented or modified relating to the issuance of the Citigroup Commercial Mortgage Trust 2020-GC46 Commercial Mortgage Pass-Through Certificates Series 2020-GC46.

 

“City National Plaza Co-Lender Agreement”: That certain Agreement Between Noteholders, dated as of May 13, 2020, by and between the holders of the respective promissory notes evidencing the City National Plaza Whole Loan, relating to the relative rights of such holders, as the same may be further amended in accordance with the terms thereof.

 

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

 

“Class A Certificate”: Any Class A-1, Class A-4, Class A-5, Class A-AB and Class A-S Certificate.

 

“Class A-1 Certificate”: A Certificate designated as “Class A-1” on the face thereof, in the form of Exhibit A-1 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class A-1 Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 1.35860%.

 

“Class A-4 Certificate”: A Certificate designated as “Class A-4” on the face thereof, in the form of Exhibit A-2 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class A-4 Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 2.12450%.

 

“Class A-5 Certificate”: A Certificate designated as “Class A-5” on the face thereof, in the form of Exhibit A-3 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class A-5 Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 2.37720%.

 

“Class A-AB Certificate”: A Certificate designated as “Class A-AB” on the face thereof, in the form of Exhibit A-4 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

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“Class A-AB Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 2.31610%.

 

“Class A-AB Scheduled Principal Balance”: With respect to any Distribution Date, the planned principal amount for such Distribution Date specified in Schedule 2 hereto relating to the Class A-AB Certificates.

 

“Class A-S Certificate”: A Certificate designated as “Class A-S” on the face thereof, in the form of Exhibit A-6 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class A-S Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to 2.73130%.

 

“Class B Certificate”: A Certificate designated as “Class B” on the face thereof, in the form of Exhibit A-7 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class B Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to the Weighted Average Net Mortgage Rate for such Distribution Date.

 

“Class C Certificate”: A Certificate designated as “Class C” on the face thereof, in the form of Exhibit A-8 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class C Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to the Weighted Average Net Mortgage Rate for such Distribution Date.

 

“Class D Certificate”: A Certificate designated as “Class D” on the face thereof, in the form of Exhibit A-9 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class D Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to the Weighted Average Net Mortgage Rate for such Distribution Date.

 

“Class E Certificate”: A Certificate designated as “Class E” on the face thereof, in the form of Exhibit A-10 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class E Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to (i) the Weighted Average Net Mortgage Rate for such Distribution Date minus (ii) 1.000%, but, in any case, not less than 0.000%.

 

“Class F Certificate”: A Certificate designated as “Class F” on the face thereof, in the form of Exhibit A-12 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

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“Class F Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to (i) the Weighted Average Net Mortgage Rate for such Distribution Date minus (ii) 1.000%, but, in any case, not less than 0.000%.

 

“Class G Certificate”: A Certificate designated as “Class G” on the face thereof, in the form of Exhibit A-14 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class G Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to (i) the Weighted Average Net Mortgage Rate for such Distribution Date minus (ii) 1.000%, but, in any case, not less than 0.000%.

 

“Class H Certificate”: A Certificate designated as “Class H” on the face thereof, in the form of Exhibit A-16 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class H Pass-Through Rate”: With respect to any Distribution Date, a per annum rate equal to the Weighted Average Net Mortgage Rate for such Distribution Date.

 

“Class LA1 Uncertificated Interest”: An uncertificated 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 Preliminary Statement hereto.

 

“Class LA4 Uncertificated Interest”: An uncertificated 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 Preliminary Statement hereto.

 

“Class LA5 Uncertificated Interest”: An uncertificated 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 Preliminary Statement hereto.

 

“Class LAAB Uncertificated Interest”: An uncertificated 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 Preliminary Statement hereto.

 

“Class LAS Uncertificated Interest”: An uncertificated 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 Preliminary Statement hereto.

 

“Class LB Uncertificated Interest”: An uncertificated 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 Preliminary Statement hereto.

 

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“Class LC Uncertificated Interest”: An uncertificated 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 Preliminary Statement hereto.

 

“Class LD Uncertificated Interest”: An uncertificated 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 Preliminary Statement hereto.

 

“Class LE Uncertificated Interest”: An uncertificated 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 Preliminary Statement hereto.

 

“Class LF Uncertificated Interest”: An uncertificated 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 Preliminary Statement hereto.

 

“Class LG Uncertificated Interest”: An uncertificated 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 Preliminary Statement hereto.

 

“Class LH Uncertificated Interest”: An uncertificated 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 Preliminary Statement hereto.

 

“Class LR Interest”: The uncertificated residual interest in the Lower-Tier REMIC, represented by the Class R Certificates.

 

“Class LRR Uncertificated Interest”: An uncertificated 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 Preliminary Statement hereto.

 

“Class R Certificate”: A Certificate designated as “Class R” on the face thereof in the form of Exhibit A-18 hereto, and evidencing the sole class of “residual interest” in each Trust REMIC for purposes of the REMIC Provisions.

 

“Class RR Certificate”: A Certificate designated as “Class RR” on the face thereof, in the form of Exhibit A-17 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class UR Interest”: The uncertificated residual interest in the Upper-Tier REMIC, represented by the Class R Certificates.

 

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“Class X Certificates”: The Class X-A, Class X-E, Class X-F and Class X-G Certificates, as the context may require.

 

“Class X-A Certificate”: A Certificate designated as “Class X-A” on the face thereof, in the form of Exhibit A-5 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class X-A Notional Amount”: As of any date of determination, the aggregate of the Certificate Balances of the Class A Certificates.

 

“Class X-A Pass-Through Rate”: The Pass-Through Rate for Class X-A Certificates for any Distribution Date will equal the excess, if any of (a) the Weighted Average Net Mortgage Rate for the related Distribution Date, over (b) the weighted average of the Pass-Through Rates on the Class A Certificates for such Distribution Date, weighted on the basis of their respective Certificate Balances immediately prior to the Distribution Date. The Pass-Through Rate applicable to the Class X-A Certificates for the initial Distribution Date shall be the rate set forth in the Preliminary Statement hereto.

 

“Class X-E Certificate”: A Certificate designated as “Class X-E” on the face thereof, in the form of Exhibit A-11 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class X-E Notional Amount”: As of any date of determination, the Certificate Balance of the Class E Certificates.

 

“Class X-E Pass-Through Rate”: The Pass-Through Rate for Class X-E Certificates for any Distribution Date will equal the excess, if any of (a) the Weighted Average Net Mortgage Rate for the related Distribution Date, over (b) the Pass-Through Rate on the Class E Certificates for such Distribution Date. The Pass-Through Rate applicable to the Class X-E Certificates for the initial Distribution Date shall be the rate set forth in the Preliminary Statement hereto.

 

“Class X-F Certificate”: A Certificate designated as “Class X-F” on the face thereof, in the form of Exhibit A-13 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class X-F Notional Amount”: As of any date of determination, the Certificate Balance of the Class F Certificates.

 

“Class X-F Pass-Through Rate”: The Pass-Through Rate for Class X-F Certificates for any Distribution Date will equal the excess, if any of (a) the Weighted Average Net Mortgage Rate for the related Distribution Date, over (b) the Pass-Through Rate on the Class F Certificates for such Distribution Date. The Pass-Through Rate applicable to the Class X-F Certificates for the initial Distribution Date shall be the rate set forth in the Preliminary Statement hereto.

 

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“Class X-G Certificate”: A Certificate designated as “Class X-G” on the face thereof, in the form of Exhibit A-15 hereto, and evidencing a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions.

 

“Class X-G Notional Amount”: As of any date of determination, the Certificate Balance of the Class G Certificates.

 

“Class X-G Pass-Through Rate”: The Pass-Through Rate for Class X-G Certificates for any Distribution Date will equal the excess, if any of (a) the Weighted Average Net Mortgage Rate for the related Distribution Date, over (b) the Pass-Through Rate on the Class G Certificates for such Distribution Date. The Pass-Through Rate applicable to the Class X-G Certificates for the initial Distribution Date shall be the rate set forth in the Preliminary Statement hereto.

 

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

 

“Clearstream”: Clearstream Banking, société anonyme or any successor thereto.

 

“Closing Date”: May 21, 2020.

 

“CMBS”: Commercial mortgage-backed securities.

 

“Co-Lender Agreement”: Each of the 1633 Broadway Co-Lender Agreement, the Moffett Towers Buildings A, B & C Co-Lender Agreement, the 711 Fifth Avenue Co-Lender Agreement, the 650 Madison Avenue Co-Lender Agreement, the City National Plaza Co-Lender Agreement, the 555 10th Avenue Co-Lender Agreement, the PCI Pharma Portfolio Co-Lender Agreement, the Midland Atlantic Portfolio Co-Lender Agreement, the 525 Market Street Co-Lender Agreement, and any intercreditor agreement entered into in connection with the issuance to the direct or indirect equity holders in the Mortgagor of any existing mezzanine indebtedness or any future mezzanine indebtedness permitted under the related Mortgage Loan documents.

 

“Code”: The Internal Revenue Code of 1986, as amended from time to time, and applicable final or temporary regulations of the U.S. Department of the Treasury issued pursuant thereto.

 

“Collateral Deficiency Amount” With respect to any AB Modified Loan as of any date of determination, the excess of (i) the Stated Principal Balance of such AB Modified Loan (taking into account the related junior note(s) included therein), over (ii) the sum of (in the case of a Whole Loan, solely to the extent allocable to the subject Mortgage Loan) (x) the most recent Appraised Value for the related Mortgaged Property or Mortgaged Properties, plus (y) solely to the extent not reflected or taken into account in such Appraised Value and to the extent on deposit with, or otherwise under the control of, the lender as of the date of such determination, any capital or additional collateral contributed by the related Mortgagor at the time the Mortgage Loan became (and as part of the modification related to) such AB Modified Loan for the benefit of the related Mortgaged Property or Mortgaged Properties (provided, that in the case of a Non-Serviced Mortgage Loan, the amounts set forth in this clause (y) will be taken into account solely to the extent relevant information is received by the Master Servicer),

 

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plus (z) any other escrows or reserves (in addition to any amounts set forth in the immediately preceding clause (y)) held by the lender in respect of such AB Modified Loan as of the date of such determination. The Certificate Administrator, the Operating Advisor and the Master Servicer shall be entitled to conclusively rely on the Special Servicer’s calculation or determination of any Collateral Deficiency Amount with respect to Mortgage Loans other than any Non-Serviced Mortgage Loan. The Certificate Administrator, the Operating Advisor and the Special Servicer shall be entitled to conclusively rely on the Master Servicer’s calculation or determination of any Collateral Deficiency Amount with respect to Non-Serviced Mortgage Loans.

 

“Collection Account”: A segregated custodial account or accounts created and maintained by the Master Servicer pursuant to Section 3.04(a) on behalf of the Trustee for the benefit of the Certificateholders and the RR Interest Owner, which shall be entitled “Wells Fargo Bank, National Association, as Master Servicer, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered holders of GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47, and the RR Interest Owner, Collection Account”. Any such account or accounts shall be an Eligible Account. Subject to the related Co-Lender Agreement and taking into account that each Companion Loan is subordinate or pari passu, as applicable, to the related Serviced Mortgage Loan to the extent set forth in the related Co-Lender Agreement, the subaccount described in the second paragraph of Section 3.04(b) that is part of the Collection Account shall be for the benefit of the related Companion Holder, to the extent funds on deposit in such subaccount are attributed to such Companion Loan and shall not be an asset of the Trust or any Trust REMIC formed hereunder.

 

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

 

“COMM 2019-GC44 PSA”: The Pooling and Servicing Agreement, dated as of December 1, 2019, between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, Rialto Capital Advisors, LLC, as special servicer, Wells Fargo Bank, National Association, as certificate administrator, paying agent and custodian, Wells Fargo Bank, National Association, as trustee, and Park Bridge Lender Services LLC, as operating advisor and as asset representations reviewer, as from time to time amended, supplemented or modified relating to the issuance of the COMM 2019-GC44 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2019-GC44.

 

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“Commission”: The Securities and Exchange Commission.

 

“Companion Holders”: Each of the holders of record of any Companion Loan.

 

“Companion Loan(s)”: With respect to any Mortgage Loan, any other mortgage loan that is not included in the Trust but is secured by the same Mortgage(s) encumbering the same Mortgaged Property or portfolio of Mortgaged Properties as such Mortgage Loan. With respect to each Whole Loan, the Pari Passu Companion Loan(s) and the AB Subordinate Companion Loan(s) (if any) are evidenced by the promissory notes opposite such Whole Loan, set forth in the chart entitled “Whole Loans” in the Preliminary Statement, as such promissory notes may be further divided.

 

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

 

“Companion Loan Rating Agency Confirmation”: With respect to any matter involving the servicing and administration of a Serviced Companion Loan or any related REO Property as to which any Serviced Companion Loan Securities exist (including, but not limited to, the replacement of a Master Servicer or the Special Servicer), 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 Serviced Companion Loan Securities (if then rated by the Companion Loan Rating Agency); provided that upon receipt of a written waiver or other acknowledgment from the Companion Loan Rating Agency indicating its decision not to review or declining to review the matter for which the Companion Loan Rating Agency Confirmation is sought, or as otherwise provided in Section 3.25 of this Agreement, the requirement for the Companion Loan Rating Agency Confirmation from the applicable Companion Loan Rating Agency with respect to such matter shall not apply.

 

“Companion Paying Agent”: With respect to the Serviced Companion Loans, if any, the Master Servicer in its role as Companion Paying Agent appointed pursuant to Section 3.27.

 

“Companion Register”: The register maintained by the Companion Paying Agent pursuant to Section 3.28.

 

“Compensating Interest Payments”: With respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan) and any related Serviced Pari Passu Companion Loan, an amount as of any Distribution Date equal to the lesser of (i) the aggregate amount of Prepayment Interest Shortfalls incurred in connection with voluntary Principal Prepayments received in respect of the Mortgage Loans (other than any Non-Serviced Mortgage Loan) and any related Serviced Pari Passu Companion Loan (in each case other than a Specially Serviced Mortgage Loan if the Special Servicer allowed a prepayment on such Mortgage Loan or Serviced Pari Passu Companion Loan on a date other than the applicable Due Date) for the related Distribution Date and (ii) the aggregate of (A) a portion of the Master Servicer’s Servicing Fees

 

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for such Distribution Date calculated at a rate of 0.00250% per annum on each Mortgage Loan (other than any Non-Serviced Mortgage Loan) (and, so long as a Whole Loan is serviced under this Agreement, any related Serviced Pari Passu Companion Loan), (B) all Prepayment Interest Excesses received by the Master Servicer during such Collection Period with respect to the Mortgage Loans (other than any Non-Serviced Mortgage Loan) (and, so long as a Serviced Whole Loan is serviced hereunder, any related Serviced Whole Loan) subject to such prepayment and (C) to the extent earned on Principal Prepayments, Net Investment Earnings payable to the Master Servicer for such Collection Period received by the Master Servicer during such Collection Period with respect to the Mortgage Loan (other than any Non-Serviced Mortgage Loan) (and, so long as a Whole Loan is serviced hereunder, any related Serviced Whole Loan), as applicable, subject to such prepayment. In no event will the rights of the Certificateholders or the RR Interest Owner to the offset of the aggregate Prepayment Interest Shortfalls be cumulative. However, if a Prepayment Interest Shortfall occurs with respect to a Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan as a result of the Master Servicer’s allowing the related Mortgagor to deviate (a “Prohibited Prepayment”) from the terms of the related Mortgage Loan documents regarding Principal Prepayments (other than (V) a Non-Serviced Mortgage Loan, (W) subsequent to a default under the related Mortgage Loan documents or if the Mortgage Loan is a Specially Serviced Mortgage Loan, (X) pursuant to applicable law or a court order or otherwise in such circumstances where the Master Servicer is required to accept such Principal Prepayment in accordance with the Servicing Standard, (Y) at the request or with the consent of the Special Servicer or, so long as no Control Termination Event is continuing, and only with respect to the Mortgage Loans other than an applicable Excluded Loan, the Directing Holder or (Z) in connection with the payment of any Insurance and Condemnation Proceeds, unless the Master Servicer did not apply the proceeds thereof in accordance with the terms of the related Mortgage Loan documents and such failure causes the shortfall), then for purposes of calculating the Compensating Interest Payment for the related Distribution Date, the Master Servicer shall pay, without regard to clause (1)(ii) above, the aggregate amount of Prepayment Interest Shortfalls with respect to such Mortgage Loan, otherwise described in clause (1)(i) above in connection with such Prohibited Prepayments.

 

For the avoidance of doubt, Compensating Interest Payments with respect to each Serviced Whole Loan shall be allocated among the related Mortgage Loan and related Serviced Pari Passu Companion Loan(s), pro rata, in accordance with their respective principal balances.

 

“Consultation Termination Event”: At any date at which

 

(a)        with respect to any Mortgage Loan (other than a Serviced AB Mortgage Loan or a Servicing Shift Mortgage Loan) or Serviced Whole Loan (other than a Serviced AB Whole Loan or a Servicing Shift Whole Loan) (i) no Class of Control Eligible Certificates exists where such Class’s aggregate Certificate Balance is at least equal to 25% of the Original Certificate Balance of that Class, in each case without regard to the application of any Cumulative Appraisal Reduction Amounts, (ii) a Holder of the Class F Certificates is the majority Controlling Class Certificateholder and has irrevocably waived its right, in writing, to exercise any of the rights of the Controlling Class Certificateholder, and such rights have not been reinstated to a successor Controlling Class Certificateholder pursuant to Section 3.23(k); provided, that no Consultation

 

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Termination Event resulting solely from the operation of clause (ii) shall be deemed to have existed or be in continuance with respect to a successor Holder of Class F Certificates that has not irrevocably waived its right to exercise any of the rights of the Controlling Class Certificateholder, or (iii) such Mortgage Loan or Whole Loan is an applicable Excluded Loan; and

 

(b)        with respect to a Serviced AB Whole Loan, when an AB Control Appraisal Period is continuing and (i) no Class of Control Eligible Certificates exists where such Class’s aggregate Certificate Balance is at least equal to 25% of the Original Certificate Balance of that Class, in each case without regard to the application of any Cumulative Appraisal Reduction Amounts, (ii) a Holder of the Class F Certificates is the majority Controlling Class Certificateholder and has irrevocably waived its right, in writing, to exercise any of the rights of the Controlling Class Certificateholder, and such rights have not been reinstated to a successor Controlling Class Certificateholder pursuant to Section 3.23(k); provided that no Consultation Termination Event resulting solely from the operation of clause (ii) shall be deemed to have existed or be in continuance with respect to a successor Holder of Class F Certificates that has not irrevocably waived its right to exercise any of the rights of the Controlling Class Certificateholder, or (iii) such Mortgage Loan or Whole Loan is an Excluded Loan;

 

provided that, no Consultation Termination Event may occur with respect to the Loan-Specific Directing Holder related to a Servicing Shift Whole Loan and the term “Consultation Termination Event” shall not be applicable to the Loan-Specific Directing Holder related to such Servicing Shift Whole Loan; provided, further, that if at any time, the Certificate Balance of the Class A-1, Class A-4, Class A-5, Class A-AB, Class A-S, Class B, Class C and Class D and Class E Certificates have been reduced to zero as a result of the allocation of principal payments on the Mortgage Loans, then no Consultation Termination Event will be deemed to occur.

 

“Control Eligible Certificates”: Any of the Class F, Class G and Class H Certificates.

 

“Control Termination Event”: The occurrence of

 

(a)        with respect to any Mortgage Loan (other than a Serviced AB Mortgage Loan or a Servicing Shift Mortgage Loan) or Serviced Whole Loan (other than a Serviced AB Whole Loan or a Servicing Shift Whole Loan) (i) the Certificate Balance of the Class F Certificates (taking into account the application of any Cumulative Appraisal Reduction Amounts to notionally reduce the Certificate Balance of such Class in accordance with Section 4.05(a) hereof) being reduced to less than 25% of the Original Certificate Balance of such Class, (ii) a Holder of the Class F Certificates becoming the majority Controlling Class Certificateholder and has irrevocably waived its right, in writing, to exercise any of the rights of the Controlling Class Certificateholder and such rights have not been reinstated to a successor Controlling Class Certificateholder pursuant to Section 3.23(k); provided that no Control Termination Event resulting solely from the operation of clause (ii) will be deemed to have existed or be in continuance with respect to a successor holder of Class F Certificates that has not irrevocably waived its

 

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right to exercise any of the rights of the Controlling Class Certificateholder, or (iii) such Mortgage Loan or Whole Loan becoming an applicable Excluded Loan; and

 

(b)        with respect to a Serviced AB Whole Loan, when an AB Control Appraisal Period is continuing and (i) the Certificate Balance of the Class F Certificates (taking into account the application of any Cumulative Appraisal Reduction Amounts to notionally reduce the Certificate Balance of such Class in accordance with Section 4.05(a) hereof) being reduced to less than 25% of the Original Certificate Balance of such Class, (ii) a Holder of the Class F Certificates becoming the majority Controlling Class Certificateholder and has irrevocably waived its right, in writing, to exercise any of the rights of the Controlling Class Certificateholder and such rights have not been reinstated to a successor Controlling Class Certificateholder pursuant to Section 3.23(k); provided that no Control Termination Event resulting solely from the operation of clause (ii) will be deemed to have existed or be in continuance with respect to a successor holder of Class F Certificates that has not irrevocably waived its right to exercise any of the rights of the Controlling Class Certificateholder, or (iii) such Mortgage Loan or Whole Loan becoming an applicable Excluded Loan;

 

provided that, no Control Termination Event may occur with respect to the Loan-Specific Directing Holder related to a Servicing Shift Whole Loan and the term “Control Termination Event” shall not be applicable to the Loan-Specific Directing Holder related to such Servicing Shift Whole Loan; provided, further, that if at any time, the Certificate Balance of the Class A-1, Class A-4, Class A-5, Class A-AB, Class A-S, Class B, Class C, Class D and Class E Certificates have been reduced to zero as a result of the allocation of principal payments on the Mortgage Loans, then no Control Termination Event will be deemed to occur.

 

“Controlling Class”: As of any date of determination, the most subordinate Class of Control Eligible Certificates then outstanding that has a then aggregate Certificate Balance as notionally reduced by any Cumulative Appraisal Reduction Amounts allocable to such Class in accordance with Section 4.05(a), at least equal to 25% of the Original Certificate Balance of that Class; provided that if, at any time, the Certificate Balances of all Control Eligible Certificates, as notionally reduced by any Appraisal Reduction Amounts (but without regard to any Collateral Deficiency Amount) allocable to such Classes, have been reduced to zero, the Controlling Class will be the most senior Class of Control Eligible Certificates that has a principal balance greater than zero; provided, further that if at any time the Certificate Balance of the Class A-1, Class A-4, Class A-5, Class A-AB, Class A-S, Class B, Class C, Class D and Class E Certificates have been reduced to zero as a result of the allocation of principal payments on the Mortgage Loans, then the “Controlling Class” will be the most subordinate Class of Control Eligible Certificates that has an aggregate Certificate Balance greater than zero without regard to the application of Appraisal Reduction Amounts (or any Collateral Deficiency Amount) to notionally reduce the Certificate Balance of such Class. The Controlling Class as of the Closing Date will be the Class H Certificates.

 

“Controlling Class Certificateholders”: Each Holder (or Certificate Owner, if applicable) of a Certificate of the Controlling Class as determined by the Certificate Registrar, from time to time, upon request by any party hereto. The Trustee, the Master Servicer, the Special Servicer or the Operating Advisor may from time to time request (the cost of which

 

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being an expense of the Trust) that the Certificate Administrator provide a list of the Holders (or Certificate Owners, if applicable) of the Controlling Class and the Certificate Administrator shall promptly provide such list without charge to such Trustee, Master Servicer, Operating Advisor or Special Servicer, as applicable. The Trustee, the Master Servicer, the Special Servicer and the Operating Advisor shall be entitled to rely on any such list so provided.

 

“Controlling Class Representative”: The initial Controlling Class Representative shall be LD II Holdco X, LLC. Thereafter, the Controlling Class Representative shall be the Controlling Class Certificateholder (or a representative thereof) selected by more than 50% of the Controlling Class Certificateholders, (by Certificate Balance, as determined by the Certificate Registrar from time to time); provided, however, that (i) absent that selection, or (ii) until a Controlling Class Representative is so selected or (iii) upon receipt of a notice from a majority of the Controlling Class Certificateholders, by Certificate Balance, that a Controlling Class Representative is no longer designated, then the Controlling Class Certificateholder that represents that it owns the largest aggregate Certificate Balance of the Controlling Class (with evidence of ownership) or a representative thereof, will be the Controlling Class Representative; provided, however, that, in the case of this clause (iii), in the event that no one Holder owns the largest aggregate Certificate Balance of the Controlling Class, then there will be no Controlling Class Representative until appointed in accordance with the terms of this Agreement. During the continuance of a Control Termination Event, the Controlling Class Representative shall only retain its consultation rights to the extent specifically provided for herein. After the occurrence and continuation of a Consultation Termination Event, there will be no Controlling Class Representative. The Depositor shall promptly provide the name and contact information for the initial Controlling Class Representative upon request of any party to this Agreement and any such requesting party may conclusively rely on the name and contact information provided by the Depositor. In the event the Controlling Class Certificateholder has elected to irrevocably waive its right to appoint a Controlling Class Representative or to exercise any of the rights of the Controlling Class Certificateholder, there will be no Controlling Class Representative and no party will be entitled to exercise any of the rights of the Controlling Class Representative until such time as a Controlling Class Certificateholder is reinstated pursuant to Section 3.23(k) hereof and a new Controlling Class Representative is appointed in accordance with the terms hereof. The Certificate Administrator and the other parties hereto shall be entitled to assume that the identity of the Controlling Class Representative has not changed until such parties receive written notice of a replacement of the Controlling Class Representative from a party holding the requisite interest in the Controlling Class, or the resignation of the then-current Controlling Class Representative.

 

“Corporate Trust Office”: The principal corporate trust offices of the Trustee and the Certificate Administrator at which at any particular time its corporate trust business with respect to this Agreement shall be administered, which offices at the date of the execution of this Agreement are located (i) with respect to Certificate Transfers and surrenders, at Wells Fargo Bank, 600 South 4th Street, 7th Floor, MAC: N9300-070, Minneapolis, Minnesota 55479, Attention: Certificate Transfer Services - GSMS 2020-GC47; and (ii) with respect to the Trustee at 9062 Old Annapolis Road, Columbia, Maryland, 21045-1951; and (iii) for all other purposes, to the Certificate Administrator at 9062 Old Annapolis Road, Columbia, Maryland 21045-1951, Attention: Corporate Trust Services (CMBS) GSMS 2020-GC47.

 

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“Corrected Loan”: Any Specially Serviced Mortgage Loan that has become current and remained current for three (3) consecutive Periodic Payments (for such purposes taking into account any modification or amendment of the related Mortgage Loan or Companion Loan, as applicable, whether by a consensual modification or in connection with a bankruptcy, insolvency or similar proceeding involving the Mortgagor), and (provided that no additional default is foreseeable in the reasonable judgment of the Special Servicer and no other event or circumstance exists that causes such Mortgage Loan or Companion Loan, as applicable, to otherwise constitute a Specially Serviced Mortgage Loan) the servicing of which the Special Servicer has returned to the Master Servicer pursuant to Section 3.19(a).

 

“CREFC®”: The Commercial Real Estate Finance Council®, or any successor organization reasonably acceptable to the Certificate Administrator, the Master Servicer, the Special Servicer and, prior to the occurrence and continuance of a Control Termination Event, the Controlling Class Representative.

 

“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.

 

“CREFC® Appraisal Reduction Amount Template”: A report substantially in the form of, and containing the information called for in, the downloadable form of the “Appraisal Reduction Amount Template” available as of the Closing Date on the CREFC® Website, or such other form for the presentation of such information and containing such additional information as may from time to time be 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.

 

“CREFC® Comparative Financial Status Report”: The monthly report in “Comparative Financial Status Report” format substantially in the form of and containing the information called for therein for the Mortgage Loans, or 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® Delinquent Mortgage Loan Status Report”: The monthly report in the “Delinquent Loan Status Report” format substantially in the form of and containing the

 

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 information called for therein for the Mortgage Loans, or such other form for the presentation of such information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

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

 

“CREFC® Intellectual Property Royalty License Fee”: With respect to each Mortgage Loan and REO Loan (other than the portion of an REO Loan related to any Serviced Companion Loan) and for any Distribution Date, the amount accrued during the related Interest Accrual Period at the CREFC® Intellectual Property Royalty License Fee Rate on the Stated Principal Balance of such Mortgage Loan or REO Loan as of the close of business on the Distribution Date in such 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 related Mortgage Loan or REO Loan is computed and shall be prorated for partial periods. For the avoidance of doubt, the CREFC® Intellectual Property Royalty License Fee shall be deemed payable by the Master Servicer from the Lower-Tier REMIC.

 

“CREFC® Intellectual Property Royalty License Fee Rate”: With respect to each Mortgage 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® Investor Reporting Package”: The collection of reports specified by the CREFC® from time to time as the “CREFC® Investor Reporting Package.” As of the Closing Date, the CREFC® Investor Reporting Package contains eight electronic files ((1) CREFC® Loan

 

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Setup File, (2) CREFC® Loan Periodic Update File, (3) CREFC® Property File, (4) CREFC® Bond Level File, (5) CREFC® Collateral Summary File, (6) CREFC® Financial File, (7) CREFC® Special Servicer Loan File and (8) CREFC® Schedule AL File) and nine surveillance reports ((1) CREFC® Servicer Watch List, (2) CREFC® Delinquent Mortgage Loan Status Report, (3) CREFC® REO Status Report, (4) CREFC® Comparative Financial Status Report, (5) CREFC® Historical Loan Modification/Forbearance and Corrected Mortgage Loan Report, (6) CREFC® Operating Statement Analysis Report, (7) CREFC® NOI Adjustment Worksheet, (8) CREFC® Loan Level Reserve/LOC Report and (9) with respect to Mortgage Loans that have a Companion Loan, the CREFC® Total Loan Report). In addition, the CREFC® Investor Reporting Package shall include the CREFC® Advance Recovery Report. In addition, the CREFC® Investor Reporting Package shall include the following nine templates: (1) CREFC® Appraisal Reduction Amount Template, (2) CREFC® Servicer Realized Loss Template, (3) CREFC® Reconciliation of Funds Template, (4) CREFC® Historical Bond/Collateral Realized Loss Reconciliation Template, (5) CREFC® Historical Liquidation Loss Template, (6) CREFC® Interest Shortfall Reconciliation Template, (7) CREFC® Loan Modification Report, (8) CREFC® Loan Liquidation Report and (9) CREFC® REO Liquidation Report. The CREFC® Investor Reporting Package shall be substantially in the form of, and containing the information called for in, the downloadable forms of the “CREFC® IRP” 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 or reports as may from time to time be approved by the CREFC® for commercial mortgage backed securities transactions generally. For the purposes of the production of the CREFC® Comparative Financial Status Report by the Master Servicer or the Special Servicer of any such report that is required to state information for any period prior to the Cut-off Date, the Master Servicer or the Special Servicer, as the case may be, may conclusively rely (without independent verification), absent manifest error, on information provided to it by the Mortgage Loan Sellers or by the related Mortgagor or (x) in the case of such a report produced by the Master Servicer, by the Special Servicer (if other than the Master Servicer or an Affiliate thereof) and (y) in the case of such a report produced by the Special Servicer, by the Master Servicer (if other than the Special Servicer or an Affiliate thereof).

 

“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 in the “CREFC® Loan Level Reserve/LOC Report” format substantially in the form of and containing the information called for therein for the Mortgage Loans, or such other form for the presentation of such information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®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 and effective from time to time on the CREFC® Website, or such other form for the presentation of such information and containing such additional information as may from time to time be recommended by the CREFC® for commercial mortgage securities transactions generally.

 

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“CREFC® 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.

 

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

 

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

 

“CREFC® NOI Adjustment Worksheet”: The worksheet in the “NOI Adjustment Worksheet” format substantially in the form of and containing the information called for therein for the Mortgage Loans, or such other form for the presentation of such information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC® Operating Statement Analysis Report”: The report in the “Operating Statement Analysis Report” format substantially in the form of and containing the information called for therein for the Mortgage Loans, or such other form for the presentation of such information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

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

 

“CREFC® 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 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

 

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time to time be recommended by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC® REO Status Report”: The monthly report in the “REO Status Report” format substantially in the form of and containing the information called for therein for the Mortgage Loans, or such other form for the presentation of such information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC® Schedule AL File”: The data file in the “Schedule AL File” format substantially in the form of and containing the information called for by Item 1111(h)(3) or Item 1125 of Regulation AB or Item 601(b)(102) of Regulation S-K under the Securities Act with respect to the Mortgage Loans, or such other form of presentation as may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally, which in any case shall include all information required by Item 1111(h)(3) or Item 1125 of Regulation AB or Item 601(b)(102) of Regulation S-K under the Securities Act.

 

“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 monthly report, as of each Determination Date, including and identifying each Non-Specially Serviced Mortgage Loan satisfying the “CREFC® Portfolio Review Guidelines” approved from time to time by the CREFC® in the “CREFC® Servicer Watch List” format substantially in the form of and containing the information called for therein for the Mortgage Loans, or such other form (including other portfolio review guidelines) for the presentation of such information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

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

 

“CREFC® 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 Master Servicer.

 

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

 

“CREFI”: Citi Real Estate Funding Inc., a New York corporation.

 

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“Cross-Over Date”: The Distribution Date on which the Certificate Balances of the Subordinate Certificates are (or are expected to be) reduced to zero as a result of the allocation of Non-VRR Realized Losses to such Certificates.

 

“Crossed Mortgage Loan Group”: With respect to (i) any Mortgage Loan that consists of more than one commercial mortgage loan, the underlying group of loans that are cross-collateralized and cross-defaulted with each other and (ii) any two or more individual Mortgage Loans that are cross-collateralized and cross-defaulted with each other, such cross-collateralized and cross-defaulted Mortgage Loans.

 

“Crossed Underlying Loan”: With respect to any Crossed Mortgage Loan Group, a Mortgage Loan that is cross-collateralized and cross-defaulted with one or more other Mortgage Loans within such Crossed Mortgage Loan Group.

 

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

 

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

 

“Custodian”: A Person who is at any time appointed by the Trustee pursuant to Section 8.11 as a document custodian for the Mortgage Files, which Person shall not be the Depositor, any of the Mortgage Loan Sellers or an Affiliate of any of them. The Certificate Administrator shall be the initial Custodian. Wells Fargo Bank, National Association will perform its duties as Custodian hereunder through its Document Custody division.

 

“Cut-off Date”: With respect to each Mortgage Loan, the related Due Date of such Mortgage Loan in May 2020, or with respect to any Mortgage Loan that has its first Due Date in June 2020, the date that would have otherwise been the related Due Date in May 2020.

 

“Cut-off Date Principal Balance”: With respect to any Mortgage Loan, the outstanding principal balance of such Mortgage Loan, as of the Cut-off Date, after application of all payments of principal due on or before such date, whether or not received.

 

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

 

“Debt Service Coverage Ratio”: With respect to any Mortgage Loan, for any twelve-month period covered by an annual operating statement for the related Mortgaged Property, the ratio of (i) Net Operating Income produced by the related Mortgaged Property during such period to (ii) the aggregate amount of Periodic Payments (other than any Balloon Payment) due under such Mortgage Loan during such period; provided that with respect to the Mortgage Loans identified on Annex A-1 to the Prospectus as paying interest only for a specified period of time set forth in the related Mortgage Loan documents and then paying principal and interest, the related Periodic Payment will be calculated (for purposes of this definition only) to include interest and principal (based on the remaining amortization term indicated in the Mortgage Loan Schedule).

 

“Default Interest”: With respect to any Mortgage Loan or Companion Loan, all interest accrued in respect of such Mortgage Loan or Companion Loan during such Collection

 

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Period provided for in the related Mortgage Note or Mortgage as a result of a default (exclusive of late payment charges) that is in excess of interest at the related Mortgage Rate accrued on the unpaid principal balance of such Mortgage Loan or Companion Loan outstanding from time to time.

 

“Defaulted Mortgage Loan”: A Mortgage Loan (other than a Non-Serviced Mortgage Loan) or a Serviced Whole Loan that is a Specially Serviced Mortgage Loan and (i) that is delinquent at least sixty (60) days in respect of its Periodic Payments or delinquent in respect of its Balloon Payment, if any; provided that in respect of a Balloon Payment, such period shall be one hundred twenty (120) days after the related Maturity Date (or for such shorter period beyond the date on which the related Balloon Payment was due within which the refinancing or purchase referred to below is scheduled to occur pursuant to the commitment for refinancing or signed purchase agreement or on which such commitment or signed purchase agreement or on which such commitment or signed purchase agreement terminates) if the related Mortgagor has provided the Master Servicer (and the Master Servicer shall promptly forward a copy of such document to the Special Servicer, if it is not evident that a copy has been delivered to the Special Servicer), within sixty (60) days after the related Maturity Date, with (a) a written and fully executed (subject only to customary final closing conditions) commitment, letter of intent, or otherwise binding application for refinancing or similar document that is, in each case, binding upon an acceptable lender or (b) a signed purchase agreement, in the case of the clause (a) or (b), reasonably satisfactory in form and substance to the Master Servicer, which provides that such refinancing or purchase will occur within one hundred twenty (120) days of such related Maturity Date; and, in either case, such delinquency is to be determined without giving effect to any Grace Period permitted by the related Mortgage or Mortgage Note and without regard to any acceleration of payments under the related Mortgage and Mortgage Note or (ii) as to which the Master Servicer or Special Servicer has, by written notice to the related Mortgagor, accelerated the maturity of the indebtedness evidenced by the related Mortgage Note. For the avoidance of doubt, a defaulted Companion Loan does not constitute a “Defaulted Mortgage Loan”.

 

“Defeasance Accounts”: As defined in Section 3.18(j).

 

“Deficient Exchange Act Deliverable”: With respect to the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian, the Certificate Administrator, the Trustee and each Servicing Function Participant and Additional Servicer retained by it, 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 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.

 

“Deficient Valuation”: With respect to any Mortgage Loan or Serviced Whole Loan, as applicable, a valuation by a court of competent jurisdiction of the Mortgaged Property in an amount less than the then outstanding principal balance of such Mortgage Loan or Serviced Whole Loan valuation results from a proceeding initiated under the Bankruptcy Code.

 

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“Definitive Certificate”: Any Certificate in definitive, fully registered form without interest coupons. Initially, the Class R Certificates and any Certificate issued pursuant to Sections 5.02(c) and (d) shall be Definitive Certificates.

 

“Delinquent Mortgage Loan”: A Mortgage Loan that is delinquent at least sixty (60) days in respect of its Periodic Payments or Balloon Payment, if any, in either case such delinquency to be determined without giving effect to any Grace Period. For the avoidance of doubt, a delinquency that would have existed but for a Payment Accommodation will not constitute a delinquency, for so long as the related borrower is complying with the terms of such Payment Accommodation.

 

“Denomination”: With respect to any Certificate or any beneficial interest in a Certificate the amount (i) (a) set forth on the face thereof, (b) set forth on a schedule attached thereto or (c) in the case of any beneficial interest in a Book-Entry Certificate, the interest of the related Certificate Owner in the applicable Class of Certificates as reflected on the books and records of the Depository or related Depository Participant, as applicable, (ii) expressed in terms of initial Certificate Balance or initial Notional Amount, as applicable, and (iii) in an authorized denomination, as set forth in Section 5.01(a).

 

“Depositor”: GS Mortgage Securities Corporation II, a Delaware corporation, and its successors-in-interest.

 

“Depository”: DTC, or any successor Depository hereafter named. The nominee of the initial Depository for purposes of registering those Certificates that are to be Book-Entry Certificates, is Cede & Co. The Depository shall at all times be a “clearing corporation” as defined in Section 8-102(3) of the UCC of the State of New York and a “clearing agency” registered pursuant to the provisions of Section 17A of the Exchange Act.

 

“Depository Participant”: A broker, dealer, bank or other financial institution or other Person for whom from time to time the Depository effects book-entry transfers and pledges of securities deposited with the Depository.

 

“Determination Date”: With respect to any Distribution Date, the eighth (8th) day of each month (or, if the eighth (8th) calendar day of that month is not a Business Day, then the next Business Day), commencing in June 2020.

 

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

 

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

 

(i)     (A) the Mortgage Note, endorsed on its face or by allonge attached to the Mortgage Note, without recourse, to the order of the Trustee or in blank, and further showing a complete, unbroken chain of endorsement from the originator (if such originator is not the Mortgage Loan Seller of the related Mortgage Loan) (or, alternatively, if the original executed Mortgage Note has been lost, a lost note affidavit and indemnity from the applicable Mortgage Loan Seller or another prior holder with a copy of such Mortgage Note), and (B) if such

 

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Mortgage Loan is part of a Serviced Whole Loan, the executed Mortgage Note for each related Serviced Companion Loan;

 

(ii)           the Mortgage, together with any and all intervening assignments thereof, in each case (unless the particular item has not been returned from the applicable recording office) with evidence of recording indicated thereon or certified by the applicable recorder’s office (if in the possession of the applicable Mortgage Loan Seller);

 

(iii)          any related Assignment of Leases (if such item is a document separate from the Mortgage), together with any and all intervening assignments thereof, in each case (unless the particular item has not been returned from the applicable recording office) with evidence of recording indicated thereon or certified by the applicable recorder’s office (if in the possession of the applicable Mortgage Loan Seller);

 

(iv)          final written modification agreements in those instances where the terms or provisions of the Mortgage Note for such Mortgage Loan (or, if applicable, any Mortgage Note of a related Serviced Companion Loan) or the related Mortgage have been modified, in each case (unless the particular item has not been returned from the applicable recording office) with evidence of recording indicated thereon if the instrument being modified is a recordable document;

 

(v)           the policy or certificate of lender’s title insurance issued in connection with such Mortgage Loan (or the related Serviced Whole Loan, if applicable) or, if such policy has not been issued or located, an irrevocable, binding commitment (which may be a “marked-up” pro forma title policy marked as binding and executed by an authorized representative of the title insurer or an agreement to provide the same pursuant to binding escrow instructions executed by an authorized representative of the title insurer) to issue such title insurance policy;

 

(vi)          the Ground Lease relating to such Mortgage Loan (or the related Serviced Whole Loan, if applicable), if any, and any ground lessor estoppel;

 

(vii)         the related loan agreement, if any;

 

(viii)        the guaranty under such Mortgage Loan or the related Serviced Whole Loan, if any;

 

(ix)          the lockbox agreement or cash management agreement relating to such Mortgage Loan or the related Serviced Whole Loan, if any;

 

(x)           the environmental indemnity from the related Mortgagor, if any;

 

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(xi)          the related escrow agreement and the related security agreement (in each case, if such item is a document separate from the Mortgage) and, if applicable, any intervening assignments thereof;

 

(xii)         any filed copies (bearing evidence of filing) or evidence of filing of any UCC Financing Statements in favor of the originator of such Mortgage Loan (or the related Serviced Whole Loan, if applicable) or in favor of any assignee prior to the Trustee and UCC-3 assignment financing statements in favor of the Trustee (or, in each case, a copy thereof certified to be the copy of such assignment submitted or to be submitted for filing), if in the possession of the applicable Mortgage Loan Seller;

 

(xiii)        in the case of any Mortgage Loan or the related Serviced Whole Loan as to which there exists a related mezzanine loan, the related intercreditor agreement;

 

(xiv)        any related environmental Insurance Policy;

 

(xv)         any letter of credit relating to such Mortgage Loan or the related Serviced Whole Loan and any related assignment thereof;

 

(xvi)        any related franchise agreement, property management agreement or hotel management agreement and related comfort letters (together with (i) copies of any notices of transfer that are necessary to transfer or assign to the Trust or the Trustee the benefits of such comfort letter or (ii) if the related comfort letter contemplates that a request be made of the related franchisor to issue a replacement comfort letter for the benefit of the Trust or Trustee, a copy of the notice requesting the issuance of such replacement comfort letter) and/or estoppel letters relating to such Mortgage Loan or the related Serviced Whole Loan and any related assignment thereof; and

 

(xvii)       in the case of a Mortgage Loan that is part of a Whole Loan, the related Co-Lender Agreement;

 

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

 

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

 

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

 

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

 

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(f)            a copy of all Mortgagor’s certificates of hazard insurance and/or hazard Insurance Policies or other applicable Insurance Policies (to the extent not previously included as part of this definition), if any, delivered in connection with the closing of the related Mortgage Loan;

 

(g)           a copy of the Appraisal for the related Mortgaged Property or Mortgaged Properties;

 

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

 

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

 

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

 

(k)           a copy of all zoning reports;

 

(l)            a copy of financial statements of the related Mortgagor;

 

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

 

(n)           a copy of all UCC searches;

 

(o)           a copy of all litigation searches;

 

(p)           a copy of all bankruptcy searches;

 

(q)           a copy of any origination settlement statement;

 

(r)           a copy of the insurance summary report;

 

(s)           a copy of the organizational documents of the related Mortgagor and any guarantor;

 

(t)           a copy of all escrow statements related to the escrow account balances as of the Mortgage Loan origination date, if not included in the origination settlement statement;

 

(u)           the original or a copy of all related environmental reports that were received by the applicable Mortgage Loan Seller;

 

(v)           unless already included as part of the environmental reports, a copy of any closure letter (environmental); and

 

(w)          unless already included as part of the environmental reports, a copy of any environmental remediation agreement for the related Mortgaged Property or Mortgaged Properties,

 

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in each case, to the extent that the related Mortgage Loan Seller received such documents or information in connection with the origination of such Mortgage Loan. In the event any of the items identified above were not received in connection with the origination of such Mortgage Loan (other than documents that would not be included in connection with the origination of the Mortgage Loan because such document is inapplicable to the origination of a Mortgage Loan of that structure or type, taking into account whether or not such Mortgage Loan has any additional debt), the Diligence File shall include a statement to that effect. No information that is proprietary to the related Mortgage Loan Seller or any draft documents, privileged or internal communications, credit underwriting or due diligence analysis shall constitute part of the Diligence File. It is not required to include any of the same items identified above again if such items have already been included under another clause of the definition of Diligence File, and the Diligence File shall include a statement to that effect. The related Mortgage Loan Seller may, without any obligation to do so, include such other documents or information as part of the Diligence File that such Mortgage Loan Seller believes should be included to enable the Asset Representations Reviewer to perform the Asset Review on such Mortgage Loan; provided that such documents or information are clearly labeled and identified.

 

“Directing Holder”: means:

 

(a)        with respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan, any Servicing Shift Mortgage Loan and any Serviced AB Mortgage Loan) or Serviced Whole Loan (other than any Servicing Shift Whole Loan and any Serviced AB Whole Loan), the Controlling Class Representative;

 

(b)        with respect to any Serviced AB Whole Loan, (i) for so long as no AB Control Appraisal Period is continuing, the related Serviced AB Whole Loan Directing Holder and (ii) for so long as an AB Control Appraisal Period is continuing, the Controlling Class Representative; and

 

(c)        with respect to a Servicing Shift Mortgage Loan, the related Loan-Specific Directing Holder.

 

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

 

“Directly Operate”: With respect to any REO Property (except with respect to a Non-Serviced Mortgaged 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 REO Property, the holding of such REO Property primarily for sale to customers, the use of such REO Property in a trade or business conducted by the Trust or on behalf of a Companion Holder or the performance of any construction work on the REO Property, other than through an Independent Contractor; provided, however, that an REO Property shall not be considered to be Directly Operated solely because the Trustee (or the

 

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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 REO Property or takes other actions consistent with Treasury Regulations Section 1.856-4(b)(5)(ii).

 

“Disclosable Special Servicer Fees”: With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan), Serviced Whole Loan or REO Property (other than any interest in REO Property acquired with respect to any Non-Serviced Mortgage Loan), any compensation and other remuneration (including, without limitation, in the form of commissions, brokerage fees, and rebates received or retained by the Special Servicer or any of its Affiliates that is paid by any Person or entity (including, without limitation, the Trust, any Mortgagor, any property manager, any guarantor or indemnitor in respect of the related Mortgage Loan or Serviced Whole Loan and any purchaser of the related Mortgage Loan, Serviced Whole Loan or REO Property) in connection with the disposition, workout or foreclosure of the related Mortgage Loan (or Serviced Whole Loan, if applicable), the management or disposition of the related REO 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 compensation that is payable to the Special Servicer under this Agreement or (2) to the extent included in a CREFC® Report for the applicable period, any Permitted Special Servicer/Affiliate Fees.

 

“Disclosure Parties”: As defined in Section 3.13(f).

 

“Dispute Resolution Consultation”: As defined in Section 2.03(j)(iii).

 

“Dispute Resolution Cut-off Date”: As defined in Section 2.03(j)(i).

 

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

 

“Disqualified Organization”: Any of (i) the United States, any State or political subdivision thereof, any possession of the United States 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 Freddie Mac, a majority of its board of directors is not selected by such governmental unit), (ii) a foreign government, any international organization or any agency or instrumentality of any of the foregoing, (iii) any organization that is exempt from the tax imposed by Chapter 1 of the Code (including the tax imposed by Section 511 of the Code on unrelated business taxable income) on any excess inclusions (as defined in Section 860E(c)(1) of the Code) with respect to the Class R Certificates (except certain farmers’ cooperatives described in Section 521 of the Code), (iv) rural electric and telephone cooperatives described in Section 1381(a)(2)(C) of the Code and (v) any other Person so designated by the Trustee or the

 

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Certificate Administrator based upon an Opinion of Counsel as provided to the Trustee or the Certificate Administrator (at no expense to the Trustee or the Certificate Administrator) that the holding of an Ownership Interest in a Class R Certificate by such Person may cause any Trust REMIC to fail to qualify as a REMIC at any time that the Certificates or the RR Interest are outstanding or any Person having an Ownership Interest in any Class of Certificates (other than such Person) or the RR Interest Owner to incur a liability for any federal tax imposed under the Code that would not otherwise be imposed but for the Transfer of an Ownership Interest in a Class R Certificate to such Person. 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 REMIC Distribution Account and the Lower-Tier REMIC Distribution Account (and in each case any subaccount thereof), all of which may be subaccounts of a single Eligible Account.

 

“Distribution Date”: The fourth (4th) Business Day following each Determination Date, beginning in June 2020. The initial Distribution Date shall be June 12, 2020.

 

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

 

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

 

“Do Not Hire List”: The list, as may be updated at any time, provided by the Depositor to the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or the Asset Representations Reviewer, which lists certain parties identified by the Depositor as having failed to comply (after any applicable cure period) with their respective obligations under Article XI of this Agreement or as having failed to comply (after any applicable cure period) with any similar Regulation AB reporting requirements under any other securitization transaction. For the avoidance of doubt, as of the Closing Date, no parties appear on the Do Not Hire List.

 

“DTC”: The Depository Trust Company, a New York corporation.

 

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

 

“EDGAR”: As defined in Section 11.03.

 

“EDGAR-Compatible Format”: With respect to (a) the CREFC® Schedule AL File and the Schedule AL Additional File, XML format or such other format as mutually agreed to between the Depositor, Certificate Administrator and the Master Servicer, (b) the Initial Schedule AL File and the Initial Schedule AL Additional File, (i) XML format or such other

 

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format as mutually agreed to between the Depositor and the Master Servicer and (ii) Excel format and (c) any report, file or document other than those listed in clauses (a) or (b) above, any format compatible with EDGAR, including HTML, Word or clean, searchable PDFs.

 

“Eligible Account”: Any of the following: (i) a segregated account or accounts maintained with a federal or state chartered depository institution or trust company (including the Trustee or the Certificate Administrator), (A) the long-term unsecured debt or deposit obligations of which are rated at least “A2” by Moody’s, if the deposits are to be held in such account for thirty (30) days or more, and the short-term debt or deposit obligations of which have a short-term rating of not less than “P-1” by Moody’s, if the deposits are to be held in such account for less than thirty (30) days, (B) the long-term unsecured debt or deposit obligations of which are rated at least “A+” by Fitch, if the deposits are to be held in such account for thirty (30) days or more, and the short-term debt or deposit obligations of which have a short-term rating of not less than “F1” by Fitch, if the deposits are to be held in such account for less than thirty (30) days and (C) the long-term unsecured debt or deposit obligations of which are rated at least “A” by S&P, if the deposits are to be held in such account for thirty (30) days or more, and the short-term debt or deposit obligations of which are rated at least “A-1” by S&P, if the deposits are to be held in such account for less than thirty (30) days; (ii) an account or accounts maintained with Wells Fargo Bank, National Association or KeyBank National Association so long as Wells Fargo Bank, National Association’s or KeyBank National Association’s, as applicable, long-term unsecured debt rating shall be at least “BBB” by S&P and “A” by Fitch (if the deposits are to be held in the account for more than thirty (30) days) or Wells Fargo Bank, National Association’s or KeyBank National Association’s, as applicable, short-term deposit or short-term unsecured debt rating shall be at least “A-1” by S&P (or “A-2” by S&P so long as the long-term unsecured debt obligations of such depository institution or trust company are rated no less than “BBB” by S&P) and “F2” by Fitch (if the deposits are to be held in the account for thirty (30) days or less; (iii) such other account or accounts that, but for the failure to satisfy one or more of the minimum rating(s) set forth in the applicable clause, would be listed in clauses (i) – (ii) above, with respect to which a Rating Agency Confirmation has been obtained from each Rating Agency for which the minimum ratings set forth in the applicable clause is not satisfied with respect to such account, which account may be an account maintained by or with the Certificate Administrator, the Trustee, the Master Servicer or the Special Servicer; (iv) any other account or accounts not listed in clauses (i) – (ii) above with respect to which a Rating Agency Confirmation has been obtained from each and every Rating Agency and, with respect to a Serviced Whole Loan, with respect to which a Companion Loan Rating Agency Confirmation has been obtained from each and every Companion Loan Rating Agency, which account may be an account maintained by or with the Certificate Administrator, the Trustee, the Master Servicer or the Special Servicer; or (v) a segregated trust account or accounts maintained with the corporate trust department of a federal or state chartered depository institution or trust company that has a long-term unsecured debt rating of at least “A2” by Moody’s (if the deposits are to be held in the account for more than thirty (30) days) or a short-term unsecured debt rating of at least “P-1” by Moody’s (if the deposits are to be held in the account for thirty (30) days or less) and that, in either case, has corporate trust powers, acting in its fiduciary capacity, provided that any state chartered depository institution or trust company is subject to regulation regarding fiduciary funds substantially similar to 12 C.F.R. § 9.10(b). Eligible Accounts may bear interest. No Eligible Account shall be evidenced by a certificate of deposit, passbook or other similar instrument.

 

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“Eligible Asset Representations Reviewer”: An entity that (a) is the special servicer, operating advisor or asset representations reviewer on a transaction rated by any of DBRS Morningstar, Fitch, KBRA, Moody’s, Morningstar or S&P and that has not been a special servicer, operating advisor or asset representations reviewer on a transaction for which any of DBRS Morningstar, Fitch, KBRA, Moody’s, Morningstar or S&P has qualified, downgraded or withdrawn its rating or ratings of, one or more classes of certificates for such transaction citing servicing or other relevant concerns with such special servicer, operating advisor or asset representations reviewer as the sole or material factor in such rating action, (b) can and will make the representations and warranties set forth in Section 6.01(d), (c) is not (and is not affiliated with) a Mortgage Loan Seller, the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Trustee, the Controlling Class Representative, the Directing Holder, the Risk Retention Consultation Parties or any of their respective Affiliates, (d) has not performed (and is not affiliated with any party hired to perform) any due diligence, loan underwriting, brokerage, borrower advisory or similar services with respect to any Mortgage Loan or any related Companion Loan prior to the Closing Date for or on behalf of any Mortgage Loan Seller, any Underwriter, any party to this Agreement, the Controlling Class Representative, the Risk Retention Consultation Parties or the Directing Holder or any of their respective Affiliates, or have been paid any fees, compensation or other remuneration by any of them in connection with any such services, and (e) that does not directly or indirectly, through one or more Affiliates or otherwise, own any interest in any Certificates, the RR Interest, any Mortgage Loans, any Companion Loan or any securities backed by a Companion Loan or otherwise have any financial interest in the securitization transaction to which this Agreement relates, other than in fees from its role as Asset Representations Reviewer (or as Operating Advisor, if applicable).

 

“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 any Rating Agency has qualified, downgraded or withdrawn its rating or ratings of, one or more classes of certificates for such transaction citing servicing concerns with the special servicer or operating advisor as the sole or 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 6.01(c) of this Agreement; (c) that is not (and is not affiliated with) the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, a Sponsor, any Borrower Party, the Controlling Class Representative, the Directing Holder, the Risk Retention Consultation Parties or a depositor, a trustee, a certificate administrator, a master servicer or special servicer with respect to the securitization of a Companion Loan, or any of their respective 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 and (e) that (x) has been regularly engaged in the business of analyzing and advising clients in commercial mortgage-backed securities matters and have 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.

 

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

 

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

 

“Environmental
Assessment”: An “environmental site assessment” as such term is defined in, and meeting the criteria of,
the American Society of Testing Materials Standard Section E 1527-00, or any successor thereto.

 

“Environmental
Indemnity Agreement”: With respect to any Mortgage Loan, any agreement between the Mortgagor (or a guarantor thereof)
and the originator of such Mortgage Loan relating to the Mortgagor’s obligation to remediate or monitor or indemnify for
any environmental problems relating to the related Mortgaged Property.

 

“ERISA”:
The Employee Retirement Income Security Act of 1974, as amended.

 

“ERISA
Plan”: As defined in Section 5.03(t).

 

“ERISA Restricted
Certificate”: Any Certificate (other than a Class R or Class RR Certificate) that does not meet the requirements of Prohibited
Transaction Exemption 89-88 (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 F, Class X-F, Class G, Class X-G or Class H Certificates is an ERISA Restricted
Certificate.

 

“Escrow Payment”:
Any payment received by the Master Servicer or the Special Servicer for the account of any Mortgagor for application toward the
payment of real estate taxes, assessments, insurance premiums, Ground Lease rents and similar items in respect of the related Mortgaged
Property, including amounts for deposit to any reserve account.

 

“Euroclear”:
The Euroclear System or any successor thereto.

 

“Excess Modification
Fee Amount”: With respect to either the Master Servicer or the Special Servicer, any Corrected Loan and any particular
modification, waiver, extension or amendment with respect to such Corrected Loan that gives rise to the payment of a Workout Fee,
an amount equal to the aggregate of any Excess Modification Fees paid by or on behalf of the related Mortgagor with respect to
the related Mortgage Loan (including the related Serviced Companion Loan or AB Subordinate Companion Loan, if applicable, unless
prohibited under the related Co-Lender Agreement) and received and retained by the Master Servicer or the Special Servicer, as
applicable, as compensation within the prior eighteen (18) months of such

 

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modification, waiver, extension or amendment, but only
to the extent those fees have not previously been deducted from a Workout Fee or Liquidation Fee.

 

“Excess Modification
Fees”: With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan, the sum
of (A) the excess of (i) any and all Modification Fees with respect to a modification, waiver, extension or amendment
of any of the terms of such Mortgage Loan or Serviced Whole Loan, over (ii) all unpaid or unreimbursed Advances and additional
expenses of the Trust (including, without limitation, interest on Advances to the extent not otherwise paid or reimbursed by or
on behalf of the Mortgagor (including indirect reimbursement from Penalty Charges or otherwise) with respect to such Mortgage Loan
(or Serviced Whole Loan, if applicable), but excluding (1) Special Servicing Fees, Workout Fees and Liquidation Fees and (2) Borrower
Delayed Reimbursements) outstanding or previously incurred on behalf of the Trust with respect to the related Mortgage Loan (or
Serviced Whole Loan, if applicable) and reimbursed from such Modification Fees (which additional expenses will be reimbursed from
such Modification Fees) and (B) expenses previously paid or reimbursed from Modification Fees as described in the preceding clause
(A), which expenses have been recovered from the related Mortgagor as Penalty Charges, specific reimbursements or otherwise.
All Excess Modification Fees earned by the Special Servicer shall offset any future Workout Fees or Liquidation Fees payable with
respect to the related Mortgage Loan (or Whole Loan) or REO Property; provided that if the related Mortgage Loan (or Serviced
Whole Loan) ceases being a Corrected Loan, and is subject to a subsequent modification, any Excess Modification Fees earned by
the Special Servicer prior to such Mortgage Loan (or Serviced Whole Loan) ceasing to be a Corrected Loan will no longer be offset
against future Liquidation Fees and Workout Fees unless such Mortgage Loan (or Serviced Whole Loan) ceased to be a Corrected Loan
within 18 months of it becoming a modified Mortgage Loan (or Serviced Whole Loan). If such Mortgage Loan (or Serviced Whole Loan)
ceases to be a Corrected Loan, the Special Servicer will be entitled to a Liquidation Fee or Workout Fee (to the extent not previously
offset) with respect to the new modification, waiver, extension or amendment or future liquidation of the Specially Serviced Mortgage
Loan or related REO Property (including in connection with a Repurchase, sale, refinance, discounted or final payoff or other liquidation);
provided that any Excess Modification Fees earned and paid to the Special Servicer in connection with such subsequent modification,
waiver, extension or amendment will be applied to offset such Liquidation Fee or Workout Fee to the extent described above. Within
any prior 12-month period, all Excess Modification Fees earned by the Master Servicer or the Special Servicer (after taking into
account any offset described above applied during such prior 12-month period) with respect to any Mortgage Loan (or Serviced Whole
Loan, if applicable) will be subject to a cap equal to the greater of (i) 1% of the outstanding principal balance of such Mortgage
Loan (or Serviced Whole Loan, if applicable) after giving effect to such transaction, and (ii) $25,000.

 

“Excess Prepayment
Interest Shortfall”: With respect to any Distribution Date, the aggregate of any Prepayment Interest Shortfalls resulting
from any Principal Prepayments made on the Mortgage Loans to be included in the Aggregate Available Funds for such Distribution
Date that are not covered by the Master Servicer’s Compensating Interest Payment for such Distribution Date and the portion
of the compensating interest payments allocable to any Non-Serviced Mortgage Loan to the extent received from the related Non-Serviced
Master Servicer.

 

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

 

“Excluded Controlling
Class Holder”: With respect to any Excluded Controlling Class Loan and/or applicable Excluded Loan, the Controlling Class
Representative or any Controlling Class Certificateholder, as applicable, that is a Borrower Party with respect to such Excluded
Controlling Class Loan and/or applicable Excluded Loan. Immediately upon obtaining actual knowledge of the Controlling Class Representative
or any Controlling Class Certificateholder, becoming an “Excluded Controlling Class Holder”, such Controlling Class
Representative or Controlling Class Certificateholder, as applicable, shall provide notice in the form of Exhibit P-1E hereto
to the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee and the Certificate Administrator, which notice
shall be physically delivered in accordance with Section 13.05 of this Agreement and shall specifically identify the Excluded
Controlling Class Holder and identifying the related Mortgage Loan, specifying whether it is (A) an Excluded Controlling Class
Loan or (B) both an applicable Excluded Loan and an Excluded Controlling Class Loan. Additionally, any Excluded Controlling
Class Holder shall also send to the Certificate Administrator a notice substantially in the form of Exhibit P-1F hereto,
which notice shall provide each of the CTSLink User ID associated with such Excluded Controlling Class Holder, and which notice
shall direct the Certificate Administrator to restrict such Excluded Controlling Class Holder’s access to the Certificate
Administrator’s Website as and to the extent provided in this Agreement. As of the Closing Date, there are no Excluded Controlling
Class Holders related to the Trust.

 

“Excluded Controlling
Class Loan”: Any Mortgage Loan or Whole Loan with respect to which, as of any date of determination, the Controlling
Class Representative or any Controlling Class Certificateholder is a Borrower Party. As of the Closing Date, there are no Excluded
Controlling Class Loans related to the Trust.

 

“Excluded Information”:
With respect to any Excluded Controlling Class Loan, any information solely related to such Excluded Controlling Class Loan and/or
the related Mortgaged Properties, which shall include the Asset Status Reports, Final Asset Status Reports (or summaries thereof),
any Operating Advisor reports delivered to the Certificate Administrator regarding the Special Servicer’s net present value
determination, any Appraisal Reduction Amount calculations delivered pursuant to Section 3.26(d), and any Officer’s
Certificates delivered by the Master Servicer or the Special Servicer, supporting any determination that any Advance was (or, if
made, would be) a Nonrecoverable Advance, or such other information and reports designated as Excluded Information by the Special
Servicer, the Master Servicer or the Operating Advisor, as applicable, other than such information with respect to such Excluded
Controlling Class Loan(s) that is aggregated with information of other Mortgage Loans at a pool level and other than CREFC®
Reports (other than the CREFC® Special Servicer Loan File for the related Excluded Controlling Class Loan). For the avoidance
of doubt, any file or report contained in the CREFC® Investor Reporting Package (CREFC® IRP) (other
than the CREFC® Special Servicer Loan File relating to any Excluded Controlling Class Loan) and any Schedule
AL Additional File shall not be considered “Excluded Information”. Each of the Master Servicer, the Special Servicer
or the Operating Advisor shall deliver any Excluded Information that is to be posted to the Certificate Administrator’s Website
to the Certificate Administrator in accordance with Section 3.30(a) hereof. For the avoidance of doubt, the Certificate

 

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Administrator’s
obligation to segregate any information delivered to it under the “Excluded Information” tab on the Certificate Administrator’s
Website shall be triggered solely by such information being delivered in the manner provided in Section 3.30(a) hereof.

 

“Excluded Loan”:
Any Mortgage Loan or Whole Loan if, as of any date of determination, (a) the Controlling Class Representative or the Holder of
the majority of the Controlling Class (by Certificate Balance) is a Borrower Party, or (b) a Risk Retention Consultation Party
or the person entitled to appoint such Risk Retention Consultation Party is a Borrower Party. For the avoidance of doubt, any applicable
Excluded Loan as to the Controlling Class Representative or the Holder of the majority of the Controlling Class (by Certificate
Balance) is also an Excluded Controlling Class Loan. As of the Closing Date, there are no Excluded Loans related to the Trust.

 

“Excluded Special
Servicer”: With respect any Excluded Special Servicer Loan, a replacement special servicer that is not a Borrower Party
and satisfies all of the eligibility requirements applicable to the Special Servicer set forth in Section 7.01(g). As of
the Closing Date, there are no Excluded Special Servicers related to the Trust.

 

“Excluded Special
Servicer Information”: With respect to any Excluded Special Servicer Loan, any information solely related to such Excluded
Special Servicer Loan and/or the related Mortgaged Properties, which shall include the Asset Status Reports, Final Asset Status
Reports (or summaries thereof), any Operating Advisor reports delivered to the Certificate Administrator regarding an Excluded
Special Servicer’s net present value determination, any Appraisal Reduction Amount calculations delivered pursuant to Section
3.26(d), and any Officer’s Certificates delivered by the Master Servicer or the applicable Excluded Special Servicer
supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance, or such other information and
reports designated as Excluded Special Servicer Information by the applicable Excluded Special Servicer, the Master Servicer or
the Operating Advisor, as applicable, other than such information with respect to such Excluded Special Servicer Loan(s) that is
aggregated with information of other Mortgage Loans at a pool level. For the avoidance of doubt, any file or report contained in
the CREFC® Investor Reporting Package (CREFC® IRP) (other than the CREFC® Special
Servicer Loan File relating to any Excluded Special Servicer Loan) shall not be considered “Excluded Special Servicer Information”.

 

“Excluded Special
Servicer Loan”: Any Mortgage Loan or Serviced Whole Loan with respect to which, as of any date of determination, the
Special Servicer has obtained knowledge that it is a Borrower Party. As of the Closing Date, there are no Excluded Special Servicer
Loans related to the Trust.

 

“Extended Cure
Period”: As defined in Section 2.03(b).

 

“Fannie Mae”:
Federal National Mortgage Association or any successor thereto.

 

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

 

“Final Asset
Status Report”: With respect to any Specially Serviced Mortgage Loan, the initial Asset Status Report, together with
such other data or supporting information

 

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provided
by the Special Servicer to the Directing Holder that does not include any communication (other than the Final Asset Status Report)
between the Special Servicer and the Directing Holder or a Risk Retention Consultation Party 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 Holder pursuant to the Directing
Holder Approval Process or following completion of the ASR Consultation Process, as applicable, and labeled or otherwise communicated
as being “final”. For the avoidance of doubt, the Special Servicer may issue more than one Final Asset Status Report
with respect to any Specially Serviced Mortgage Loan in accordance with the procedures described in Section 3.19.

 

“Final Dispute
Resolution Election Notice”: As defined in Section 2.03(j)(iii).

 

“Final Recovery
Determination”: A reasonable determination by the Special Servicer, in consultation with the Directing Holder if related
to a Mortgage Loan other than an applicable Excluded Loan and made prior to the occurrence of a Consultation Termination Event,
with respect to any Defaulted Mortgage Loan (and, if applicable, any defaulted Companion Loan) or Corrected Loan or REO Property
(other than a Mortgage Loan or REO Property, as the case may be, that was purchased by (i) any of the Mortgage Loan Sellers
pursuant to Section 6 of the related Mortgage Loan Purchase Agreement, (ii) the Special Servicer or other person pursuant
to Section 3.16(b), any Companion Holder or any mezzanine lender pursuant to Section 3.16 or (iii) the Master
Servicer, the Special Servicer, the Holders of the Controlling Class, or the Holders of the Class R Certificates pursuant to Section
9.01) that there has been a recovery of all Insurance and Condemnation Proceeds, Liquidation Proceeds, REO Revenue and other
payments or recoveries that, in the Special Servicer’s judgment, which judgment was exercised without regard to any obligation
of the Special Servicer to make payments from its own funds pursuant to Section 3.07(b), will ultimately be recoverable.
With respect to all Mortgage Loans other than the applicable Excluded Loans, prior to the occurrence and continuance of any Control
Termination Event, the Directing Holder shall have ten (10) Business Days to review and approve each such recovery determination
by the Special Servicer; provided, however, that if the Directing Holder fails to approve or disapprove any recovery
determination within ten (10) Business Days of receipt of the initial recovery determination, such consent shall be deemed
given.

 

“Financial Market
Publishers”: Bloomberg Financial Markets, L.P., Trepp, LLC, Intex Solutions, Inc., Moody’s Analytics, CMBS.com,
Inc., BlackRock Financial Management Inc., Markit Group Limited, RealINSIGHT, Thomson Reuters Corporation, Intercontinental Exchange
| ICE Data Services, KBRA Analytics, Inc. and DealView Technologies Ltd.

 

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

 

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“Form 8-K
Disclosure Information”: As defined in Section 11.07.

 

“Form 15
Suspension Notification”: As defined in Section 11.08.

 

“Freddie Mac”:
Federal Home Loan Mortgage Corporation or any successor thereto.

 

“Gain-on-Sale
Proceeds”: With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan), the excess of (i) Liquidation
Proceeds net of any related Liquidation Expenses (or the portion of such net Liquidation Proceeds payable to the related Mortgage
Loan pursuant to the related Co-Lender Agreement) over (ii) the Purchase Price for such Mortgage Loan on the date on which
Liquidation Proceeds were received.

 

“Grace Period”:
The number of days before a payment default is an event of default under the related Mortgage Loan and/or before the imposition
of late payment charges and/or Default Interest.

 

“Ground Lease”:
The ground lease pursuant to which any Mortgagor holds a leasehold interest in the related Mortgaged Property and any estoppels
or other agreements executed and delivered by the ground lessor in favor of the lender under the Mortgage Loan.

 

“GSMC”:
Goldman Sachs Mortgage Company, a New York limited partnership.

 

“Hazardous Materials”:
Any dangerous, toxic or hazardous pollutants, chemicals, wastes or substances, including, without limitation, those so identified
pursuant to CERCLA or any other federal, state or local environmental related laws and regulations, and specifically including,
without limitation, asbestos and asbestos-containing materials, polychlorinated biphenyls, 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.

 

“Independent”:
When used with respect to any accountants, a Person who is “independent” within the meaning of Rule 2-01(b) of the
Commission’s Regulation S-X. When used with respect to any specified Person, any such Person who (i) is in fact independent
of the Trustee, the Certificate Administrator, the Depositor, the Master Servicer, the Special Servicer, the Directing Holder,
each Risk Retention Consultation Party, the Controlling Class Representative, the Companion Holders (insofar as the relevant matter
involves a Whole Loan (whether alone or together with one or more other Mortgage Loans)), the Operating Advisor, the Asset Representations
Reviewer and all Affiliates thereof, (ii) does not have any material direct financial interest in or any material indirect
financial interest in any of the Trustee, the Certificate Administrator, the Depositor, the Master Servicer, the Special Servicer,
the Directing Holder, each Risk Retention Consultation Party, the Controlling Class Representative, the Companion Holders (insofar
as the relevant matter involves a Whole Loan (whether alone or together with one or more other Mortgage Loans)), the Operating
Advisor, the Asset Representations Reviewer or any Affiliate thereof and (iii) is not connected with the Trustee, the Certificate
Administrator, the Depositor, the Master Servicer, the Special Servicer, the Directing Holder, each Risk Retention Consultation
Party, the Controlling Class Representative, the Companion Holders (insofar as the relevant matter involves a Whole Loan (whether
alone or together with one or

 

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more
other Mortgage Loans)), the Operating Advisor, the Asset Representations Reviewer or any Affiliate thereof as an officer, employee,
promoter, underwriter, trustee, partner, director or Person performing similar functions; provided, however, that
a Person shall not fail to be Independent of the Trustee, the Certificate Administrator, the Depositor, the Master Servicer, the
Special Servicer, the Directing Holder, the Risk Retention Consultation Parties, the Controlling Class Representative, the Companion
Holders or any Affiliate thereof merely because such Person is the beneficial owner of 1% or less of any Class of securities issued
by the Trustee, the Certificate Administrator, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Directing Holder, the Risk Retention Consultation Parties, the Controlling Class Representative,
the Companion Holders or any Affiliate thereof, as the case may be, so long as such ownership constitutes less than 1% of the
total assets of such Person. For the avoidance of doubt, the exception in the proviso above for ownership of 1% or less of any
Class of Certificates shall not apply with respect to the Operating Advisor or the Asset Representations Reviewer.

 

“Independent
Contractor”: Either (i) any Person that would be an “independent contractor” with respect to the Trust
within the meaning of Section 856(d)(3) of the Code if the Trust were a real estate investment trust (except that the ownership
test 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 of Certificates or the RR Interest, or such other interest in any Class of Certificates or the RR Interest), so long as the
Trust does not receive or derive any income from such Person and provided that the relationship between such Person and
the Trust is at arm’s length, all within the meaning of Treasury Regulations Section 1.856-4(b)(5) (except that the
Master Servicer or the Special Servicer shall not be considered to be an Independent Contractor under the definition in this clause (i) unless
an Opinion of Counsel has been delivered to the Trustee and the Certificate Administrator to that effect) or (ii) any other
Person (including the Master Servicer or the Special Servicer) upon receipt by the Trustee, the Certificate Administrator, the
Operating Advisor and the Master Servicer of an Opinion of Counsel, which shall be at no expense to the Trustee, the Certificate
Administrator, the Master Servicer, the Operating Advisor or the Trust, to the effect that the taking of any action in respect
of any REO Property by such Person, subject to any conditions therein specified, that is otherwise herein contemplated to be taken
by an Independent Contractor will not cause such REO Property to cease to qualify as “foreclosure property” within
the meaning of Section 860G(a)(8) of the Code or cause any income realized in respect of such REO Property to fail to qualify
as Rents from Real Property.

 

“Initial Cure
Period”: As defined in Section 2.03(b).

 

“Initial Purchasers”:
Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., Academy Securities, Inc., Drexel Hamilton, LLC and AmeriVet Securities,
Inc.

 

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

 

“Initial Schedule
AL Additional File”: The data file prepared by or on behalf of the Depositor containing additional information or schedules
regarding data points in the Initial

 

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Schedule
AL File in accordance with Item 1111(h)(4) of Regulation AB and Item 601(b)(103) of Regulation S-K under the Securities Act and
filed as Exhibit 103 to the Form ABS-EE incorporated by reference into the Prospectus.

 

“Initial Schedule
AL File”: The data file prepared by or on behalf of the Depositor containing the information required by Item 1111(h)(3)
or Item 1125 of Regulation AB or Item 601(b)(102) of Regulation S-K under the Securities Act and filed as Exhibit 102 to the Form
ABS-EE incorporated by reference into the Prospectus.

 

“Initial Sub-Servicer”:
With respect to each Mortgage Loan that is subject to a Sub-Servicing Agreement with the Master Servicer as of the Closing Date,
the Sub-Servicer under any such Sub-Servicing Agreement. As of the Closing Date, each entity listed on Exhibit FF is
an Initial Sub-Servicer.

 

“Initial Sub-Servicing
Agreement”: Any Sub-Servicing Agreement in effect as of the Closing Date.

 

“Inquiry”
and “Inquiries”: As each is defined in Section 4.07(a).

 

“Institutional
Accredited Investor”: An institutional investor which is an “accredited investor” within the meaning of paragraphs
(1), (2), (3) or (7) of Rule 501(a) of Regulation D under the Act or any entity in which all of the equity owners come within
such paragraphs.

 

“Insurance and
Condemnation Proceeds”: All proceeds paid under any Insurance Policy or in connection with the full or partial condemnation
of a Mortgaged Property, in either case, to the extent such proceeds are not applied to the restoration of the related Mortgaged
Property or released to the Mortgagor or any tenants or ground lessors, in either case, in accordance with the Servicing Standard
(and in the case of any Mortgage Loan with a related Companion Loan, to the extent any portion of such proceeds are received by
the Master Servicer or Certificate Administrator in connection with such Mortgage Loan, pursuant to the allocations set forth in
the related Co-Lender Agreement) and the REMIC Provisions.

 

“Insurance Policy”:
With respect to any Mortgage Loan, any hazard insurance policy, flood insurance policy, title policy or other insurance policy
that is maintained from time to time in respect of such Mortgage Loan or the related Mortgaged Property.

 

“Interest Accrual
Amount”: With respect to any Distribution Date and any Class of Non-VRR Certificates, is equal to interest for the related
Interest Accrual Period accrued at the Pass-Through Rate for such Class of Certificates on the Certificate Balance or Notional
Amount, as applicable, for such Class immediately prior to that Distribution Date. Calculations of interest for each Interest Accrual
Period will be made on 30/360 basis.

 

“Interest Accrual
Period”: For each Distribution Date, the calendar month prior to the month in which that Distribution Date occurs.

 

“Interest Distribution
Amount”: With respect to any Class of Non-VRR Certificates for any Distribution Date, an amount equal to (A) the sum
of (i) the Interest Accrual

 

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Amount
with respect to such Class of Certificates for such Distribution Date and (ii) the Interest Shortfall, if any, with respect
to such Class of Certificates for such Distribution Date, less (B) any Non-VRR Excess Prepayment Interest Shortfall allocated
to such Class of Certificates on such Distribution Date.

 

For purposes of clause (B)
above, the Non-VRR Excess Prepayment Interest Shortfall, if any, for each Distribution Date shall be allocated to each Class of
Non-VRR Certificates in an amount equal to the product of (i) the amount of such Non-VRR Excess Prepayment Interest Shortfall
and (ii) a fraction, the numerator of which is the Interest Accrual Amount for such Class of Non-VRR Certificates for such
Distribution Date and the denominator of which is the aggregate Interest Accrual Amounts for all Classes of Non-VRR Certificates
for such Distribution Date.

 

“Interest Reserve
Account”: The trust account or subaccount of the Distribution Account created and maintained by the Certificate Administrator
pursuant to Section 3.04(b) initially in the name of “Wells Fargo Bank, National Association, as Certificate Administrator
on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered holders of GS Mortgage Securities
Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47, and the RR Interest Owner, Interest Reserve Account”,
into which the amounts set forth in Section 3.21 shall be deposited directly and which must be an Eligible Account or subaccount
of an Eligible Account.

 

“Interest Shortfall”:
With respect to any Distribution Date for any Class of Non-VRR Certificates is the sum of (a) the portion of the Interest
Distribution Amount for such Class of Non-VRR Certificates remaining unpaid as of the close of business on the preceding Distribution
Date, and (b) to the extent permitted by applicable law, (i) in the case of the Principal Balance Certificates, one month’s
interest on that amount remaining unpaid at the Pass-Through Rate applicable to such Class of Certificates for the current Distribution
Date and (ii) in the case of the Class X Certificates, one-month’s interest on that amount remaining unpaid at
the Weighted Average Net Mortgage Rate for such Distribution Date.

 

“Interested
Person”: As of the date of any determination, the Depositor, the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Directing Holder, any Risk Retention
Consultation Party, any Sponsor, any Mortgagor, any holder of a related mezzanine loan, any manager of a Mortgaged Property, any
Independent Contractor engaged by the Special Servicer, or any known Affiliate of any of the preceding entities. With respect to
a Whole Loan if it is a Defaulted Mortgage Loan, the Depositor, the Master Servicer, the Special Servicer (or any Independent Contractor
engaged by the Special Servicer), or the Trustee for the securitization of a Companion Loan, and each related Companion Holder
or its representative, any holder of a related mezzanine loan, or any known Affiliate of any such party described above.

 

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

 

“Investment
Account”: As defined in Section 3.06(a).

 

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“Investment
Representation Letter”: As defined in Section 5.03(e), a form of which is attached hereto as Exhibit C.

 

“Investor Certification”:
A certificate (which may be in electronic form) substantially in the form of Exhibit P-1A, Exhibit P-1B, Exhibit
P-1C and Exhibit P-1D to this Agreement or in the form of an electronic certification contained on the Certificate Administrator’s
Website (which may be a click-through confirmation), representing (i) that such Person executing the certificate is a Certificateholder,
the RR Interest Owner, the Directing Holder or a Risk Retention Consultation Party (in either case, to the extent such Person is
not a Certificateholder), a beneficial owner of a Certificate, a prospective purchaser of a Certificate or a Companion Holder (or
any investment advisor or manager of the foregoing), (ii) that either (a) such Person is a Risk Retention Consultation
Party or is not a Borrower Party, in which case such Person shall have access to all the reports and information made available
to Certificateholders via the Certificate Administrator’s Website hereunder, or (b) such Person is a Borrower Party
(other than a Risk Retention Consultation Party) in which case (1) if such Person is the Directing Holder or a Controlling
Class Certificateholder, such Person shall have access to all the reports and information made available to Certificateholders
via the Certificate Administrator’s Website hereunder other than any Excluded Information as set forth herein, or (2) if
such Person is not the Directing Holder or a Controlling Class Certificateholder, such Person shall only receive access to
the Distribution Date Statements prepared by the Certificate Administrator, (iii) such Person has received a copy of the final
Prospectus and (iv) such Person agrees to keep any Privileged Information confidential and will not violate any securities
laws; provided, however, that any Excluded Controlling Class Holder (i) shall be permitted to obtain upon request
in accordance with Section 4.02(f) of this Agreement any Excluded Information relating to any Excluded Controlling Class
Loan with respect to which such Excluded Controlling Class Holder is not a Borrower Party (if such Excluded Information is not
otherwise available to such Excluded Controlling Class Holder via the Certificate Administrator’s Website on account of it
constituting Excluded Information) from the Master Servicer or the Special Servicer, as the case may be, and (ii) shall be considered
a Privileged Person for all other purposes, except with respect to its ability to obtain information with respect to any related
Excluded Controlling Class Loan.

 

“Investor Q&A
Forum”: As defined in Section 4.07(a).

 

“Investor Registry”:
As defined in Section 4.07(b).

 

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

 

“Late Collections”:
With respect to any Mortgage Loan, Whole Loan or Companion Loan, all amounts received thereon prior to the related Determination
Date, whether as payments, Insurance and Condemnation Proceeds, Liquidation Proceeds or otherwise, which

 

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represent
late payments or collections of principal or interest due in respect of such Mortgage Loan, Whole Loan or Companion Loan, as applicable
(without regard to any acceleration of amounts due thereunder by reason of default), on a Due Date prior to the immediately preceding
Determination Date and not previously recovered. With respect to any REO Loan, all amounts received in connection with the related
REO Property prior to the related Determination Date, whether as Insurance and Condemnation Proceeds, Liquidation Proceeds, REO
Revenues or otherwise, which represent late collections of principal or interest due or deemed due in respect of such REO Loan
or the predecessor Mortgage Loan, Whole Loan or Companion Loan, as applicable (without regard to any acceleration of amounts due
under the predecessor Mortgage Loan, Whole Loan or Companion Loan, as applicable, by reason of default), on a Due Date prior to
the immediately preceding Determination Date and not previously recovered. The term “Late Collections” shall specifically
exclude Penalty Charges. With respect to any Whole Loan, as used in this Agreement, Late Collections shall refer to such portion
of Late Collections to the extent allocable to the related Mortgage Loan or related Companion Loan, as applicable, pursuant to
the terms of the related Co-Lender Agreement.

 

“Liquidation
Event”: With respect to any Mortgage Loan or with respect to any REO Property (and the related REO Loan), any of the
following events: (i) such Mortgage Loan is paid in full; (ii) a Final Recovery Determination is made with respect to
such Mortgage Loan; (iii) such Mortgage Loan is repurchased by the applicable Mortgage Loan Seller pursuant to Section 6
of the related Mortgage Loan Purchase Agreement; (iv) such Mortgage Loan is purchased by the Special Servicer, or by any Companion
Holder or any mezzanine lender (as applicable) pursuant to Section 3.16 (and the related Co-Lender Agreement, as applicable);
(v) such Mortgage Loan is purchased by the Special Servicer, the Master Servicer, the Holders of the majority of the Controlling
Class or the Holders of the Class R Certificates pursuant to Section 9.01 or acquired by the Sole Owner in exchange for
its Certificates pursuant to Section 9.01; or (vi) such Mortgage Loan is sold by the Special Servicer pursuant to the
terms of this Agreement.

 

“Liquidation
Expenses”: All customary, reasonable and necessary “out of pocket” costs and expenses incurred by the Special
Servicer in connection with a liquidation of any Specially Serviced Mortgage Loan or REO Property (except with respect to a Non-Serviced
Mortgaged Property) pursuant to Section 3.16 (including, without limitation, legal fees and expenses, committee or referee
fees and, if applicable, brokerage commissions and conveyance taxes).

 

“Liquidation
Fee”: A fee payable to the Special Servicer (i) with respect to each Specially Serviced Mortgage Loan or REO Property
(except with respect to a Non-Serviced Mortgage Loan) as to which the Special Servicer receives (a) a full, partial or discounted
payoff from or on behalf of the related Mortgagor or (b) any Liquidation Proceeds or Insurance and Condemnation Proceeds (including
the related Companion Loan, if applicable) (in any case, other than amounts for which a Workout Fee has been paid, or will be payable)
and (ii) except as described below, with respect to any Mortgage Loan and any related Serviced Companion Loan (with respect to
any Serviced Companion Loan, only to the extent that (a) the Special Servicer is enforcing the applicable Mortgage Loan Seller’s
obligations under the applicable Mortgage Loan Purchase Agreement with respect to such Serviced Companion Loan and (b) the related
Liquidation Fee is not otherwise required to be paid to the Special Servicer engaged with respect

 

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to
such Serviced Companion Loan securitization trust or otherwise prohibited from being paid to the Special Servicer (in each case,
under the related Other Pooling and Servicing Agreement)) for which the Special Servicer is the Enforcing Servicer and either
(A) such Mortgage Loan (and Serviced Companion Loan, if applicable) is repurchased or substituted for by the applicable Mortgage
Loan Seller or (B) a Loss of Value Payment has been made with respect to such Mortgage Loan (and Serviced Companion Loan, if applicable),
equal to the product of the Liquidation Fee Rate and the proceeds of such full, partial or discounted payoff or other partial
payment or the Liquidation Proceeds or Insurance and Condemnation Proceeds (net of the related costs and expenses associated with
the related liquidation) related to such liquidated Mortgage Loan, Specially Serviced Mortgage Loan or REO Property, as the case
may be; provided, however, that no Liquidation Fee shall be payable with respect to (a) the purchase of any
Specially Serviced Mortgage Loan by the Special Servicer or any Affiliate thereof (except if such Affiliate purchaser is the Directing
Holder or any Affiliate thereof; provided, however, that prior to a Control Termination Event, if the Directing
Holder or an Affiliate thereof, purchases any Specially Serviced Mortgage Loan within ninety (90) days after the Special Servicer
delivers to the Directing Holder for its approval the initial Asset Status Report with respect to such Specially Serviced Mortgage
Loan, the Special Servicer will not be entitled to a Liquidation Fee in connection with such purchase by the Directing Holder
or its Affiliates), (b) any event described in clause (iv) and clause (vii) of the definition of “Liquidation
Proceeds” (or any substitution in lieu of a repurchase) so long as such Repurchase, substitution or Loss of Value Payment
occurs prior to the termination of the Initial Cure Period or, if any, the Extended Cure Period, (c) any event described in clauses (v) and (vi) of the definition of “Liquidation Proceeds”, as long as, with respect to a purchase pursuant to
clause (vi) of the definition of “Liquidation Proceeds”, a purchase occurs within ninety (90) days of such
holder’s purchase option first becoming exercisable during that period prior to such Mortgage Loan becoming a Corrected
Loan pursuant to the related Co-Lender Agreement, (d) with respect to a Serviced Companion Loan, (x) a repurchase of such
Serviced Companion Loan by the applicable Mortgage Loan Seller for a breach of a representation or warranty or for a defective
or deficient mortgage loan documentation under an Other Pooling and Servicing Agreement within the time period (or extension thereof)
provided for such repurchase of such repurchase occurs prior to the termination of the extended resolution period provided therein
or (y) a purchase of such Serviced Companion Loan by any applicable party to the Other Pooling and Servicing Agreement pursuant
to a clean-up call or similar liquidation of the Other Securitization; (e) the purchase of all of the Mortgage Loans and REO Properties,
in connection with an optional termination of the Trust; or (f) if a Mortgage Loan or Serviced Whole Loan becomes a Specially
Serviced Mortgage Loan solely because of a Servicing Transfer Event described in clause (i) of the definition of “Servicing
Transfer Event”, Liquidation Proceeds are received within ninety (90) days following the related Maturity Date as a result
of such Mortgage Loan or Serviced Whole Loan being refinanced or otherwise repaid in full (but, in the event that a Liquidation
Fee is not payable due to the application of any of clauses (a) through (e) above, the Special Servicer may still
collect and retain a Liquidation Fee and similar fees from the related Mortgagor to the extent provided for in, or not prohibited
by, the related loan documents). The Liquidation Fee for each such repurchased or substituted Mortgage Loan, Specially Serviced
Mortgage Loan or REO Property will be payable from, and will be calculated by application of the Liquidation Fee Rate, to the
related payment or proceeds; provided that the Liquidation Fee with respect to any Specially Serviced Mortgage Loan or
REO Property will be reduced by the amount of any

 

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Excess Modification Fees paid by or on behalf of the related borrower with respect
to the Specially Serviced Mortgage Loan or REO Property as described in the definition of “Excess Modification Fees”,
but only to the extent those fees have not previously been deducted from a Workout Fee or Liquidation Fee; provided, however,
that any such fee payable with respect to the Serviced Companion Loan will be payable solely from proceeds on such Serviced Companion
Loan; provided, further, that except as contemplated by each of the immediately preceding provisos and the second
following paragraph, no Liquidation Fee will be less than $25,000.

 

“Liquidation
Fee Rate”: A rate equal to the lesser of (a) such rate as would result in a Liquidation Fee of $1,000,000 and (b) 1.0%
with respect to each Mortgage Loan (including with respect to any related Serviced Companion Loan, to the extent provided in the
definition of “Liquidation Fee”) repurchased, substituted or for which a Loss of Value Payment has been made, as contemplated
by Section 2.03 of this Agreement, each Specially Serviced Mortgage Loan and each REO Property, provided, however,
that except as contemplated in the definition of “Liquidation Fee”, no Liquidation Fee will be less than $25,000.

 

“Liquidation
Proceeds”: Cash amounts received by or paid to the Master Servicer or the Special Servicer in connection with: (i) the
liquidation (including a payment in full) of a Mortgaged Property or other collateral constituting security for a Defaulted Mortgage
Loan or defaulted Companion Loan, through a trustee’s sale, foreclosure sale, REO Disposition or otherwise, exclusive of
any portion thereof required to be released to the related Mortgagor in accordance with applicable law and the terms and conditions
of the related Mortgage Note and Mortgage; (ii) the realization upon any deficiency judgment obtained against a Mortgagor;
(iii) any sale of (A) a Specially Serviced Mortgage Loan pursuant to Section 3.16(a) or (B) any REO Property
pursuant to Section 3.16(b); (iv) the Repurchase of a Mortgage Loan by the applicable Mortgage Loan Seller pursuant
to Section 6 of the related Mortgage Loan Purchase Agreement; (v) the purchase of a Mortgage Loan or REO Property by
the Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates
pursuant to Section 9.01; (vi) the purchase of a Mortgage Loan or an REO Property by (a) the applicable Subordinate
Companion Holder or (b) the related mezzanine lender pursuant to Section 3.16 and the related Co-Lender Agreement;
or (vii) the transfer of any Loss of Value Payments from the Loss of Value Reserve Fund to the Collection Account in accordance
with Section 3.05(f) of this Agreement (provided that, for the purpose of determining the amount of the Liquidation
Fee (if any) payable to the Special Servicer in connection with such Loss of Value Payment, the full amount of such Loss of Value
Payment shall be deemed to constitute “Liquidation Proceeds” from which the Liquidation Fee (if any) is payable as
of such time such Loss of Value Payment is made by the applicable Mortgage Loan Seller). With respect to any Whole Loan, as used
in this Agreement, Liquidation Proceeds shall refer to such portion of Liquidation Proceeds to the extent allocable to the related
Mortgage Loan or related Companion Loan, as applicable, pursuant to the terms of the related Co-Lender Agreement.

 

“Loan-Specific
Directing Holder”: With respect to each Servicing Shift Whole Loan, the “Controlling Holder”, the “Directing
Certificateholder”, the “Directing Holder”, the “Directing Lender” or any analogous concept set forth
under the related Co-Lender Agreement. Prior to the applicable Servicing Shift Securitization Date, the Loan-Specific Directing
Holder with respect to the related Servicing Shift Whole Loan will be the holder of the related Servicing

 

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Shift
Lead Note identified in the Preliminary Statement. On and after the applicable Servicing Shift Securitization Date, there will
be no Loan-Specific Directing Holder under this Agreement with respect to the related Servicing Shift Whole Loan.

 

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

 

“Loss of Value
Reserve Fund”: The “outside reserve fund” (within the meaning of Treasury Regulations Section 1.860G-2(h))
designated as such pursuant to Section 3.04(f) of this Agreement. The Loss of Value Reserve Fund will be part of the Trust
Fund but not part of any Trust REMIC.

 

“Lower-Tier
Distribution Amount”: As defined in Section 4.01(d).

 

“Lower-Tier
Principal Amount”: With respect to any Class of Lower-Tier Regular Interests or the LRI Uncertificated Interest, (i) on
or prior to the first Distribution Date, an amount equal to the Original Lower-Tier Principal Amount of such Class or the LRI Uncertificated
Interest as specified in the Preliminary Statement hereto, 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 or the RR Interest Balance of the RR Interest
on the Distribution Date immediately prior to such date of determination (determined as adjusted pursuant to Section 1.02(iii)),
and as set forth in Section 4.01(a) or Section 4.01(d), respectively.

 

“Lower-Tier
Regular Interests”: Any of the Class LA1, Class LA4, Class LA5, Class LAAB, Class LAS, Class LB,
Class LC, Class LD, Class LE, Class LF, Class LG, Class LH and Class LRR Uncertificated Interests and the LRI
Uncertificated Interest.

 

“Lower-Tier
REMIC”: One of two separate REMICs comprising a portion of the Trust Fund, the assets of which consist of the Mortgage
Loans and the proceeds thereof, any REO Property with respect thereto (or an allocable portion thereof, in the case of any Serviced
Mortgage Loan), or the Trust’s beneficial interest in the REO Property with respect to a Non-Serviced Whole Loan, such amounts
as shall from time to time be held in the Collection Account (other than with respect to any Companion Loan), the related portion
of the REO Accounts, if any, the Interest Reserve Account, the Non-VRR Gain-on-Sale Reserve Account, the VRR Gain-on-Sale Reserve
Account, the Lower-Tier REMIC Distribution Account and all other properties included in the Trust Fund that are not in the Upper-Tier
REMIC (other than the Loss of Value Reserve Fund).

 

“Lower-Tier
REMIC Distribution Account”: The segregated account, accounts or sub-accounts created and maintained by the Certificate
Administrator (on behalf of the Trustee) pursuant to Section 3.04(b) in trust for the Certificateholders and the RR Interest
Owner, which shall initially be entitled “Wells Fargo Bank, National Association, as Certificate Administrator on behalf
of Wilmington Trust, National Association, as Trustee, for the benefit of the registered holders of GS Mortgage Securities Trust
2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47, and the RR Interest Owner, Lower-Tier REMIC Distribution
Account”. Any such account, accounts or sub-accounts shall be an Eligible Account.

 

“LRI Uncertificated
Interest”: An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC
and has the Original Lower-

 

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Tier
Principal Amount and per annum rate of interest set forth in the Preliminary Statement hereto.

 

“LTV Ratio”:
With respect to any Mortgage Loan, as of any date of determination, a fraction, expressed as a percentage, the numerator of which
is the scheduled principal balance of such Mortgage Loan, as of such date (assuming no defaults or prepayments on such Mortgage
Loan prior to that date), and the denominator of which is the Appraised Value of the related Mortgaged Property.

 

“MAD 2019-650M
TSA”: The Trust and Servicing Agreement, dated as of December 8, 2019, by and among Citigroup Commercial Mortgage Securities
Inc., as depositor, KeyBank National Association, as servicer, LNR Partners, LLC, as special servicer, Wilmington Trust, National
Association, as Trustee, and Citibank, N.A, as certificate administrator, as from time to time amended, supplemented or modified
relating to the issuance of the MAD Commercial Mortgage Trust 2019-650M, Commercial Mortgage Pass-Through Certificates, Series
2019-650M.

 

“MAI”:
Member of the Appraisal Institute.

 

“Major Decision”:
As defined in Section 6.08(a).

 

“Major Decision
Reporting Package”: means, with respect to any Major Decision for which it is processing, a written report by the Master
Servicer or the Special Servicer, as applicable, describing in reasonable detail (i) the background and circumstances requiring
action of the Master Servicer or the Special Servicer, as applicable, and (ii) the proposed course of action recommended.

 

“Majority-Owned
Affiliate”: As defined in the Risk Retention Rule.

 

“Master Servicer”:
With respect to each of the Mortgage Loans, Wells Fargo Bank, National Association, and its successors in interest and assigns,
or any successor appointed as allowed herein.

 

“Master Servicer
Major Decision”: Any Major Decision with respect to a Non-Specially Serviced Mortgage Loan under clauses (xii) through
(xvii) of the definition of “Major Decision.”

 

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

 

“Master Servicer
Remittance Date”: The Business Day immediately preceding each Distribution Date.

 

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

 

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

 

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

 

“Merger Notice”:
As defined in Section 6.03(b).

 

“Midland Atlantic
Portfolio Co-Lender Agreement”: That certain Agreement Between Noteholders, dated as of February 26, 202,0 by and among
the holders of the respective promissory notes evidencing the Midland Atlantic Portfolio Whole Loan, relating to the relative rights
of such holders, as the same may be further amended in accordance with the terms thereof.

 

“MKT 2020-525M
TSA”: The Trust and Servicing Agreement, dated as of February 26, 2020, among Barclays Commercial Mortgage Securities
LLC, as depositor, Wells Fargo Bank, National Association, as servicer, Situs Holdings, LLC, as special servicer, Wilmington Trust,
National Association, as trustee, and Wells Fargo Bank, National Association, as certificate administrator and custodian, as from
time to time amended, supplemented or modified relating to the issuance of the MKT 2020-525M Mortgage Trust, Commercial Mortgage
Pass-Through Certificates, Series 2020-525M.

 

“Modification
Fees”: With respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Companion Loans, 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 and/or related Serviced Companion Loan documents (as evidenced by a signed writing) agreed to by the
Master Servicer or the Special Servicer, as applicable (other than all assumption fees, assumption application fees, consent fees,
defeasance fees, Special Servicing Fees, Liquidation Fees or Workout Fees).

 

“Moffett Towers
Buildings A, B & C Co-Lender Agreement”: That certain Co-Lender Agreement, dated as of February 26, 2020, by and
between the holders of the respective promissory notes evidencing the Moffett Towers Buildings A, B & C Whole Loan, relating
to the relative rights of such holders, as the same may be further amended in accordance with the terms thereof.

 

“MOFT 2020-ABC
TSA”: The Trust and Servicing Agreement, dated as of February 26, 2020, among GS Mortgage Securities Corporation II,
as depositor, Wells Fargo Bank, National Association, as servicer, CWCapital Asset Management LLC, as special servicer, Wilmington
Trust, National Association, as trustee, and Wells Fargo Bank, National Association, as certificate administrator and custodian,
as from time to time amended, supplemented or modified relating to the issuance of the MOFT Trust 2020-ABC, Commercial Mortgage
Pass-Through Certificates, Series 2020-ABC.

 

“Moody’s”:
Moody’s Investors Service, Inc., and 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 reasonably

 

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designated
by the Depositor, notice of which designation shall be given to the Trustee, the Certificate Administrator, the Master Servicer,
the Directing Holder and the Special Servicer, and specific ratings of Moody’s herein referenced shall be deemed to refer
to the equivalent ratings of the party so designated.

 

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

 

“Mortgage”:
With respect to any Mortgage Loan or Companion Loan, the mortgage(s), deed(s) of trust or other instrument(s) securing the related
Mortgage Note and creating a first mortgage lien on the fee and/or leasehold interest in the related Mortgaged Property.

 

“Mortgage File”:
With respect to each Mortgage Loan or Companion Loan, if applicable, but subject to Section 2.01, collectively the following
documents:

 

(1)             
the original executed Mortgage Note for such Mortgage Loan, endorsed (without recourse, representation or warranty, express
or implied) to the order of “Wilmington Trust, National Association, as Trustee, for the benefit of the registered holders
of GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47, and the RR Interest
Owner”, or in blank, and further showing a complete, unbroken chain of endorsement from the originator (if such originator
is not the Mortgage Loan Seller of the related Mortgage Loan) (or, alternatively, executed Mortgage Note has been lost, a lost
note affidavit and indemnity with a copy of such Mortgage Note) and in the case of a Serviced Whole Loan, a copy of the executed
Mortgage Note for the related Companion Loan;

 

(2)             
an original or copy of the Mortgage, together with an original or copy of any intervening assignments of the Mortgage, in
each case (unless the particular item has not been returned from the applicable recording office) with evidence of recording indicated
thereon or certified by the applicable recorder’s office;

 

(3)             
an original or a copy of any related Assignment of Leases (if such item is a document separate from the Mortgage), together
with originals or copies of any intervening assignments thereof, in each case (unless the particular item has not been returned
from the applicable recording office) with evidence of recording indicated thereon or certified by the applicable recorder’s
office;

 

(4)             
an original executed assignment, in recordable form (except for missing recording information not yet available if the instrument
being assigned has not been returned from the applicable recording office), of (A) the Mortgage

 

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and (B) any related Assignment
of Leases (if such item is a document separate from the Mortgage), in favor of “Wilmington Trust, National Association, as
Trustee, for the benefit of the registered holders of GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through
Certificates, Series 2020-GC47, and the RR Interest Owner” and the holder of the related Companion Loan, as their interests
may appear or a copy of such assignment (if the related Mortgage Loan Seller or its designee, rather than the Trustee or Certificate
Administrator, is responsible for the recording thereof);

 

(5)             
an original or copy of the assignment of all unrecorded documents relating to the Mortgage Loan, in favor of the Trustee,
for the benefit of the registered Holders of the Certificates, the RR Interest Owner and the holder of the related Companion Loan,
as their interests may appear;

 

(6)             
originals or copies of final written modification, consolidation, assumption, written assurance and substitution agreements
in those instances where the terms or provisions of the Mortgage or Mortgage Note for such Mortgage Loan (or, if applicable, any
Mortgage Note of a Whole Loan) or the related Mortgage have been modified or the Mortgage Loan has been assumed or consolidated,
in each case (unless the particular item has not been returned from the applicable recording office) with evidence of recording
indicated thereon if the instrument being modified is a recordable document;

 

(7)             
the original (which may be in the form of an electronically issued title policy) or a copy of the policy or certificate
of lender’s title insurance issued in connection with such Mortgage Loan or the related Serviced Whole Loan, or, if such
policy has not been issued, a “marked up” pro forma title policy marked as binding and countersigned by the title insurer
or its authorized agent, or an irrevocable, binding commitment to issue such title insurance policy;

 

(8)             
an original or copy of the related Ground Lease relating to such Mortgage Loan (or the related Serviced Whole Loan, if applicable),
if any, and any ground lessor estoppel;

 

(9)             
an original or copy of the related loan agreement, if any;

 

(10)      
     an original of any guaranty under such Mortgage Loan or the related Whole Loan, if any;

 

(11)      
     an original or copy of the environmental indemnity from the related Mortgagor, if any;

 

(12)       
   an original or copy of the related escrow agreement and the related security agreement (in each
case, if such item is a document separate from the Mortgage) and, if applicable, the originals or copies of any intervening
assignments thereof;

 

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(13)     
      an original assignment of the related security agreement (if such item is a document
separate from the Mortgage and if such item is not included in the assignment described in clause (v)), in favor of
the Trustee, for the benefit of the Certificateholders, the RR Interest Owner and the holder of the related Companion Loan,
as their interests may appear;

 

(14)        
   any filed copies (bearing evidence of filing) or evidence of filing of any UCC Financing Statements in
favor of the originator of such Mortgage Loan or the related Whole Loan or in favor of any assignee prior to the Trustee, and
an original UCC-3 assignment thereof, in form suitable for filing, in favor of the Trustee, (or, in each case, a copy
thereof, certified to be the copy of such assignment submitted or to be submitted for filing);

 

(15)    
       an original or copy of the lockbox agreement or cash management agreement
relating to a Mortgage Loan or a Serviced Whole Loan;

 

(16)     
      in the case of any Mortgage Loan or the related Whole Loan as to which there exists a
related mezzanine loan, an original or a copy of any related mezzanine intercreditor agreement;

 

(17)     
      an original or copy of any related environmental Insurance Policy or environmental
guaranty relating to a Mortgage Loan or a Serviced Whole Loan;

 

(18)     
      a copy of any letter of credit relating to such Mortgage Loan or the related Whole Loan
and any related assignment thereof (with the original to be delivered to the Master Servicer);

 

(19)     
      copies of any franchise agreement, property management agreement or hotel management
agreement and related comfort letters (together with (i) copies of any notices of transfer that are necessary to transfer or
assign to the issuing entity or the Trustee, the benefits of such comfort letter or (ii) if the related comfort letter
contemplates that a request be made of the related franchisor to issue a replacement comfort letter for the benefit of the
issuing entity or Trustee, a copy of the notice requesting the issuance of such replacement comfort letter (the copy of such
notice shall be delivered by the related Mortgage Loan Seller to the Custodian for inclusion in the Mortgage File within the
time period set forth in this Agreement and/or estoppel letters relating to such Mortgage Loan or the related Serviced Whole
Loan and any related assignment thereof)); and

 

(20)      
     in the case of a Whole Loan, an original or a copy of the related Co-Lender Agreement;

 

provided that with respect to any
Mortgage Loan that is a Non-Serviced Mortgage Loan on the Closing Date, the foregoing documents (other than the documents described
in clause (1) above) will be delivered to and held by the custodian under the related Non-Serviced Pooling Agreement on
or prior to the Closing Date; provided, however, that (a) whenever the term “Mortgage File” is used
to refer to documents held by the Custodian, such term shall not be 

 

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deemed to include such documents and instruments required to be included therein unless they are actually received by the Custodian, (b) if there exists with respect to any Crossed Mortgage
Loan Group only one original or certified copy of any document referred to in the definition of “Mortgage File” covering
all of the Mortgage Loans in such Crossed Mortgage Loan Group, then the inclusion of such original or certified copy in the Mortgage
File for any of the Mortgage Loans constituting such Crossed Mortgage Loan Group shall be deemed the inclusion of such original
or certified copy in the Mortgage File for each such Mortgage Loan, (c) to the extent that this Agreement refers to a “Mortgage
File” for a Companion Loan, such “Mortgage File” shall be construed to mean the Mortgage File for the related
Mortgage Loan (except that references to the Mortgage Note for a Companion Loan otherwise described above shall be construed to
instead refer to a photocopy of such Mortgage Note), (d) with respect to any Mortgage Loan that has a Serviced Companion Loan,
the execution and/or recordation of any Assignment of Mortgage, any separate assignment of Assignment of Leases and any assignment
of any UCC Financing Statement in the name of the Trustee, shall not be construed to limit the beneficial interest of the related
Companion Holder(s) in such instrument and the benefits intended to be provided to them by such instrument, it being acknowledged
that (i) the Trustee, shall hold such record title for the benefit of the Trust as the holder of the related Mortgage Loan
and the related Companion Holder(s) collectively and (ii) any efforts undertaken by the Trustee, the Master Servicer, or the
Special Servicer on its behalf to enforce or obtain the benefits of such instrument shall be construed to be so undertaken by Trustee,
the Master Servicer or the Special Servicer for the benefit of the Trust as the holder of the applicable Mortgage Loan and the
related Companion Holder(s) collectively, and (e) in connection with any Non-Serviced Mortgage Loan, the preceding document delivery
requirements will be met by the delivery by the related Mortgage Loan Seller of copies of the documents specified above (other
than the Mortgage Note and intervening endorsements evidencing such Mortgage Loan, with respect to which the original shall be
required) including a copy of the Mortgage securing the applicable Mortgage Loan and any assignments or other transfer documents
referred to in clauses (3), (4), (6), (7), (9) and (10) above as being in favor of the
Trustee shall instead be in favor of the applicable Non-Serviced Trustee and need only be in such form as was delivered to the
applicable Non-Serviced Trustee or a custodian on its behalf, provided that with respect to such Non-Serviced Mortgage Loan
if Wells Fargo Bank, National Association is also the custodian with respect to such Non-Serviced Mortgage Loan then no copies
of the Mortgage File relating to such Non-Serviced Mortgage Loan shall be delivered and (f) in connection with any Servicing Shift
Mortgage Loan, the foregoing documents shall be delivered to the Custodian by the applicable Mortgage Loan Seller on or prior to
the Closing Date and such documents (other than the documents described in clause (1) above) shall be transferred to the custodian
pursuant to Section 2.01(i).

 

“Mortgage Loan”:
Each of the mortgage loans (other than the Crossed Underlying Loans of a Crossed Mortgage Loan Group, it being understood that
for the purposes of this Agreement each Crossed Mortgage Loan Group shall be treated as one Mortgage Loan) transferred and assigned
to the Trustee, pursuant to Section 2.01 and to be held by the Trust. As used herein, the term “Mortgage Loan”
includes the related Mortgage Note, Mortgage and other documents contained in the related Mortgage File and any related agreements.
The term “Mortgage Loan” shall, as of any date of determination, include any Qualified Substitute Mortgage Loan that
has replaced a Mortgage Loan pursuant to Section 2.03 and exclude any such replaced Mortgage Loan.

 

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“Mortgage Loan
Purchase Agreement”: Each agreement between the Depositor and each Mortgage Loan Seller, relating to the transfer of
all of such Mortgage Loan Seller’s right, title and interest in and to the related Mortgage Loans.

 

“Mortgage Loan
Schedule”: The list of Mortgage Loans transferred on the Closing Date to the Trustee as part of the Trust Fund, attached
hereto as Exhibit B, which list sets forth the following information with respect to each Mortgage Loan so transferred:

 

(i)         the
loan identification number (as specified in Annex A-1 to the Prospectus);

 

(ii)        the Mortgagor’s name;

 

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

 

(iv)       the Mortgage Rate in effect at origination;

 

(v)        the Net Mortgage Rate in effect at the Cut-off Date;

 

(vi)       the original principal balance;

 

(vii)      the Cut-off Date Principal Balance;

 

(viii)     the (a) original term to stated maturity, (b) remaining term to stated maturity and (c) Maturity Date;

 

(ix)        the original and remaining amortization terms;

 

(x)         the amount of the Periodic Payment due on the first Due Date following the Cut-off Date;

 

(xi)        the applicable Servicing Fee Rate;

 

(xii)       whether the Mortgage Loan is a 30/360 Mortgage Loan or an Actual/360 Mortgage Loan;

 

(xiii)      whether such Mortgage Loan is secured by the related Mortgagor’s interest in a Ground Lease;

 

(xiv)      identifying any Mortgage Loans with which Mortgage Loan is cross-defaulted or cross-collateralized;

 

(xv)       the originator of the related Mortgage Loan and the related Mortgage Loan Seller;

 

(xvi)      whether the related Mortgage Loan has a guarantor;

 

(xvii)     whether the related Mortgage Loan is secured by a letter of credit;

 

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(xviii)   amount of any reserve or escrowed funds that were deposited at origination and any ongoing periodic deposit requirements;

 

(xix)      number of grace days;

 

(xx)       whether a cash management agreement or lockbox agreement is in place;

 

(xxi)      the general property type of the related Mortgaged Property;

 

(xxii)     whether the related Mortgage Loan permits defeasance; and

 

(xxiii)    the number of units, rooms, pads or square feet with respect to each Mortgaged Property.

 

Such Mortgage Loan Schedule
shall also set forth the aggregate of the amounts described under clause (vii) above for all of the Mortgage Loans.
Such list may be in the form of more than one list, collectively setting forth all of the information required.

 

“Mortgage Loan
Seller”: Each of (i) Goldman Sachs Mortgage Company, a New York limited partnership, and its successors-in-interest and
(ii) Citi Real Estate Funding Inc., a New York corporation, and its successors-in-interest.

 

“Mortgage Note”:
The original executed note(s) evidencing the indebtedness of a Mortgagor under a Mortgage Loan or Companion Loan, as the case may
be, together with any rider, addendum or amendment thereto.

 

“Mortgage Rate”:
With respect to: (i) any Mortgage Loan (including any Non-Serviced Mortgage Loan), REO Loan, Companion Loan or Whole Loan,
on or prior to its Maturity Date, the annual rate at which interest is scheduled (in the absence of a default) to accrue (or, if
and while it is an REO Loan, is deemed to accrue) on such Mortgage Loan, REO Loan, Companion Loan or Whole Loan from time to time
in accordance with the related Mortgage Note, promissory note or componentization notice and applicable law; or (ii) any Mortgage
Loan (including any Non-Serviced Mortgage Loan), REO Loan, Companion Loan or Whole Loan after its Maturity Date, the annual rate
described in clause (i) above determined without regard to the passage of such Maturity Date.

 

“Mortgaged Property”:
The real property subject to the lien of a Mortgage.

 

“Mortgagor”:
The obligor or obligors on a Mortgage Note, including without limitation, any Person that has acquired the related Mortgaged Property
and assumed the obligations of the original obligor under the Mortgage Note and including in connection with any Mortgage Loan
that utilizes an indemnity deed of trust structure, the borrower and the Mortgaged Property owner/payment guarantor/mortgagor individually
and collectively, as the context may require.

 

“MSC 2020-CNP
TSA”: The Trust and Servicing Agreement, dated as of May 1, 2020, between Morgan Stanley Capital I Inc., as Depositor,
KeyBank National Association, as

 

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Servicer
and Special Servicer, and Wells Fargo Bank, National Association, as Certificate Administrator, Custodian and Trustee, as from
time to time amended, supplemented or modified relating to the issuance of the Morgan Stanley Capital I Trust 2020-CNP Commercial
Mortgage Pass-Through Certificates, Series 2020-CNP.

 

“Net Investment
Earnings”: With respect to the Collection Accounts, the Servicing Accounts or the REO Accounts or Serviced Whole Loan
Custodial Account for any period from any Distribution Date to the immediately succeeding Master Servicer Remittance Date, the
amount, if any, by which the aggregate of all interest and other income realized during such period on funds relating to the Trust
Fund held in such account, exceeds the aggregate of all losses, if any, incurred during such period in connection with the investment
of such funds in accordance with Section 3.06.

 

“Net Investment
Loss”: With respect to the Collection Account, the Servicing Accounts or the REO Accounts or Serviced Whole Loan Custodial
Account for any period from any Distribution Date to the immediately succeeding Master Servicer Remittance Date, the amount by
which the aggregate of all losses, if any, incurred during such period in connection with the investment of funds relating to the
Trust held in such account in accordance with Section 3.06, exceeds the aggregate of all interest and other income realized
during such period on such funds.

 

“Net Mortgage
Rate”: With respect to each Mortgage Loan (including any Non-Serviced Mortgage Loan) and any REO Loan (other than the
portion of an REO Loan related to any Companion Loan) as of any date of determination, a rate per annum equal to the related
Mortgage Rate then in effect, minus the related Administrative Cost Rate; provided, however, that for purposes
of calculating Pass-Through Rates and Withheld Amounts, the Net Mortgage Rate for any Mortgage Loan will be determined without
regard to any modification, waiver or amendment of the terms of the related Mortgage Loan, whether agreed to by the Master Servicer
or the Special Servicer or resulting from a bankruptcy, insolvency or similar proceeding involving the Mortgagor or otherwise;
provided, further, that for any Mortgage Loan that accrues interest on an Actual/360 Basis, then, solely for purposes
of calculating Pass-Through Rates and the Weighted Average Net Mortgage Rate, the Net Mortgage Rate of such Mortgage Loan or for
any one-month period preceding a related Due Date will be the annualized rate at which interest would have to accrue in respect
of such Mortgage Loan on the basis of a 360-day year consisting of twelve 30-day months in order to produce the aggregate amount
of interest actually accrued in respect of such Mortgage Loan during such one-month period at the related Net Mortgage Rate; provided,
further, that, with respect to each Actual/360 Mortgage Loan, the Net Mortgage Rate for the one-month period (A) preceding
the Due Dates that occur in January and February in any year which is not a leap year or preceding the Due Date that occurs in
February in any year which is a leap year (in either case, unless the related Distribution Date is the final Distribution Date),
will be determined exclusive of any Withheld Amounts and (B) preceding the Due Date in March (or February, if the related
Distribution Date is the final Distribution Date), will be determined inclusive of the amounts withheld in the immediately preceding
January and February, if applicable. With respect to any REO Loan, the Net Mortgage Rate shall be calculated as described above,
determined as if the predecessor Mortgage Loan had remained outstanding.

 

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“Net Operating
Income”: With respect to any Mortgaged Property, for any Mortgagor’s fiscal year end, Net Operating Income will
be calculated in accordance with the standard definition of “Net Operating Income” approved from time to time endorsed
and put forth by the CREFC®.

 

“New Lease”:
Any lease of REO 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 5.02(c).

 

“Non-Exempt
Person” shall mean any Person other than a Person who either (i) is a U.S. person or (ii) has provided to the
Certificate Administrator for the relevant year such duly executed form(s) or statement(s) which may, from time to time, be prescribed
by law and which, pursuant to applicable provisions of (A) any income tax treaty between the United States and the country
of residence of such Person, (B) the Code or (C) any applicable rules or regulations in effect under clauses (A)
or (B) above, permit the Certificate Administrator to make such payments free of any obligation or liability for withholding,
provided that duly executed form(s) provided to the Certificate Administrator pursuant to Section 5.03(s), shall
be sufficient to evidence that such providing Person is not a Non-Exempt Person.

 

“Nonrecoverable
Advance”: Any Nonrecoverable P&I Advance or Nonrecoverable Property Protection Advance.

 

“Nonrecoverable
P&I Advance”: Any P&I Advance previously made or proposed to be made in respect of a Mortgage Loan (including
any Non-Serviced Mortgage Loan) or REO Loan (other than any portion of an REO Loan related to a Companion Loan) which, in the reasonable
judgment of the Master Servicer or the Trustee, as applicable, will not be ultimately recoverable, together with any accrued and
unpaid interest thereon at the Reimbursement Rate, from Late Collections or any other recovery on or in respect of such Mortgage
Loan or REO Loan; provided, however, that the Special Servicer may, at its option make a determination in accordance
with the Servicing Standard, that any P&I Advance previously made or proposed to be made is a Nonrecoverable P&I Advance
and shall deliver to the Master Servicer (and with respect to a Serviced Whole Loan, to any Other Servicer, and with respect to
a Non-Serviced Mortgage Loan, to the related Non-Serviced Master Servicer), the Certificate Administrator, the Trustee, the Operating
Advisor and the 17g-5 Information Provider notice of such determination. Any such determination shall be binding upon, the Master
Servicer and the Trustee, provided, however, that the Special Servicer shall not have any obligation to make an affirmative
determination that any P&I Advance is or would be recoverable; however, if the Special Servicer makes any determination, such
determination shall not be binding upon the Master Servicer or the Trustee. In the absence of a determination by the Special Servicer
that such P&I Advance is or would be a Nonrecoverable P&I Advance, such decision shall remain with the Master Servicer
or Trustee, as applicable. If the Special Servicer makes a determination that only a portion, and not all, of any previously made
or proposed P&I Advance is a Nonrecoverable P&I Advance, the Master Servicer and the Trustee shall have the right to make
its own subsequent determination that any remaining portion of any such previously made or proposed P&I Advance is a Nonrecoverable
P&I Advance. With respect to any Non-Serviced

 

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Whole
Loan, if any Non-Serviced Master Servicer or Non-Serviced Special Servicer, as applicable, in connection with a securitization
of the related Non-Serviced Companion Loan determines that a principal and interest advance with respect to the related Non-Serviced
Companion Loan, if made, would be a Nonrecoverable P&I Advance, such determination shall not be binding on the Master Servicer
and the Trustee as it relates to any proposed P&I Advance with respect to the related Non-Serviced Mortgage Loan; provided,
however, the Master Servicer and the Trustee may rely on the non-recoverability determination of the Other Master Servicer
or Other Trustee under the related Non-Serviced Pooling Agreement. Similarly, with respect to the related Non-Serviced Mortgage
Loan, if the Master Servicer or the Special Servicer determines that any P&I Advance with respect to a related Non-Serviced
Mortgage Loan, if made, would be a Nonrecoverable P&I Advance, such determination shall not be binding on the related Non-Serviced
Master Servicer and related Non-Serviced Trustee as it relates to any proposed P&I Advance with respect to the related Non-Serviced
Companion Loan (unless the related Non-Serviced Pooling Agreement provides otherwise); provided, however, the other
Master Servicer and Other Trustee under the related Non-Serviced Pooling Agreement may rely on the non-recoverability determination
of the Master Servicer or the Trustee. In making such recoverability determination, the Master Servicer, the Special Servicer
or Trustee, as applicable, will be entitled (a) to consider (among other things) (i) the obligations of the Mortgagor
under the terms of the related Mortgage Loan or Companion Loan as it may have been modified and (ii) the related Mortgaged
Properties in their “as-is” or then-current conditions and occupancies, as modified by such party’s assumptions
(consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer or in its good faith business
judgment in the case of the Trustee, solely in its capacity as Trustee) regarding the possibility and effects of future adverse
change with respect to such Mortgaged Properties, (b) to estimate and consider (consistent with the Servicing Standard in
the case of the Master Servicer and the Special Servicer or in its good faith business judgment in the case of the Trustee, solely
in its capacity as Trustee) (among other things) future expenses, (c) to estimate and consider (consistent with the applicable
Servicing Standard in the case of the Master Servicer and the Special Servicer or in its good faith business judgment in the case
of the Trustee, solely in its capacity as Trustee) (among other things) the timing of recoveries, and (d) to give due regard
to the existence of any Nonrecoverable Advances which, at the time of such consideration, the recovery of which are being deferred
or delayed by the Master Servicer or the Trustee, in light of the fact that related proceeds are a source of recovery not only
for the Advance under consideration but also a potential source of recovery for such delayed or deferred Advance. In addition,
any Person, in considering whether a P&I Advance is a Nonrecoverable Advance, will be entitled to give due regard to the existence
of any outstanding Nonrecoverable Advance or Workout-Delayed Reimbursement Amount with respect to other Mortgage Loans by the
Master Servicer or the Trustee because there is insufficient principal available for such Mortgage Loan which, at the time of
such consideration, the reimbursement of which is being deferred or delayed, in light of the fact that proceeds on the related
Mortgage Loan are a source of reimbursement not only for the P&I Advance under consideration, but also as a potential source
of reimbursement of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts which are or may be being deferred or
delayed. In addition, any such Person may update or change its recoverability determinations at any time (but not reverse any
other Person’s determination that an Advance is a Nonrecoverable Advance) and, consistent with the Servicing Standard, in
the case of the Master Servicer or in its good faith business judgment in the case of the Trustee (solely in its capacity as Trustee),
may obtain,

 

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promptly upon request from the Special Servicer at the expense of the Trust any reasonably required analysis, Appraisals
or market value estimates or other information for making a recoverability determination. Absent bad faith, the Master Servicer’s,
the Special Servicer’s or the Trustee’s determination as to the recoverability of any P&I Advance shall be conclusive
and binding on the Certificateholders and the RR Interest Owner. The determination by the Master Servicer, the Special Servicer
or the Trustee, as applicable, that the Master Servicer or the Trustee, as applicable, has made a Nonrecoverable P&I Advance
or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance, or any updated or changed recoverability
determination, shall be evidenced by an Officer’s Certificate delivered by either the Special Servicer or the Master Servicer
to the other and to the Trustee, the Certificate Administrator, the Controlling Class Representative (but only prior to the occurrence
of a Consultation Termination Event and only with respect to any Mortgage Loan other than an applicable Excluded Loan) (and, in
the case of a Serviced Mortgage Loan, any Other Servicer), the Operating Advisor (but only in the case of the Special Servicer),
the Depositor, or by the Trustee to the Depositor, the Master Servicer, the Special Servicer the Operating Advisor (and, in the
case of a Serviced Mortgage Loan, any Other Servicer) and the Certificate Administrator. The Officer’s Certificate shall
set forth such determination of nonrecoverability and the considerations of the Master Servicer, the Special Servicer or the Trustee,
as applicable, forming the basis of such determination (which shall be accompanied by, to the extent available, income and expense
statements, rent rolls, occupancy status, property inspections and any other information used by the Master Servicer, the Special
Servicer or the Trustee, as applicable, to make such determination and shall include any existing Appraisal of the related Mortgage
Loan or the related Mortgaged Property). The Special Servicer’s determination that a P&I Advance is or would be nonrecoverable
shall be binding on the Master Servicer and the Trustee. In the case of a cross-collateralized Mortgage Loan (if any), such recoverability
determination shall take into account the cross-collateralization of the related cross-collateralized Mortgage Loan.

 

“Nonrecoverable
Property Protection Advance”: Any Property Protection Advance previously made or proposed to be made in respect of a
Mortgage Loan (other than a Non-Serviced Mortgage Loan), Whole Loan or REO Property which, in the reasonable judgment of the Master
Servicer, the Special Servicer or the Trustee, as the case may be, will not be ultimately recoverable, together with any accrued
and unpaid interest thereon, at the Reimbursement Rate, from Late Collections or any other recovery on or in respect of such Mortgage
Loan, Whole Loan, REO Property. In making such recoverability determination, such Person will be entitled (a) to consider (among
other things) (i) the obligations of the Mortgagor under the terms of the related Mortgage Loan or Companion Loan, as applicable,
as it may have been modified and (ii) the related Mortgaged Properties in their “as-is” or then current conditions
and occupancies, as modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Master
Servicer or the Special Servicer or in its good faith business judgment in the case of the Trustee, solely in its capacity as Trustee)
regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties, (b) to estimate and consider
(consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer or in its good faith business
judgment in the case of the Trustee, solely in its capacity as Trustee) (among other things) future expenses (c) to estimate and
consider (consistent with the Servicing Standard in the case of the Master Servicer and the Special Servicer or in its good faith
business judgment in the case of the Trustee, solely in its capacity as Trustee) (among other things) the timing of recoveries
and (d) to give due regard to the existence

 

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of any Nonrecoverable Advances which, at the time of such consideration, the recovery
of which are being deferred or delayed by the Master Servicer or the Trustee, in light of the fact that related proceeds are a
source of recovery not only for the Advance under consideration but also a potential source of recovery for such delayed or deferred
Advance. In addition, any Person, in considering whether a Property Protection Advance is a Nonrecoverable Property Protection
Advance, will be entitled to give due regard to the existence of any Nonrecoverable Advance or Workout-Delayed Reimbursement Amounts
with respect to other Mortgage Loans that, at the time of such consideration, the reimbursement of which is being deferred or delayed
by the Master Servicer, in light of the fact that proceeds on the related Mortgage Loan are a source of recovery not only for the
Property Protection Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed
Reimbursement Amounts which are or may be being deferred or delayed. In addition, any such Person may update or change its recoverability
determinations at any time (but not reverse any other Person’s determination that an Advance is a Nonrecoverable Advance)
and, consistent with the Servicing Standard, in the case of the Master Servicer or in its good faith business judgment in the case
of the Trustee (solely in its capacity as Trustee), may obtain, promptly upon request from the Special Servicer at the expense
of the Trust any reasonably required analysis, Appraisals or market value estimates or other information for making a recoverability
determination (and, upon the reasonable request by the Trustee, Master Servicer or Special Servicer, as applicable, the Master
Servicer and the Special Servicer shall deliver any relevant Appraisals or market value estimates in its possession to the requesting
party for such purpose). Absent bad faith, the Master Servicer’s, Special Servicer’s or the Trustee’s determination
as to the recoverability of any Property Protection Advance shall be conclusive and binding on the Certificateholders and the RR
Interest Owner. The determination by the Master Servicer, the Special Servicer or the Trustee, as the case may be, that it has
made a Nonrecoverable Property Protection Advance or that any proposed Property Protection Advance, if made, would constitute a
Nonrecoverable Property Protection Advance, or any updated or changed recoverability determination, shall be evidenced by an Officer’s
Certificate delivered by either of the Special Servicer or Master Servicer to the other and to the Trustee, the Certificate Administrator,
the Controlling Class Representative, (but only prior to the occurrence of a Consultation Termination Event and only with respect
to any Mortgage Loan other than an applicable Excluded Loan) (and in the case of a Serviced Mortgage Loan, any Other Servicer),
the Operating Advisor (but only in the case of the Special Servicer) and the Depositor, or by the Trustee to the Depositor, the
Master Servicer, the Special Servicer, the Operating Advisor and the Certificate Administrator (and in the case of a Serviced Mortgage
Loan, any Other Servicer). The Special Servicer may, at its option, make a determination in accordance with the Servicing Standard,
that any Property Protection Advance previously made or proposed to be made is a Nonrecoverable Property Protection Advance and
shall deliver to the Master Servicer (and with respect to a Serviced Whole Loan, to any Other Servicer, and, with respect to any
Non-Serviced Mortgage Loan, the related Non-Serviced Master Servicer), the Trustee, the Certificate Administrator, the Operating
Advisor and the 17g-5 Information Provider notice of such determination. Any such determination shall be binding upon, the Master
Servicer and the Trustee, provided, however, that the Special Servicer shall not have any obligation to make an affirmative
determination that any Property Protection Advance is or would be recoverable; however, if the Special Servicer makes any such
determination, such determination shall not be binding upon the Master Servicer or the Trustee. In the absence of a determination
by the Special

 

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Servicer that such Property Protection Advance is or would be a Nonrecoverable Property Protection Advance, such
decision shall remain with the Master Servicer or the Trustee, as applicable. If the Special Servicer makes a determination that
only a portion, and not all, of any previously made or proposed Property Protection Advance is a Nonrecoverable Property Protection
Advance, the Master Servicer and the Trustee shall each have the right to make its own subsequent determination that any remaining
portion of any such previously made or proposed Property Protection Advance is a Nonrecoverable Property Protection Advance. The
Officer’s Certificate shall set forth such determination of nonrecoverability and the considerations of the Master Servicer,
the Special Servicer or the Trustee, as applicable, forming the basis of such determination (which shall be accompanied by, to
the extent available, related income and expense statements, rent rolls, occupancy status and property inspections, and shall include
any existing Appraisal with respect to the related Mortgage Loan or Serviced Companion Loan, as applicable, or related Mortgaged
Property). The Special Servicer shall promptly furnish any party required to make Property Protection Advances hereunder with any
information in its possession regarding the Specially Serviced Mortgage Loans and REO Properties as such party required to make
Property Protection Advances may reasonably request for purposes of making recoverability determinations. The Trustee shall be
entitled to conclusively rely on the Master Servicer’s or the Special Servicer’s, as the case may be, determination
that a Property Protection Advance is or would be nonrecoverable, and the Master Servicer shall be entitled to conclusively rely
on the Special Servicer’s determination that a Property Protection Advance is or would be nonrecoverable. Notwithstanding
anything herein to the contrary, if the Special Servicer requests that the Master Servicer make a Property Protection Advance,
the Master Servicer may conclusively rely on such request as evidence that such Advance is not a Nonrecoverable Property Protection
Advance; provided, however, that the Special Servicer shall not be entitled to make such a request more frequently
than once per calendar month with respect to Property Protection Advances other than emergency advances (although such request
may relate to more than one Property Protection Advance). In the case of a cross-collateralized Mortgage Loan (if any), such recoverability
determination shall take into account the cross-collateralization of the related cross-collateralized Mortgage Loan. The determination
as to the recoverability of any property protection advance previously made or proposed to be made in respect of a Non-Serviced
Whole Loan shall be made by the related Non-Serviced Master Servicer, Non-Serviced Special Servicer or Non-Serviced Trustee, as
the case may be, pursuant to the Non-Serviced Pooling Agreement.

 

“Non-Reduced
Interests”: means any Class of Principal Balance Certificates or Class RR Certificates then outstanding for which (a)(1)
the initial Certificate Balance of such Class of Certificates, minus (2) the sum (without duplication) of (x) any payments of principal
(whether as Principal Prepayments or otherwise) distributed to the Certificateholders of such Class of Certificates, (y) any Appraisal
Reduction Amounts allocated to such Class of Certificates, and (z) any Realized Losses previously allocated to such Class of Certificates,
is equal to or greater than (b) 25% of the remainder of (1) the initial Certificate Balance of such Class less (2) any payments
of principal (whether as Principal Prepayments or otherwise) previously distributed to the Certificateholders of such Class of
Certificates.

 

“Non-Registered
Certificate”: Unless and until registered under the Securities Act, any Class D, Class E, Class X-E, Class F, Class
X-F, Class G, Class X-G, Class H, Class RR and Class R Certificate.

 

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“Non-Serviced
Asset Representations Reviewer”: The “Asset Representations Reviewer” under a Non-Serviced Pooling Agreement.

 

“Non-Serviced
Certificate Administrator”: The “Certificate Administrator” under a Non-Serviced Pooling Agreement.

 

“Non-Serviced
Co-Lender Agreement”: The 1633 Broadway Co-Lender Agreement, the Moffett Towers Buildings A, B & C Co-Lender Agreement,
the 650 Madison Avenue Co-Lender Agreement, the 555 10th Avenue Co-Lender Agreement, the PCI Pharma Portfolio Co-Lender Agreement,
the Midland Atlantic Portfolio Co-Lender Agreement, the 525 Market Street Co-Lender Agreement and the City National Plaza Co-Lender
Agreement.

 

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

 

“Non-Serviced
Custodian”: The “Custodian” under a Non-Serviced Pooling Agreement.

 

“Non-Serviced
Depositor”: The “Depositor” under a Non-Serviced Pooling Agreement.

 

“Non-Serviced
Gain-on-Sale Proceeds”: Any “gain-on-sale proceeds” received in respect of a Non-Serviced Mortgage Loan pursuant
to the related Non-Serviced Pooling Agreement.

 

“Non-Serviced
Master Servicer”: The “Master Servicer” under a Non-Serviced Pooling Agreement.

 

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

 

For the avoidance of
doubt, the Non-Serviced Mortgage Loans related to the Trust are the Mortgage Loans identified as “1633 Broadway”, “Moffett
Towers Buildings A, B & C”, “650 Madison Avenue”, “555 10th Avenue”, “PCI Pharma Portfolio”,
“Midland Atlantic Portfolio”, “525 Market Street” and “City National Plaza” in the “Whole
Loans” chart in the Preliminary Statement.

 

“Non-Serviced
Mortgaged Property”: With respect to each Non-Serviced Mortgage Loan, Non-Serviced Companion Loan and Non-Serviced Whole
Loan, the related Mortgaged Property that secures such Non-Serviced Mortgage Loan, Non-Serviced Companion Loan and Non-Serviced
Whole Loan.

 

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“Non-Serviced
Operating Advisor”: The “Operating Advisor” under a Non-Serviced Pooling Agreement.

 

“Non-Serviced
Paying Agent”: The “Paying Agent” under a Non-Serviced Pooling Agreement.

 

“Non-Serviced
Pooling Agreement”: With respect to (i) the 1633 Broadway Whole Loan, the BWAY 2019-1633 TSA, (ii) the Moffett Towers
Buildings A, B & C Whole Loan, the MOFT 2020-ABC TSA, (iii) the 650 Madison Avenue Whole Loan, the MAD 2019-650M TSA, (iv)
the 555 10th Avenue Whole Loan, the CGCMT 2020-555 TSA, (v) the PCI Pharma Portfolio Whole Loan, the COMM 2019-GC44 PSA, (vi)
the Midland Atlantic Portfolio, the CGCMT 2020-GC46 PSA, (vii) the 525 Market Street, the MKT 2020-525M TSA, and (viii) the City
National Plaza Whole Loan, the MSC 2020-CNP TSA.1

 

“Non-Serviced
Primary Servicing Fee Rate”: With respect to each Non-Serviced Mortgage Loan, the per annum rate set forth on
the Mortgage Loan Schedule under the heading “Non-Serviced Primary Servicing Fee Rate (%)”.

 

“Non-Serviced
Special Servicer”: The “Special Servicer” under a Non-Serviced Pooling Agreement.

 

“Non-Serviced
Trust”: The “Trust” formed under a Non-Serviced Pooling Agreement.

 

“Non-Serviced
Trustee”: The “Trustee” under a Non-Serviced Pooling Agreement.

 

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

 

For the avoidance of
doubt, the Non-Serviced Whole Loans related to the Trust are the Whole Loans identified as “1633 Broadway”, “Moffett
Towers Buildings A, B & C”, “650 Madison Avenue”, “555 10th Avenue”, “PCI Pharma Portfolio”,
“Midland Atlantic Portfolio”, “525 Market Street” and “City National Plaza” in the “Whole
Loans” chart in the Preliminary Statement.

 

“Non-Serviced
Whole Loan Controlling Holder”: The “directing holder” or similarly defined party under a Non-Serviced Pooling
Agreement.

 

“Non-Specially
Serviced Mortgage Loan”: Any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Companion Loan that
is not a Specially Serviced Mortgage Loan.

 

 

 

1
Note all agreements named here use acronyms.

 

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“Non-U.S. Beneficial
Ownership Certification”: As defined in Section 5.03(f).

 

“Non-U.S. Tax
Person”: Any person other than a U.S. Tax Person.

 

“Non-VRR Available
Funds” shall mean, as to any Distribution Date, an amount equal to the sum of (i) the Non-VRR Percentage of the
Aggregate Available Funds for such Distribution Date and (ii) the Non-VRR Gain-on-Sale Remittance Amount withdrawn from the
Non-VRR Gain-on-Sale Reserve Account for distribution on such Distribution Date pursuant to Section 4.01(g)(i).

 

“Non-VRR Certificates”:
The Principal Balance Certificates and the Class X Certificates.

 

“Non-VRR Excess
Prepayment Interest Shortfall”: For any Distribution Date, the Non-VRR Percentage of the Excess Prepayment Interest Shortfall
for such Distribution Date.

 

“Non-VRR Gain-on-Sale
Remittance Amount”: For each Distribution Date, the lesser of (i) the amount on deposit in the Non-VRR Gain-on-Sale
Reserve Account on such Distribution Date, and (ii) the amount distributable from the Non-VRR Gain-on-Sale Reserve Account
pursuant to Section 4.01(g).

 

“Non-VRR Gain-on-Sale
Reserve Account”: A custodial account or accounts (or subaccount of the Distribution Account) created and maintained
by the Certificate Administrator, pursuant to Section 3.04(e) on behalf of the Trustee for the benefit of the Holders of
the Non-VRR Certificates, which shall initially be entitled “Wells Fargo Bank, National Association, as Certificate Administrator
on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered holders of GS Mortgage Securities
Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47, Non-VRR Gain-on-Sale Reserve Account”.
Any such account shall be an Eligible Account or a subaccount of an Eligible Account.

 

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

 

“Non-VRR Principal
Distribution Amount”: With respect to any Distribution Date and the Principal Balance Certificates, an amount equal to
the Non-VRR Percentage of the Aggregate Principal Distribution Amount for such Distribution Date.

 

“Non-VRR Realized
Loss”: With respect to any Distribution Date, the amount, if any, by which (i) the aggregate Certificate Balance of the
Principal Balance Certificates, after giving effect to distributions of principal on such Distribution Date, exceeds (ii) the product
of (a) the Non-VRR Percentage and (b) the aggregate Stated Principal Balance (for purposes of this definition only, not giving
effect to any reductions of the Stated Principal Balance for payments of principal collected on the Mortgage Loans that were used
to reimburse any Workout-Delayed Reimbursement Amounts pursuant to Section 3.05(a)(v) to the extent such Workout-Delayed
Reimbursement Amounts are not otherwise determined to be Nonrecoverable Advances) of the Mortgage Loans and any REO Loans (but
in each case, excluding any portion allocable to any

 

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related
Companion Loan, if applicable) as of the end of the last day of the related Collection Period.

 

“Notional Amount”:
In the case of the Class X-A Certificates, the Class X-A Notional Amount; in the case of the Class X-E Certificates,
the Class X-E Notional Amount; in the case of the Class X-F Certificates, the Class X-F Notional Amount; and in
the case of the Class X-G Certificates, the Class X-G Notional Amount.

 

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

 

“NRSRO Certification”:
A certification (a) substantially in the form of Exhibit P-2 executed by a NRSRO or (b) provided electronically and executed
by such NRSRO by means of a “click-through” confirmation on the 17g-5 Information Provider’s Website, in either
case in favor of the 17g-5 Information Provider that states that such NRSRO is a Rating Agency under this Agreement or that such
NRSRO has provided the Depositor with the appropriate certifications pursuant to paragraph (e) of Rule 17g-5 of the Exchange Act,
that such NRSRO has access to the Depositor’s 17g-5 website and that such NRSRO will keep such information confidential,
except to the extent such information has been made available to the general public. Each NRSRO shall be deemed to recertify to
the foregoing each time it accesses the 17g-5 Information Provider’s Website.

 

“OCC”:
Office of the Comptroller of the Currency.

 

“Offered Certificates”:
The Class A-1, Class A-4, Class A-5, Class A-AB, Class X-A, Class A-S, Class B and Class C Certificates.

 

“Officer’s
Certificate”: A certificate signed by a Servicing Officer of the Master Servicer or the Special Servicer or any Additional
Servicer, as the case may be, or a Responsible Officer of the Trustee or Certificate Administrator, as the case may be.

 

“Offshore Transaction”:
Any “offshore transaction” as defined in Rule 902(h) of Regulation S.

 

“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
Consulting Fee”: A fee for each Major Decision on which the Operating Advisor has consulting obligations and performed
its duties with respect to such Major Decision equal to $10,000 (or, such lesser amount as the related borrower has paid with respect
to such Mortgage Loan) (other than a Non-Serviced Mortgage Loan), payable pursuant to Section 3.05 of this Agreement; provided,
however, that the Operating Advisor may in its sole discretion reduce the Operating Advisor Consulting Fee with respect
to any 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 related Mortgagor if

 

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it
determines that such full or partial waiver is in accordance with the Servicing Standard, 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 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).

 

“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 each Mortgage Loan, REO Loan, Non-Serviced Mortgage Loan (but not any Companion Loan), the fee
payable to the Operating Advisor pursuant to Section 3.26(h).

 

“Operating Advisor
Fee Rate”: With respect to each Interest Accrual Period related to any applicable Distribution Date, a per annum
rate of 0.00208%; provided that at any time there is no Operating Advisor, the Operating Advisor Fee Rate shall be zero.

 

“Operating Advisor
Standard”: The requirement that the Operating Advisor must act solely on behalf of the Trust and in the best interest
of, and for the benefit of, the Certificateholders and the RR Interest Owner and, with respect to any Serviced Whole Loan for the
benefit of the holders of the related Companion Loan (as a collective whole as if such Certificateholders, the RR Interest Owner
and Companion Holders constituted a single lender, taking into account the pari passu nature of any related Pari Passu Companion
Loan and the subordinate nature of any related AB Subordinate Companion Loan), and not to any particular Class of Certificateholders
(as determined by the Operating Advisor in the exercise of its good faith and reasonable judgment), but without regard to any conflict
of interest arising from any relationship that the Operating Advisor or any of its Affiliates may have with any of the underlying
Mortgagors, property managers, any Sponsor, any Mortgage Loan Seller, the Depositor, the Master Servicer, the Special Servicer,
the Asset Representations Reviewer, the Directing Holder, any Risk Retention Consultation Party, any Certificateholder, the RR
Interest Owner 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 Certificateholders evidencing greater than 25% of the aggregate Voting Rights, provided that with respect to any
such failure that is not curable within such thirty (30) 

 

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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, is entered against the Operating Advisor, and such decree or order remains 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 salaried counsel for the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer, acceptable in form and delivered to
the Trustee and the Certificate Administrator, except that any opinion of counsel relating to (a) the qualification of any
Trust REMIC as a REMIC, (b) compliance with the REMIC Provisions, or (c) the resignation of the Master Servicer, the Special
Servicer or the Depositor pursuant to Section 6.05, must be an opinion of counsel who is in fact Independent of the Depositor,
the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations Reviewer.

 

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“Original Certificate
Balance”: With respect to any Class of Principal Balance Certificates, the initial aggregate principal amount thereof
as of the Closing Date, in each case as specified in the Preliminary Statement.

 

“Original Lower-Tier
Principal Amount”: With respect to any Class of Lower-Tier Regular Interest, the initial principal amount thereof as
of the Closing Date, in each case as specified in the Preliminary Statement.

 

“Original Notional
Amount”: With respect to the Class X-A Notional Amount, Class X-E Notional Amount, Class X-F Notional
Amount and the Class X-G Notional Amount, the applicable initial Notional Amount thereof as of the Closing Date, as specified
in the Preliminary Statement.

 

“Original RR
Interest Balance”: With respect to the RR Interest, an amount equal to the initial RR Interest Balance as specified in
the Preliminary Statement hereto.

 

“Other Certificate
Administrator”: Any certificate administrator under an Other Pooling and Servicing Agreement.

 

“Other Depositor”:
Any depositor under an Other Pooling and Servicing Agreement.

 

“Other Master
Servicer”: Any master servicer under an Other Pooling and Servicing Agreement.

 

“Other Pooling
and Servicing Agreement”: Any trust and servicing agreement or pooling and servicing agreement that creates a trust whose
assets include any Serviced Companion Loan.

 

“Other Securitization”:
As defined in Section 11.06.

 

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

 

“Other Servicer”:
Any master servicer or special servicer, as applicable, under an Other Pooling and Servicing Agreement.

 

“Other Trustee”:
Any trustee under an Other Pooling and Servicing Agreement.

 

“Overlapping
Fee Interest”: In the case of a Mortgage Loan secured in whole or in part by a Ground Lease, the related fee interest
in the real property underlying such Ground Lease that has also been pledged to secure such Mortgage Loan.

 

“Owner Repurchase
Request”: As defined in Section 2.03(i).

 

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“Ownership Interest”:
As to any Certificate, any ownership or security interest in such Certificate as the Holder thereof and any other interest therein,
whether direct or indirect, legal or beneficial, as owner or as pledgee.

 

“P&I Advance”:
As to any Mortgage Loan or REO Loan (but not any related Companion Loan), any advance made by the Master Servicer or the
Trustee, as applicable, pursuant to Section 4.03 or Section 7.05.

 

“P&I Advance
Determination Date”: With respect to any Distribution Date, the close of business on the related Determination Date.

 

“Pari Passu
Companion Loan”: Each of the pari passu notes related to the Mortgage Loans identified under the column entitled
“Whole Loan” in the “Whole Loans” chart in the Preliminary Statement.

 

“Pass-Through
Rate”: Any of the Class A-1 Pass-Through Rate, the Class A-4 Pass-Through Rate, the Class A-5 Pass-Through Rate,
the Class A-AB Pass-Through Rate, the Class A-S Pass-Through Rate, the Class B Pass-Through Rate, the Class C
Pass-Through Rate, the Class D Pass-Through Rate, the Class E Pass-Through Rate, the Class F Pass-Through Rate, the Class
G Pass-Through Rate, the Class H Pass-Through Rate, the Class X-A Pass-Through Rate, the Class X-E Pass-Through Rate,
the Class X-F Pass-Through Rate and the Class X-G Pass-Through Rate.

 

“Payment Accommodation”:
For any Mortgage Loan or Serviced Whole Loan, the entering into of any temporary forbearance agreement as a result of the COVID-19
emergency relating to payment obligations or operating covenants under the related Mortgage Loan documents or the use of funds
on deposit in any reserve account or escrow account for any purpose other than the explicit purpose described in the related Mortgage
Loan documents, that in each case require full repayment of deferred payments and escrows within twenty-one (21) months of the
date of the first forbearance for such Mortgage Loan or Serviced Whole Loan.

 

“PCAOB”:
The Public Company Accounting Oversight Board.

 

“PCI Pharma
Portfolio Co-Lender Agreement”: That certain Agreement Between Noteholders, dated as of November 12, 2019, by and among
the holders of the respective promissory notes evidencing the PCI Pharma Portfolio Whole Loan, relating to the relative rights
of such holders, as the same may be further amended in accordance with the terms thereof.

 

“Penalty Charges”:
With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Companion Loan (or any successor REO Loan),
any amounts actually collected thereon (or, in the case of a Serviced Companion Loan (or any successor REO Loan thereto) that is
part of a Serviced Whole Loan, actually collected on such Serviced Whole Loan, and allocated and paid on such Serviced Companion
Loan (or any successor REO Loan) in accordance with the related Co-Lender Agreement) that represent late payment charges, demand
charges or Default Interest, other than a Yield Maintenance Charge.

 

“Percentage
Interest”: As to any Certificate (other than a Class R Certificate), the percentage interest evidenced thereby in distributions
required to be made with respect to the 

 

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related Class. With respect to any Certificate (other than a Class R Certificate), the percentage interest
is equal to the Denomination as of the Closing Date of such Certificate divided by the Original Certificate Balance or Original
Notional Amount, as applicable, of such Class of Certificates as of the Closing Date. As to a Class R Certificate, the Percentage
Interest is set forth on the face thereof.

 

“Performance
Certification”: As defined in Section 11.06.

 

“Performing
Party”: As defined in Section 11.12.

 

“Periodic Payment”:
With respect to any Mortgage Loan or the related Companion Loan, the scheduled monthly payment of principal and/or interest on
such Mortgage Loan or Companion Loan, including any Balloon Payment, that is payable (as the terms of the applicable Mortgage Loan
or Companion Loan may be changed or modified in connection with a bankruptcy or similar proceedings involving the related Mortgagor
or by reason of a modification, extension, waiver or amendment granted or agreed to pursuant to the terms hereof) by a Mortgagor
from time to time under the related Mortgage Note and applicable law, without regard to any acceleration of principal of such Mortgage
Loan or Companion Loan by reason of default thereunder.

 

“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 Master 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 (or, insofar as there is then outstanding any class of Serviced Companion
Loan Securities that are then rated by such rating agency, such class of securities) as evidenced in writing, 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

 

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Mae debt obligations rated at least “A-1” by S&P, if
such obligations mature in sixty (60) days or less, or rated at least “AA-”, “A-1+” or (with respect to
money market fund investments only) “AAAm” by S&P, if such obligations mature in 365 days or less;

 

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

 

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

 

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

 

(v)             
commercial paper (including both non-interest bearing discount obligations and interest bearing obligations payable on demand
or on a specified date not more than one year after the date of issuance thereof), that, in each case, satisfy the Applicable Fitch
Permitted Investment Rating, the Applicable KBRA Permitted Investment Rating, the Applicable Moody’s Permitted Investment
Rating and the Applicable S&P Permitted Investment Rating (or, in the case of any such Rating Agency, if permitted by the related
Mortgage Loan, such lower rating as is otherwise acceptable to such Rating Agency, as confirmed in a Rating

 

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Agency Confirmation);
provided, however, that the investments described in this clause must (A) have a predetermined fixed dollar of principal due at
maturity that cannot vary or change, (B) if such investments have a variable rate of interest, such interest rate must be tied
to a single interest rate index plus a fixed spread (if any) and must move proportionately with that index, and (C) such investments
must not be subject to liquidation prior to their maturity;

 

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

 

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

 

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

 

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 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 if (a) such instrument
evidences the right to receive only interest, (b) 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 or (c) such instrument may
be redeemed at a price below the purchase price; and provided, further, however, that no amount beneficially
owned by any Trust REMIC (even if not yet deposited in the Trust) may be invested in investments (other than money market funds)
treated as equity

 

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interests for federal income tax purposes, unless the Master Servicer receives an Opinion of Counsel, at its
own expense, to the effect that such investment will not adversely affect the status of any Trust REMIC as a REMIC. Permitted Investments
may not be purchased at a price in excess of par.

 

“Permitted Lender”:
As defined in Section 5.03(q).

 

“Permitted Special
Servicer/Affiliate Fees”: Any commercially reasonable treasury management fees, banking fees, title insurance and/or
other insurance commissions and fees, title agency 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 any Mortgage Loan and Serviced Whole
Loan or REO Property, in each case, in accordance with this Agreement.

 

“Permitted Transferee”:
Any Person or any agent thereof other than (a) a Disqualified Organization, (b) any other Person so designated by the
Certificate Registrar who is unable to provide an Opinion of Counsel (provided at the expense of such Person or the Person requesting
the Transfer) to the effect that the Transfer of an Ownership Interest in any Class R Certificate to such Person will not cause
any Trust REMIC to fail to qualify as a REMIC at any time that the Certificates or the RR Interest are outstanding, (c) a
Person that is a Disqualified Non-U.S. Tax 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.
Tax Person or (e) a U.S. Tax 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.
Tax Person.

 

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

 

“Plan”:
As defined in Section 5.03(m).

 

“Preliminary
Asset Review Report”: As defined in Section 12.01(b).

 

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

 

“Prepayment
Assumption”: A “constant prepayment rate” of 0% used for determining the accrual of original issue discount
and market discount, if any, and the amortization premium, if any, on the Certificates and the RR Interest for federal income tax
purposes.

 

“Prepayment
Interest Excess”: For any Distribution Date and with respect to any Mortgage Loan or Serviced Whole Loan that was subject
to a Principal Prepayment in full or in part during the related Collection Period, which Principal Prepayment was applied to such
Mortgage Loan or Serviced Whole Loan, as applicable, after the related Due Date and prior to the following Determination Date,
the amount of interest (net of the related Servicing Fees), to

 

 

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the
extent collected from the related Mortgagor (without regard to any Yield Maintenance Charge actually collected), that would have
accrued at a rate per annum equal to the sum of (x) the related Net Mortgage Rate for such Mortgage Loan or Serviced
Whole Loan, as applicable, and (y) the Certificate Administrator/Trustee Fee Rate, the Operating Advisor Fee Rate, the CREFC®
Intellectual Property Royalty License Fee Rate and the Asset Representations Reviewer Fee Rate, on the amount of such Principal
Prepayment from such Due Date to, but not including, the date of such prepayment (or any later date through which interest accrues).
Prepayment Interest Excesses (to the extent not offset by Prepayment Interest Shortfalls or required to be paid as Compensating
Interest Payments) collected on the Mortgage Loans (other than any Non-Serviced Mortgage Loan) and any related Serviced Companion
Loan, will be retained by the Master Servicer as additional servicing compensation.

 

“Prepayment
Interest Shortfall”: For any Distribution Date and with respect to any Mortgage Loan or Serviced Whole Loan that was
subject to a Principal Prepayment in full or in part during the related Collection Period, which Principal Prepayment was applied
to such Mortgage Loan or Serviced Whole Loan (with such prepayment allocated between the related Mortgage Loan and Serviced Companion
Loan in accordance with the related Co-Lender Agreement), as applicable, after the related Determination Date (or, with respect
to each Mortgage Loan or Serviced Companion Loan, as applicable, with a Due Date occurring after the related Determination Date,
the related Due Date) and prior to the following Due Date, the amount of interest (net of the related Servicing Fees), to the extent
not collected from the related Mortgagor (without regard to any Yield Maintenance Charge actually collected), that would have accrued
at a rate per annum equal to the sum of (x) the related Net Mortgage Rate for such Mortgage Loan or Serviced Whole
Loan, as applicable and (y) the Certificate Administrator/Trustee Fee Rate, the Operating Advisor Fee Rate, the Asset Representations
Reviewer Fee Rate and the CREFC® Intellectual Property Royalty License Fee Rate, on the amount of such Principal
Prepayment during the period commencing on the date as of which such Principal Prepayment was applied to such Mortgage Loan or
Serviced Whole Loan, as applicable, and ending on such following Due Date. With respect to any Serviced AB Whole Loan, any Prepayment
Interest Shortfall for any Distribution Date shall be allocated first pro rata to any related AB Subordinate Companion Loan
and then pro rata to the related Mortgage Loan and any related Pari Passu Companion Loan.

 

“Primary Collateral”:
With respect to any Crossed Underlying Loan, that portion of the Mortgaged Property designated as directly securing such Crossed
Underlying Loan and excluding any Mortgaged Property as to which the related lien may only be foreclosed upon by exercise of the
cross-collateralization provisions of such Crossed Underlying Loan.

 

“Primary Servicing
Fee”: The monthly fee payable by the Master Servicer solely from the Servicing Fee to each Initial Sub-Servicer, which
monthly fee accrues at the rate per annum specified as such in the Sub-Servicing Agreement with such Initial Sub-Servicer.

 

“Prime Rate”:
The “Prime Rate” as published in the “Money Rates” section of the New York City edition of The Wall
Street Journal (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

 

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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.

 

“Principal Balance
Certificates”: Each of the Class A-1, Class A-4, Class A-5, Class A-AB, Class A-S, Class B, Class C,
Class D, Class E, Class F, Class G and Class H Certificates.

 

“Principal Prepayment”:
Any payment of principal made by the Mortgagor on a Mortgage Loan that is received in advance of its scheduled Due Date as a result
of such prepayment.

 

“Privileged
Communications”: Any correspondence between the Directing Holder or a Risk Retention Consultation Party and the Special
Servicer referred to in clause (i) of the definition of “Privileged Information”.

 

“Privileged
Information”: Any (i) correspondence between the Directing Holder or a Risk Retention Consultation Party and the
Special Servicer related to any Specially Serviced Mortgage Loan (other than with respect to any applicable Excluded Loan) or the
exercise of the Directing Holder’s consent or consultation rights or a Risk Retention Consultation Party’s consultation
rights under this Agreement, (ii) strategically sensitive information (including information contained within any Asset Status
Report) that the Special Servicer has appropriately labeled and reasonably determined could compromise the Trust’s position
in any ongoing or future negotiations with the related Mortgagor or other interested party and (iii) information subject to
attorney-client privilege. The Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations Reviewer
shall be entitled to rely on any identification of materials as “attorney-client privileged” without liability for
any such reliance hereunder.

 

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

 

“Privileged
Person”: The Depositor and its designees, the Initial Purchasers, the Underwriters, the Sponsors, the Master Servicer,
the Special Servicer (including, for the avoidance of doubt, any Excluded Special Servicer), the Trustee, the Certificate Administrator,
any Additional Servicer designated by the Master Servicer or the Special Servicer, the Operating Advisor, any Affiliate of the
Operating Advisor designated by the Operating Advisor, the Asset

 

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Representations
Reviewer, any Companion Holder who provides an Investor Certification, any Person (including the Directing Holder, the Controlling
Class Representative, any Risk Retention Consultation Party and any VRR Interest Owner) who provides the Certificate Administrator
with an Investor Certification and any NRSRO (including any Rating Agency) that provides the Certificate Administrator with an
NRSRO Certification, which Investor Certification and NRSRO Certification may be submitted electronically via the Certificate
Administrator’s Website; provided, however, that in no event may a Borrower Party (other than a Borrower Party
that is a Risk Retention Consultation Party or the Special Servicer) be entitled to receive (i) if such party is the Directing
Holder or any Controlling Class Certificateholder, any Excluded Information via the Certificate Administrator’s Website
(unless a loan-by-loan segregation is later performed by the Certificate Administrator in which case such access shall only be
prohibited with respect to the related Excluded Controlling Class Loan(s)), and (ii) if such party is not the Directing Holder
or any Controlling Class Certificateholder, any information other than the Distribution Date Statement. In determining whether
any Person is an Additional Servicer or an Affiliate of the Operating Advisor, the Certificate Administrator may rely on direction
by the Master Servicer, the Special Servicer, any Mortgage Loan Seller or the Operating Advisor, as the case may be.

 

Notwithstanding anything
to the contrary in this Agreement, if the Special Servicer obtains knowledge that it is a Borrower Party, the Special Servicer
shall nevertheless be a Privileged Person; provided that the Special Servicer (i) shall not directly or indirectly provide
any information related to any Excluded Special Servicer Loan to (A) the related Borrower Party, (B) any of the Special Servicer’s
employees or personnel or any of its Affiliates involved in the management of any investment in the related Borrower Party or the
related Mortgaged Property or (C) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest
in the related Borrower Party, and (ii) shall maintain sufficient internal controls and appropriate policies and procedures in
place in order to comply with the obligations described in clause (i) above; provided, further, that
nothing in this Agreement shall be construed as an obligation of the Master Servicer or the Certificate Administrator to restrict
the Special Servicer’s access to any information on the Master Servicer’s Internet website or the Certificate Administrator’s
Website and in no case shall the Master Servicer or the Certificate Administrator be held liable if the Special Servicer accesses
any Excluded Special Servicer Information relating to the Excluded Special Servicer Loans; provided, further, however,
that any Excluded Controlling Class Holder shall be permitted to reasonably request and obtain in accordance with Section 4.02(f)
of this Agreement any Excluded Information relating to any Excluded Controlling Class Loan with respect to which such Excluded
Controlling Class Holder is not a Borrower Party (if such Excluded Information is not otherwise available to such Excluded Controlling
Class Holder via the Certificate Administrator’s Website on account of it constituting Excluded Information) from the Master
Servicer or the Special Servicer, as the case may be. Notwithstanding any provision to the contrary herein, neither the Master
Servicer nor the Certificate Administrator shall have any obligation to restrict access by the Special Servicer or any Excluded
Special Servicer to any information related to any Excluded Special Servicer Loan.

 

“Prohibited
Party”: Any proposed Servicing Function Participant that is listed on the Depositor’s Do Not Hire List.

 

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“Prohibited
Prepayment”: As defined in the definition of Compensating Interest Payments.

 

“Property Protection
Advances”: All customary, reasonable and necessary “out of pocket” costs and expenses (including attorneys’
fees and expenses and fees of real estate brokers) incurred by the Master Servicer, the Special Servicer, Certificate Administrator,
or the Trustee, as applicable, in connection with the servicing and administering of (a) a Mortgage Loan (and in the case
of a Serviced Mortgage Loan, the related Serviced Companion Loan), other than a Non-Serviced Mortgage Loan, in respect of which
a default, delinquency or other unanticipated event has occurred or as to which a default is reasonably foreseeable or (b) an
REO Property, including, in the case of each of clause (a) and clause (b), but not limited to, (x) the
cost of (i) compliance with the Master Servicer’s obligations set forth in Section 3.03(c), (ii) the preservation,
restoration and protection of a Mortgaged Property, (iii) obtaining any Insurance and Condemnation Proceeds or any Liquidation
Proceeds of the nature described in clauses (i) – (vi) of the definition of “Liquidation Proceeds,”
(iv) any enforcement or judicial proceedings with respect to a Mortgaged Property, including foreclosures and (v) the
operation, leasing, management, maintenance and liquidation of any REO Property and (y) any amount specifically designated
herein to be paid as a “Property Protection Advance”. Notwithstanding anything to the contrary, “Property Protection
Advances” shall not include allocable overhead of the Master Servicer or the Special Servicer, such as costs for office space,
office equipment, supplies and related expenses, employee salaries and related expenses and similar internal costs and expenses
or costs and expenses incurred by any such party in connection with its purchase of a Mortgage Loan or REO Property. None of the
Master Servicer, the Special Servicer or the Trustee shall make any Property Protection Advance in connection with the exercise
of any cure rights or purchase rights granted to the holder of a Serviced Companion Loan under the related Co-Lender Agreement
or this Agreement.

 

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

 

“Prospectus”:
The Prospectus, dated May 12, 2020.

 

“Purchase Price”:
With respect to any Mortgage Loan (or any related REO Loan) (including, to the extent required pursuant to the final paragraph
hereof, any related Companion Loan) to be purchased pursuant to (A) Section 6 of the related Mortgage Loan Purchase Agreement
by the related Mortgage Loan Seller, (B) Section 3.16, or (C) Section 9.01, a price, without duplication,
equal to:

 

(i)               
the outstanding principal balance of such Mortgage Loan (or any related REO Loan (including for such purpose, to the extent
required pursuant to the final paragraph hereof, the related Companion Loan)) as of the date of purchase; plus

 

(ii)               
all accrued and unpaid interest on the Mortgage Loan (or any related REO Loan (including for such purpose, to the extent
required pursuant to the final paragraph hereof, the related Companion Loan)), at the related Mortgage Rate in effect from time
to time (excluding any portion of such interest that represents Default Interest), to, but not including, the Due Date immediately

 

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preceding or coinciding with the Determination Date for the Collection Period of purchase; plus

 

(iii)             
all related unreimbursed Property Protection Advances (including any Property Protection Advances and advance interest amounts
that were reimbursed out of general collections on the Mortgage Loans) (or, in the case of any Non-Serviced Mortgage Loan, the
pro rata portion of any comparable amounts allocable to such Mortgage Loan and payable with respect thereto pursuant to
the related Co-Lender Agreement); plus

 

(iv)            
all accrued and unpaid advance interest amounts in respect of related Advances (or, in the case of any Non-Serviced Mortgage
Loan, all comparable amounts with respect to P&I Advances related to such Non-Serviced Mortgage Loan and, with respect to outstanding
Property Protection Advances, the pro rata portion of any comparable amounts payable with respect thereto pursuant to the
related Co-Lender Agreement); plus

 

(v)             
any unpaid Special Servicing Fees, unpaid Asset Representations Reviewer Fees and any other unpaid additional Trust Fund
expenses (which, for the avoidance of doubt, include any unpaid Workout Fees and Liquidation Fees) outstanding or previously incurred
in respect of the related Mortgage Loan (or, in the case of any Non-Serviced Mortgage Loan, the pro rata portion of any
comparable amounts allocable to such Mortgage Loan and payable with respect thereto pursuant to the related Co-Lender Agreement),
and if such Mortgage Loan is being purchased by a Mortgage Loan Seller pursuant to the applicable Mortgage Loan Purchase Agreement,
all expenses incurred or to be incurred by the Master Servicer, the Special Servicer, the Asset Representations Reviewer, the Depositor,
the Certificate Administrator and the Trustee in respect of the Breach or Material Defect giving rise to the repurchase or substitution
obligation (to the extent not otherwise included in the amount described in clause (iii) above);

 

(vi)             
if a Mortgage Loan Seller repurchases or substitutes for such Mortgage Loan, any related Asset Representations Reviewer
Asset Review Fee to the extent not previously paid by the related Mortgage Loan Seller; plus

 

(vii)            
 if a Mortgage Loan Seller repurchases or substitutes for such Mortgage Loan more than ninety (90) days following the earlier
of the responsible party’s discovery or receipt of notice of the subject Material Breach or Material Document Defect, as
the case may be, a Liquidation Fee.

 

Solely with respect to
any Serviced Whole Loan to be sold pursuant to Section 3.16(a)(iii), “Purchase Price” shall mean the
amount calculated in accordance with the preceding sentence in respect of the related Whole Loan, including, for such purposes,
the Mortgage Loan and the related Companion Loan. With respect to any REO Property to be sold pursuant to Section 3.16(b),
“Purchase Price” shall mean the amount calculated in accordance with the second preceding sentence in respect
of the related REO Loan (including any related Companion Loan). With respect to any sale pursuant to Section 3.16(a)(ii)
or Section 3.16(e) or for purposes

 

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of
calculating any Gain-on-Sale Proceeds, the “Purchase Price” shall be allocated between the related Mortgage
Loan and Companion Loan in accordance with, and shall be equal to the amount provided pursuant to, the provisions of the related
Co-Lender Agreement. Notwithstanding the foregoing, with respect to any Repurchase pursuant to subclause (A) and subclause
(C) hereof, the “Purchase Price” shall not include any amounts payable in respect of any related Companion
Loan.

 

“Qualified Institutional
Buyer”: A “qualified institutional buyer” as defined in Rule 144A under the Act.

 

“Qualified Insurer”:
(i) With respect to any Mortgage Loan, REO Loan or REO Property, an insurance company or security or bonding company qualified
to write the related Insurance Policy in the relevant jurisdiction with an insurance financial strength rating of at least: (a)
“A-” by S&P (or, if not rated by S&P, an equivalent rating by (A) at least two NRSROs (which may include Moody’s,
Fitch and/or DBRS Morningstar) or (B) one NRSRO (which may include Moody’s, Fitch or DBRS Morningstar) and A.M. Best Company,
Inc.), (b) “A3” by Moody’s (or, if not rated by Moody’s, an equivalent rating by (A) at least two NRSROs
(which may include S&P, Fitch and/or KBRA) or (B) one NRSRO (which may include S&P, Fitch or KBRA) and A.M. Best Company,
Inc.) and (c) “A-” by Fitch (or, if not rated by Fitch, at least “A-” or an equivalent rating as “A-”
by one other nationally recognized insurance rating organization (which may include S&P, Moody’s or KBRA)) and (ii) with
respect to the fidelity bond and errors and omissions insurance policy required to be maintained pursuant to Section 3.07(c),
except as otherwise permitted by Section 3.07(c), an insurance company that has a claims paying ability (or the obligations
which are guaranteed or backed by a company having such claims paying ability) with at least one of the following ratings: (a)
“A3” by Moody’s, (b) “A-” by S&P, (c) “A-” by Fitch, (d) “A-:X” by A.M.
Best Company, Inc. or (e) “A(low)” by DBRS Morningstar, or, in the case of clauses (i) or (ii), any other
insurer acceptable to the Rating Agencies, as evidenced by a Rating Agency Confirmation.

 

“Qualified Mortgage”:
A “qualified mortgage” within the meaning of Code Section 860G(a)(3), but without regard to the rule of Treasury regulations
Section 1.860G-2(f)(2) that causes a defective obligation to be treated as a qualified mortgage.

 

“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, the Asset Representations Reviewer
or an Affiliate of the Operating Advisor or the Asset Representations Reviewer, (iii) is not obligated to pay the Operating
Advisor (x) any fees or otherwise compensate the Operating Advisor in respect of its obligations under this Agreement, and
(y) for the appointment of the successor special servicer or the recommendation by the Operating Advisor for the replacement
special servicer to become the Special Servicer, (iv) is not entitled to receive any compensation from the Operating Advisor
other than compensation that is not material and is unrelated to the Operating Advisor’s recommendation that such party be
appointed as the replacement special servicer, (v) is not entitled to receive any fee from the Operating Advisor for its appointment
as successor special servicer, in each case, unless such fee is expressly approved by 100% of the Certificateholders and the RR
Interest Owner, (vi) the replacement special servicer is included on S&P’s Select Servicer List as a U.S. Commercial
Mortgage Special Servicer, (vii) currently has a special

 

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servicer
rating of at least “CSS3” by Fitch and (viii) is not a special servicer that has been cited by KBRA as having
servicing concerns as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on
“watch status” in contemplation of a rating downgrade or withdrawal) of securities in a transaction serviced by the
applicable servicer prior to the time of determination.

 

“Qualified Substitute
Mortgage Loan”: A substitute mortgage loan (other than with respect to the Whole Loans, for which no substitution will
be permitted) replacing a removed Mortgage Loan that must, on the date of substitution: (i) have an outstanding principal
balance, after application of all scheduled payments of principal and interest due during or prior to the month of substitution,
whether or not received, not in excess of the Stated Principal Balance of the removed Mortgage Loan as of the Due Date in the calendar
month during which the substitution occurs; (ii) have a Mortgage Rate not less than the Mortgage Rate of the removed Mortgage
Loan (determined without regard to any prior modification, waiver or amendment of the terms of the removed Mortgage Loan); (iii) have
the same Due Date as and Grace Period no longer than that of the removed Mortgage Loan; (iv) accrue interest on the same basis
as the removed Mortgage Loan (for example, on the basis of a 360 day year consisting of twelve 30-day months); (v) have a
remaining term to stated maturity not greater than, and not more than two (2) years less than, the remaining term to stated
maturity of the removed Mortgage Loan; (vi) have a then-current loan-to-value ratio equal to or less than the lesser of the
loan-to-value ratio for the removed Mortgage Loan as of the Closing Date and 75%, in each case using the “value” for
the Mortgaged Property as determined using an Appraisal; (vii) comply (except in a manner that would not be adverse to the
interests of the Certificateholders and the RR Interest Owner) as of the date of substitution in all material respects with all
of the representations and warranties set forth in the applicable Mortgage Loan Purchase Agreement; (viii) have an environmental
report that indicates no material adverse environmental conditions with respect to the related Mortgaged Property and which will
be delivered as a part of the related Mortgage File; (ix) have a then-current debt service coverage ratio at least equal to
the greater of the original Debt Service Coverage Ratio of the removed Mortgage Loan as of the Closing Date and 1.25x; (x) constitute
a “qualified replacement mortgage” within the meaning of Section 860G(a)(4) of the Code as evidenced by an Opinion
of Counsel (provided at the applicable Mortgage Loan Seller’s expense); (xi) not have a Maturity Date or an amortization
period that extends to a date that is after the date two (2) years prior to the Rated Final Distribution Date; (xii) have
comparable prepayment restrictions to those of the removed Mortgage Loan; (xiii) not be substituted for a removed Mortgage
Loan unless the Trustee and the Certificate Administrator have received Rating Agency Confirmation from each Rating Agency (the
cost, if any, of obtaining such Rating Agency Confirmation to be paid by the applicable Mortgage Loan Seller); (xiv) have
been approved, so long as a Control Termination Event has not occurred and is not continuing and the affected Mortgage Loan is
not an applicable Excluded Loan, by the Directing Holder; (xv) prohibit defeasance within two (2) years of the Closing
Date; (xvi) not be substituted for a removed Mortgage Loan if it would result in an Adverse REMIC Event under the relevant
provisions of the Code or the imposition of tax on any of such REMICs or the issuing entity other than a tax on income expressly
permitted or contemplated to be imposed by the terms of this Agreement, as determined by an Opinion of Counsel; (xvii) have
an engineering report that indicates no material adverse property condition or deferred maintenance that will be delivered as a
part of the related Servicing File; and (xviii) be current in the payment of all scheduled payments of principal and interest
then due. In the event that more than one

 

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mortgage
loan is substituted for a removed Mortgage Loan, then the amounts described in clause (i) shall be determined on the
basis of aggregate Stated Principal Balances and each such proposed Qualified Substitute Mortgage Loan shall individually satisfy
each of the requirements specified in clauses (ii) through (xviii); provided that the rates described
in clause (ii) above and the remaining term to stated maturity referred to in clause (v) above shall be
determined on a weighted average basis; provided, further, that no individual Mortgage Rate (net of the Servicing
Fee Rate, the Certificate Administrator/Trustee Fee Rate, the Operating Advisor Fee Rate, the Asset Representations Reviewer Fee
Rate and the CREFC® Intellectual Property Royalty License Fee Rate and, in the case of a Non-Serviced Mortgage
Loan, the related Non-Serviced Primary Servicing Fee Rate) shall be lower than the highest fixed Pass-Through Rate (and not based
on, or subject to a cap equal to, the Weighted Average Net Mortgage Rate) of any Class of Principal Balance Certificates having
a Certificate Balance then outstanding. When a Qualified Substitute Mortgage Loan is substituted for a removed Mortgage Loan,
the applicable Mortgage Loan Seller shall certify that the Qualified Substitute Mortgage Loan meets all of the requirements of
the above definition and shall send such certification to the Trustee, the Certificate Administrator and, prior to the occurrence
of a Consultation Termination Event, the Directing Holder.

 

“Quorum”:
In connection with any solicitation of votes in connection with the replacement of the Special Servicer pursuant to Section
7.01(d) (other than as a result of the replacement of the Special Servicer at the recommendation of the Operating Advisor),
the Holders of Principal Balance Certificates and/or Class RR Certificates evidencing at least 75% of the aggregate Voting Rights
(taking into account the application of Realized Losses and, other than with respect to the termination of the Asset Representations
Reviewer, the application of any Appraisal Reduction Amounts to notionally reduce the Certificate Balance of the Certificates)
of all Principal Balance Certificates and the Class RR Certificates on an aggregate basis.

 

“RAC No-Response
Scenario”: As defined in Section 3.25(a).

 

“RAC Requesting
Party”: As defined in Section 3.25(a).

 

“Rated Final
Distribution Date”: As to each Class of Offered Certificates, the Distribution Date in May 2053.

 

“Rating Agency”:
Each of Fitch, KBRA and S&P or their successors in interest. If no such rating agency nor any successor thereof remains in
existence, “Rating Agency” shall be deemed to refer to such 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 Special Servicer and the Master Servicer, and specific ratings of Fitch, KBRA and S&P herein
referenced shall be deemed to refer to the equivalent ratings of the party so designated.

 

“Rating Agency
Confirmation”: With respect to any matter, confirmation in writing (which may be in electronic form) by each applicable
Rating Agency that a proposed action, failure to act or other event so specified will not, in and of itself, result in the downgrade,
withdrawal or qualification of the then-current rating assigned to any Class of Certificates (if

 

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then
rated by the Rating Agency); provided that a written waiver or other acknowledgment from the Rating Agency indicating its
decision not to review the matter for which the Rating Agency Confirmation is sought shall be deemed to satisfy the requirement
for the Rating Agency Confirmation from each Rating Agency with respect to such matter.

 

“Rating Agency
Inquiry”: As defined in Section 4.07(c).

 

“Rating Agency
Q&A Forum and Document Request Tool”: As defined in Section 4.07(c).

 

“Realized Loss”:
The Non-VRR Realized Loss and the VRR Realized Loss, as applicable.

 

“Record Date”:
With respect to any Distribution Date, the last Business Day of the month immediately preceding the month in which that Distribution
Date occurs.

 

“Regular Certificates”:
Any of the Class A-1, Class A-4, Class A-5, Class A-AB, Class X-A, Class A-S, Class B, Class C, Class D, Class
E, Class X-E, Class F, Class X-F, Class G, Class X-G, Class H and Class RR Certificates.

 

“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.

 

“Regulation
AB Companion Loan Securitization”: As defined in Section 11.15(a).

 

“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 Mortgage Loans or Companion Loans, or this Agreement and also, with
respect to a particular matter, any other officer to whom such matter is referred because of such officer’s or employee’s
knowledge of and familiarity with the particular subject, and, in the case of any certification required to be signed by a Servicing
Officer, such an officer or employee whose name and specimen signature appears on a list of Servicing Officers furnished to the
Trustee and/or the Certificate Administrator by the Master Servicer or the Special Servicer, as applicable, as such list may from
time to time be amended.

 

“Regulation D”:
Regulation D under the Act.

 

“Regulation S”:
Regulation S under the Act.

 

“Regulation S
Book-Entry Certificates”: The Non-Registered Certificates sold to institutions that are non-United States Securities
Persons in Offshore Transactions in reliance on Regulation S and represented by one or more Book-Entry Certificates deposited
with the Certificate Administrator as custodian for the Depository.

 

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 “Reimbursement Rate”: The rate per annum applicable to the accrual of interest on Property Protection Advances in accordance with Section 3.03(d) and P&I Advances in accordance with Section 4.03(d), which rate per annum shall equal the Prime Rate.

 

“Related Certificates” and “Related Lower-Tier Regular Interests”: For each of the following Classes of Certificates or the RR Interest, the related Class of Lower-Tier Regular Interests, as applicable; and for the following Classes of Lower-Tier Regular Interests, the related Class of Certificates or the RR Interest set forth below:

 

	
Related Certificates
or RR Interest 

	
 

	
Related 
Lower-Tier Regular Interest 

	
Class A-1 Certificates

	
 

	
Class LA1 Uncertificated Interest

	
Class A-4 Certificates

	
 

	
Class LA4 Uncertificated Interest

	
Class A-5 Certificates

	
 

	
Class LA5 Uncertificated Interest

	
Class A-AB Certificates

	
 

	
Class LAAB Uncertificated Interest

	
Class A-S Certificates

	
 

	
Class LAS Uncertificated Interest

	
Class B Certificates

	
 

	
Class LB Uncertificated Interest

	
Class C Certificates

	
 

	
Class LC Uncertificated Interest

	
Class D Certificates

	
 

	
Class LD Uncertificated Interest

	
Class E Certificates

	
 

	
Class LE Uncertificated Interest

	
Class F Certificates

	
 

	
Class LF Uncertificated Interest

	
Class G Certificates

	
 

	
Class LG Uncertificated Interest

	
Class H Certificates

	
 

	
Class LH Uncertificated Interest

	
Class RR Certificates

	
 

	
Class LRR Uncertificated Interest

	
RR Interest

	
 

	
LRI

 

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

 

“Relevant Servicing Criteria”: The Servicing Criteria applicable to a specific party, as set forth on Exhibit AA attached hereto. For clarification purposes, multiple parties can have responsibility for the same Relevant Servicing Criteria. With respect to a Servicing Function Participant engaged by the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer, the term “Relevant Servicing Criteria” may refer to a portion of the Relevant Servicing Criteria applicable to the Master Servicer, the Special Servicer, the Trustee and/or the Certificate Administrator.

 

“REMIC”: A “real estate mortgage investment conduit” as defined in Section 860D of the Code (or any successor thereto).

 

“REMIC Administrator”: The Certificate Administrator or any REMIC administrator appointed pursuant to Section 10.04.

 

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“REMIC Provisions”: Provisions of the federal income tax law relating to real estate mortgage investment conduits, which appear at Sections 860A through 860G of subchapter M of chapter 1 of the Code, and related provisions, and temporary and final Treasury Regulations (or proposed regulations that would apply by reason of their proposed effective date to the extent not inconsistent with temporary or final regulations) and any rulings or announcements promulgated thereunder, as the foregoing may be in effect from time to time.

 

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

 

“REO Account”: A segregated custodial account or accounts created and maintained by with respect to each of the Mortgage Loans, the Special Servicer pursuant to Section 3.14(b) on behalf of the Trustee for the benefit of the Certificateholders and the RR Interest Owner and with respect to any Serviced Whole Loan, for the benefit of the related Serviced Companion Noteholder, which shall initially be entitled “KeyBank National Association, as Special Servicer, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered holders of GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47, and the RR Interest Owner, REO Account”.

 

“REO Acquisition”: The acquisition for federal income tax purposes of any REO Property pursuant to Section 3.09.

 

“REO Disposition”: The sale or other disposition of the REO Property pursuant to Section 3.16.

 

“REO Extension”: As defined in Section 3.14(a).

 

“REO Loan”: Each of the Mortgage Loans (and, with respect to any Serviced Whole Loan, the related Companion Loan), deemed for purposes hereof to be outstanding with respect to each REO Property. Each REO Loan shall be deemed to be outstanding for so long as the applicable portion of the related REO Property (or beneficial interest therein, in the case of a Non-Serviced Mortgage Loan) remains part of the Trust Fund and provides for Assumed Scheduled Payments on each Due Date therefor, and otherwise has the same terms and conditions as its predecessor Mortgage Loan or Companion Loan, if applicable, including, without limitation, with respect to the calculation of the Mortgage Rate in effect from time to time (such terms and conditions to be applied without regard to the default on such predecessor Mortgage Loan or Companion Loan, if applicable). Each REO Loan shall be deemed to have an initial outstanding principal balance and Stated Principal Balance equal to the outstanding principal balance and Stated Principal Balance, respectively, of its predecessor Mortgage Loan or Companion Loan, if applicable, as of the date of the related REO Acquisition. All amounts due and owing in respect of the predecessor Mortgage Loan or Companion Loan, if applicable, as of the date of the related REO Acquisition, including, without limitation, accrued and unpaid interest, shall continue to be due and owing in respect of an REO Loan. All amounts payable or reimbursable to the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator or the Trustee, as applicable, in respect of the predecessor Mortgage Loan or Companion Loan, if applicable, as of the date of the related

 

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REO Acquisition, including, without limitation, any unpaid Special Servicing Fees and Servicing Fees, additional Trust Fund expenses and any unreimbursed Advances, together with any interest accrued and payable to the Master Servicer or the Trustee, as applicable, in respect of such Advances in accordance with Section 3.03(d) or Section 4.03(d), shall continue to be payable or reimbursable to the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator or the Trustee, as applicable, in respect of an REO Loan. In addition, Unliquidated Advances and Nonrecoverable Advances with respect to such REO Loan, in each case, that were paid from collections on the related Mortgage Loans and resulted in principal distributed to the Certificateholders or the RR Interest Owner being reduced as a result of the first proviso in the definition of “Aggregate Principal Distribution Amount” shall be deemed outstanding until recovered. Notwithstanding anything to the contrary, with respect to each Serviced Whole Loan, no amounts relating to the related REO Property or REO Loan allocable to the related Serviced Pari Passu Companion Loan, will be available for amounts due to the Certificateholders or to reimburse the Trust, other than in the limited circumstances related to Property Protection Advances, indemnification payments, Special Servicing Fees and other reimbursable expenses related to such Serviced Whole Loan incurred with respect to such Serviced Whole Loan, in accordance with Section 3.05(a), or with respect to an AB Subordinate Companion Loan, as set forth in the related Co-Lender Agreement.

 

“REO Property”: A Mortgaged Property acquired by the Special Servicer on behalf of, and in the name of, the Trustee or a nominee thereof for the benefit of the Certificateholders (and the related Companion Holder, subject to the related Co-Lender Agreement, with respect to a Mortgaged Property securing a Serviced Whole Loan) and the RR Interest Owner to the extent set forth herein and the Trustee (as holder of the Lower-Tier Regular Interests) (and also including, if applicable, the Trust’s beneficial interest in a Non-Serviced Mortgaged Property acquired by the applicable Non-Serviced Special Servicer on behalf of, and in the name of, the applicable Non-Serviced Trustee or a nominee thereof for the benefit of the certificateholders under the applicable Non-Serviced Trust) through foreclosure, acceptance of a deed in lieu of foreclosure or otherwise in accordance with applicable law in connection with the default or imminent default of a Mortgage Loan. References herein to the Special Servicer acquiring, maintaining, managing, inspecting, insuring, selling or reporting or to Appraisal Reduction Amounts and Final Recovery Determinations with respect to an “REO Property”, shall not include the Trust’s beneficial interest in a Non-Serviced Mortgaged Property. For the avoidance of doubt, REO Property, to the extent allocable to a Companion Loan, shall not be an asset of the Trust Fund, any Trust REMIC.

 

“REO Revenues”: All income, rents and profits derived from the ownership, operation or leasing of any REO Property.

 

“Reportable Event”: As defined in Section 11.07.

 

“Reporting Requirements”: As defined in Section 11.12.

 

“Reporting Servicer”: The Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, the Custodian or any Servicing Function Participant engaged by such parties, as the case may be.

 

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“Repurchase Communication”: For purposes of Section 2.03(b) of this Agreement only, any communication, whether oral or written, which need not be in any specific form.

 

“Repurchase Request”: As defined in Section 2.03(i).

 

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

 

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

 

“Request for Release”: A release signed by a Servicing Officer of the Master Servicer or the Special Servicer, as applicable, in the form of Exhibit E attached hereto.

 

“Requesting Holder”: As defined in Section 2.03(j)(iii).

 

“Requesting Holders”: As defined in Section 4.05(b).

 

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

 

“Resolution Failure”: As defined in Section 2.03(i)(iii).

 

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

 

“Responsible Officer”: When used with respect to (i) the Trustee, any officer of the Corporate Trust Office of the Trustee with direct responsibility for the administration of this Agreement and, 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, 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.

 

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

 

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“Restricted Period”: The 40-day period prescribed by Regulation S commencing on the later of (a) the date upon which Certificates are first offered to Persons other than the Initial Purchasers or Underwriters and any other distributor (as such term is defined in Regulation S) of the Certificates and (b) the Closing Date.

 

“Retained Defeasance Rights and Obligations”: Any of the rights and obligations defined in Section 3.18(i).

 

“Retained Interest Safekeeping Account”: An account maintained by the Certificate Administrator, which account shall be established at the direction of the Retaining Sponsor for the benefit of the Holders of the Class RR Certificates.

 

“Retaining Sponsor”: Goldman Sachs Mortgage Company, a New York limited partnership.

 

“Review Materials”: As defined in Section 12.01(b).

 

“Review Package”: A Rating Agency Confirmation request and any supporting documentation delivered therewith.

 

“Risk Retention Consultation Party”: Each party selected by (i) Goldman Sachs Bank USA and (ii) Citi Real Estate Funding Inc., in each case, as an owner of the VRR Interest from time to time. The Depositor shall promptly provide the name and contact information for the initial Risk Retention Consultation Parties upon request of any party to this Agreement and any such requesting party may conclusively rely on the name and contact information provided by the Depositor. The Certificate Administrator and the other parties hereto shall be entitled to assume that the identity of the Risk Retention Consultation Party has not changed until such parties receive written notice of (including the identity and contact information for) a replacement of the Risk Retention Consultation Party from the RR Interest Owner or the Class RR Certificateholder (as confirmed by the Certificate Registrar). The initial Risk Retention Consultation Parties shall be GSMC and CREFI.

 

“Risk Retention Rule”: Regulation RR, 12 C.F.R. Part 244.

 

“RR Interest”: An uncertificated interest in the Trust representing the right to receive the RRI Percentage of all amounts collected on the Mortgage Loans, net of all expenses of the Trust, and distributable on each Distribution Date to Holders of Certificates (other than to the Class R Certificates) and allocated to the VRR Interest. The RR Interest evidences beneficial ownership of a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions. For the avoidance of doubt, the parties hereto agree not to treat the RR Interest as a security under applicable law.

 

“RR Interest Balance”: With respect to the RR Interest (i) on or prior to the first Distribution Date, an amount equal to the Original RR Interest Balance as specified in the Preliminary Statement hereto and (ii) as of any date of determination after the first Distribution Date, the RR Interest Balance on the Distribution Date immediately prior to such date of determination (determined as adjusted pursuant to Section 1.02(iii)) after giving effect to (a) any distributions made on such Distribution Date pursuant to Section 4.01(a)(i), (ii) and (iii), (b) the 

 

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VRR Realized Losses allocated to the RR Interest on such Distribution Date, and (c) any recoveries on the Mortgage Loans of Nonrecoverable Advances (plus interest on such Nonrecoverable Advances) that were previously reimbursed from principal collections on the related Mortgage Loans, that resulted in a reduction of the VRR Principal Distribution Amount, which recoveries are allocated to the RR Interest and added to the RR Interest Balance.

 

“RR Interest Owner”: The VRR Interest Owner who owns the RR Interest.

 

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

 

“Rule 144A”: Rule 144A under the Act.

 

“Rule 144A Book-Entry Certificate”: With respect to the Non-Registered Certificates offered and sold in reliance on Rule 144A, a single, permanent Book-Entry Certificate, in definitive, fully registered form without interest coupons.

 

“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 Master Servicer, the Directing Holder 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.

 

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

 

“Sarbanes-Oxley Certification”: As defined in Section 11.05(a)(iv).

 

“Schedule AL Additional File”: The data file containing additional information or schedules regarding data points in the CREFC® Schedule AL File in accordance with Item 1111(h)(4) of Regulation AB and Item 601(b)(103) of Regulation S-K under the Securities Act.

 

“Scheduled Principal Distribution Amount”: With respect to any Distribution Date and the Mortgage Loans, the aggregate of the principal portions of the following: (a) all Periodic Payments (excluding Balloon Payments) with respect to the Mortgage Loans due during or, if and to the extent not previously received or advanced pursuant to Section 4.03 and distributed to Certificateholders on a preceding Distribution Date, prior to the related Collection Period and all Assumed Scheduled Payments with respect to the Mortgage Loans for the related Collection Period, in each case to the extent either (i) paid by the related Mortgagor as of the related Determination Date (or, with respect to each Mortgage Loan with a Due Date occurring or a Grace Period ending after the related Determination Date, the related Due Date or last day of such Grace Period, as applicable, to the extent received by the Master Servicer as of the Business Day preceding the related Master Servicer Remittance Date) or (ii) advanced by the Master

 

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Servicer or the Trustee, as applicable, pursuant to Section 4.03, and (b) all Balloon Payments with respect to the Mortgage Loans to the extent received on or prior to the related Determination Date (or, with respect to each Mortgage Loan with a Due Date occurring, or a Grace Period ending, after the related Determination Date, the related Due Date or, last day of such Grace Period, as applicable, to the extent received by the Master Servicer as of the Business Day preceding the related Master Servicer Remittance Date), and to the extent not included in clause (a) above.

 

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

 

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

 

“Service(s)” or “Servicing”: In accordance with Regulation AB, the act of servicing and administering the Mortgage Loans or any other assets of the Trust by an entity (other than the Certificate Administrator and the 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 market.

 

“Serviced AB Mortgage Loan”: Any AB Mortgage Loan serviced pursuant to this Agreement. As of the Closing Date, there are no Serviced AB Mortgage Loans related to the Trust.

 

“Serviced AB Whole Loan”: Any AB Whole Loan serviced pursuant to this Agreement. As of the Closing Date, there are no Serviced AB Whole Loans related to the Trust.

 

“Serviced AB Whole Loan Directing Holder”: With respect to a Serviced AB Whole Loan, as of any Determination Date, the related AB Whole Loan Controlling Holder. After an AB Control Appraisal Period with respect to such Serviced AB Whole Loan, there will be no Serviced AB Whole Loan Directing Holder.

 

“Serviced Companion Loan”: Each of (i) the Pari Passu Companion Loans identified as “Serviced” under the column entitled “Type” in the “Whole Loans” chart in the Preliminary Statement, (ii) prior to the related Servicing Shift Securitization Date, the Pari Passu Companion Loans identified as “Servicing Shift” under the column entitled “Type” in the “Whole Loans” chart in the Preliminary Statement, and (iii) any Serviced Subordinate Companion Loan, as applicable.

 

“Serviced Companion Loan Securities”: Any class of securities backed, wholly or partially, by any Serviced Pari Passu Companion Loan.

 

“Serviced Companion Noteholder”: A holder of a (i) Serviced Pari Passu Companion Loan or (ii) Serviced Subordinate Companion Loan, as applicable.

 

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“Serviced Mortgage Loan”: Each of (i) the Mortgage Loans identified as “Serviced” under the column entitled “Type” in the “Whole Loans” chart in the Preliminary Statement, (ii) prior to the related Servicing Shift Securitization Date, each of the Mortgage Loans identified as “Servicing Shift” under the column entitled “Type” in the “Whole Loans” chart in the Preliminary Statement; and (iii) any Serviced AB Mortgage Loan, as applicable.

 

For the avoidance of doubt, the Serviced Mortgage Loan related to the Trust is the Mortgage Loan identified as “711 Fifth Avenue” in the “Whole Loans” chart in the Preliminary Statement.

 

“Serviced Pari Passu Companion Loan”: A Pari Passu Companion Loan that is part of a Serviced Whole Loan or part of a Servicing Shift Whole Loan prior to the related Servicing Shift Securitization Date.

 

“Serviced Pari Passu Mortgage Loan”: Each of the Mortgage Loans identified as “Serviced” under the column entitled “Type” in the “Whole Loans” chart in the Preliminary Statement that has at least one Serviced Pari Passu Companion Loan and no Serviced Subordinate Companion Loans and, prior to the related Servicing Shift Securitization Date, each of the Mortgage Loans identified as “Servicing Shift” under the column entitled “Type” in the “Whole Loans” chart in the Preliminary Statement.

 

For the avoidance of doubt, the Serviced Pari Passu Mortgage Loans related to the Trust is the Mortgage Loan identified as “711 Fifth Avenue” in the “Whole Loans” chart in the Preliminary Statement.

 

“Serviced Pari Passu Whole Loan”: Each of the Whole Loans identified as “Serviced” under the column entitled “Type” in the “Whole Loans” chart in the Preliminary Statement that has at least one Serviced Pari Passu Companion Loan and no Serviced Subordinate Companion Loans and, prior to the related Servicing Shift Securitization Date, each of the Whole Loans identified as “Servicing Shift” under the column entitled “Type” in the “Whole Loans” chart in the Preliminary Statement.

 

For the avoidance of doubt, the Serviced Pari Passu Whole Loans related to the Trust is the Mortgage Loan identified as “711 Fifth Avenue” in the “Whole Loans” chart in the Preliminary Statement.

 

“Serviced REO Loan”: Any REO Loan that is serviced by the Special Servicer pursuant to this Agreement.

 

“Serviced REO Property”: Any REO Property that is serviced by the Special Servicer pursuant to this Agreement.

 

“Serviced Securitized Companion Loan”: Any Companion Loan that is a component of a Serviced Whole Loan, if and for so long as each such Companion Loan is included in a Regulation AB Companion Loan Securitization.

 

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“Serviced Subordinate Companion Loan”: Any Companion Loan that is part of a Serviced AB Whole Loan and is subordinate to the related Pari Passu Companion Loan(s). As of the Closing Date, there are no Serviced Subordinate Companion Loans related to the Trust.

 

“Serviced Whole Loan”: Each of (i) the Whole Loans identified as “Serviced” under the column entitled “Type” in the “Whole Loans” chart in the Preliminary Statement, and (ii) prior to the related Servicing Shift Securitization Date, the Whole Loans identified as “Servicing Shift” under the column entitled “Type” in the “Whole Loans” chart in the Preliminary Statement.

 

For the avoidance of doubt, the Serviced Whole Loans related to the Trust is the Mortgage Loan identified as “711 Fifth Avenue” in the “Whole Loans” chart in the Preliminary Statement.

 

“Serviced Whole Loan Controlling Holder”: The “Controlling Noteholder” or similar term identified in the Co-Lender Agreement related to a Serviced Whole Loan.

 

“Serviced Whole Loan Custodial Account”: With respect to any Serviced Companion Loan, the separate account created and maintained by the Companion Paying Agent pursuant to Section 3.04(b) and held on behalf of the Companion Holders, which shall be entitled “Wells Fargo Bank, National Association, as Companion Paying Agent, for the benefit of the Companion Holders of the Companion Loans, relating to the GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47, Serviced Whole Loan Custodial Account”. The Serviced Whole Loan Custodial Account shall not be an asset of the Trust, any Trust REMIC, but instead shall be held by the Companion Paying Agent on behalf of the Companion Holders. Any such account shall be an Eligible Account. Notwithstanding the foregoing, if the Master Servicer and the Companion Paying Agent are the same entity, the Serviced Whole Loan Custodial Account may be the subaccount referenced in the second paragraph of Section 3.04(b).

 

“Serviced Whole Loan Remittance Date”: With respect to any Serviced Companion Loan, (x) prior to contribution of such Serviced Companion Loan to an Other Securitization, a date as set forth in the related Co-Lender Agreement (or if no such date is specified, the Master Servicer Remittance Date) and (y) following contribution of such Serviced Companion Loan to an Other Securitization, the earlier of (A) Master Servicer Remittance Date or (B) the Business Day immediately succeeding the “determination date” set forth in the related Other Pooling and Servicing Agreement; provided, however, that no remittance is required to be made until two (2) Business Days after receipt of properly identified funds constituting the related Periodic Payment with respect to the related Serviced Whole Loan.

 

“Servicer Termination Event”: One or more of the events described in Section 7.01(a).

 

“Servicing Account”: The account or accounts created and maintained pursuant to Section 3.03(a).

 

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“Servicing Criteria”: The criteria set forth in paragraph (d) of Item 1122 of Regulation AB as such may be amended from time to time and which as of the Closing Date are listed on Exhibit AA hereto.

 

“Servicing Fee”: With respect to each Mortgage Loan (including any Non-Serviced Mortgage Loan), Serviced Companion Loan and any REO Loan, the fee payable to the Master Servicer pursuant to the first paragraph of Section 3.11(a).

 

“Servicing Fee Rate”: With respect to each Mortgage Loan (including any Non-Serviced Mortgage Loan) and REO Loan, a per annum rate equal to the rates set forth on the Mortgage Loan Schedule under the heading “Servicing Fee Rate (%)”, which rate includes the rate at which applicable master servicing, primary servicing and sub-servicing fees accrue (except that with respect to any Non-Serviced Mortgage Loan or Servicing Shift Mortgage Loan, such rate only includes the rate at which master servicing fees accrue), in each case computed on the basis of the Stated Principal Balance of the related Mortgage Loan or REO Loan in the same manner in which interest is calculated in respect of such loans. With respect to any Servicing Shift Mortgage Loan, prior to the related Servicing Shift Securitization Date, in addition to the rate described in the preceding sentence, the “Servicing Fee Rate” shall include the related Non-Serviced Primary Servicing Fee Rate. With respect to each Serviced Companion Loan (other than any AB Subordinate Companion Loan or any Companion Loan related to a Servicing Shift Whole Loan), the “Servicing Fee Rate” shall be a per annum rate equal to 0.0025%. With respect to each AB Subordinate Companion Loan, the “Servicing Fee Rate” shall be a per annum rate equal to 0%. With respect to each Companion Loan related to a Servicing Shift Whole Loan, prior to the related Servicing Shift Securitization Date, the “Servicing Fee Rate” shall be a per annum rate equal to the related Non-Serviced Primary Servicing Fee Rate.

 

“Servicing File”: A photocopy of all items required to be included in the Mortgage File, together with each of the following, to the extent such items were actually delivered to the related Mortgage Loan Seller, with respect to a Mortgage Loan and (to the extent that the identified documents existed on or before the Closing Date and the applicable reference to Servicing File relates to any period after the Closing Date) delivered by the related Mortgage Loan Seller, to the Master Servicer: (i) a copy of any engineering reports or property condition reports; (ii) other than with respect to a hospitality property (except with respect to tenanted commercial space within a hospitality property), copies of a rent roll and, for any office, retail, industrial or warehouse property, a copy of all leases and estoppels and subordination and non-disturbance agreements delivered to the related Mortgage Loan Seller; (iii) copies of related financial statements or operating statements; (iv) all legal opinions (excluding attorney-client communications between the related Mortgage Loan Seller, and its counsel that are privileged communications or constitute legal or other due diligence analyses), Mortgagor’s certificates and certificates of hazard insurance and/or hazard Insurance Policies or other applicable Insurance Policies, if any, delivered in connection with the closing of the related Mortgage Loan; (v) a copy of the Appraisal for the related Mortgaged Property(ies); (vi) the documents that were delivered by or on behalf of the Mortgagor, which documents were required to be delivered in connection with the closing of the related Mortgage Loan; (vii) for any Mortgage Loan that the related Mortgaged Property is leased to a single tenant, a copy of the lease; and (viii) a copy of all environmental reports that were received by the applicable Mortgage Loan Seller, relating to the relevant Mortgaged Property.

 

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“Servicing Function Participant”: Any Additional Servicer, Sub-Servicer, Subcontractor or any other Person, other than the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor and the Certificate Administrator, that is performing activities that address the Servicing Criteria, unless (i) such Person’s activities relate only to 5% or less of the Mortgage Loans by unpaid principal balance as of any date of determination in accordance with Article XI or (ii) the Depositor reasonably determines that a Master Servicer or the Special Servicer may, for the purposes of the Exchange Act reporting requirements pursuant to applicable Commission guidance, take responsibility for the assessment of compliance with the Servicing Criteria of such Person. The Servicing Function Participants as of the Closing Date are listed on Exhibit GG hereto. Exhibit GG shall be updated and provided to the Depositor and the Certificate Administrator in accordance with Section 11.10(c).

 

“Servicing Officer”: Any officer and/or employee of the Master Servicer, the Special Servicer or any Additional Servicer involved in, or responsible for, the administration and servicing of the Mortgage Loans or Serviced Companion Loans, whose name and specimen signature appear on a list of servicing officers furnished by the Master Servicer, the Special Servicer or any Additional Servicer to the Certificate Administrator, the Trustee, the Operating Advisor and the Depositor on the Closing Date as such list may be amended from time to time thereafter.

 

“Servicing Retained Fee Rate”: A rate that causes the Transferable Servicing Interest to equal zero.

 

“Servicing Shift Lead Note”: With respect to any Servicing Shift Whole Loan, as of any date of determination, the note or other evidence of indebtedness and/or agreements evidencing the indebtedness of a Mortgagor under such Servicing Shift Whole Loan including any amendments or modifications, or any renewal or substitution notes, as of such date, the sale of which to the related Non-Serviced Trust will cause servicing to shift from this Agreement to the related Non-Serviced Pooling Agreement pursuant to the terms of the related Co-Lender Agreement for such Servicing Shift Whole Loan. As of the Closing Date, there are no Servicing Shift Lead Notes related to the Trust.

 

“Servicing Shift Mortgage Loan”: With respect to any Servicing Shift Whole Loan, a Mortgage Loan included in the Trust Fund that will be serviced under this Agreement as of the Closing Date, but the servicing of which is expected to shift to the pooling and servicing agreement entered into in connection with the securitization of the related Servicing Shift Lead Note on and after the date of such securitization. As of the Closing Date, each of the Mortgage Loans identified as “Servicing Shift” under the column entitled “Type” in the “Whole Loans” chart in the Preliminary Statement will be a Servicing Shift Whole Loan related to the Trust. As of the Closing Date, there are no Servicing Shift Mortgage Loans related to the Trust.

 

“Servicing Shift Securitization Date”: With respect to any Servicing Shift Whole Loan, the date on which the related Servicing Shift Lead Note is included in a related Non-Serviced Trust, provided that such holder of a Servicing Shift Lead Note provides each of the parties to this Agreement (in each case only to the extent such party will not also be a party to the related Non-Serviced Pooling Agreement) with notice in accordance with the terms of the related Co-Lender Agreement that such Servicing Shift Lead Note is to be included in such Non-

 

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Serviced Trust which notice shall include contact information for the related Non-Serviced Master Servicer, the Non-Serviced Special Servicer, the Non-Serviced Certificate Administrator and the Non-Serviced Trustee. As of the Closing Date, there are no Servicing Shift Securitization Dates related to the Trust.

 

“Servicing Shift Whole Loan”: Any Whole Loan serviced under this Agreement as of the Closing Date, which includes the related Servicing Shift Mortgage Loan included in the Trust Fund and one or more Pari Passu Companion Loans not included in the Trust Fund, but the servicing of which is expected to shift to the pooling and servicing agreement entered into in connection with the securitization of the related Servicing Shift Lead Note on and after the date of such securitization. As of the Closing Date, each of the Whole Loans identified as “Servicing Shift” under the column entitled “Type” in the “Whole Loans” chart in the Preliminary Statement will be a Servicing Shift Whole Loan related to the Trust. As of the Closing Date, there are no Servicing Shift Whole Loans related to the Trust.

 

“Servicing Standard”: As defined in Section 3.01(a).

 

“Servicing Transfer Event”: With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Companion Loan, the occurrence of any of the following events:

 

(i)     (A) with respect to a Mortgage Loan or Serviced Companion Loan that is not a Balloon Mortgage Loan, (1) a payment default shall have occurred at its original Maturity Date, or (2) if the original Maturity Date of such Mortgage Loan or Serviced Companion Loan has been extended as provided herein, a payment default shall have occurred at such extended Maturity Date; or (B) with respect to each Mortgage Loan or Serviced Companion Loan that is a Balloon Mortgage Loan, the Balloon Payment is delinquent and the related Mortgagor has not provided the Master Servicer (and the Master Servicer shall promptly forward a copy of such document to the Special Servicer if it is not evident that a copy has been delivered to the Special Servicer), within sixty (60) days after the related Maturity Date, with (a) a written and fully executed (subject only to customary final closing conditions) commitment, letter of intent or otherwise binding application for refinancing or similar document that is in each case, binding upon an acceptable lender or (b) a signed purchase agreement, in the case of clause (a) or (b), reasonably satisfactory in form and substance to the Master Servicer, which provides that such refinancing or purchase will occur within one hundred twenty (120) days of such related Maturity Date, provided that the Mortgage Loan and any related Serviced Companion Loan, will become a Specially Serviced Mortgage Loan immediately if the related Mortgagor fails to diligently pursue such financing or purchase or to pay any Assumed Scheduled Payment on the related Due Date (subject to any applicable Grace Period) at any time before the refinancing or purchase or, if such refinancing or purchase does not occur, the related Mortgage Loan and any related Serviced Companion Loan, will become a Specially Serviced Mortgage Loan at the end of such 120-day period (or for such shorter period beyond the date on which that Balloon Payment was due within which the refinancing or purchase is scheduled to occur pursuant to the

 

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commitment for refinancing or signed purchase agreement or on which such commitment or signed purchase agreement terminates); or

 

(ii)    the Master Servicer makes a judgment that a payment default is imminent or reasonably foreseeable and is not likely to be cured by the related Mortgagor within thirty (30) days; or

 

(iii)   the Master Servicer (so long as no Consultation Termination Event is continuing, upon consultation with the Directing Holder in accordance with Section 6.08) determines that (a) a default (other than as described in clause (ii) above) under a Mortgage Loan or related Serviced Companion Loan is imminent or reasonably foreseeable, (b) such default will materially impair the value of the corresponding Mortgaged Property as security for the Mortgage Loan and related Serviced Companion Loan (if any) or otherwise materially adversely affect the interests of Certificateholders and the RR Interest Owner (and, with respect to any Serviced Whole Loan, the interests of the related Serviced Companion Noteholder), as a collective whole (taking into account the subordinate or pari passu nature of any Serviced Companion Loans), and (c) the default will continue unremedied for the applicable cure period under the terms of the Mortgage Loan or related Serviced Companion Loan, as applicable, or, if no cure period is specified and the default is capable of being cured, for thirty (30) days (provided that such 30-day grace period does not apply to a default that gives rise to immediate acceleration without application of a grace period under the terms of the Mortgage Loan or related Serviced Companion Loan, as applicable; provided that, any determination that a Servicing Transfer Event has occurred under this clause (iii) with respect to any Mortgage Loan or related Serviced Companion Loan solely by reason of the failure (or imminent failure) of the related Mortgagor to maintain or cause to be maintained insurance coverage against damages or losses arising from acts of terrorism may only be made by the Master Servicer (and with respect to any Mortgage Loan other than an applicable Excluded Loan, prior to the occurrence and continuance of any Control Termination Event, with the consent of the Directing Holder)); or

 

(iv)   any Periodic Payment is more than sixty (60) days delinquent; or

 

(v)    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, is entered against the related Mortgagor and such decree or order shall have remained in force and it has not been stayed or discharged or dismissed within sixty (60) days (or a shorter period if the Master Servicer or the Special Servicer (and, in the case of the Special Servicer, with the consent of the Controlling Class Representative, unless a Control Termination Event is continuing) determines in accordance with the Servicing Standard that

 

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the circumstances warrant that the related Mortgage Loan or Serviced Whole Loan (or REO Loan) be transferred to special servicing); or

 

(vi)   the related Mortgagor shall consent 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 Mortgagor or of or relating to all or substantially all of its property; or

 

(vii)  the related Mortgagor makes an assignment for the benefit of its creditors, 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 or voluntarily suspend payment of its obligations; or

 

(viii) a default of which the Master Servicer or the Special Servicer, as applicable, has notice (other than a failure by such Mortgagor to pay principal or interest) and which the Master Servicer determines in its good faith reasonable judgment may materially and adversely affect the interests of the Certificateholders and the RR Interest Owner (and, with respect to any Serviced Whole Loan, the interests of the related Serviced Companion Noteholder), as a collective whole (taking into account the subordinate or pari passu nature of any Serviced Companion Loans), if applicable, has occurred and remained unremedied for the applicable Grace Period specified in the related Mortgage Loan or related Serviced Companion Loan documents, other than the failure to maintain terrorism insurance if such failure constitutes an Acceptable Insurance Default (or if no Grace Period is specified for those defaults which are capable of cure, thirty (30) days); or

 

(ix)   the Master Servicer or Special Servicer has received notice of the commencement of foreclosure or foreclosure or proposed foreclosure or similar proceedings of any lien other than the Mortgage on the related Mortgaged Property;

 

provided that any Mortgage Loan
(excluding any Non-Serviced Mortgage Loan) that is cross-collateralized with a Specially Serviced Mortgage Loan shall be a Specially
Serviced Mortgage Loan so long as such Mortgage Loan is cross-collateralized with a Specially Serviced Mortgage Loan. If any Serviced
Companion Loan becomes a Specially Serviced Mortgage Loan, the related Serviced Mortgage Loan shall also become a Specially Serviced
Mortgage Loan. If any Serviced Mortgage Loan becomes a Specially Serviced Mortgage Loan, the related Serviced Companion Loan shall
also become a Specially Serviced Mortgage Loan. With respect to a Non-Serviced Mortgage Loan, the occurrence of a “Servicing
Transfer Event” shall be as defined in the Non-Serviced Pooling Agreement. For the avoidance of doubt, and for purposes
of clauses (ii), (iii), (iv), (vii) and (viii) above, neither (i) a Payment Accommodation with
respect to any Mortgage Loan or Serviced Whole Loan nor (ii) any default or delinquency that would have existed but for such Payment
Accommodation shall constitute a Servicing Transfer Event, for so long as the related borrower is complying with the terms of
such Payment Accommodation.

 

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“Significant Obligor”: As defined in Section 11.16.

 

“Significant Obligor NOI Quarterly Filing Deadline”: With respect to each calendar quarter (other than the fourth calendar quarter of any calendar year), the date that is fifteen (15) days after the Relevant Distribution Date occurring on or immediately following the date on which financial statements for such calendar quarter are required to be delivered to the related lender under the related Mortgage Loan documents. The Depositor, the Master Servicer and the Certificate Administrator acknowledge that in the event the Mortgaged Property securing the related Serviced Companion Loan is a “significant obligor” (within the meaning of Item 1101(k) of Regulation AB) with respect to an Other Securitization that includes such Serviced Companion Loan, the date on which quarterly financial statements are required to be delivered to the related lender under the related Mortgage Loan documents is, with respect to net operating income information, for the 711 Fifth Avenue Pari Passu Companion Loans, forty-five (45) days following the end of each fiscal quarter; provided that, as provided under the related loan agreement, the Master Servicer shall request the related Mortgagor to provide such information in a timely manner as may be required to meet all filing requirements under Regulation AB.

 

“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 5.03(m).

 

“Sole Owner”: Any Certificate Owner, or Certificate Owners acting in unanimity, of a Book-Entry Certificate or a Holder of a Definitive Certificate holding 100% of the then outstanding Class F, Class X-F, Class G, Class X-G, Class H and Class RR Certificates and the RR Interest Owner; provided, however, that the Class A-1, Class A-4, Class A-5, Class A-AB, Class A-S, Class B, Class C, Class D and Class E Certificates have been retired and the Notional Amounts of the Class X-A and Class X-E Certificates have been reduced to zero.

 

“Special Notice”: As defined in Section 5.06.

 

“Special Servicer”: KeyBank National Association, a national banking association, and its successors-in-interest, or any successor special servicer appointed as provided herein (including with respect to any Excluded Special Servicer Loan, if any, the related Excluded Special Servicer appointed pursuant to Section 7.01(g) of this Agreement, as applicable and as the context may require).

 

“Special Servicer Major Decision”: Any Major Decision with respect to a Non-Specially Serviced Mortgage Loan under clauses (i) through (xi) and (xviii) through (xxi) of the definition of “Major Decision.”

 

“Special Servicer Non-Major Decision”: Each of the following:

 

(a)        agreeing to any modification, waiver, consent or amendment of the related Mortgage Loan (other than Non-Serviced Mortgage Loans) or Serviced Whole Loan in connection with a defeasance if such proposed modification, waiver, consent or amendment is with respect to (i) a waiver of a Mortgage Loan event of default (but excluding non-monetary events of default other than defaults relating to transfers of

 

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interests in the Mortgagor the existing collateral or material modifications of the existing collateral), (ii) a modification of the type of defeasance collateral required under the related Mortgage Loan documents such that defeasance collateral other than direct, non-callable obligations of the United States of America would be permitted or (iii) a modification that would permit a Principal Prepayment instead of defeasance if the related Mortgage Loan documents do not otherwise permit such Principal Prepayment; provided that the foregoing is not otherwise a Major Decision or another Special Servicer Non-Major Decision;

 

(b)         any requests for the funding or disbursement of amounts from any escrow accounts, reserve funds or letters of credit held as “performance”, “earn-out”, “holdback” or similar escrows or reserves with respect to any of the Mortgage Loans or Serviced Whole Loans as further identified on Schedule 3 to this Agreement, but excluding (subject to clause (d) below), as to Mortgage Loans or Serviced Whole Loans which are Non-Specially Serviced Mortgage Loans, (A) any routine and/or customary escrow and reserve fundings or disbursements for which the satisfaction of performance-related criteria or lender discretion is not required or permitted pursuant to the terms of the related Mortgage Loan documents, (B) any request with respect to a Mortgage Loan or Serviced Whole Loan that is a Non-Specially Serviced Mortgage Loan for the funding or disbursement of ordinary course impounds, repair and replacement reserves, lender approved budget and operating expenses, and tenant improvements pursuant to an approved lease, each in accordance with the related Mortgage Loan documents or (C) any other funding or disbursement as mutually agreed upon by the Master Servicer and Special Servicer;

 

(c)         in circumstances where no lender discretion is permitted other than confirming that the conditions in the related Mortgage Loan documents have been satisfied (including determining whether any applicable terms or tests are satisfied), any request to incur additional debt in accordance with the terms of the related Mortgage Loan documents; provided that the foregoing is not otherwise a Major Decision or another Special Servicer Non-Major Decision;

 

(d)         in circumstances where no lender discretion is required other than confirming the satisfaction of the applicable terms of the Mortgage Loan documents (including determining whether any applicable terms or tests are satisfied), processing requests for any release of collateral or any acceptance of substitute or additional collateral for a Mortgage Loan or Serviced Whole Loan; provided that, in any case, Special Servicer Non-Major Decisions will not include (i) the release, substitution or addition of collateral securing any Mortgage Loan (other than Non-Serviced Mortgage Loans) or Serviced Whole Loan in connection with a defeasance of such collateral; or (ii) requests that are related to any condemnation action that is pending, or threatened in writing, and would affect a non-material portion of the Mortgaged Property; provided that such release or substitution or addition of collateral is not a Major Decision; and

 

(e)         approving easements or rights of way that materially affect the use or value of a Mortgaged Property or the Mortgagor’s ability to make payments with respect to the related Mortgage Loan or Serviced Whole Loan;

 

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provided, however, that with respect to clauses (a)(i) and (a)(ii) of this definition, the Master Servicer shall process such request with respect to Non-Specially Serviced Mortgage Loans and obtain the consent or deemed consent of the Special Servicer as provided in this Agreement.

 

Notwithstanding the foregoing, the Master Servicer and the Special Servicer may mutually agree as provided in this Agreement that the Master Servicer shall process any of the foregoing matters with respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan that is a Non-Specially Serviced Mortgage Loan in accordance with the terms and conditions reasonably agreed to by the Master Servicer and the Special Servicer, including the Special Servicer’s consent. If the Master Servicer and the Special Servicer mutually agree that the Master Servicer shall process a Special Servicer Non-Major Decision with respect to any Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan that is a Non-Specially Serviced Mortgage Loan, the Master Servicer shall obtain the Special Servicer’s prior consent (or deemed consent) to such Special Servicer Non-Major Decision.

 

“Special Servicing Fee”: With respect to each Specially Serviced Mortgage Loan and REO Loan (other than a Non-Serviced Mortgage Loan), the fee payable to the Special Servicer pursuant to Section 3.11(b).

 

“Special Servicing Fee Rate”: With respect to any Specially Serviced Mortgage Loan or REO Property, a rate equal to (a) 0.25% per annum or (b) if such rate in clause (a) would result in a Special Servicing Fee with respect to a Specially Serviced Mortgage Loan or REO Property (other than an REO Property acquired with respect to any Non-Serviced Whole Loan) that would be less than $3,500 in any given month, then the Special Servicing Fee Rate for such month for such Specially Serviced Mortgage Loan or REO Property shall be the higher per annum rate as would result in a Special Servicing Fee equal to $3,500 for such month with respect to such Specially Serviced Mortgage Loan or REO Property.

 

“Specially Serviced Mortgage Loan”: As defined in Section 3.01(a).

 

“Sponsors”: Goldman Sachs Mortgage Company, a New York limited partnership, and its successors-in-interest and Citi Real Estate Funding Inc., a New York corporation, and its successors-in-interest.

 

“Startup Day”: The day designated as such in Section 10.01(b).

 

“Stated Principal Balance”: With respect to any Mortgage Loan, as of any date of determination, an amount equal to (x) the Cut-off Date Principal Balance of such Mortgage Loan (or in the case of a Qualified Substitute Mortgage Loan, the unpaid principal balance of such Mortgage Loan after application of all scheduled payments of principal and interest due during or prior to the month of substitution, whether or not received) minus (y) the sum of:

 

(i)      the principal portion of each Periodic Payment due on such Mortgage Loan after the Cut-off Date (or in the case of a Qualified Substitute Mortgage Loan, the Due Date in the related month of substitution), to the extent received from the Mortgagor or advanced by the Master Servicer;

 

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(ii)      all Principal Prepayments received with respect to such Mortgage Loan after the Cut-off Date (or in the case of a Qualified Substitute Mortgage Loan, the Due Date in the related month of substitution);

 

(iii)     the principal portion of all Insurance and Condemnation Proceeds (to the extent allocable to principal on such Mortgage Loan) and Liquidation Proceeds received with respect to such Mortgage Loan after the Cut-off Date (or in the case of a Qualified Substitute Mortgage Loan, the Due Date in the related month of substitution); and

 

(iv)    any reduction in the outstanding principal balance of such Mortgage Loan resulting from a Deficient Valuation or a modification of such Mortgage Loan pursuant to the terms and provisions of this Agreement that occurred prior to the end of the Collection Period for the most recent Distribution Date.

 

With respect to any REO Loan that is a successor to a Mortgage Loan, as of any date of determination, an amount equal to (x) the Stated Principal Balance of the predecessor Mortgage Loan as of the date of the related REO Acquisition, minus (y) the sum of:

 

(i)      the principal portion of any P&I Advance made with respect to such REO Loan; and

 

(ii)     the principal portion of all Insurance and Condemnation Proceeds (to the extent allocable to principal on the related Mortgage Loan), Liquidation Proceeds and REO Revenues received with respect to such REO Loan.

 

A Mortgage Loan or an REO Loan that is a successor to a Mortgage 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 the payments or other proceeds, if any, received in connection with a Liquidation Event in respect thereof are to be (or, if no such payments or other proceeds are received in connection with such Liquidation Event, would have been) distributed to Certificateholders.

 

With respect to each Companion Loan on any date of determination, the Stated Principal Balance shall equal the unpaid principal balance of such Companion Loan as of such date. On any date of determination, the Stated Principal Balance of each Whole Loan shall be the sum of the Stated Principal Balances of the related Mortgage Loan and the related Companion Loan on such date.

 

With respect to any REO Loan that is a successor to a Companion Loan as of any date of determination, the Stated Principal Balance shall equal (x) the Stated Principal Balance of the predecessor Companion Loan as of the date of the related REO Acquisition, minus (y) the principal portion of any amounts allocable to the related Companion Loan in accordance with the related Co-Lender Agreement.

 

“Subcontractor”: Any vendor, subcontractor or other Person that is not responsible for the overall servicing (as “servicing” is commonly understood by participants in

 

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the mortgage-backed securities market) of Mortgage Loans but performs one or more discrete functions identified in Item 1122(d) of Regulation AB with respect to Mortgage Loans under the direction or authority of the Master Servicer, the Special Servicer, the Operating Advisor, an Additional Servicer or a Sub-Servicer.

 

“Subordinate Certificate”: Any Class A-S, Class B, Class C, Class D, Class E, Class X-E, Class F, Class X-F, Class G, Class X-G or Class H Certificate.

 

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

 

“Sub-Servicer”: Any Person that services Mortgage Loans on behalf of the Master Servicer, the Special Servicer or an Additional Servicer and is responsible for the performance (whether directly or through Sub-Servicers or Subcontractors) of a substantial portion of the material servicing functions required to be performed by the Master Servicer, the Special Servicer or an Additional Servicer under this Agreement, with respect to some or all of the Mortgage Loans that are identified in Item 1122(d) of Regulation AB.

 

“Sub-Servicing Agreement”: The written contract between the Master Servicer or the Special Servicer, as the case may be, and any Sub-Servicer relating to servicing and administration of Mortgage Loans as provided in Section 3.20.

 

“Substitution Shortfall Amount”: With respect to a substitution pursuant to Section 2.03(b) hereof, an amount equal to the excess, if any, of the Purchase Price of the Mortgage Loan, being replaced calculated as of the date of substitution over the Stated Principal Balance of the related Qualified Substitute Mortgage Loan after application of all scheduled payments of principal and interest due during or prior to the month of substitution. In the event that one or more Qualified Substitute Mortgage Loans are substituted (at the same time by the same Mortgage Loan Seller) for one or more removed Mortgage Loans, the Substitution Shortfall Amount shall be determined as provided in the preceding sentence on the basis of the aggregate Purchase Prices of the Mortgage Loan(s), being replaced and the aggregate Stated Principal Balances of the related Qualified Substitute Mortgage Loan(s).

 

“Surviving Entity”: As defined in Section 6.03(b).

 

“Tax Returns”: The federal income tax returns on Internal Revenue Service 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 on behalf of each Trust REMIC due to its respective 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 the RR Interest Owner or filed with the Internal Revenue Service or any other governmental taxing authority under any applicable provisions of federal tax law or Applicable State and Local Tax Law.

 

“Temporary Regulation S Book-Entry Certificate”: As defined in Section 5.02(a).

 

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“Transfer”: Any direct or indirect transfer, sale, pledge, hypothecation, or other form of assignment of any Ownership Interest in a Certificate.

 

“Transfer Restriction Period”: The period from the Closing Date to the earlier of:

 

(a)        the latest of (i) the date on which the aggregate unpaid principal balance of all outstanding Mortgage Loans has been reduced to 33.0% of the aggregate Cut-off Date Principal Balance of the Mortgage Loans; (ii) the date on which the aggregate outstanding principal balance of the Principal Balance Certificates has been reduced to 33.0% of the aggregate outstanding principal balance of the Principal Balance Certificates as of the Cut-off Date; or (iii) two years after the Closing Date; or

 

(b)        the date that the Risk Retention Rule applicable to a Holder of the Class RR Certificates is withdrawn or repealed in its entirety as it relates to this securitization or the Class RR Certificates;

 

provided that the termination of the Transfer Restriction Period shall not be effective without the written consent of the Retaining Sponsor.

 

“Transferable Servicing Interest”: The amount by which the Servicing Fee otherwise payable to the Master Servicer hereunder exceeds the sum of (i) the Primary Servicing Fee and (ii) the amount of the Servicing Fee calculated using the Servicing Retained Fee Rate, which is subject to reduction by the Trustee pursuant to Section 3.11(a) of this Agreement.

 

“Transferee”: Any Person who is acquiring by Transfer any Ownership Interest in a Certificate.

 

“Transferee Affidavit”: As defined in Section 5.03(n)(ii).

 

“Transferor”: Any Person who is disposing by Transfer any Ownership Interest in a Certificate.

 

“Transferor Letter”: As defined in Section 5.03(n)(ii).

 

“Trust”: The trust created hereby and to be administered hereunder. The Trust shall be named: “GS Mortgage Securities Trust 2020-GC47”.

 

“Trust Fund”: The corpus of the Trust created hereby and to be administered hereunder, consisting of: (i) such Mortgage Loans as from time to time are subject to this Agreement (including any Qualified Substitute Mortgage Loan replacing a removed Mortgage Loan), together with the Mortgage Files relating thereto (subject to, in the case of a Serviced Whole Loan, the interests of the related Serviced Companion Noteholder in the related Mortgage File); (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date (or with respect to a Qualified Substitute Mortgage Loan, the Due Date in the month of substitution); (iii) any REO Property (to the extent of the Trust’s interest therein) or the Trust’s beneficial interest in the Mortgaged Property securing a Non-Serviced Whole Loan acquired under the related Non-Serviced Pooling Agreement; (iv) all revenues received in respect of any REO Property (to the extent of the Trust’s interest therein);

 

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(v) the Master Servicer’s, the Special Servicer’s, the Certificate Administrator’s and the Trustee’s rights under the Insurance Policies with respect to the Mortgage Loans required to be maintained pursuant to this Agreement and any proceeds thereof (to the extent of the Trust’s interest therein); (vi) any Assignment of Leases and any security agreements (to the extent of the Trust’s interest therein); (vii) any letters of credit, indemnities, guaranties or lease enhancement policies given as additional security for any related Mortgage Loans (to the extent of the Trust’s interest therein); (viii) all assets deposited in the Loss of Value Reserve Fund and the Servicing Accounts (to the extent of the Trust’s interest therein), amounts on deposit in the Collection Account (to the extent of the Trust’s interest therein), the Lower-Tier REMIC Distribution Account, the Upper-Tier REMIC Distribution Account, the Interest Reserve Account, the Non-VRR Gain-on-Sale Reserve Account (to the extent of the Trust’s interest in such Non-VRR Gain-on-Sale Reserve Account), the VRR Gain-on-Sale Reserve Account (to the extent of the Trust’s interest in such VRR Gain-on-Sale Reserve Account), and any REO Account (to the extent of the Trust’s interest in such REO Account), including any reinvestment income, as applicable; (ix) any Environmental Indemnity Agreements (to the extent of the Trust’s interest therein); (x) the rights and remedies of the Depositor under each Mortgage Loan Purchase Agreement (to the extent transferred to the Trustee); (xi) the Lower-Tier Regular Interests; and (xii) the proceeds of the foregoing (other than any interest earned on deposits in the lockbox accounts, cash collateral accounts, escrow accounts and any reserve accounts, to the extent such interest belongs to the related Mortgagor).

 

“Trust REMIC”: As defined in the Preliminary Statement.

 

“Trustee”: Wilmington Trust, National Association, and its-successors-in-interest, or any successor trustee appointed as herein provided.

 

“Trustee Fee”: The fee to be paid to the Trustee as compensation for the Trustee’s activities under this Agreement, which fee is included as part of the Certificate Administrator/Trustee Fee. No portion of the Trustee Fee shall be calculated by reference to any Companion Loan or the Stated Principal Balance of any Companion Loan.

 

“UCC”: The Uniform Commercial Code, as enacted in each applicable state.

 

“UCC Financing Statement”: A financing statement prepared and filed pursuant to the UCC, as in effect in the relevant jurisdiction.

 

“Underwriters”: Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., Academy Securities, Inc., Drexel Hamilton, LLC and AmeriVet Securities, Inc.

 

“Uninsured Cause”: Any cause of damage to property subject to a Mortgage such that the complete restoration of such property is not fully reimbursable by the hazard Insurance Policies or flood Insurance Policies required to be maintained pursuant to Section 3.07.

 

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

 

“Unliquidated Advance”: Any Advance previously made by a party hereto that has been previously reimbursed, as between the Person that made the Advance hereunder, on the

 

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one hand, and the Trust, on the other, as part of a Workout-Delayed Reimbursement Amount pursuant to subsections (iii) and (iv) of Section 3.05(a) but that has not been recovered from the Mortgagor or otherwise from collections on or the proceeds of the related Mortgage Loan or REO Property in respect of which the Advance was made.

 

“Unscheduled Principal Distribution Amount”: With respect to any Distribution Date and the Mortgage Loans, the aggregate of the following: (a) all Principal Prepayments received on such Mortgage Loan on or prior to the related Determination Date and (b) the principal portions of all Liquidation Proceeds, Insurance and Condemnation Proceeds and, if applicable, REO Revenues received with respect to such Mortgage Loan and any REO Loans on or prior to the related Determination Date, but in each case only to the extent that such principal portion represents a recovery of principal for which no Advance was previously made pursuant to Section 4.03 in respect of a preceding Distribution Date; provided that all such Liquidation Proceeds and Insurance and Condemnation Proceeds will be reduced by any Special Servicing Fees, Liquidation Fees, accrued interest on Advances and other additional expenses of the Trust incurred in connection with the related Mortgage Loan.

 

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

 

“Upper-Tier REMIC Distribution Account”: The segregated account or accounts (or a subaccount of the Distribution Account) created and maintained by the Certificate Administrator (on behalf of the Trustee) pursuant to Section 3.04(b) in trust for the Certificateholders, which shall initially be entitled “Wells Fargo Bank, National Association, as Master Servicer on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered holders of GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47, Upper-Tier REMIC Distribution Account”. Any such account or accounts shall be an Eligible Account.

 

“U.S. Dollars” or “$”: Lawful money of the United States of America.

 

“U.S. Tax Person”: 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. Tax Persons have the authority to control all substantial decisions of such trust (or, to the extent provided in applicable Treasury Regulations, certain trusts in existence on August 20, 1996 that have elected to be treated as U.S. Tax Persons).

 

“Voting Rights”: The portion of the voting rights of all of the Certificates that is allocated to any Certificate. At all times during the term of this Agreement, the Voting Rights shall be allocated among the various Classes of Certificateholders as follows: (i) 1% in the case of the Class X Certificates (allocated pro rata, based upon their respective Notional Amounts as

 

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of the date of determination), and (ii) in the case of any Principal Balance Certificates and the Class RR Certificates, a percentage equal to the product of 99% and a fraction, the numerator of which is equal to the Certificate Balance (and solely in connection with any vote for purposes of determining whether to remove the Special Servicer pursuant to Section 7.01(d) or the Operating Advisor pursuant to Section 3.26(i), taking into account any notional reduction in the Certificate Balance for Appraisal Reduction Amounts allocated to the Certificates pursuant to Section 4.05(a) hereof) of such Class, in each case, determined as of the Distribution Date immediately preceding such time, and the denominator of which is equal to the aggregate Certificate Balance (and solely in connection with any vote for purposes of determining whether to remove the Special Servicer pursuant to Section 7.01(d) or the Operating Advisor pursuant to Section 3.26(i), taking into account any notional reduction in the Certificate Balance for Appraisal Reduction Amounts allocated to the Certificates pursuant to Section 4.05(a) hereof) of the Principal Balance Certificates and the Class RR Certificates, each determined as of the Distribution Date immediately preceding such time. The Class R Certificates and the RR Interest will not be entitled to any Voting Rights.

 

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

 

“VRR Available Funds”: With respect to any Distribution Date, an amount equal to the sum of (i) the VRR Allocation Percentage of the Aggregate Available Funds for such Distribution Date and (ii) the VRR Gain-on-Sale Remittance Amount.

 

“VRR Gain-on-Sale Remittance Amount”: For each Distribution Date, the lesser of (i) the amount on deposit in the VRR Gain-on-Sale Reserve Account on such Distribution Date, and (ii) the amount distributable from the VRR Gain-on-Sale Reserve Account pursuant to Section 4.01(g).

 

“VRR Gain-on-Sale Reserve Account”: A custodial account or accounts (or subaccount of the Distribution Account) created and maintained by the Certificate Administrator, pursuant to Section 3.04(e) on behalf of the Trustee for the benefit of the VRR Interest Owners, which shall be entitled “Wells Fargo Bank, National Association, as Certificate Administrator, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the VRR Interest Owners under the Pooling and Servicing Agreement for the GS Mortgage Securities Trust 2020-GC47, VRR Gain-on-Sale Reserve Account”. Any such account shall be an Eligible Account or a subaccount of an Eligible Account.

 

“VRR Interest”: The RR Interest and/or the Class RR Certificates, as applicable.

 

“VRR Interest Balance”: the Certificate Balance of the Class RR Certificates and/or the RR Interest Balance of the RR Interest, as applicable.

 

“VRR Interest Distribution Amount”: With respect to the VRR Interest for any Distribution Date, an amount equal to the product of (A) the VRR Allocation Percentage and (B) the aggregate amount of interest distributed to Certificateholders pursuant to Section 4.01(b)(i), (iv), (vii), (x), (xiii), (xvi), (xix), (xxii) and (xxv) on such Distribution Date.

 

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“VRR Interest Owner”: Any Person who owns the RR Interest or the Class RR Certificates, as identified to the Certificate Administrator in writing. Goldman Sachs Bank USA, a NY state-chartered bank, is the RR Interest Owner as of the Closing Date, and CREFI is the Class RR Certificateholder as of the Closing Date. Until it receives notice to the contrary in the form of both Exhibit D-3 and Exhibit D-4 hereto pursuant to Section 5.03(q), the Certificate Administrator shall be entitled to rely on the preceding sentence with respect to the identity of the VRR Interest Owners and, thereafter, the Certificate Administrator shall be entitled to rely on the most recent notification in the form of notice of the new owner and submission of both Exhibit D-3 and Exhibit D-4 hereto pursuant to Section 5.03(q) with respect to the identity of the VRR Interest Owners.

 

“VRR Interest Rate”: With respect to any Distribution Date, a per annum rate equal to the Weighted Average Net Mortgage Rate for such Distribution Date.

 

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

 

“VRR Principal Distribution Amount”: With respect to the VRR Interest for any Distribution Date, an amount equal to the product of (A) the VRR Allocation Percentage and (B) the aggregate amount of principal distributed to the Certificateholders pursuant to Section 4.01(b)(ii), (v), (viii), (xi), (xiv), (xvii), (xx), (xxiii) and (xxvi) on such Distribution Date.

 

“VRR Realized Loss”: With respect to any Distribution Date, the amount, if any, by which (i) the product of (A) the VRR Percentage and (B) the aggregate Stated Principal Balance (for purposes of this definition only, not giving effect to any reductions of the Stated Principal Balance for payments of principal collected on the Mortgage Loans that were used to reimburse any Workout Delayed Reimbursement Amounts pursuant to Section 3.05(a)(v) to the extent such Workout Delayed Reimbursement Amounts are not otherwise determined to be Nonrecoverable Advances) of the Mortgage Loans and any REO Loans (excluding any portion allocable to any related Companion Loan, if applicable) expected to be outstanding immediately following such Distribution Date, is less than (ii) the aggregate VRR Interest Balance after giving effect to distributions of principal on such Distribution Date.

 

“VRR Realized Loss Interest Distribution Amount”: With respect to the VRR Interest for any Distribution Date, an amount equal to the product of (A) the VRR Allocation Percentage and (B) the aggregate amount of interest on reimbursed Realized Losses distributed to the Certificateholders pursuant to Section 4.01(b)(iii), (vi), (ix), (xii), (xv), (xviii), (xxi), (xxiv) and (xxvii) on such Distribution Date.

 

“Weighted Average Net Mortgage Rate”: With respect to any Distribution Date, a per annum rate equal to the weighted average of the Net Mortgage Rates in effect for the Mortgage Loans (including any Non-Serviced Mortgage Loan) and REO Loan (other than the portion of the REO Loan related to any Companion Loan) as of their respective Due Dates in the month preceding the month in which such Distribution Date occurs, weighted on the basis of

 

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their respective Stated Principal Balances immediately following the Distribution Date (or, if applicable, the Closing Date) in such preceding month.

 

“Whole Loan”: With respect to any Mortgage Loan with a related Companion Loan, such Mortgage Loan and its related Companion Loan(s), collectively, as identified in the “Whole Loans” chart in the Preliminary Statement. With respect to each Whole Loan, references herein to each such Whole Loan shall be construed to refer to the aggregate indebtedness under the related Mortgage Loan and the related Companion Loan(s).

 

“Withheld Amounts”: As defined in Section 3.21(a).

 

“Workout-Delayed Reimbursement Amounts”: With respect to any Mortgage Loan, the amount of any Advances made with respect to such Mortgage Loan on or before the date such Mortgage Loan becomes (or, but for the making of three Periodic Payments under its modified terms, would then constitute) a Corrected Loan, together with (to the extent accrued and unpaid) interest on such Advances, to the extent that (i) such Advance (and accrued and unpaid interest thereon) is not reimbursed to the Person who made such Advance on or before the date, if any, on which Mortgage Loan becomes a Corrected Loan and (ii) the amount of such Advance (and accrued and unpaid interest thereon) becomes an obligation of the related Mortgagor to pay such amount under the terms of the modified loan documents. That any amount constitutes all or a portion of any Workout-Delayed Reimbursement Amount shall not in any manner limit the right of any Person hereunder to determine in the future that such amount instead constitutes a Nonrecoverable Advance.

 

“Workout Fee”: The fee paid to the Special Servicer with respect to each Corrected Loan in accordance with Section 3.11(c).

 

“Workout Fee Rate”: A rate equal to the lesser of (a) 1.0% with respect to any Corrected Loan, and (b) such lower rate as would result in a Workout Fee of $1,000,000 when applied to each expected payment of principal and interest (other than Default Interest) on any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, as applicable, from the date such Mortgage Loan (or Serviced Whole Loan, if applicable) becomes a Corrected Loan through and including the then-related Maturity Date (or if the rate in clause (a) above would result in a Workout Fee that would be less than $25,000 when applied to each expected payment of principal and interest (other than Default Interest) on the related Mortgage Loan (or Serviced Whole Loan, if applicable) from the date such Mortgage Loan (or Serviced Whole Loan, if applicable) becomes a Corrected Loan through and including the then related Maturity Date, then the Workout Fee Rate shall be a rate equal to such higher rate as would result in a Workout Fee equal to $25,000 when applied to each expected payment of principal and interest (other than Default Interest) on the related Mortgage Loan (or Serviced Whole Loan, if applicable) from the date such Mortgage Loan (or Serviced Whole Loan, if applicable) becomes a Corrected Loan through and including the then -related Maturity Date); provided that no Workout Fee will be payable by the issuing entity with respect to any Corrected Loan if and to the extent that the Corrected Loan became a Specially Serviced Mortgage Loan under clause (ii) or clause (iii) of the definition of “Servicing Transfer Event” (and no other clause of that definition) and no event of default actually occurs, unless the related Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan is modified by the

 

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Special Servicer in accordance with the terms of the Pooling and Servicing Agreement; provided, further that if a Mortgage Loan or Serviced Companion Loan becomes a Specially Serviced Mortgage Loan only because of an event described in clause (i) of the definition of “Servicing Transfer Event” as a result of a payment default at maturity and the related collection of interest and principal is received within ninety (90) days following the related Maturity Date in connection with the full and final pay-off or refinancing of the related Mortgage Loan or Serviced Whole Loan, the Special Servicer will not be entitled to collect a Workout Fee, but may collect and retain appropriate fees from the related borrower in connection with such workout. The Workout Fee with respect to any Specially Serviced Mortgage Loan that becomes a Corrected Loan will be reduced by any Excess Modification Fees paid by or on behalf of the related borrower with respect to such Mortgage Loan or Serviced Whole Loan as described in the definition of “Excess Modification Fees”, but only to the extent those fees have not previously been deducted from a Workout Fee or Liquidation Fee.

 

“Yield Maintenance Charge”: With respect to any Mortgage Loan or REO Loan, the yield maintenance charge or prepayment premium set forth in the related Mortgage Loan documents; provided that no amounts shall be considered Yield Maintenance Charges until there has been a full recovery of all principal, interest and other amounts then due under such Mortgage Loan or REO Loan.

 

“YM Group”: As defined in Section 4.01(f)(i) of this Agreement.

 

“YM Group A”: As defined in Section 4.01(f)(i) of this Agreement.

 

“YM Group B”: As defined in Section 4.01(f)(i) of this Agreement.

 

Section 1.02    
Certain Calculations.  Unless otherwise specified herein, for purposes of determining amounts with respect to
the Certificates and the RR Interest and the rights and obligations of the parties hereto, the following provisions shall apply:

 

(i)     All calculations of interest (other than as provided in the related Mortgage Loan documents) provided for herein shall be made on the basis of a 360-day year consisting of twelve 30-day months.

 

(ii)    Any Mortgage Loan or Companion Loan payment is deemed to be received on the date such payment is actually received by the Master Servicer or the Special Servicer; provided, however, that for purposes of calculating distributions on the Certificates and the RR Interest, Principal Prepayments with respect to any Mortgage Loan, are deemed to be received on the date they are applied in accordance with the Servicing Standard consistent with the terms of the related Mortgage Note and Mortgage to reduce the outstanding principal balance of such Mortgage Loan, on which interest accrues.

 

(iii)   Any reference to the Certificate Balance of any Class of Principal Balance Certificates or the VRR Interest Balance of the VRR Interest on or as of a Distribution Date shall refer to the Certificate Balance of such Class of Principal Balance Certificates or the VRR Interest Balance on such Distribution Date after giving effect to (a) any distributions made on such Distribution Date pursuant to Section 4.01(a) and Section 

 

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4.01(b), (b) any Realized Losses allocated to such Class of Principal Balance Certificates or the VRR Interest on that Distribution Date pursuant to Section 4.04, and (c) any recoveries on the related Mortgage Loans of Nonrecoverable Advances (plus interest thereon) that were previously reimbursed from principal collections on the related Mortgage Loans that resulted in a reduction of the Aggregate Principal Distribution Amount, which recoveries are allocated to such Class of Principal Balance Certificates and the VRR Interest, and added to the Certificate Balance or the VRR Interest Balance, as applicable, pursuant to Section 4.04(a).

 

(iv)   All net present value calculations and determinations made with respect to a Mortgage Loan, Mortgaged Property or REO Property (including for purposes of the definition of “Servicing Standard”) shall be made in accordance with the Mortgage Loan documents or, in the event the Mortgage Loan documents are silent, using a discount rate (a) for principal and interest payments on a Mortgage Loan or Serviced Companion Loan, as applicable, or sale of a Defaulted Mortgage Loan, by the Special Servicer, the highest of (x) the rate determined by the Master Servicer or the Special Servicer, as applicable, that approximates the market rate that would be obtainable by the Mortgagor on similar non-defaulted debt of such Mortgagor as of such date of determination, (y) the Mortgage Rate on the applicable Mortgage Loan or Serviced Companion Loan, as applicable, based on its outstanding principal balance and (z) the yield on 10-year U.S. treasuries as of such date of determination, and (b) for all other cash flows, including property cash flow, the “discount rate” set forth in the most recent Appraisal (or update of such Appraisal) of the related Mortgaged Property.

 

(v)    Any reference to “expense of the trust” or “additional trust fund expense” or words of similar import shall be construed to mean, for any Serviced Mortgage Loan, an expense that shall be applied in accordance with the related Co-Lender Agreement or, if no application is specified in the related Co-Lender Agreement, then, to the extent such Co-Lender Agreement refers to this Agreement for the application of trust expenses or such Co-Lender Agreement does not prohibit the following application of trust expenses (i) with respect to any Serviced Pari Passu Whole Loan, pro rata and pari passu, to the Trust and Serviced Pari Passu Companion Loan in accordance with the respective Stated Principal Balances of the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan, or (ii) with respect to any Serviced AB Whole Loan, first, to the related AB Subordinate Companion Loan and then, to the Trust.

 

Article II

CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES; Creation of rr interest

 

Section 2.01     Conveyance of Mortgage Loans.  (a) The Depositor, concurrently with the execution and delivery hereof, does hereby establish a trust to be designated as GS Mortgage Securities Trust 2020-GC47, appoint the Trustee to serve as trustee of such trust and assign, sell, transfer, set over and otherwise convey to the Trustee (as holder of the Lower-Tier Regular Interests) in trust, without recourse, for the benefit of the Certificateholders and the RR Interest Owner all the right, title and interest of the Depositor, including any security interest

 

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therein, for the benefit of the Depositor, in, to and under (i) the Mortgage Loans identified on the Mortgage Loan Schedule, (ii) Sections 2, 3, 4, 5 (other than Section 5(e) and 5(f)), 6 (other than Section 6(a)(viii) and 6(i)) and, to the extent related to the foregoing, 7, 11, 12, 13, 14, 16, 17, 18 and 23 of each Mortgage Loan Purchase Agreement, (iii) the Co-Lender Agreements, and (iv) all escrow accounts, lockbox accounts and all other assets included or to be included in the Trust Fund for the benefit of the Certificateholders and the RR Interest Owner. Such assignment includes all interest and principal received or receivable on or with respect to the Mortgage Loans (other than payments of principal, interest and other amounts due and payable on the Mortgage Loans on or before the Cut-off Date and excluding any Retained Defeasance Rights and Obligations with respect to the Mortgage Loans). Such assignment of each Mortgage Loan that is part of a Whole Loan is further subject to the terms and conditions of the applicable Other Pooling and Servicing Agreement (if any) and each Co-Lender Agreement. The transfer of the Mortgage Loans and the related rights and property accomplished hereby is absolute and is intended by the parties to constitute a sale.

 

(b)        In connection with the Depositor’s assignment pursuant to Section 2.01(a) of this Agreement, the Depositor shall direct the Mortgage Loan Sellers (pursuant to the applicable Mortgage Loan Purchase Agreement) to deliver to and deposit with the Custodian (on behalf of the Trustee), on or before the Closing Date, the Mortgage File for each Mortgage Loan, with copies to be delivered, together with any other documents and records that would otherwise be a part of the Servicing File, within five (5) Business Days after the Closing Date, to the Master Servicer (other than with respect to the Non-Serviced Mortgage Loans). None of the Certificate Administrator, the Trustee, the Custodian, the Master Servicer or the Special Servicer shall be liable for any failure by any Mortgage Loan Seller or the Depositor to comply with the document delivery requirements of the related Mortgage Loan Purchase Agreement and this Section 2.01(b). Notwithstanding anything herein to the contrary, with respect to letters of credit (exclusive of those relating to Non-Serviced Mortgage Loans), the applicable Mortgage Loan Seller shall deliver to the Master Servicer and the Master Servicer shall hold the original (or copy, if such original has been submitted by the applicable Mortgage Loan Seller to the issuing bank to effect an assignment or amendment of such letter of credit (changing the beneficiary thereof to the Trustee (in care of the Master Servicer)) for the benefit of the Certificateholders, the RR Interest Owner and, if applicable, the related Serviced Companion Noteholder, that may be required in order for the Master Servicer to draw on such letter of credit on behalf of the Trustee for the benefit of the Certificateholders, the RR Interest Owner and, if applicable, the related Serviced Companion Noteholder, in accordance with the applicable terms thereof and/or of the related Mortgage Loan documents) and the applicable Mortgage Loan Seller shall be deemed to have satisfied any delivery requirements of the related Mortgage Loan Purchase Agreement and this Section 2.01(b) by delivering with respect to any letter(s) of credit a copy thereof to the Custodian together with an Officer’s Certificate of the applicable Mortgage Loan Seller certifying that such document has been delivered to the Master Servicer or an Officer’s Certificate from the Master Servicer certifying that it holds the letter(s) of credit pursuant to this Section 2.01(b). If a letter of credit referred to in the previous sentence is not in a form that would allow the Master Servicer to draw on such letter of credit on behalf of the Trustee for the benefit of the Certificateholders, the RR Interest Owner and, if applicable, the related Serviced Companion Noteholder, in accordance with the applicable terms thereof and/or of the related Mortgage Loan documents, the applicable Mortgage Loan Seller shall deliver the appropriate assignment or amendment documents (or copies of such assignment or

 

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amendment documents if the related Mortgage Loan Seller has submitted the originals to the related issuer of such letter of credit for processing) to the Master Servicer within ninety (90) days of the Closing Date. The applicable Mortgage Loan Seller shall pay any costs of assignment or amendment of such letter(s) of credit required in order for the Master Servicer to draw on such letter(s) of credit on behalf of the Trustee for the benefit of the Certificateholders, the RR Interest Owner and, if applicable, the related Serviced Companion Noteholder, and shall cooperate with the reasonable requests of the Master Servicer or the Special Servicer, as applicable, in connection with effectuating a draw under any such letter of credit prior to the date such letter of credit is assigned or amended in order that it may be drawn by the Master Servicer on behalf of the Trustee for the benefit of the Certificateholders, the RR Interest Owner and, if applicable, the related Serviced Companion Noteholder.

 

After the Depositor’s transfer of the Mortgage Loans to the Trustee pursuant to this Section 2.01(b), the Depositor shall not take any action inconsistent with the Trust’s ownership of the Mortgage Loans.

 

With respect to any Mortgage Loan secured by a Mortgaged Property that is subject to a franchise agreement with a related comfort letter in favor of the related Mortgage Loan Seller that requires notice to or request of the related franchisor to transfer or assign any related comfort letter to the Trustee for the benefit of the Certificateholders and the RR Interest Owner or have a new comfort letter (or any such new document or acknowledgement as may be contemplated under the existing comfort letter) issued in the name of the Trustee for the benefit of the Certificateholders and the RR Interest Owner, the applicable Mortgage Loan Seller or its designee shall, within forty-five (45) days of the Closing Date (or any shorter period if required by the applicable comfort letter), provide any such required notice or make any such required request to the related franchisor for the transfer or assignment of such comfort letter or issuance of a new comfort letter (or any such new document or acknowledgement as may be contemplated under the existing comfort letter), with a copy of such notice or request to the Custodian (who shall include such document in the related Mortgage File), the Master Servicer and the Special Servicer, and the Master Servicer shall use reasonable efforts in accordance with the Servicing Standard to acquire such replacement comfort letter, if necessary (or to acquire any such new document or acknowledgement as may be contemplated under the existing comfort letter) and the Master Servicer shall, as soon as reasonably practicable following receipt thereof, deliver the original of such replacement comfort letter, new document or acknowledgement, as applicable, to the Custodian for inclusion in the Mortgage File.

 

(c)        The Depositor hereby represents and warrants that each Mortgage Loan Seller has covenanted in the related Mortgage Loan Purchase Agreement that, except with respect to any Non-Serviced Mortgage Loan, it shall record and file, or cause a third party on its behalf to record and file at such Mortgage Loan Seller’s expense, in the appropriate public office for real property records or UCC Financing Statements, as appropriate (or, with respect to any assignments that the Custodian has agreed to record or file pursuant to this Agreement, deliver to the Custodian for such purpose and cause the Custodian to record and file), each related Assignment of Mortgage and assignment of Assignment of Leases, in favor of the Trustee, referred to in clause (4) of the definition of “Mortgage File” and each related UCC-3 assignment referred to in clause (14) of the definition of “Mortgage File”. This subsection (c)

 

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shall not apply to any Non-Serviced Mortgage Loan because the documents referred to herein have been assigned to an Other Trustee.

 

The Depositor hereby represents and warrants that each Mortgage Loan Seller has covenanted in the related Mortgage Loan Purchase Agreement as to each Mortgage Loan (exclusive of the Non-Serviced Mortgage Loans), that if it cannot deliver or cause to be delivered the documents and/or instruments referred to in clauses (2), (3), (6) (if recorded) and (14) of the definition of “Mortgage File” 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, as applicable, a copy of the original certified by the applicable Mortgage Loan Seller to be a true and complete copy of the original thereof submitted for recording, shall be forwarded to the Custodian. Each assignment referred to in the prior paragraph that is recorded and the file copy of each UCC-3 assignment referred to in the previous paragraph shall reflect that it should be returned by the public recording or filing office to the Custodian or its agent following recording (or, alternatively, to the applicable Mortgage Loan Seller or its designee, in which case such Mortgage Loan Seller shall deliver or cause the delivery of the recorded/filed original to the Custodian promptly following receipt); provided that, in those instances where the public recording office retains the original Assignment of Mortgage or Assignment of Assignment of Leases, the applicable Mortgage Loan Seller shall obtain therefrom and deliver to the Custodian a certified copy of the recorded original. On a monthly basis, at the expense of the applicable Mortgage Loan Seller, the Custodian shall forward to the Master Servicer a copy of each of the aforementioned assignments following the Custodian’s receipt thereof.

 

If the Custodian has received written notice that any of the aforementioned assignments is lost or returned unrecorded or unfiled, as the case may be, because of a defect therein, then the Custodian shall forward the same to the applicable Mortgage Loan Seller (pursuant to the related Mortgage Loan Purchase Agreement) and such Mortgage Loan Seller shall promptly prepare or cause the preparation of a substitute therefor or to cure such defect, as the case may be, and such Mortgage Loan Seller shall record and file, or cause a third party on its behalf to record and file, or with respect to any assignments the Custodian has agreed to file as described above, to deliver to the Custodian the substitute or corrected document. The Custodian shall upon receipt from the applicable Mortgage Loan Seller cause the same to be duly recorded or filed, as appropriate.

 

(d)        In connection with the Depositor’s assignment pursuant to Section 2.01(a) of this Agreement, the Depositor shall direct each Mortgage Loan Seller (pursuant to the related Mortgage Loan Purchase Agreement) to deliver to and deposit (or cause to be delivered and deposited) with the Master Servicer within five (5) Business Days after the Closing Date, (i) a copy of the Mortgage File, (ii) all documents and records not otherwise required to be contained in the Mortgage File that (A) relate to the origination and/or servicing and administration of the Mortgage Loans (other than a Non-Serviced Mortgage Loan) or the related Serviced Companion Loans, (B) are reasonably necessary for the ongoing administration and/or servicing of the Mortgage Loans (including any asset summaries related to the Mortgage Loans that were delivered to the Rating Agencies in connection with the rating of the Certificates) and the Serviced Companion Loans or for evidencing or enforcing any of the rights of the holder of the Mortgage Loans and the Serviced Companion Loans or holders of interests therein and (C) are in the possession or under the control of each Mortgage Loan Seller, and (iii) all

 

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unapplied Escrow Payments and reserve funds in the possession or under the control of each Mortgage Loan Seller that relate to the Mortgage Loans or any related Serviced Companion Loans, together with a statement indicating which Escrow Payments and reserve funds are allocable to each Mortgage Loan or to the Serviced Companion Loans, provided that neither Mortgage Loan Seller shall be required to deliver any draft documents, privileged or other communications, credit underwriting, due diligence analyses or data or internal worksheets, memoranda, communications or evaluations. The Master Servicer shall hold all such documents, records and funds on behalf of the Trustee in trust for the benefit of the Certificateholders and the RR Interest Owner (and, insofar as they also relate to the Serviced Companion Loan, on behalf of and for the benefit of the applicable Companion Holder).

 

(e)         In
connection with the Depositor’s assignment pursuant to subsection (a) above, the Depositor shall deliver, and hereby
represents and warrants that it has delivered, to the Custodian and the Master Servicer, on or before the Closing Date, a fully
executed original counterpart of each Mortgage Loan Purchase Agreement, as in full force and effect, without amendment or modification,
on the Closing Date.

 

(f)         The Custodian with respect to the Serviced Whole Loans, shall also hold the related Mortgage File for the use and benefit of the Companion Holders.

 

(g)         The parties to this Agreement acknowledge and agree, with respect to each Mortgage Loan that is part of a Serviced Whole Loan and each Non-Serviced Mortgage Loan, that the Trust assumes the obligations and rights of the holder of such Mortgage Loan under the respective Co-Lender Agreement, any applicable Other Pooling and Servicing Agreement and any applicable Non-Serviced Pooling Agreement.

 

(h)         It is not intended that this Agreement create a partnership or a joint-stock association.

 

(i)          Each Mortgage Loan Purchase Agreement shall provide that within sixty (60) days of the Closing Date, each Mortgage Loan Seller shall deliver or cause to be delivered the Diligence Files for each Mortgage Loan to the Depositor by uploading such Diligence Files (including, if applicable, any additional documents that the related Mortgage Loan Seller believes should be included to enable the Asset Representations Reviewer to perform an Asset Review on such Mortgage Loan; provided that such documents are clearly labeled and identified) to the Intralinks Site each such Diligence File being organized and categorized in accordance with the electronic file structure reasonably requested by the Depositor. Promptly upon completion of such delivery of the Diligence Files (but in no event later than sixty (60) days after the Closing Date), the applicable Mortgage Loan Seller shall provide to each of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Custodian, the Directing Holder, the Asset Representations Reviewer and the Operating Advisor, to the addresses provided herein, an officer’s certificate signed by the applicable Mortgage Loan Seller certifying that the electronic copies of the documents uploaded to the Intralinks Site constitute all documents required under the definition of “Diligence File” (the “Diligence File Certification”) and such Diligence Files are organized and categorized in accordance with the electronic file structure reasonably requested by the Depositor.

 

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(j)           Within three (3) Business Days of the Closing Date, the Depositor shall deliver the Initial Schedule AL File in EDGAR-Compatible Format, Initial Schedule AL Additional File in EDGAR-Compatible Format and the Annex A-1 to the Prospectus in EDGAR-Compatible Format to the Master Servicer at ssreports@wellsfargo.com.

 

(k)          Notwithstanding anything to the contrary contained in this Section 2.01 or in Section 2.02, in connection with a Servicing Shift Whole Loan, (1) instruments of assignment to the Trustee may be in blank and need not be recorded pursuant to this Agreement (other than the endorsements to the Note(s) evidencing the related Servicing Shift Mortgage Loan) until the earlier of (i) the related Servicing Shift Securitization Date, in which case such instruments shall be assigned and recorded in accordance with the related Non-Serviced Pooling Agreement, (ii) one hundred eighty (180) days following the Closing Date, and (iii) such Servicing Shift Whole Loan becoming a Specially Serviced Mortgage Loan prior to such Servicing Shift Securitization Date, in which case assignments and recordations shall be effected in accordance with this Section 2.01 until the occurrence, if any, of such Servicing Shift Securitization Date, (2) no letter of credit need be amended (including, without limitation, to change the beneficiary thereon) until the earlier of (i) the related Servicing Shift Securitization Date, in which case such amendment shall be in accordance with the related Non-Serviced Pooling Agreement, (ii) one hundred eighty (180) days following the Closing Date, and (iii) such Servicing Shift Whole Loan becoming a Specially Serviced Mortgage Loan prior to such Servicing Shift Securitization Date in which case such amendment shall be effected in accordance with the terms of this Section 2.01, and (3) on and following such Servicing Shift Securitization Date, the Person selling the related Servicing Shift Lead Note to the related Non-Serviced Depositor, at its own expense, shall be (a) entitled to direct in writing, via a Request for Release, which may be conclusively relied upon by the Custodian, the Custodian to deliver the originals of all the Mortgage Loan documents relating to such Servicing Shift Whole Loan in its possession (other than the original Note(s) evidencing such Servicing Shift Mortgage Loan) to the related Non-Serviced Trustee or the related Non-Serviced Custodian, (b) if the right under clause (a) is exercised, required to cause the retention by or delivery to the Custodian of photocopies of Mortgage Loan documents related to such Servicing Shift Whole Loan so delivered to such Non-Serviced Trustee or such Non-Serviced Custodian, (c) entitled to cause the completion (or, in the event of a recordation as contemplated by clause (1)(ii) of this paragraph, the preparation, execution and delivery) and recordation of instruments of assignment in the name of the related Other Trustee or related Non-Serviced Custodian, (d) if the right under clause (c) is exercised, required to deliver to the Trustee or Custodian photocopies of any instruments of assignment so completed and recorded, and (e) entitled to require the Master Servicer to transfer, and to cooperate with all reasonable requests in connection with the transfer of, the Servicing File, and any Escrow Payments, reserve funds and items specified in clauses (9), (12) (14) and (18) of the definition of “Mortgage File” for such Servicing Shift Whole Loan to the related Other Servicer.

 

Section 2.02    
Acceptance by Trustee.  (a) The Trustee, by its execution and delivery of this Agreement, hereby accepts
receipt, directly or through the Custodian on its behalf, of (i) the Mortgage Loans and all documents delivered to it that constitute
portions of the related Mortgage Files (to the extent such documents constituting the Mortgage Files are actually delivered to
the Trustee or Custodian) and (ii) all other assets delivered to it and included in the Trust Fund, in good faith and without
notice of any adverse claim, and declares that it or the

 

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Custodian on its behalf holds and will hold such documents and any other documents subsequently received by it that constitute portions of the Mortgage Files, and that the Custodian on behalf of the Trustee holds and will hold the Mortgage Loans and such other assets, together with any other assets subsequently delivered to it that are to be included in the Trust Fund, in trust for the exclusive use and benefit of all present and future Certificateholders and the RR Interest Owner and, if applicable, the Companion Holders pursuant to Section 2.01(f). With respect to each Serviced Whole Loan, the Custodian shall also hold the portion of such Mortgage File that relates to the Companion Loan in such Serviced Whole Loan in trust for the use and benefit of the related Companion Holder. In connection with the foregoing, the Custodian hereby certifies to each of the other parties hereto, each Mortgage Loan Seller, each Underwriter and each Initial Purchaser that, as to each Mortgage Loan, (i) all documents specified in clause (1) of the definition of “Mortgage File” are in its possession or the possession of the Custodian on its behalf, and (ii) the original Mortgage Note (or, if accompanied by a lost note affidavit, the copy of such Note) received by it or the Custodian with respect to such Mortgage Loan has been reviewed by it or by the Custodian on its behalf and (A) appears regular on its face (handwritten additions, changes or corrections shall not constitute irregularities if initialed by the Mortgagor), (B) appears to have been executed (where appropriate) and (C) purports to relate to such Mortgage Loan.

 

(b)        On or about the 60th day following the Closing Date (and, if any exceptions are noted, again on or about the 90th day following the Closing Date and monthly thereafter until the earliest of (i) the second anniversary of the Closing Date, (ii) the day on which all material exceptions have been removed and (iii) the day on which a Mortgage Loan Seller has repurchased or substituted for the last affected Mortgage Loan), the Custodian shall review the documents delivered to it with respect to each Mortgage Loan, and the Custodian shall, subject to Section 2.01(c), Section 2.02(c) and Section 2.02(d) of this Agreement and the terms of the related Mortgage Loan Purchase Agreement, certify in writing (substantially in the form of Exhibit Q to this Agreement) to each of the other parties hereto, each Mortgage Loan Seller, each Underwriter and each Initial Purchaser (and upon request, in the case of a Serviced Whole Loan, to the related Companion Holder) that, as to each Mortgage Loan then subject to this Agreement (except as specifically identified in any exception report annexed to such certification): (i) all documents specified in clauses (1), (2), (3), (4) (other than with respect to the Non-Serviced Mortgage Loans), (5), (7), (14) and (20) (for any Mortgage Loan that is part of a Whole Loan) of the definition of “Mortgage File” are in its possession or the applicable Mortgage Loan Seller has otherwise satisfied the delivery requirements in accordance with the related Mortgage Loan Purchase Agreement; (ii) the recordation/filing contemplated by Section 2.01(c) of this Agreement has been completed (based solely on receipt by the Custodian of the particular recorded/filed documents); (iii) all documents received by the Custodian with respect to such Mortgage Loan have been reviewed by the Custodian on its behalf and (A) appear regular on their face (handwritten additions, changes or corrections shall not constitute irregularities if initialed by the Mortgagor), (B) appear to have been executed (where appropriate) and (C) purport to relate to such Mortgage Loan; and (iv) based on the examinations referred to in Section 2.02(a) of this Agreement and this Section 2.02(b) and only as to the foregoing documents (together with any loan agreement that has been delivered by the related Mortgage Loan Seller), the information set forth in the Mortgage Loan Schedule with respect to the items specified in clauses (iv), (vi), and (viii)(c) of the definition of “Mortgage Loan Schedule” accurately reflects the information set forth in the Mortgage File. With respect

 

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to the items listed in clauses (2), (3), (4) and (6) of the definition of “Mortgage File” if the original of such document is not in the Custodian’s possession because it has not been returned from the applicable recording office, then the Custodian’s certification prepared pursuant to this Section 2.02(b) should indicate the absence of such original. If the Custodian’s obligation to deliver the certifications contemplated in this subsection terminates because two years have elapsed since the Closing Date, the Custodian shall deliver a comparable certification to any party hereto, the Companion Holder and any Underwriter and any Initial Purchaser on request.

 

(c)        It is acknowledged that none of the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator or the Custodian is under any duty or obligation to inspect, review or examine any of the documents, instruments, certificates or other papers relating to the Mortgage Loans delivered to it to determine that the same are valid, legal, effective, genuine, binding, enforceable, sufficient or appropriate for the represented purpose or that they are other than what they purport to be on their face. Furthermore, none of the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator or the Custodian shall have any responsibility for determining whether the text of any assignment or endorsement is in proper or recordable form, whether the requisite recording of any document is in accordance with the requirements of any applicable jurisdiction, or whether a blanket assignment is permitted in any applicable jurisdiction.

 

(d)        It is understood that the scope of the Custodian’s review of the Mortgage Files is limited solely to confirming that the documents specified in clauses (1), (2), (3), (4) (other than with respect to the Non-Serviced Mortgage Loans), (5), (7), (14) and (20) (for any Mortgage Loan that is part of a Whole Loan) of the definition of “Mortgage File” have been received, appear regular on their face and such additional information as will be necessary for delivering the certifications required by Sections 2.02(a) and 2.02(b) of this Agreement.

 

(e)        If, after the Closing Date, the Depositor comes into possession of any documents or records that constitute part of the Mortgage File or Servicing File for any Mortgage Loan, the Depositor shall promptly deliver such document to the Custodian with a copy to the Master Servicer (if it constitutes part of the Servicing File).

 

Section 2.03    
Representations, Warranties and Covenants of the Depositor; Mortgage Loan Sellers’ Repurchase or Substitution of Mortgage
Loans for Defects in Mortgage Files and Breaches of Representations and Warranties.  (a) The Depositor hereby represents
and warrants that:

 

(i)       The Depositor is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware, and is duly qualified as a foreign corporation in good standing in all jurisdictions in which the ownership or lease of its property or the conduct of its business requires such qualification (except where the failure to qualify would not have a materially adverse effect on the consummation of any transactions contemplated by this Agreement); the Depositor has taken all necessary corporate action to authorize the execution, delivery and performance of this Agreement by it, and has the power and authority to execute, deliver and perform this Agreement and all the transactions contemplated hereby, including, but not limited to, the power and authority to sell, assign and transfer the Mortgage Loans in accordance with this

 

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Agreement; the Depositor has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered this Agreement;

 

(ii)      Assuming the due authorization, execution and delivery of this Agreement by each other party hereto, this Agreement and all of the obligations of the Depositor hereunder are the legal, valid and binding obligations of the Depositor, enforceable against the Depositor in accordance with the terms of this Agreement, except as such enforcement may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally, and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and, as to any rights of indemnification hereunder, by considerations of public policy;

 

(iii)     Neither the execution and delivery by the Depositor of this Agreement nor the compliance by the Depositor with the provisions hereof, nor the consummation by the Depositor of the transactions contemplated by this Agreement, will (A) conflict with or result in a breach of, or constitute a default under, the certificate of incorporation or by-laws of the Depositor or, after giving effect to the consents or taking of the actions contemplated by clause (B) of this paragraph (iii), any of the provisions of any law, governmental rule, regulation, judgment, decree or order binding on the Depositor or its properties, or any of the provisions of any indenture or agreement or other instrument to which the Depositor is a party or by which it is bound or result in the creation or imposition of any lien, charge or encumbrance upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument or (B) require any consent of, notice to, or filing with any person, entity or governmental body, which has not been obtained or made by the Depositor, except where, in any of the instances contemplated by clause (A) above or this clause (B), the failure to do so will not have a material and adverse effect on the consummation of any transactions contemplated by this Agreement;

 

(iv)     There is no litigation, charge, investigation, action, suit or proceeding pending or, to the Depositor’s knowledge, threatened against the Depositor in any court or by or before any other governmental agency or instrumentality the outcome of which could be reasonably expected to materially and adversely affect the validity of the Mortgage Loans or the ability of the Depositor to carry out the transactions contemplated by this Agreement;

 

(v)      The Depositor is not transferring the Mortgage Loans to the Trustee with any intent to hinder, delay or defraud its present or future creditors;

 

(vi)     No proceedings looking toward merger, liquidation, dissolution or bankruptcy of the Depositor are pending or contemplated;

 

(vii)    Immediately prior to the transfer of the Mortgage Loans to the Trustee for the benefit of the Certificateholders and the RR Interest Owner pursuant to this Agreement, the Depositor had such right, title and interest in and to each Mortgage Loan as was transferred to it by each Mortgage Loan Seller pursuant to the related Mortgage Loan Purchase Agreement;

 

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(viii)          
The Depositor has not transferred any of its right, title and interest in and to the Mortgage Loans (as such was transferred
to it by each Mortgage Loan Seller pursuant to the related Mortgage Loan Purchase Agreement) to any Person other than the Trustee;
and

 

(ix)          
  The Depositor is transferring all of its right, title and interest in and to the Mortgage Loans (as such was
transferred to it by each Mortgage Loan Seller pursuant to the related Mortgage Loan Purchase Agreement) to the Trustee for
the benefit of the Certificateholders and the RR Interest Owner free and clear of any and all liens, pledges, charges,
security interests and other encumbrances created by or through the Depositor.

 

(b)              
If the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Operating
Advisor (solely in its capacity as operating advisor) discovers (without implying any duty of such Person to make, or to attempt
to make, such a discovery) or receives notice alleging (A) that any document required to be included by (or on behalf of) the related Mortgage
Loan Seller and constituting a part of a Mortgage File has not
been properly executed, is missing, contains information that does not conform in any material respect with the corresponding information
set forth in the Mortgage Loan Schedule, or does not appear to be regular on its face (each, a “Document Defect”)
or (B) a breach of any representation or warranty of a Mortgage Loan Seller made pursuant to Section 6(d) of the related
Mortgage Loan Purchase Agreement with respect to any Mortgage Loan (a “Breach”), then such Person shall give
prompt written notice thereof to the related Mortgage Loan Seller, the Directing Holder (prior to the occurrence and continuance
of a Consultation Termination Event), the other parties hereto, any related Companion Holder (if applicable) and, subject to Section
13.10 of this Agreement, each of the Rating Agencies (to the extent notice has not previously been delivered to such Persons
pursuant to this sentence). If any such Document Defect or Breach materially and adversely affects, or any such Document Defect
is deemed in accordance with Section 2.03(c) of this Agreement to materially and adversely affect, the value of the related
Mortgage Loan (or any related REO Property) or the interests of the Trustee or the Certificateholders and the RR Interest Owner
therein or causes any Mortgage Loan to fail to be a Qualified Mortgage, then such Document Defect shall constitute a “Material
Document Defect” or such Breach shall constitute a “Material Breach”; and a Material Breach and/or
a Material Document Defect, as the case may be, shall constitute a “Material Defect”, as the case may be. The
Master Servicer (with respect to Non-Specially Serviced Mortgage Loans) or the Special Servicer (with respect to Specially Serviced
Mortgage Loans) shall determine, with respect to any affected Mortgage Loan or REO Loan, whether a Document Defect or a Breach
is a Material Defect. The Master Servicer or the Special Servicer may (but will not be obligated to) consult with the Master Servicer
or the Special Servicer regarding any determination of a Material Defect for a Non-Specially Serviced Mortgage Loan. If such Document
Defect or Breach has been determined to be a Material Defect then the Master Servicer or the Special Servicer that made such determination
shall give prompt written notice thereof to the applicable Mortgage Loan Seller, the other parties hereto and (for so long as no
Consultation Termination Event is continuing) the Directing Holder. Promptly upon becoming aware of any Material Defect (including
through a written notice given by any party to this Agreement), the Master Servicer (if the related Mortgage Loan is a Non-Specially
Serviced Mortgage Loan) or Special Servicer (if the related Mortgage Loan is a Specially Serviced Mortgage Loan), as applicable,
shall require the related Mortgage Loan Seller, not later than ninety (90) days from the earlier of (a) the earlier of
such Mortgage Loan Seller’s

 

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discovery
or receipt of notice of, and receipt of a demand to take action with respect to, such Material Defect, or (b) in the case
of a Material Defect relating to a Mortgage Loan not being a Qualified Mortgage, any party’s discovery of such Material
Defect (such 90-day period, the “Initial Cure Period”), to (i) cure such Material Defect in all material
respects (which cure shall include payment of losses and any additional Trust Fund expenses associated therewith, including the
amount of any fees and reimbursable expenses of the Asset Representations Reviewer attributable to the Asset Review of such Mortgage
Loan) (ii) Repurchase the affected Mortgage Loan or REO Loan (or the Trust’s interest therein with respect to any Mortgage
Loan that is part of a Whole Loan) at the applicable Purchase Price by wire transfer of immediately available funds to the Collection
Account or (iii) substitute a Qualified Substitute Mortgage Loan (other than with respect to the related Whole Loans, for
which no substitution shall be permitted) for such affected Mortgage Loan (provided that in no event shall any such substitution
occur later than the second anniversary of the Closing Date) and pay the Master Servicer for deposit into the Collection Account,
any Substitution Shortfall Amount in connection therewith, all in conformity with the applicable Mortgage Loan Purchase Agreement
and this Agreement; provided, however, that if (i) such Material Defect is capable of being cured but not within
such Initial Cure Period, (ii) such Material Defect is not related to any Mortgage Loan’s not being a Qualified Mortgage
and (iii) the applicable Mortgage Loan Seller has commenced and is diligently proceeding with the cure of such Material Defect
within such Initial Cure Period, then such Mortgage Loan Seller shall have an additional ninety (90) days (such additional
ninety (90) day period, the “Extended Cure Period”) to complete such cure or, in the event of a failure to
so cure, to complete such Repurchase or substitution (it being understood and agreed that, in connection with such Mortgage Loan
Seller’s receiving such Extended Cure Period, such Mortgage Loan Seller shall deliver an Officer’s Certificate to
the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor and the Certificate Administrator setting forth
the reasons such Material Defect was not cured within the Initial Cure Period and what actions the related Mortgage Loan Seller
is pursuing in connection with the cure of such Material Defect and stating that such Mortgage Loan Seller anticipates that such
Material Defect will be cured within such Extended Cure Period); and provided, further, that, if any such Material
Defect is still not cured after the Initial Cure Period and any such Extended Cure Period solely due to the failure of the related
Mortgage Loan Seller to have received the recorded document, then such Mortgage Loan Seller shall be entitled to continue to defer
its cure, repurchase or substitution obligations in respect of such Document Defect so long as the related Mortgage Loan Seller
certifies to the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor and the Certificate Administrator every
thirty (30) days thereafter that the Document Defect is still in effect solely because of its failure to have received the
recorded document and that the related Mortgage Loan Seller is diligently pursuing the cure of such defect (specifying the actions
being taken), except that no such deferral of cure, repurchase or substitution may continue beyond the date that is eighteen (18)
months following the Closing Date. If the affected Mortgage Loan is to be repurchased, the Master Servicer shall designate the
Collection Account as the account to which funds in the amount of the Purchase Price are to be wired. If the affected Mortgage
Loan is to be substituted for, the Master Servicer shall designate the Collection Account as the account to which funds in the
amount of the Substitution Shortfall Amount are to be wired. Any such Repurchase or substitution of a Mortgage Loan shall be on
a whole loan, servicing released basis. Periodic Payments due with respect to each Qualified Substitute Mortgage Loan (if any)
after the related Due Date in the

 

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month of substitution, and Periodic Payments due with respect to each Mortgage Loan being repurchased
or replaced, and received by the Master Servicer or the Special Servicer on behalf of the Trust, after the related Cut-off Date
through, but not including, the related date of Repurchase or substitution, shall be part of the Trust Fund. Periodic Payments
due with respect to each Qualified Substitute Mortgage Loan (if any) on or prior to the related Due Date in the month of substitution,
and Periodic Payments due with respect to each Mortgage Loan being repurchased or replaced and received by the Master Servicer
or the Special Servicer on behalf of the Trust after the related date of Repurchase or substitution, shall not be part of the
Trust Fund and are to be remitted by the Master Servicer to the applicable Mortgage Loan Seller effecting the related Repurchase
or substitution within two (2) Business Days following receipt of properly identified and available funds constituting such Periodic
Payment. From and after the date of substitution, each Qualified Substitute Mortgage Loan, if any, that has been substituted shall
be deemed to constitute a “Mortgage Loan” hereunder for all purposes. Notwithstanding the foregoing, if a Mortgage
Loan is not secured by a Mortgaged Property that is, in whole or in part, a hotel, restaurant (operated by a Mortgagor), healthcare
facility, nursing home, assisted living facility, theatre or fitness center (operated by a Mortgagor), then the failure to deliver
to the Custodian copies of the UCC Financing Statements with respect to such Mortgage Loan shall not be a Material Defect.

 

If a Mortgage Loan Seller,
in connection with a Material Defect (or an allegation of a Material Defect) pertaining to a Mortgage Loan, makes a cash payment
pursuant to an agreement or a settlement between the applicable Mortgage Loan Seller and the Special Servicer on behalf of the
Trust (and, with respect to any Mortgage Loan other than an applicable Excluded Loan or a Servicing Shift Mortgage Loan, with the
consent of the Directing Holder if no Control Termination Event is continuing) (each such payment, a “Loss of Value Payment”)
with respect to such Mortgage Loan, the amount of such Loss of Value Payment shall be deposited into the Loss of Value Reserve
Fund to be applied in accordance with Section 3.05(f) of this Agreement. The Special Servicer shall determine the amount
of any applicable Loss of Value Payment (with the consent of the Directing Holder in respect of any Mortgage Loan that is not an
applicable Excluded Loan and for so long as no Control Termination Event is continuing) and, in the case of any Repurchase Request
with respect to Non-Specially Serviced Mortgage Loans prior to the occurrence of a Resolution Failure, shall communicate such amount
to the Master Servicer for its enforcement action with the applicable Mortgage Loan Seller. In connection with any such determination
with respect to any Non-Specially Serviced Mortgage Loan, the Master Servicer shall promptly provide the Special Servicer but in
any event within the time frame and in the manner provided in Section 3.19, with the Servicing File and all information,
documents and records (including records stored electronically on computer tapes, magnetic discs and the like) relating to such
Non-Specially Serviced Mortgage Loan and, if applicable, the related Serviced Companion Loan, either in the Master Servicer’s
possession or otherwise reasonably available to the Master Servicer without undue burden or expense, and reasonably requested by
the Special Servicer to the extent set forth in Section 3.19 in order to permit the Special Servicer to calculate the Loss
of Value Payment as set forth in this Section 2.03(b). The Loss of Value Payment shall include the portion of any Liquidation
Fees payable to the Special Servicer in respect of such Loss of Value Payment and the portion of fees and reimbursable expenses
of the Asset Representations Reviewer attributable to the Asset Review of such Mortgage Loan. If such Loss of Value Payment is
made, the Loss of Value Payment shall serve as the sole remedy available to the Certificateholders, the RR Interest Owner and the

 

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Trustee
on their behalf regarding any such Material Defect in lieu of any obligation of a Mortgage Loan Seller to otherwise cure such
Material Defect or repurchase or substitute for the affected Mortgage Loan based on such Material Defect under any circumstances.
This paragraph is intended to apply only to a mutual agreement or settlement between each Mortgage Loan Seller and the Master
Servicer (in the case of Non-Specially Serviced Mortgage Loans) or the Special Servicer (in the case of Specially Serviced Mortgage
Loans) on behalf of the Trust, provided that (i) prior to any such agreement or settlement nothing in this paragraph shall
preclude a Mortgage Loan Seller, the Master Servicer or the Special Servicer, from exercising any of its rights related to a Material
Defect in the manner and timing set forth in the related Mortgage Loan Purchase Agreement or this Section 2.03 (excluding
this paragraph) (including any right to cure, repurchase or substitute for such Mortgage Loan), (ii) such Loss of Value Payment
shall not be greater than the Purchase Price of the affected Mortgage Loan; and (iii) a Material Defect as a result of a Mortgage
Loan not constituting a Qualified Mortgage may not be cured by a Loss of Value Payment.

 

The cure, repurchase
and substitution obligations or the obligation to pay the Loss of Value Payment described herein will constitute the sole remedy
available to the Certificateholders and the RR Interest Owner in connection with a Material Breach of any representation or warranty
or a Material Document Defect with respect to any Mortgage Loan. None of the Depositor, the Underwriters, the Master Servicer,
the Special Servicer the Trustee, the Certificate Administrator or any other person will be obligated to repurchase or replace
any affected Mortgage Loan or make a Loss of Value Payment in connection with a Breach of any of the representations and warranties
or a Document Defect if a Mortgage Loan Seller defaults on its obligations to do so.

 

If the Special Servicer
or the Depositor receives (i) a Repurchase Communication of a request or demand for repurchase or replacement of any Mortgage
Loan alleging a Document Defect or Breach (any such request or demand, a “15Ga-1 Repurchase Request”) or (ii) a
Repurchase Communication of a withdrawal of a 15Ga-1 Repurchase Request of which notice has been previously received or given and
which withdrawal is by the Person making such Repurchase Request (a “Repurchase Request Withdrawal”), such party
shall give written notice of such Repurchase Request Withdrawal to the related Mortgage Loan Seller, the other parties hereto,
the Directing Holder (prior to the occurrence and continuance of a Consultation Termination Event), any Companion Holder (if applicable)
and, subject to Section 13.10 of this Agreement, each of the Rating Agencies (to the extent notice has not previously been
delivered to such Persons pursuant to this sentence). If the Special Servicer receives a Repurchase Communication that any Mortgage
Loan that was subject of a 15Ga-1 Repurchase Request has been repurchased or replaced (a “Repurchase”), or that
such 15Ga-1 Repurchase Request has been rejected (a “Repurchase Request Rejection”), then the Special Servicer
shall (in accordance with the following paragraph) give written notice of such Repurchase or Repurchase Request Rejection to the
Depositor, the applicable Mortgage Loan Seller unless it is the entity that has repurchased or replaced the subject Mortgage Loan
or rejected such 15Ga-1 Repurchase Request, and unless it is the party that notified the Special Servicer thereof, the Certificate
Administrator and the Trustee.

 

Each notice of a 15Ga-1
Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection required to be given by a party pursuant
to this

 

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Section
2.03(b) (each, a “15Ga-1 Notice”) shall be given no later than ten (10) Business Days after receipt
of a Repurchase Communication of such 15Ga-1 Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request
Rejection, as applicable, and shall include (i) the identity of the related Mortgage Loan, (ii) the date that the Repurchase
Communication regarding the 15Ga-1 Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection
was received, as applicable, (iii) if known, the basis for the 15Ga-1 Repurchase Request (as asserted in the 15Ga-1 Repurchase
Request) and (iv) in the case of 15Ga-1 Notices provided by the Special Servicer with respect to a 15Ga-1 Repurchase Request,
a statement as to whether the Special Servicer currently plans to pursue such 15Ga-1 Repurchase Request.

 

If the Trustee, the Certificate
Administrator, the Master Servicer, the Operating Advisor, the Asset Representations Reviewer or the Custodian receives a Repurchase
Communication of a 15Ga-1 Repurchase Request, a Repurchase Request Withdrawal, a Repurchase or a Repurchase Request Rejection,
then such party shall promptly forward such Repurchase Communication of such 15Ga-1 Repurchase Request, Repurchase Request Withdrawal,
Repurchase or Repurchase Request Rejection to the Special Servicer (with respect to any Mortgage Loan or REO Loan) and, prior to
the occurrence and continuance of a Consultation Termination Event, the Directing Holder, and include the following statement in
the related correspondence: “This is a Repurchase Communication regarding [a “15Ga-1 Repurchase Request”] [a
“Repurchase Request Withdrawal”] [a “Repurchase”] [a “Repurchase Request Rejection”] under
Section 2.03(b) of the Pooling and Servicing Agreement relating to the GS Mortgage Securities Trust 2020-GC47 Commercial Mortgage
Pass-Through Certificates, Series 2020-GC47, requiring action by you as the recipient of such [15Ga-1 Repurchase Request]
[Repurchase Request Withdrawal] [Repurchase] [Repurchase Request Rejection] thereunder”. Upon receipt of any Repurchase Communication
of a 15Ga-1 Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection by the Special Servicer
pursuant to the foregoing provisions of this paragraph, the Special Servicer shall be deemed to be the recipient of such Repurchase
Communication of such 15Ga-1 Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection, and
the Special Servicer shall comply with the notice procedures set forth in the preceding paragraphs of this Section 2.03(b)
with respect to such Repurchase Communication of such 15Ga-1 Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase
Request Rejection.

 

No Person that is required
to provide a 15Ga-1 Notice pursuant to this Section 2.03(b) (a “15Ga-1 Notice Provider”) shall be required
to provide any information in a 15Ga-1 Notice protected by the attorney-client privilege or attorney work product doctrines. Each
Mortgage Loan Purchase Agreement will provide that (i) any 15Ga-1 Notice provided pursuant to this Section 2.03(b)
is so provided only to assist the applicable Mortgage Loan Seller, the Depositor and their respective Affiliates to comply with
Rule 15Ga-1, Items 1104 and 1121 of Regulation AB and any other requirement of law or regulation and (ii)(A) no action
taken by, or inaction of, a 15Ga-1 Notice Provider and (B) no information provided pursuant to this Section 2.03(b)
by a 15Ga-1 Notice Provider in a 15Ga-1 Notice shall be deemed to constitute a waiver or defense to the exercise of any legal right
the 15Ga-1 Notice Provider may have with respect to any Mortgage Loan Purchase Agreement, including with respect to any 15Ga-1
Repurchase Request that is the subject of a 15Ga-1 Notice.

 

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On or before the Closing
Date, the Depositor shall deliver to the Master Servicer a copy of each Mortgage Loan Purchase Agreement, which the Master Servicer
shall provide to each Sub-Servicer.

 

Contemporaneously with
its execution of this Agreement, the Depositor shall cause each Mortgage Loan Seller to deliver one (1) PDF and ten (10) originals
of a power of attorney substantially in the form of Exhibit F to the applicable Mortgage Loan Purchase Agreement to
the Master Servicer and the Special Servicer, that permits such parties to take such other action as is necessary to effect the
delivery, assignment and/or recordation of any documents and/or instruments relating to any Mortgage Loan which have not been delivered,
assigned or recorded at the time required for enforcement by the Trust Fund. Pursuant to each Mortgage Loan Purchase Agreement,
the related Mortgage Loan Seller will be required to effect (at such Mortgage Loan Seller’s expense) the assignment and recordation
of its respective Mortgage Loan documents until the assignment and recordation of all such Mortgage Loan documents has been completed.

 

With respect to each
Non-Serviced Mortgage Loan, the parties to this Agreement agree that if a “material document defect” exists with respect
to a Non-Serviced Companion Loan under the Other Pooling and Servicing Agreement and a Mortgage Loan Seller (or other responsible
repurchasing entity) repurchases the related Companion Loan pursuant to the Other Pooling and Servicing Agreement, such Mortgage
Loan Seller shall also Repurchase such Non-Serviced Mortgage Loan; provided, however, that such repurchase obligation
does not apply to any “material document defect” related solely to the promissory note for such Companion Loan.

 

(c)              
Subject to the applicable Mortgage Loan Seller’s right to cure as contemplated in this Section 2.03, and further
subject to Section 2.01(b) and Section 2.01(c) of this Agreement, failure of such Mortgage Loan Seller to deliver
the documents referred to in clauses (1), (2), (7), (8), (18) and (19) in the definition
of “Mortgage File” in accordance with this Agreement and the related Mortgage Loan Purchase Agreement for any Mortgage
Loan shall be deemed a Material Document Defect; provided, however, that no Document Defect (except a deemed Material
Document Defect described above) shall be considered to be a Material Document Defect unless the document with respect to which
the Document Defect exists is required in connection with an imminent enforcement of the lender’s rights or remedies under
the related Mortgage Loan, defending any claim asserted by any Mortgagor or third party with respect to the Mortgage Loan, establishing
the validity or priority of any lien on any collateral securing the Mortgage or for any immediate significant servicing obligation.

 

(d)              
In connection with any Repurchase of, or substitution of a Qualified Substitute Mortgage Loan for, a Mortgage Loan pursuant
to this Section 2.03, the Trustee, the Certificate Administrator, the Custodian, the Master Servicer and the Special Servicer
shall each tender to the applicable Mortgage Loan Seller, upon delivery to each of them of a receipt executed by such Mortgage
Loan Seller evidencing such Repurchase or substitution, all portions of the Mortgage File and other documents (including, without
limitation, the Servicing File), and all escrows and reserve funds, pertaining to such Mortgage Loan possessed by it, and each
document that constitutes a part of the Mortgage File shall be endorsed or assigned to the extent necessary or appropriate to
the applicable Mortgage Loan Seller or its designee in the same manner, but only if the respective documents have been previously
assigned or endorsed to the

 

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Trustee,
and pursuant to appropriate forms of assignment, substantially similar to the manner and forms pursuant to which such documents
were previously assigned to the Trustee on behalf of the Trust or as otherwise reasonably requested to effect the retransfer and
reconveyance of the Mortgage Loan and the security thereof to the related Mortgage Loan Seller or its designee; provided
that such tender by the Trustee and the Custodian shall be conditioned upon its receipt (and such receipt shall be deemed to be
the Master Servicer’s direction to the Trustee and the Custodian to) from the Master Servicer of a Request for Release and
an Officer’s Certificate to the effect that the requirements for repurchase or substitution have been satisfied. The Master
Servicer shall, and is hereby authorized and empowered by the Trustee to, prepare, execute and deliver in its own name, on behalf
of the Certificateholders, the RR Interest Owner and the Trustee or any of them, the endorsements and assignments contemplated
by this Section 2.03(d), and such other instruments as may be necessary or appropriate to transfer title to an REO Property
(including with respect to the Non-Serviced Mortgage Loans) in connection with the Repurchase of, or substitution for, an REO
Loan and the Trustee shall execute and deliver any powers of attorney necessary to permit the Master Servicer to do so; provided,
however, that the Trustee shall not be held liable for any misuse of any such power of attorney by the Master Servicer
or any of its agents or Subcontractors. The parties to this Agreement acknowledge that each Mortgage Loan Purchase Agreement provides
that in the event a Qualified Substitute Mortgage Loan is substituted for a Mortgage Loan by the related Mortgage Loan Seller
as contemplated by this Section 2.03, such Mortgage Loan Seller will be required to deliver to the Custodian the Mortgage
File and to the Master Servicer all Escrow Payments and reserve funds pertaining to such Qualified Substitute Mortgage Loan possessed
by it and a certification to the effect that such Qualified Substitute Mortgage Loan satisfies all of the requirements of the
definition of “Qualified Substitute Mortgage Loan” in this Agreement.

 

(e)              
Each Mortgage Loan Purchase Agreement provides the sole remedies available to the Certificateholders, the RR Interest Owner,
or the Certificate Administrator or the Trustee on behalf of the Certificateholders, respecting any Document Defect or Breach with
respect to any Mortgage Loan.

 

(f)               
If (i) any Crossed Underlying Loan is required to be repurchased or substituted for in the manner described in this
Section 2.03 and (ii) the applicable Material Defect does not constitute a Material Defect, as to any other Crossed
Underlying Loan in the related Crossed Mortgage Loan Group (without regard to this paragraph), then the applicable Material Defect
shall be deemed to constitute a Material Defect or Breach as to any other Crossed Underlying Loan in the related Crossed Mortgage
Loan Group for purposes of this paragraph, and the related Mortgage Loan Seller will be required to repurchase or substitute for
such other Crossed Underlying Loan(s) in the related Crossed Mortgage Loan Group as provided in Section 2.03(b) unless such
other Crossed Underlying Loans satisfy the Crossed Underlying Loan Repurchase Criteria. In the event that the remaining Crossed
Underlying Loans in such Crossed Mortgage Loan Group satisfy the aforementioned criteria, the applicable Mortgage Loan Seller may
elect either to repurchase or substitute for only the affected Crossed Underlying Loan(s) as to which the related Material Defect
exists or to repurchase or substitute for all of the Crossed Underlying Loans in the related Crossed Mortgage Loan Group. Any reserve
or other cash collateral or letters of credit securing the Crossed Underlying Loans shall be allocated among the related Crossed
Underlying Loans in accordance with the related Mortgage Loan documents or otherwise on a pro rata basis based upon their
outstanding Stated

 

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Principal
Balances. Except as provided in this Section 2.03(f) and Section 2.03(g), all other terms of the related Mortgage
Loans shall remain in full force and effect without any modification thereof.

 

(g)              
Notwithstanding the foregoing, if the related Mortgage provides for the partial release of one or more of the Crossed Underlying
Loans, the Depositor may cause the related Mortgage Loan Seller to repurchase only that Crossed Underlying Loan required to be
repurchased pursuant to this Section 2.03, pursuant to the partial release provisions of the related Mortgage; provided,
however, that (i) the remaining related Crossed Underlying Loan(s) fully comply with the terms and conditions of the
related Mortgage, this Agreement and the related Mortgage Loan Purchase Agreement, including the Crossed Underlying Loan Repurchase
Criteria, (ii) in connection with such partial release, the related Mortgage Loan Seller obtains an Opinion of Counsel (at
such Mortgage Loan Seller’s expense) to the effect that the contemplated action will not cause an Adverse REMIC Event under
the relevant provisions of the Code or the imposition of tax on any of such REMICs or the Trust and (iii) in connection with
such partial release, the related Mortgage Loan Seller delivers or causes to be delivered to the Custodian original modifications
to the Mortgage prepared and executed in connection with such partial release.

 

(h)              
With respect to any Crossed Underlying Loan, to the extent that the applicable Mortgage Loan Seller is required to repurchase
or substitute for such Crossed Underlying Loan in the manner prescribed in Section 2.03(b) while the Trustee continues to
hold any other Crossed Underlying Loans in the related Crossed Mortgage Loan Group, the applicable Mortgage Loan Seller and the
Master Servicer or, with respect to a Specially Serviced Mortgage Loan, the Special Servicer, on behalf of the Trustee, as assignee
of the Depositor, shall, as set forth in the applicable Mortgage Loan Purchase Agreement, forbear from enforcing any remedies against
the other’s Primary Collateral but each will be permitted to exercise remedies against the Primary Collateral securing its
respective related Mortgage Loans, including with respect to the Trustee, the Primary Collateral securing the Mortgage Loans still
held by the Trustee, so long as such exercise does not materially impair the ability of the other party to exercise its remedies
against its Primary Collateral. If the exercise of the remedies by one party would materially impair the ability of the other party
to exercise its remedies with respect to the Primary Collateral securing the Crossed Underlying Loans held by such party, then
both parties have agreed in the applicable Mortgage Loan Purchase Agreement to forbear from exercising such remedies until the
related Mortgage Loan documents evidencing and securing the relevant Mortgage Loan can be modified in a manner that complies with
the related Mortgage Loan Purchase Agreement to remove the threat of material impairment as a result of the exercise of remedies.

 

(i)                
(i) In the event an Initial Requesting Holder delivers a written request to the Depositor, the Master Servicer, the
Special Servicer, the Trustee, the Certificate Administrator, the Certificate Registrar, the Operating Advisor (solely in its capacity
as the Operating Advisor) or the Custodian that a Mortgage Loan be repurchased by a Mortgage Loan Seller alleging the existence
of a Material Defect with respect to such Mortgage Loan and setting forth the basis for such allegation (an “Owner Repurchase
Request”), such party shall promptly forward that Owner Repurchase Request to the Master Servicer and the Special Servicer.
The Enforcing Servicer, shall then promptly forward that Owner Repurchase Request

 

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to
the related Mortgage Loan Seller and each other party to this Agreement and take the actions required under Section 2.03(j).
Subject to Section 2.03(j), the Enforcing Servicer shall be the Enforcing Party with respect to the Owner Repurchase Request.
If a Resolution Failure occurs with respect to the Owner Repurchase Request, the provisions described in Section 2.03(j)(i)
shall apply.

 

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

 

(iii)             
In the event the Repurchase Request is not Resolved within one hundred eighty (180) days after the applicable Mortgage Loan
Seller receives the Repurchase Request (a “Resolution Failure”), the provisions described in Section 2.03(j)
shall apply. Receipt of the Repurchase Request shall be deemed to occur two (2) Business Days after the Repurchase Request
is sent to the related Mortgage Loan Seller.

 

(iv)             
Within two (2) Business Days after a Resolution Failure occurs with respect to a Repurchase Request made by any Person other
than the Special Servicer, the Controlling Class Representative or a Controlling Class Certificateholder relating to a Non-Specially
Serviced Mortgage Loan, the Master Servicer shall send a written notice (a “Master Servicer Proposed Course of Action
Notice”) to the Special Servicer, indicating the Master Servicer’s analysis and recommended course of action with
respect to such Repurchase Request. The Master Servicer shall also deliver to the Special Servicer the Servicing File and all information,
documents and records (including records stored electronically on computer tapes, magnetic discs and the like) relating to such
Non-Specially Serviced Mortgage Loan and, if applicable, the related Serviced Companion Loan, either in the Master Servicer’s
possession or otherwise reasonably available to the Master Servicer without undue burden or expense, and reasonably requested by
the Special Servicer to enable it to assume its duties hereunder to the extent set forth in this Agreement for such Non-Specially
Serviced Mortgage Loan. Upon receipt of such Master Servicer Proposed Course of Action Notice and such Servicing File, information,
documents and records, the Special Servicer shall become the Enforcing Servicer with respect to such Repurchase Request.

 

(j)               
(i) After a Resolution Failure occurs with respect to a Repurchase Request regarding a Mortgage Loan (whether the Repurchase
Request was initiated by an Initial Requesting Holder or by a party to this Agreement), the Enforcing Servicer shall send a notice
(a “Proposed Course of Action Notice”) to the Initial Requesting Holder, if any, at the address

 

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specified
in the Initial Requesting Holder’s Repurchase Request, and to the Certificate Administrator. The Certificate Administrator
shall make the Proposed Course of Action Notice available to all other Certificateholders and Certificate Owners and the RR Interest
Owner, by posting such notice on the Certificate Administrator’s Website, indicating the Enforcing Servicer’s intended
course of action with respect to the Repurchase Request (the “Proposed Course of Action”). If the Master Servicer
is the Enforcing Servicer, the Master Servicer may (but shall not be obligated to) consult with the Special Servicer and (for
so long as no Consultation Termination Event has occurred) the Directing Holder regarding any Proposed Course of Action. The Proposed
Course of Action Notice shall include (a) a request to the Certificateholders to indicate their agreement with or dissent from
such Proposed Course of Action by clearly marking “agree” or “disagree” to the Proposed Course of Action
on such notice within thirty (30) days after the date of such notice and a disclaimer that responses received after such thirty
(30) day period will not be taken into consideration, (b) a statement that if any Certificateholder disagrees with the Proposed
Course of Action, the Enforcing Servicer (either as the Enforcing Party or as the Enforcing Servicer in circumstances where a
Certificateholder is acting as the Enforcing Party) shall be compelled to follow (either as the Enforcing Party or as the Enforcing
Servicer in circumstances where a Certificateholder is acting as the Enforcing Party) the course of action agreed to and/or proposed
by the majority, by Certificate Balance, of the responding Certificateholders that involves referring the matter to mediation
or arbitration, as the case may be, in accordance with the procedures described below relating to the delivery of the Preliminary
Dispute Resolution Election Notices and Final Dispute Resolution Election Notices, (c) a statement that responding Certificateholders
will be required to certify their holdings in connection with such response, (d) a statement that only responses clearly marked
“agree” or “disagree” with such Proposed Course of Action will be taken into consideration and (e) instructions
for responding Certificateholders to send their responses to the Enforcing Servicer and the Certificate Administrator. Within
three (3) Business Days after the expiration of the thirty (30) day response period, the Certificate Administrator shall
tabulate the responses received from the Certificateholders and share the results with the Enforcing Servicer. The Certificate
Administrator shall only count responses timely received that clearly indicate agreement or dissent with the related Proposed
Course of Action and additional verbiage or qualifying language shall not be taken into consideration for purposes of determining
whether the applicable Certificateholder agrees or disagrees with the Proposed Course of Action. The Certificate Administrator
shall be under no obligation to answer any questions from Certificateholders regarding such Proposed Course of Action. For the
avoidance of doubt, the Certificate Administrator’s obligations in connection with this Section 2.03(j) shall be
limited solely to tabulating Certificateholder responses of “agree” or “disagree” to the Proposed Course
of Action, and such obligation shall not be construed to impose any enforcement obligation on the Certificate Administrator. The
Enforcing Servicer may conclusively rely (without investigation) on the Certificate Administrator’s tabulation of the majority,
by Certificate Balance, of the responding Certificateholders. If (a) the Enforcing Servicer’s intended course of action
with respect to the Repurchase Request does not involve pursuing further action to exercise rights against the applicable Mortgage
Loan Seller with respect to the Repurchase Request and the Initial Requesting Holder, if any, or any other Certificateholder or
Certificate Owner wishes to exercise its right to refer the matter to mediation (including nonbinding arbitration) or arbitration,
or (b) the Enforcing Servicer’s intended course of action is to pursue further action to exercise rights against the
applicable

 

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Mortgage Loan Seller with respect to the Repurchase Request but the Initial Requesting Holder, if any, or any other
Certificateholder or Certificate Owner does not agree with the dispute resolution method selected by the Enforcing Servicer, then
the Initial Requesting Holder, if any, or such other Certificateholder or Certificate Owner may deliver to the Enforcing Servicer
a written notice (a “Preliminary Dispute Resolution Election Notice”) within thirty (30) days after the date
the Proposed Course of Action Notice is posted on the Certificate Administrator’s Website (the “Dispute Resolution
Cut-off Date”) indicating its intent to exercise its right to refer the matter to either mediation (including nonbinding
arbitration) or arbitration. In the event that (a) the Enforcing Servicer’s initial Proposed Course of Action indicated
a recommendation to undertake mediation (including nonbinding arbitration) or arbitration, (b) any Certificateholder or Certificate
Owner delivers a Preliminary Dispute Resolution Election Notice and (c) the Enforcing Servicer also received responses from other
Certificateholders or Certificate Owners supporting the Enforcing Servicer’s initial Proposed Course of Action, such additional
responses from other Certificateholders and Certificate Owners shall also be considered Preliminary Dispute Resolution Election
Notices supporting such Proposed Course of Action for purposes of determining the course of action approved by the majority, by
Certificate Balance, of Certificateholders.

 

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

 

(iii)            
Promptly and in any event within ten (10) Business Days following receipt of a Preliminary Dispute Resolution Election Notice
from (a) the Initial Requesting Holder, if any, or (b) any other Certificateholder or Certificate Owner (other than the Class RR
Certificates) (each of clauses (a) or (b), a “Requesting Holder”), the Enforcing Servicer shall
consult with each Requesting Holder regarding such Requesting Holder’s intention to elect either mediation (including nonbinding
arbitration) or arbitration as the dispute resolution method with respect to the Repurchase Request (the “Dispute Resolution
Consultation”) so that such Requesting Holder may consider the views of the Enforcing Servicer as to the claims underlying
the Repurchase Request and possible dispute resolution methods, such discussions to occur and be completed no later than ten (10)
Business Days following the Dispute Resolution Cut-off Date. The Enforcing Servicer shall be entitled to establish procedures the
Enforcing Servicer deems in good faith to be in accordance with the Servicing Standard relating to the timing and extent of such
consultations. No later than five (5) Business Days after completion of the Dispute Resolution Consultation, a Requesting Holder
may provide a final notice to the Enforcing Servicer indicating its decision to exercise its right to refer the matter to either
mediation or arbitration (“Final Dispute Resolution Election Notice”).

 

(iv)            
If, following the Dispute Resolution Consultation, no Requesting Holder timely delivers a Final Dispute Resolution Election
Notice to the Enforcing Servicer, then

 

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the Enforcing Servicer will continue to act as the Enforcing Party and remain obligated
under this Agreement to determine a course of action, including but not limited to, enforcing the rights of the Trust with respect
to the Repurchase Request and no Certificateholder or Certificate Owner shall have any further right to elect to refer the matter
to mediation or arbitration.

 

(v)             
If a Requesting Holder timely delivers a Final Dispute Resolution Election Notice to the Enforcing Servicer, then such
Requesting Holder shall become the Enforcing Party and must promptly submit the matter to mediation (including nonbinding arbitration)
or arbitration. If there is more than one Requesting Holder that timely delivers a Final Dispute Resolution Election Notice, then
such Requesting Holders will collectively become the Enforcing Party, and the Holder or Holders of a majority of the Voting Rights
among such Requesting Holders will be entitled to make all decisions relating to such mediation or arbitration. If, however, no
Requesting Holder commences arbitration or mediation pursuant to the terms of this Agreement within thirty (30) days after delivery
of its Final Dispute Resolution Election Notice to the Enforcing Servicer, then (i) the rights of a Requesting Holder to
act as the Enforcing Party shall terminate and no Certificateholder or Certificate Owner shall have any further right to elect
to refer the matter to mediation or arbitration, (ii) if the Proposed Course of Action Notice indicated that the Enforcing
Servicer shall take no further action with respect to the Repurchase Request, then the related Material Defect shall be deemed
waived for all purposes under this Agreement and the related Mortgage Loan Purchase Agreement; provided, however,
that such Material Defect shall not be deemed waived with respect a Requesting Holder, any other Certificateholder, Certificate
Owner or the Enforcing Servicer to the extent there is a material change in the facts and circumstances known to such party at
the time when the Proposed Course of Action Notice is posted on the Certificate Administrator’s Website and (iii) if
the Proposed Course of Action Notice had indicated a course of action other than the course of action under clause (ii),
then the Enforcing Servicer shall again become the Enforcing Party and, as such, shall be the sole party obligated and entitled
to determine a course of action including, but not limited to, enforcing the Trust’s rights against the related Mortgage
Loan Seller.

 

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

 

(vii)            
In the event a Requesting Holder becomes the Enforcing Party, the Enforcing Servicer, on behalf of the Trust, shall remain
a party to any proceedings against the related Mortgage Loan Seller; provided that the degree and extent to which the Enforcing
Servicer actively prepares for and participates in such proceeding shall be determined by such Enforcing Servicer in consultation
with the Directing Holder, provided that a Consultation Termination Event has not occurred and is continuing and an applicable
Excluded Loan is not involved, and in accordance with the Servicing

 

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Standard. For the avoidance of doubt, none of the Depositor,
a Mortgage Loan Seller (with respect to the subject Mortgage Loan) or any of their respective Affiliates shall be entitled to be
an Initial Requesting Holder or a Requesting Holder, to act as a Certificateholder for purposes of delivering any Preliminary Dispute
Resolution Election Notice or Final Dispute Resolution Election Notice or otherwise to vote Certificates owned by it or such Affiliate(s)
with respect to the course of action proposed or undertaken pursuant to the procedures described in Section 2.03(i) and
Section 2.03(j).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(ii)              
The arbitrator shall be impartial, an attorney admitted to practice in the State of New York and have at least fifteen
(15) years of experience in commercial litigation, and either commercial real estate finance or commercial mortgage-backed securitization
matters or other complex commercial transactions and who will be appointed from a list of neutrals maintained by the Arbitration
Services Provider. Upon

 

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being supplied a list of at least ten potential arbitrators by the Arbitration Services Provider each party
will have the right to exercise two peremptory challenges within fourteen (14) days and to rank the remaining potential arbitrators
in order of preference. The Arbitration Services Provider will select the arbitrator from the remaining attorneys on the list respecting
the preference choices of the parties to the extent possible.

 

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

 

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

 

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

 

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

 

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the determination permitted under federal or state law, and may be enforced in any court of competent jurisdiction.

 

(vii)            
By selecting arbitration, the Enforcing Party is waiving its right to sue in court, including the right to a trial by jury.

 

(viii)           
No Person may bring a putative or certified class action to arbitration.

 

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

 

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

 

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

 

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

 

(iv)            
In the event a Requesting Holder is the Enforcing Party, the agreement with the arbitrator or mediator, as the case may
be, shall be required to contain an acknowledgment that the Trust, or the Enforcing Servicer on its behalf, shall be a party to
any arbitration or mediation proceedings solely for the purpose of being the beneficiary of any award in favor of the Enforcing
Party; provided that the degree and extent to which the Enforcing Servicer actively prepares for and participates in such
proceeding will be determined by such Enforcing Servicer in consultation with the Directing Holder,

 

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provided that a Consultation
Termination Event has not occurred and is continuing and an applicable Excluded Loan is not involved, and in accordance with the
Servicing Standard. All amounts recovered by the Enforcing Party shall be paid to the Trust, or the Enforcing Servicer on its behalf,
and deposited in the Collection Account. The agreement with the arbitrator or mediator, as the case may be, will provide that in
the event a Requesting Holder is allocated any related costs and expenses pursuant to the terms of the arbitrator’s decision
or the agreement reached in mediation, neither the Trust nor the Enforcing Servicer acting on its behalf shall be responsible for
any such costs and expenses allocated to the Requesting Holder.

 

(v)             
In the event a Requesting Holder is the Enforcing Party, the Requesting Holder to pay any expenses allocated to the Enforcing
Party in the arbitration proceedings or any expenses that the Enforcing Party agrees to bear in the mediation proceedings.

 

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

 

(vii)           
For the avoidance of doubt, in no event shall the exercise of any right of a Requesting Holder to refer a Repurchase Request
to mediation or arbitration or participation in such mediation or arbitration affect in any manner the ability of the Enforcing
Servicer to perform its obligations with respect to a Mortgage Loan or the exercise of any rights of a Directing Holder.

 

(viii)          
Any out-of-pocket expenses required to be borne by or allocated to the Enforcing Servicer in a mediation or arbitration
shall be reimbursable as Trust Fund expenses.

 

Section 2.04         
Execution of Certificates; Issuance of Lower-Tier Regular Interests. The Trustee hereby acknowledges the assignment
to it of the Mortgage Loans and, subject to Section 2.01 and 2.02, the delivery to the Custodian of the Mortgage
Files and a fully executed original counterpart of each Mortgage Loan Purchase Agreement, together with the assignment to it of
all of the other assets included in the Lower-Tier REMIC. Concurrently with such assignment and delivery, and in exchange for the
Mortgage Loans and the other assets comprising the Lower-Tier REMIC, receipt of which is hereby acknowledged, the Trustee (i) acknowledges
the issuance of the Lower-Tier Regular Interests and the Class LR Interest to the Depositor in exchange for the Mortgage Loans;
(ii) acknowledges the contribution by the Depositor of the Lower-Tier Regular Interests to the Upper-Tier REMIC; and (iii) immediately
thereafter, in exchange for the Lower-Tier Regular Interests, the Trustee acknowledges that it has caused the Certificate Administrator
to issue the Class UR Interest and the RR Interest and has

 

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caused
the Certificate Registrar to execute and caused the Authenticating Agent to authenticate and to deliver to or upon the order of
the Depositor, the Regular Certificates and the Class R Certificates, and the Depositor hereby acknowledges the receipt by it
or its designees, of such Certificates in authorized Denominations and the RR Interest evidencing the entire beneficial ownership
of the Upper-Tier REMIC (and in the case of the Class R Certificates, the Class LR Interest and the Class UR Interest).

 

Article
III

ADMINISTRATION AND

SERVICING OF THE TRUST FUND

 

Section 3.01         
The Master Servicer to Act as Master Servicer; Special Servicer to Act as Special Servicer; Administration of the Mortgage
Loans, the Serviced Companion Loans and REO Properties. (a)  Each of the Master Servicer and Special Servicer shall
diligently service and administer the applicable Mortgage Loans (other than any Non-Serviced Mortgage Loan), any related Serviced
Companion Loans and the applicable REO Properties (other than any REO Property related to a Non-Serviced Mortgage Loan) it is obligated
to service in accordance with applicable law, this Agreement, the Mortgage Loan documents and the related Co-Lender Agreements
on behalf of the Trust and in the best interests of and for the benefit of the Certificateholders and the RR Interest Owner and,
in the case of the Serviced Companion Loans, the Companion Holders and the Trustee (as holder of the Lower-Tier Regular Interests),
as a collective whole, taking into account the subordinate or pari passu nature of such Companion Loans (as determined by
the Master Servicer or the Special Servicer, as the case may be, in its reasonable judgment), in accordance with applicable law,
the terms of this Agreement (and, with respect to each Serviced Whole Loan or any Mortgage Loan with related mezzanine debt, the
related Co-Lender Agreement) and the terms of the respective Mortgage Loans and, if applicable, the related Companion Loan, taking
into account the subordinate or pari passu nature of the Companion Loan. With respect to each Serviced Whole Loan, in the
event of a conflict between this Agreement and the related Co-Lender Agreement, the related Co-Lender Agreement shall control;
provided that in no event shall the Master Servicer or the Special Servicer, as the case may be, take any action or omit
to take any action in accordance with the terms of any Co-Lender Agreement that would cause the Master Servicer or the Special
Servicer, as the case may be, to violate the Servicing Standard or the REMIC Provisions. The Special Servicer shall be the Special
Servicer with respect to all the Mortgage Loans, any Serviced Companion Loan and other related assets in the Trust and, as such,
shall service and administer such Mortgage Loans, any Serviced Companion Loan and such other assets as shall be required of the
Special Servicer hereunder and under any related Co-Lender Agreement. For purposes of this Agreement and any references to the
duties and obligations of the Special Servicer, any references to Mortgage Loans in the context of such duties and/or obligations
shall be deemed to refer solely to the Mortgage Loans serviced by the Special Servicer and no other Mortgage Loan, Serviced Companion
Loan or other related asset in the Trust serviced hereunder, unless specifically indicated otherwise. To the extent consistent
with the foregoing, the Master Servicer and the Special Servicer shall service the Mortgage Loans (other than any Non-Serviced
Mortgage Loan) and the Serviced Companion Loans in accordance with the higher of the following standards of care: (1) in the
same manner in which, and with the same care, skill,

 

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prudence
and diligence with which the Master Servicer or the Special Servicer, as the case may be, services and administers similar mortgage
loans for other third party portfolios and (2) the same care, skill, prudence and diligence with which the Master Servicer
or the Special Servicer, as the case may be, services and administers similar mortgage loans owned by the Master Servicer or the
Special Servicer, as the case may be, with a view to the (A) the timely recovery of all payments or principal and interest under
the Mortgage Loans or Serviced Whole Loans or (B) in the case of a Specially Serviced Mortgage Loan or an REO Property, maximization
of timely recovery of principal and interest on a net present value basis on such Mortgage Loans and any related Serviced Companion
Loans, and the best interests of the Trust and the Certificateholders and the RR Interest Owner (as a collective whole as if such
Certificateholders and the RR Interest Owner constituted a single lender) (and in the case of any Whole Loan, the best interests
of the Trust, the Certificateholders, the RR Interest Owner and any related Companion Holder (as a collective whole as if such
Certificateholders, the RR Interest Owner and the holder or holders of the related Companion Loan constituted a single lender),
taking into account the subordinate or pari passu nature of the related Companion Loan), as determined by the Master Servicer
or the Special Servicer, as the case may be, in its reasonable judgment, in either case giving due consideration to the customary
and usual standards of practice of prudent, institutional commercial and multifamily mortgage loan servicers, but without regard
to any conflict of interest arising from: (i) any relationship that the Master Servicer, the Special Servicer, as the case
may be, or any Affiliate of the Master Servicer or the Special Servicer, as the case may be, may have with any Mortgagor or any
Affiliate of such Mortgagor, any Mortgage Loan Seller, the originators or any other parties to this Agreement or any Affiliate
of the foregoing; (ii) the ownership of any Certificate (or any interest in any Companion Loan, mezzanine loan, or subordinate
debt relating to a Mortgage Loan) by the Master Servicer, the Special Servicer or any Affiliate of the Master Servicer or the
Special Servicer, as applicable; (iii) the obligation, if any, of the Master Servicer to make Advances; (iv) the right
of the Master Servicer or the Special Servicer, as the case may be, or any of its Affiliates to receive compensation for its services
and reimbursement for its costs hereunder or with respect to any particular transaction; (v) the ownership, servicing or
management for others of (a) a Non-Serviced Mortgage Loan and any related Non-Serviced Companion Loan or (b) any other
mortgage loans, subordinate debt, mezzanine loans or properties not covered by this Agreement or held by the Trust by the Master
Servicer or the Special Servicer, as the case may be, or any of its Affiliates; (vi) any debt that the Master Servicer or
the Special Servicer, as the case may be, or any of its Affiliates, has extended to any Mortgagor or an Affiliate of any Mortgagor
(including, without limitation, any mezzanine financing); (vii) any option to purchase any Mortgage Loan or any related Companion
Loan the Master Servicer or the Special Servicer, as the case may be, or any of its Affiliates, may have; and (viii) any
obligation of the Master Servicer or the Special Servicer, or any of their respective Affiliates, to repurchase or substitute
for a Mortgage Loan as a Mortgage Loan Seller (if the Master Servicer or the Special Servicer or any of their respective Affiliates
is a Mortgage Loan Seller) (the foregoing, collectively referred to as the “Servicing Standard”).

 

The Master Servicer and
the Special Servicer shall act in accordance with the Servicing Standard with respect to any action required to be taken regarding
the Non-Serviced Mortgage Loans pursuant to their obligations under this Agreement.

 

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Without limiting the
foregoing, subject to Section 3.19, the Special Servicer shall be obligated to service and administer (i) any Mortgage Loans
(other than the Non-Serviced Mortgage Loans) and any related Serviced Companion Loans as to which a Servicing Transfer Event is
continuing (each, a “Specially Serviced Mortgage Loan”) or as otherwise provided herein with respect to Non-Specially
Serviced Mortgage Loans in connection with any Special Servicer Major Decision or Special Servicer Non-Major Decision and (ii)
any REO Properties (other than the Non-Serviced Mortgaged Properties); provided that the Master Servicer shall continue
to receive payments and make all calculations, and prepare, or cause to be prepared, all reports, required hereunder with respect
to the Specially Serviced Mortgage Loans, except for the reports specified herein as prepared by the Special Servicer, as if no
Servicing Transfer Event had occurred and with respect to the REO Properties (and the related REO Loans) as if no REO Acquisition
had occurred, and to render such services with respect to such Specially Serviced Mortgage Loans and REO Properties as are specifically
provided for herein; provided, further, however, that the Master Servicer shall not be liable for failure
to comply with such duties insofar as such failure results from a failure of the Special Servicer to provide sufficient information
to the Master Servicer to comply with such duties or failure by the Special Servicer to otherwise comply with its obligations hereunder.
The Master Servicer, in its capacity as Master Servicer, will not have any responsibility for the performance by the Special Servicer,
in its capacity as a Special Servicer, of its duties under this Agreement. The Special Servicer, in its capacity as a Special Servicer,
will not have any responsibility for the performance by the Master Servicer, in its capacity as Master Servicer, of its duties
under this Agreement. Each Mortgage Loan or any related Serviced Companion Loan that becomes a Specially Serviced Mortgage Loan
shall continue as such until satisfaction of the conditions specified in Section 3.19(a). Without limiting the foregoing,
subject to (i) the processing of any Special Servicer Major Decision or Special Servicer Non-Major Decision by the Special Servicer
in accordance with the terms of this Agreement and (ii) Section 3.19, the Master Servicer shall be obligated to service
and administer any Non-Specially Serviced Mortgage Loan or any related Serviced Companion Loan. The Special Servicer shall make
the property inspections, use its reasonable efforts to collect the financial statements, budgets, operating statements and rent
rolls and forward to the Master Servicer the reports in respect of the related Mortgaged Properties with respect to Specially Serviced
Mortgage Loans in accordance with Section 3.12. After notification to the Master Servicer, the Special Servicer may contact
the Mortgagor of any Non-Specially Serviced Mortgage Loan if efforts by the Master Servicer to collect required financial information
have been unsuccessful or any other issues remain unresolved. Such contact shall be coordinated through and with the cooperation
of the Master Servicer. No provision herein contained shall be construed as an express or implied guarantee by the Master Servicer
or the Special Servicer of the collectability or recoverability of payments on the Mortgage Loans or any related Serviced Companion
Loan or shall be construed to impair or adversely affect any rights or benefits provided by this Agreement to the Master Servicer
or the Special Servicer (including with respect to Servicing Fees, Special Servicing Fees or the right to be reimbursed for Advances
and interest accrued thereon). Any provision in this Agreement for any Advance by the Master Servicer or the Trustee is intended
solely to provide liquidity for the benefit of the Certificateholders and the RR Interest Owner and not as credit support or otherwise
to impose on any such Person the risk of loss with respect to one or more of the Mortgage Loans, any related Serviced Companion
Loans. No provision hereof shall be construed to impose liability on the Master Servicer or the Special Servicer for the reason
that any recovery to the Certificateholders

 

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or
the RR Interest Owner in respect of a Mortgage Loan at any time after a determination of present value recovery is less than the
amount reflected in such determination.

 

(b)             
Subject only to the Servicing Standard and the terms of this Agreement (including, without limitation, Section 6.08)
and of the respective Mortgage Loans, any related Serviced Companion Loans and any related Co-Lender Agreement, if applicable,
and applicable law, the Master Servicer and the Special Servicer each shall have full power and authority, acting alone or, in
the case of the Master Servicer, subject to Section 3.20, through one or more Sub-Servicers, to do or cause to be done any
and all things in connection with such servicing and administration for which it is responsible which it may deem necessary or
desirable. Without limiting the generality of the foregoing, each of the Master Servicer and the Special Servicer, in its own name
(or in the name of the Trustee and, if applicable, the related Serviced Companion Noteholder), is hereby authorized and empowered
by the Trustee to execute and deliver, on behalf of the Certificateholders (and, with respect to a Serviced Companion Loan, the
related Serviced Companion Noteholder), the RR Interest Owner and the Trustee or any of them, with respect to each Mortgage Loan
or any related Serviced Companion Loan, it is obligated to service under this Agreement: (i) any and all financing statements,
continuation statements and other documents or instruments necessary to maintain the lien created by the related Mortgage or other
security document in the related Mortgage File on the related Mortgaged Property and related collateral, and shall, from time to
time, execute and/or deliver such financing statements, continuation statements and other documents or instruments as necessary
to maintain the lien created by the related Mortgage or other security document in the related Mortgage File on the related Mortgaged
Property and related collateral; (ii) subject to Sections 3.08, 3.18 and 6.08, any and all modifications,
waivers, amendments or consents to, under or with respect to any documents contained in the related Mortgage File; (iii) any
and all instruments of satisfaction or cancellation, pledge agreements and other documents in connection with a defeasance, or
of partial or full release or discharge, and all other comparable instruments; and (iv) any or all complaints or other pleadings
to initiate and/or to terminate any action, suit or proceeding on behalf of the Trust (in their representative capacities (except
as set forth below in this paragraph). The Master Servicer (with respect to Non-Specially Serviced Mortgage Loans) and the Special
Servicer (with respect to Specially Serviced Mortgage Loans) shall provide to the Mortgagor related to such Mortgage Loans that
it is servicing any reports required to be provided to them pursuant to the related Mortgage Loan documents. Subject to Section
3.10, the Trustee shall (i) on the Closing Date, furnish to the Master Servicer and the Special Servicer original powers
of attorney in the form of Exhibit R attached hereto (or such other form as mutually agreed to by the Trustee and the
Master Servicer or the Special Servicer, as applicable) and (ii) upon request, furnish, or cause to be furnished, to the Master
Servicer or the Special Servicer any powers of attorney substantially in the form of Exhibit R-1 or Exhibit R-2,
respectively, attached hereto (or such other form as mutually agreed to by the Trustee and the Master Servicer or the Special Servicer,
as applicable) and other documents necessary or appropriate to enable the Master Servicer or the Special Servicer, as the case
may be, to carry out its servicing and administrative duties hereunder; provided, however, that the Trustee shall
not be held responsible or liable for any acts of the Master Servicer or the Special Servicer, or for any negligence with respect
to, or misuse of, any such power of attorney by the Master Servicer or the Special Servicer. Notwithstanding anything contained
herein to the contrary, the Master Servicer or the Special Servicer as the case may be, shall not, without the Trustee’s
written consent: (i) initiate any action, suit or proceeding solely under the Trustee’s name

 

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without indicating the
Master Servicer’s or the Special Servicer’s, as the case may be, representative capacity (unless prohibited by any
requirement of the applicable jurisdiction in which any such action, suit or proceeding is brought and if so prohibited, in the
manner required by such jurisdiction (provided that the Master Servicer or the Special Servicer, as applicable, shall then
provide five (5) Business Days’ written notice to the Trustee of the initiation of such action, suit or proceeding (or such
shorter time period as is reasonably required in the judgment of the Master Servicer or the Special Servicer, as applicable, made
in accordance with the Servicing Standard) prior to filing such action, suit or proceeding), and shall not be required to obtain
the Trustee’s consent or indicate the Master Servicer’s or the Special Servicer’s, as applicable, representative
capacity)) or (ii) take any action with the intent to cause, and that actually causes, the Trustee to be required to be registered
to do business in any state.

 

(c)              
To the extent the Master Servicer is permitted pursuant to the terms of the related Mortgage Loan documents or Companion
Loan documents (including any related Co-Lender Agreement) to exercise its discretion with respect to any action which requires
Rating Agency Confirmation from each Rating Agency and, with respect to a Serviced Whole Loan, a Companion Loan Rating Agency Confirmation
from each Companion Loan Rating Agency, the Master Servicer shall require the costs of such Rating Agency Confirmation and Companion
Loan Rating Agency Confirmation to be borne by the related Mortgagor. To the extent the terms of the related Mortgage Loan documents
or Companion Loan documents (including any related Co-Lender Agreement) require the Mortgagor to bear the costs of any Rating Agency
Confirmation or Companion Loan Rating Agency Confirmation, the Master Servicer shall not waive the requirement that such costs
and expenses be borne by the related Mortgagor. To the extent that the terms of the related Mortgage Loan documents or Companion
Loan documents (including any related Co-Lender Agreement) are silent as to who bears the costs of any Rating Agency Confirmation
or Companion Loan Rating Agency Confirmation, the Master Servicer shall use reasonable efforts to have the Mortgagor bear such
costs and expenses. The Master Servicer shall not be responsible for the payment of such costs and expenses out of pocket other
than as a Property Protection Advance.

 

(d)             
The relationship of each of the Master Servicer and the Special Servicer to the Trustee under this Agreement is intended
by the parties to be that of an independent contractor and not that of a joint venturer, partner or agent.

 

(e)              
The Master Servicer shall, to the extent permitted by the related Mortgage Loan documents or any related Companion Loan
documents, and consistent with the Servicing Standard, permit Escrow Payments to be invested only in Permitted Investments.

 

(f)               
Within sixty (60) days (or such shorter time period as is required by the terms of the applicable Mortgage Loan documents)
after the later of (i) the receipt thereof by the Master Servicer and (ii) the Closing Date, (x) the applicable
Mortgage Loan Seller pursuant to the related Mortgage Loan Purchase Agreement shall notify each provider of a letter of credit
for each Mortgage Loan identified as having a letter of credit on the Mortgage Loan Schedule, that the Master Servicer (in care
of the Trustee, as titled in Section 2.01(b)) for the benefit of the Certificateholders and the RR Interest Owner and any
related Companion Holders shall be the beneficiary under each such letter of credit and (y) the Master Servicer shall notify
each lessor under a Ground Lease for each Mortgage Loan identified as subject to a leasehold interest on

 

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the Mortgage Loan Schedule,
that the Trust is the leasehold mortgagee, that any notices of default under such Ground Lease required to be delivered to the
leasehold mortgagee pursuant to the terms of such Ground Lease shall be delivered to the Master Servicer and that the Master Servicer
or the Special Servicer shall service the related Mortgage Loan for the benefit of the Certificateholders and the RR Interest Owner.
If a letter of credit is required to be drawn upon earlier than the date the applicable Mortgage Loan Seller has notified the provider
of such letter of credit pursuant to clause (x) of the immediately preceding sentence, such Mortgage Loan Seller shall
cooperate with the reasonable requests of the Master Servicer or Special Servicer in connection with making a draw under such letter
of credit. If the Mortgage Loan documents do not require the related Mortgagor to pay any costs and expenses relating to any modifications
to or assignment of the related letter of credit, then the applicable Mortgage Loan Seller shall pay such costs and expenses as
and to the extent required under the related Mortgage Loan Purchase Agreement. If the Mortgage Loan documents require the related
Mortgagor to pay any costs and expenses relating to any modifications to the related letter of credit, and such Mortgagor fails
to pay such costs and expenses after the Master Servicer has exercised reasonable efforts to collect such costs and expenses from
such Mortgagor, then the Master Servicer shall give the applicable Mortgage Loan Seller notice of such failure and the amount of
costs and expenses, and such Mortgage Loan Seller shall pay such costs and expenses as and to the extent required under the related
Mortgage Loan Purchase Agreement. The costs and expenses of any modifications to Ground Leases shall be paid by the related Mortgagor.
Neither the Master Servicer nor the Special Servicer shall have any liability for the failure of any Mortgage Loan Seller to perform
its obligations under the related Mortgage Loan Purchase Agreement.

 

(g)              
Notwithstanding anything herein to the contrary, in no event shall the Master Servicer (or the Trustee, as applicable) make
an Advance with respect to any Companion Loan to the extent the related Serviced Mortgage Loan has been paid in full or is no longer
included in the Trust Fund.

 

(h)              
Servicing and administration of each Serviced Companion Loan shall continue hereunder and in accordance with the related
Co-Lender Agreement for so long as the corresponding Serviced Mortgage Loan or any related REO Property is part of the Trust Fund
or for such longer period as any amounts payable by the related Companion Holder, to or for the benefit of the Trust or any party
hereto in accordance with the related Co-Lender Agreement remain due and owing.

 

(i)               
The Special Servicer agrees that upon the occurrence of a Servicing Transfer Event with respect to any Mortgage Loan or
Serviced Whole Loan, that is subject to or becomes subject to a Co-Lender Agreement in the future, it shall, subject to Section
3.19, use commercially reasonable efforts to enforce, on behalf of the Trust, subject to the Servicing Standard and to the
extent the Special Servicer determines such action is in the best interests of the Trust, all rights conveyed to the Trustee pursuant
to any such Co-Lender Agreement. The costs and expenses incurred by the Special Servicer in connection with such enforcement shall
be paid as a Trust Fund expense or, subject to the terms of the applicable Co-Lender Agreement, (i) with respect to any Serviced
Pari Passu Whole Loan, pro rata and pari passu, by the Trust and Serviced Pari Passu Companion Loan, in accordance
with the respective Stated Principal Balances of the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu

 

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Companion
Loan, or (ii) with respect to any Serviced AB Whole Loan, first, by the related AB Subordinate Companion Loan and then,
by the Trust.

 

(j)               
Notwithstanding anything herein to the contrary, the parties hereto acknowledge and agree that, to the extent required under
the related Co-Lender Agreement, the servicing and administration of a Serviced Whole Loan shall continue hereunder (but not with
respect to making Advances) even if the related Serviced Mortgage Loan is no longer part of the Trust Fund, until such time as
a separate servicing agreement is entered into in accordance with the related Co-Lender Agreement (it being acknowledged that neither
the Master Servicer nor the Special Servicer shall be obligated under a separate agreement to which it is not a party); provided
that, other than pursuant to Section 6.04 (and, with respect to Section 6.04, solely with respect to claims, losses,
penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, liabilities, fees and expenses
incurred in connection with a legal claim or action resulting from an action or inaction taken or not taken while the related Serviced
Mortgage Loan was part of the Trust Fund), no costs, expenses, losses or fees accruing with respect to such Serviced Whole Loan
on and after the date the related Serviced Mortgage Loan is no longer part of the Trust Fund shall be payable out of the Trust
Fund and the Master Servicer shall have no obligation to make any Advance on or after the date such Serviced Mortgage Loan ceases
to be part of the Trust Fund; provided, however, that if, in the case of any Serviced Pari Passu Whole Loan, the
related Serviced Companion Loan continues to be included in an Other Securitization, then for so long as a separate servicing agreement
(pursuant to the related Co-Lender Agreement) has not been entered into, the Master Servicer shall inform the related Other Servicer
of any need to make Property Protection Advances with respect to a Serviced Whole Loan within three (3) Business Days of determining
that such an Advance is necessary or being notified that such an Advance is necessary, or in the case of a Property Protection
Advance that needs to be made on an emergency or urgent basis, within one (1) Business Day. With respect to Property Protection
Advances made by any Other Servicer as contemplated in the proviso to the preceding sentence, the Master Servicer shall, from collections
on the related Serviced Whole Loan (but never out of general collections on the Mortgage Loans and REO Properties) received by
the Master Servicer, reimburse the Other Servicer for such Property Protection Advances in the same manner and on the same level
of priority as if such Property Protection Advances had been made by the Master Servicer hereunder.

 

(k)              
Notwithstanding anything herein to the contrary, the parties hereto acknowledge and agree that the Master Servicer’s
and the Special Servicer’s obligations and responsibilities hereunder and the Master Servicer’s and the Special Servicer’s
authority with respect to a Non-Serviced Mortgage Loan are limited by and subject to the terms of the related Non-Serviced Co-Lender
Agreement and the rights of the related Non-Serviced Master Servicer and Non-Serviced Special Servicer with respect thereto under
the related Non-Serviced Pooling Agreement. The Master Servicer (or, with respect to any Specially Serviced Mortgage Loan, the
Special Servicer) shall use reasonable efforts consistent with the Servicing Standards to enforce the rights of the Trustee (as
holder of a Non-Serviced Mortgage Loan) under the related Non-Serviced Co-Lender Agreement and Non-Serviced Pooling Agreement.

 

(l)               
The parties hereto acknowledge that each Non-Serviced Mortgage Loan is subject to the terms and conditions of the related
Non-Serviced Co-Lender Agreement and

 

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further acknowledge that, pursuant to the related Non-Serviced Co-Lender Agreement, (i) the
related Non-Serviced Mortgage Loan is to be serviced and administered by the related Non-Serviced Master Servicer and Non-Serviced
Special Servicer in accordance with the related Non-Serviced Pooling Agreement, and (ii) in the event that (A) the related
Non-Serviced Companion Loan is no longer part of the Trust Fund created by the related Non-Serviced Pooling Agreement and (B) the
related Non-Serviced Mortgage Loan is included in the Trust Fund, then, as set forth in the related Non-Serviced Co-Lender Agreement,
the related Non-Serviced Whole Loan shall continue to be serviced in accordance with the related Non-Serviced Pooling Agreement,
until such time as a new servicing agreement has been agreed to by the parties to the related Non-Serviced Co-Lender Agreement
in accordance with the provisions of such agreement and confirmation has been obtained from the Rating Agencies that such new servicing
agreement would not result in a downgrade, qualification or withdrawal of the then current ratings of any Class of Certificates
then outstanding.

 

(m)             
Notwithstanding anything herein to the contrary, the parties hereto acknowledge and agree that the Master Servicer’s
and the Special Servicer’s obligations and responsibilities hereunder and the Master Servicer’s and the Special Servicer’s
authority with respect to a Serviced Whole Loan are limited by, and subject to, the terms of the related Co-Lender Agreement. The
Master Servicer (or, if a Serviced Whole Loan becomes a Specially Serviced Mortgage Loan, the Special Servicer) shall use reasonable
efforts consistent with the Servicing Standard to obtain the benefits of the rights of the Trust (as holder of the related Serviced
Mortgage Loan) under the related Co-Lender Agreement. In the event of any conflict between this Agreement and the related Co-Lender
Agreement, the provisions of the related Co-Lender Agreement shall control.

 

(n)              
In connection with the securitization of any Serviced Companion Loan, while it is a Serviced Companion Loan, upon the request
of (and at the expense of) the related Serviced Companion Noteholder (or its designee), each of the Master Servicer, the Special
Servicer (if such Serviced Companion Loan is a Specially Serviced Mortgage Loan) and the Trustee, as applicable, shall use reasonable
efforts to cooperate with such Serviced Companion Noteholder in attempting to cause the related Mortgagor to provide information
relating to such Whole Loan and the related notes, and that such holder reasonably determines to be necessary or appropriate, for
inclusion in any disclosure document(s) relating to such Other Securitization.

 

(o)              
To the extent required under any Mortgage Loan documents, the Master Servicer shall, on behalf of the related lender, maintain
a Note register for the related Mortgage Loan or Whole Loan, as applicable, in accordance with such Mortgage Loan documents.

 

Section 3.02         
Collection of Mortgage Loan Payments. (a)  Each of the Master Servicer and the Special Servicer shall make
reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans and the Companion Loans
it is obligated to service hereunder, and shall follow such collection procedures as are consistent with this Agreement (including,
without limitation, the Servicing Standard); provided that the Master Servicer or the Special Servicer, as the case may
be, may take action to enforce the Trust’s right to apply excess cash flow to principal in accordance with the terms of the
Mortgage Loan documents. The Master Servicer or the Special Servicer, as applicable, may in its discretion waive any Penalty Charge
in connection with any delinquent payment on a Mortgage Loan and

 

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Companion Loan that it is obligated to service hereunder three
(3) times during any period of twenty-four (24) consecutive months with respect to any Mortgage Loan and Serviced Companion Loan;
provided that the Master Servicer or the Special Servicer, as applicable, may in its discretion waive any Penalty Charge
in connection with any delinquent payment on a Mortgage Loan and Companion Loan one additional time in such 24-month period so
long as with respect to any of the foregoing waivers, no Advance or additional expense of the Trust has been incurred and remains
unreimbursed to the Trust with respect to such Mortgage Loan or Companion Loan. Any additional waivers during such 24-month period
with respect to such Mortgage Loan may be made, subject to the Servicing Standard, only after the Master Servicer or the Special
Servicer, as applicable, has, prior to the occurrence of a Consultation Termination Event, given notice of a proposed waiver to
the Directing Holder and, prior to the occurrence and continuance of a Control Termination Event, the Directing Holder has consented
to such additional waiver (provided that if the Master Servicer or the Special Servicer, as applicable, fails to receive
a response to such notice from the Directing Holder in writing within five (5) days of giving such notice, then the Directing Holder
shall be deemed to have consented to such proposed waiver); provided, further, that during the continuance of a Control
Termination Event, the Master Servicer or the Special Servicer, as applicable, may waive any Penalty Charge in accordance with
the Servicing Standard without the consent of the Directing Holder; provided, further, that the Directing Holder
shall have no consent rights with respect to any applicable Excluded Loan with respect to the foregoing waivers.

 

(b)              
(i)  All amounts collected by or on behalf of the Trust in respect of a Mortgage Loan shall be applied to amounts
due and owing under the Mortgage Loan documents (including for principal and accrued and unpaid interest) in accordance with the
express provisions of the Mortgage Loan documents; provided, however, that absent express provisions in the related
Mortgage Loan documents (including any related Co-Lender Agreement), other than with respect to the application of Liquidation
Proceeds, all amounts collected by or on behalf of the Trust in respect of a Mortgage Loan in the form of payments from the related
Mortgagor or Insurance and Condemnation Proceeds under the Mortgage Loan or any proceeds (other than Liquidation Proceeds) with
respect to any REO Loan (exclusive of amounts payable to any applicable Companion Loan pursuant to the terms of the related Co-Lender
Agreement) will be applied in the following order of priority:

 

first, as a recovery
of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to the related Mortgage Loan and
unpaid interest at the Reimbursement Rate on such Advances and, if applicable, unreimbursed and unpaid expenses of the Trust with
respect to the related Mortgage Loan;

 

second, as a recovery
of Nonrecoverable Advances and any interest on those Nonrecoverable Advances at the Reimbursement Rate, to the extent previously
paid or reimbursed from principal collections on the Mortgage Loans (as described in the first proviso in the definition of Aggregate
Principal Distribution Amount);

 

third, to the
extent not previously allocated pursuant to clause first, as a recovery of accrued and unpaid interest on such Mortgage
Loan (exclusive of Default Interest) to the extent of the excess of (i) accrued and unpaid interest on such Mortgage Loan at the
related Mortgage Rate in effect from time to time through and including the end of the applicable

 

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Mortgage Loan interest accrual
period in which such collections are received by or on behalf of the issuing entity, over (ii) the sum of (a)(x) the cumulative
amount of the reductions (if any) in the amount of related P&I Advances for such Mortgage Loan that have occurred in connection
with related Appraisal Reduction Amounts (to the extent collections have not been allocated as recovery of accrued and unpaid interest
pursuant to clause fifth below on earlier dates) or (y) with respect to any accrued and unpaid interest that was
not advanced due to a determination that the related P&I Advance would be a Nonrecoverable Advance, the amount of interest
that (absent such determination of nonrecoverability preventing such P&I Advance from being made) would not have been advanced
because of the reductions in the amount of related P&I Advances for such Mortgage Loan that would have occurred in connection
with related Appraisal Reduction Amounts, and (b) Accrued AB Loan Interest;

 

fourth, to the
extent not previously allocated pursuant to clause first, as a recovery of principal of such Mortgage Loan then due
and owing, including by reason of acceleration of such Mortgage Loan following a default thereunder (or, if the Mortgage Loan has
been liquidated, as a recovery of principal to the extent of its entire remaining unpaid principal balance);

 

fifth, as a recovery
of (i) accrued and unpaid interest on such Mortgage Loan to the extent of the cumulative amount of the reductions (if any) in the
amount of related P&I Advances for such Mortgage Loan that have occurred in connection with related Appraisal Reduction Amounts
or would have occurred in connection with related Appraisal Reduction Amounts but for such P&I Advance not having been made
as a result of a determination by the master servicer that such P&I Advance would have been a Nonrecoverable Advance and (ii)
Accrued AB Loan Interest (in each of clause (i) and (ii), to the extent collections have not been allocated as recovery
of accrued and unpaid interest pursuant to this clause fifth on earlier dates);

 

sixth, as a recovery
of amounts to be currently allocated to the payment of, or escrowed for the future payment of, real estate taxes, assessments and
insurance premiums and similar items relating to such Mortgage Loan;

 

seventh, as a
recovery of any other reserves to the extent then required to be held in escrow with respect to such Mortgage Loan;

 

eighth, as a recovery
of any Yield Maintenance Charge or prepayment premium then due and owing under such Mortgage Loan;

 

ninth, as a recovery
of any late payment charges and Default Interest then due and owing under such Mortgage Loan;

 

tenth, as a recovery
of any assumption fees and Modification Fees then due and owing under such Mortgage Loan;

 

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

 

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twelfth, as a
recovery of any remaining principal of such Mortgage Loan to the extent of its entire remaining unpaid principal balance;

 

provided that to the extent required
under the REMIC Provisions of the Code, payments or proceeds received (or receivable by exercise of the lender’s rights under
the related Mortgage Loan documents) with respect to any partial release of a Mortgaged Property (including in connection with
a condemnation) at a time when the loan to value ratio of the related Mortgage Loan or Serviced Whole Loan, as applicable, exceeds
125%, or would exceed 125% following any partial release (based solely on the value of real property and excluding personal property
and going concern value, if any) must be collected and allocated to reduce the principal balance of the Mortgage Loan or Serviced
Whole Loan in the manner permitted by such REMIC Provisions; provided, further, that if a Non-Serviced Mortgage Loan
and any related Non-Serviced Companion Loan comprising a Non-Serviced Whole Loan become REO Loans, the treatment of the foregoing
amounts with respect to such Non-Serviced Whole Loan shall be subject to the terms of the related Non-Serviced Co-Lender Agreement
and Non-Serviced Pooling Agreement, in that order; provided, further, that with respect to each Mortgage Loan related
to a Serviced Whole Loan, amounts collected with respect to the related Serviced Whole Loan, shall be allocated first pursuant
to the terms of the related Co-Lender Agreement and then, any amounts allocated to the related Serviced Mortgage Loan shall be
subject to application as described above.

 

(ii)          Liquidation Proceeds in respect of each Mortgage Loan or REO Loan (in the case of an REO Loan, exclusive of amounts payable
to any applicable Companion Loan pursuant to the terms of the related Co-Lender Agreement) shall be applied in the following order
of priority:

 

first, as a recovery
of any unreimbursed Advances (including any Workout- Delayed Reimbursement Amount) with respect to the related Mortgage Loan and
interest at the Reimbursement Rate on all Advances and, if applicable, unreimbursed and unpaid expenses of the Trust with respect
to the related Mortgage Loan;

 

second, as a recovery
of Nonrecoverable Advances and any interest on those Nonrecoverable Advances at the Reimbursement Rate, to the extent previously
paid or reimbursed from principal collections on the Mortgage Loans (as described in the first proviso in the definition of Aggregate
Principal Distribution Amount);

 

third, to the
extent not previously allocated pursuant to clause first, as a recovery of accrued and unpaid interest on such Mortgage
Loan (exclusive of Default Interest) to the extent of the excess of (i) accrued and unpaid interest on such Mortgage Loan at the
applicable Mortgage Rate in effect from time to time through and including the end of the applicable Mortgage Loan interest accrual
period in which such collections are received by or on behalf of the issuing entity, over (ii) the sum of (a)(x) the cumulative
amount of the reductions (if any) in the amount of related P&I Advances for such Mortgage Loan that have occurred in connection
with related Appraisal Reduction Amounts (to the extent collections have not been allocated as a recovery of accrued and unpaid
interest pursuant to clause fifth below or clause fifth of the prior waterfall above on earlier dates)
or (y) with respect to any accrued and unpaid interest that was not advanced due to a determination that the related P&I Advance
would be a Nonrecoverable

 

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Advance, the amount of interest that (absent such determination of nonrecoverability preventing such
P&I Advance from being made) would not have been advanced because of the reductions in the amount of related P&I Advances
for such Mortgage Loan that would have occurred in connection with related Appraisal Reduction Amounts, and (b) Accrued AB Loan
Interest;

 

fourth, to the
extent not previously allocated pursuant to clause first, as a recovery of principal of such Mortgage Loan to the
extent of its entire unpaid principal balance;

 

fifth, as a recovery
of (i) accrued and unpaid interest on such Mortgage Loan to the extent of the cumulative amount of the reductions (if any) in the
amount of related P&I Advances for such Mortgage Loan that have occurred in connection with related Appraisal Reduction Amounts
or would have occurred in connection with related Appraisal Reduction Amounts but for such P&I Advance not having been made
as a result of a determination by the master servicer that such P&I Advance would have been a Nonrecoverable Advance and (ii)
Accrued AB Loan Interest (in each of clause (i) and (ii), to the extent collections have not been allocated as recovery
of accrued and unpaid interest pursuant to this clause fifth or clause fifth of the prior waterfall
above on earlier dates);

 

sixth, as a recovery
of any Yield Maintenance Charge or prepayment premium then due and owing under such Mortgage Loan;

 

seventh, as a
recovery of any late payment charges and Default Interest then due and owing under such Mortgage Loan;

 

eighth, as a recovery
of any assumption fees and Modification Fees then due and owing under such Mortgage Loan; and

 

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

 

provided that if a Non-Serviced
Mortgage Loan and any related Non-Serviced Companion Loan comprising a Non-Serviced Whole Loan becomes an REO Loan, the treatment
of the foregoing amounts with respect to such Non-Serviced Whole Loan shall be subject to the terms of the related Non-Serviced
Co-Lender Agreement and Non-Serviced Pooling Agreement, in that order; provided, further, that with respect to each
Mortgage Loan related to a Serviced Whole Loan, amounts collected with respect to the related Serviced Whole Loan, shall be allocated
first pursuant to the terms of the related Co-Lender Agreement and then, any amounts allocated to the related Serviced Mortgage
Loan, shall be subject to application as described above.

 

(iii)         
Notwithstanding clauses (i) and (ii) above, such provisions shall not be deemed to affect the priority
of distributions of payments pursuant to the provisions of this Agreement. To the extent that such amounts are paid by a party
other than a Mortgagor, such amounts shall be deemed to have been paid in respect of a purchase of all or part of the Mortgaged
Property (in the case of Insurance and Condemnation Proceeds or Liquidation Proceeds) and then paid by the Mortgagor under the
Mortgage Loan or Companion Loan, as applicable, or in accordance with Section 3.02(b)(ii) above.

 

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(c)            To the extent consistent with the terms of the Mortgage Loans (and, with respect to each Serviced Whole Loan, the related
Serviced Companion Loan, as applicable, and the related Co-Lender Agreement) and applicable law, the Master Servicer shall apply
all Insurance and Condemnation Proceeds it receives on a day other than the Due Date to amounts due and owing under the related
Mortgage Loan or Companion Loan as if such Insurance and Condemnation Proceeds were received on the Due Date immediately succeeding
the month in which Insurance and Condemnation Proceeds were received and otherwise in accordance with Section 3.02(b)(ii)
above.

 

(d)            [Reserved].

 

(e)            With respect to any Mortgage Loan in connection with which the Mortgagor was required to escrow funds or to post a letter
of credit related to obtaining certain performance objectives described in the applicable Mortgage Loan documents, the Master Servicer
shall, to the extent consistent with the Servicing Standard, hold such escrows, letters of credit and proceeds thereof as additional
collateral and not apply such items to reduce the principal balance of such Mortgage Loan, Serviced Companion Loan, unless otherwise
required to do so pursuant to the applicable Mortgage Loan documents, applicable law or court order.

 

(f)             (A) Promptly following the Closing Date and, with respect to any Servicing Shift Mortgage Loan, promptly following receipt
of written notice by the Certificate Administrator of the related Servicing Shift Securitization Date, in the case of any Non-Serviced
Whole Loan, the Certificate Administrator shall send written notice (in the form attached hereto as Exhibit T) to the related
Non-Serviced Master Servicer (with a copy to any other applicable party set forth on the schedule of addresses to Exhibit T)
stating that, as of such date, the Trustee is the holder of the related Non-Serviced Mortgage Loan and directing such Non-Serviced
Master Servicer to remit to the Master Servicer all amounts payable to, and to forward, deliver or otherwise make available, as
the case may be, to the Master Servicer all reports, statements, documents, communications and other information that are to be
forwarded, delivered or otherwise made available to, the holder of such Non-Serviced Mortgage Loan under the related Non-Serviced
Co-Lender Agreement and the related Non-Serviced Pooling Agreement and (B) notice of any subsequent change in the identity of the
Master Servicer or the party designated to exercise the rights of the “Non-Controlling Note Holder” under each Co-Lender
Agreement (together with the relevant contact information (to the extent the Certificate Administrator has received notice of such
event and the relevant contact information)). The Master Servicer shall, within two (2) Business Days of receipt of properly identified
and available funds, deposit into the Collection Account all amounts received with respect to the related Non-Serviced Mortgage
Loan, the related Non-Serviced Mortgaged Property or any related REO Property.

 

Section 3.03         
Collection of Taxes, Assessments and Similar Items; Servicing Accounts. (a)  The Master Servicer shall
establish and maintain one or more accounts (the “Servicing Accounts”), into which all Escrow Payments shall
be deposited and retained, and shall administer such Servicing Accounts in accordance with the Mortgage Loan documents and, if
applicable, the Companion Loan documents, as the case may be. Any Servicing Account related to a Serviced Whole Loan, shall be
held for the benefit of the Certificateholders and the RR Interest Owner and the related Serviced Companion Noteholder collectively,
but this shall

 

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not be construed to modify respective interests of either noteholder therein as set forth in the related Co-Lender
Agreement. Amounts on deposit in Servicing Accounts may only be invested in accordance with the terms of the related Mortgage Loan
documents and Companion Loan documents, as applicable, or in Permitted Investments in accordance with the provisions of Section
3.06. Servicing Accounts shall be Eligible Accounts to the extent permitted by the terms of the related Mortgage Loan documents.
Withdrawals of amounts so deposited from a Servicing Account may be made only to: (i) effect payment of items for which Escrow
Payments were collected and comparable items; (ii) reimburse the Trustee and then the Master Servicer, if applicable, for
any Property Protection Advances; (iii) refund to Mortgagors any sums as may be determined to be overages; (iv) pay interest
to Mortgagors on balances in the Servicing Account, if required by applicable law or the terms of the related Mortgage Loan or
Companion Loan and as described below or, if not so required, to the Master Servicer; (v) after the occurrence of an event
of default under the related Mortgage Loan or Companion Loan, apply amounts to the indebtedness under the applicable Mortgage Loan
or Companion Loan; (vi) withdraw amounts deposited in error; (vii) pay Penalty Charges to the extent permitted by the
related Mortgage Loan documents; or (viii) clear and terminate the Servicing Account at the termination of this Agreement
in accordance with Section 9.01. As part of its servicing duties, the Master Servicer shall pay or cause to be paid to the
Mortgagors interest on funds in Servicing Accounts, to the extent required by law or the terms of the related Mortgage Loan or
Companion Loan; provided, however, that in no event shall the Master Servicer be required to remit to any Mortgagor
any amounts in excess of actual net investment income or funds in the related Servicing Account. If allowed by the related Mortgage
Loan documents and applicable law, the Master Servicer may charge the related Mortgagor an administrative fee for maintenance of
the Servicing Accounts.

 

(b)             
The Special Servicer, in the case of REO Loans (other than any REO Loan succeeding a Non-Serviced Mortgage Loan), and the
Master Servicer, in the case of all other Mortgage Loans (other than a Non-Serviced Mortgage Loan) and each Serviced Companion
Loan, shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of real estate taxes,
assessments and other similar items that are or may become a lien thereon and the status of insurance premiums and any ground rents
payable in respect thereof. The Special Servicer, in the case of REO Loans (other than any REO Loan succeeding a Non-Serviced Mortgage
Loan), and the Master Servicer, in the case of all other Mortgage Loans (other than a Non-Serviced Mortgage Loan) and each Serviced
Companion Loan, shall use reasonable efforts consistent with the Servicing Standard to obtain, from time to time, all bills for
the payment of such items (including renewal premiums) and shall effect payment thereof from the applicable REO Account or by the
Master Servicer as Property Protection Advances prior to the applicable penalty or termination date and, in any event, prior to
the institution of foreclosure or similar proceedings with respect to the related Mortgaged Property for nonpayment of such items,
employing for such purpose Escrow Payments (which shall be so applied by the Master Servicer at the written direction of the Special
Servicer in the case of REO Loans) as allowed under the terms of the related Mortgage Loan (other than a Non-Serviced Mortgage
Loan) and Companion Loan. Other than with respect to any Non-Serviced Mortgage Loan, the Master Servicer shall service and administer
any reserve accounts (including monitoring, maintaining or changing the amounts of required escrows) in accordance with the terms
of such Mortgage Loan and the related Serviced Companion Loan, as applicable, and the Servicing Standard. To the extent that a
Mortgage Loan (other than a Non-Serviced Mortgage Loan) and any related Companion Loan, as applicable, does not require a Mortgagor

 

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to escrow for the payment of real estate taxes, assessments, insurance premiums, ground rents (if applicable) and similar items,
the Special Servicer, in the case of REO Loans, and the Master Servicer, in the case of all other Mortgage Loans, Companion Loan
that it is responsible for servicing hereunder, shall use reasonable efforts consistent with the Servicing Standard to cause the
Mortgagor to comply with its obligation to make payments in respect of such items at the time they first become due and, in any
event, prior to the institution of foreclosure or similar proceedings with respect to the related Mortgaged Property for nonpayment
of such items.

 

(c)              
In accordance with the Servicing Standard and for each Mortgage Loan (other than any Non-Serviced Mortgage Loans) and each
Serviced Whole Loan, as applicable, the Master Servicer shall advance all such funds as are necessary for the purpose of effecting
the payment of (i) real estate taxes, assessments and other similar items that are or may become a lien thereon, (ii) ground
rents (if applicable) and (iii) premiums on Insurance Policies, in each instance if and to the extent Escrow Payments collected
from the related Mortgagor (or related REO Revenues, if applicable) are insufficient to pay such item when due and the related
Mortgagor has failed to pay such item on a timely basis, and provided, however, that the particular Advance would
not, if made, constitute a Nonrecoverable Property Protection Advance and provided, further, however, that
with respect to the payment of taxes and assessments, the Master Servicer shall not be required to make such Advance until the
later of five (5) Business Days after the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee,
as the case may be, has received confirmation that such item has not been paid or the date prior to the date after which any penalty
or interest would accrue in respect of such taxes or assessments. The Special Servicer shall give the Master Servicer and the Trustee
no less than five (5) Business Days’ written (facsimile or electronic) notice before the date on which the Master Servicer
is requested to make any Property Protection Advance with respect to a given Specially Serviced Mortgage Loan or REO Property;
provided, however, that only two (2) Business Days’ written (facsimile or electronic) notice shall be required
in respect of Property Protection Advances required to be made on an emergency or urgent basis provided, further,
that the Special Servicer shall not be entitled to make such a request (other than for Property Protection Advances required to
be made on an urgent or emergency basis) more frequently than once per calendar month (although such request may relate to more
than one Property Protection Advance). The Master Servicer may pay the aggregate amount of such Property Protection Advances listed
on a monthly request to the Special Servicer, in which case the Special Servicer shall remit such Property Protection Advances
to the ultimate payees. The Special Servicer shall have no obligation to make any Property Protection Advances; provided,
that in an urgent or emergency situation requiring the making of a Property Protection Advance, the Special Servicer may make a
Property Protection Advance. Within five (5) Business Days of making such a Property Protection Advance, the Special Servicer shall
deliver to the Master Servicer request for reimbursement for such Property Protection Advance, along with all information and documentation
in the Special Servicer’s possession regarding the subject Property Protection Advance as the Master Servicer may reasonably
request, and the Master Servicer shall be obligated, out of such Master Servicer’s own funds, to reimburse the Special Servicer
for any unreimbursed Property Protection Advances (other than Nonrecoverable Property Protection Advances which shall be reimbursed
from the Collection Account) made by the Special Servicer pursuant to the terms hereof, together with interest thereon at the Reimbursement
Rate from the date made to, but not including, the date of reimbursement. Such reimbursement and any accompanying payment of interest
shall be made within five (5)

 

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Business Days of the written request therefor pursuant to the preceding sentence by wire transfer
of immediately available funds to an account designated in writing by the Special Servicer. Upon the Master Servicer’s reimbursement
to the Special Servicer of any Property Protection Advance and payment to the Special Servicer of interest thereon, all in accordance
with this Section 3.03, the Master Servicer shall for all purposes of this Agreement be deemed to have made such Property
Protection Advance at the same time as the Special Servicer actually made such Property Protection Advance, and accordingly, the
Master Servicer shall be entitled to be reimbursed for such Property Protection Advance, together with interest thereon at the
Reimbursement Rate, at the same time, in the same manner and to the same extent as the Master Servicer would otherwise have been
entitled if it had actually made such Property Protection Advance at the time the Special Servicer did.

 

Any request by the Special
Servicer that the Master Servicer make a Property Protection Advance shall be deemed to be a determination by the Special Servicer
that such requested Property Protection Advance is not a Nonrecoverable Property Protection Advance, and the Master Servicer shall
be entitled to conclusively rely on such determination, provided that the determination shall not be binding on the Master
Servicer or Trustee. On the first Business Day after the Determination Date for the related Distribution Date, the Special Servicer
shall report to the Master Servicer if the Special Servicer determines any Property Protection Advance previously made by the Master
Servicer with respect to a Specially Serviced Mortgage Loan or REO Loan is a Nonrecoverable Property Protection Advance. The Master
Servicer shall be entitled to conclusively rely on such a determination, but such determination shall be binding upon the Master
Servicer, and shall in no way limit the ability of the Master Servicer in the absence of such determination to make its own determination
that any Advance is a Nonrecoverable Advance. If the Special Servicer makes a determination that only a portion of, and not all
of, any previously made or proposed Property Protection Advance is a Nonrecoverable Advance, the Master Servicer shall have the
right to make its own subsequent determination that any remaining portion of any such previously made or proposed Property Protection
Advance is a Nonrecoverable Advance. All such Advances shall be reimbursable in the first instance from related collections from
the Mortgagors and further as provided in Section 3.05(a). No costs incurred by the Master Servicer or the Special Servicer
in effecting the payment of real estate taxes, assessments and, if applicable, ground rents on or in respect of the Mortgaged Properties
shall, for purposes hereof, including, without limitation, the Certificate Administrator’s calculation of monthly distributions
to Certificateholders and the RR Interest Owner, be added to the unpaid principal balances of the related Mortgage Loans, any related
Serviced Companion Loan, notwithstanding that the terms of such Mortgage Loans or related Serviced Companion Loan, so permit. If
the Master Servicer fails to make any required Property Protection Advance as and when due (including any applicable cure periods),
to the extent the Trustee has actual knowledge of such failure, the Trustee shall make such Property Protection Advance pursuant
to Section 7.05. Notwithstanding anything herein to the contrary, no Property Protection Advance shall be required hereunder
if such Property Protection Advance would, if made, constitute a Nonrecoverable Property Protection Advance. In addition, the Master
Servicer shall consider Unliquidated Advances in respect of prior Property Protection Advances for purposes of nonrecoverability
determinations. The Special Servicer shall have no obligation to make any Property Protection Advances under this Agreement.

 

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Notwithstanding the foregoing provisions of this Section 3.03(c), the Master Servicer shall not be required to reimburse the Special Servicer out of its own funds for, or to make at the direction of the Special Servicer, any Property Protection Advance if the Master Servicer determines in its reasonable judgment that such Property Protection Advance, although not characterized by the Special Servicer as a Nonrecoverable Property Protection Advance, is in fact a Nonrecoverable Property Protection Advance. The Master Servicer shall notify the Special Servicer in writing of such determination and, if applicable, such Nonrecoverable Property Protection Advance shall be reimbursed to the Special Servicer pursuant to Section 3.05(a).

 

Notwithstanding anything to the contrary contained in this Section 3.03(c), the Master Servicer may in its good faith judgment elect (but shall not be required unless directed by the Special Servicer with respect to Specially Serviced Mortgage Loans and REO Loans) to make a payment from amounts on deposit in the Collection Account (or any Serviced Whole Loan Custodial Account maintained as a subaccount thereof by a Companion Paying Agent, if applicable) (which shall be deemed first made from amounts distributable as principal and then from all other amounts comprising general collections) to pay for certain expenses set forth below notwithstanding that the Master Servicer (or the Special Servicer, as applicable) has determined that a Property Protection Advance with respect to such expenditure would be a Nonrecoverable Property Protection Advance (unless, with respect to Specially Serviced Mortgage Loans or REO Loans, the Special Servicer has notified the Master Servicer to not make such expenditure), where making such expenditure would prevent (i) the related Mortgaged Property from being uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage Loan or Serviced Companion Loan; provided that in each instance, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard (as evidenced by an Officer’s Certificate delivered to the Trustee) that making such expenditure is in the best interest of the Certificateholders and the RR Interest Owner, all as a collective whole (taking into account the subordinate or pari passu nature of any Companion Loans). The Master Servicer or Trustee may elect to obtain reimbursement of Nonrecoverable Property Protection Advances from the Trust pursuant to the terms of Section 3.17(c). The parties acknowledge that pursuant to the applicable Non-Serviced Pooling Agreement, the applicable Non-Serviced Master Servicer is obligated to make property protection advances with respect to the related Non-Serviced Whole Loan. The applicable Non-Serviced Master Servicer shall be entitled to reimbursement for Nonrecoverable Property Protection Advances with respect to such Non-Serviced Whole Loan (with, in each case, any accrued and unpaid interest thereon provided for under the applicable Non-Serviced Pooling Agreement) in the manner set forth in the applicable Non-Serviced Pooling Agreement and the applicable Non-Serviced Co-Lender Agreement.

 

(d)        In connection with its recovery of any Property Protection Advance out of the Collection Account (or any Serviced Whole Loan Custodial Account maintained as a subaccount thereof by the Companion Paying Agent, if applicable) pursuant to Section 3.05(a), the Trustee, the Special Servicer and then the Master Servicer, as the case may be and in that order, shall be entitled to receive, out of any amounts then on deposit in the Collection Account interest at the Reimbursement Rate in effect from time to time, accrued on the amount of such Property Protection Advance from the date made to, but not including, the date of reimbursement. Subject to Section 3.17(c), the Master Servicer shall reimburse itself, the 

 

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Special Servicer or the Trustee, as the case may be, for any outstanding Property Protection Advance as soon as practically possible after funds available for such purpose are deposited in the Collection Account (or any Serviced Whole Loan Custodial Account maintained as a subaccount thereof by the Companion Paying Agent, if applicable) subject to the Master Servicer’s or the Trustee’s options and rights to defer recovery of such amounts as provided herein; provided, however, that such Master Servicer’s or Trustee’s options and rights to defer recovery of such amounts shall not alter the Master Servicer’s obligation to reimburse the Special Servicer for any outstanding Property Protection Advance as provided for in this sentence. To the extent amounts on deposit in the Serviced Whole Loan Custodial Account with respect to the related Companion Loan are insufficient for any such reimbursement, the Master Servicer shall use efforts in accordance with the Servicing Standard to enforce the rights of the holder of the related Mortgage Loan under the related Co-Lender Agreement to obtain any reimbursement available from the holder of the related Companion Loan.

 

(e)        To the extent an operations and maintenance plan is required to be established and executed pursuant to the terms of a Mortgage Loan (other than a Non-Serviced Mortgage Loan), the Master Servicer shall request from the Mortgagor written confirmation thereof within a reasonable time after the later of the Closing Date and the date as of which plan is required to be established or completed. To the extent any repairs, capital improvements, actions or remediations are required to have been taken or completed pursuant to the terms of the Mortgage Loan (other than a Non-Serviced Mortgage Loan), the Master Servicer shall request from the Mortgagor written confirmation of such actions and remediations within a reasonable time after the later of the Closing Date and the date as of which action or remediations are required to be or to have been taken or completed. To the extent a Mortgagor shall fail to promptly respond to any inquiry described in this Section 3.03(e), the Master Servicer shall report any such failure to the Special Servicer within a reasonable time after the date as of which actions or remediations are required to be or to have been taken or completed.

 

Section
3.04     The Collection Account, the Lower-Tier REMIC Distribution Account, the Upper-Tier REMIC
Distribution Account, the Serviced Whole Loan Custodial Account, the Interest Reserve Account, the Non-VRR Gain-on-Sale
Reserve Account and the VRR Gain-on-Sale Reserve Account. (a) The Master Servicer shall establish and maintain, or cause
to be established and maintained, a Collection Account in which the Master Servicer shall deposit or cause to be deposited
and in no event later than the second Business Day following receipt of properly identified and available funds (in the case
of payments by Mortgagors or other collections on the Mortgage Loans or Companion Loans), except as otherwise specifically
provided herein, the following payments and collections received or made by or on behalf of it subsequent to the Cut-off Date
(other than in respect of principal and interest on the Mortgage Loans or Companion Loans due and payable on or before the
Cut-off Date, which payments shall be delivered promptly to the applicable Mortgage Loan Seller or its designee and other
than any amounts received from Mortgagors which are received in connection with the purchase of defeasance collateral), or
payments (other than Principal Prepayments) received by it on or prior to the Cut-off Date but allocable to a period
subsequent thereto:

 

(i)     all payments on account of principal, including Principal Prepayments on the Mortgage Loans or principal prepayments on Serviced Companion Loans;

 

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(ii)    all payments on account of interest on the Mortgage Loans or the Serviced Companion Loans, including Yield Maintenance Charges and Default Interest;

 

(iii)   late payment charges and other Penalty Charges to the extent required to offset interest on Advances and additional expenses of the Trust (including Special Servicing Fees, Workout Fees or Liquidation Fees) as required by Section 3.11(d);

 

(iv)   all Insurance and Condemnation Proceeds and Liquidation Proceeds (other than Gain-on-Sale Proceeds or Non-Serviced Gain-on-Sale Proceeds) received in respect of any Mortgage Loan, Serviced Companion Loan or REO Property (other than (A) Liquidation Proceeds that are received in connection with the purchase by the Master Servicer, the Special Servicer the Holders of the majority of the Controlling Class, or the Holders of the Class R Certificates of all the Mortgage Loans and any REO Properties in the Trust Fund and that are to be deposited in the Lower-Tier REMIC Distribution Account pursuant to Section 9.01 and (B) any proceeds that are received in connection with the purchase, if any, of a Serviced Pari Passu Companion Loan from a securitization by the related Mortgage Loan Seller, which shall be paid directly to the servicer of such securitization) together with any recovery of Unliquidated Advances in respect of the related Mortgage Loans;

 

(v)    any amounts required to be transferred from the applicable REO Account pursuant to Section 3.14(c);

 

(vi)   any amounts required to be deposited by the Master Servicer pursuant to Section 3.06 in connection with losses incurred with respect to Permitted Investments of funds held in the Collection Account; and

 

(vii)  any amounts required to be deposited by the Master Servicer or the Special Servicer pursuant to Section 3.07(b) in connection with losses resulting from a deductible clause in a blanket hazard or master single interest policy.

 

Notwithstanding the foregoing requirements, the Master Servicer need not deposit into the Collection Account any amount that the Master Servicer would be authorized to withdraw immediately from such account in accordance with the terms of Section 3.05 and shall be entitled to instead immediately pay such amount directly to the Person(s) entitled thereto; provided that such amounts shall be applied in accordance with the terms hereof and shall be reported as if deposited in such Collection Account and then withdrawn.

 

The foregoing requirements for deposit in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, actual payments from Mortgagors in the nature of Escrow Payments, charges for beneficiary statements or demands, assumption fees, Modification Fees, extension fees, defeasance fees, amounts collected for Mortgagor checks returned for insufficient funds or other amounts the Master Servicer or the Special Servicer would be entitled to retain as additional servicing compensation need not be deposited by the Master Servicer in the Collection Account. If the Master Servicer shall deposit 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

 

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herein to the contrary notwithstanding. Assumption, extension and Modification Fees actually received from Mortgagors on Specially Serviced Mortgage Loans shall be promptly delivered to the Special Servicer as additional servicing compensation.

 

Upon receipt of any of the foregoing amounts in clauses (i) through (iv) above with respect to any Specially Serviced Mortgage Loans, the Special Servicer shall remit within one (1) Business Day such amounts to the Master Servicer for deposit into the Collection Account, in accordance with this Section 3.04(a). Any such amounts received by the Special Servicer with respect to an REO Property shall be deposited by the Special Servicer into its REO Account and remitted to the Master Servicer for deposit into the Collection Account, pursuant to Section 3.14(c). 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. Funds in the Collection Account may only be invested in Permitted Investments in accordance with the provisions of Section 3.06. As of the Closing Date, the Collection Account for the Master Servicer shall be located at the offices of Wells Fargo Bank, National Association. The Master Servicer shall give notice to the Trustee, the Special Servicer the Certificate Administrator and the Depositor of the new location of the Collection Account prior to any change thereof.

 

(b)        The Certificate Administrator, on behalf of the Trustee, shall establish and maintain (i) the Lower-Tier REMIC Distribution Account and the Interest Reserve Account in trust for the benefit of the Certificateholders and the RR Interest Owner, (ii) the Non-VRR Gain-on-Sale Reserve Account (if established) for the benefit of the Certificateholders (other than the Holders of the Class RR Certificates), (iii) the Upper-Tier REMIC Distribution Account for the benefit of the Certificateholders and the RR Interest Owner, and (iv) the VRR Gain-on-Sale Reserve Account (if established) for the benefit of the VRR Interest Owners. The Master Servicer shall deliver to the Certificate Administrator each month on or before the Master Servicer Remittance Date therein, for deposit in the Lower-Tier REMIC Distribution Account, that portion of the Aggregate Available Funds attributable to the Mortgage Loans (in each case, calculated without regard to clauses (a)(iii)(B), (a)(iv), and (c) of the definition of Aggregate Available Funds) for the related Distribution Date.

 

With respect to each Companion Loan (excluding any Non-Serviced Companion Loan), the Companion Paying Agent shall establish and maintain the Serviced Whole Loan Custodial Account, which may be a subaccount of the Collection Account, for distributions to each Companion Holder, to be held for the benefit of the related Companion Holder and shall, within two (2) Business Days following receipt of available and properly identified funds, deposit in the Serviced Whole Loan Custodial Account any and all amounts received by the Companion Paying Agent that are required by the terms of this Agreement or the applicable Co-Lender Agreement to be deposited therein; provided, however, that the Companion Paying Agent shall separately track for each Serviced Companion Loan all amounts deposited with respect to such Serviced Companion Loan. The Master Servicer shall deliver to the Companion Paying Agent each month, on or before the Master Servicer Remittance Date therein, for deposit in the Serviced Whole Loan Custodial Account, an aggregate amount of immediately available funds, to the extent received with respect to the related Serviced Whole Loan, to the extent of available funds, equal to the amount to be distributed to the related Companion Holder pursuant to the

 

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terms of this Agreement and the related Co-Lender Agreement. Notwithstanding the preceding, the following provisions shall apply to remittances relating to the Serviced Companion Loans that have been deposited into an Other Securitization: (1) on each Serviced Whole Loan Remittance Date, the Master Servicer shall withdraw from the Collection Account (or applicable portion thereof) an aggregate amount equal to all payments and/or collections actually received on, and payable to, such Serviced Companion Loans prior to such dates; provided, however, that in no event shall the Master Servicer be required to transfer to the Serviced Whole Loan Custodial Account any portion thereof that is payable or reimbursable to or at the direction of any party to this Agreement under the other provisions of this Agreement and/or the related Co-Lender Agreement; (2) on each Serviced Whole Loan Remittance Date, the Companion Paying Agent shall make the payments and remittance described in Section 4.01(l), which payments and remittance shall be made, in each case, on the Serviced Whole Loan Remittance Date.

 

The Lower-Tier REMIC Distribution Account, the Upper-Tier REMIC Distribution Account, the Interest Reserve Account, the Serviced Whole Loan Custodial Account, and, if established, the Non-VRR Gain-on-Sale Reserve Account and the VRR Gain-on-Sale Reserve Account, may be subaccounts of a single Eligible Account, which shall be maintained as a segregated account separate from other accounts.

 

In addition to the amounts required to be deposited in the Lower-Tier REMIC Distribution Account pursuant to this Section 3.04, the Master Servicer shall, as and when required hereunder, deliver to the Certificate Administrator for deposit in the Lower-Tier REMIC Distribution Account:

 

(i)     any amounts required to be deposited by the Master Servicer pursuant to Section 3.17(a) as Compensating Interest Payments (other than the portion of any Compensating Interest Payment allocated to a Serviced Pari Passu Companion Loan) in connection with Prepayment Interest Shortfalls;

 

(ii)    any P&I Advances required to be made by the Master Servicer in accordance with Section 4.03;

 

(iii)   any Liquidation Proceeds paid by the Master Servicer, the Special Servicer the Holders of the Controlling Class or the Holders of the Class R Certificates in connection with the purchase of all of the Mortgage Loans and any REO Properties in the Trust Fund pursuant to Section 9.01 (exclusive of that portion thereof required to be deposited in the Collection Account pursuant to Section 9.01);

 

(iv)   any Yield Maintenance Charges with respect to the Mortgage Loans actually collected; and

 

(v)    any other amounts required to be so delivered for deposit in the Lower-Tier REMIC Distribution Account pursuant to any provision of this Agreement.

 

If, as of the close of business (New York City time) on any Master Servicer Remittance Date or on such other date as any amount referred to in the foregoing clauses (i) through (v), the Master Servicer shall not have delivered to the Certificate Administrator for deposit in the Lower-Tier REMIC Distribution Account, the amounts required to be deposited

 

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therein pursuant to the provisions of this Agreement (including any P&I Advance with respect to the Mortgage Loans, pursuant to Section 4.03(a) hereof), the Master Servicer shall pay the Certificate Administrator interest on such late payment at the Prime Rate from and including the date such payment was required to be made (without regard to any Grace Period set forth in Section 7.01(a)(i)) until (but not including) the date such late payment is received by the Certificate Administrator.

 

The Certificate Administrator shall, upon receipt, deposit in the Lower-Tier REMIC Distribution Account any and all amounts received by the Certificate Administrator that are required by the terms of this Agreement to be deposited therein.

 

Promptly on each Distribution Date, the Certificate Administrator shall be deemed to withdraw from the Lower-Tier REMIC Distribution Account and deposit in the Upper-Tier REMIC Distribution Account an aggregate amount of immediately available funds equal to the Lower-Tier Distribution Amount and the amount of any Yield Maintenance Charges for such Distribution Date allocated in payment of the Lower-Tier Regular Interests as specified in Section 4.01(c) and Section 4.01(f), respectively.

 

Funds on deposit in the Interest Reserve Account, the Serviced Whole Loan Custodial Account, the Upper-Tier REMIC Distribution Account, the Lower-Tier REMIC Distribution Account, and, if established, the Non-VRR Gain-on-Sale Reserve Account and the VRR Gain-on-Sale Reserve Account, shall not be invested for so long as Wells Fargo Bank, National Association is the Certificate Administrator; provided, however, that if, at any time, Wells Fargo Bank, National Association is no longer the Certificate Administrator, such funds may be invested and, if invested, shall be invested by, and at the risk of, the Certificate Administrator in Permitted Investments selected by the Certificate Administrator which shall mature, unless payable on demand, not later than such time on the Distribution Date which will allow the Certificate Administrator to make withdrawals from the Distribution Account, and any such Permitted Investment shall not be sold or disposed of prior to its maturity unless payable on demand. All such Permitted Investments shall be made in the name of “[name of successor certificate administrator], as Certificate Administrator, for the benefit of Wilmington Trust, National Association, as Trustee for the Holders of the GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47 as their interests may appear”, or in the name of any successor trustee, as Trustee for the Holders of the GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47 as their interests may appear. None of the Trust, the Depositor, the Mortgagors, the Master Servicer or the Special Servicer shall be liable for any loss incurred on such Permitted Investments.

 

An amount equal to all income and gain realized from any such investment shall be paid to the Certificate Administrator as additional compensation and shall be subject to its withdrawal at any time from time to time. The amount of any losses incurred in respect of any such investments shall be for the account of the Certificate Administrator which shall deposit the amount of such loss (to the extent not offset by income from other investments) in the Distribution Accounts, as the case may be, out of its own funds immediately as realized. If the Certificate Administrator deposits in or transfers to the Distribution Accounts, as the case may be, any amount not required to be deposited therein or transferred thereto, it may at any time

 

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withdraw such amount or retransfer such amount from the Distribution Accounts, as the case may be, any provision herein to the contrary notwithstanding.

 

As of the Closing Date, the Interest Reserve Account, the Upper-Tier REMIC Distribution Account and the Lower-Tier REMIC Distribution Account shall be located at the offices of the Certificate Administrator. The Certificate Administrator shall give notice to the Trustee, the Master Servicer and the Depositor of the proposed location of the Interest Reserve Account, the Upper-Tier REMIC Distribution Account, the Lower-Tier REMIC Distribution Account and, if established, the Non-VRR Gain-on-Sale Reserve Account and the VRR Gain-on-Sale Reserve Account, prior to any change thereof.

 

For the avoidance of doubt, the Collection Account (other than any portion holding the Serviced Whole Loan Custodial Account, if it is a sub-account of the Collection Account), the Lower-Tier REMIC Distribution Account, the Non-VRR Gain-on-Sale Reserve Account, the VRR Gain-on-Sale Reserve Account, any Servicing Account, the REO Accounts, and the Interest Reserve Account (including interest, if any, earned on the investment of funds in such accounts) will be owned by the Lower-Tier REMIC; the Serviced Whole Loan Custodial Account (including interest, if any, earned on the investment of funds in such account) will be owned by the Companion Holders, as applicable; the Upper-Tier REMIC 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.

 

(c)      [Reserved].

 

(d)      [Reserved].

 

(e)        The Certificate Administrator shall establish (upon notice from the Special Servicer of an event occurring that generates Gain-on-Sale Proceeds) and maintain (i) the Non-VRR Gain-on-Sale Reserve Account for the benefit of the Certificateholders and (ii) the VRR Gain-on-Sale Reserve Account for the benefit of the VRR Interest Owners. Each of the Non-VRR Gain-on-Sale Reserve Account and the VRR Gain-on-Sale Reserve Account shall be maintained as an Eligible Account (or as a subaccount of an Eligible Account), separate and apart from trust funds for mortgage pass-through certificates of other series administered by the Certificate Administrator.

 

Upon the disposition of any REO Property, in accordance with Section 3.09 or Section 3.16, the Special Servicer will calculate the Gain-on-Sale Proceeds, if any, realized that are allocable to the Mortgage Loan, in connection with such sale and remit (i) the Non-VRR Percentage of such Gain-on-Sale Proceeds to the Master Servicer, who shall remit such funds to the Certificate Administrator for deposit into the Non-VRR Gain-on-Sale Reserve Account, and (ii) the VRR Percentage of such Gain-on-Sale Proceeds to the Master Servicer, who shall remit such funds to the Certificate Administrator for deposit into the VRR Gain-on-Sale Reserve Account. The Special Servicer shall include a notation of the amount of Gain-on-Sale Proceeds in the CREFC® Liquidation Report. Any gain on such disposition that is allocable to any related Companion Loan in accordance with the terms of the related Co-Lender Agreement shall be remitted to the Companion Paying Agent for deposit into the Serviced Whole Loan Custodial Account.

 

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(f)         Any Non-Serviced Gain-on-Sale Proceeds received with respect to any Non-Serviced Mortgage Loan pursuant to the related Non-Serviced Pooling Agreement shall be remitted to the Certificate Administrator as follows: (i) the Non-VRR Percentage of such Non-Serviced Gain-on-Sale Proceeds for deposit into the Non-VRR Gain-on-Sale Reserve Account and (ii) the VRR Percentage of such Non-Serviced Gain-on-Sale Proceeds for deposit into the VRR Gain-on-Sale Reserve Account.

 

(g)        If any Loss of Value Payments are received in connection with a Material Defect pursuant to or as contemplated by Section 3.05(f) of this Agreement, the Special Servicer shall establish and maintain one or more non-interest bearing accounts (collectively, the “Loss of Value Reserve Fund”) to be held for the benefit of the Certificateholders and the RR Interest Owner, for purposes of holding such Loss of Value Payments. Each account that constitutes the Loss of Value Reserve Fund shall be an Eligible Account or a sub-account of an Eligible Account. The Special Servicer shall, upon receipt, deposit in the Loss of Value Reserve Fund all Loss of Value Payments received by it. The Certificate Administrator shall, based upon information obtained from the CREFC® reports delivered by the Master Servicer pursuant to the terms hereof, account for the Loss of Value Reserve Fund as an outside reserve fund within the meaning of Treasury Regulations Section 1.860G-2(h) and not an asset of any Trust REMIC. Furthermore, for all federal tax purposes, the Certificate Administrator shall (i) treat amounts paid out of the Loss of Value Reserve Fund through the Collection Account to the Certificateholders as contributed to and distributed by the Trust REMICs and (ii) treat any amounts paid out of the Loss of Value Reserve Fund through the Collection Account to a Mortgage Loan Seller as distributions by the Trust to such Mortgage Loan Seller as beneficial owner of the Loss of Value Reserve Fund. The applicable Mortgage Loan Seller will be the beneficial owner of the Loss of Value Reserve Fund for all federal income tax purposes, and shall be taxable on all income earned thereon.

 

Section 3.05    
Permitted Withdrawals from the Collection Account, the Distribution Accounts and the Serviced Whole Loan Custodial Account.  (a)
The Master Servicer may, from time to time, make withdrawals from the Collection Account (or the applicable subaccount of the
Collection Account exclusive of the Serviced Whole Loan Custodial Account that may be a subaccount of the Collection Account)
for any of the following purposes (the following not being an order of priority and without duplication of the same payment or
reimbursement):

 

(i)     (A) no later than 4:00 p.m., New York City time, on each Master Servicer Remittance Date, to remit to the Certificate Administrator for deposit in the Lower-Tier REMIC Distribution Account and the amounts required to be remitted pursuant to the first paragraph of Section 3.04(b) or that may be applied to make P&I Advances pursuant to Section 4.03(a); and (B) pursuant to the second paragraph of Section 3.04(b), to remit to the Companion Paying Agent for deposit in the Serviced Whole Loan Custodial Account the amounts required to be so deposited with respect to the Companion Loans;

 

(ii)    (A) to pay itself (or, with respect to any Transferable Servicing Interest, to pay Wells Fargo Bank, National Association if Wells Fargo Bank, National Association is no longer the Master Servicer, any such interest pursuant to Section 3.11(a)) unpaid Servicing Fees in respect of each Mortgage Loan, Companion Loan,

 

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Specially Serviced Mortgage Loan, and REO Loan, as applicable, the Master Servicer’s rights to payment of Servicing Fees pursuant to this clause (ii)(A) with respect to any Mortgage Loan, related Serviced Companion Loan, Specially Serviced Mortgage Loan or REO Loan, as applicable, being limited to amounts received on or in respect of such Mortgage Loan or related Serviced Companion Loan (whether in the form of payments, Liquidation Proceeds or Insurance and Condemnation Proceeds) or such REO Loan (whether in the form of REO Revenues, Liquidation Proceeds or Insurance and Condemnation Proceeds), that are allocable as recovery of interest thereon, (B) to pay the Special Servicer any unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect of each Specially Serviced Mortgage Loan or REO Loan or Corrected Loan, as applicable, and any expense incurred by the Special Servicer in connection with performing any inspections pursuant to Section 3.12(a), remaining unpaid first, out of related REO Revenues, Liquidation Proceeds, Insurance and Condemnation Proceeds and collections in respect of the related Specially Serviced Mortgage Loan (provided that, in the case of such payment relating to a Serviced Whole Loan, such payment shall be made, subject to the terms of the related Co-Lender Agreement (i) with respect to a Serviced Pari Passu Whole Loan, pro rata and pari passu, from the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan, in accordance with their respective Stated Principal Balances), or (ii) with respect to a Serviced AB Whole Loan, first, from the related AB Subordinate Companion Loan, and then, from the AB Mortgage Loan (and any related Pari Passu Companion Loans on a pro rata basis) and then out of general collections on the Mortgage Loans and REO Properties, (C) to pay the Operating Advisor any unpaid Operating Advisor Fees or Operating Advisor Consulting Fees in respect of each Mortgage Loan, Specially Serviced Mortgage Loan or REO Loan (other than any related Companion Loan), as applicable, the Operating Advisor’s right to payment of the Operating Advisor Fee or Operating Advisor Consulting Fee (but only to the extent actually received from the related Mortgagor) pursuant to this clause (ii)(C) with respect to any Mortgage Loan, Specially Serviced Mortgage Loan, or REO Loan (other than any related Companion Loan), as applicable, being limited to amounts received on or in respect of such Mortgage Loan (whether in the form of payments, P&I Advances (solely with respect to the Operating Advisor Fee), Liquidation Proceeds or Insurance and Condemnation Proceeds) or such REO Loan (whether in the form of REO Revenues, Liquidation Proceeds or Insurance and Condemnation Proceeds), that are allocable as recovery of interest thereon, and (D) to pay the Asset Representations Reviewer (1) any unpaid Asset Representations Reviewer Fee in respect of each Mortgage Loan, Specially Serviced Mortgage Loan or REO Loan (in each case, other than any related Companion Loan), as applicable, the Asset Representations Reviewer’s right to payment of the Asset Representations Reviewer Fee pursuant to this clause (ii)(D)(1) with respect to any Mortgage Loan, Specially Serviced Mortgage Loan or REO Loan (in each case, other than any related Companion Loan), as applicable, being limited to amounts received on or in respect of such Mortgage Loan (whether in the form of payments, P&I Advances, Liquidation Proceeds or Insurance and Condemnation Proceeds), Specially Serviced Mortgage Loan or REO Loan (whether in the form of REO Revenues, Liquidation Proceeds or Insurance and Condemnation Proceeds), that are allocable as recovery of interest thereon, or (2) (to the extent such fee is payable as a Trust Fund expense) any unpaid Asset Representations Reviewer Asset Review Fee

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payable in connection with any Asset Review that was performed as a result of an Affirmative Asset Review Vote;

 

(iii)   to reimburse the Trustee and itself, as applicable (in that order), for unreimbursed P&I Advances, the Master Servicer’s or the Trustee’s right to reimbursement pursuant to this clause (iii) being limited to amounts received which represent Late Collections of interest (net of the related Servicing Fee) on and principal of the particular Mortgage Loans and REO Loans with respect to which P&I Advances were made; provided that with respect to each Serviced Whole Loan, reimbursement of P&I Advances shall be made only from amounts collected with respect to the related Serviced Mortgage Loan and not from any amounts collected with respect to any related Serviced Companion Loan (provided that, with respect to any AB Subordinate Companion Loan, the foregoing shall not limit or otherwise modify the terms of the related Co-Lender Agreement pursuant to which any amounts collected with respect to the related Whole Loan are allocated to the related Serviced Mortgage Loan and AB Subordinate Companion Loan) prior to reimbursement from other funds unrelated to such Serviced Whole Loan on deposit in the Collection Account; provided, further, that if such P&I Advance with respect to a Mortgage Loan becomes a Workout-Delayed Reimbursement Amount, then the maker of such P&I Advance shall additionally, but without duplication, thereafter be entitled to reimbursement for such P&I Advance from the portion of general collections and recoveries on or in respect of the Mortgage Loans and REO Properties on deposit in the Collection Account from time to time that represent collections or recoveries of principal to the extent provided in clause (v) below; and provided, further, that if such Advance becomes a Nonrecoverable Advance, then such Advance shall be reimbursable pursuant to clause (v) below;

 

(iv)   to reimburse the Trustee, the Special Servicer and itself, as applicable (in that order), for unreimbursed Property Protection Advances, the Master Servicer’s, the Special Servicer’s or the Trustee’s respective rights to receive payment pursuant to this clause (iv) with respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or any related Companion Loan or any REO Property being limited to, as applicable, related payments, Liquidation Proceeds, Insurance and Condemnation Proceeds and REO Revenues (provided that, in the case of such reimbursement relating to a Serviced Whole Loan, such reimbursements shall be made, subject to the terms of the related Co-Lender Agreement (i) with respect to a Serviced Pari Passu Whole Loan, pro rata and pari passu, from the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan in accordance with their respective Stated Principal Balances, or (ii) with respect to a Serviced AB Whole Loan, first, from the related AB Subordinate Companion Loan, and then, pro rata, from any related AB Mortgage Loan and any related Serviced Pari Passu Companion Loan in accordance with their respective Stated Principal Balances (provided that, with respect to any AB Subordinate Companion Loan, the foregoing shall not limit or otherwise modify the terms of the related Co-Lender Agreement pursuant to which any amounts collected with respect to the related Whole Loan are allocated to the related Serviced Mortgage Loan and AB Subordinate Companion Loan)), prior to reimbursement from other funds unrelated to such Serviced Whole Loan on deposit in the Collection Account related to any Mortgage Loan; provided, however, that if such Property Protection Advance becomes a

 

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Workout-Delayed Reimbursement Amount, then the maker of such Property Protection Advance shall additionally, but without duplication, thereafter be entitled to reimbursement for such Property Protection Advance from the portion of general collections and recoveries on or in respect of the Mortgage Loans and REO Properties on deposit in the Collection Account from time to time that represent collections or recoveries of principal to the extent provided in clause (v) below; provided, further, that if such Advance becomes a Nonrecoverable Advance, then such Advance shall be reimbursable pursuant to clause (v) below;

 

(v)    to reimburse the Trustee, the Special Servicer and itself, as applicable (in that order) (1) for Nonrecoverable Advances first, out of REO Revenues, Liquidation Proceeds and Insurance and Condemnation Proceeds, if any, received on the related Mortgage Loan and any related Companion Loan (with respect to such Companion Loan, only for Nonrecoverable Property Protection Advances made with respect thereto), then, out of the principal portion of general collections on the Mortgage Loans and REO Properties, then, to the extent the principal portion of general collections is insufficient and with respect to such excess only, subject to any exercise of the sole option to defer reimbursement thereof pursuant to Section 3.17(c), out of general collections on the Mortgage Loans and REO Properties, (2) for Workout-Delayed Reimbursement Amounts, out of the principal portion of the general collections on the Mortgage Loans and REO Properties net of such amounts being reimbursed pursuant to (1) above; (provided that, in case of such reimbursement of a Nonrecoverable Property Protection Advance relating to a Serviced Whole Loan related thereto, such reimbursement shall be made, subject to the terms of the related Co-Lender Agreement (i) with respect to a Serviced Pari Passu Whole Loan, pro rata and pari passu, from the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan in accordance with their respective Stated Principal Balances, or (ii) with respect to a Serviced AB Whole Loan, first, from the related AB Subordinate Companion Loan, then from the related AB Mortgage Loan (and any related Pari Passu Companion Loans, on a pro rata basis) and provided, further, that, in case of such reimbursement with respect to Nonrecoverable Property Protection Advances relating to a Serviced Whole Loan, such reimbursement shall be made as described above in this clause (v)(1) and (v)(2) from funds related to such Serviced Whole Loan prior to reimbursement from other funds unrelated to such Serviced Whole Loan on deposit in the Collection Account; provided, further, that with respect to a Serviced Mortgage Loan, reimbursement of Nonrecoverable P&I Advances from funds collected from the related Serviced Whole Loan shall be made only from amounts collected with respect to such Serviced Mortgage Loan (and not from any amounts collected with respect to the related Serviced Companion Loan), in accordance with the terms of the related Co-Lender Agreement (provided that, with respect to any Serviced Companion Loan, the foregoing with respect to Nonrecoverable Property Protection Advances and Nonrecoverable P&I Advances shall not limit or otherwise modify the terms of the related Co-Lender Agreement pursuant to which any amounts collected with respect to the related Whole Loan, are allocated to the related Serviced Mortgage Loan and AB Subordinate Companion Loan), prior to reimbursement from other funds unrelated to such Serviced Whole Loan on deposit in the Collection Account related to any Mortgage Loan) or (3) to pay itself, with respect to any Mortgage Loan, any related Companion Loan, if applicable, or REO Property any related earned

 

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Servicing Fee that remained unpaid in accordance with clause (ii) above following a Final Recovery Determination made with respect to such Mortgage 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 the Trustee and itself, as applicable (in that order) or any Other Trustee or Other Servicer for a related securitization trust in respect of any Serviced Pari Passu Companion Loan for (a) any unreimbursed P&I Advance (including any such P&I Advance that constitutes a Workout-Delayed Reimbursement Amount) pursuant to clause (iii) or clause (v) above, to pay itself and/or the Trustee or such other servicing party, as applicable, any interest accrued and payable thereon in accordance with Sections 4.03(d) and 3.11(d), (b) any unreimbursed Property Protection Advances (including any such Property Protection Advance that constitutes a Workout-Delayed Reimbursement Amount) pursuant to clause (iv) or clause (v) above, to pay itself, the Special Servicer or the Trustee, or Other Trustee or Other Servicer as the case may be, any interest accrued and payable thereon in accordance with Section 3.03(d) and 3.11(d) or (c) any Nonrecoverable Advances pursuant to clause (v) above, to pay itself, the Special Servicer or the Trustee, or Other Trustee or Other Servicer as the case may be, any interest accrued and payable thereon; provided that in all events, subject to the related Co-Lender Agreement, interest on P&I Advances on any Serviced Mortgage Loan shall not be paid from funds actually distributable to any related Serviced Companion Loan, and interest on Property Protection Advances on any Serviced Whole Loan shall be paid (i) with respect to a Serviced Pari Passu Whole Loan, pro rata and pari passu, out of collections on the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan(s) in accordance with their respective outstanding principal balances, or (ii) with respect to a Serviced AB Whole Loan, first, pro rata, out of collections on the related AB Subordinate Companion Loan and then, pro rata and pari passu, out of collections on the related Serviced Mortgage Loan and the related Serviced Pari Passu Companion Loan(s) (if any), in accordance with the respective Stated Principal Balances of the related Serviced Mortgage Loan and Serviced Pari Passu Companion Loan(s) (provided that, with respect to any AB Subordinate Companion Loan, the foregoing shall not limit or otherwise modify the terms of the related Co-Lender Agreement pursuant to which any amounts collected with respect to the related Whole Loan are allocated to the related Serviced Mortgage Loan and AB Subordinate Companion Loan);

 

(vii)  to reimburse itself, the Special Servicer, the Asset Representations Reviewer or the Trustee, as the case may be, for any unreimbursed expenses reasonably incurred by such Person in respect of any Material Defect giving rise to a repurchase or substitution obligation of the applicable Mortgage Loan Seller or any other obligation of such Mortgage Loan Seller under Section 6 of the related Mortgage Loan Purchase Agreement, including, without limitation, any expenses arising out of the enforcement of the repurchase or substitution obligation or any other obligation of the Mortgage Loan Seller, each such Person’s right to reimbursement pursuant to this clause (vii) with respect to any Mortgage Loan, being limited to that portion of the Purchase Price, the Loss of Value Payment or Substitution Shortfall Amount paid with respect to such

 

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Mortgage Loan, that represents such expense in accordance with clause (iv) of the definition of Purchase Price;

 

(viii) to reimburse itself or the Special Servicer, as the case may be, first, out of Liquidation Proceeds, Insurance and Condemnation Proceeds, if any, with respect to the related Mortgage Loan or REO Loan, and then out of general collections on the Mortgage Loans and REO Properties, for any unreimbursed expense reasonably incurred by such Person in connection with the enforcement of the applicable Mortgage Loan Seller’s obligations under Section 6 of the related Mortgage Loan Purchase Agreement, but only to the extent that such expenses are not reimbursable pursuant to clause (vii) above or otherwise; provided that, in case of such reimbursement out of Liquidation Proceeds, and Insurance and Condemnation Proceeds described above relating to a Serviced Whole Loan, such reimbursement shall be made, subject to the terms of the related Co-Lender Agreement (i) with respect to a Serviced Pari Passu Whole Loan, pro rata and pari passu, from the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan in accordance with their respective Stated Principal Balances or (ii) with respect to a Serviced AB Whole Loan, first, from the related AB Subordinate Companion Loan, and then, from any related AB Mortgage Loan (and any Pari Passu Companion Loans, on a pro rata basis) (provided that, with respect to any AB Subordinate Companion Loan, the foregoing shall not limit or otherwise modify the terms of the related Co-Lender Agreement pursuant to which any amounts collected with respect to the related Whole Loan are allocated to the related Serviced Mortgage Loan and AB Subordinate Companion Loan), in each case, prior to being payable out of general collections with respect to the Mortgage Loans;

 

(ix)   to pay for costs and expenses incurred by the Trust pursuant to Section 3.09(c)first, out of REO Revenues, Liquidation Proceeds, Insurance and Condemnation Proceeds with respect to the related Mortgage Loan, Serviced Companion Loan or REO Loan and then out of general collections on the Mortgage Loans and REO Properties; provided that, in case of such reimbursement relating to a Serviced Whole Loan, as applicable, such reimbursement shall be made, subject to the terms of the related Co-Lender Agreement (i) with respect to a Serviced Pari Passu Whole Loan, pro rata and pari passu, from the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan in accordance with their respective Stated Principal Balances or (ii) with respect to a Serviced AB Whole Loan, first, from the related AB Subordinate Companion Loan, and then, from any related AB Mortgage Loan (and any Pari Passu Companion Loans, on a pro rata basis) (provided that, with respect to any AB Subordinate Companion Loan, the foregoing shall not limit or otherwise modify the terms of the related Co-Lender Agreement pursuant to which any amounts collected with respect to the related Whole Loan are allocated to the related Serviced Mortgage Loan and AB Subordinate Companion Loan), in each case, prior to being payable out of general collections with respect to the Mortgage Loan;

 

(x)   
to pay itself, as additional servicing compensation in accordance with Section 3.11(a), (a) (1) interest and investment
income earned in respect of amounts relating to the Trust Fund held in the Collection Account and the Serviced Whole Loan

 

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Custodial
Account as provided in Section 3.06(b) (but only to the extent of the Net Investment Earnings with respect to the Collection
Account and the Serviced Whole Loan Custodial Account for the period from and including the prior Distribution Date to and including
the Master Servicer Remittance Date related to such Distribution Date), (2) Penalty Charges (other than Penalty Charges collected
while the related Mortgage Loan and any related Serviced Companion Loan is a Specially Serviced Mortgage Loan), but only to the
extent collected from the related Mortgagor and to the extent that all amounts then due and payable with respect to the related
Mortgage Loan and any related Serviced Companion Loan have been paid and such Penalty Charges are not needed to pay interest on
Advances or costs and expenses incurred by the Trust (including Special Servicing Fees, Liquidation Fees and Workout Fees) in
accordance with Section 3.11(d) and (3) the difference, if positive, between Prepayment Interest Excess and Prepayment
Interest Shortfalls collected on the Mortgage Loans (other than the Non-Serviced Mortgage Loans) and any Serviced Companion Loan,
during the related Collection Period to the extent not required to be paid as Compensating Interest Payments; and (b) to pay the
Special Servicer, as additional servicing compensation in accordance with Section 3.11(c), Penalty Charges collected on
Specially Serviced Mortgage Loans (but only to the extent collected from the related Mortgagor and to the extent that all amounts
then due and payable with respect to the related Specially Serviced Mortgage Loan have been paid and such Penalty Charges are
not needed to pay interest on Advances or costs and expenses incurred by the Trust (including Special Servicing Fees, Liquidation
Fees and Workout Fees) in accordance with Section 3.11(d));

 

(xi)   to recoup any amounts deposited in the Collection Account in error;

 

(xii)  (A) to pay itself, the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations Reviewer or any of their respective directors, officers, members, managers, employees and agents, or CREFC®, as the case may be, out of general collections, any amounts payable to any such Person pursuant to Section 3.11(g), Section 6.04(a) or Section 6.04(b); provided that, in case of such reimbursement (other than a reimbursement of any amounts payable to CREFC®) relating to a Serviced Whole Loan, such reimbursement shall be made, subject to the terms of the related Co-Lender Agreement (i) with respect to a Serviced Pari Passu Whole Loan, pro rata and pari passu, from the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan in accordance with their respective Stated Principal Balances or (ii) with respect to a Serviced AB Whole Loan, first, from the related AB Subordinate Companion Loan, and then, from any related AB Mortgage Loan (and any Pari Passu Companion Loans, on a pro rata basis) (provided that, with respect to any AB Subordinate Companion Loan, the foregoing shall not limit or otherwise modify the terms of the related Co-Lender Agreement pursuant to which any amounts collected with respect to the related Whole Loan are allocated to the related Serviced Mortgage Loan and AB Subordinate Companion Loan), in each case, prior to being payable out of general collections with respect to the Mortgage Loans and (B) to reimburse or pay any party to this Agreement any unpaid expenses specifically reimbursable from the Collection Account under this Agreement;

 

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(xiii)         to pay for (a) the cost of the Opinions of Counsel contemplated by Sections 3.09(b), 3.14(a), 3.15(b), 3.18(b), 3.18(d), 3.18(i) and 10.01(f) to the extent payable out of the Trust Fund, (b) the cost of any Opinion of Counsel contemplated by Section 13.01(a) or Section 13.01(c) in connection with an amendment to this Agreement requested by the Trustee or the Master Servicer, which amendment is in furtherance of the rights and interests of Certificateholders and the RR Interest Owner and (c) the cost of obtaining the REO Extension contemplated by Section 3.14(a); provided that, in case of such reimbursement relating to a Serviced Whole Loan, such reimbursement shall be made, subject to the terms of the related Co-Lender Agreement (i) with respect to the related Serviced Pari Passu Whole Loan, pro rata and pari passu, from the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan in accordance with their respective Stated Principal Balances or (ii) with respect to a Serviced AB Whole Loan, first, from the related AB Subordinate Companion Loan, and then, from any related AB Mortgage Loan (and any Pari Passu Companion Loans, on a pro rata basis) (provided that, with respect to any AB Subordinate Companion Loan, the foregoing shall not limit or otherwise modify the terms of the related Co-Lender Agreement pursuant to which any amounts collected with respect to the related Whole Loan are allocated to the related Serviced Mortgage Loan and AB Subordinate Companion Loan), in each case, prior to being payable out of general collections with respect to the Mortgage Loans;

 

(xiv)         to pay out of general collections on the Mortgage Loans and the REO Properties any and all federal, state and local taxes imposed on any Trust 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, the Certificate Administrator or the Trustee is liable therefor pursuant to Section 10.01(g);

 

(xv)          to pay the CREFC® Intellectual Property Royalty License Fee;

 

(xvi)         to reimburse the Certificate Administrator out of general collections on the Mortgage Loans and REO Properties for expenses incurred by and reimbursable to it by the Trust pursuant to Section 10.01(c);

 

(xvii)        to pay the applicable Mortgage Loan Seller or any other Person, with respect to each Mortgage 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; or, in the case of the substitution for a Mortgage Loan by a Mortgage Loan Seller as contemplated by Section 2.03(b), to pay such Mortgage Loan Seller with respect to the replaced Mortgage Loan all amounts received thereon subsequent to the date of substitution, and with respect to the related Qualified Substitute Mortgage Loan(s), all Periodic Payments due thereon during or prior to the month of substitution, in accordance with Section 2.03(b);

 

(xviii)       to remit to the Certificate Administrator for deposit in the Interest Reserve Account the amounts required to be deposited in the Interest Reserve Account pursuant to Section 3.21;

 

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(xix)       to reimburse the Operating Advisor for any Operating Advisor Expenses incurred by and reimbursable to it by the Trust pursuant to Section 3.26(h);

 

(xx)        to reimburse the Asset Representations Reviewer for any fees and expenses reimbursable to it by the Trust pursuant to this Agreement;

 

(xxi)        to remit to the Companion Paying Agent for deposit into the Serviced Whole Loan Custodial Account the amounts required to be deposited pursuant to Section 3.04(b) without duplication of amounts remitted to the Companion Paying Agent pursuant to clause (i) above;

 

(xxii)      to clear and terminate the Collection Account at the termination of this Agreement pursuant to Section 9.01; and

 

(xxiii)     to pay for any expenditures to be borne by the Trust pursuant to the third paragraph of Section 3.03(c).

 

The Master Servicer shall also be entitled to make withdrawals from time to time, from the Collection Account of amounts necessary for the payments or reimbursement of amounts required to be paid to the applicable Non-Serviced Master Servicer, the applicable Non-Serviced Special Servicer, the applicable Non-Serviced Trustee, the applicable Non-Serviced Paying Agent or any other applicable party to the applicable Non-Serviced Pooling Agreement by the holder of a Non-Serviced Mortgage Loan pursuant to the applicable Non-Serviced Co-Lender Agreement and the applicable Non-Serviced Pooling Agreement.

 

The Master Servicer shall keep and maintain separate accounting records, on a loan-by-loan and property by property basis when appropriate, for the purpose of justifying any withdrawal from the Collection Account.

 

The Master Servicer shall pay to the Special Servicer, the Trustee or the Certificate Administrator from the Collection Account amounts permitted to be paid to it therefrom monthly upon receipt of a certificate of a Servicing Officer of the Special Servicer or a Responsible Officer of the Trustee or the Certificate Administrator describing the item and amount to which the Special Servicer, the Trustee or the Certificate Administrator is entitled. The Master Servicer may rely conclusively on any such certificate and shall have no duty to re-calculate the amounts stated therein. The Special Servicer shall keep and maintain separate accounting for each Specially Serviced Mortgage Loan and REO Loan, on a loan-by-loan and property-by-property basis, for the purpose of justifying any request for withdrawal from the Collection Account. Notwithstanding the above, no written certificate is required for a payment of Special Servicing Fees and/or Workout Fees arising from collections other than the initial collection on a Corrected Loan.

 

Notwithstanding anything to the contrary in this Section 3.05 or elsewhere in this Agreement, no amounts payable or reimbursable to the Master Servicer, the Special Servicer the Trustee, the Certificate Administrator or the Operating Advisor out of general collections that do not specifically relate to a Serviced Whole Loan may be reimbursable from amounts that would otherwise be payable to the related Companion Loan.

 

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With respect to any Serviced Pari Passu Whole Loan, any Late Collections received by the Master Servicer from the Mortgagor that are allocable to any Serviced Pari Passu Companion Loan or reimbursable to an Other Master Servicer or an Other Trustee shall be remitted by the Master Servicer to such Other Master Servicer within one (1) Business Day of receipt of properly identified and available funds; provided, however, that to the extent any such amounts are received after 2:00 p.m. Eastern time on any given Business Day, the Master Servicer shall use commercially reasonable efforts to remit such Late Collections to the Other Master Servicer within one (1) Business Day of receipt of properly identified and available funds but, in any event, the Master Servicer shall remit such amounts within two (2) Business Days of receipt of properly identified and available funds.

 

(b)        The Certificate Administrator may, from time to time, make withdrawals from the Lower-Tier REMIC Distribution Account for any of the following purposes (the following not being an order of priority):

 

(i)         to be deemed to make deposits of the Lower-Tier Distribution Amount pursuant to Section 4.01(d) and the amount of any Yield Maintenance Charges distributable pursuant to Section 4.01(f) in the Upper-Tier REMIC Distribution Account, and to make distributions to Certificateholders holding the Class R Certificates in respect of the Class LR Interest pursuant to Section 4.01(d) or Section 9.01, as applicable;

 

(ii)        to pay to the Trustee and the Certificate Administrator or any of their directors, officers, employees and agents, as the case may be, any amounts payable or reimbursable to any such Person with respect to the Mortgage Loans pursuant to Section 8.05(b);

 

(iii)       to pay the Certificate Administrator and the Trustee, the Certificate Administrator/Trustee Fee, as applicable, as contemplated by Section 8.05(a) hereof with respect to the Mortgage Loans;

 

(iv)       to pay for the cost (without duplication) of the Opinions of Counsel sought by (A) the Trustee or the Certificate Administrator as provided in clause (vi) of the definition of “Disqualified Organization,” (B) the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer as contemplated by Section 3.18(d), (C) the Trustee or the Certificate Administrator as contemplated by Section 5.08(c) or Section 8.02(ii) to the extent payable out of the Trust Fund, (D) the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer as contemplated by Section 10.01(f) or Section 10.01(l) to the extent payable out of the Trust Fund, or (E) the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer as contemplated by Section 13.01(a) or Section 13.01(c) in connection with any amendment to this Agreement requested by the Trustee or the Certificate Administrator, which amendment is in furtherance of the rights and interests of Certificateholders and the RR Interest Owner, in each case, to the extent not paid pursuant to Section 13.01(g);

 

(v)        to pay any and all federal, state and local taxes imposed on the Lower-Tier REMIC or the Upper-Tier REMIC or on the assets or transactions of any such REMIC, together with all incidental costs and expenses, to the extent none of the Trustee, the

 

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Certificate Administrator, the REMIC Administrator, the Master Servicer or the Special Servicer is liable therefor pursuant to Section 10.01(g);

 

(vi)     to pay the REMIC Administrator any amounts reimbursable to it pursuant to Section 10.01(c) with respect to the Lower-Tier REMIC or the Upper-Tier REMIC;

 

(vii)     to pay to the Master Servicer any amounts deposited by the Master Servicer in the Distribution Accounts not required to be deposited therein; and

 

(viii)     to
clear and terminate the Lower-Tier REMIC Distribution Account at the termination of this Agreement pursuant to Section 9.01.

 

(c)       
[Reserved].

 

(d)       
The Certificate Administrator shall make, or be deemed to make, withdrawals from the Upper-Tier REMIC Distribution Account
for any of the following purposes:

 

(i)        to make distributions to Certificateholders holding Regular Certificates and Class R Certificates (in respect of the Class UR Interest) and the RR Interest Owners in respect of the RR Interest on each Distribution Date pursuant to Section 4.01 or Section 9.01, as applicable, subject to the third-to-last paragraph of Section 3.04(b); and

 

(ii)   
   to clear and terminate the Upper-Tier REMIC Distribution Account at the termination of this Agreement pursuant to Section 9.01.

 

(e)       Notwithstanding anything herein to the contrary, with respect to any Mortgage Loan, (i) if amounts on deposit in the Collection
Account and the Lower-Tier REMIC Distribution Account are not sufficient to pay the full amount of the Servicing Fee listed in
Section 3.05(a)(ii), the Operating Advisor Fee listed in Section 3.05(a)(ii) and the Certificate Administrator/Trustee
Fee listed in Section 3.05(b)(ii) and (b)(iii), then the Certificate Administrator/Trustee Fee shall be paid in
full prior to the payment of any Servicing Fees payable under Section 3.05(a)(ii) and then, after payment of Servicing
Fees, the Operating Advisor Fees payable under Section 3.05(a)(ii) and in the event that amounts on deposit in the Collection
Account and the Lower-Tier REMIC Distribution Account are not sufficient to pay the full amount of such Certificate Administrator/Trustee
Fee, the Certificate Administrator shall be paid based on the amount of such fees and (ii) if amounts on deposit in the Collection
Account are not sufficient to reimburse the full amount of Advances and interest thereon listed in Sections 3.05(a)(iii),
(a)(iv), (a)(v) and (a)(vi), then reimbursements shall be paid first to the Certificate Administrator and
to the Trustee, pro rata, second to the Special Servicer, third to the Master Servicer and then to the Operating Advisor.

 

(f)        If any Loss of Value Payments are deposited into the Loss of Value Reserve Fund with respect to any Mortgage Loan or any
related Serviced REO Property, then the Special Servicer shall promptly (provided that, (1) with respect to clause (iv)
below, the Special Servicer shall have provided notice to the Master Servicer of the occurrence of such Liquidation Event
and (2) with respect to clause (v) below, the Certificate Administrator shall have provided the Master Servicer and the
Special Servicer with five Business Days’ prior 

 

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notice of such final Distribution Date), transfer such Loss of Value Payments (up to the remaining portion thereof) from the Loss of Value Reserve Fund to the Master Servicer for deposit into the Collection Account for the following purposes:

 

(i)           to reimburse the Master Servicer or the Trustee, in accordance with Section 3.05(a) of this Agreement, for any Nonrecoverable Advance made by such party with respect to such Mortgage Loan or any related Serviced REO Property (together with any interest on such Advances);

 

(ii)          to pay, in accordance with Section 3.05(a) of this Agreement, or to reimburse the Trust for the prior payment of, any expense or Liquidation Fee relating to such Mortgage Loan or any related Serviced REO Property that constitutes or, if not paid out of such Loss of Value Payments, would constitute an additional expense of the Trust;

 

(iii)         to offset any portion of Realized Losses that are attributable to such Mortgage Loan or related REO Property, as the case may be (as calculated without regard to the application of such Loss of Value Payments), incurred with respect to such Mortgage Loan or any related successor REO Loan;

 

(iv)         following the occurrence of a Liquidation Event with respect to such Mortgage Loan or any related Serviced REO Property and any related transfers from the Loss of Value Reserve Fund with respect to the items contemplated by the immediately preceding clauses (i)-(iii) as to such Mortgage Loan or Serviced REO Loan, to cover the items contemplated by the immediately preceding clauses (i)-(iii) in respect of any other Mortgage Loan or Serviced REO Loan; and

 

(v)          On the final Distribution Date after all distributions have been made as set forth in clauses (i) through (iv) above, to each Mortgage Loan Seller, its pro rata share, based on the amount that it contributed, net of any amount contributed by such Mortgage Loan Seller that was used pursuant to clauses (i)-(iii) to offset any portion of Realized Losses that are attributable to such Mortgage Loan or related REO Property, as the case may be, additional Trust Fund expenses or any Nonrecoverable Advances incurred with respect to the Mortgage Loan related to such contribution.

 

(g)        Any Loss of Value Payments transferred to the Collection Account pursuant to clauses (f)(i)-(f)(iii) of the prior paragraph shall be treated as Liquidation Proceeds received by the Trust in respect of the related Mortgage Loan, or any successor REO Loan with respect thereto for which such Loss of Value Payments were received; and any Loss of Value Payments transferred to the Collection Account pursuant to clause (f)(iv) of the prior paragraph shall be treated as Liquidation Proceeds received by the Trust in respect of the related Mortgage Loan or REO Loan for which such Loss of Value Payments are being transferred to the Collection Account to cover an item contemplated by clauses (f)(i)-(f)(iv) of the prior paragraph.

 

(h)        The Companion Paying Agent may, from time to time, make withdrawals from the Serviced Whole Loan Custodial Account to make distributions pursuant to Section 4.01(l).

 

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Section 3.06    
Investment of Funds in the Collection Account, Servicing Accounts and the REO Accounts.  (a) The Master Servicer
may direct any depository institution maintaining the Collection Account, the Serviced Whole Loan Custodial Account, or any Servicing
Account (for purposes of this Section 3.06, an “Investment Account”),
the Special Servicer may direct any depository institution maintaining the applicable REO Account or Loss of Value Reserve Fund
(also for purposes of this Section 3.06, an “Investment Account”)
to invest or if it is such depository institution, may itself invest, the funds held therein, only in one or more Permitted Investments
bearing interest or sold at a discount, and maturing, unless payable on demand, (i) no later than the Business Day immediately
preceding the next succeeding date on which funds are required to be withdrawn from such account pursuant to this Agreement, if
a Person other than the depository institution maintaining such account is the obligor thereon and (ii) no later than the date
on which funds are required to be withdrawn from such account pursuant to this Agreement, if the depository institution maintaining
such account is the obligor thereon. All such Permitted Investments shall be held to maturity, unless payable on demand. Any funds
held in an Investment Account shall be held in the name of the Master Servicer or the Special Servicer, as applicable, on behalf
of the Trustee (in its capacity as such) for the benefit of the Certificateholders and the RR Interest Owner. The Master Servicer
(in the case of the Collection Account, the Serviced Whole Loan Custodial Account or any Servicing Account maintained by or for
the Master Servicer), the Special Servicer (in the case of the applicable REO Account, Loss of Value Reserve Fund or any Servicing
Account maintained by or for the Special Servicer) on behalf of the Trustee, shall maintain continuous physical possession of
any Permitted Investment of amounts in the Collection Account, the Serviced Whole Loan Custodial Account, the Servicing Accounts,
Loss of Value Reserve Fund or such REO Account, as applicable, that is either (i) a “certificated security,” as such
term is defined in the UCC (such that the Trustee shall have control pursuant to Section 8-106 of the UCC) or (ii) other property
in which a secured party may perfect its security interest by physical possession under the UCC or any other applicable law. In
the case of any Permitted Investment held in the form of a “security entitlement” (within the meaning of Section 8-102(a)(17)
of the UCC), the Master Servicer or the Special Servicer, as applicable, shall take or cause to be taken such action as the Trustee
deems reasonably necessary to cause the Trustee to have control over such security entitlement. 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 (in the case
of the Collection Account, the Serviced Whole Loan Custodial Account or any Servicing Account maintained by or for the Master
Servicer) or the Special Servicer (in the case of the applicable REO Account, Loss of Value Reserve Fund or any Servicing Account
maintained by or for the Special Servicer) 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 (a) all amounts then payable thereunder and (b) the amount required to be withdrawn on such date; and

 

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

 

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(b)        Interest and investment income realized on funds deposited in the Collection Account, the Serviced Whole Loan Custodial Account or any Servicing Account maintained by or for the Master Servicer to the extent of the Net Investment Earnings, if any, with respect to such account for the period from and including the prior Distribution Date to and including the Master Servicer Remittance Date related to the current Distribution Date, shall be for the sole and exclusive benefit of the Master Servicer to the extent (with respect to Servicing Accounts) not required to be paid to the related Mortgagor and shall be subject to its withdrawal, or withdrawal at its direction, in accordance with Section 3.03 or Section 3.05(a), as the case may be. Interest and investment income realized on funds deposited in the applicable REO Account, Loss of Value Reserve Fund or any Servicing Account maintained by or for the Special Servicer, to the extent of the Net Investment Earnings, if any, with respect to such account for each period from and including any Distribution Date to and including the immediately succeeding Master Servicer Remittance Date, shall be for the sole and exclusive benefit of the Special Servicer and shall be subject to its withdrawal in accordance with Section 3.14(c). In the event that any loss shall be incurred in respect of any Permitted Investment (as to which the Master Servicer or Special Servicer, as applicable, would have been entitled to any Net Investment Earnings hereunder) directed to be made by the Master Servicer or the Special Servicer, as applicable, and on deposit in any of the Collection Account, the Serviced Whole Loan Custodial Account, the Servicing Account, Loss of Value Reserve Fund or the applicable REO Account, the Master Servicer (in the case of the Collection Account, the Serviced Whole Loan Custodial Account or any Servicing Account maintained by or for the Master Servicer), the Special Servicer (in the case of the applicable REO Account, Loss of Value Reserve Fund or any Servicing Account maintained by or for the Special Servicer) shall deposit therein, no later than the Master Servicer Remittance Date, without right of reimbursement, the amount of Net Investment Loss, if any, with respect to such account for the period from and including the prior Distribution Date to and including the Master Servicer Remittance Date related to the current Distribution Date; provided that neither the Master Servicer nor the Special Servicer shall be required to deposit any loss on an investment of funds in an Investment Account if such loss is incurred solely as a result of the insolvency of the federal or state chartered depository institution or trust company that holds such Investment Account, so long as such depository institution or trust company satisfied the qualifications set forth in the definition of Eligible Account at the time such investment was made (and, with respect to the Master Servicer, such federal or state chartered depository institution or trust company is not an Affiliate of the Master Servicer unless such depository institution or trust company satisfied the qualification set forth in the definition of Eligible Account both (x) at the time the investment was made and (y) thirty (30) days prior to such insolvency).

 

(c)        Except as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Permitted Investment, or if a default occurs in any other performance required under any Permitted Investment, the Master Servicer may and, upon the request of Certificateholders representing at least 25% of the Voting Rights shall, take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate proceedings.

 

Section 3.07    
Maintenance of Insurance Policies; Errors and Omissions and Fidelity Coverage.  (a) The Master Servicer (with
respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) and any related Serviced Companion Loan) shall use its
efforts

 

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consistent with the Servicing Standard to cause the Mortgagor to maintain (other than with respect to a Non-Serviced Mortgage Loan), and the Special Servicer (with respect to REO Properties other than any Non-Serviced Mortgaged Properties) shall maintain, to the extent required by the terms of the related Mortgage Loan documents, all insurance coverage as is required under the related Mortgage Loan documents except to the extent that the failure of the related Mortgagor to do so is an Acceptable Insurance Default (and except as provided in the next sentence with respect to the Master Servicer or the Special Servicer, as applicable). If the Mortgagor does not so maintain such insurance coverage, subject to its recoverability determination with respect to any required Property Protection Advance, the Master Servicer (with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) and any related Serviced Companion Loan) or the Special Servicer (with respect to REO Properties other than a Non-Serviced Mortgaged Property) shall maintain all insurance coverage as is required under the related Mortgage, but only in the event the Trustee has an insurable interest therein and such insurance is available to the Master Servicer or the Special Servicer and, if available, can be obtained at commercially reasonable rates, as determined ((i) prior to the occurrence and continuance of any Control Termination Event and (ii) other than with respect to any applicable Excluded Loan, any determination that such insurance coverage is not available or not available at commercially reasonable rates to be made with the consent of the Directing Holder) by the Master Servicer (with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) and any related Serviced Companion Loan) or the Special Servicer (with respect to REO Properties other than any Non-Serviced Mortgaged Property) except to the extent that the failure of the related Mortgagor to do so is an Acceptable Insurance Default as determined by the Master Servicer (with respect to Non-Specially Serviced Mortgage Loans) or the Special Servicer (with respect to Specially Serviced Mortgage Loans); provided, however, that if any Mortgage permits the holder thereof to dictate to the Mortgagor the insurance coverage to be maintained on such Mortgaged Property, the Master Servicer or, with respect to REO Property, the Special Servicer, as applicable, shall impose or maintain, as applicable, such insurance requirements as are consistent with the Servicing Standard taking into account the insurance in place at the closing of the Mortgage Loan, provided that, with respect to the immediately preceding proviso, the Master Servicer will be obligated to use efforts consistent with the Servicing Standard to cause the Mortgagor to maintain (or to itself maintain) insurance against property damage resulting from terrorist or similar acts unless the Mortgagor’s failure is an Acceptable Insurance Default as determined by the Master Servicer (with respect to Non-Specially Serviced Mortgage Loans) or the Special Servicer (with respect to Specially Serviced Mortgage Loans) with (in respect of any Mortgage Loan other than an applicable Excluded Loan and unless a Control Termination Event is continuing) the consent of the Directing Holder and (ii) (other than an applicable Excluded Loan) after consultation by the Special Servicer with the Risk Retention Consultation Parties pursuant to Section 6.08 and only in the event the Trustee has an insurable interest therein and such insurance is available to the Master Servicer and, if available, can be obtained at commercially reasonable rates. The Master Servicer and the Special Servicer shall be entitled to rely on insurance consultants (at the applicable servicer’s expense) in determining whether any insurance is available at commercially reasonable rates. Subject to Section 3.15(a) and the costs of such insurance being reimbursed or paid to the Special Servicer as provided in the third-to-last sentence of this paragraph, the Special Servicer shall maintain for each REO Property (other than any Non-Serviced Mortgaged Property) no less insurance coverage than was previously required of the Mortgagor under the related Mortgage Loan

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documents unless the Special Servicer determines ((i) unless a Control Termination Event is continuing and after consultation by the Special Servicer with the Risk Retention Consultation Parties pursuant to Section 6.08 and (ii) other than with respect to any applicable Excluded Loan, with the consent of the Directing Holder) that such insurance is not available at commercially reasonable rates or that the Trustee does not have an insurable interest, in which case the Master Servicer shall be entitled to conclusively rely on the Special Servicer’s determination. All Insurance Policies maintained by the Master Servicer or the Special Servicer shall (i) contain a “standard” mortgagee clause, with loss payable to the Master Servicer on behalf of the Trustee (in the case of insurance maintained in respect of Mortgage Loans (other than any Non-Serviced Mortgage Loan), including any related Serviced Companion Loan, other than REO Properties) or to the Special Servicer on behalf of the Trustee (in the case of insurance maintained in respect of REO Properties), (ii) be in the name of the Trustee (in the case of insurance maintained in respect of REO Properties), (iii) include coverage in an amount not less than the lesser of (x) the full replacement cost of the improvements securing the Mortgaged Property or REO Property, as applicable, and (y) the outstanding principal balance owing on the related Mortgage Loan or REO Loan, as applicable, and in any event, the amount necessary to avoid the operation of any co-insurance provisions, (iv) include a replacement cost endorsement providing no deduction for depreciation (unless such endorsement is not permitted under the related Mortgage Loan documents), (v) be noncancelable without thirty (30) days prior written notice to the insured party (except in the case of nonpayment, in which case such policy shall not be cancelled without ten (10) days prior notice) and (vi) subject to the first proviso in the second sentence of this Section 3.07(a), be issued by a Qualified Insurer authorized under applicable law to issue such Insurance Policies. Any amounts collected by the Master Servicer or the Special Servicer under any such Insurance Policies (other than amounts to be applied to the restoration or repair of the related Mortgaged Property or REO Property or amounts to be released to the related Mortgagor, in each case in accordance with the Servicing Standard and the provisions of the related Mortgage Loan documents) shall be deposited in the Collection Account, subject to withdrawal pursuant to Section 3.05(a). Any costs incurred by the Master Servicer in maintaining any such Insurance Policies in respect of Mortgage Loans (including any related Serviced Companion Loan) (other than REO Properties and other than any Non-Serviced Mortgage Loan) (i) if the Mortgagor defaults on its obligation to do so, shall be advanced by the Master Servicer as a Property Protection Advance (so long as such Advance would not be a Nonrecoverable Advance and if such Advance would be a Nonrecoverable Advance then such cost shall instead be paid out of the Collection Account) and will be charged to the related Mortgagor and (ii) shall not, for purposes of calculating monthly distributions to Certificateholders and the RR Interest Owner, be added to the unpaid principal balance of the related Mortgage Loan and Serviced Companion Loan (if any), notwithstanding that the terms of such Mortgage Loan or Serviced Companion Loan so permit. Any cost incurred by a the Special Servicer in maintaining any such Insurance Policies with respect to REO Properties shall be an expense of the Trust payable out of the related REO Account pursuant to Section 3.14(c) or, if the amount on deposit therein is insufficient therefor, advanced by the Master Servicer as a Property Protection Advance (so long as such Advance would not be a Nonrecoverable Advance and if such Advance would be a Nonrecoverable Advance then such cost shall instead be paid out of the Collection Account). The foregoing provisions of this Section 3.07 shall apply to any Serviced Whole Loan as if it were a single “Mortgage Loan”. Notwithstanding any provision to the contrary, the Master Servicer will not be required to maintain, and will not be in default for failing to obtain, any

 

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earthquake or environmental insurance on any Mortgaged Property unless such insurance was required at the time of origination of the related Mortgage Loan and is currently available at commercially reasonable rates.

 

Notwithstanding the foregoing, with respect to the Mortgage Loans (other than a Non-Serviced Mortgage Loan) and any related Serviced Companion Loan that either (x) require the Mortgagor to maintain “all risk” property insurance (and do not expressly permit an exclusion for terrorism) or (y) contain provisions generally requiring the applicable Mortgagor to maintain insurance in types and against such risks as the holder of such Mortgage Loan (including any related Serviced Companion Loan) reasonably requires from time to time in order to protect its interests, the Master Servicer shall, consistent with the Servicing Standard, (A) monitor in accordance with the Servicing Standard whether the Insurance Policies for the related Mortgaged Property contain Additional Exclusions, (B) request the Mortgagor to either purchase insurance against the risks specified in the Additional Exclusions or provide an explanation as to its reasons for failing to purchase such insurance and (C) notify the Special Servicer if it has knowledge that any Insurance Policy contains Additional Exclusions or if it has knowledge (such knowledge to be based upon the Master Servicer’s compliance with the immediately preceding clauses (A) and (B) above) that any Mortgagor fails to purchase the insurance requested to be purchased by the Master Servicer pursuant to clause (B) above. If the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard that such failure is not an Acceptable Insurance Default, the Master Servicer shall use efforts consistent with the Servicing Standard to cause such insurance to be maintained following such determination (if made by the Master Servicer) or following notice of such determination (if made by the Special Servicer). The Special Servicer (at the expense of the Trust) shall be entitled to rely on insurance consultants in making such determinations. The Master Servicer shall be entitled to rely on insurance consultants (at the expense of such Master Servicer) in determining whether Additional Exclusions exist. Furthermore, the Master Servicer or the Special Servicer, as applicable, shall promptly deliver such conclusions in writing to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website for those Mortgage Loans that (i) have one of the ten (10) highest outstanding Stated Principal Balances of all of the Mortgage Loans then included in the Trust or (ii) comprise more than 5% of the outstanding Stated Principal Balance of the Mortgage Loans then included in the Trust. During the period that the Master Servicer or the Special Servicer is evaluating the availability of such insurance or waiting for a response from the Directing Holder or to consult with the Risk Retention Consultation Parties pursuant to Section 6.08, neither the Master Servicer nor the Special Servicer will be liable for any loss related to its failure to require the Mortgagor to maintain such insurance and will not be in default of its obligations as a result of such failure unless the Master Servicer or the Special Servicer is required to take any immediate action pursuant to the Servicing Standard or other servicing requirements of this Agreement and the Master Servicer will not itself maintain such insurance or cause such insurance to be maintained.

 

(b)        (i) If the Master Servicer or the Special Servicer shall obtain and maintain a blanket Insurance Policy with a Qualified Insurer insuring against fire and hazard losses on all of the Mortgage Loans (including any related Serviced Companion Loan, but excluding any Non-Serviced Mortgage Loan) or REO Properties (other than with respect to a Non-Serviced Mortgaged Property), as the case may be, required to be serviced and administered hereunder, then, to the extent such Insurance Policy provides protection equivalent 

 

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to the individual policies otherwise required, the Master Servicer or the Special Servicer shall conclusively be deemed to have satisfied its obligation to cause fire and hazard insurance to be maintained on the related Mortgaged Properties or REO Properties. Such Insurance Policy may contain a deductible clause, in which case the Master Servicer or the Special Servicer shall, if there shall not have been maintained on the related Mortgaged Property or REO Property a fire and hazard Insurance Policy complying with the requirements of Section 3.07(a), and there shall have been one or more losses which would have been covered by such Insurance Policy, promptly deposit into the Collection Account from its own funds the amount of such loss or losses that would have been covered under the individual policy but are not covered under the blanket Insurance Policy because of such deductible clause to the extent that any such deductible exceeds the deductible limitation that pertained to the related Mortgage Loan (including any related Serviced Companion Loan), or in the absence of such deductible limitation, the deductible limitation that is consistent with the Servicing Standard. In connection with its activities as administrator and Master Servicer of the Mortgage Loans or any Serviced Companion Loans, the Master Servicer agrees to prepare and present, on behalf of itself, the Trustee, the Certificateholders and the RR Interest Owner, claims under any such blanket Insurance Policy in a timely fashion in accordance with the terms of such policy. The Special Servicer, to the extent consistent with the Servicing Standard, may maintain, earthquake insurance on REO Properties (other than with respect to a Non-Serviced Mortgaged Property), provided coverage is available at commercially reasonable rates, the cost of which shall be a Property Protection Advance.

 

(ii)    If the Master Servicer or the Special Servicer shall cause any Mortgaged Property or REO Property to be covered by a master single interest or force-placed Insurance Policy with a Qualified Insurer naming the Master Servicer or the Special Servicer on behalf of the Trustee as the loss payee, then to the extent such Insurance Policy provides protection equivalent to the individual policies otherwise required, the Master Servicer or the Special Servicer shall conclusively be deemed to have satisfied its obligation to cause such insurance to be maintained on the related Mortgaged Properties and REO Properties. In the event the Master Servicer or the Special Servicer shall cause any Mortgaged Property or REO Property to be covered by such master single interest or force-placed Insurance Policy, the incremental costs of such insurance applicable to such Mortgaged Property or REO Property (i.e., other than any minimum or standby premium payable for such policy whether or not any Mortgaged Property or REO Property is covered thereby) shall be paid by the Master Servicer as a Property Protection Advance. Such master single interest or force-placed policy may contain a deductible clause, in which case the Master Servicer or the Special Servicer shall, in the event that there shall not have been maintained on the related Mortgaged Property or REO Property a policy otherwise complying with the provisions of Section 3.07(a), and there shall have been one or more losses which would have been covered by such policy had it been maintained, deposit into the Collection Account from its own funds the amount not otherwise payable under the master single or force-placed interest policy because of such deductible clause, to the extent that any such deductible exceeds the deductible limitation that pertained to the related Mortgage Loan, including any related Serviced Companion Loan, or, in the absence of any such deductible limitation, the deductible limitation that is consistent with the Servicing Standard.

 

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(c)        Each of the Master 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 a Qualified Insurer covering the Master Servicer’s and the Special Servicer’s, as applicable, officers and employees acting on behalf of the Master Servicer and the Special Servicer in connection with its activities under this Agreement. Such amount of coverage shall be in such form and amount as are consistent with the Servicing Standard. Coverage of the Master Servicer or the Special Servicer under a policy or bond obtained by an Affiliate of the Master Servicer or the Special Servicer and providing the coverage required by this Section 3.07(c) shall satisfy the requirements of this Section 3.07(c). The Special Servicer and the Master Servicer will promptly report in writing to the Trustee any material changes that may occur in their respective fidelity bonds, if any, and/or their respective errors and omissions insurance policies, as the case may be, and will furnish to the Trustee copies of all binders and policies or certificates evidencing that such bonds, if any, and insurance policies are in full force and effect.

 

(d)        At the time the Master Servicer determines in accordance with the Servicing Standard that any Mortgaged Property (other than a Non-Serviced Mortgaged Property) is in a federally designated special flood hazard area (and such flood insurance has been made available), the Master Servicer will use efforts consistent with the Servicing Standard to cause the related Mortgagor (in accordance with applicable law and the terms of the Mortgage Loan and related Serviced Companion Loan documents) to maintain, and, if the related Mortgagor shall default in its obligation to so maintain, shall itself maintain to the extent available at commercially reasonable rates (as determined by the Master Servicer in accordance with the Servicing Standard and to the extent the Trustee, as mortgagee, has an insurable interest therein), flood insurance in respect thereof, but only to the extent the related Mortgage Loan (other than a Non-Serviced Mortgage Loan) or related Serviced Companion Loan permits the mortgagee to require such coverage and the maintenance of such coverage is consistent with the Servicing Standard. Such flood insurance shall be in an amount equal to the lesser of (i) the unpaid principal balance of the related Mortgage Loan (and any related Serviced Companion Loan, if applicable), and (ii) the maximum amount of insurance that is available under the National Flood Insurance Act of 1968, as amended, plus such additional excess flood coverage with respect to the Mortgaged Property, if any, in an amount consistent with the Servicing Standard. If the cost of any insurance described above is not borne by the Mortgagor, the Master Servicer shall promptly make a Property Protection Advance for such costs.

 

(e)        During all such times as any REO Property (other than with respect to a Non-Serviced Mortgaged Property) shall be located in a federally designated special flood hazard area, the Special Servicer will cause to be maintained, to the extent available at commercially reasonable rates (as determined by the Special Servicer (with the consent of the Directing Holder (prior to the occurrence and continuance of a Control Termination Event and other than in respect of any applicable Excluded Loan) and in consultation with the Risk Retention Consultation Parties pursuant to Section 6.08 (other than with respect of any applicable Excluded Loan) in accordance with the Servicing Standard)), a flood Insurance Policy meeting the requirements of the current guidelines of the Federal Insurance Administration in an amount representing coverage not less than the maximum amount of insurance that is available under the National Flood Insurance Act of 1968, as amended. The cost of any such flood insurance with respect to an REO Property shall be an expense of the 

 

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Trust payable out of the related REO Account pursuant to Section 3.14(c) or, if the amount on deposit therein is insufficient therefor, paid by the Master Servicer as a Property Protection Advance.

 

(f)         Notwithstanding the foregoing, so long as the long-term debt or the deposit obligations or deposit accounts or claims-paying ability of the Master Servicer (or its immediate or remote parent) or the Special Servicer (or its immediate or remote parent), as applicable, is rated no lower than “A-” by Fitch or “A-” by S&P, the Master Servicer (or its public parent) or the Special Servicer (or its public parent), as applicable, shall be allowed to provide self-insurance with respect to any of its obligations under this Section 3.07.

 

(g)        The Operating Advisor shall obtain and maintain at its own expense and keep in full force and effect throughout the term of this Agreement an “errors and omissions” insurance policy, the issuer of which is rated no lower than the applicable Qualified Insurer ratings, covering losses that may be sustained as a result of an officer’s or employee’s errors or omissions.

 

Section 3.08    
Enforcement of Due-on-Sale Clauses; Assumption Agreements.  (a) As to each Mortgage Loan (other than a Non-Serviced
Mortgage Loan) and any related Serviced Companion Loan that contains a provision in the nature of a “due-on-sale”
clause, which by its terms:

 

(i)     provides that such Mortgage Loan and any related Companion Loan shall (or may at the mortgagee’s option) become due and payable upon the sale or other transfer of an interest in the related Mortgaged Property or equity interests in the Mortgagor or principals of the Mortgagor; or

 

(ii)    provides that such Mortgage Loan and any related Companion Loan may not be assumed without the consent of the mortgagee in connection with any such sale or other transfer,

 

then, for so long as such Mortgage Loan or related Serviced Companion Loan is being serviced under this Agreement, (A) the Special Servicer shall determine (with respect to any (1) Specially Serviced Mortgage Loan or, (2) to the extent such action is a Special Servicer Major Decision or Special Servicer Non-Major Decision (other than items listed under clauses (a)(i) and (a)(ii) of “Special Servicer Non-Major Decision”), any Non-Specially Serviced Mortgage Loan (other than any Non-Serviced Mortgage Loan)), and (B) the Master Servicer shall determine (with respect to any Non-Specially Serviced Mortgage Loan, to the extent such action is not a Special Servicer Major Decision or Special Servicer Non-Major Decision (other than items listed under clauses (a)(i) and (a)(ii) of “Special Servicer Non-Major Decision”, which items the Master Servicer shall determine)), in each case, in a manner consistent with the Servicing Standard, on behalf of the Trustee as the mortgagee of record, whether to (a) exercise any right it may have with respect to such Mortgage Loan or Serviced Companion Loan (x) to accelerate the payments thereon or (y) to grant or withhold its consent to any sale or transfer, consistent with the Servicing Standard or (b) waive any right to exercise such rights, provided that, (i) with respect to such consent or waiver of rights that is a Major Decision, prior to itself taking such an action, the Master Servicer or the Special Servicer, as applicable, shall obtain prior to the occurrence

 

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and continuance of a Control Termination Event, the prior written consent (or deemed consent) of the Directing Holder (or (A)(1) during the continuance of a Control Termination Event, but prior to a Consultation Termination Event and (2) other than with respect to any applicable Excluded Loan, upon consultation with the Directing Holder pursuant to Section 6.08(a) and (B) during the continuance of a Control Termination Event, upon consultation with the Operating Advisor pursuant to Section 6.08), which consent shall be deemed given ten (10) Business Days after receipt (unless earlier objected to by the Directing Holder) of the Master Servicer’s or the Special Servicer’s written analysis and recommendation with respect to such waiver together with such other information reasonably required by the Directing Holder, and (ii) with respect to any Mortgage Loan that (A) represents at least 5.0% of the aggregate Stated Principal Balance of the Mortgage Loans then outstanding and has a Stated Principal Balance of at least $10,000,000, (B) represents one of the 10 largest Mortgage Loans (considering any other Mortgage Loans with which it is cross-collateralized or cross-defaulted as a single Mortgage Loan) based on Stated Principal Balance and has a Stated Principal Balance of at least $10,000,000, (C) has a Stated Principal Balance that is more than $35,000,000, or (D) is a Mortgage Loan as to which the related Serviced Companion Loan represents one of the 10 largest mortgage loans in the related Other Securitization (provided that the Master Servicer or Special Servicer, as applicable, will be entitled to reasonably rely upon the written notification provided by the master servicer, special servicer, trustee or certificate administrator of such Other Securitization as to whether such Serviced Companion Loan is one of the 10 largest mortgage loans in such Other Securitization, or if no timely response is received, permitted to rely upon the most recent CREFC® Reports from such Other Securitization), the Master Servicer or the Special Servicer, as the case may be, prior to consenting to any action, shall obtain, a Rating Agency Confirmation from each Rating Agency and a Companion Loan Rating Agency Confirmation from each Companion Loan Rating Agency. Notwithstanding anything herein to the contrary, with respect to any applicable Excluded Loan relating to the Controlling Class Representative, the Special Servicer shall consult with the Operating Advisor, on a non-binding basis, in connection with the related transactions involving proposed Major Decisions that it is processing and consider alternative actions recommended by the Operating Advisor, in respect thereof, in accordance with the procedures set forth in Section 6.08 for consulting with the Operating Advisor.

 

In connection with any request for a Rating Agency Confirmation from a Rating Agency (or, with respect to any Serviced Companion Loan Securities, the related Companion Loan Rating Agencies) pursuant to this Section 3.08(a), the Master Servicer or the Special Servicer, that is processing the related action, as the case may be, shall (if not already provided in accordance with Section 3.25 of this Agreement) deliver a Review Package to the 17g-5 Information Provider (or, with respect to any Serviced Companion Loan Securities, the related 17g-5 information provider) in accordance with Section 3.25 of this Agreement.

 

If any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or related Serviced Companion Loan provides that such Mortgage Loan or related Serviced Companion Loan may be assumed or transferred without the consent of the mortgagee; provided that certain conditions are satisfied, then for so long as such Mortgage Loan or related Serviced Companion Loan is being serviced under this Agreement, the Special Servicer, with respect to all Specially Serviced Mortgage Loans (other than a Non-Serviced Mortgage Loan), related Serviced Companion Loans, on behalf of the Trustee as the mortgagee of record, shall determine in accordance with the Servicing Standard whether such conditions have been satisfied, or, with

 

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respect to any Mortgage Loan which does not allow the mortgagee discretion in approving a transfer or assumption or does not allow for discretion in determining whether conditions to a transfer or assumption have been satisfied, the Master Servicer, on behalf of the Trustee as mortgagee of record, shall make such determination with respect to whether such conditions have been satisfied.

 

Upon receiving a request for any matter described in this Section 3.08(a) that constitutes a Special Servicer Major Decision or a Special Servicer Non-Major Decision (other than items listed under clauses (a)(i) and (a)(ii) of “Special Servicer Non-Major Decision”), the Master Servicer shall forward such request to the Special Servicer and, unless the Master Servicer and the Special Servicer mutually agree that the Master Servicer shall process such request in accordance with the terms and conditions reasonably agreed to by the Master Servicer and Special Servicer, including the Special Servicer’s consent, the Special Servicer shall process such request and the Master Servicer shall have no further obligation with respect to such request or the related Special Servicer Major Decision or Special Servicer Non-Major Decision. If such action with respect to a Non-Specially Serviced Mortgage Loan is not a Special Servicer Non-Major Decision or a Major Decision, the Master Servicer shall process the related request and shall have no obligation to obtain the consent of or consult with the Special Servicer, Directing Holder or Operating Advisor.

 

(b)        As to each Mortgage Loan (other than a Non-Serviced Mortgage Loan) and any related Serviced Companion Loan that contains a provision in the nature of a “due-on-encumbrance” clause that by its terms:

 

(i)     provides that such Mortgage Loan and any related Companion Loan shall (or may at the mortgagee’s option) become due and payable upon the creation of any additional lien or other encumbrance on the related Mortgaged Property or equity interests in the Mortgagor or principals of the Mortgagor; or

 

(ii)    requires the consent of the mortgagee to the creation of any such additional lien or other encumbrance on the related Mortgaged Property or equity interests in the Mortgagor or principals of the Mortgagor;

 

then, (A) the Special Servicer shall determine (with respect to (1) a Specially Serviced Mortgage Loan or, (2) to the extent such action is a Special Servicer Major Decision or Special Servicer Non-Major Decision (other than items listed under clauses (a)(i) and (a)(ii) of “Special Servicer Non-Major Decision”), any Non-Specially Serviced Mortgage Loan and related Companion Loan, if applicable, is serviced under this Agreement), and (B) the Master Servicer shall determine (with respect to any Non-Specially Serviced Mortgage Loan, to the extent such action is not a Special Servicer Major Decision or Special Servicer Non-Major Decision (other than items listed under clauses (a)(i) and (a)(ii) of “Special Servicer Non-Major Decision”, which items the Master Servicer shall determine)), in each case, in a manner consistent with the Servicing Standard, on behalf of the Trustee as the mortgagee of record, whether to (a) exercise any right it may have with respect to such Mortgage Loan or Serviced Companion Loan (x) to accelerate the payments thereon or (y) to withhold its consent to the creation of any additional lien or other encumbrance, consistent with the Servicing Standard or (b) grant or waive its right to exercise such rights, provided that (i) with respect to such consent or waiver of rights that is a

 

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Major Decision, prior to the occurrence and continuance of a Control Termination Event and other than with respect to an applicable Excluded Loan, the Master Servicer or the Special Servicer, as applicable, has obtained the prior written consent (or deemed consent) of the Directing Holder (or (A)(1) after the occurrence and continuance of a Control Termination Event, but prior to a Consultation Termination Event and (2) other than with respect to an applicable Excluded Loan, upon consultation with the Directing Holder pursuant to Section 6.08(a) and (B) during the continuance of a Control Termination Event, upon consultation with the Operating Advisor pursuant to Section 6.08), which consent shall be deemed given ten (10) Business Days after receipt by the Directing Holder of the Master Servicer’s or the Special Servicer’s written analysis and recommendation with respect to such waiver or exercise of such rights together with such other information reasonably required by the Directing Holder and (ii) with respect to any Mortgage Loan that (A) represents at least 2.0% of the aggregate Stated Principal Balance of the Mortgage Loans then outstanding and has a Stated Principal Balance of at least $10,000,000, (B) represents one of the 10 largest Mortgage Loans (considering any other Mortgage Loans with which it is cross-collateralized or cross-defaulted as a single Mortgage Loan) based on Stated Principal Balance and has a Stated Principal Balance of at least $10,000,000, (C) has a Stated Principal Balance that is more than $35,000,000, (D) has a loan-to-value ratio that is equal to or greater than 85% (including any existing and proposed debt) and has a Stated Principal Balance of at least $10,000,000, (E) has a Debt Service Coverage Ratio that is less than 1.20x (in each case, determined based upon the aggregate of the principal balance of the Mortgage Loan (or Serviced Whole Loan, if applicable) and the principal amount of the proposed additional lien) and has a Stated Principal Balance of at least $10,000,000, or (F) is a Mortgage Loan as to which the related Serviced Companion Loan represents one of the 10 largest mortgage loans in the related Other Securitization (provided that the Master Servicer or Special Servicer, as applicable, will be entitled to reasonably rely upon the written notification provided by the master servicer, special servicer, trustee or certificate administrator of such Other Securitization as to whether such Serviced Companion Loan is one of the 10 largest mortgage loans in such Other Securitization, or if no timely response is received, permitted to rely upon the most recent CREFC® Reports from such Other Securitization), a Rating Agency Confirmation is received by the Master Servicer or the Special Servicer, as the case may be, from each Rating Agency and a Companion Loan Rating Agency Confirmation from each Companion Loan Rating Agency. Notwithstanding anything herein to the contrary, with respect to any applicable Excluded Loan related to the Controlling Class Representative, the Master Servicer, the Special Servicer or the related Excluded Special Servicer, as applicable, shall consult with the Operating Advisor, on a non-binding basis, in connection with the related transactions involving proposed Major Decisions that it is processing and consider alternative actions recommended by the Operating Advisor, in respect thereof, in accordance with the procedures set forth in Section 6.08 for consulting with the Operating Advisor.

 

In connection with any request for a Rating Agency Confirmation from a Rating Agency (or, with respect to any Serviced Companion Loan Securities, the related Companion Loan Rating Agencies) pursuant to this Section 3.08(a), the Master Servicer or the Special Servicer, that is processing the related action, as applicable, shall (if not already provided in accordance with Section 3.25 of this Agreement) deliver a Review Package to the 17g-5 Information Provider (or, with respect to any Serviced Companion Loan Securities, the related 17g-5 information provider) in accordance with Section 3.25 of this Agreement.

 

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To the extent permitted by the related Mortgage Loan documents, the Rating Agency Confirmation and Companion Loan Rating Agency Confirmation described in the immediately preceding paragraph or in Section 3.08(a) shall be an expense of the related Mortgagor; provided that if the Mortgage Loan documents are silent as to who bears the costs of obtaining any such Rating Agency Confirmation, the Master Servicer or the Special Servicer, that is processing the related action, as applicable, shall use reasonable efforts to make the related Mortgagor bear such costs and expenses. Unless determined to be a Nonrecoverable Advance such costs not collected from the related Mortgagor shall be advanced as a Property Protection Advance.

If any Mortgage Loan or related Companion Loan provides that such Mortgage Loan or related Companion Loan may be further encumbered without the consent of the mortgagee provided that certain conditions are satisfied and there is no lender discretion with respect to the satisfaction of such conditions, then for so long as such Mortgage Loan or related Companion Loan is being serviced under this Agreement, the Special Servicer, on behalf of the Trustee as the mortgagee of record, with respect to all Specially Serviced Mortgage Loans (other than a Non-Serviced Mortgage Loan), shall determine whether conditions to further encumbrance have been satisfied (provided that there is no lender discretion with respect to the satisfaction of such conditions), or (2) the Master Servicer, on behalf of the Trustee as the mortgagee of record, with respect to all Non-Specially Serviced Mortgage Loans for which there is no mortgagee discretion in determining whether conditions are satisfied, shall make such determination with respect to whether such conditions have been satisfied.

Upon receiving a request for any matter described in this Section 3.08(b) that constitutes a Special Servicer Major Decision or a Special Servicer Non-Major Decision (other than items listed under clauses (a)(i) and (a)(ii) of “Special Servicer Non-Major Decision”), the Master Servicer shall forward such request to the Special Servicer and, unless the Master Servicer and the Special Servicer mutually agree that the Master Servicer will process such request in accordance with the terms and conditions reasonably agreed to by the Master Servicer and Special Servicer, including the Special Servicer’s consent, the Special Servicer shall process such request and the Master Servicer shall have no further obligation with respect to such request or the related Special Servicer Major Decision or Special Servicer Non-Major Decision. If such action with respect to a Non-Specially Serviced Mortgage Loan is not a Special Servicer Non-Major Decision or a Major Decision, the Master Servicer shall process the related request and shall have no obligation to obtain the consent of or consult with the Special Servicer, Directing Holder or Operating Advisor.

(c)        Nothing in this Section 3.08 shall constitute a waiver of the Trustee’s right, as the mortgagee of record, to receive notice of any assumption of a Mortgage Loan, any sale or other transfer of the related Mortgaged Property or the creation of any additional lien or other encumbrance with respect to such Mortgaged Property.

(d)        Except as otherwise permitted by Section 3.08(a) and (b) and/or Section 3.18, neither the Master Servicer nor the Special Servicer shall agree to modify, waive or amend any term of any Mortgage Loan and related Serviced Companion Loan, as applicable, in connection with the taking of, or the failure to take, any action pursuant to this Section 3.08. The Master Servicer and the Special Servicer, as applicable, shall provide copies of any final

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waivers (except with respect to provision of any such waivers to the 17g-5 Information Provider, exclusive of any Privileged Information) it effects pursuant to Section 3.08(a) or (b) to each other and to the 17g-5 Information Provider with respect to each Mortgage Loan, and shall notify the Trustee, the Certificate Administrator, each other and, subject to the terms of this Agreement, the 17g-5 Information Provider (for posting to the 17g-5 Information Provider’s Website in accordance with Section 3.25) and, with respect to a Whole Loan, the related Serviced Companion Noteholder, of any assumption or substitution agreement executed pursuant to Section 3.08(a) or (b) and shall forward thereto a copy of such agreement.

(e)        Notwithstanding any other provision of this Agreement, the Master Servicer may not waive its rights or grant its consent under any “due-on-sale” or “due-on-encumbrance” clause relating to any Mortgage Loan without the consent of the Special Servicer and the Special Servicer may not waive its rights or grant its consent under any “due-on-sale” or “due-on-encumbrance” clause relating to any Non-Specially Serviced Mortgage Loan or relating to any Specially Serviced Mortgage Loan without ((i) prior to the occurrence and continuance of a Control Termination Event and (ii) other than with respect to any Excluded Loan) the consent of the Directing Holder (or (i) during the continuance of a Control Termination Event and (ii) other than with respect to any Excluded Loan, but prior to a Consultation Termination Event, upon consultation with the Directing Holder pursuant to Section 6.08 hereof). The Directing Holder shall have ten (10) Business Days after receipt of notice along with the Master Servicer’s or the Special Servicer’s recommendation and analysis with respect to such proposed waiver or proposed granting of consent and any additional information the Directing Holder may reasonably request from the Master Servicer or the Special Servicer that is in the possession of the Master Servicer or the Special Servicer, as applicable, of a proposed waiver or consent under any “due on sale” or “due-on-encumbrance” clause in which to grant or withhold its consent (provided that if the Special Servicer fails to receive a response to such notice from the Directing Holder in writing within such period, then the Directing Holder shall be deemed to have consented to such proposed waiver or consent).

(f)         Notwithstanding the foregoing provisions of this Section 3.08, if the Master Servicer or the Special Servicer, as applicable, makes a determination under Sections 3.08(a) or Section 3.08(b) hereof that the applicable conditions in the related Mortgage Loan or Companion Loan documents, as applicable, with respect to assumptions or encumbrances permitted without the consent of the mortgagee have been satisfied, the applicable assumptions and transfers may be subject to an assumption or other fee, unless such fees are otherwise prohibited pursuant to the Mortgage Loan documents; provided that any such fee not provided for in the Mortgage Loan documents does not constitute a “significant” change in yield pursuant to Treasury Regulations Section 1.1001-3(e)(2).

Section
3.09     Realization Upon Defaulted Mortgage Loans and Companion Loans. (a)
Upon an event of default under the Mortgage Loan documents related to a Serviced Whole Loan or a Mortgage Loan with mezzanine
debt, the Master Servicer shall promptly provide written notice to the related Companion Holder or mezzanine lender, as
applicable, with a copy of such notice to the Special Servicer. If the related Mortgage Loan or Whole Loan is a Specially
Serviced Loan, then the Special Servicer shall, subject to subsections
(b) through (d)
of this Section 3.09, Section
3.24, subject to the Directing Holders’ and the Risk Retention
Consultation Parties’ respective rights pursuant to Section
6.08, and any Companion Holder or mezzanine lender’s rights
under the related Co-Lender Agreement (in the

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case
of a Serviced Whole Loan, on behalf of the holders of the beneficial interest of the related Companion Loan) or this Agreement,
exercise reasonable efforts, consistent with the Servicing Standard, to foreclose upon or otherwise comparably convert (which
may include an REO Acquisition) the ownership of property securing any such Mortgage Loan (other than any Non-Serviced Mortgage
Loan) and related Companion Loan, if any, as come into and continue in default as to
which no satisfactory arrangements (including by way of a discounted pay-off) can be made for collection of delinquent payments,
and which are not released from the Trust Fund pursuant to any other provision hereof. The foregoing is subject to the provision
that, in any case in which a Mortgaged Property shall have suffered damage from an Uninsured Cause, the Master Servicer or Special
Servicer shall not be required to make a Property Protection Advance and expend funds toward the restoration of such property
unless the Special Servicer has determined in its reasonable discretion that such restoration will increase the net proceeds of
liquidation of such Mortgaged Property to Certificateholders and the RR Interest Owner after reimbursement to the Master Servicer
or the Special Servicer, as applicable, for such Property Protection Advance, and the Master Servicer or the Special Servicer
has not determined that such Property Protection Advance together with accrued and unpaid interest thereon would constitute a
Nonrecoverable Advance. The costs and expenses incurred by the Special Servicer in any such proceedings shall be advanced by the
Master Servicer; provided that, in each case, such cost or expense would not, if incurred, constitute a Nonrecoverable
Property Protection Advance. Nothing contained in this Section 3.09 shall be construed so as to require the Master Servicer
or the Special Servicer, on behalf of the Trust, to make an offer on any Mortgaged Property at a foreclosure sale or similar proceeding
that is in excess of the fair market value of such property, as determined by the Master Servicer or the Special Servicer in its
reasonable judgment taking into account the factors described in Section 3.16(b) and the results of any Appraisal obtained
pursuant to the following sentence, all such offers to be made in a manner consistent with the Servicing Standard. If and when
the Special Servicer or the Master Servicer deems it necessary and prudent for purposes of establishing the fair market value
of any Mortgaged Property securing a Defaulted Mortgage Loan or any related defaulted Companion Loan, whether for purposes of
making an offer at foreclosure or otherwise, the Special Servicer or the Master Servicer, as the case may be, is authorized to
have an Appraisal performed with respect to such property by an Independent MAI-designated appraiser the cost of which shall be
paid by the Master Servicer as a Property Protection Advance.

 

(b)       
The Special Servicer shall not acquire any personal property pursuant to this Section 3.09 unless either:

(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 Master Servicer as a Property Protection Advance) to the effect that the holding of such personal property by the Trust (to the extent not allocable to the related Companion Loan) will not cause an Adverse REMIC Event to occur.

(c)        Notwithstanding the foregoing provisions of this Section 3.09 and Section 3.24, neither the Master Servicer nor the Special Servicer shall, on behalf of the

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Trustee, obtain title to a Mortgaged Property in lieu of foreclosure or otherwise, or take any other action with respect to any Mortgaged Property, if, as a result of any such action, the Trustee, on behalf of the Certificateholders, the RR Interest Owner and/or any related Companion Holder, would be considered to hold title to, to be a “mortgagee-in-possession” of, or to be an “owner” or “operator” of such Mortgaged Property within the meaning of CERCLA or any comparable law, unless (as evidenced by an Officer’s Certificate to such effect delivered to the Trustee) the Special Servicer has previously determined in accordance with the Servicing Standard, based on an Environmental Assessment of such Mortgaged Property performed by an Independent Person who regularly conducts Environmental Assessments and performed within six (6) months prior to any such acquisition of title or other action, that:

(i)     such Mortgaged Property is in compliance with applicable environmental laws or, if not, after consultation with an environmental consultant, that it would be in the best economic interest of the Certificateholders (and with respect to any Serviced Whole Loan, the related Companion Holders) and the RR Interest Owner, as a collective whole as if such Certificateholders, the RR Interest Owner and, if applicable, Companion Holders constituted a single lender, taking into account the pari passu or subordinate nature of any related Companion Loan, to take such actions as are necessary to bring such Mortgaged Property in compliance with such laws, and

(ii)     there are no circumstances present at such Mortgaged Property relating to the use, management or disposal of any Hazardous Materials for which investigation, testing, monitoring, containment, clean-up or remediation could be required under any currently effective federal, state or local law or regulation, or that, if any such Hazardous Materials are present for which such action could be required, after consultation with an environmental consultant, it would be in the best economic interest of the Certificateholders (and with respect to any Serviced Whole Loan, the Companion Holders) and the RR Interest Owner, as a collective whole as if such Certificateholders, the RR Interest Owner and, if applicable, Companion Holders constituted a single lender, taking into account the pari passu or subordinate nature of any related Companion Loan, to take such actions with respect to the affected Mortgaged Property.

The cost of any such Environmental Assessment shall be paid by the Master Servicer as a Property Protection Advance and the cost of any remedial, corrective or other further action contemplated by clause (i) and/or clause (ii) of the preceding sentence shall be paid by the Master Servicer as a Property Protection Advance, unless it is a Nonrecoverable Property Protection Advance (in which case it shall be an expense of the Trust and, in the case of a Serviced Whole Loan, shall be withdrawn in accordance with the related Co-Lender Agreement by the Master Servicer from the Collection Account, including from the Serviced Whole Loan Custodial Account (such withdrawal to be made from amounts on deposit therein that are otherwise payable on or allocable to such Serviced Whole Loan)); and if any such Environmental Assessment so warrants, the Special Servicer shall, except with respect to any Companion Loan and any Environmental Assessment ordered after such Mortgage Loan has been paid in full, perform such additional environmental testing at the expense of the Trust as it deems necessary and prudent to determine whether the conditions described in clauses (i) and (ii) of the preceding sentence have been satisfied. With respect to Non-Specially Serviced Mortgage Loans, the Master Servicer and, with respect to Specially Serviced Mortgage Loans, the Special

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Servicer (other than any Non-Serviced Mortgage Loan) shall review and be familiar with the terms and conditions relating to enforcing claims and shall monitor the dates by which any claim or action must be taken (including delivering any notices to the insurer and using reasonable efforts to perform any actions required under such policy) under each environmental Insurance Policy in effect and obtained on behalf of the mortgagee to receive the maximum proceeds available under such policy for the benefit of the Certificateholders and the RR Interest Owner and the Trustee (as holder of the Lower-Tier Regular Interests).

(d)        If (i) the environmental testing contemplated by subsection (c) above establishes that either of the conditions set forth in clauses (i) and (ii) of subsection (c) above of the first sentence thereof has not been satisfied with respect to any Mortgaged Property securing a Defaulted Mortgage Loan and, in the case of a Serviced Mortgage Loan, any related Companion Loan, and (ii) there has been no Breach of any of the representations and warranties set forth in or required to be made pursuant to Section 6 of each Mortgage Loan Purchase Agreement for which the applicable Mortgage Loan Seller could be required to repurchase such Defaulted Mortgage Loan pursuant to Section 6 of each Mortgage Loan Purchase Agreement, then the Special Servicer shall take such action as it deems to be in the best economic interest of the Trust (other than proceeding to acquire title to the Mortgaged Property) and is hereby authorized, with the consent of the Directing Holder and after consultation with the Risk Retention Consultation Parties pursuant to Section 6.08 (prior to the occurrence and continuance of a Control Termination Event and other than with respect to any applicable Excluded Loan), with the consent of the Directing Holder at such time as it deems appropriate to release such Mortgaged Property from the lien of the related Mortgage, provided that, if such Mortgage Loan has a then outstanding principal balance of greater than $1,000,000, then prior to the release of the related Mortgaged Property from the lien of the related Mortgage, (i) the Special Servicer shall have notified the Rating Agencies, the Trustee, the Certificate Administrator, the Master Servicer and ((A) prior to the occurrence of a Consultation Termination Event and (B) other than with respect to any applicable Excluded Loan) the Directing Holder or the Risk Retention Consultation Parties, in writing of its intention to so release such Mortgaged Property and the bases for such intention, (ii) the Certificate Administrator shall have posted such notice of the Special Servicer’s intention to so release such Mortgaged Property to the Certificate Administrator’s Website pursuant to Section 3.13(b) and (iii) in addition to the prior written consent of the Directing Holder as required above, the Certificateholders evidencing at least 25% of the Voting Rights shall have consented or have been deemed to have consented to such release within thirty (30) days of the Certificate Administrator’s posting such notice to the Certificate Administrator’s Website (failure to respond by the end of such 30-day period being deemed consent of the Holders of the Certificates). To the extent any fee charged by any Rating Agency in connection with rendering such written confirmation is not paid by the related Mortgagor, such fee is to be an expense of the Trust; provided that the Special Servicer shall use commercially reasonable efforts to collect such fee from the Mortgagor to the extent permitted under the related Mortgage Loan documents.

(e)        The Special Servicer shall provide written reports and a copy of any Environmental Assessments in electronic format to the Directing Holder and the Risk Retention Consultation Parties (other than with respect to any applicable Excluded Loan), the Master Servicer, the Certificate Administrator and the 17g-5 Information Provider monthly regarding

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any actions taken by the Special Servicer with respect to any Mortgaged Property securing a Defaulted Mortgage Loan, or defaulted Companion Loan as to which the environmental testing contemplated in subsection (c) above has revealed that either of the conditions set forth in clauses (i) and (ii) of the first sentence thereof has not been satisfied, in each case until the earlier to occur of satisfaction of both such conditions, repurchase of the related Mortgage Loan by the applicable Mortgage Loan Seller or release of the lien of the related Mortgage on such Mortgaged Property.

(f)         The Special Servicer shall notify the Master Servicer of any abandoned and/or foreclosed properties which require reporting to the Internal Revenue Service and shall provide the Master Servicer with all information regarding forgiveness of indebtedness and required to be reported with respect to any Mortgage Loan or related Companion Loan that is abandoned or foreclosed and the Master Servicer shall report to the Internal Revenue Service and the related Mortgagor, in the manner required by applicable law, such information and the Master Servicer shall report, via Form 1099A or Form 1099C (or any successor form), all forgiveness of indebtedness and abandonment and foreclosure to the extent such information has been provided to the Master Servicer by the Special Servicer. Upon request, the Master Servicer shall deliver a copy of any such report to the Trustee and the Certificate Administrator.

(g)        The Special Servicer shall have the right to determine, in accordance with the Servicing Standard, the advisability of the maintenance of an action to obtain a deficiency judgment if the state in which the Mortgaged Property is located and the terms of the Mortgage Loan (and if applicable, the related Companion Loan) permit such an action.

(h)        The Special Servicer shall maintain accurate records, prepared by one of its Servicing Officers, of each Final Recovery Determination in respect of a Defaulted Mortgage Loan (other than with respect to a Non-Serviced Mortgage Loan) or defaulted Companion Loan or any REO Property (other than any Non-Serviced Mortgaged Property) and the basis thereof. Each Final Recovery Determination shall be evidenced by an Officer’s Certificate promptly delivered to the Trustee, the Certificate Administrator, the Directing Holder and the Risk Retention Consultation Parties (other than with respect to any applicable Excluded Loan) and the Master Servicer and in no event later than the next succeeding P&I Advance Determination Date.

Section 3.10     Trustee and Custodian to Cooperate; Release of Mortgage Files. (a) Upon the payment in full of any Mortgage Loan (other than a Non-Serviced Mortgage Loan), or the receipt by the Master Servicer or the Special Servicer, as the case may be, of a notification that payment in full shall be escrowed in a manner customary for such purposes, the Master Servicer or the Special Servicer, as the case may be, shall promptly notify the Trustee and the Custodian and request delivery of the related Mortgage File. Any such notice and request shall be in the form of a Request for Release substantially in the form of Exhibit E signed by a Servicing Officer and 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 3.04(a) or remitted to the Master Servicer to enable such deposit, have been or will be so deposited. Within seven (7) Business Days (or within such shorter period as release can reasonably be accomplished if the Master Servicer or the Special Servicer notifies the Custodian of an exigency) of receipt of such notice and request, the Custodian shall release

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the related Mortgage File to the Master Servicer or the Special Servicer, as the case may be; provided that in the case of the payment in full of a Serviced Companion Loan or its related Mortgage Loan, the related Mortgage File shall not be released by the Custodian unless the related Serviced Whole Loan, is paid in full. No expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the Collection Account.

(b)        From time to time as is appropriate for servicing or foreclosure of any Mortgage Loan (other than any Non-Serviced Mortgage Loan) (and any related Companion Loan), the Master Servicer or the Special Servicer shall deliver to the Custodian a Request for Release substantially in the form of Exhibit E signed by a Servicing Officer. Upon receipt of the foregoing, the Custodian shall deliver the Mortgage File or any document therein to the Master Servicer or the Special Servicer (or a designee), as the case may be. Upon return of such Mortgage File or such document to the Custodian, or the delivery to the Trustee and the Custodian of a certificate of a Servicing Officer of the Master Servicer or the Special Servicer, as the case may be, stating that such Mortgage Loan (and, in the case of a Serviced Whole Loan, the related Companion Loan), was liquidated and that all amounts received or to be received in connection with such liquidation which are required to be deposited into the Collection Account (including amounts related to the related Companion Loan) pursuant to Section 3.04(a) have been or will be so deposited, or that such Mortgage Loan has become an REO Property, a copy of the Request for Release shall be released by the Custodian to the Master Servicer or the Special Servicer (or a designee), as the case may be, with the original being released upon termination of the Trust.

(c)        Within seven (7) Business Days (or within such shorter period as delivery can reasonably be accomplished if the Special Servicer notifies the Trustee of an exigency) of receipt thereof, the Trustee shall execute and deliver to the Special Servicer any court pleadings, requests for trustee’s sale or other documents necessary to the foreclosure or trustee’s sale in respect of a Mortgaged Property or to any legal action brought to obtain judgment against any Mortgagor on the Mortgage Note (including any note evidencing a related Companion Loan) or Mortgage or to obtain a deficiency judgment, or to enforce any other remedies or rights provided by the Mortgage Note or Mortgage or otherwise available at law or in equity. The Special Servicer shall be responsible for the preparation of all such documents and pleadings. When submitted to the Trustee for signature, such documents or pleadings shall be accompanied by a certificate of a Servicing Officer requesting that such pleadings or documents be executed by the Trustee and certifying as to the reason such documents or pleadings are required 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. The Trustee shall not be required to review such documents for their sufficiency or enforceability.

With respect to each Servicing Shift Whole Loan, on and after the related Servicing Shift Securitization Date, if pursuant to the related Co-Lender Agreement and the related Non-Serviced Pooling Agreement, and as appropriate for enforcing the terms of such Servicing Shift Whole Loan, as applicable, the related Non-Serviced Master Servicer submits in a Request for Release delivery to it of the original Note, then the Custodian shall release or cause the release of such original Note to the related Non-Serviced Master Servicer or its designee.

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(d)        If, from time to time, pursuant to the terms of the applicable Non-Serviced Co-Lender Agreement and the applicable Non-Serviced Pooling Agreement, and as appropriate for enforcing the terms of a Non-Serviced Mortgage Loan, the applicable Non-Serviced Master Servicer requests delivery to it of the original Mortgage Note for a Non-Serviced Mortgage Loan, then the Custodian shall release or cause the release of such original Mortgage Note to such Non-Serviced Master Servicer or its designee.

Section 3.11     Servicing Compensation. (a) As compensation for its activities hereunder, the Master Servicer shall be entitled to receive the Servicing Fee with respect to each Mortgage Loan, Serviced Companion Loan and REO Loan (other than the portion of any REO Loan related to any Non-Serviced Companion Loan) (including Specially Serviced Mortgage Loans and any Non-Serviced Mortgage Loan constituting a “specially serviced mortgage loan” under any related Non-Serviced Pooling Agreement). As to each Mortgage Loan, Companion Loan and REO Loan, the Servicing Fee shall accrue from time to time at the Servicing Fee Rate and shall be computed on the basis of the Stated Principal Balance of such Mortgage Loan, Companion Loan or REO Loan, as the case may be, and in the same manner as interest is calculated on such Mortgage Loan, Companion Loan or REO Loan, as the case may be, and, in connection with any partial month interest payment, for the same period respecting which any related interest payment due on such Mortgage Loan, Companion Loan or deemed to be due on such REO Loan is computed. The Servicing Fee with respect to any Mortgage Loan, Companion Loan or REO Loan shall cease to accrue if a Liquidation Event occurs with respect to the related Mortgage Loan, except that if such Mortgage Loan is part of a Serviced Whole Loan and such Serviced Whole Loan continues to be serviced and administered under this Agreement notwithstanding such Liquidation Event, then the applicable Servicing Fee shall continue to accrue and be payable as if such Liquidation Event did not occur. The Servicing Fee shall be payable monthly, on a loan-by-loan basis, from payments of interest on each Mortgage Loan, Companion Loan and REO Revenues allocable as interest on each REO Loan, and as otherwise provided by Section 3.05(a). The Master Servicer shall be entitled to recover unpaid Servicing Fees in respect of any Mortgage Loan, Companion Loan or REO Loan out of that portion of related payments, Insurance and Condemnation Proceeds, Liquidation Proceeds and REO Revenues (in the case of an REO Loan) allocable as recoveries of interest, to the extent permitted by Section 3.05(a) (and as otherwise provided therein). Except as set forth in the next two sentences, the third paragraph of this Section 3.11(a), Section 6.03, Section 6.05 and Section 7.01(c), the right to receive the Servicing Fee may not be transferred in whole or in part (except in connection with a transfer of all of the Master Servicer’s duties and obligations hereunder to a successor servicer in accordance with the terms hereof). With respect to each Serviced Pari Passu Companion Loan, the Servicing Fee shall be payable to the Master Servicer from amounts payable in respect of such Serviced Pari Passu Companion Loan, subject to the terms of the related Co-Lender Agreement, or if unpaid after final recovery on the related Mortgage Loan, out of general collections on deposit in the Collection Account with respect to the other Mortgage Loans.

The Master Servicer shall be entitled to retain, and shall not be required to deposit in the Collection Account pursuant to Section 3.04(a), additional servicing compensation (other than with respect to a Non-Serviced Mortgage Loan) in the form of the following amounts to the extent collected from the related Mortgagor: (i) 100% of Excess Modification Fees related to any modifications, waivers, extensions or amendments of any Non-Specially Serviced Mortgage

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Loans (other than any Non-Serviced Mortgage Loan) including any related Serviced Companion Loans that are not Specially Serviced Mortgage Loans, to the extent not prohibited by the related Co-Lender Agreement and that are not Specially Serviced Mortgage Loans that do not involve a Special Servicer Major Decision or a Special Servicer Non-Major Decision and 50% (or 25% in connection with a Payment Accommodation resulting from the COVID-19 emergency that is processed by the Special Servicer) of Excess Modification Fees related to any modifications, waivers, extensions or amendments of any Mortgage Loans (other than any Non-Serviced Mortgage Loan) and any related Serviced Companion Loans that are not Specially Serviced Mortgage Loans to the extent not prohibited by the related Co-Lender Agreement and that involve one or more Special Servicer Major Decisions or Special Servicer Non-Major Decisions (whether or not processed by the Special Servicer); (ii) 100% of all assumption application fees received on any Mortgage Loans, only for which the Master Servicer is processing the underlying assumption related transaction (including any related Serviced Companion Loan, to the extent not prohibited by the related Co-Lender Agreement) (whether or not the consent of the Special Servicer is required) and 100% of all defeasance fees (provided that for the avoidance of doubt, any such defeasance fees shall not include any Modification Fees or waiver fees in connection with a defeasance that the Special Servicer is entitled to under this Agreement); (iii) 100% of assumption, waiver, consent and earnout fees and similar fees pursuant to Section 3.08 and Section 3.18 or other actions performed in connection with this Agreement on the Non-Specially Serviced Mortgage Loans (including any related Serviced Companion Loan to the extent not prohibited by the related Co-Lender Agreement) which do not involve a Special Servicer Major Decision or a Special Servicer Non-Major Decision; and (iv) 50% (or 25% in connection with a Payment Accommodation resulting from the COVID-19 emergency that is processed by the Special Servicer) of all assumption, waiver, consent and earnout fees and similar fees (other than assumption application and defeasance fees), pursuant to Section 3.08 and Section 3.18 on any Non-Specially Serviced Mortgage Loan (including any related Serviced Companion Loan to the extent not prohibited by the related Co-Lender Agreement) which involve a Special Servicer Major Decision or Special Servicer Non-Major Decision (whether or not processed by the Special Servicer) and only to the extent that all amounts then due and payable with respect to the related Mortgage Loan have been paid. In addition, the Master Servicer shall be entitled to retain as additional servicing compensation (other than with respect to a Non-Serviced Mortgage Loan) any charges for processing Mortgagor requests, beneficiary statements or demands (to the extent such beneficiary statements or demands are prepared by the Master Servicer), fees in connection with defeasance, if any, and other customary charges, and amounts collected for checks returned for insufficient funds related to the accounts held by the Master Servicer, in each case only to the extent actually paid by the related Mortgagor and shall not be required to deposit such amounts in the Collection Account or the Serviced Whole Loan Custodial Account pursuant to Section 3.04(a) or Section 3.04(b), respectively. In addition, the Master Servicer shall also be entitled to retain as additional servicing compensation (other than with respect to any Non-Serviced Mortgage Loan) reasonable review fees in connection with any Mortgagor request to the extent such review fees are not prohibited under the related Mortgage Loan documents, and only to the extent actually paid by the related Mortgagor. Subject to Section 3.11(d), the Master Servicer shall also be entitled to additional servicing compensation in the form of: (i) Penalty Charges to the extent provided in Section 3.11(d), (ii) interest or other income earned on deposits relating to the Trust Fund in the Collection Account or the Serviced Whole Loan Custodial Account in accordance with Section 3.06(b) (but only to the extent of the

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Net Investment Earnings, if any, with respect to such account for the period from and including the prior Distribution Date to and including the Master Servicer Remittance Date related to the current Distribution Date), (iii) interest or other income earned on deposits in the Servicing Account which are not required by applicable law or the related Mortgage Loan to be paid to the Mortgagor, and (iv) the difference, if positive, between Prepayment Interest Excess and Prepayment Interest Shortfalls collected on the Mortgage Loans and any Serviced Pari Passu Companion Loan, during the related Collection Period to the extent not required to be paid as Compensating Interest Payments. The Master 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 due and owing to any of its Sub-Servicers and the premiums for any blanket Insurance Policy insuring against hazard losses pursuant to Section 3.07), if and to the extent such expenses are not payable directly out of the Collection Account and the Master Servicer shall not be entitled to reimbursement therefor except as expressly provided in this Agreement.

With respect to any of the preceding fees as to which both the Master Servicer and the Special Servicer are entitled to receive a portion thereof, the Master Servicer and the Special Servicer shall each have the right, but not any obligation, to reduce or elect not to charge its respective portion of such fee (in the case of a split fee with respect Penalty Charges, subject to certain limitations described in Section 3.02); provided that (A) neither the Master Servicer nor the Special Servicer shall have the right to reduce or elect not to charge the portion of any such fee due to the other and (B) to the extent either the Master Servicer or the Special Servicer exercises its right to reduce or elect not to charge its respective portion in any such fee, the party that reduced or elected not to charge its respective portion of such fee shall not have any right to share in any part of the other party’s portion of such fee. If the Master Servicer decides not to charge any fee, the Special Servicer shall nevertheless be entitled to charge its portion of the related fee to which the Special Servicer would have been entitled if the Master Servicer had charged a fee and the Master Servicer shall not be entitled to any of such fee charged by the Special Servicer.

Notwithstanding anything herein to the contrary, the Master Servicer may, at its option, assign or pledge to any third party or retain for itself the Transferable Servicing Interest; provided, however, that in the event of any resignation or termination of such Master Servicer, all or any portion of the Transferable Servicing Interest may be reduced by the Trustee to the extent reasonably necessary (in the sole discretion of the Trustee) for the Trustee to obtain a qualified successor master servicer that meets the requirements of Section 6.05 and who requires market-rate servicing compensation that accrues at a per annum rate in excess of the Servicing Retained Fee Rate, and any such assignment of the Transferable Servicing Interest shall, by its terms be expressly subject to the terms of this Agreement and such reduction. The Master Servicer shall pay the Transferable Servicing Interest to the holder of the Transferable Servicing Interest at such time and to the extent the Master Servicer is entitled to receive payment of its Servicing Fees hereunder, notwithstanding any resignation or termination of the Master Servicer hereunder (subject to reduction pursuant to the preceding sentence).

(b)        As compensation for its activities hereunder, the Special Servicer shall be entitled to receive the Special Servicing Fee with respect to each Specially Serviced Mortgage Loan and REO Loan (other than a Non-Serviced Mortgage Loan and any REO Loan relating to

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a Non-Serviced Mortgaged Property). As to each Specially Serviced Mortgage Loan and REO Loan, the Special Servicing Fee shall accrue from time to time at the Special Servicing Fee Rate and shall be computed on the basis of the Stated Principal Balance of such Specially Serviced Mortgage Loan or REO Loan, as the case may be, and in the same manner as interest is calculated on the Specially Serviced Mortgage Loans or REO Loans, as the case may be, and, in connection with any partial month interest payment, for the same period respecting which any related interest payment due on such Specially Serviced Mortgage Loan or deemed to be due on such REO Loan is computed. The Special Servicing Fee with respect to any Specially Serviced Mortgage Loan or REO Loan shall cease to accrue if a Liquidation Event occurs with respect to the related Mortgage Loan. The Special Servicing Fee shall be payable monthly, on a loan-by-loan basis, in accordance with the provisions of Section 3.05(a). The right to receive 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. The Special Servicer shall not be entitled to any Special Servicing Fees with respect to a Non-Serviced Mortgage Loan.

(c)        Additional servicing compensation in the form of (i) 100% of all Excess Modification Fees related to any modifications, waivers, extensions or amendments of any Specially Serviced Mortgage Loans, (ii) 100% of all assumption application fees received on any Mortgage Loans and any related Serviced Companion Loan (to the extent not prohibited by the related Co-Lender Agreement), only for which the Special Servicer is processing the underlying assumption related transaction, (iii) 100% of assumption, waiver, consent and earnout fees and similar fees, pursuant to Section 3.08 and Section 3.18 or other actions performed in connection with this Agreement on the Specially Serviced Mortgage Loans or certain other similar fees paid by the related Mortgagor, and (iv) 50% (or 75% in connection with a Payment Accommodation resulting from the COVID-19 emergency that is processed by the Special Servicer) of all Excess Modification Fees and 50% (or 75% in connection with a Payment Accommodation resulting from the COVID-19 emergency that is processed by the Special Servicer) of all assumption, waiver and consent and earnout fees, review fees and similar fees (other than assumption application and defeasance fees) received with respect to all Mortgage Loans (including any related Serviced Companion Loan to the extent not prohibited by the related Co-Lender Agreement) (excluding any Non-Serviced Mortgage Loan) that are not Specially Serviced Mortgage Loans that involve one or more Special Servicer Major Decisions or Special Servicer Non-Major Decisions regardless of whether the Master Servicer or the Special Servicer processes such Major Decision or Special Servicer Non-Major Decision, shall be promptly paid to the Special Servicer by the Master Servicer (or directly from the related Mortgagor) to the extent such fees are paid by the Mortgagor and shall not be required to be deposited in the Collection Account pursuant to Section 3.04(a). Subject to Section 3.11(d), the Special Servicer shall also be entitled to additional servicing compensation in the form of: (i) Penalty Charges to the extent provided in Section 3.11(d); (ii) beneficiary statement or demands (to the extent such beneficiary statements or demands are prepared by the Special Servicer); (iii) amounts collected for checks returned for insufficient funds related to the accounts held by the Special Servicer; and (iv) interest or other income earned on deposits relating to the Trust Fund in the applicable REO Account and Loss of Value Reserve Fund in accordance with Section 3.06(b) (but only to the extent of the Net Investment Earnings, if any, with respect to such account for the period from and including the prior Distribution Date to and including the Master Servicer Remittance Date related to such Distribution Date). In addition,

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the Special Servicer shall also be entitled to retain as additional servicing compensation (other than with respect to any Non-Serviced Mortgage Loan) reasonable review fees in connection with any Mortgagor request to the extent such review fees are not prohibited under the related Mortgage Loan documents, and only to the extent actually paid by the related Mortgagor. The Special Servicer shall also be entitled to additional servicing compensation in the form of a Workout Fee with respect to each Corrected Loan at the Workout Fee Rate on such Corrected Loan for so long as it remains a Corrected Loan; provided, however, that after receipt by the Special Servicer of Workout Fees with respect to such Corrected Loan in an amount equal to $25,000, any Workout Fees in excess of such amount shall be reduced by the Excess Modification Fee Amount; provided, further, however, that in the event the Workout Fee collected over the course of such workout calculated at the Workout Fee Rate is less than $25,000, then the Special Servicer shall be entitled to an amount from the final payment on the related Corrected Loan (including any related Serviced Companion Loan) that would result in the total Workout Fees payable to the Special Servicer in respect of that Corrected Loan (including any related Serviced Companion Loan) to be $25,000. The Workout Fee shall be reduced (but not below zero) pursuant to the preceding sentence with respect to each collection on such Corrected Loan from which fee would otherwise be payable until an amount equal to such Excess Modification Fee Amount has been deducted in full. The Workout Fee with respect to any Corrected Loan will cease to be payable if such loan again becomes a Specially Serviced Mortgage Loan; provided that a new Workout Fee will become payable if and when such Specially Serviced Mortgage Loan again becomes a Corrected Loan. The Special Servicer shall not be entitled to any Workout Fee with respect to a Non-Serviced Mortgage Loan. If the Special Servicer is terminated (other than for cause) or resigns, it shall retain the right to receive any and all Workout Fees payable in respect of Mortgage Loans or any related Companion Loan that became Corrected Loans prior to the time of that termination or resignation except the Workout Fees will no longer be payable if the Corrected Loan subsequently becomes a Specially Serviced Mortgage Loan. If the Special Servicer resigns or is terminated (other than for cause), it will receive any Workout Fees payable on Specially Serviced Mortgage Loans for which the resigning or terminated Special Servicer had determined to grant a forbearance or cured the event of default through a modification, restructuring or workout negotiated by the Special Servicer and evidenced by a signed writing, but which had not as of the time the Special Servicer resigned or was terminated become a Corrected Loan solely because the Mortgagor had not had sufficient time to make three consecutive timely Periodic Payments and which subsequently becomes a Corrected Loan as a result of the Mortgagor making such three consecutive timely Periodic Payments. The successor special servicer will not be entitled to any portion of such Workout Fees. The Special Servicer will not be entitled to receive any Workout Fees after termination for cause. A Liquidation Fee will be payable with respect to each Specially Serviced Mortgage Loan (other than a Non-Serviced Mortgage Loan) or REO Property (other than a Non-Serviced Mortgaged Property) as to which the Special Servicer receives any Liquidation Proceeds or Insurance and Condemnation Proceeds subject to the exceptions set forth in the definition of Liquidation Fee (such Liquidation Fee to be paid out of such Liquidation Proceeds, Insurance and Condemnation Proceeds). If, however, Liquidation Proceeds or Insurance and Condemnation Proceeds are received with respect to any Corrected Loan and 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 and Insurance and Condemnation Proceeds that constitute principal and/or interest on such Mortgage Loan.

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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 proceeds on any Mortgage Loan. Notwithstanding the foregoing, with respect to any Companion Loan, the Liquidation Fee, Workout Fee and Special Servicing Fees, if any, will be computed as provided in the related Co-Lender Agreement or to the extent such Co-Lender Agreement is silent or refers to this Agreement or indicates such fees are paid in accordance with this Agreement, as provided herein as though such Companion Loan were a Mortgage Loan. Subject to Section 3.11(d), the Special Servicer will also be entitled to additional fees in the form of Penalty Charges. 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 REO Properties, due and owing to any of its Sub-Servicers and the premiums for any blanket Insurance Policy obtained by it insuring against hazard losses pursuant to Section 3.07), if and to the extent such expenses are not expressly payable directly out of the Collection Account or the applicable REO Account, and the Special Servicer shall not be entitled to reimbursement therefor except as expressly provided in this Agreement.

With respect to any of the preceding fees as to which both the Master Servicer and the Special Servicer are entitled to receive a portion thereof, the Master Servicer and the Special Servicer shall each have the right in their sole discretion, but not any obligation, to reduce or elect not to charge its respective portion of such fee (in the case of a split fee with respect to Penalty Charges, subject to the limitations described under Section 3.02); provided that (A) neither the Master Servicer nor the Special Servicer shall have the right to reduce or elect not to charge the portion of any such fee due to the other and (B) to the extent either the Master Servicer or the Special Servicer exercises its right to reduce or elect not to charge its respective portion in any such fee, the party that reduced or elected not to charge its respective portion of such fee shall not have any right to share in any part of the other party’s portion of such fee. If the Special Servicer decides not to charge any fee, the Master Servicer shall nevertheless be entitled to charge its portion of the related fee to which the Master Servicer would have been entitled if the Special Servicer had charged a fee and the Special Servicer shall not be entitled to any of such fee charged by the Master Servicer.

(d)        In determining the compensation of the Master Servicer or the Special Servicer, as applicable, with respect to Penalty Charges, on any Distribution Date, the aggregate Penalty Charges collected on any Mortgage Loan (other than a Non-Serviced Mortgage Loan) and any related Companion Loan since the prior Distribution Date shall be applied (in such order) to reimburse (i) the Master Servicer, the Special Servicer or the Trustee for interest on Advances on such Mortgage Loan or related Companion Loan, if applicable (and, in connection with a Non-Serviced Mortgage Loan, the applicable Non-Serviced Master Servicer, the applicable Non-Serviced Special Servicer or the applicable Non-Serviced Trustee for interest on the Property Protection Advances made by any such party with respect to a Non-Serviced Whole Loan pursuant to the applicable Non-Serviced Pooling Agreement, to the extent not prohibited by the applicable Non-Serviced Co-Lender Agreement) due on such Distribution Date, (ii) the Trust for all interest on Advances previously paid to the Master Servicer or the Trustee pursuant to Section 3.05(a)(vi) hereof (and, in connection with a Non-Serviced Mortgage Loan, the related trust for all interest on Property Protection Advances reimbursed by such trust to any party under the applicable Non-Serviced Pooling Agreement, which resulted in

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an additional expense for the Trust, to the extent not prohibited by the applicable Non-Serviced Co-Lender Agreement) with respect to such Mortgage Loan or related Companion Loan, if applicable and (iii) the Trust for all additional expenses of the Trust (including Special Servicing Fees, Workout Fees and Liquidation Fees), including without limitation, inspections by the Special Servicer and all unpaid Advances incurred since the Closing Date with respect to such Mortgage Loan. Penalty Charges (other than with respect to a Non-Serviced Mortgage Loan, which shall be payable as additional servicing compensation under the related Non-Serviced Pooling Agreement) remaining thereafter shall be distributed to the Master Servicer, if and to the extent accrued while such Mortgage Loan and any related Companion Loan was a Non-Specially Serviced Mortgage Loan, and to the Special Servicer, if and to the extent accrued on such Mortgage Loan during the period such Mortgage Loan was a Specially Serviced Mortgage Loan or REO Loan. Any Penalty Charges paid or payable as additional servicing compensation to the Master Servicer and the Special Servicer shall be distributed between the Master Servicer and the Special Servicer, on a pro rata basis, based on the Master Servicer’s and the Special Servicer’s respective entitlements to such compensation described in the previous sentence. Notwithstanding the foregoing, Penalty Charges with respect to any Companion Loan will be allocated pursuant to the applicable Co-Lender Agreement after payment of all related Advances and interest thereon and additional expenses of the Trust in accordance with this Section 3.11(d).

If a Servicing Shift Whole Loan becomes a Specially Serviced Mortgage Loan prior to the applicable Servicing Shift Securitization Date, the Special Servicer shall service and administer such Servicing Shift Whole Loan and any related REO Property in the same manner as any other Specially Serviced Mortgage Loan or Serviced REO Property and shall be entitled to all rights and compensation earned with respect to such Serviced Whole Loan as Special Servicer of such Serviced Whole Loan. With respect to a Servicing Shift Mortgage Loan, prior to the applicable Servicing Shift Securitization Date, no other special servicer will be entitled to any such compensation or have such rights and obligations. If a Servicing Shift Whole Loan is still a Specially Serviced Mortgage Loan on the applicable Servicing Shift Securitization Date, the Non-Serviced Special Servicer and the Special Servicer shall be entitled to compensation with respect to such Servicing Shift Whole Loan as if the Special Servicer were being terminated as the Special Servicer with respect to such Servicing Shift Whole Loan and the Non-Serviced Special Servicer were replacing the Special Servicer as the successor Special Servicer with respect to such Servicing Shift Whole Loan.

If a Servicing Shift Whole Loan is being specially serviced on the related Servicing Shift Securitization Date, the Special Servicer shall be entitled to compensation for the period during which it acted as Special Servicer with respect to such Whole Loan, including its share of any Liquidation Fees or Workout Fees and any additional servicing compensation as well as all surviving indemnity and other rights in respect of such special servicing role under this Agreement.

(e)        With respect to each Distribution Date, the Special Servicer shall deliver or cause to be delivered to the Master Servicer within two (2) Business Days following the Determination Date, and the Master Servicer shall deliver, to the extent it has received, to the Certificate Administrator, without charge and on the same day as the Master Servicer is required to deliver the CREFC® Investor Reporting Package for such Distribution Date, an

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electronic report (which may include HTML, word or excel compatible format, clean and searchable PDF format or such other format as mutually agreeable between the Certificate Administrator and the Special Servicer) 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; provided that no such report shall be due in any month during which no Disclosable Special Servicer Fees were received.

(f)         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 Mortgagor, any property manager, any guarantor or indemnitor in respect of a Mortgage Loan and any purchaser of any Mortgage Loan or REO Property) in connection with the disposition, workout or foreclosure of any Mortgage Loan, the management or disposition of any REO Property, or the performance of any other special servicing duties under this Agreement, other than as expressly provided in this Section 3.11; provided that such prohibition shall not apply to Permitted Special Servicer/Affiliate Fees.

(g)        Pursuant to the CREFC® License Agreement, CREFC® shall be paid (according to the payment instructions set forth on Exhibit JJ hereto or such other payment instructions as CREFC®may provide to the Master Servicer in writing at least two (2) Business Days prior to the Master Servicer Remittance Date) the CREFC® Intellectual Property Royalty License Fee on a monthly basis. The Master 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 3.05(a)(xv) on a monthly basis, from funds on deposit in the Collection Account.

Section 3.12     Inspections; Collection of Financial Statements. (a) The Master Servicer shall perform (at its own expense), or shall cause to be performed (at its own expense), a physical inspection of each Mortgaged Property relating to a Mortgage Loan (other than a Non-Serviced Mortgage Loan or a Specially Serviced Mortgage Loan) with a Stated Principal Balance of (i) $2,000,000 or more at least once every twelve (12) months and (ii) less than $2,000,000 at least once every twenty-four (24) months, in each case, commencing in the calendar year 2021 (and each Mortgaged Property shall be inspected on or prior to December 31, 2021); provided, however, that if a physical inspection has been performed by the Special Servicer in the previous twelve (12) months and the Master Servicer has no knowledge of a material change in the Mortgaged Property since such physical inspection, the Master Servicer will not be required to perform or cause to be performed, such physical inspection; provided, further, that if any scheduled payment becomes more than sixty (60) days delinquent on the related Mortgage Loan, the Special Servicer shall inspect or cause to be inspected the related Mortgaged Property as soon as practicable after such Mortgage Loan becomes a Specially Serviced Mortgage Loan and annually thereafter for so long as such Mortgage Loan remains a Specially Serviced Mortgage Loan. The cost of such inspection by the Special Servicer pursuant to the second proviso of the immediately preceding sentence shall be an expense of the Trust, and, to the extent not paid by the related Mortgagor, reimbursed first from Penalty Charges actually received from the related Mortgagor and then from the Collection Account pursuant to Section 3.05(a)(ii), provided that, with respect to a Serviced Whole Loan, such cost shall be

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payable,
subject to the terms of the related Co-Lender Agreement (i) with respect to a Serviced Pari Passu Whole Loan, pro rata
and pari passu, from the related Serviced Pari Passu Mortgage Loan and Serviced Pari Passu Companion Loan, in accordance
with their respective Stated Principal Balances, or (ii) with respect to a Serviced AB Whole Loan, first, from the related
AB Subordinate Companion Loan and then, from the AB Mortgage Loan (and any Pari Passu Companion Loans, on a pro rata
basis) (provided that, with respect to any AB Subordinate Companion Loan, the foregoing shall not limit or otherwise
modify the terms of the related Co-Lender Agreement pursuant to which any amounts collected with respect to the related Whole
Loan are allocated to the related Serviced Mortgage Loan, any related Pari Passu Companion Loan and the AB Subordinate Companion
Loan), in each case, prior to being payable out of general collections. The Special Servicer or the Master Servicer, as applicable,
shall prepare or cause to be prepared a written report of each such inspection detailing the condition of and any damage to the
Mortgaged Property to the extent evident from the inspection and specifying the existence of (i) any vacancy in the Mortgaged
Property that the preparer of such report has knowledge of and deems material, (ii) any sale, transfer or abandonment of the Mortgaged
Property of which the preparer of such report has knowledge or that is evident from the inspection, (iii) any adverse change in
the condition of the Mortgaged Property of which the preparer of such report has knowledge or that is evident from the inspection,
and that the preparer of such report deems material, (iv) any visible material waste committed on the Mortgaged Property of which
the preparer of such report has knowledge or that is evident from the inspection and (v) photographs of each inspected Mortgaged
Property. The Special Servicer and the Master Servicer shall deliver or, if applicable, make available on its website a copy (in
electronic format) of each such report prepared by the Special Servicer and the Master Servicer, respectively, to the other party,
to the Directing Holder ((i) prior to the occurrence and continuance of a Control Termination Event and (ii) other than with respect
to any applicable Excluded Loan), any related holder of a Serviced Pari Passu Companion Loan, the Certificate Administrator and
to the Trustee within seven (7) Business Days after the later of (i) the completion of such report or (ii) the Special Servicer’s
or the Master Servicer’s, as applicable (or, if earlier, any Sub-Servicer on their behalf), receipt of such report. Within
five (5) Business Days after request for copies of such reports by the Rating Agencies, the Special Servicer or the Master Servicer,
as applicable, shall deliver or make available a copy (in electronic format) of each such report prepared by the Special Servicer
and the Master Servicer, as applicable, to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s
Website for review by Privileged Persons. In respect of any Mortgage Loan other than an applicable Excluded Loan and prior to
the occurrence of a Consultation Termination Event, the Master Servicer shall deliver a copy of each such report to the Directing
Holder and upon request to each Controlling Class Certificateholder (which request may state that such items may be delivered
until further notice).

(b)        The Special Servicer, in the case of any Specially Serviced Mortgage Loan, and the Master Servicer, in the case of any Non-Specially Serviced Mortgage Loan shall make reasonable efforts to collect promptly and review from each related Mortgagor quarterly and annual operating statements, financial statements, budgets and rent rolls of the related Mortgaged Property, and the quarterly and annual financial statements of such Mortgagor, whether or not delivery of such items is required pursuant to the terms of the related Mortgage Loan documents and any other reports or documents required to be delivered under the terms of the Mortgage Loans (and each Serviced Companion Loan), if delivery of such items is required

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pursuant to the terms of the related Mortgage Loan (and each Serviced Companion Loan) documents. The Master Servicer and the Special Servicer shall not be required to request such operating statements or rent rolls more than once if the related Mortgagor is not required to deliver such statements pursuant to the terms of the Mortgage Loan documents. In addition, the Special Servicer shall cause quarterly and annual operating statements, budgets and rent rolls to be regularly prepared in respect of each REO Property and shall collect all such items promptly following their preparation. The Special Servicer shall deliver all such items to the Master Servicer within five (5) Business Days of receipt, and the Master Servicer shall make available on its website copies of all the foregoing items so collected to the Trustee, the Certificate Administrator, the Directing Holder and the Depositor, in electronic format, in each case within thirty (30) days of its receipt thereof, but in no event, in the case of annual statements, later than June 30 of each year commencing June 30, 2021. Upon the request of any Privileged Person (other than the NRSROs) to receive copies of such items, the Master Servicer or the Special Servicer, as applicable, shall deliver electronic copies of such items to the Certificate Administrator to be posted on the Certificate Administrator’s Website. The Master Servicer or the Special Servicer, as applicable, shall deliver, upon request of any Rating Agency, copies of any of or all of the foregoing items so collected thereby to the 17g-5 Information Provider pursuant to Section 3.13(c).

Within thirty (30) days after receipt by the Master Servicer, with respect to all Non-Specially Serviced Mortgage Loans, or the Special Servicer with respect to Specially Serviced Mortgage Loans and REO Properties (other than any Non-Serviced Mortgaged Property), of any quarterly or annual operating statements or rent rolls beginning with the quarter ending September 30, 2020 and the calendar year ending December 31, 2020 with respect to any Mortgaged Property or REO Property, such Master Servicer or Special Servicer, as applicable, shall, based upon such operating statements or rent rolls received, prepare (or, if previously prepared, update) the analysis of operations and the CREFC® NOI Adjustment Worksheet and the CREFC® Operating Statement Analysis Report; provided that any such CREFC® Operating Statement Analysis Report and/or CREFC® NOI Adjustment Worksheet shall not be required to be prepared or updated with respect to year-end or the first calendar quarter of each year to the extent provided by the then current CREFC® Investor Reporting Package. Upon the occurrence and continuation of a Servicing Transfer Event, the Master Servicer shall provide the Special Servicer with all prior CREFC® Operating Statement Analysis Reports and CREFC® NOI Adjustment Worksheets for the related Mortgage Loan or Serviced Whole Loan (including underwritten figures), and the Special Servicer’s obligations hereunder shall be subject to its having received all such reports. The Master Servicer and the Special Servicer shall forward, upon request, to the other and (prior to the occurrence of a Consultation Termination Event) the Directing Holder electronically monthly all operating statements and rent rolls received from any Mortgagor from the prior month.

All CREFC® Operating Statement Analysis Reports and CREFC® NOI Adjustment Worksheets shall be maintained by the Master Servicer with respect to each Mortgaged Property (other than a Non-Serviced Mortgaged Property) and REO Property (other than any Non-Serviced Mortgaged Property), and the Master Servicer shall forward copies thereof (in electronic format and promptly following the initial preparation and each material revision thereof) (i) upon request of any of the following parties, to the Certificate Administrator, the Directing Holder, the Special Servicer and, with respect to any Serviced Companion Loan,

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the related Companion Holder, as applicable, and (ii) upon request of any Rating Agency, to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post all such items to the 17g-5 Information Provider’s Website. The Master Servicer shall forward copies of the related operating statements or rent rolls (promptly following the initial preparation and each material revision thereof) (i) upon request of any of the following parties, to the Certificate Administrator, the Directing Holder, the Special Servicer and, with respect to any Serviced Companion Loan, the related Companion Holder, as applicable and (ii) upon request of any Rating Agency, to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post all such items to the 17g-5 Information Provider’s Website. The Master Servicer shall maintain a CREFC® Operating Statement Analysis Report and a CREFC® NOI Adjustment Worksheet with respect to each Mortgaged Property (other than a Non-Serviced Mortgaged Property) or REO Property (other than a Non-Serviced Mortgaged Property).

(c)        At or before 2:00 p.m. (New York City time) on each Determination Date, the Special Servicer shall prepare and deliver or cause to be delivered to the Master Servicer and, prior to the occurrence of a Consultation Termination Event, the Controlling Class Representative, the CREFC® Special Servicer Loan File and any applicable CREFC® Loan Liquidation Reports, CREFC® Loan Modification Reports and CREFC® REO Liquidation Reports with respect to the Specially Serviced Mortgage Loans (excluding, for the Directing Holder, any applicable Excluded Loans) and any REO Properties (other than a Non-Serviced Mortgaged Property), providing the information required of the Special Servicer in an electronic format, reasonably acceptable to the Master Servicer as of the Business Day preceding such Determination Date, which CREFC® Special Servicer Loan File shall include data, to enable the Master Servicer to produce the following supplemental CREFC® reports: (i) a CREFC® Delinquent Mortgage Loan Status Report, (ii) a CREFC® Historical Loan Modification/Forbearance and Corrected Mortgage Loan Report, (iii) a CREFC® REO Status Report, (iv) a CREFC® Comparative Financial Status Report and (v) a CREFC® NOI Adjustment Worksheet and a CREFC® Operating Statement Analysis Report, in each case with the supporting financial statements, budgets, operating statements and rent rolls submitted by the Mortgagor.

(d)        Not later than 5:00 p.m. (New York City time) two calendar days following each Distribution Date (provided that if such second calendar day is not a Business Day, then the immediately succeeding Business Day) beginning June 2020, the Master Servicer shall prepare (if and to the extent necessary) and deliver or cause to be delivered in electronic format to the Certificate Administrator the following reports and data files: (A) to the extent the Master Servicer has received the CREFC® Special Servicer Loan File at the time required, the most recent CREFC® Delinquent Mortgage Loan Status Report, CREFC® Historical Loan Modification/Forbearance and Corrected Mortgage Loan Report and the CREFC® REO Status Report, (B) CREFC® Loan Setup File (with respect to the first Distribution Date), (C) the most recent CREFC® Property File, and CREFC® Comparative Financial Status Report (in each case incorporating the data required to be included in the CREFC® Special Servicer Loan File pursuant to Section 3.12(c) by the Special Servicer and Master Servicer), (D) a CREFC® Servicer Watch List with information that is current as of such Determination Date, (E) CREFC® Financial File, (F) CREFC® Loan Level Reserve/LOC Report, (G) the CREFC® Advance Recovery Report, (H) CREFC® Total Loan Report and (I) the report on Disclosable Special Servicer Fees delivered pursuant to Section 3.11(e) to the extent received from the

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Special Servicer, if any. Additionally, not later than 5:00 p.m. (New York City time) on the Master Servicer Remittance Date beginning June 2020, the Master Servicer shall deliver or cause to be delivered in electronic format to the Certificate Administrator any applicable CREFC® Loan Liquidation Reports, CREFC® Loan Modification Reports and CREFC® REO Liquidation Reports received from the Special Servicer. Not later than 3:00 p.m. (New York City time) two (2) Business Days prior to the Distribution Date beginning June 2020, the Master Servicer shall deliver or cause to be delivered to the Certificate Administrator via electronic format the CREFC® Loan Periodic Update File and the CREFC® Appraisal Reduction Amount Template if provided for such Distribution Date. In no event shall any report described in this subsection be required to reflect information that has not been collected by or delivered to the Master Servicer, or any payments or collections not received by the Master Servicer, as of the close of business on the Business Day prior to the Business Day on which the report is due. The Master Servicer, by (i) prior to the securitization of the related Companion Loan, the Distribution Date or (ii) following the securitization of the related Companion Loan, no later than the time(s) that it or any portion thereof is made available to the Certificate Administrator, shall make available to each Serviced Companion Noteholder with respect to the related Whole Loan or, if such Serviced Companion Loan is securitized, the respective Other Servicer, the CREFC® Investor Reporting Package (CREFC®IRP) (excluding any templates) pursuant to the terms of this Agreement on a monthly basis.

Not later than 5:00 p.m. (New York City time) two calendar days following each Distribution Date (provided that if such second calendar day is not a Business Day, then the immediately succeeding Business Day) beginning June 2020, the Master Servicer shall deliver to the Certificate Administrator the CREFC® Schedule AL File in EDGAR-Compatible Format; provided, that the Master Servicer shall have no obligation to prepare or deliver any such CREFC® Schedule AL File unless the Depositor has delivered the items required by Section 2.01(i). If the CREFC® Schedule AL File is not provided by the date specified in the immediately preceding sentence, the Certificate Administrator shall request such CREFC® Schedule AL File from the Master Servicer via email at ssreports@wellsfargo.com, with a copy to the Depositor at gs-refgsecuritization@gs.com. In preparing the CREFC® Schedule AL File and any Schedule AL Additional File for any given Distribution Date, and without any due diligence, investigation or verification, the Master Servicer shall be entitled to conclusively rely, absent manifest error, on the content, completeness, accuracy and compliance with any applicable requirements of Items 1111(h) and 1125 of Regulation AB and Item 601(b) of Regulation S-K under the Securities Act as in effect on the Closing Date of the Initial Schedule AL File, Initial Schedule AL Additional File and the Annex A-1 to the Prospectus. The Master Servicer may concurrently with the delivery of the related CREFC® Schedule AL File, deliver any related Schedule AL Additional File in EDGAR-Compatible Format to the Certificate Administrator. The CREFC® Schedule AL File and the Schedule AL Additional File shall each be a single file. Neither the Certificate Administrator nor the Master Servicer shall be required to combine multiple CREFC® Schedule AL Files or Schedule AL Additional Files, unless, solely with respect to the Master Servicer, multiple Sub-Servicers prepare and submit such CREFC® Schedule AL Files or Schedule AL Additional Files to the Master Servicer. The Certificate Administrator shall not be required to review, redact, reconcile, edit or verify the content, completeness or accuracy of the information contained in any CREFC® Schedule AL File or any Schedule AL Additional File.

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In the absence of manifest error, the Master Servicer shall be entitled to conclusively rely upon, without investigation or inquiry, any information and reports delivered to it by any third party, and the Certificate Administrator shall be entitled to conclusively rely upon the Master Servicer’s reports and the Special Servicer’s reports and any information provided by the Trustee, without any duty or obligation to recompute, verify or recalculate any of the amounts and other information stated therein.

(e)        The Special Servicer shall deliver to the Master Servicer the reports and information required of the Special Servicer pursuant to Section 3.12(b) and Section 3.12(c), and the Master Servicer shall deliver to the Certificate Administrator the reports and data files set forth in Section 3.12(d). The Master Servicer may, absent manifest error, conclusively rely on the reports and/or data to be provided by the Special Servicer pursuant to Section 3.12(b) and Section 3.12(c). The Certificate Administrator may, absent manifest error, conclusively rely on the reports and/or data to be provided by the Master Servicer pursuant to Section 3.12(d). In the case of information or reports to be furnished by the Master Servicer to the Certificate Administrator pursuant to Section 3.12(d), to the extent that such information or reports are, in turn, based on information or reports to be provided by the Special Servicer pursuant to Section 3.12(b) or Section 3.12(c) and to the extent that such reports are to be prepared and delivered by the Special Servicer pursuant to Section 3.12(b) or Section 3.12(c), the Master Servicer shall have no obligation to provide such information or reports to the Certificate Administrator until it has received the requisite information or reports from the Special Servicer, and the Master Servicer shall not be in default hereunder due to a delay in providing the reports required by Section 3.12(d) caused by the Special Servicer’s failure to timely provide any information or report required under Section 3.12(b) or Section 3.12(c) of this Agreement.

(f)         Notwithstanding the foregoing, however, the failure of the Master Servicer or the Special Servicer to disclose any information otherwise required to be disclosed by this Section 3.12 shall not constitute a breach of this Section 3.12 to the extent the Master Servicer or the Special Servicer so fails because such disclosure, in the reasonable belief of the Master Servicer or the Special Servicer, as the case may be, would violate any applicable law or any provision of a Mortgage Loan document prohibiting disclosure of information with respect to the Mortgage Loans or Mortgaged Properties. The Master Servicer and the Special Servicer may disclose any such information or any additional information to any Person so long as such disclosure is consistent with applicable law and the Servicing Standard. The Master Servicer or the Special Servicer may affix to any information provided by it any disclaimer it deems appropriate in its reasonable discretion (without suggesting liability on the part of any other party hereto).

(g)        Unless otherwise specifically stated herein, if the Master Servicer or the Special Servicer is required to deliver any statement, report or information under any provisions of this Agreement, the Master Servicer or the Special Servicer, as the case may be, 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) except with respect to information to be provided to the Certificate Administrator, any Other Certificate Administrator, any Other Master Servicer, any Other Special Servicer and, prior to the occurrence of a Consultation Termination Event, the Directing Holder, making such

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statement, report or information available on the Master Servicer’s or the Special Servicer’s Internet website, unless this Agreement expressly specifies a particular method of delivery.

Notwithstanding anything to the contrary in the foregoing, the Master Servicer and the Special Servicer shall deliver any required statements, reports or other information to the Certificate Administrator in an electronic format mutually agreeable to the Certificate Administrator and the Master Servicer or the Special Servicer, as the case may be. The Master Servicer or the Special Servicer may physically deliver a paper copy of any such statement, report or information as a temporary measure due to system problems, however, copies in electronic format shall follow upon the correction of such system problems.

Section 3.13     Access to Certain Information. (a) Each of the Master Servicer and the Special Servicer shall provide or cause to be provided to the Certificate Administrator, and the Certificate Administrator shall afford access to any Mortgage Loan Seller and to any Certificateholder or the RR Interest Owner that is a federally insured financial institution, the OCC, the FDIC, the Board of Governors of the Federal Reserve System of the United States of America 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 such Certificateholder, and the RR Interest Owner and to each Holder of a Non-Registered Certificate, access to any documentation or information regarding the Mortgage Loans (other than any Non-Serviced Mortgage Loan) and, in the case of a Mortgage Loan that is a portion of a Serviced Whole Loan, the related Companion Loan, and the Trust within its control which may be required by applicable law. At the election of the Master Servicer, the Special Servicer or the Certificate Administrator, such access may be afforded to such Person identified above by the delivery of copies of information as requested by such Person and the Master Servicer, the Special Servicer or the Certificate Administrator shall be permitted to require payment (other than from the Directing Holder and the Trustee and the Certificate Administrator on its own behalf or on behalf of the Certificateholders and the RR Interest Owner, as applicable) of a sum sufficient to cover the reasonable out-of-pocket costs incurred by it in making such copies. Such access shall (except as described in the preceding sentence) be afforded without charge but only upon reasonable prior written request and during normal business hours at the offices of the Certificate Administrator or the Custodian.

The failure of the Master Servicer or the Special Servicer to provide access as provided in this Section 3.13 as a result of a confidentiality obligation shall not constitute a breach of this Section 3.13. In connection with providing information pursuant to this Section 3.13, the Master Servicer and Special Servicer may each (i) affix a reasonable disclaimer to any information provided by it for which it is not the original source (without suggesting liability on the part of any other party hereto); (ii) affix to any information provided by it a reasonable statement regarding securities law restrictions on such information and/or condition access to information on (x) the execution of a confidentiality agreement substantially in the form of Exhibit X, or (y) execution of a “click-through” confidentiality agreement if such information is being provided through the Master Servicer’s or the Special Servicer’s website; (iii) withhold access to confidential information or any intellectual property; and/or (iv) withhold access to items of information contained in the Servicing File for any Mortgage Loan if the disclosure of such items is prohibited by applicable law or the provisions of any related Mortgage Loan documents or would constitute a waiver of the attorney-client privilege. Notwithstanding any

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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 to the extent that the Master Servicer or the Special Servicer, as the case may be, determines, in its reasonable good faith judgment consistent with the applicable Servicing Standard, that such disclosure would violate applicable law or any provision of a Mortgage Loan or Companion Loan document prohibiting disclosure of information with respect to the Mortgage Loans or Companion Loans or the Mortgaged Properties, constitute a waiver of the attorney-client privilege on behalf of the Trust or the Trust or otherwise materially harm the Trust or the Trust. Without limiting the generality of the foregoing, the Master Servicer or the Special Servicer may refrain from disclosing information that it reasonably determines would prejudice the interest of the Certificateholders with respect to a workout or exercise of remedies as to any particular Mortgage Loan.

Upon the reasonable request of any Certificateholder or the RR Interest Owner (or with respect to any AB Subordinate Companion Loan, the holder of such AB Subordinate Companion Loan) that is a Privileged Person identified to the Master Servicer’s reasonable satisfaction, the Master Servicer may provide (or forward electronically) at the expense of such Certificateholder, the RR Interest Owner or holder of such AB Subordinate Companion Loan, as applicable, copies of any Appraisals, operating statements, rent rolls and financial statements (in each case, solely relating to the related Serviced AB Whole Loan, if requested by the holder of an AB Subordinate Companion Loan) obtained by the Master Servicer; provided that, in connection with such request, 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, generally to the effect that such Person is a Certificateholder or the RR Interest Owner and a Privileged Person and will keep such information confidential and shall use such information only for the purpose of analyzing asset performance and evaluating any continuing rights the Certificateholder, the RR Interest Owner or holder of such AB Subordinate Companion Loan, as applicable, may have under the Trust.

Notwithstanding anything to the contrary herein, unless required by applicable law or court order, no Certificateholder or beneficial owner shall be given access to, or be provided copies of, the Mortgage Files or Diligence Files.

(b)         The Certificate Administrator shall make available to Privileged Persons (provided that the Prospectus, Distribution Date Statements, each Mortgage Loan Purchase Agreement, this Agreement and the Commission EDGAR filings referred to below will be available to the general public) via the Certificate Administrator’s Website, the following items, in each case, to the extent such items were prepared by or delivered to the Certificate Administrator in electronic format:

(i)         The following documents, which will initially be made available under a tab or heading designated “deal documents”:

(A)       the Prospectus and any other disclosure document relating to the Offered Certificates, in the form most recently provided to the Certificate Administrator by the Depositor or by any Person designated by the Depositor;

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(B)        this Agreement and any amendments and exhibits hereto;

(C)        the Mortgage Loan Purchase Agreements and any amendments and exhibits thereto; and

(D)        the CREFC® Loan Setup File provided by the Master Servicer to the Certificate Administrator;

(ii)      the following documents, which will initially be made available under a tab or heading designated “SEC EDGAR filings”;

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

(iii)      The following documents, which will initially be made available under a tab or heading designated “periodic reports”:

(A)       all Distribution Date Statements prepared by the Certificate Administrator pursuant to Section 4.02;

(B)        the CREFC® Loan Periodic Update File, the CREFC® Bond Level File, the CREFC® Collateral Summary File, the CREFC® Property File, the CREFC® Financial File, each of the “surveillance reports” identified as such in the definition of “CREFC® Investor Reporting Package” (including, without limitation, the CREFC® Operating Statement Analysis Report and the CREFC® NOI Adjustment Worksheets), the CREFC® Appraisal Reduction Amount Template, the CREFC® Advance Recovery Report to the extent delivered by the Master Servicer pursuant to this Agreement from time to time; and

(C)        all Operating Advisor Annual Reports;

(iv)      The following documents, which will initially be made available under a tab or heading designated “additional documents”:

(A)        summaries of Final Asset Status Reports or, prior to an AB Control Appraisal Period, summaries of Asset Status Reports approved by the holder of the related Companion Loan, and related information delivered to the Certificate Administrator pursuant to Section 3.19(d);

(B)        all environmental reports delivered to the Certificate Administrator pursuant to Section 3.09(e);

(C)        all property inspection reports delivered to the Certificate Administrator pursuant to Section 3.12(a);

(D)        any Appraisals delivered to the Certificate Administrator pursuant to Section 3.19; and

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(E)        any Appraisal Reduction Amount, any Collateral Deficiency Amount, and any resulting Cumulative Appraisal Reduction Amount delivered to the Certificate Administrator pursuant to Section 4.05(a) (which may be in the form of the CREFC® Loan Periodic Update File or the CREFC® Appraisal Reduction Amount Template included in the CREFC® Investor Reporting Package);

(v)     The following documents, which will initially be made available under a tab or heading designated “special notices”:

(A)       any notice with respect to a release pursuant to Section 3.09(d);

(B)        any notice regarding a waiver, modification or amendment of the terms of any Mortgage Loan or Whole Loan pursuant to Section 3.18(g);

(C)        any notice of final payment on the Certificates or the RR Interest delivered to the Certificate Administrator pursuant to Section 4.01(i);

(D)        any notice of the occurrence of any Servicer Termination Event or termination of the Master Servicer or the Special Servicer delivered pursuant to Section 7.01;

(E)        any notice of the Certificate Administrator’s determination that an Asset Review Trigger has occurred and any other notice required to be delivered to the Certificateholders or the RR Interest Owner pursuant to Section 12.01;

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

(G)        any notice of the termination of the Sub-Servicer delivered pursuant to Section 3.20(g);

(H)        any notice of resignation of the Trustee, or the Certificate Administrator, and any notice of the acceptance of appointment by the successor trustee or the successor certificate administrator pursuant to Section 8.07 or Section 8.08;

(I)         any Officer’s Certificate supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance;

(J)         any notice of resignation or termination of the Master Servicer or the Special Servicer pursuant to Section 7.03;

(K)        any notice of termination pursuant to Section 9.01;

(L)        any notice of resignation or termination of the Operating Advisor or the Asset Representations Reviewer and any notice of the acceptance of

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appointment by the successor operating advisor or the successor asset representations reviewer pursuant to Section 3.26 or Section 12.03, respectively;

(M)      any notice of any request by requisite percentage of Voting Rights for a vote to terminate the Special Servicer pursuant to Section 7.01(d), the Operating Advisor pursuant to Section 3.26(i) or the Asset Representations Reviewer pursuant to Section 12.05(b);

(N)        any notice of recommendation of termination of the Special Servicer by the Operating Advisor and the related report prepared by the Operating Advisor in connection with such recommendation;

(O)        any notice that a Control Termination Event has occurred or is terminated or that a Consultation Termination Event has occurred;

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

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

(R)        any assessments of compliance delivered to the Certificate Administrator; and

(S)        any attestation reports delivered to the Certificate Administrator;

(T)        any “special notices” required by a Certificateholder to be posted on the Certificate Administrator’s website pursuant to Section 5.06;

(U)        any notice or documents provided to the Certificate Administrator by the Depositor or the Master Servicer directing the Certificate Administrator to post to the “Special Notices” tab;

(vi)    the “Investor Q&A Forum” pursuant to Section 4.07(a); and

(vii)   solely to Certificateholders and Certificate Owners that are Privileged Persons, the “Investor Registry” pursuant to Section 4.07(b); and

(viii)  subject to Section 3.31(b), the following “U.S. risk retention special notices”, if any, shall also be posted to the “U.S. Risk Retention Special Notices” tab on the Certificate Administrator’s Website: the disclosure required pursuant to Section 244.4(c)(1)(ii) of the Risk Retention Rule;

provided that with respect to a Control Termination Event or a Consultation Termination Event deemed to exist due solely to the existence of an applicable Excluded Loan, the Certificate Administrator will only be required to make available such notice of the occurrence and continuance of a Control Termination Event or the notice of the occurrence and continuance of a

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Consultation Termination Event to the extent the Certificate Administrator has been notified of such Excluded Loan.

The Certificate Administrator shall, in addition to posting the applicable notices on the “U.S. Risk Retention Special Notices” tab described above, provide email notification to any Privileged Person (other than Financial Market Publishers) that has registered to receive access to the Certificate Administrator’s Website that a notice has been posted to the “U.S. Risk Retention Special Notices” tab.

The Certificate Administrator shall post on the Certificate Administrator’s Website the items and reports identified in clauses (iii)(A) and (B) above on each Distribution Date. In addition, if the Depositor so directs the Certificate Administrator, and on terms acceptable to the Certificate Administrator, the Certificate Administrator shall make certain other information and reports related to the Mortgage Loans available through its Internet website.

Notwithstanding the foregoing, all Excluded Information shall be made available under a separate tab or heading designated “Excluded Information” on the Certificate Administrator’s Website (and not under any of the tabs or headings described in items (i) through (vii) above) and made available to Privileged Persons other than any Excluded Controlling Class Holder that is a Borrower Party.

Any Person (other than the Directing Holder or a Controlling Class Certificateholder) that is a Borrower Party shall only be entitled to access the Distribution Date Statements and the following items made available to the general public: the Prospectus, this Agreement, the Mortgage Loan Purchase Agreements and the SEC filings on the Certificate Administrator’s Website. In the case of the Directing Holder or a Controlling Class Certificateholder, if any such Person becomes an Excluded Controlling Class Holder, upon delivery to the Master Servicer, the Special Servicer the Operating Advisor, the Certificate Administrator and the Trustee in physical form of an investor certification substantially in the form Exhibit P-1E and upon delivery to the Certificate Administrator in physical form of an investor certification substantially in the form of Exhibit P-1F, which shall include each of the CTSLink User ID associated with such Excluded Controlling Class Holder, such Excluded Controlling Class Holder shall be entitled to access all information (other than the Excluded Information with respect to any Excluded Controlling Class Loans (unless a loan-by-loan segregation is later performed by the Certificate Administrator in which case such access shall only be prohibited with respect to the related Excluded Controlling Class Loans)) available on the Certificate Administrator’s Website.

In the case of the Directing Holder or a Controlling Class Certificateholder that is not an Excluded Controlling Class Holder, upon delivery of an Investor Certification substantially in the form of Exhibit P-1B hereto, such Directing Holder or Controlling Class Certificateholder shall be entitled to access all information on the Certificate Administrator’s Website. The Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee may each rely on (i) an Investor Certification in the form of Exhibit P-1B hereto from the Directing Holder or a Controlling Class Certificateholder to the effect that such Person is not an Excluded Controlling Class Holder and (ii) an Investor Certification in the form of Exhibit P-1D hereto from the Directing Holder or a Controlling

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Class Certificateholder to the effect that such Person is an Excluded Controlling Class Holder with respect to one or more Excluded Controlling Class Loan(s). In the event the Directing Holder or a Controlling Class Certificateholder becomes an Excluded Controlling Class Holder, such party shall promptly notify each of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee in writing substantially in the form of Exhibit P-1E that such party has become an Excluded Controlling Class Holder with respect to the Excluded Controlling Class Loan(s) listed in such notice and shall also provide the Certificate Administrator a notice substantially in the form of Exhibit P-1F listing each of the CTSLink User ID associated with such Excluded Controlling Class Holder and directing the Certificate Administrator to restrict such Excluded Controlling Class Holder’s access to the Certificate Administrator’s Website as and to the extent provided in this Agreement. Upon confirmation from the Certificate Administrator that such access has been restricted, such Excluded Controlling Class Holder shall submit a new Investor Certification substantially in the form of Exhibit P-1D to access the information on the Certificate Administrator’s Website, except that such Excluded Controlling Class Holder shall not be entitled to access any Excluded Information related to any Excluded Controlling Class Loan(s) (unless a loan-by-loan segregation is later performed by the Certificate Administrator in which case such access shall only be prohibited with respect to the related Excluded Controlling Class Loan(s)) made available on the Certificate Administrator’s Website. With respect to any Excluded Information sent for posting on the Certificate Administrator’s Website, each of the Master Servicer, the Special Servicer and the Operating Advisor shall mark or label such information as “Excluded Information” prior to delivery to the Certificate Administrator, and the Certificate Administrator shall segregate on the Certificate Administrator’s Website such Excluded Information (and, if possible, on loan-by-loan basis) from information relating to other Mortgage Loans or Whole Loans, as applicable.

Notwithstanding anything herein to the contrary, each of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee shall be entitled to conclusively assume that the Directing Holder and all beneficial owners of the Certificates of the Controlling Class are not Excluded Controlling Class Holders except to the extent that the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Trustee, as applicable, has received a notice substantially in the form of Exhibit P-1E from the Directing Holder or a Controlling Class Certificateholder that it has become an Excluded Controlling Class Holder. None of the Master Servicer, the Special Servicer, the Operating Advisor or the Certificate Administrator shall be liable for any communication to the Directing Holder or a Controlling Class Certificateholder that is an Excluded Controlling Class Holder or disclosure of any information relating to an Excluded Controlling Class Loan (including any related Excluded Information delivered to the Certificate Administrator for posting to the Certificate Administrator’s Website) if the Master Servicer, the Special Servicer, the Operating Advisor or the Certificate Administrator, as applicable, did not receive prior written notice that the related Mortgage Loan is an Excluded Controlling Class Loan and/or, with respect to any related Excluded Information posted on the Certificate Administrator’s Website, such information was not delivered to the Certificate Administrator in accordance with Section 3.30(a).

Each of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee shall be entitled to conclusively rely on delivery from

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the Directing Holder or a Controlling Class Certificateholder of an Investor Certification substantially in the form of Exhibit P-1B that it is not or is no longer an Excluded Controlling Class Holder. To the extent the Directing Holder or a Controlling Class Certificateholder receives access pursuant to this Agreement to any Excluded Information on the Certificate Administrator’s Website or otherwise receives access to such Excluded Information, such Directing Holder or Controlling Class Certificateholder shall be deemed to have agreed that it (i) will not directly or indirectly provide any such Excluded Information to (A) the related Borrower Party, (B) any related Excluded Controlling Class Holder, (C) any employees or personnel of such Directing Holder or Controlling Class Certificateholder or any of its Affiliates involved in the management of any investment in the related Borrower Party or the related Mortgaged Property or (D) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in the related Borrower Party, and (ii) will maintain sufficient internal controls and appropriate policies and procedures in place in order to comply with the obligations described in clause (i) above.

To the extent a Risk Retention Consultation Party or a VRR Interest Owner receives access pursuant to this Agreement to any information solely related to a Mortgage Loan with respect to which such party is a Borrower Party (which shall include any Asset Status Reports, Final Asset Status Reports (or summaries thereof), inspection reports related to Specially Serviced Mortgage Loans conducted by the Special Servicer or any Excluded Special Servicer and which may include any Operating Advisor reports delivered to the Certificate Administrator regarding the Special Servicer’s net present value determination or any Appraisal Reduction Amount calculations delivered pursuant to Section 3.26(d), and any Officer’s Certificates delivered by the Trustee, the Master Servicer or the Special Servicer, supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance, but in each case other than information with respect to such Mortgage Loan that is aggregated with information of other Mortgage Loans at a pool level), on the Certificate Administrator’s Website or otherwise receives access to such information, such Risk Retention Consultation Party or VRR Interest Owner shall be deemed to have agreed that it (i) will not directly or indirectly provide any such information to (A) the related Borrower Party, (B) any employees or personnel of such Risk Retention Consultation Party or VRR Interest Owner or any of its Affiliates involved in the management of any investment in the related Borrower Party or the related Mortgaged Property or (C) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in the related Borrower Party, and (ii) will maintain sufficient internal controls and appropriate policies and procedures in place in order to comply with the obligations described in clause (i) above. For the avoidance of doubt, any file or report contained in the CREFC® Investor Reporting Package (CREFC® IRP) (other than the CREFC® Special Servicer Loan File relating to any such applicable Excluded Loan) shall be considered information that is aggregated with information of other Mortgage Loans at a pool level.

The Certificate Administrator makes no representation or warranty as to the accuracy or completeness of any report, document or other information made available on its Internet website or its filing of such information pursuant to this Agreement, including, but not limited to, filing via EDGAR and assumes no responsibility therefor, other than with respect to such reports, documents or other information prepared by the Certificate Administrator. In addition, the Certificate Administrator may disclaim responsibility for any information distributed by it or filed by it, as applicable, for which it is not the original source.

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Notwithstanding anything herein to the contrary, the Certificate Administrator shall not be liable for any disclosure of information relating to any Excluded Controlling Class Loan to the extent such information was included in the Asset Status Report or the Final Asset Status Report delivered to the Certificate Administrator for posting to the Certificate Administrator’s Website and not properly identified as relating to any Excluded Controlling Class Loan.

In connection with providing access to the Certificate Administrator’s Website (other than with respect to access provided to the general public in accordance with Section 3.13(b)), 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. Questions regarding the Certificate Administrator’s Website can be directed to the Certificate Administrator’s CMBS customer service desk at (866) 846-4526.

(c)        The 17g-5 Information Provider shall make available solely to the Depositor and the NRSROs the following items to the extent such items are delivered to it (in the form of an electronic document suitable for posting) via electronic mail at 17g5informationprovider@wellsfargo.com, specifically with a subject reference of “GSMS 2020-GC47” and an identification of the type of information being provided in the body of such electronic mail; or via any alternative electronic mail address following notice to the parties hereto or any other delivery method established or approved by the 17g-5 Information Provider if or as may be necessary or beneficial:

(i)            any notices of waivers under Section 3.08(d);

(ii)           any Asset Status Report delivered by the Special Servicer under Section 3.19(c);

(iii)          any notice of final payment on the Certificates or the RR Interest;

(iv)         any environmental reports delivered by the Special Servicer under Section 3.09(e);

(v)          any Appraisals delivered to the 17g-5 Information Provider pursuant to Section 3.19;

(vi)         any annual statements as to compliance and related Officer’s Certificates delivered under Section 11.09 or 11.10;

(vii)        any annual Independent public accountants’ attestation reports delivered pursuant to Section 11.11;

(viii)       any notice to the Rating Agencies relating to the Special Servicer’s determination to take action without receiving Rating Agency Confirmation from any Rating Agency as set forth in Section 3.25(a);

(ix)          copies of requests or questions that were submitted by the Rating Agencies relating to a request for Rating Agency Confirmation;

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(x)           any requests for Rating Agency Confirmation that are delivered to the 17g-5 Information Provider pursuant to Section 3.25(a);

(xi)          any notice of resignation of the Trustee or the Certificate Administrator and any notice of the acceptance of appointment by the successor trustee or the successor certificate administrator pursuant to Section 8.07 or Section 8.08;

(xii)         any Officer’s Certificate supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance;

(xiii)        any notice of a Servicer Termination Event or termination of the Master Servicer or the Special Servicer delivered pursuant to Section 7.01;

(xiv)        any notice of the merger or consolidation of the Certificate Administrator or the Trustee pursuant to Section 8.09;

(xv)         any notice of any amendment that modifies the procedures herein relating to Rule 17g-5 of the Exchange Act pursuant to Section 13.01(a)(ix);

(xvi)        any Operating Advisor Annual Report pursuant to Section 3.26;

(xvii)      any summary of oral communication with the Rating Agencies or any written question or request from the Rating Agencies directed toward the Master Servicer, the Special Servicer, Certificate Administrator or Trustee regarding any of the information delivered to the 17g-5 Information Provider pursuant to this Section 3.13(c) or regarding any request for a Rating Agency Confirmation or regarding any of the Mortgage Loan documents or any matter related to the Certificates, Mortgage Loans, any related Companion Loan, the related Mortgaged Properties, the related Mortgagors or any other matters related to this Agreement or any applicable Co-Lender Agreement; provided that the summary of such oral communication shall not identify the Rating Agency with whom the communication was held pursuant to Section 3.13(g);

(xviii)      any other information delivered to the 17g-5 Information Provider pursuant to this Agreement including, without limitation, Section 2.03(b), Section 3.07(a), Section 3.12, Section 3.17(c), Section 3.18(g); Section 11.09 or Section 11.10; and

(xix)        any other information delivered to the Rating Agencies pursuant to this Agreement including, without limitation, Section 13.10.

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., New York City time, or, if received after 2:00 p.m., New York City time, on the next Business Day by 12:00 p.m. New York City time; provided, however, that any information delivered pursuant to Section 3.15(d) shall be posted in accordance with Section 3.15(d). 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

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anything other than what it purports to be. In the event that any information is delivered or posted in error, each of the Certificate Administrator and the 17g-5 Information Provider may remove such information 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 merely by posting such information to the Certificate Administrator’s Website or the 17g-5 Information Provider’s Website to the extent such information was not produced by the Certificate Administrator or the 17g-5 Information Provider, as applicable. Access will be provided by the 17g-5 Information Provider to the NRSROs upon receipt of an NRSRO Certification in the form of Exhibit P-2 hereto (which certification may be submitted electronically via the 17g-5 Information Provider’s Website). If a Rating Agency requests access to the 17g-5 Information Provider’s Website, access shall be granted by the 17g-5 Information Provider on the same Business Day, provided that such request is made prior to 2:00 p.m., New York City time, on such Business Day, or if received after 2:00 p.m., New York City time, on the following Business Day. Questions regarding delivery of information to the 17g-5 Information Provider may be directed to (866) 846-4526 or 17g5informationprovider@wellsfargo.com (specifically referencing “GSMS 2020-GC47” in the subject line).

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(c). 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.

Upon request of the Depositor or the Rating Agencies, the 17g-5 Information Provider shall post on the 17g-5 Information Provider’s Website any additional information requested by the Depositor or the Rating Agencies to the extent such information is delivered to the 17g-5 Information Provider electronically in accordance with this Section 3.13. In no event shall the 17g-5 Information Provider disclose on the 17g-5 Information Provider’s Website the Rating Agency that requested such additional information.

The 17g-5 Information Provider shall notify any party that delivers information to the 17g-5 Information Provider under this Agreement that such information was received and that it has been posted. The 17g-5 Information Provider shall notify each Person that has signed-up for access to the 17g-5 Information Provider’s Website in respect of the transaction governed by this Agreement each time an additional document is posted to the 17g-5 Information Provider’s Website and such notice shall specifically identify such document in the subject line or otherwise in the body of the e-mail notice. 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 P-2 hereto.

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Any information required to be delivered to the 17g-5 Information Provider by any party under this Agreement shall be delivered to it via electronic mail at 17g5informationprovider@wellsfargo.com, specifically with a subject reference of “GSMS 2020-GC47” 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.

(d)        The Master Servicer or the Special Servicer, as applicable, may, but shall not be obligated to, provide bulk information that relates to two or more transactions to the 17g-5 Information Provider. Any such information shall be posted by the 17g-5 Information Provider and the 17g-5 Information Provider may, but shall not be obligated to post such information in accordance with the timeframe provided in Section 3.13(c) above, provided, however, that if the 17g-5 Information Provider is not able to post such information in accordance with the timeframe in Section 3.13(c), then it shall post such information within a reasonable time. The Master Servicer or the Special Servicer, as applicable, shall not send such information directly to the Rating Agencies until the 17g-5 Information Provider notifies it that such information has been posted to the 17g-5 Information Provider’s Website.

(e)        Certain information concerning the Mortgage Loans and the Certificates (including the Distribution Date Statements, CREFC® reports and supplemental notices with respect to such Distribution Date Statements and CREFC® reports) shall be provided by the Certificate Administrator to third parties (including Financial Market Publishers) at the direction of the Depositor which may be in the form of a standing order, and providing such information shall not constitute a breach of this Agreement by the Certificate Administrator. Such information will be made available to such third parties upon receipt of a certificate in the form of Exhibit P-3 hereto, which certification may be submitted electronically via the Certificate Administrator’s Website.

(f)         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 relating to the Mortgage Loans (other than any Non-Serviced Mortgage Loan), any related Serviced Companion Loan, the Mortgaged Properties (other than any Non-Serviced Mortgaged Property), or the related Mortgagors, for review by the Depositor, the Underwriters and any other Persons who deliver an Investor Certification in accordance with this Section 3.13 and the Rating Agencies (collectively, the “Disclosure Parties”) (only to the extent such additional information is simultaneously delivered to the 17g-5 Information Provider for posting on the 17g-5 Information Provider’s Website in accordance with the provisions of Section 3.13(c)), in each case, except to the extent doing so is prohibited by this Agreement (including without limitation, any prohibitions on dissemination of any confidential information, including, without limitation, any Privileged Information), applicable law or by the related Mortgage 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 and the Rating Agencies, enter into (x) an Investor Certification, (y) a confidentiality agreement substantially in the form of Exhibit X or (z) a “click-through” confidentiality agreement if such information is being provided through the Master Servicer’s or the Special Servicer’s website,

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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 3.13(f) to current or prospective Certificateholders or RR Interest Owner 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 the RR Interest Owner, an Investor Certification executed by the requesting Person indicating that such Person is a Holder of Certificates or the RR Interest Owner and will keep such information confidential (except that such Certificateholder or the RR Interest Owner 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 an investment advisor related thereto, an Investor Certification indicating that such Person is a prospective purchaser of a Certificate or an interest therein or an investment advisor related thereto 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 or the RR Interest Owner 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 or RR Interest Owner, the Investor Certification shall be executed and delivered by both the investment advisor and such current or prospective Certificateholder or RR Interest Owner.

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 3.13 unless such information was produced by the Master Servicer or the Special Servicer, as the case may be.

(g)        The Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall be permitted (but not obligated) to orally communicate with the Rating Agencies regarding any of the Mortgage Loan documents and any other matter related to the Mortgage Loans, the related Mortgaged Properties, the related Mortgagors or any other matters relating to this Agreement or related Co-Lender Agreement; provided that such party summarizes the information provided to the Rating Agencies in such communication in writing and provides the 17g-5 Information Provider with such written summary in accordance with the procedures set forth in Section 3.13(c) the same day such communication takes place; provided, further that the summary of such oral communications shall not identify 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 3.13(c).

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(h)        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 Holder and the Risk Retention Consultation Parties or Certificateholders generally, requested by the Operating Advisor in support of the performance of its obligations under this Agreement in electronic format.

(i)         None of the foregoing restrictions in this Section 3.13 or otherwise in this Agreement shall prohibit or restrict oral or written communications, or providing information, between the Master Servicer, the Operating Advisor, the Asset Representations Reviewer or the Special Servicer, on the one hand, and any Rating Agency or NRSRO, on the other hand, with regard to (i) such Rating Agency’s or NRSRO’s review of the ratings it assigns to the Master Servicer, the Operating Advisor, the Asset Representations Reviewer or the Special Servicer, as the case may be, (ii) such Rating Agency’s or NRSRO’s approval of the Master Servicer, the Operating Advisor, the Asset Representations Reviewer or the Special Servicer, as applicable, as a commercial mortgage master, special or primary servicer, or (iii) such Rating Agency’s or NRSRO’s evaluation of the Master Servicer’s, the Operating Advisor, the Asset Representations Reviewer’s or the Special Servicer’s, as the case may be, servicing operations in general; provided, that the Master Servicer, the Operating Advisor, the Asset Representations Reviewer or the Special Servicer, as applicable, shall not provide any information relating to the Certificates or the Mortgage Loans, to any Rating Agency or NRSRO in connection with such review and evaluation by such Rating Agency or NRSRO unless (x) Mortgagor, property and other deal specific identifiers are redacted; (y) such information has already been provided to the 17g-5 Information Provider and has been uploaded on to the 17g-5 Information Provider’s Website; or (z) the Rating Agency confirms in writing that it does not intend to use such information in undertaking credit rating surveillance with respect to the Certificates; provided, however, that the Rating Agencies may use information delivered under this clause (z) for any purpose to the extent it is publicly available (unless the availability results from a breach of this Agreement or any other confidentiality agreement to which such Rating Agency is subject) or comprised of information collected by the applicable Rating Agency from the 17g-5 Information Provider’s Website (or another 17g-5 information provider’s website that they have access to) other than pursuant to this Section 3.13(i).

(j)         The costs and expenses of compliance with this Section 3.13 by the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor, the Asset Representations Reviewer and any other party hereto shall not be additional expenses of the Trust, but shall be borne by the applicable party hereto.

Section 3.14     Title to REO Property; REO Account. (a) If title to any Mortgaged Property is acquired (and thus becomes REO Property), the deed or certificate of sale shall be issued in the name of the Trust where permitted by applicable law or regulation and consistent with customary servicing procedures, and otherwise, in the name of the Trustee or its nominee, or a separate agent on behalf of the Certificateholders and the RR Interest Owner and, if applicable, on behalf of the related Companion Holders, in the case of a Serviced Companion Loan. REO Property with respect to a Non-Serviced Mortgage Loan is excluded for all purposes of this Section 3.14. The Special Servicer, on behalf of the Trust and, if applicable, the related Serviced Companion Noteholder, shall sell any REO Property prior to the close of the third calendar year following the year in which the Trust acquires ownership of such REO Property,

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within the meaning of Treasury Regulations Section 1.856-6(b)(1), for purposes of Section 860G(a)(8) of the Code, unless such Special Servicer either (i) applies for an extension of time no later than sixty (60) days prior to the close of the third calendar year in which it acquired ownership (or the period provided in the then applicable REMIC Provisions) and such extension is granted or is not denied (an “REO Extension”) by the Internal Revenue Service to sell such REO Property or (ii) obtains for the Trustee, the Certificate Administrator an Opinion of Counsel, addressed to the Trustee, the Certificate Administrator, to the effect that the holding by the Trust of such REO Property subsequent to the close of the third calendar year following the year in which acquisition occurred will not cause an Adverse REMIC Event to occur. If the Special Servicer is granted or not denied the REO Extension contemplated by clause (i) of the immediately preceding sentence or obtains the Opinion of Counsel contemplated by clause (ii) of the immediately preceding sentence, the Special Servicer shall sell such REO Property within such longer period as is permitted by such REO Extension or such Opinion of Counsel, as the case may be. Any expense incurred by the Special Servicer in connection with its being granted the REO Extension contemplated by clause (i) of the second preceding sentence or its obtaining the Opinion of Counsel contemplated by clause (ii) of the second preceding sentence, shall be an expense of the Trust payable out of the Collection Account pursuant to Section 3.05(a).

(b)        The Special Servicer shall segregate and hold all funds collected and received in connection with any REO Property separate and apart from its own funds and general assets. If an REO Acquisition shall occur, the Special Servicer shall establish and maintain one or more REO Accounts, held on behalf of the Trustee for the benefit of the Certificateholders and the RR Interest Owner and, if applicable, on behalf of any related Companion Holder(s), as applicable, as their interest shall appear, and the Trustee (as holder of the Lower-Tier Regular Interests), for the retention of revenues and other proceeds derived from each REO Property. The REO Account shall be an Eligible Account. The Special Servicer shall deposit, or cause to be deposited, in the applicable REO Account, within one (1) Business Day after receipt of properly identified funds, all REO Revenues, Insurance and Condemnation Proceeds and Liquidation Proceeds received in respect of an REO Property. Funds in the REO Account may be invested in Permitted Investments in accordance with Section 3.06. The Special Servicer shall give notice to the Trustee, the Certificate Administrator, and the Master Servicer of the location of the applicable REO Account when first established and of the new location of the applicable REO Account prior to any change thereof.

(c)        The Special Servicer shall withdraw from the applicable REO Account funds necessary for the proper operation, management, insuring, leasing, maintenance and disposition of any REO Property, but only to the extent of amounts on deposit in the applicable REO Account relating to such REO Property. On the later of the date that is (x) on or prior to each Determination Date or (y) two (2) Business Days after such amounts are received and properly identified and determined to be available (or with respect to a Serviced Companion Loan, on the Business Day preceding each Serviced Whole Loan Remittance Date), the Special Servicer shall withdraw from the applicable REO Account and remit to the Master Servicer, which shall deposit into the Collection Account (or the Serviced Whole Loan Custodial Account, as applicable), the aggregate of all amounts received in respect of each REO Property during the most recently ended Collection Period, net of (i) any withdrawals made out of such amounts pursuant to the preceding sentence and (ii) Net Investment Earnings on amounts on deposit in the applicable REO Account; provided, however, that the Special Servicer may retain

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in such REO Account, in accordance with the Servicing Standard, such portion of such balance as may be necessary to maintain a reasonable reserve for repairs, replacements, leasing, management and tenant improvements and other related expenses for the related REO Property. In addition, on the later of the date that is (x) on or prior to each Determination Date or (y) two (2) Business Days after such amounts are received and properly identified and determined to be available (or with respect to a Serviced Companion Loan, on the Business Day preceding each Serviced Whole Loan Remittance Date), the Special Servicer shall provide the Master Servicer with a written accounting of amounts remitted to the Master Servicer for deposit in the Collection Account, as applicable, on such date. The Master Servicer shall apply all such amounts as instructed by the Special Servicer on the day the Master Servicer receives the written accounting as provided in the previous sentence.

(d)        The Special Servicer shall keep and maintain separate records, on a property-by-property basis, for the purpose of accounting for all deposits to, and withdrawals from, the applicable REO Account pursuant to Section 3.14(b) or Section 3.14(c).

Section 3.15     Management of REO Property. (a) If title to any REO Property is acquired, the Special Servicer shall manage, consent, protect, operate and lease such REO Property (other than any Non-Serviced Mortgaged Property) for the benefit of the Certificateholders, the RR Interest Owner and the related Companion Holders, and the Trustee (as holder of the Lower-Tier Regular Interests) solely for the purpose of its timely disposition and sale in a manner that does not cause such REO Property to fail to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code or result in the receipt by the Trust or any Serviced Companion Noteholder of any “income from non-permitted assets” within the meaning of Section 860F(a)(2)(B) of the Code or result in an Adverse REMIC Event. Subject to the foregoing, however, the Special Servicer shall have full power and authority to do any and all things in connection therewith as are in the best interests of and for the benefit of the Certificateholders and the RR Interest Owner (and, in the case of each Serviced Whole Loan, the related Companion Holder(s)) and the Trustee (as holder of the Lower-Tier Regular Interests) all as a collective whole (taking into account the subordinate or pari passu nature of any Companion Loan, as the case may be) (as determined by the Special Servicer in its reasonable judgment in accordance with the Servicing Standard). Notwithstanding anything to the contrary herein, REO Property with respect to a Non-Serviced Mortgage Loan is excluded for all purposes of this Section 3.15. Subject to this Section 3.15, the Special Servicer may allow the Trust or any commercial mortgage securitization that holds any Serviced Companion Loan to earn “net income from foreclosure property” within the meaning of Section 860G(d) of the Code if it determines that earning such income is in the best interests of Certificateholders and the RR Interest Owner and, if applicable, any related Companion Holder(s) on a net after-tax basis as compared with net leasing such REO Property or operating such REO Property on a different basis. In connection therewith, the Special Servicer shall deposit or cause to be deposited on a daily basis (and in no event later than one (1) Business Day following receipt of such properly identified funds) in the applicable REO Account all revenues received by it with respect to each REO Property and the related REO Loan, and shall withdraw from the applicable REO Account, to the extent of amounts on deposit therein with respect to such REO Property, funds necessary for the proper operation, management, leasing and maintenance of such REO Property, including, without limitation:

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

(ii)       all real estate taxes and assessments in respect of such REO Property that may result in the imposition of a lien thereon;

(iii)      any ground rents in respect of such REO Property, if applicable; and

(iv)     all costs and expenses necessary to maintain and lease such REO Property.

To the extent that amounts on deposit in the applicable REO Account in respect of any REO Property are insufficient for the purposes set forth in clauses (i) through (iv) above with respect to such REO Property, the Master Servicer (subject to receiving notice from the Special Servicer in accordance with the procedures set forth elsewhere in this Agreement) shall advance from its own funds such amount as is necessary for such purposes unless (as evidenced by an Officer’s Certificate delivered to the Trustee, the Special Servicer, the Depositor, the Certificate Administrator and (in respect of any Mortgage Loan other than an applicable Excluded Loan, and prior to the occurrence of a Consultation Termination Event) the Directing Holder) such Advances would, if made, constitute Nonrecoverable Property Protection Advances.

(b)        Without limiting the generality of the foregoing, the Special Servicer shall not:

(i)        permit the Trust to enter into, renew or extend any New Lease with respect to any REO 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 any REO 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 improvement was completed before default on the related Mortgage Loan became imminent, all within the meaning of Section 856(e)(4)(B) of the Code; or

(iv)      Directly Operate, or allow any other Person, other than an Independent Contractor, to Directly Operate, any REO Property on any date more than ninety (90) days after its acquisition date;

unless, in any such case, the Special Servicer has obtained an Opinion of Counsel (the cost of which shall be paid by the Master Servicer as a Property Protection Advance) to the effect that such action will not cause such REO Property to fail to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code at any time that it is held for the benefit of the Trust, in which case the Special Servicer may take such actions as are specified in such Opinion of Counsel.

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(c)        The Special Servicer shall contract with any Independent Contractor for the operation and management of any REO Property within ninety (90) days of the acquisition date thereof, provided that:

(i)        the terms and conditions of any such contract may not be inconsistent herewith and shall reflect an agreement reached at arm’s length;

(ii)        the fees of such Independent Contractor (which shall be an expense of the Trust) shall be reasonable and customary in light of the nature and locality of the Mortgaged Property;

(iii)      any such contract shall require, or shall be administered to require, that the Independent Contractor (A) pay all costs and expenses incurred in connection with the operation and management of such REO Property, including, without limitation, those listed in subsection (a) hereof, and (B) remit all related revenues collected (net of its fees and such costs and expenses) to the Special Servicer upon receipt;

(iv)      none of the provisions of this Section 3.15(c) 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 hereunder with respect to the operation and management of any such REO Property; and

(v)       the Special Servicer shall be obligated to manage and supervise such Independent Contractor in accordance with the Servicing Standard.

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.

(d)        When and as necessary, the Special Servicer shall send to the Trustee, the Certificate Administrator and the Master Servicer 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).

Section 3.16    
Sale of Defaulted Mortgage Loans and REO Properties. (a) (i) Within thirty (30) days after a Defaulted Mortgage Loan
has become a Specially Serviced Mortgage Loan, the Special Servicer shall order (but shall not be required to have received) an
Appraisal and within thirty (30) days of receipt of the Appraisal shall determine the fair value of such Defaulted Mortgage Loan
in accordance with the Servicing Standard; provided, however, that if the Special Servicer is then in the process
of obtaining an Appraisal with respect to the related Mortgaged Property, the Special Servicer shall make its fair value determination
as soon as reasonably practicable (but in any event within thirty (30) days) after its receipt of such an Appraisal. The Special
Servicer may, from time to time, adjust its fair value determination based upon changed circumstances, new information and other
relevant factors, in each instance in

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accordance with a review of such circumstances and new information in accordance with the Servicing Standard; provided that the Special Servicer shall promptly notify the Master Servicer in writing of the initial fair value determination and any adjustment to its fair value determination.

(ii)       If any Mortgage Loan and Serviced Companion Loan subject to a Co-Lender Agreement is a Specially Serviced Mortgage Loan or to the extent otherwise required pursuant to the terms of the related Co-Lender Agreement, then the Special Servicer (with respect to a Specially Serviced Mortgage Loan) or the Master Servicer (with respect to a Non-Specially Serviced Mortgage Loan) shall promptly notify in writing the other, any related Companion Holder and any related mezzanine lender, as applicable, of any events requiring notice under the Co-Lender Agreement in accordance with the terms thereof. Thereafter, any related Companion Holder and related mezzanine lender, as applicable, will, notwithstanding anything in this Section 3.16 to the contrary, have the option to purchase the related Mortgage Loan and cure defaults relating thereto as and to the extent set forth in the related Co-Lender Agreement.

(iii)       If any Mortgage Loan not subject to a Co-Lender Agreement becomes a Specially Serviced Mortgage Loan, or if the related Companion Holder or related mezzanine lender, as applicable, for any such Mortgage Loan subject to a Co-Lender Agreement has not previously exercised the option to purchase the Mortgage Loan pursuant to the previous paragraph, the Special Servicer shall use reasonable efforts to solicit offers for each Defaulted Mortgage Loan on behalf of the Certificateholders and the RR Interest Owner and the holder of any related Serviced Pari Passu Companion Loan in such manner as will be reasonably likely to maximize the value of the Defaulted Mortgage Loan on a net present value basis, if and when the Special Servicer determines, in accordance with the Servicing Standard, that no satisfactory arrangements (including by way of a discounted pay-off) can be made for collection of delinquent payments thereon and such a sale would be in the best economic interests of the Certificateholders and the RR Interest Owner or, in the case of a Serviced Pari Passu Whole Loan, Certificateholders, the RR Interest Owner and any holder of a related Serviced Pari Passu Companion Loan (as a collective whole as if such Certificateholders, the RR Interest Owner and Serviced Pari Passu Companion Loan holder constituted a single lender, taking into account the pari passu or subordinate nature of any related Companion Loan) and, if applicable, the related Companion Holder. In the case of a Non-Serviced Mortgage Loan, under certain limited circumstances permitted under the related Co-Lender Agreement, to the extent that such Non-Serviced Mortgage Loan is not sold together with the Non-Serviced Companion Loan by the Non-Serviced Special Servicer, the Special Servicer will be entitled to sell (with respect to any Mortgage Loan other than an applicable Excluded Loan, (i) with the consent of the Directing Holder, if no Control Termination Event is continuing and (ii) after consulting with the Risk Retention Consultation Parties pursuant to Section 6.08) such Non-Serviced Mortgage Loan if it determines in accordance with the Servicing Standard that such action would be in the best interests of the Certificateholders and the RR Interest Owner, the Special Servicer is required to give the Trustee, the Certificate Administrator, the Master Servicer, the Operating Advisor, any related Companion Holder and (other than in respect of any applicable Excluded Loan) the Directing Holder and the Risk Retention Consultation

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Parties not less than ten (10) days’ prior written notice of its intention to sell any Specially Serviced Mortgage Loan, in which case the Special Servicer is required to accept the highest offer received from any person for such Specially Serviced Mortgage Loan in an amount at least equal to the Purchase Price or, at its option, if it has received no offer at least equal to the Purchase Price therefor, purchase such Specially Serviced Mortgage Loan at such Purchase Price.

(iv)   (A) In the case of a Specially Serviced Mortgage Loan as to which a default is continuing, in the absence of any offer at least equal to the Purchase Price pursuant to clause (iii) above (or purchase by the Special Servicer for such price), the Special Servicer shall, subject to subclause (B) below, accept the highest offer received from any Person that is determined by the Special Servicer to be a fair price for such Specially Serviced Mortgage Loan, if the highest offeror is a Person other than an Interested Person. If the highest offeror is an Interested Person, the Trustee, subject to any additional conditions in an applicable Co-Lender Agreement, (based upon updated Appraisals ordered by the Special Servicer and received by the Trustee (or ordered by the Trustee if the Special Servicer or any of its Affiliates is an Interested Person)) shall determine the fair price; provided, however, that no offer from an Interested Person will constitute a fair price unless (A) it is the highest offer received and (B) if the offer is less than the applicable Purchase Price, at least two other offers are received from independent third parties, and any such determination by the Trustee shall be binding upon all parties. The Trustee shall act in a commercially reasonable manner in making such determination. In determining whether any offer received from an Interested Person represents a fair price for any such 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 new Appraisal. Except as provided in the following paragraph, the cost of any Appraisal will be covered by, and will be reimbursable as, a Property Protection Advance by the Master Servicer. If the Trustee is required to determine whether a cash offer by an Interested Person constitutes a fair price, the Trustee may (at its option and at the expense of the Interested Person) designate an independent third party expert in real estate or commercial mortgage loan matters with at least 5 years’ experience in valuing or investing in loans similar to the subject Mortgage Loan, that has been selected with reasonable care by the Trustee to determine if such cash offer constitutes a fair price for such 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 costs of all Appraisals, inspection reports and broker opinions of value incurred by any such third party shall be covered by, and shall be paid in advance of any such determination, from the offering Interested Person and the Special Servicer shall use efforts consistent with the Servicing Standard to collect payment from such Interested Person. If such expense is not paid by the applicable Interested Person within thirty (30) days of demand for payment, such expense shall be reimbursable to the Trustee by the Master Servicer as a Property Protection Advance but the Special Servicer shall continue to use efforts consistent with the Servicing Standard to collect such amounts from the applicable Interested Person. Neither the Trustee, in its individual capacity, nor any of its Affiliates may make an offer for or purchase any Specially Serviced Mortgage Loan.

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(B)       The Special Servicer will not be obligated to accept the highest offer if the Special Servicer determines (with respect to any Mortgage Loan other than an applicable Excluded Loan, in consultation with the Directing Holder (unless a Consultation Termination Event exists), the Risk Retention Consultation Parties subject to the limitations on consultation set forth in Section 6.08 and, in the case of a Serviced Whole Loan or an REO Property related to a Serviced Whole Loan, the related Companion Holder), in accordance with the Servicing Standard (and subject to the requirements of any related Co-Lender Agreement), that the rejection of such offer would be in the best interests of the Certificateholders and the RR Interest Owner and, in the case of a sale of a Serviced Pari Passu Whole Loan or an REO Property related to a Serviced Pari Passu Whole Loan, and any holder of a related Serviced Pari Passu Companion Loan (as a collective whole as if such Certificateholders, the RR Interest Owner and Serviced Pari Passu Companion Loan holder constituted a single lender, taking into account the pari passu or subordinate nature of any related Companion Loan) and, if applicable, the related Companion Holder. In addition, the Special Servicer may accept a lower offer if it determines, in accordance with the Servicing Standard (and subject to the requirements of any related Co-Lender Agreement), that the acceptance of such offer would be in the best interests of the Certificateholders, the RR Interest Owner and, in the case of a sale of a Serviced Pari Passu Whole Loan or an REO Property related to a Serviced Pari Passu Whole Loan, and any holder of a related Serviced Pari Passu Companion Loan (as a collective whole as if such Certificateholders, the RR Interest Owner and Serviced Pari Passu Companion Loan holder constituted a single lender, taking into account the pari passu or subordinate nature of any related Companion Loan) and, if applicable, the related Companion Holder (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); 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 reasonable efforts to sell all Specially Serviced Mortgage Loans prior to the Rated Final Distribution Date. For the avoidance of doubt, the Trustee shall have no obligation to make any fair value determination, to the extent required to do so pursuant to this Section 3.16, on the basis of anything other than the related Appraisal.

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

(b)        (i) (A) The Special Servicer may purchase any REO Property at the Purchase Price therefor (in the case of a Serviced Whole Loan, such purchase shall be a purchase of the entire REO Property, including the portion relating to the related Companion Loan). The Special Servicer may also offer to sell to any Person any REO Property (in the case of a Serviced Whole Loan, such sale shall be a sale of the entire REO Property, including the

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portion relating to the related Companion Loan), if and when the Special Servicer determines, consistent with the Servicing Standard, that such a sale would be in the best economic interest of the Trust and the related Companion Holders. The Special Servicer shall give the Trustee, the Master Servicer, each Companion Holder, the Certificate Administrator and, in respect of any Mortgage Loan other than an applicable Excluded Loan and prior to the occurrence of a Consultation Termination Event, the Directing Holder and the Risk Retention Consultation Parties, not less than ten (10) days’ prior written notice of the Purchase Price and its intention to (i) purchase any REO Property at the Purchase Price therefor or (ii) sell any REO Property, in which case the Special Servicer shall accept the highest offer received from any Person for any REO Property in an amount at least equal to the Purchase Price therefor. To the extent permitted by applicable law, and subject to the Servicing Standard, the Master Servicer, an Affiliate of the Master Servicer, the Special Servicer or an Affiliate of the Special Servicer, or an employee of either of them may act as broker in connection with the sale of any REO Property and may retain from the proceeds of such sale a brokerage commission that does not exceed the commission that would have been earned by an independent broker pursuant to a brokerage agreement entered into at arm’s length.

(B)       In the absence of any such offer as set forth in subclause (A) above, the Special Servicer shall, subject to subclause (C) below, accept the highest offer for such REO Property received from any Person that is determined to be a fair price (1) by the Special Servicer, if the highest offeror is a Person other than an Interested Person, or (2) by the Trustee, if the highest offeror is an Interested Person; provided, however, that no offer from an Interested Person will constitute a fair price unless (A) it is the highest offer received and (B) if the offer is less than the applicable Purchase Price, at least two other offers are received from independent third parties. 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 hereto.

(C)       The Special Servicer shall not be obligated by either of the foregoing paragraphs or otherwise to accept the highest offer if the Special Servicer determines, in accordance with the Servicing Standard, that rejection of such offer would be in the best interests of the Certificateholders, the RR Interest Owner and, with respect to any Serviced Whole Loan, the related Companion Holder, in either case, as a collective whole (taking into account the subordinate or pari passu nature of any Serviced Companion Loans). In addition, the Special Servicer may accept a lower offer if it determines, in accordance with the Servicing Standard, that acceptance of such offer would be in the best interests of the Certificateholders, the RR Interest Owner and, with respect to any Serviced Whole Loan, the related Companion Holder, in either case, as a collective whole (taking into account the subordinate or pari passu nature of any Serviced Companion Loans) (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); provided that the offeror is not the Special Servicer or a Person that is an Affiliate of the Special Servicer.

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(D)       In determining whether any offer received from an Interested Person represents a fair price for any REO Property, the Trustee shall obtain and may conclusively rely on the opinion of an Independent appraiser or other Independent expert in real estate matters retained by the Trustee in connection with making such determination. The reasonable cost of such Independent appraiser or other Independent expert shall be an expense of the offering Interested Person purchaser. The reasonable fees and costs of all Appraisals, inspection reports and broker opinions of value incurred by any such third party shall be covered by, and shall be reimbursable, from the offering Interested Person and the Special Servicer shall use efforts consistent with the Servicing Standard to collect payment from such Interested Person. If such expense is not paid by the applicable Interested Person within thirty (30) days of demand for payment, such expense shall be reimbursable to the Trustee by the Master Servicer as a Property Protection Advance but the Special Servicer shall continue to use efforts consistent with the Servicing Standard to collect such amounts from the applicable Interested Person. In determining whether any offer constitutes a fair price for any REO Property, the Special Servicer or the Trustee (or, if applicable, such appraiser) shall take into account, and any appraiser or other expert in real estate matters shall be instructed to take into account, as applicable, among other factors, the physical condition of such REO Property, the state of the local economy and the Trust’s obligation to comply with REMIC Provisions.

(ii)    Subject to the Servicing Standard, the Special Servicer shall act on behalf of the Trust and the related Companion Holders, in negotiating and taking any other action necessary or appropriate in connection with the sale of any REO Property, including the collection of all amounts payable in connection therewith. A sale of any REO Property shall be without recourse to, or representation or warranty by, the Trustee, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Trust (except that any contract of sale and assignment and conveyance documents may contain customary warranties of title, 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 Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer nor the Trustee shall have any liability to the Trust or any Certificateholder, the RR Interest Owner or related Companion Holder (if applicable) with respect to the purchase price therefor accepted by the Special Servicer or the Trustee.

(c)        Any sale of a Defaulted Mortgage Loan or any REO Property shall be for cash only (unless changes in the REMIC Provisions or authoritative interpretations thereof made or issued subsequent to the Startup Day allow a sale for other consideration).

(d)        With respect to each Serviced Pari Passu Whole Loan, pursuant to the terms of the related Co-Lender Agreement and this Agreement, if the related Serviced Pari Passu Whole Loan becomes a defaulted loan, and if the Special Servicer determines to sell the related Mortgage Loan that has become a Defaulted Mortgage Loan in accordance with this Section 3.16, then the Special Servicer shall sell the related Serviced Pari Passu Companion

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Loan together with such Mortgage Loan as one whole loan and shall require that all offers be submitted to the Special Servicer in writing. To the extent a determination is required to be made hereunder as to whether any cash offer constitutes a fair price for the Serviced Whole Loan, such determination shall be made by the Trustee if the offeror is an Interested Person. Notwithstanding the foregoing, the Special Servicer will not be permitted to sell the related Mortgage Loan together with the related Serviced Pari Passu Companion Loan(s) if it becomes a defaulted Whole Loan without the written consent of the holder of the related Serviced Pari Passu Companion Loan (provided that such consent is not required if the holder of the Serviced Pari Passu Companion Loan is the Mortgagor or an Affiliate of the Mortgagor) unless the Special Servicer has delivered to the holder of the related Serviced Pari Passu Companion Loan: (a) at least fifteen (15) Business Days prior written notice of any decision to attempt to sell such Serviced Whole Loan; (b) at least ten (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 ten (10) days prior to the proposed sale date, a copy of the most recent Appraisal for such Serviced Pari Passu Whole Loan, and any documents in the Servicing File reasonably requested by the holder of the related Serviced Pari Passu Companion Loan that are material to the sale price of the Serviced Pari Passu Whole Loan; and (d) until the sale is completed, and a reasonable period of time (but no less time than is afforded to other offerors and the Controlling Class Representative and the Risk Retention Consultation Parties) prior to the proposed sale date, all information and other documents being provided to other offerors and all leases or other documents that are approved by the Master Servicer or the Special Servicer in connection with the proposed sale. The holder of the related Serviced Pari Passu Companion Loan (or its representative) will be permitted to submit an offer at any sale of such Whole Loan; however, the related Mortgagor and its agents and Affiliates shall not be permitted to submit an offer at such sale. Notwithstanding the foregoing, with respect to each Serviced Whole Loan, the holder of the related Companion Loan may waive any of the delivery or timing requirements set forth in this paragraph with respect to the related Whole Loan. If the Trustee is required to determine whether a cash offer by an Interested Person constitutes a fair price, the Trustee may (at its option and at the expense of the offering Interested Person purchaser) designate an independent third party expert in real estate or commercial mortgage loan matters with at least 5 years’ experience in valuing or investing in loans similar to the subject Mortgage Loan, that has been selected with reasonable care by the Trustee to determine if such cash offer constitutes a fair price for such Mortgage Loan. The Trustee shall act in a commercially reasonable manner in making such determination. 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 costs of all Appraisals, inspection reports and broker opinions of value incurred by any such third party shall be covered by, and shall be paid in advance of any such determination by the Interested Person and the Special Servicer shall use efforts consistent with the Servicing Standard to collect payment from such Interested Person.

(e)        (i) Notwithstanding anything in this Section 3.16 to the contrary, pursuant to the terms of the related Co-Lender Agreement, the holder of the related Serviced Subordinate Companion Loan for each applicable Serviced AB Whole Loan and will have the right to purchase the related Mortgage Loan or related REO Property, as applicable. Such right of the holder of the Serviced Subordinate Companion Loan shall be given priority over any provision described in this Section 3.16 as and to the extent set forth in the related Co-Lender

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Agreement. If the related Mortgage Loan or related REO Property is purchased by the holder of such Serviced Subordinate Companion Loan, repurchased by the applicable Mortgage Loan Seller or otherwise ceases to be subject to this Agreement, the related Serviced Subordinate Companion Loan will no longer be subject to this Agreement. In addition, pursuant to the terms of the related Co-Lender Agreement, any sale of a Serviced AB Whole Loan that is a Defaulted Mortgage Loan or Specially Serviced Mortgage Loan pursuant to this Section 3.16 (other than in connection with the purchase of the applicable Serviced AB Whole Loan by the related Serviced Subordinate Companion Loan) shall not include any related Serviced Subordinate Companion Loan. As a result, any reference in this Section 3.16 to the sale, or determination of fair value, of a Serviced AB Whole Loan that is a Defaulted Mortgage Loan or Specially Serviced Mortgage Loan (other than in connection with the purchase of the applicable Serviced AB Whole Loan by the related Serviced Subordinate Companion Loan) shall be deemed to exclude any related Serviced Subordinate Companion Loan.

(ii)       Notwithstanding anything in this Section 3.16 to the contrary, any mezzanine lender will have the right to purchase the related Mortgage Loan or REO Property, as applicable, and cure defaults relating thereto, as and to the extent set forth in the related Co-Lender Agreement.

(f)         Unless otherwise provided in a Co-Lender Agreement the sale of any Mortgage Loan pursuant to this Section 3.16 will be on a servicing released basis.

(g)        In the event the Master Servicer or the Special Servicer has the right to purchase any Companion Loan on behalf of the Trust pursuant to the related Co-Lender Agreement, neither the Master Servicer nor the Special Servicer shall exercise such right.

Section 3.17     Additional Obligations of Master Servicer and Special Servicer. (a) The Master Servicer shall deliver all Compensating Interest Payments (other than the portion of any Compensating Interest Payment allocated to a Serviced Pari Passu Companion Loan) to the Certificate Administrator for deposit in the Lower-Tier REMIC Distribution Account on each Master Servicer Remittance Date, without any right of reimbursement therefor. The Master Servicer shall deliver the portion of any Compensating Interest Payment allocated to a Serviced Pari Passu Companion Loan to the Companion Paying Agent for deposit in the Serviced Whole Loan Custodial Account on each Master Servicer Remittance Date, without any right of reimbursement therefor.

(b)        The Master Servicer or the Special Servicer, as applicable, shall provide to each Companion Holder any reports or notices required to be delivered to such Companion Holder pursuant to the related Co-Lender Agreement.

(c)        Upon the determination that a previously made Advance is a Nonrecoverable Advance, to the extent that the reimbursement thereof would exceed the full amount of the principal portion of general collections on the Mortgage Loans, 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 3.05(a)(v) immediately, as an accommodation may elect to refrain from obtaining

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such reimbursement for such portion of the Nonrecoverable Advance during the one month collection period ending on the then-current Determination Date, for successive one-month periods for a total period not to exceed twelve (12) months (provided that, with respect to any Mortgage Loan other than an applicable Excluded Loan, any such deferral exceeding six (6) months shall require, prior to the occurrence and continuance of any Control Termination Event, the consent of the Directing Holder), and any election to so defer or not to defer shall be deemed to be in accordance with the Servicing Standard. 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 option 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 to wait for principal collections on the Mortgage Loans to be received until the end of such collection period before making its determination of whether to refrain from the reimbursement of a particular Nonrecoverable Advance or portion thereof; provided, however, that if, at any time the Master Servicer or the Trustee, as applicable, 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 Master Servicer or the Trustee, as applicable, shall use its reasonable efforts to give the 17g-5 Information Provider fifteen (15) days’ notice of such determination for posting on the 17g-5 Information Provider’s Website pursuant to Section 3.13(c), unless extraordinary circumstances make such notice impractical, and thereafter shall deliver such notice to the 17g-5 Information Provider as soon as practical thereafter. Notwithstanding the foregoing, failure to give notice as required by the preceding sentence shall in no way affect the Master Servicer’s or the Trustee’s election whether to refrain from obtaining such reimbursement as described in this Section 3.17(c). Nothing herein shall give the Master Servicer or the Trustee the right to defer reimbursement of a Nonrecoverable Advance to the extent of any principal collections then available in the Collection Account pursuant to Section 3.05(a)(v).

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 or the RR Interest Owner to the detriment of other Classes of Certificateholders shall not, with respect to the Master Servicer or the Special Servicer, as applicable, constitute a violation of the Servicing Standard 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 Master Servicer or the Trustee, as applicable, determines, in its sole discretion, that its ability

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to fully recover the Nonrecoverable Advances has been compromised, then the Master Servicer or the Trustee, as applicable, shall be entitled to immediate reimbursement of Nonrecoverable Advances with interest thereon at the Reimbursement Rate from all amounts in the Collection 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 Reimbursement Rate on such Nonrecoverable Advance for the period prior to the actual reimbursement of such Nonrecoverable Advance. The Master Servicer’s or the Trustee’s, as applicable, agreement to defer reimbursement of such Nonrecoverable Advances as set forth above is an accommodation to the Certificateholders and the RR Interest Owner 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 RR Interest Owner. Nothing herein shall be deemed to create in the Certificateholders or the RR Interest Owner 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) 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 the Servicing Standard and 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, the RR Interest Owner 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.

With respect to any modification or amendment of any Co-Lender Agreement related to a Serviced Whole Loan (to the extent received), the Master Servicer or the Special Servicer as applicable, shall provide to the 17g-5 Information Provider a copy of any such modification or amendment, which the 17g-5 Information Provider shall promptly post on the 17g-5 Information Provider’s Website in accordance with Section 3.13(c).

(d)     With respect to any Mortgage Loan (or Serviced Whole Loan), if the related loan documents permit the lender to (but do not require the lender to), at its option, prior to an event of default under the related Mortgage Loan (or Serviced Whole Loan), apply amounts held in any reserve account as a prepayment or hold such amounts in a reserve account, the Master Servicer or the Special Servicer, as the case may be, may not apply such amounts as a prepayment, and will instead continue to hold such amounts in the applicable reserve account, unless not applying those amounts as a prepayment would be a violation of the Servicing Standard. Such amount may be used, if permitted under the loan documents, to defease the loan, or may be used to prepay the Mortgage Loan (or Serviced Whole Loan), or for other purpose consistent with the Servicing Standard and the loan documents, upon a subsequent default.

Section 3.18     Modifications, Waivers, Amendments and Consents. (a) Except as set forth in Section 3.08(a), Section 3.08(b), this Section 3.18(a), Section 3.18(d), Section 3.18(h), Section 3.18(i) and Section 6.08, but subject to any other conditions set forth thereunder, (including, without limitation, the Special Servicer’s consent rights pursuant to this subsection (a) with respect to any modification, waiver or amendment that constitutes a Special Servicer Major Decision) (i) the Special Servicer will be responsible for processing waivers,

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modifications,
amendments and consents with respect to (a) any Specially Serviced Mortgage Loan and (b) any Mortgage Loan (other than a Non-Serviced
Mortgage Loan) or Serviced Whole Loan (and with respect to any Serviced Whole Loan, subject to the rights of the related Companion
Holder, to advise or consult with the Master Servicer or the Special Servicer, as the case may be, with respect to, or to consent
to, a modification, waiver or amendment, in each case, pursuant to the terms of the related Co-Lender Agreement) with respect
to which the matter involves a Special Servicer Non-Major Decision (other than the items listed in clauses (a)(i) and (a)(ii)
of “Special Servicer Non-Major Decision,” which the Master Servicer shall process with respect to Non-Specially
Serviced Mortgage Loans, subject to Special Servicer consent or deemed consent as provided in this Agreement) or a Special Servicer
Major Decision, and (ii) the Master Servicer will be responsible for processing waivers, modifications, amendments and consents
with respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan that is not a Specially Serviced
Mortgage Loan and does not involve a Special Servicer Major Decision or Special Servicer Non-Major Decision (other than the items
listed in clauses (a)(i) and (a)(ii) of “Special Servicer Non-Major Decision,” which the Master Servicer
shall process, subject to Special Servicer consent or deemed consent as provided in this Agreement); provided that if such
modification, wavier, amendment or consent is a Master Servicer Major Decision, the Master Servicer shall obtain the consent of,
or consult with, the Directing Holder and the Operating Advisor as and to the extent provided in Section 6.08. Further,
the Master Servicer shall not modify, waive or amend the terms of a Non-Specially Serviced Mortgage Loan and/or Companion Loan
(that constitutes a Special Servicer Major Decision) without the prior written consent of the Special Servicer (it being understood
that the Master Servicer (if the Master Servicer is processing and recommending approval of such request) will in accordance with
the Servicing Standard provide the Special Servicer with notice of any request for such modification, waiver or amendment, the
Master Servicer’s written recommendation and analysis, and all information in the Master Servicer’s possession that
may be reasonably requested by the Special Servicer in order to grant or withhold such consent); provided that such consent
shall be deemed given (unless earlier objected to by the Special Servicer) within ten (10) Business Days of the Special Servicer’s
receipt from the Master Servicer of the Master Servicer’s written recommendation and analysis with respect to such modification,
waiver or amendment and all information in the Master Servicer’s possession reasonably requested by the Special Servicer
in order to make an informed decision with respect to such modification, waiver or amendment; and provided, further,
that no extension entered into pursuant to this Section 3.18(a) shall extend the Maturity Date beyond the earlier of (i)
five (5) years prior to the Rated Final Distribution Date and (ii) in the case of a Mortgage Loan secured solely or primarily
by a leasehold estate and not also the related fee interest, the date twenty (20) years or, to the extent consistent with the
Servicing Standard giving due consideration to the remaining term of the Ground Lease, ten (10) years, prior to the expiration
of such leasehold estate. If such extension would extend the Maturity Date of such Mortgage Loan and/or related Companion Loan
for more than twelve (12) months from and after the original Maturity Date of such Mortgage Loan and/or related Companion Loan
and such Mortgage Loan and/or related Companion Loan is not in default or default with respect thereto is not reasonably foreseeable,
prior to any such extension, the party processing such action shall (1) provide the Trustee, the Certificate Administrator, the
Master Servicer or the Special Servicer, as applicable, the Operating Advisor, each related Other Master Servicer, each related
Other Trustee, the Directing Holder ((i) prior to the occurrence of a Consultation Termination Event and (ii) other than with

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respect
to any applicable Excluded Loan) and the Risk Retention Consultation Parties, with an Opinion of Counsel (at the expense of the
related Mortgagor to the extent permitted under the Mortgage Loan documents and, if not required or permitted to be paid by the
Mortgagor, to be paid as an expense of the Trust in accordance with Section 3.11(d)) that such extension would not constitute
a “significant modification” of the Mortgage Loan and/or Serviced Companion Loan within the meaning of Treasury
Regulations Section 1.860G-2(b) and (2) subject to the Servicing Standard, (A) prior to the occurrence and continuance of a Control
Termination Event and other than with respect to an applicable Excluded Loan, obtain the consent of the Directing Holder and (B)
during the continuance of a Control Termination Event, but prior to a Consultation Termination Event and other than with respect
to any applicable Excluded Loan, consult with the Directing Holder pursuant to Section 6.08 and (C) consult with the Risk
Retention Consultation Parties pursuant to Section 6.08. Notwithstanding the foregoing, subject to the rights of the related
Companion Holder to advise the Master Servicer with respect to, or consent to, such modification, waiver or amendment pursuant
to the terms of the related Co-Lender Agreement, and subject to the Special Servicer’s processing and/or consent rights
pursuant to this subsection (a) if any such modification, waiver or amendment constitutes a Special Servicer Major Decision
or Special Servicer Non-Major Decision, the Master Servicer, with respect to Non-Specially Serviced Mortgage Loans, without the
consent of or consultation with the Special Servicer, the Operating Advisor or the Directing Holder, may modify or amend the terms
of any Mortgage Loan and/or related Serviced Companion Loan in order to (i) cure any ambiguity or mistake therein or (ii) correct
or supplement any provisions therein which may be inconsistent with any other provisions therein or correct any error; provided
that, if the Mortgage Loan (other than any Non-Serviced Mortgage Loan) and/or related Serviced Companion Loan is not in default
or default with respect thereto is not reasonably foreseeable, such modification or amendment would not be a “significant
modification” of the Mortgage Loan and/or related Serviced Companion Loan within the meaning of Treasury Regulations Section
1.860G-2(b).

In addition, subject to the next sentence, with respect to Non-Specially Serviced Mortgage Loans, the Master Servicer, prior to taking any action with respect to any Special Servicer Major Decision (or making a determination not to take action with respect to a Special Servicer Major Decision) and prior to taking any action with respect to a Special Servicer Non-Major Decision (other than the items listed in clauses (a)(i) and (a)(ii) of “Special Servicer Non-Major Decision”) (or making a determination not to take action with respect to a Special Servicer Non-Major Decision (other than the items listed in clauses (a)(i) and (a)(ii) of “Special Servicer Non-Major Decision”)), shall refer any request with respect to such Special Servicer Major Decision or Special Servicer Non-Major Decision to the Special Servicer and the Special Servicer shall process the request directly or, if mutually agreed to by the Special Servicer and the Master Servicer, the Master Servicer shall (subject to the consent (or deemed consent) of the Special Servicer) process such request. If the Master Servicer and the Special Servicer mutually agree that the Master Servicer shall, with respect to a Non-Specially Serviced Mortgage Loan (subject to the consent (or deemed consent) of the Special Servicer) process a request with respect to a Special Servicer Major Decision or Special Servicer Non-Major Decision and the Master Servicer is recommending approval of such request, the Master Servicer shall prepare and submit its written analysis and recommendation to the Special Servicer with all information in the possession of the Master Servicer that the Special Servicer may reasonably request in order to withhold or grant its consent, and in all cases the Special Servicer shall be entitled (subject to any applicable consultation rights of the Operating Advisor or any applicable consent or

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consultation rights of the Controlling Class Representative or any applicable consultation rights of any related Companion Holder or its representative (as applicable)) to approve or disapprove any modification, waiver, amendment or other action that constitutes a Special Servicer Major Decision or Special Servicer Non-Major Decision; provided that such consent shall be deemed given (unless earlier objected to by the Special Servicer) within fifteen (15) Business Days of the Special Servicer’s receipt from the Master Servicer of the Master Servicer’s written analysis and recommendation with respect to such request and all information in the Master Servicer’s possession reasonably requested by the Special Servicer in order to make an informed decision with respect to such request. In addition, the Master Servicer shall provide the Special Servicer with any notice that it receives relating to a default by the Mortgagor under a ground lease where the collateral for the Mortgage Loan is the ground lease, and the Special Servicer will determine in accordance with the Servicing Standard whether to cure any borrower defaults relating to ground leases.

Any fees or other charges charged by the Master Servicer or the Special Servicer in connection with processing any Payment Accommodation with respect to any Mortgage Loan or Serviced Whole Loan (in the aggregate with each other such Payment Accommodation with respect to such Mortgage Loan or Serviced Whole Loan), in each case as a result of the COVID-19 emergency, shall not exceed an amount equal to 0.30% of the Stated Principal Balance of such Mortgage Loan or Serviced Whole Loan (excluding attorneys’ fees and third party expenses) and shall only be borne by the borrower, not the Trust.

Subject to Section 6.08, applicable law and the Mortgage Loan and/or related Serviced Companion Loan documents, neither the Master Servicer nor the Special Servicer shall permit the substitution of any Mortgaged Property (or any portion thereof) for one or more other parcels of real property at any time the Mortgage Loan and/or related Serviced Companion Loan is not in default pursuant to the terms of the related Mortgage Loan and/or related Serviced Companion Loan documents or default with respect thereto is not reasonably foreseeable unless (i) the Master Servicer or the Special Servicer, as the case may be, obtains Rating Agency Confirmation from each Rating Agency (and delivers such Rating Agency Confirmation to the Directing Holder and the Risk Retention Consultation Parties, if permitted by the applicable Rating Agency) and, with respect to a Serviced Whole Loan, obtains a Companion Loan Rating Agency Confirmation from each Companion Loan Rating Agency and (ii) such substitution would not be a “significant modification” of the Mortgage Loan and/or related Serviced Companion Loan within the meaning of Treasury Regulations Section 1.860G-2(b) or otherwise cause an Adverse REMIC Event (and the Master Servicer or the Special Servicer, as the case may be, may obtain and rely upon an Opinion of Counsel (at the expense of the related Mortgagor if not prohibited by the terms of the related Mortgage Loan documents, and if so prohibited, at the expense of the Trust) with respect thereto).

Upon receiving a request for any matter described in this Section 3.18(a) that constitutes a Special Servicer Major Decision or Special Servicer Non-Major Decision (other than the items listed in clauses (a)(i) and (a)(ii) of “Special Servicer Non-Major Decision”), the Master Servicer shall forward such request to the Special Servicer and, unless the Master Servicer and the Special Servicer mutually agree that the Master Servicer will process such request in accordance with the terms and conditions reasonably agreed to by the Master Servicer and Special Servicer, including the Special Servicer’s consent, the Special Servicer shall process

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such request and the Master Servicer shall have no further obligation with respect to such request or the related Special Servicer Major Decision or Special Servicer Non-Major Decision (other than the items listed in clause (a)(i) and (a)(ii) of “Special Servicer Non-Major Decision”).

(b)        If, and only if, the Special Servicer determines that a modification, waiver or amendment (including, without limitation, the forgiveness or deferral of interest or principal or the substitution of collateral pursuant to the terms of the Mortgage Loan (other than any Non-Serviced Mortgage Loan) and/or related Serviced Companion Loan or otherwise, the release of collateral or the pledge of additional collateral) of the terms of a Specially Serviced Mortgage Loan (or any Non-Specially Serviced Mortgage Loan with respect to which such determination derives from the Special Servicer’s consideration of a Special Servicer Major Decision or Special Servicer Non-Major Decision that is subject to its processing and/or consent rights pursuant to Section 3.18(a) of this Agreement) with respect to which a payment default or other material default has occurred or a payment default or other material default is, in the Special Servicer’s judgment, reasonably foreseeable (as evidenced by an Officer’s Certificate of the Special Servicer), is reasonably likely to produce a greater recovery on a net present value basis (the relevant discounting to be performed at the related Mortgage Rate) to the Trust and, if applicable, the Companion Holders, as the holders of the related Serviced Companion Loan, than liquidation of such Specially Serviced Mortgage Loan, then the Special Servicer may, but is not required to, agree to a modification, waiver or amendment of such Specially Serviced Mortgage Loan, subject to (x) the provisions of this Section 3.18(b) and Section 3.18(c), (y) with respect to any Major Decision, with respect to any Mortgage Loan other than any applicable Excluded Loan, prior to the occurrence and continuance of a Control Termination Event, the approval of the Directing Holder (or during the continuance of a Control Termination Event, but prior to a Consultation Termination Event, upon consultation with the Directing Holder), and consultation with the Risk Retention Consultation Parties as provided in (and to the extent required by) Section 6.08 (except that, with respect to any Serviced AB Whole Loan, unless the Directing Holder is the Controlling Class Representative, the Risk Retention Consultation Parties shall have no consultation rights regarding the matter); and (z) additionally, with respect to a Serviced Whole Loan, the rights of the related Serviced Companion Noteholder or with respect to a Mortgage Loan (other than any Non-Serviced Mortgage Loan) with mezzanine debt, the rights of the related mezzanine lender, if any, to advise or consult with the Special Servicer with respect to, or consent to, such modification, waiver or amendment, in each case, pursuant to the terms of the related Co-Lender Agreement or mezzanine intercreditor agreement, as applicable; provided that in the case of any release or substitution of collateral (other than a defeasance), the Special Servicer shall have obtained an Opinion of Counsel that such release or substitution would not be a “significant modification” of the Mortgage Loan within the meaning of Treasury Regulations Section 1.860G-2(b) or otherwise cause an Adverse REMIC Event to occur. Notwithstanding anything herein to the contrary, with respect to any applicable Excluded Loan related to the Controlling Class Representative, the Master Servicer or the Special Servicer, as applicable, shall consult with the Operating Advisor, on a non-binding basis, in connection with the related transactions involving proposed Major Decisions that it is processing and consider alternative actions recommended by the Operating Advisor, in respect thereof, in accordance with the procedures set forth in Section 6.08 for consulting with the Operating Advisor.

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In
                                        connection with (i) the release of a Mortgaged Property (other than any Non-Serviced Mortgaged
                                        Property), or any portion of such Mortgaged Property from the lien of the related Mortgage
                                        or (ii) the taking of a Mortgaged Property (other than any Non-Serviced Mortgaged Property),
                                        or any portion of such Mortgaged Property by exercise of the power of eminent domain or
                                        condemnation, if the related Mortgage Loan documents require the Master Servicer or the
                                        Special Servicer, as the case may be, to calculate (or to approve the calculation of the
                                        related Mortgagor of) the loan-to-value ratio of the remaining Mortgaged Property or Mortgaged
                                        Properties or the fair market value of the real property constituting the remaining Mortgaged
                                        Property or Mortgaged Properties, for purposes of REMIC qualification of the related Mortgage
                                        Loan, then such calculation shall, unless then permitted by the REMIC Provisions, exclude
                                        the value of personal property and going concern value, if any, as determined by an appropriate
                                        third party.

 

The
Special Servicer shall use its reasonable efforts to the extent possible to cause each Specially Serviced Mortgage Loan to fully
amortize prior to the Rated Final Distribution Date and shall not agree to a modification, waiver or amendment of any term of
any Specially Serviced Mortgage Loan if such modification, waiver or amendment would (1) extend the Maturity Date of any such
Specially Serviced Mortgage Loan to a date occurring later than the earlier of (a) five (5) years prior to the Rated Final Distribution
Date and (b) if such Specially Serviced Mortgage Loan is secured solely or primarily by a leasehold estate and not also the related
fee interest, the date occurring twenty (20) years or, to the extent consistent with the Servicing Standard giving due consideration
to the remaining term of the Ground Lease and (A) prior to the occurrence and continuance of a Control Termination Event and (B)
to the extent such modification, waiver or amendment constitutes a Major Decision, after consultation with the Risk Retention
Consultation Parties pursuant to Section 6.08 (in each case, other than with respect to a Mortgage Loan that is an applicable
Excluded Loan, with the consent of the Directing Holder), ten (10) years prior to the expiration of such leasehold estate (including
any options to extend such leasehold estate exercisable unilaterally by the related Mortgagor), or (2) provide for the deferral
of interest unless interest accrues on the related Mortgage Loan or Serviced Whole Loan generally at the related Mortgage Rate.

 

(c)       
Any provision of this Section 3.18 to
the contrary notwithstanding, except when a Mortgage Loan and/or Companion Loan is in default or default with respect thereto
is reasonably foreseeable, no fee described in this Section 3.18 shall be collected by any Master Servicer or Special Servicer
from a Mortgagor (or on behalf of the Mortgagor) in conjunction with any consent or any modification, waiver or amendment of a
Mortgage Loan or Companion Loan, as applicable (unless the amount thereof is specified in the related Mortgage Note) if the collection
of such fee would cause such consent, modification, waiver or amendment to be a “significant modification” of the
Mortgage Note within the meaning of Treasury Regulations Section 1.860G-2(b).

  

(d)       
To the extent consistent with this Agreement
(including, without limitation, the first sentence of Section 3.18(a), and Section 6.08), the Master Servicer (as
provided in Section 3.08(a) and Section 3.08(b) and subject to the Special Servicer’s processing and/or consent
rights pursuant to Section 3.18 or Section 3.20(a) if any such waiver, modification or amendment constitutes a Special
Servicer Major Decision or a Special Servicer Non-Major Decision) or the Special Servicer may, consistent with the Servicing Standard,
agree

 

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 to any waiver, modification or amendment of a Mortgage Loan and/or Serviced Companion Loan that is not in default or as
to which default is not reasonably foreseeable only if it provides the Trustee and the Certificate Administrator with an Opinion
of Counsel (at the expense of the related Mortgagor or such other Person requesting such modification or, if such expense cannot
be collected from the related Mortgagor or such other Person, to be paid out of the Collection Account pursuant to Section
3.05(a); provided that the Master Servicer or the Special Servicer, as the case may be, shall use its reasonable efforts
to collect such fee from the Mortgagor or such other Person to the extent permitted under the related Mortgage Loan documents).
Notwithstanding the foregoing, neither the Master Servicer nor the Special Servicer may waive the payment of any Yield Maintenance
Charge or the requirement that any prepayment of a Mortgage Loan be made on a Due Date, or if not made on a Due Date, be accompanied
by all interest that would be due on the next Due Date with respect to any Mortgage Loan, Serviced Companion Loan that is not
a Specially Serviced Mortgage Loan.

 

(e)       
Subject to Section 3.18(c), the Master
Servicer and the Special Servicer each may, as a condition to its granting any request by a Mortgagor for consent, modification
(including extensions), waiver or indulgence or any other matter or thing, the granting of which is within the Master Servicer’s
or the Special Servicer’s, as the case may be, discretion pursuant to the terms of the instruments evidencing or securing
the related Mortgage Loan or Companion Loan and is permitted by the terms of this Agreement, require that such Mortgagor pay to
the Master Servicer or the Special Servicer, as the case may be, as additional servicing compensation, a reasonable or customary
fee, for the additional services performed in connection with such request; provided that the charging of such fee is not
a “significant modification” of the Mortgage Loan within the meaning of Treasury Regulations Section 1.860G-2(b).

 

(f)        
All modifications (including extensions), waivers
and amendments of the Mortgage Loans and Companion Loans entered into pursuant to this Section 3.18 shall be in writing,
signed by the Master Servicer or the Special Servicer, as the case may be, and the related Mortgagor (and by any guarantor of
the related Mortgage Loan, if such guarantor’s signature is required by the Special Servicer in accordance with the Servicing
Standard).

  

(g)       
With respect to any modification, waiver or amendment
for which it is responsible for processing pursuant to Section 3.18 hereof, the Special Servicer shall notify the Master
Servicer, the Trustee, the Certificate Administrator, the Directing Holder (other than (i) following the occurrence of a Consultation
Termination Event and (ii) and with respect to an applicable Excluded Loan), the Risk Retention Consultation Parties (other than
with respect to any applicable Excluded Loan), the applicable Companion Holder, the Operating Advisor (only if a Control Termination
Event is continuing) and the 17g-5 Information Provider (which shall promptly post such notice on the 17g-5 Information Provider’s
Website in accordance with Section 3.13(c)) in writing of any modification, waiver or amendment (in each case, after it
is finalized and executed) of any term of any Mortgage Loan or Companion Loan that is modified, waived or amended and the date
thereof. With respect to any modification, waiver or amendment (in each case, after it is finalized and executed) for which it
is responsible for processing pursuant to Section 3.18 hereof, the Master Servicer shall provide written notice of any
such modification, waiver or amendment to the Trustee, the Certificate Administrator, the Special Servicer (and the Special Servicer
shall forward such notice to the Directing Holder

 

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(other than following the occurrence of a Consultation Termination Event and
with respect to an applicable Excluded Loan), the Risk Retention Consultation Parties (other than with respect to an applicable
Excluded Loan), the applicable Companion Holder and the 17g-5 Information Provider (which shall promptly post such notice on the
17g-5 Information Provider’s Website in accordance with Section 3.13(c))). The party responsible for delivering
notice shall deliver to the Custodian with a copy to the Master Servicer (if such notice is being delivered by the Special Servicer)
for deposit in the related Mortgage File, an original counterpart of the agreement relating to such modification, waiver or amendment,
promptly (and in any event within ten (10) Business Days) following the execution thereof, with a copy to the applicable Companion
Holder, if any. Following receipt of the Master Servicer’s or the Special Servicer’s, as the case may be, delivery
of the aforesaid modification, waiver or amendment to the Certificate Administrator, the Certificate Administrator shall forward
a copy thereof to each Holder of a Certificate (other than the Class R Certificates) upon request. With respect to the processing
of any modification, waiver or consent related to any Mortgagor incurring additional seured debt or mezzanine debt, the Special
Servicer (if the Special Servicer processes such modification, waiver or consent pursuant to Section 3.18(a)) or the Master
Servicer (if the Master Servicer processes such modification, waiver or consent pursuant to Section 3.18(a)) shall, on
or before the later of (i) 3:00 p.m. on the related Master Servicer Remittance Date and (ii) five (5) Business Days immediately
following the Master Servicer or the Special Servicer, as the case may be, obtaining actual knowledge of the incurrence of such
additional secured debt or mezzanine debt, deliver notice of the Mortgagor’s incurrence of such debt, substantially in
the form of Exhibit KK, to cts.sec.notifications@wellsfargo.com. The notice contemplated in the preceding sentence shall
set forth, to the extent the Special Servicer or Master Servicer, as the case may be, has the requisite information or can reasonably
obtain such information, (1) the amount of additional secured debt that was incurred in the related Collection Period, (2) the
total debt service coverage ratio calculated on the basis of such Mortgage Loan and additional secured debt, and (3) the aggregate
LTV Ratio calculated on the basis of such Mortgage Loan and additional secured debt. In the event that either (i) the CREFC®
Investor Reporting Package is amended
to include such information set forth above, in a manner reasonably acceptable to the Master Servicer, the Special Servicer and
Certificate Administrator, as applicable, and the Master Servicer confirms with the Certificate Administrator that such amended
CREFC® Investor
Reporting Package enables the Certificate Administrator to include such information on Form 10-D in a manner reasonably acceptable
to the Certificate Administrator, or (ii) the Trust is no longer subject to the Exchange Act, the additional report in the form
of Exhibit KK shall no longer be required hereunder. From time to time, the Master Servicer, the Special Servicer and Certificate
Administrator may agree on a different delivery time and format for the information set forth in this paragraph.

 

(h)       
(i) Subject to the consent rights and processes
set forth in Section 6.08 with respect to Major Decisions, the Master Servicer shall process all defeasances of Mortgage
Loans (other than any Non-Serviced Mortgage Loan) and Serviced Companion Loan in accordance with the terms of the related Mortgage
Loan documents, and shall be entitled to any defeasance fees paid relating thereto (provided that for the avoidance of
doubt, any such defeasance fee shall not include the Special Servicer’s portion of any Modification Fees or waiver fees
in connection with a defeasance that the Special Servicer is entitled to under this Agreement). Notwithstanding the foregoing,
the Master Servicer shall not permit (or, with regard to any Non-Serviced Mortgage Loan, take any act in furtherance of) the substitution
of

 

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 any Mortgaged Property pursuant to the defeasance provisions of any Mortgage Loan or a Serviced Whole Loan unless such defeasance
complies with Treasury Regulations Section 1.860G-2(a)(8)(ii) and the Master Servicer has received (i) replacement collateral
consisting of government securities within the meaning of Treasury Regulations Section 1.860G-2(a)(8)(ii), which satisfies the
requirements of the applicable Mortgage Loan documents, in an amount sufficient to make all scheduled payments under the related
Mortgage Loan (or defeased portion thereof) when due, (ii) a certificate of an Independent certified public accountant to the
effect that such substituted property will provide cash flows sufficient to meet all payments of interest and principal (including
payments at maturity) on such Mortgage Loan or Serviced Whole Loan in compliance with the requirements of the terms of the related
Mortgage Loan documents and, if applicable, Companion Loan documents, (iii) one or more Opinions of Counsel (at the expense of
the related Mortgagor) to the effect that the Trustee, on behalf of the Trust, will have a first priority perfected security interest
in such substituted Mortgaged Property; provided, however, that, to the extent consistent with the related Mortgage
Loan documents and, if applicable, Companion Loan documents, the related Mortgagor shall pay the cost of any such opinion as a
condition to granting such defeasance, (iv) to the extent consistent with the related Mortgage Loan documents and, if applicable,
Companion Loan documents, the Mortgagor shall establish a single purpose entity to act as a successor Mortgagor, if so required
by the Rating Agencies, (v) to the extent permissible under the related Mortgage Loan documents and, if applicable, Companion
Loan documents the Master Servicer shall use its reasonable efforts to require the related Mortgagor 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 and, if applicable, Companion Loan documents, the Master Servicer shall obtain, at the expense of
the related Mortgagor, Rating Agency Confirmation from each Rating Agency and, with respect to a Serviced Whole Loan, a Companion
Loan Rating Agency Confirmations from each Companion Loan Rating Agency; provided, further, however, that
no such confirmation from any Rating Agency or Companion Loan Rating Agency shall be required to the extent that the Master Servicer
has delivered a defeasance certificate substantially in the form of Exhibit U hereto for any Mortgage Loan that (together
with any Mortgage Loans cross-collateralized with such Mortgage Loans) is: (i) a Mortgage Loan with a Cut-off Date Principal Balance
less than $35,000,000, (ii) a Mortgage Loan that represents less than 5% of the aggregate Cut-off Date Principal Balance of all
Mortgage Loans, and (iii) a Mortgage Loan that is not one of the ten largest Mortgage Loans by Stated Principal Balance. Notwithstanding
the foregoing, in the event that requiring the Mortgagor to pay for the items specified in clauses (ii), (iv) and
(v) in the preceding sentence would be inconsistent with the related Mortgage Loan documents, such reasonable costs shall
be paid by the related Mortgage Loan Seller as and to the extent set forth in the applicable Mortgage Loan Purchase Agreement.

  

(i)        
Notwithstanding anything herein or in the related
Mortgage Loan documents and, if applicable, Companion Loan documents, to the contrary, the Master Servicer may permit the substitution
of “government securities,” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, that comply
with Treasury Regulations Section 1.860G-2(a)(8)(ii) for any Mortgaged Property pursuant to the defeasance provisions of any Mortgage
Loan or a Serviced Whole Loan, as applicable (or any portion thereof), in lieu of the defeasance collateral specified in the related
Mortgage Loan documents or Serviced Whole Loan documents, as applicable; provided that such substitution is consistent
with the Servicing

 

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Standard and the Master Servicer (subject to the Special Servicer’s processing and/or consent rights
pursuant to Section 3.20(a) with respect to any such action that constitutes a Special Servicer Major Decision or Special
Servicer Non-Major Decision) reasonably determines that allowing their use would not cause a default or event of default to become
reasonably foreseeable and the Master Servicer receives an Opinion of Counsel (at the expense of the Mortgagor to the extent permitted
under the Mortgage Loan documents and, if applicable, Companion Loan documents or otherwise as a Trust Fund expense) to the effect
that such use would not be and would not constitute a “significant modification” of such Mortgage Loan, or Companion
Loan pursuant to Treasury Regulations Section 1.860G-2(b) and would not otherwise constitute an Adverse REMIC Event with respect
to any Trust REMIC; and provided, further, that the requirements set forth in Section 3.18(h) (including
receipt of any Rating Agency Confirmation) are satisfied; and provided, further, that such securities are backed
by the full faith and credit of the United States government, or the Master Servicer shall obtain Rating Agency Confirmation from
each Rating Agency and, with respect to a Serviced Whole Loan, a Companion Loan Rating Agency Confirmations from each Companion
Loan Rating Agency.

 

Notwithstanding
the foregoing, with respect to the Mortgage Loans identified on Exhibit VV that are subject to defeasance, the related
Mortgage Loan Seller has transferred to a third party or has retained on behalf of itself or an Affiliate the right to establish
or designate the successor borrower and/or to purchase or cause to be purchased the related defeasance collateral (any such right
or obligation, the “Retained Defeasance Rights and Obligations”). In the event the Master Servicer receives
notice of a defeasance request with respect to a Mortgage Loan, which such Mortgage Loan provides for Retained Defeasance Rights
and Obligations in the related Mortgage Loan documents, the Master Servicer shall provide, within five (5) Business Days of receipt
of such notice, written notice of such defeasance request to the related Mortgage Loan Seller. Until such time as the related
Mortgage Loan Seller provides the Master Servicer with written notice to the contrary, the notice of a defeasance of a Mortgage
Loan with Retained Defeasance Rights and Obligations shall be delivered to the related Mortgage Loan Seller at its address for
notices set forth in Section 13.05 below. With respect to any Mortgage Loan that is subject to defeasance, if the successor
borrower is not designated or formed by the related Mortgage Loan Seller or any Affiliate or successor thereto, the successor
borrower shall be reasonably acceptable to the Master Servicer in accordance with the Servicing Standard.

 

(j)        
If required under the related Mortgage Loan or
Companion Loan documents or if otherwise consistent with the Servicing Standard, the Master Servicer shall establish and maintain
one or more accounts (the “Defeasance Accounts”), which shall be Eligible
Accounts, into which all payments received by the Master Servicer from any defeasance collateral substituted for any Mortgaged
Property shall be deposited and retained, and shall administer such Defeasance Accounts in accordance with the Mortgage Loan or
Companion Loan documents. Notwithstanding the foregoing, in no event shall the Master Servicer permit such amounts to be maintained
in the Defeasance Account for a period in excess of ninety (90) days, unless such amounts are reinvested by the Master Servicer
in “government securities,” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, that comply
with Treasury Regulations Section 1.860G-2(a)(8)(ii). To the extent not required or permitted to be placed in a separate account,
the Master Servicer shall deposit all payments received by it from defeasance collateral substituted for any Mortgaged Property
into the Collection Account and treat any such payments as payments made on the Mortgage Loan or

 

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 Companion Loan in advance of
its Due Date in accordance with clause (a)(i) of the definition of “Aggregate Available Funds” and not as
a prepayment of the related Mortgage Loan or Companion 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 (or 366
days in the case of a leap year).

  

(k)       
Notwithstanding anything to the contrary in this
Agreement, neither the Master Servicer nor the Special Servicer, as applicable, shall, unless it has received Rating Agency Confirmation
from each Rating Agency and, with respect to a Serviced Whole Loan, a Companion Loan Rating Agency Confirmations from each Companion
Loan Rating Agency (the cost of which shall be paid by the related Mortgagor, if so allowed by the terms of the related loan documents
and otherwise paid out of general collections) grant or accept any consent, approval or direction regarding the termination of
the related property manager or the designation of any replacement property manager, with respect to any Mortgaged Property that
secures a Mortgage Loan that (i) is one of the ten largest Mortgage Loans a by Stated Principal Balance or (ii) has an unpaid
principal balance that is at least equal to five percent (5%) of the then aggregate principal balance of all Mortgage Loans or
$35,000,000.

 

(l)  
     Notwithstanding anything to the contrary in this
Agreement, in connection with any modification, waiver, consent or amendment in connection with any defeasance transaction contemplated
in the second sentence of subsection(h) above, the Special Servicer shall not approve any such modification, waiver or
amendment or consent thereto without first having received a copy of an Opinion of Counsel addressed to the Special Servicer and
the Master Servicer that such modification, waiver, consent or amendment will not cause an Adverse REMIC Event.

 

In
addition to the foregoing, the Master Servicer or the Special Servicer, as applicable, shall be allowed to grant a forbearance
on a Mortgage Loan related to the global COVID-19 emergency if (i) prior to the 2021 calendar year, the period of forbearance
granted, when added to any prior periods of forbearance granted before or after the Trust acquired such Mortgage Loan (whether
or not such prior grants of forbearance were covered by Section 5.02(2) of Revenue Procedure 2020-26), does not exceed six months
(or such longer period of time as may be allowed by guidance that is binding on federal income tax authorities) and such forbearance
is otherwise covered by Section 5.02(2) of Revenue Procedure 2020-26, (ii) such forbearance is permitted under another provision
of this Agreement and the requirements under such provision are satisfied, or (iii) an Opinion of Counsel is delivered to the
effect that such forbearance will not result in an Adverse REMIC Event.

 

(m)      
Neither the Master Servicer nor the Special Servicer
shall enter into, or structure (including, without limitation, by way of the application of credits, discounts, forgiveness or
otherwise), any modification, waiver, amendment, work-out, consent or approval with respect to any Mortgage Loan in a manner that
would be inconsistent with the allocation and payment priorities set forth in Section 3.02(b) hereof or in the related
Co-Lender Agreement.

  

Section
3.19     Transfer of Servicing Between Master Servicer and Special Servicer; Recordkeeping; Asset Status
Report.  (a) Upon determining that a Servicing Transfer

 

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Event has occurred with respect to any Mortgage Loan (other than any Non-Serviced Mortgage
Loan), Serviced Companion Loan, the Master Servicer or the Special Servicer, as the case may be, shall promptly give notice to
the Master Servicer or the Special Servicer, as the case may be, the Operating Advisor and ((i) prior to the occurrence of a Consultation
Termination Event and (ii) other than with respect to any applicable Excluded Loan) the Directing Holder thereof, and the Master
Servicer shall deliver the related Mortgage File and Servicing File to the Special Servicer and concurrently provide a copy of
such Servicing File, exclusive of all Privileged Communications, to the Operating Advisor. The Master Servicer shall use its reasonable
efforts to provide the Special Servicer with all information, documents and records (including the names and contact information
of the Companion Holders, records stored electronically on computer tapes, magnetic discs and the like) relating to such Mortgage
Loan and, if applicable, the related Serviced Companion Loan, either in the Master Servicer’s possession or otherwise available
to the Master Servicer without undue burden or expense, and reasonably requested by the Special Servicer to enable it to assume
its functions hereunder with respect thereto. The Master Servicer shall use its reasonable efforts to comply with the preceding
sentence within five (5) Business Days of the occurrence of each related Servicing Transfer Event (or, in the case of clauses
(viii), (ix) or (x) of the definition of Servicing Transfer Event, within five (5) Business Days of receiving
notice from the Special Servicer of such Servicing Transfer Event when the Special Servicer makes the determination) and in any
event shall continue to act as Master Servicer and administrator of such Mortgage Loan and, if applicable, the related Serviced
Companion Loan until the Special Servicer has commenced the servicing of such Mortgage Loan and, if applicable, the related Serviced
Companion Loan. The Master Servicer shall deliver to the Trustee, the Certificate Administrator, the Operating Advisor, any related
Serviced Companion Noteholder, and ((i) prior to the occurrence of a Consultation Termination Event or (ii) other than with respect
to any applicable Excluded Loan) the Directing Holder, a copy of the notice of such Servicing Transfer Event provided by the Master
Servicer to the Special Servicer, or by the Special Servicer to the Master Servicer, pursuant to this Section 3.19. Prior
to the occurrence of a Consultation Termination Event, the Certificate Administrator shall deliver to each Controlling Class Certificateholder
a copy of the notice of such Servicing Transfer Event provided by the Master Servicer pursuant to this Section 3.19.

 

Upon
determining that a Specially Serviced Mortgage Loan (other than an REO Loan) has become current and has remained current for three
consecutive Periodic Payments (provided that (i) no additional Servicing Transfer Event is foreseeable in the reasonable
judgment of the Special Servicer, and (ii) for such purposes taking into account any modification or amendment of such Mortgage
Loan and, if applicable, the related Companion Loan), and that no other Servicing Transfer Event is continuing with respect thereto,
the Special Servicer shall immediately give notice thereof to the Master Servicer, the Operating Advisor, the related Serviced
Companion Noteholder (unless with respect to a Serviced Subordinate Companion Loan an AB Control Appraisal Period has occurred)
and ((i) prior to the occurrence of a Consultation Termination Event and (ii) other than with respect to any applicable Excluded
Loan) the Directing Holder and shall return the related Mortgage File and Servicing File to the Master Servicer (or copies thereof
if copies only were delivered to the Special Servicer) and upon giving such notice, and returning such Mortgage File and Servicing
File to the Master Servicer, the Special Servicer’s obligation to service such Corrected Loan shall terminate and the obligations
of the Master Servicer to service and administer such Mortgage Loan and, if applicable, the related Companion Loan shall recommence. 

 

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(b)       
In servicing any Specially Serviced Mortgage
Loan and Serviced Companion Loans, the Special Servicer will provide to the Custodian originals of documents included within the
definition of “Mortgage File” for inclusion in the related Mortgage File to the extent within its possession (with
a copy of each such original to the Master Servicer), and provide the Master Servicer with copies of any additional related Mortgage
Loan, Serviced Companion Loan information including correspondence with the related Mortgagor.

 

(c)       
Notwithstanding the provisions of Section
3.12(c), the Master Servicer shall maintain ongoing payment records with respect to each of the Specially Serviced Mortgage
Loans, Serviced Companion Loans and REO Properties (other than with respect to a Non-Serviced Mortgage Loan) and shall provide
the Special Servicer with any information in its possession with respect to such records to enable the Special Servicer to perform
its duties under this Agreement; provided that this statement shall not be construed to require the Master Servicer to
produce any additional reports.

 

(d)       
Upon the earlier of (i) sixty (60) days after
a Servicing Transfer Event for a Mortgage Loan (other than a Non-Serviced Mortgage Loan) and, if applicable, the related Companion
Loan, and (ii) prior to taking action with respect to any Major Decision (or making a determination not to take action with respect
to a Major Decision) with respect to a Specially Serviced Mortgage Loan, the Special Servicer shall deliver in electronic format
a report (the “Asset Status Report”) with respect to such Mortgage Loan
and related Companion Loan, if applicable, and the related Mortgaged Property (the “Initial Delivery Date”)
and shall prepare one or more additional Asset Status Reports with respect to any 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 changes in strategy reflected in the initial Asset Status Report (or subsequent Final Asset Status Report) 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 Servicing Standard (each such report a “Subsequent Asset Status Report”).
Each Asset Status Report shall be delivered in electronic form to the Master Servicer, the Directing Holder (but only for so long
as no Consultation Termination Event is continuing), the Risk Retention Consultation Parties (but only with respect to any Mortgage
Loan other than an Excluded Loan with respect to the Controlling Class Representative), the Operating Advisor (but only during
the continuance of a Control Termination Event), with respect to any related Serviced Companion Loan, to the extent such Serviced
Companion Loan has been included in a securitization transaction, to the master servicer of such securitization into which such
Serviced Companion Loan has been sold or, to the extent such Serviced Companion Loan has not been included in a securitization
transaction, to the holder of such Serviced Companion Loan, and the 17g-5 Information Provider (which shall promptly post such
report on the 17g-5 Information Provider’s Website in accordance with Section 3.13(c)). Such Asset Status Report
shall set forth the following information to the extent reasonably determinable based on the information that was delivered to
the Special Servicer in connection with the transfer of servicing pursuant to the Servicing Transfer Event:

  

(i)    
summary of the status of such Specially Serviced Mortgage Loan and any negotiations with the related Mortgagor;

 

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

 

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

 

(iv)  
(A) the Special Servicer’s recommendations on how such Specially Serviced Mortgage 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 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;

 

(v)   
the status of any foreclosure actions or other proceedings undertaken with respect to the Specially Serviced Mortgage Loan, any
proposed workouts and the status of any negotiations with respect to such workouts, and an assessment of the likelihood of additional
defaults under the related Mortgage Loan or Serviced Whole Loan;

 

(vi)  
a description of any amendment, modification or waiver of a material term of any ground lease (or any space lease or air rights
lease, if applicable) or franchise agreement;

 

(vii) 
the decision that the Special Servicer made, or intends or proposes to make, including a narrative analysis setting forth the
Special Servicer’s rationale for its proposed decision, including its rejection of the alternatives;

 

(viii)
an analysis of whether or not taking such proposed action is reasonably likely to produce a greater recovery on a present value
basis than not taking such action, setting forth (x) the basis on which the Special Servicer made such determination and (y) the
net present value calculation and all related assumptions;

 

(ix)  
the Appraised Value of the related Mortgaged Property (and a copy of the last obtained Appraisal of such Mortgaged Property) together
with a description of any adjustments to the valuation of such Mortgaged Property made by the Special Servicer together with an
explanation of those adjustments; and

  

(x)   
such other information as the Special Servicer deems relevant in light of the Servicing Standard.

 

A
summary of each Final Asset Status Report shall be provided to the Certificate Administrator and the Trustee.

 

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If
within ten (10) Business Days of receiving an Asset Status Report, the Directing Holder does not disapprove such Asset Status
Report in writing or if the Special Servicer makes a determination, in accordance with the Servicing Standard that the disapproval
by the Directing Holder (communicated to the Special Servicer within ten (10) Business Days) is not in the best interest of all
the Certificateholders and the RR Interest Owner (taken as a collective whole), the Special Servicer shall implement the recommended
action as outlined in such Asset Status Report; provided, however, that the Special Servicer may not take any action
that is contrary to applicable law, the Servicing Standard or the terms of the applicable Mortgage Loan documents. If, with respect
to any Mortgage Loan other than an applicable Excluded Loan, prior to the occurrence and continuance of any Control Termination
Event, the Directing Holder disapproves such Asset Status Report within ten (10) Business Days of receipt and the Special Servicer
has not made the affirmative determination described above, 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 Master
Servicer, the Trustee, the Certificate Administrator, the Directing Holder (prior to the occurrence of a Consultation Termination
Event), the Operating Advisor and the 17g-5 Information Provider (which shall promptly post such report on the 17g-5 Information
Provider’s Website in accordance with Section 3.13(c)). With respect to any Mortgage Loan other than an applicable
Excluded Loan, prior to the occurrence and continuance of any Control Termination Event, the Special Servicer shall revise such
Asset Status Report as described above in this Section 3.19(c) until the Directing Holder shall fail to disapprove such
revised Asset Status Report in writing within ten (10) Business Days of receiving such revised Asset Status Report or until the
Special Servicer makes a determination, in accordance with the Servicing Standard, that the disapproval is not in the best interests
of the Certificateholders and the RR Interest Owner (taken as a collective whole); provided that, if the Directing Holder
has not approved the Asset Status Report for a period of sixty (60) Business Days following the first submission of an Asset Status
Report, the Special Servicer may act upon the most recently submitted form of Asset Status Report, if consistent with the applicable
Servicing Standard; provided, however, that such Asset Status Report does not, and is not intended to be, a substitute
for the approvals that are specifically required pursuant to Section 6.08. The procedures described in this paragraph are
collectively referred to as the “Directing Holder Approval Process”. The Special Servicer may, from time
to time, modify any Asset Status Report it has previously delivered and implement such report; provided that such report
shall have been prepared, reviewed and not rejected pursuant to the terms of this Section 3.19(c). Notwithstanding anything
herein to the contrary, with respect to any applicable Excluded Loan related to the Controlling Class Representative, the Master
Servicer, the Special Servicer or the related Excluded Special Servicer, as applicable, shall consult with the Operating Advisor,
on a non-binding basis, in connection with an Asset Status Report for an applicable Excluded Loan which includes a Major Decisions
that it is processing and consider alternative actions recommended by the Operating Advisor, in respect thereof, in accordance
with the procedures set forth in Section 6.08 for consulting with the Operating Advisor.

  

No
direction or disapproval of the Directing Holder hereunder or under a related Co-Lender Agreement or failure of the Directing
Holder to consent to or approve (including any deemed consents or approvals) any request of the Special Servicer, shall (a) require
or cause the Special Servicer to violate the terms of a Specially Serviced Mortgage Loan, applicable law or any provision of this
Agreement, including the Special Servicer’s obligation to act in accordance

 

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 with the Servicing Standard and to maintain
the REMIC status of each Trust REMIC, or (b) result in the imposition of a “prohibited transaction” or “prohibited
contribution” tax under the REMIC Provisions, or (c) expose the Master Servicer, the Special Servicer, the Depositor, the
Operating Advisor, the Mortgage Loan Sellers, the Trust, the Trustee, the Certificate Administrator or their respective officers,
directors, members, employees or agents to any claim, suit or liability or (d) materially expand the scope of the Special Servicer’s,
Trustee’s or the Master Servicer’s responsibilities under this Agreement.

 

Other
than during the continuance of a Control Termination Event, the Special Servicer shall promptly deliver each Final Asset Status
Report to the Operating Advisor after the completion of the Directing Holder Approval Process. The Special Servicer shall notify
the Operating Advisor of whether any Asset Status Report delivered to the Operating Advisor is a Final Asset Status Report, which
notification may be satisfied by (i) delivery of an Asset Status Report that is either signed by the Directing Holder or that
otherwise includes an indication that such Asset Status Report is deemed approved due to the passage of any required consent or
consultation time period or (ii) such other method as reasonably agreed to by the Operating Advisor and the Special Servicer.

 

While
a Control Termination Event is continuing, 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 (i) receipt of such Asset Status Report
or (ii) receipt of such additional information reasonably requested by the Operating Advisor related thereto, and propose possible
alternative courses of action to the extent it determines such alternatives to be in the best interest of the Certificateholders
(including any Certificateholders that are Holders of the Controlling Class Certificates) and the RR Interest Owner, 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 is continuing, the Directing Holder) in connection with the Special
Servicer’s preparation of any Asset Status Report that is provided while a Control Termination Event is continuing. The
Special Servicer may revise the Asset Status Report as it deems necessary to take into account any input and/or comments from
the Operating Advisor (and if no Consultation Termination Event has occurred, the Directing Holder), to the extent the Special
Servicer determines that the Operating Advisor’s and/or Controlling Class Representative’s input and/or recommendations
are consistent with the Servicing Standard and in the best interest of the Certificateholders and the RR Interest Owner as a collective
whole (or, with respect to a Serviced Whole Loan, the best interest of the Certificateholders, the RR Interest Owner and the holder
of the related Companion Loan, as a collective whole (taking into account the pari passu or subordinate nature of such
Companion Loan)). Promptly upon determining whether or not to revise any Asset Status Report to take into account any input and/or
comments from the Operating Advisor or the Directing Holder, the Special Servicer shall deliver to the Operating Advisor and the
Directing Holder the revised Asset Status Report (until a Final Asset Status Report is issued). The procedures described in this
paragraph are collectively referred to as the “ASR Consultation Process.”

  

During
the continuance of a Control Termination Event, the Directing Holder shall have no right to consent to any Asset Status Report
under this Section 3.19. During the continuance of a Control Termination Event but so long as no Consultation Termination
Event is continuing, the Directing Holder (except with respect to any applicable Excluded Loan) and,

 

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 during the continuance of
a Control Termination Event, the Operating Advisor shall consult with the Special Servicer (in person or remotely via electronic,
telephonic or other mutually agreeable communication) and propose alternative courses of action and provide other feedback in
respect of any Asset Status Report. After the occurrence of a Consultation Termination Event (and at any time with respect to
any applicable Excluded Loan), the Directing Holder (other than in its capacity as a Certificateholder) shall have no right to
receive any Asset Status Report or otherwise consult with the Special Servicer with respect to Asset Status Reports and the Special
Servicer shall send the Asset Status Report to the Operating Advisor and shall only be obligated to consult with the Operating
Advisor with respect to any Asset Status Report as described above. The Special Servicer may choose to revise the Asset Status
Report as it deems reasonably necessary in accordance with the Servicing Standard to take into account any input and/or recommendations
of the Operating Advisor or the Directing Holder during the applicable periods described above, but is under no obligation to
follow any particular recommendation of the Operating Advisor or the Directing Holder.

 

The
Special Servicer shall implement the Final Asset Status Report.

 

Notwithstanding
the foregoing, with respect to a Serviced Subordinate Companion Loan, the Special Servicer shall prepare an Asset Status Report
for any Serviced AB Whole Loan, upon it becoming a Specially Serviced Mortgage Loan pursuant to this Agreement and the related
Co-Lender Agreement and prior to the occurrence and continuance of an AB Control Appraisal Period, the Controlling Class Representative
will have no approval rights over any such Asset Status Report, and the consent or approval rights with respect to such Asset
Status Report shall be as set forth in the related Co-Lender Agreement.

 

(e)       
(i) Upon receiving notice of the occurrence of
the events described in clause (v) and (vii) of the definition of Servicing Transfer Event (without regard to the
60-day or 30-day period, respectively, set forth therein), the Master Servicer shall with reasonable promptness give notice thereof,
and shall use its reasonable efforts to provide the Special Servicer with all information relating to the Mortgage Loan or Serviced
Companion Loan and reasonably requested by the Special Servicer to enable it to negotiate with the related Mortgagor. The Master
Servicer shall use its reasonable efforts to comply with the preceding sentence within five (5) Business Days of the occurrence
of each such event.

 

(ii)       
During the continuance of a Control Termination Event, upon receiving notice of the occurrence of an event described in clause
(iv) or (x) of the definition of Servicing Transfer Event (without regard to the 60-day or 30-day period, respectively,
set forth therein), the Master Servicer shall deliver notice thereof to the Operating Advisor at the same time such notice is
provided to the Special Servicer pursuant to clause (i) above.

  

(f)        
Prior to the occurrence and continuance of a
Control Termination Event, no later than two (2) Business Days following the establishment of a Final Asset Status Report with
respect to any Specially Serviced Mortgage Loan (other than any applicable Excluded Loan), the Special Servicer shall deliver
in electronic format to the Directing Holder a draft notice that will include a draft summary of the Final Asset Status Report
(which briefly summarizes such Final Asset Status Report, but shall not include any Privileged Information) (and shall deliver
each Asset Status Report with respect to an AB Mortgage Loan prior to the

 

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 occurrence and continuance of an AB Control Appraisal
Period (to the extent approved by the related AB Whole Loan Controlling Holder), to the Directing Holder). With respect to any
Mortgage Loan other than an applicable Excluded Loan, if, prior to the occurrence and continuance of a Control Termination Event,
within five (5) Business Days of receipt of such draft summary, the Directing Holder approves of, or does not disapprove of such
draft summary, then the Special Servicer shall deliver in electronic format such notice and summary of the Final Asset Status
Report to the Certificate Administrator for posting on the Certificate Administrator’s Website pursuant to Section 3.13(b).
If the Directing Holder affirmatively disapproves of such summary in writing, then within two (2) Business Days of receipt of
such disapproval, the Special Servicer shall revise the summary and deliver such new summary to the Directing Holder until the
Directing Holder approves such draft summary; provided, however, that if the Directing Holder has not approved of
the draft summary of the Final Asset Status Report within twenty (20) Business Days of receipt of the initial draft summary of
the Final Asset Status Report, then the most recent draft summary of the Final Asset Status Report delivered by the Special Servicer
prior to such 20th Business Day shall be deemed to be the final summary of the Final Asset Status Report; provided, further,
however, that if at any time the Special Servicer determines that any affirmative disapproval of such draft summary by
the Directing Holder is not in the best interest of all the Certificateholders and the RR Interest Owner pursuant to the Servicing
Standard, the Special Servicer shall deliver in electronic format such notice and summary of the Final Asset Status Report to
the Certificate Administrator for posting on the Certificate Administrator’s Website pursuant to Section 3.13(b)
notwithstanding such disapproval. The Special Servicer shall promptly deliver (but in any event no later than two (2) Business
Days following its completion) a copy of each Final Asset Status Report to the Operating Advisor. The Special Servicer shall prepare
a summary of any Final Asset Status Report related to any Serviced AB Whole Loan for which the related holder of an AB Subordinate
Companion Loan is not subject to an AB Control Appraisal Period, which Final Asset Status Report has been approved or deemed approved
by the holder of the related AB Subordinate Companion Loan in accordance with the related Co-Lender Agreement (to the extent such
Co-Lender Agreement requires such approval or deemed approval), and deliver in electronic format notice of such final Asset Status
Report and the summary of such Final Asset Status Report to the Certificate Administrator for posting on the Certificate Administrator’s
Website pursuant to Section 3.13(b).

 

(g)       No
provision of this Section 3.19 shall require the Special Servicer to take or refrain from taking any action because of
any proposal, objection or comment by the Operating Advisor or, during the continuance of a Control Termination Event, the Directing
Holder, or a recommendation of the Operating Advisor or, during the continuance of a Control Termination Event, the Directing
Holder.

 

Section
3.20     Sub-Servicing Agreements.  (a)
The Master Servicer may enter into Sub-Servicing Agreements to provide for the performance by third parties of any or all of its
respective obligations hereunder; provided that the Sub-Servicing Agreement as amended or modified: (i) is consistent with
this Agreement in all material respects and requires the Sub-Servicer to comply with all of the applicable conditions of this
Agreement; (ii) provides that if the Master Servicer, shall for any reason no longer act in such capacity hereunder (including,
without limitation, by reason of a Servicer Termination Event), the Trustee or any successor master servicer shall thereupon assume
all of the rights and, except to the extent they arose prior

 

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 to the date of assumption, obligations of such party under such agreement,
or, alternatively, may act in accordance with Section 7.02 hereof under the circumstances described therein (subject to
Section 3.20(g) hereof); (iii) provides that the Trustee (for the benefit of the Certificateholders, the RR Interest Owner
and the related Companion Holder (if applicable)) and the Trustee (as holder of the Lower-Tier Regular Interests) shall be a third
party beneficiary under such Sub-Servicing Agreement, but that (except to the extent the Trustee or its designee assumes the obligations
of such party thereunder as contemplated by the immediately preceding clause (ii)) none of the Trust, the Trustee, the
Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Master Servicer, as applicable, any
successor master servicer or any Certificateholder or the RR Interest Owner (or the related Companion Holder, if applicable) shall
have any duties under such Sub-Servicing Agreement or any liabilities arising therefrom; (iv) permits any purchaser of a Mortgage
Loan pursuant to this Agreement to terminate such Sub-Servicing Agreement with respect to such purchased Mortgage Loan at its
option and without penalty; provided, however, that the Initial Sub-Servicing Agreements may only be terminated
by the Trustee or its designees as contemplated by Section 3.20(g) hereof and in such additional manner and by such other
Persons as is provided in such Sub-Servicing Agreement; (v) does not permit the Sub-Servicer any direct rights of indemnification
that may be satisfied out of assets of the Trust; (vi) does not permit the Sub-Servicer to modify any Mortgage Loan unless and
to the extent the Master Servicer is permitted hereunder to modify such Mortgage Loan; (vii) with respect to any Sub-Servicing
Agreement entered into after the Closing Date, if such Sub-Servicer is a Servicing Function Participant or an Additional Servicer,
such Sub-Servicer, at the time the related Sub-Servicing Agreement is entered into, is not a Prohibited Party and (viii) provides
that the Sub-Servicer shall be in default under the related Sub-Servicing Agreement and such Sub-Servicing Agreement shall be
terminated (following the expiration of any applicable grace period) if the Sub-Servicer fails (A) to deliver by the due date
any Exchange Act reporting items required to be delivered to the Master Servicer under Article XI or under the Sub-Servicing
Agreement or to the master servicer under any other pooling and servicing agreement that the Depositor is a party to, (B) to perform
in any material respect any of its covenants or obligations contained in the Sub-Servicing Agreement regarding creating, obtaining
or delivering any Exchange Act reporting items required for any party to this Agreement to perform its obligations under Article
XI or under the Exchange Act reporting items required under any other pooling and servicing agreement that the Depositor is
a party to or (C) to perform other covenants and obligations set forth in such Sub-Servicing Agreement in accordance with the
terms of such Sub-Servicing Agreement. Any successor master servicer hereunder shall, upon becoming successor master servicer
be assigned and may assume any Sub-Servicing Agreements from the predecessor Master Servicer (subject to Section 3.20(g)
hereof). In addition, each Sub-Servicing Agreement entered into by the Master Servicer may but need not provide that the obligations
of the Sub-Servicer thereunder may terminate with respect to any Mortgage Loan serviced thereunder at the time such Mortgage Loan
becomes a Specially Serviced Mortgage Loan; provided, however, that the Sub-Servicing Agreement may provide (if
the Sub-Servicing Agreement provides for Advances by the Sub-Servicer, although it need not so provide) that the Sub-Servicer
will continue to make all Advances and calculations and prepare all reports required under the Sub-Servicing Agreement with respect
to Specially Serviced Mortgage Loans and continue to collect its Primary Servicing Fees as if no Servicing Transfer Event had
occurred and with respect to REO Properties (and the related REO Loans) as if no REO Acquisition had occurred and to render such
incidental services with respect to such

 

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 Specially Serviced Mortgage Loans and REO Properties as are specifically provided for
in such Sub-Servicing Agreement. The Master Servicer shall deliver to the Trustee copies of all Sub-Servicing Agreements, and
any amendments thereto and modifications thereof, entered into by it, in each case promptly upon its execution and delivery of
such documents. References in this Agreement to actions taken or to be taken by the Master Servicer include actions taken or to
be taken by a Sub-Servicer on behalf of the Master Servicer; and, in connection therewith, all amounts advanced by any Sub-Servicer
(if the Sub-Servicing Agreement provides for Advances by the Sub-Servicer, although it need not so provide) to satisfy the obligations
of the Master Servicer hereunder to make Advances shall be deemed to have been advanced by the Master Servicer out of its own
funds and, accordingly, in such event, such Advances shall be recoverable by such Sub-Servicer in the same manner and out of the
same funds as if such Sub-Servicer were the Master Servicer, and, for so long as they are outstanding, such Advances shall accrue
interest in accordance with Section 3.03(d), such interest to be allocable between the Master Servicer and such Sub-Servicer
as may be provided (if at all) pursuant to the terms of the Sub-Servicing Agreement. For purposes of this Agreement, the Master
Servicer shall be deemed to have received any payment when a Sub-Servicer retained by it receives such payment. The Master Servicer
shall notify the Special Servicer, the Trustee and the Depositor (and the Special Servicer shall notify the Operating Advisor)
in writing promptly of the appointment by it of any Sub-Servicer, except that the Master Servicer need not provide such notice
as to the Initial Sub-Servicing Agreements.

 

(b)       
Each Sub-Servicer shall be authorized to transact
business in the state or states in which the related Mortgaged Properties it is to service are situated, if and to the extent
required by applicable law to the extent necessary to ensure the enforceability of the related Mortgage Loans or the compliance
with its obligations under the Sub-Servicing Agreement and the Master Servicer’s obligations under this Agreement.

 

(c)       
As part of its servicing activities hereunder,
the Master Servicer for the benefit of the Trustee, the Certificateholders and the RR Interest Owner, shall (at no expense to
the Trustee, the Certificateholders, the RR Interest Owner or the Trust) monitor the performance and enforce the obligations of
each Sub-Servicer under the related Sub-Servicing Agreement, except that the Master Servicer shall be required only to use reasonable
efforts to cause any Initial Sub-Servicer to comply with the requirements of Article XI hereof. Such enforcement, including,
without limitation, the legal prosecution of claims, termination of Sub-Servicing Agreements in accordance with their respective
terms and the pursuit of other appropriate remedies, shall be in such form and carried out to such an extent and at such time
as is in accordance with the Servicing Standard. The Master Servicer shall have the right to remove a Sub-Servicer retained by
it (other than any Sub-Servicer retained by it at the request of a Mortgage Loan Seller, which is only removable for cause) at
any time it considers removal to be in the best interests of Certificateholders and the RR Interest Owner in accordance with the
terms of the related Sub-Servicing Agreement.

  

(d)       
In the event the Trustee or its designee becomes
successor master servicer and assumes the rights and obligations of the Master Servicer under any Sub-Servicing Agreement, the
Master Servicer, at its expense, shall deliver to the assuming party all documents and records relating to such Sub-Servicing
Agreement and the Mortgage Loans and, if applicable, the Companion Loans then being serviced thereunder and an accounting of

 

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amounts
collected and held on behalf of it thereunder, and otherwise use reasonable efforts to effect the orderly and efficient transfer
of the Sub-Servicing Agreement to the assuming party.

 

(e)       
Notwithstanding the provisions of any Sub-Servicing
Agreement and this Section 3.20, except to the extent provided in Article XI with respect to the obligations of
any Sub-Servicer that is an Initial Sub-Servicer, the Master Servicer shall remain obligated and responsible to the Trustee, the
Special Servicer, holders of the Companion Loans serviced hereunder, the Certificateholders and the RR Interest Owner for the
performance of its 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 it alone were servicing and administering the Mortgage Loans for which it is responsible,
and the Master Servicer shall pay the fees of any Sub-Servicer thereunder as and when due from its own funds. In no event shall
the Trust bear any termination fee required to be paid to any Sub-Servicer as a result of such Sub-Servicer’s termination
under any Sub-Servicing Agreement.

 

(f)        
The Trustee, upon the request of the Master Servicer,
shall furnish to any Sub-Servicer any documents necessary or appropriate to enable such Sub-Servicer to carry out its servicing
and administrative duties under any Sub-Servicing Agreement.

 

(g)       
Each Sub-Servicing Agreement shall provide that,
in the event the Trustee or any other Person becomes successor master servicer, the Trustee or such successor master servicer
shall have the right to terminate such Sub-Servicing Agreement with or without cause and without a fee. Notwithstanding the foregoing
or any other contrary provision in this Agreement, the Trustee and any successor master servicer shall assume each Initial Sub-Servicing
Agreement and (i) the Initial Sub-Servicer’s rights and obligations under the Initial Sub-Servicing Agreement shall expressly
survive a termination of the Master Servicer’s servicing rights under this Agreement; provided that the Initial
Sub-Servicing Agreement has not been terminated in accordance with its provisions; (ii) any successor master servicer, including,
without limitation, the Trustee (if it assumes the servicing obligations of the Master Servicer) shall be deemed to automatically
assume and agree to the then-current Initial Sub-Servicing Agreement without further action upon becoming the successor master
servicer and (iii) this Agreement may not be modified in any manner which would increase the obligations or limit the rights of
the Initial Sub-Servicer hereunder and/or under the Initial Sub-Servicing Agreement, without the prior written consent of the
Initial Sub-Servicer (which consent shall not be unreasonably withheld).

 

(h)       
With respect to a Mortgage Loan subject to a
Sub-Servicing Agreement with the Master Servicer, the Special Servicer shall, upon request (such request to be made reasonably
in advance as appropriate to the circumstances surrounding such request) of the related Sub-Servicer, reasonably cooperate in
delivering reports and information, including remittance information, and affording access to information to the related Sub-Servicer
that would be required to be delivered or afforded, as the case may be, to the Master Servicer pursuant to the terms hereof.

  

(i)        
Notwithstanding anything to the contrary herein,
no Sub-Servicer shall be permitted under any Sub-Servicing Agreement to make material servicing decisions, such as loan modifications
or determinations as to the manner or timing of enforcing remedies under the

 

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 Mortgage Loan documents without the consent of the
Master Servicer. The Master Servicer’s consent may also be required for certain other servicing decisions as provided in
the related Sub-Servicing Agreement.

 

Section
3.21     Interest Reserve Account. (a) On the Master Servicer Remittance Date occurring
in each February and in any January that occurs in a year that is not a leap year (in each case, unless the related Distribution
Date is the final Distribution Date), the Certificate Administrator, in respect of the Actual/360 Mortgage Loans, shall deposit
into the Interest Reserve Account, an amount equal to one (1) day’s interest on the Stated Principal Balance of the Actual/360
Mortgage Loans as of the Due Date occurring in the month preceding the month in which Master Servicer Remittance Date occurs at
the related Net Mortgage Rate, to the extent a full Periodic Payment or P&I Advance is made in respect thereof (all amounts
so deposited in any consecutive February and January, “Withheld Amounts”).

 

(b)       
On each Master Servicer 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 (if applicable) and February,
if any, and deposit such amount into the Lower-Tier REMIC Distribution Account.

 

Section
3.22     Directing Holder and Operating Advisor Contact with Master Servicer and Special Servicer. Within
a reasonable time upon request from the Directing Holder or the Operating Advisor, as applicable, and no more often than on a
monthly basis, each of the Master Servicer and the Special Servicer shall, without charge, make a knowledgeable Servicing Officer
via telephone available to verbally answer questions from (a) ((i) prior to the occurrence of a Consultation Termination Event
and (ii) other than with respect to any applicable Excluded Loan) the Directing Holder and (b) the Operating Advisor (with respect
to the Special Servicer only), regarding the performance and servicing of the Mortgage Loans and/or REO Properties for which the
Master Servicer or the Special Servicer, as the case may be, is responsible.

 

Section
3.23     Controlling Class Certificateholders and the Controlling Class Representative and the Risk Retention
Consultation Parties; Certain Rights and Powers of Directing Holder and Risk Retention Consultation Parties. (a)
Each Controlling Class Certificateholder is hereby deemed to have agreed by virtue of its purchase of a Certificate to provide
its name and address to the Certificate Administrator and to notify the Master Servicer, the Certificate Administrator, the Special
Servicer and the Operating Advisor of the Transfer of any Certificate of a Controlling Class by delivering a notice to each such
Person substantially in the form of Exhibit MM attached hereto, the selection of a Controlling Class Representative or
the resignation or removal thereof. The Controlling Class Representative is hereby deemed to have agreed by virtue of its purchase
of a Certificate to notify the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Operating
Advisor when such Certificateholder is appointed Controlling Class Representative and when it is removed or resigns. To the extent
there is only one Controlling Class Certificateholder and it is also the Special Servicer, it shall be the Controlling Class Representative.

 

On
the Closing Date, the initial Controlling Class Representative shall execute a certification substantially in the form of Exhibit
P-1G to this Agreement. Upon the resignation or

 

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removal of the existing Controlling Class Representative, any successor Controlling
Class Representative shall execute and deliver to the parties to this Agreement a certification substantially in the form of Exhibit
P-1G to this Agreement prior to being recognized as the new Controlling Class Representative. On the Closing Date, each initial
Risk Retention Consultation Party shall execute a certification substantially in the form of Exhibit P-1H to this Agreement.
Upon the resignation or removal of any existing Risk Retention Consultation Party, any successor Risk Retention Consultation Party
shall execute and deliver to the parties to this Agreement a certification substantially in the form of Exhibit P-1H to
this Agreement prior to being recognized as the new Risk Retention Consultation Party.

 

Once
a Controlling Class Representative has been selected, each of the Master Servicer, the Special Servicer, the Depositor, the Trustee,
the Certificate Administrator, the Operating Advisor and each other Certificateholder (or Certificate Owner, if applicable) and
the RR Interest Owner shall be entitled to rely on such selection unless the Controlling Class Certificateholders entitled to
appoint the Controlling Class Representative, by Certificate Balance, or such Controlling Class Representative shall have notified
the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor and each other Controlling
Class Certificateholder, in writing, of the resignation of such Controlling Class Representative or the selection of a new Controlling
Class Representative. Upon the resignation of a Controlling Class Representative, the Certificate Administrator shall request
the Controlling Class Certificateholders to select a new Controlling Class Representative. In the event that (i) the Master Servicer,
the Certificate Administrator, the Special Servicer, the Trustee or the Operating Advisor receives written notice from a majority
of the Controlling Class Certificateholders that a Controlling Class Representative is no longer designated and (ii) the Controlling
Class Certificateholder that owns the largest aggregate Certificate Balance of the Controlling Class (or a representative thereof)
becomes the Controlling Class Representative pursuant to the proviso of the definition of “Controlling Class Representative”,
then the Controlling Class Certificateholder that owns the largest aggregate Certificate Balance of the Controlling Class (or
its representative) shall provide its name and address to the Certificate Administrator and notify the Master Servicer, the Certificate
Administrator, the Special Servicer, the Trustee and the Operating Advisor that it is the new Controlling Class Representative;
provided that the Master Servicer, the Certificate Administrator, the Special Servicer, the Trustee and the Operating Advisor
shall be entitled to rely on the written notification provided by the purported Controlling Class Certificateholder that owns
the largest aggregate Certificate Balance of the Controlling Class without independently verifying that such Controlling Class
Certificateholder actually owns the largest aggregate Certificate Balance of the Controlling Class. Additionally, once a Risk
Retention Consultation Party has been selected, each of the Master Servicer, the Special Servicer, the Depositor, the Trustee,
the Certificate Administrator, the Operating Advisor and each other Certificateholder (or Certificate Owner, if applicable) and
the RR Interest Owner shall be entitled to rely on such selection unless an RR Interest Owner shall have notified the Master Servicer,
the Special Servicer, the Trustee, the Certificate Administrator and the Operating Advisor, in writing, of the selection of a
new Risk Retention Consultation Party.

  

(b)       
Until it receives notice to the contrary, each
of the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor and the Trustee shall be entitled
to rely on the most recent notification with respect to the identity of the Controlling

 

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Class Certificateholder and the Controlling
Class Representative and the Risk Retention Consultation Parties.

 

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

 

(d)       
Upon request, the Certificate Administrator shall
deliver to the Depositor, Trustee, the Special Servicer, the Operating Advisor, the Master Servicer and, prior to the occurrence
of a Consultation Termination Event, the Controlling Class Representative, a list of each Controlling Class Certificateholder
as reflected in the Certificate Registrar, including names and addresses at the expense of the Trust. In addition to the foregoing,
within five (5) Business Days of receiving notice of the selection of a new Controlling Class Representative or Risk Retention
Consultation Party or the existence of a new Controlling Class Certificateholder, the Certificate Administrator shall notify the
Trustee, the Operating Advisor, the Master Servicer and the Special Servicer. Notwithstanding the foregoing, LD II Holdco X, LLC,
shall be the initial Controlling Class Representative and shall remain so until a successor is appointed pursuant to the terms
of this Agreement or until a Consultation Termination Event occurs and is continuing, and (b) GSMC and CREFI shall be the initial
Risk Retention Consultation Parties and shall remain so until a successor is appointed pursuant to the terms of this Agreement.

 

Until
it receives notice to the contrary, each of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate
Administrator and the Trustee shall be entitled to rely on the preceding sentence with respect to the identity of the Controlling
Class Representative and the Risk Retention Consultation Parties.

 

(e)       
If to the extent the Certificate Administrator
determines that a Class of Book-Entry Certificates is the Controlling Class, the Certificate Administrator shall notify the related
Certificateholders of such Class (through the Depository) of the Class becoming the Controlling Class.

  

(f)        
Each Certificateholder acknowledges and agrees,
by its acceptance of its Certificates, that: (i) the Directing Holder may have special relationships and interests that conflict
with those of Holders of one or more Classes of Certificates or the RR Interest Owner; (ii) the Directing Holder may act solely
in the interests of the Holders of the Controlling Class; (iii) the Directing Holder does not have any liability or duties to
the Certificateholders other than the Controlling Class; (iv) the Directing Holder may take actions that favor interests of the
Holders of the Controlling Class over the interests of the other Certificateholders; and (v) the Directing Holder shall have no
liability whatsoever (other than to a Controlling Class Certificateholder, to the extent the Controlling Class Representative
is the Directing Holder) for having so acted, and no Certificateholder may take any action whatsoever against

 

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the Directing Holder
or any director, officer, employee, agent or principal of the Directing Holder for having so acted.

 

Each
Certificateholder acknowledges and agrees, by its acceptance of its Certificates, that: (i) each Risk Retention Consultation Party
may have special relationships and interests that conflict with those of Holders of one or more Classes of Certificates; (ii)
each Risk Retention Consultation Party may act solely in the interest of a VRR Interest Owner; (iii) each Risk Retention Consultation
Party does not have any liability or duties to the Certificateholders; (iv) each Risk Retention Consultation Party may take actions
that favor interests of the Certificateholders of one or more classes or the RR Interest Owner over the interests of the Certificateholders
of one or more other Classes of Certificates; and (v) each Risk Retention Consultation Party shall have no liability whatsoever
(other than to the related VRR Interest Owner) for having so acted as set forth in clauses (i) through (iv) above,
and no Certificateholder may take any action whatsoever against a Risk Retention Consultation Party or any director, officer,
employee, agent or principal of a Risk Retention Consultation Party for having so acted.

 

(g)       
All requirements of the Master Servicer and the
Special Servicer to provide notices, reports, statements or other information (including the access to information on a website)
to the Directing Holder contained in this Agreement shall also apply to each Companion Holder with respect to information relating
to the related Serviced AB Whole Loan or a Serviced Whole Loan, as applicable; provided, however, that nothing in
this subsection (g) shall in any way eliminate the obligation to deliver any information required to be delivered under
the related Co-Lender Agreement.

 

(h)       
Until it receives notice to the contrary, each
of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor shall be entitled
to rely on the most recent notification with respect to the identity and contact information of the Controlling Class Certificateholder,
the Directing Holder, the Risk Retention Consultation Parties and any AB Whole Loan Controlling Holder.

 

(i)        
With respect to a Serviced Whole Loan and any
approval and consent rights in this Agreement with respect to such Serviced Whole Loan, the related Serviced Whole Loan Controlling
Holder shall exercise such rights in accordance with the related Co-Lender Agreement.

 

(j)        
The Certificate Registrar shall determine which
Class of Control Eligible Certificates is the then-current Controlling Class within two (2) Business Days of a request from the
Master Servicer, the Special Servicer, Certificate Administrator, Trustee, or any Certificateholder and provide such information
to the requesting party.

  

(k)       
At any time when the Class F Certificates are
the Controlling Class Certificates, the Holder of more than 50% of the Controlling Class Certificates (by Certificate Balance)
may waive its right to act as or appoint a Controlling Class Representative and to exercise any of the rights of the Controlling
Class Representative or cause the exercise of any of the rights of the Controlling Class Representative set forth in this Agreement,
by irrevocable written notice delivered to the Depositor, the Certificate Administrator (which shall be via e-mail to trustadministrationgroup@wellsfargo.com),
the Trustee, the Master Servicer,

 

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the Special Servicer and the Operating Advisor. Any such waiver will remain effective with respect
to such Holder and the Class F Certificates until such time as that Certificateholder has (i) sold a majority of the Class F Certificates
(by Certificate Balance) to an unaffiliated third party and (ii) certified to the Depositor, the Certificate Administrator, the
Trustee, the Master Servicer, the Special Servicer and the Operating Advisor that (a) the Transferor retains no direct or indirect
voting rights with respect to the Class F Certificates that it does not own, (b) there is no voting agreement between the Transferee
and the Transferor and (c) the Transferor retains no direct or indirect economic interest in the Class F Certificates. Following
any such Transfer, the successor holder of more than 50% of the Class F Certificateholders (by Certificate Balance), if the Class
F Certificates are the Controlling Class Certificates, will again have the rights of the Controlling Class Representative as described
herein without regard to any prior waiver by the predecessor Certificateholder. Such successor Certificateholder will also have
the right to irrevocably waive its right to act as or appoint a Controlling Class Representative or to exercise any of the rights
of the Controlling Class Representative or cause the exercise of any of the rights of the Controlling Class Representative. No
such successor Certificateholder described above in this paragraph will have any consent rights with respect to any Mortgage Loan
that became a Specially Serviced Mortgage Loan prior to its acquisition of a majority of the Class F Certificates that had not
also become a Corrected Loan prior to such acquisition until such Mortgage Loan becomes a Corrected Loan.

 

Whenever
such an “opt-out” by a Controlling Class Certificateholder is in effect, a Consultation Termination Event will be
deemed to have occurred and continue; and the rights of the Holder of more than 50% of the Class F Certificates (by Certificate
Balance), if they are the Controlling Class Certificates, to act as or appoint a Controlling Class Representative and the rights
of the Controlling Class Representative will not be operative (notwithstanding whether a Control Termination Event or a Consultation
Termination Event is or would otherwise then be in effect).

 

(l)        
Promptly upon its determination of a change in
the Controlling Class, the Certificate Administrator shall (i) include on its statement made available pursuant to Section
4.02(a) of this Agreement the identity of the new Controlling Class and (ii) provide to the Master Servicer, the Special Servicer
and the Operating Advisor notice of such event and the identity and contact information of the new Controlling Class Certificateholder
(the cost of obtaining such information from DTC being an expense of the Trust). The Certificate Administrator shall notify the
Operating Advisor and the Special Servicer within ten (10) Business Days of the existence or cessation of (i) any Control Termination
Event or (ii) any Consultation Termination Event. Upon the Certificate Administrator’s determination that a Control Termination
Event or a Consultation Termination Event has occurred or is terminated, the Certificate Administrator shall, within ten (10)
Business Days, post a “special notice” on the Certificate Administrator’s Website pursuant to this provision.

  

In
the event that a Control Termination Event has occurred due to a reduction of the Certificate Balance of the Class F Certificates
(taking into account the application of any Appraisal Reduction Amounts to notionally reduce the Certificate Balance of such Class
in accordance with Section 4.05(a) hereof) to less than 25% of the Original Certificate Balance thereof, such special notice
shall state “A Control Termination Event has occurred due to the

 

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reduction of the Certificate Balance of the Class F Certificates
to less than 25% of the Original Certificate Balance thereof.”

 

In
the event that a Control Termination Event or Consultation Termination Event has occurred due to the irrevocable waiver by a Class
F Certificateholder who has become the Controlling Class Certificateholder of its right to appoint a Controlling Class Representative
or to exercise any of the rights of the Controlling Class Certificateholder, such special notice shall state “A Control
Termination Event and a Consultation Termination Event has occurred due to the irrevocable waiver by the Controlling Class Certificateholder
of its rights as Controlling Class Certificateholder.”

 

In
the event that a Consultation Termination Event has occurred due to the reduction of each Class of Control Eligible Certificates
below 25% of its Original Certificate Balance, in each case without regard to the application of any Cumulative Appraisal Reduction
Amounts, such special notice shall state: “A Consultation Termination Event has occurred because no Class of Control Eligible
Certificates exists where such Class’s aggregate Certificate Balance is at least equal to 25% of the Original Certificate
Balance of that Class, in each case without regard to the application of any Cumulative Appraisal Reduction Amounts.”

 

In
the event of any transfer of a Class F Certificate, and upon notice to the Certificate Administrator in the form of Exhibit
MM that results in a termination of a Control Termination Event or a Consultation Termination Event, such “special
notice” shall state: “A Consultation Termination Event or a Control Termination Event has been terminated and is
no longer in effect due to a Transfer of a majority interest of the Controlling Class Certificates to an unaffiliated third party
which has terminated any waiver by the prior Holder.”

 

With
respect to any applicable Excluded Loan, the Directing Holder (or, if the Directing Holder is the Controlling Class Representative,
any Controlling Class Certificateholder) will not have any consent or consultation rights with respect to the servicing of such
Excluded Loan and a Control Termination Event and Consultation Termination Event will be deemed to have occurred with respect
to such Excluded Loan.

 

Each
Risk Retention Consultation Party shall not have any consultation rights with respect to any Mortgage Loan determined to be an
applicable Excluded Loan as to such party.

 

Section
3.24     Co-Lender Agreements.  (a) Each of the Master Servicer and Special Servicer acknowledges
and agrees that each Serviced Whole Loan being serviced under this Agreement and each Mortgage Loan with mezzanine debt is subject
to the terms and provisions of the related Co-Lender Agreement and each agrees to service each such Serviced Whole Loan and each
Mortgage Loan with mezzanine debt in accordance with the related Co-Lender Agreement and this Agreement, including, without limitation,
effecting distributions and allocating reimbursement of expenses in accordance with the related Co-Lender Agreement and, in the
event of any conflict between the provisions of this Agreement and the related Co-Lender Agreement, the related Co-Lender Agreement
shall govern. Notwithstanding anything contrary in this Agreement, each of the Master Servicer and Special Servicer agrees not
to take any action with respect to a Serviced Whole Loan or a Mortgage Loan with mezzanine debt or the related

 

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Mortgaged Property without the prior consent of the related Companion Holder or mezzanine
lender, as applicable, to the extent that the related Co-Lender Agreement provides that such Companion Holder or mezzanine lender,
as applicable, is required or permitted to consent to such action. Each of the Master Servicer and Special Servicer acknowledges
and agrees that each Companion Holder and each mezzanine lender or its respective designee has the right to purchase the related
Mortgage Loan pursuant to the terms and conditions of this Agreement and the related Co-Lender Agreement to the extent provided
for therein. All parties hereto further acknowledge and agree that any AB Whole Loan Controlling Holder will have the right to
replace the Special Servicer solely with respect to the related Serviced AB Whole Loan and shall be entitled to exercise all approval
rights of the Directing Holder regarding any Asset Status Report in respect of the Mortgage Loan or related REO Property, without
regard to the occurrence of any Control Termination Event or Consultation Termination Event with respect to the related Serviced
AB Whole Loan, to the extent provided for herein and in the related Co-Lender Agreement.

 

(b)       
Neither the Master Servicer nor the Special Servicer
shall have any liability for any cost, claim or damage that arises from any entitlement in favor of a Companion Holder or a mezzanine
lender under the related Co-Lender Agreement or conflict between the terms of this Agreement and the terms of such Co-Lender Agreement.
Notwithstanding any provision of any Co-Lender Agreement that may otherwise require the Master Servicer or the Special Servicer
to abide by any instruction or direction of a Companion Holder or a mezzanine lender, neither the Master Servicer nor the Special
Servicer shall be required to comply with any instruction or direction the compliance with which requires an Advance that constitutes
or would constitute a Nonrecoverable Advance. In no event shall any expense arising from compliance with a Co-Lender Agreement
constitute an expense to be borne by the Master Servicer or the Special Servicer for its own account without reimbursement. In
no event shall the Master Servicer or the Special Servicer be required to consult with or obtain the consent of any Companion
Holder or a mezzanine lender unless such Companion Holder or mezzanine lender has delivered notice of its identity and contact
information to each of the parties to this Agreement (upon which notice each of the parties to this Agreement shall be conclusively
entitled to rely). As of the Closing Date, the contact information for the Companion Holders and mezzanine lenders is as set forth
in the related Co-Lender Agreement or mezzanine intercreditor agreement, as applicable, or as otherwise set forth in Section
13.05. In no event shall the Master Servicer or the Special Servicer, as the case may be, be required to consult with or obtain
the consent of a new Controlling Class Representative or consult with a new Risk Retention Consultation Party or a new Controlling
Class Certificateholder unless the Certificate Administrator has delivered notice to the Master Servicer or the Special Servicer,
as applicable, as required under Section 3.23(d) or the Master Servicer or the Special Servicer, as applicable, have actual
knowledge of the identity and contact information of a new Controlling Class Representative or a new Controlling Class Certificateholder
or a new Risk Retention Consultation Party.

  

(c)       
No direction or disapproval of the Companion
Holders or any mezzanine lender shall (a) require or cause the Master Servicer or the Special Servicer to violate the terms of
a Mortgage Loan or Serviced Companion Loan, applicable law or any provision of this Agreement, including the Master Servicer’s
or the Special Servicer’s obligation to act in accordance with the Servicing Standard and to maintain the REMIC status
of each Trust

 

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REMIC, (b) result in the imposition of a “prohibited transaction” or “prohibited contribution”
tax under the REMIC Provisions or (c) materially expand the scope of the Special Servicer’s, Trustee’s, the Certificate
Administrator’s or the Master Servicer’s responsibilities under this Agreement.

 

(d)       
With respect to any Serviced Pari Passu Companion
Loan, notwithstanding any rights the Operating Advisor or the Controlling Class Representative or a Risk Retention Consultation
Party hereunder may have to consult with respect to any action or other matter with respect to the servicing of such Companion
Loan, to the extent the related Co-Lender Agreement provides that such right is exercisable by the related Companion Holder or
is exercisable in conjunction with any related Companion Holder, the Controlling Class Representative or a Risk Retention Consultation
Party shall not be permitted to exercise such right or, to the extent provided in the related Co-Lender Agreement, shall be required
to exercise such right in conjunction with the related Companion Holder, as applicable (except to the extent that the Controlling
Class Representative or a Risk Retention Consultation Party is the related Serviced Whole Loan Controlling Holder). Additionally,
notwithstanding anything in this Agreement to the contrary, the Master Servicer or the Special Servicer, as the case may be, shall
consult, seek the approval or obtain the consent of the holder of any Serviced Companion Loan with respect to any matters with
respect to the servicing of such Companion Loan to the extent required under related Co-Lender Agreement and shall not take such
actions requiring consent of the related Companion Holder without such consent. In addition, notwithstanding anything to the contrary,
the Master Servicer or the Special Servicer, as the case may be, shall deliver reports and notices to the related Companion Holder
as required under the Co-Lender Agreement.

  

(e)       
Notwithstanding anything in this Agreement to
the contrary, the Master Servicer or the Special Servicer, as the case may be, shall be required (i) to provide copies of any
notice, information and report that it is required to provide to the Controlling Class Certificateholder pursuant to this Agreement
with respect to any Major Decisions or the implementation of any recommended actions outlined in an Asset Status Report relating
to a Serviced Whole Loan, to the related Companion Holder, within the same time frame it is required to provide to the Controlling
Class Certificateholder (for this purpose, without regard to whether such items are actually required to be provided to the Controlling
Class Certificateholder under this Agreement due to the occurrence of a Control Termination Event or a Consultation Termination
Event) and (ii) to consult with any related Companion Holder on a strictly non-binding basis, to the extent having received such
notices, information and reports, such related Companion Holder requests consultation with respect to any such Major Decisions
or the implementation of any recommended actions outlined in an Asset Status Report relating to a Serviced Whole Loan, and consider
alternative actions recommended by such related Companion Holder; provided that after the expiration of a period of ten
(10) Business Days from the delivery to such related Companion Holder by the Master Servicer or the Special Servicer, as the case
may be, of written notice of a proposed action, together with copies of the notice, information and report required to be provided
to the Controlling Class Certificateholder, the Master Servicer or the Special Servicer, as the case may be, shall no longer be
obligated to consult with such related Companion Holder, whether or not such related Companion Holder has responded within such
ten (10) Business Day period (unless, such Master Servicer or Special Servicer proposes a new course of action that is materially
different

 

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from the action previously proposed, in which case such ten (10) Business Day period shall be deemed to begin anew from
the date of such proposal and delivery of all information relating thereto). Notwithstanding the non-binding consultation rights
of the related Companion Holder set forth in the immediately preceding sentence, such Master Servicer or Special Servicer may
make any Major Decision or take any action set forth in the Asset Status Report before the expiration of the aforementioned ten
(10) Business Day period if such Master Servicer or Special Servicer determines that immediate action with respect thereto is
necessary to protect the interests of the Certificateholders, the RR Interest Owner and the related Companion Holder. In no event
shall the Master Servicer or the Special Servicer be obligated at any time to follow or take any alternative actions recommended
by the related Companion Holder.

 

(f)        
In addition to the consent and non-binding consultation
rights of the holder of a Serviced Pari Passu Companion Loan provided in the immediately preceding paragraph, such Companion Holder
shall have the right to attend (in person or telephonically, in the discretion of the Master Servicer or Special Servicer, as
the case may be) annual meetings with the Master Servicer or the Special Servicer at the offices of the Master Servicer or the
Special Servicer, as applicable, upon reasonable notice and at times reasonably acceptable to the Master Servicer or the Special
Servicer, as applicable, in which servicing issues related to the related Whole Loan are discussed.

 

(g)       
With respect to any Serviced Whole Loan, the
Special Servicer shall not modify, waive or amend the terms of the related Co-Lender Agreement such that the monthly remittance
to the holder of the related Companion Loan is required earlier than two (2) Business Days after receipt by the Master Servicer
of properly identified and available funds constituting the related Periodic Payment without the consent of the Master Servicer.

 

Section
3.25     Rating Agency Confirmation.  (a) Notwithstanding the terms of any related Mortgage
Loan documents or other provisions of this Agreement, if any action under any Mortgage Loan documents or this Agreement requires
Rating Agency Confirmation as a condition precedent to such action, if the party (the “RAC
Requesting Party”) required to obtain such Rating Agency Confirmation from each Rating Agency has made a request
to any Rating Agency for such Rating Agency Confirmation and, within ten (10) Business Days of the Rating Agency Confirmation
request being posted to the 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or
has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement
for Rating Agency Confirmation, then such RAC Requesting Party shall be required to confirm (through direct communication and
not by posting any confirmation on the 17g-5 Information Provider’s Website) that the applicable Rating Agency has received
the Rating Agency Confirmation request, and, if it has not, promptly request the related Rating Agency Confirmation again. The
circumstances described in the preceding sentence are referred to in this Agreement as a “RAC
No-Response Scenario.” Once the RAC Requesting Party has sent a request for a Rating Agency Confirmation to
the 17g-5 Information Provider, such RAC Requesting Party may, but shall not be obligated to, send such request directly to the
Rating Agencies in accordance with the procedure and timeframes set forth in Section 13.10(d).

  

If
there is no response to such Rating Agency Confirmation request within five (5) Business Days of such second request in a RAC
No-Response Scenario or if such Rating

 

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Agency has responded in a manner that indicates such Rating Agency is neither reviewing
such request nor waiving the requirement for Rating Agency Confirmation, then (x) with respect to any condition in any Mortgage
Loan document requiring such Rating Agency Confirmation or with respect to any other matter under this Agreement relating to the
servicing of the Mortgage Loans (other than as set forth in clause (y) below), the requirement to obtain a Rating Agency
Confirmation shall be deemed not to apply (as if such requirement did not exist) with respect to such Rating Agency and the Master
Servicer or the Special Servicer, as the case may be, may then take such action if the Master Servicer or the Special Servicer,
as applicable, confirms its original determination (made prior to making such request) that taking the action with respect to
which it requested the Rating Agency Confirmation would still be consistent with the Servicing Standard, and (y) with respect
to a replacement of the Master Servicer or the Special Servicer, such condition shall be deemed not to apply (as if such requirement
did not exist) if (i) the applicable replacement master servicer or special servicer is rated at least “CMS3” (in
the case of the master servicer) or “CSS3” (in the case of the special servicer), if Fitch is the non-responding
Rating Agency, (ii) KBRA has not cited servicing concerns of the applicable replacement master servicer or special servicer, as
applicable, as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch
status” in contemplation of a ratings downgrade or withdrawal) of securities in any other commercial mortgage-backed securitization
transaction serviced by the applicable replacement master servicer or special servicer prior to the time of determination, if
KBRA is the non-responding Rating Agency or (iii) it is listed on S&P’s Select Servicer List as a U.S. Commercial Mortgage
Master Servicer or U.S. Commercial Mortgage Special Servicer, as applicable, if S&P is the non-responding Rating Agency.

 

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

  

Promptly
following the Master Servicer’s or the Special Servicer’s determination to take any action discussed in this Section
3.25(a) following any requirement to obtain a Rating Agency Confirmation being deemed not to apply (as if such requirement
did not exist), the Master Servicer or the Special Servicer, as applicable, shall provide electronic written notice to the 17g-5
Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall promptly
post such notice on the 17g-5 Information Provider’s Website in accordance with Section 3.13(c).

 

(b)       
Notwithstanding anything to the contrary in this
Section 3.25, for purposes of the provisions of any Mortgage Loan document relating to defeasance (including without limitation
the type of collateral acceptable for use as defeasance collateral) or release or substitution of any collateral, any Rating Agency
Confirmation requirement in the Mortgage Loan documents for which the Master Servicer or the Special Servicer would have been
permitted to waive obtaining or to make a determination with respect to such Rating Agency

 

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Confirmation pursuant to Section
3.25(a) shall be deemed not to apply (as if such requirement did not exist).

 

(c)       
For all other matters or actions not specifically
discussed in Section 3.25(a) above, the applicable RAC Requesting Party shall deliver Rating Agency Confirmation from each
Rating Agency.

 

(d)       
With respect to any Companion Loan as to which
there exists Serviced Companion Loan Securities, if any action relating to the servicing and administration of the related Mortgage
Loan, the related Serviced Whole Loan or any related REO Property (including, but not limited to, the replacement of the Master
Servicer, the Special Servicer or a Sub-Servicer) (the “Relevant Action”)
requires delivery of a Rating Agency Confirmation as a condition precedent to such action pursuant to this Agreement, then, except
as set forth below in this paragraph, such action will also require delivery of a Companion Loan Rating Agency Confirmation as
a condition precedent to such action from each Companion Loan Rating Agency. Each Companion Loan Rating Agency Confirmation shall
be sought by the Master Servicer, Special Servicer, Trustee, Certificate Administrator, Controlling Class Representative or applicable
Certificateholders, as applicable, depending on whichever such party is seeking the corresponding Rating Agency Confirmation(s)
in connection with the Relevant Action. The requirement to obtain a Companion Loan Rating Agency Confirmation with respect to
any Serviced Companion Loan Securities will be subject to, and will be deemed not to apply on or deemed to be waived on, as applicable,
the same terms and conditions applicable to obtaining Rating Agency Confirmations, as set forth in this Agreement; provided,
that the Master Servicer, Special Servicer, Trustee, Certificate Administrator, Controlling Class Representative or applicable
Certificateholders, as applicable, depending on which is seeking the subject Companion Loan Rating Agency Confirmation, shall
forward to one or more of its counterpart (i.e., the master servicer, special servicer, trustee or certificate administrator,
if and as applicable), the Rule 17g-5 information provider for the Other Securitization Trust, or such other party or parties
(as are agreed to by the Master Servicer, Special Servicer, Trustee, Certificate Administrator, Controlling Class Representative
or applicable Certificateholders, 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 related Mortgagor, and in such format as the sender and
recipient may reasonably agree, (i) the request for such Companion Loan Rating Agency Confirmation at least two (2) Business Days
before it is sent to the applicable Companion Loan Rating Agency, (ii) all materials forwarded to the 17g-5 Information Provider
under this Agreement for posting on the 17g-5 Information Provider’s Website in connection with seeking the Rating Agency
Confirmation(s) for the applicable Relevant Action at approximately the same time that such materials are forwarded to the 17g-5
Information Provider, and (iii) any other materials that the applicable Companion Loan Rating Agency may reasonably request in
connection with such Companion Loan Rating Agency Confirmation promptly following such request.

  

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

 

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Operating Advisor shall perform its duties hereunder in accordance
with the Operating Advisor Standard.

 

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

 

(b)       
The Operating Advisor and its Affiliates will
be obligated to keep confidential any information appropriately labeled as “Privileged Information” received from
the Special Servicer or Directing Holder in connection with the Directing Holder’s exercise of its rights under this Agreement
(including, without limitation, in connection with any Asset Status Report) or otherwise in connection with this transaction,
except under the circumstances described in Section 3.26(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) During the continuance of a Control Termination
Event, based on the Operating Advisor’s review of any assessment of compliance report, any attestation report, any Major
Decision Reporting Package, and/or Asset Status Report, any Final Asset Status Report and other reports by the Special Servicer
made available to Privileged Persons that are posted on Certificate Administrator’s Website during the prior calendar year,
the Operating Advisor shall (if, at an time during the prior calendar year, any Mortgage Loan (other than a Non-Serviced Mortgage
Loan) was a Specially Serviced Mortgage Loan) deliver to the Depositor, the Certificate Administrator (who shall promptly post
such report on the Certificate Administrator’s Website in accordance with Section 3.13(b)) and the 17g-5 Information
Provider (who shall post it to the 17g-5 Information Provider’s Website in accordance with Section 3.13(c)) within
one hundred-twenty (120) days of the end of the prior calendar year for which a Control Termination Event was continuing as of
December 31, an annual report (the “Operating Advisor Annual Report”), substantially
in the form of Exhibit V (which form may be modified or altered as to either its organization or content by the Operating
Advisor, subject to compliance of such form with the terms and provisions of this Agreement including, without limitation, provisions
herein relating to Privileged Information; provided, however, that in no event shall the information or any other
content included in the Operating Advisor Annual Report contravene any provision of this Agreement), and setting forth the Operating
Advisor’s assessment of the Special Servicer’s performance of its duties pursuant to this Agreement during the prior
calendar year on an Asset-Level Basis with respect to the resolution and/or liquidation of any Specially Serviced Mortgage Loan
that the Special Servicer is responsible for servicing under this Agreement; provided, however, that in the event
the Special Servicer is replaced, the Operating Advisor Annual Report shall only relate to the 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; provided, further, that the Operating Advisor shall prepare a separate Operating Advisor
Annual Report relating to the

 

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Excluded Special Servicer and any Excluded Special Servicer Loan(s) serviced by such Excluded Special
Servicer. Subject to the restrictions in this Agreement, each such Operating Advisor Annual Report shall (A) identify any material
deviations (i) from the Servicing Standard and (ii) from the Special Servicer’s obligations under this Agreement with respect
to the resolution or liquidation of Specially Serviced Mortgage Loans or REO Properties that the Special Servicer is responsible
for servicing under this Agreement (other than with respect to any REO Property related to a Non-Serviced Mortgage Loan) and (B)
comply with all of the confidentiality requirements described in this Agreement regarding Privileged Information (subject to any
permitted exceptions). In preparing the Operating Advisor Annual Report, the Operating Advisor shall not be required to (i) 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 accordance with the Operating Advisor Standard, to be immaterial or (ii)
provide or obtain a legal opinion, legal review or legal conclusion. Notwithstanding the foregoing, with respect to any Serviced
AB Whole Loan, no Operating Advisor Annual Report will be permitted to include an assessment of the Special Servicer’s
performance in respect of such Serviced AB Whole Loan until during the continuance of an AB Control Appraisal Period under the
related Co-Lender Agreement. Subject to the restrictions in this Agreement, including, without limitation, Section 3.26(d)
hereof, each such Operating Advisor Annual Report shall comply with all of the confidentiality requirements described in this
Agreement regarding Privileged Information (subject to any permitted exceptions). Such Operating Advisor Annual Report shall be
delivered to the Depositor, the Certificate Administrator (which shall promptly post such Operating Advisor Annual Report on the
Certificate Administrator’s Website in accordance with Section 3.13(b)) and the 17g-5 Information Provider (which
shall promptly post such Operating Advisor Annual Report on the 17g-5 Information Provider’s Website in accordance with
Section 3.13(c)) with a copy to the Special Servicer; provided, however, that the Special Servicer shall
be given an opportunity to review the Operating Advisor Annual Report at least five (5) Business Days prior to its delivery to
the Depositor, the Certificate Administrator and the 17g-5 Information Provider. The Operating Advisor shall have no obligation
to adopt any comments to the Operating Advisor Annual Report that are provided by the Special Servicer. Notwithstanding the foregoing,
no Operating Advisor Annual Report shall be required from the Operating Advisor with respect to the Special Servicer, if during
the prior calendar year, no Final Asset Status Report was prepared by the Special Servicer in connection with a Specially Serviced
Loan or REO Property.

 

(ii)   
   In the event the Operating Advisor’s ability to perform its obligations in respect of the Operating Advisor Annual Report
is limited or prohibited due to the failure of a party hereto to timely deliver notice of action and information required to be
delivered to the Operating Advisor or because such information is inaccurate or incomplete, the Operating Advisor shall set forth
such limitations or prohibitions in the related Operating Advisor Annual Report, and the Operating Advisor shall not be subject
to any liability arising from such limitations or prohibitions. The Operating Advisor shall be entitled to conclusively rely on
the accuracy and completeness of any information it is provided without liability for any such reliance hereunder. 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 shall not be subject to any liability arising from its lack of access to Privileged Information.

 

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

 

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

  

(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 material inaccuracy in the mathematical calculations or the application
of the non-discretionary portions of the related formula in arriving at those mathematical calculations or any disagreement within
five (5) Business Days of delivery of such calculations. The Master Servicer shall cooperate with the Special Servicer and provide
any information reasonably requested by the Special Servicer necessary for the calculation of the Appraisal Reduction Amount that
is in the Master Servicer’s possession or reasonably obtainable by the Master Servicer. In the event the Operating Advisor
and the Special Servicer are not able to resolve such inaccuracies or disagreement prior to the end of such five (5) Business
Day period, the Operating Advisor shall promptly notify the Certificate Administrator of such disagreement and the Certificate
Administrator shall examine the calculations and supporting materials provided by the Operating Advisor and the Special Servicer
and determine which calculation is to apply (and shall provide prompt written notice of such determination to the Operating Advisor
and the Special Servicer). In making such determination, the Certificate Administrator may hire an independent third-party to
assist with any such calculation at the expense of the Trust and

 

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shall be entitled to conclusively rely on such third party’s
determination (provided such third party has been selected with reasonable care by the Certificate Administrator).

 

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

 

(f)        
The Operating Advisor and its Affiliates shall
keep all information appropriately labeled as “Privileged Information” confidential and shall not, without the prior
written consent of the Special Servicer and (for so long as no Consultation Termination Event is continuing) the Directing Holder
(with respect to any Mortgage Loan other than a Non-Serviced Whole Loan and any applicable Excluded Loan), disclose such labeled
information to any other Person (including any Certificateholders which are not then included in the Control Eligible Certificates,
other than the Controlling Class Representative), 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 the Servicing
Standard (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 Privileged Information from the Operating Advisor with a notice
stating that such information is Privileged Information shall not disclose such Privileged Information to any Person without the
prior written consent of the Special Servicer and, unless a Consultation Termination Event is continuing, the Directing Holder
(with respect to any Mortgage Loan other than a Non-Serviced Mortgage Loan and any applicable Excluded Loan) other than pursuant
to a Privileged 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 4.07(a).

 

(h)       
As compensation for its activities hereunder,
the Operating Advisor shall be entitled to receive the Operating Advisor Fee on each Master Servicer Remittance Date with respect
to each Mortgage Loan (including the Serviced Mortgage Loans and the Non-Serviced Mortgage Loans but not any Companion Loan) or
each REO Loan. As to each Mortgage Loan and each REO 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 Stated Principal Balance of such Mortgage Loan or REO Loan, as the
case may be, and in the same manner as interest is calculated on the related Mortgage Loan or REO Loan, as the case may be, and,
in connection with any partial month interest payment, for the same period respecting which any related interest payment due on
the related Mortgage Loan or deemed to be due on such REO Loan is

 

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computed. The Operating Advisor Fee shall be payable from funds
on deposit in the Collection Account as provided in Section 3.05 of this Agreement.

 

The
Operating Advisor shall be entitled to reimbursement of any Operating Advisor Expenses provided for pursuant to Section 6.04(a)
and/or 6.04(b) hereof, such amounts to be reimbursed from amounts on deposit in the Collection Account as provided
by Section 3.05(a). 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 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 3.05(a)(ii) of this Agreement, but only to the extent
such Operating Advisor Consulting Fee is actually received from the related Mortgagor. When the Operating Advisor has consultation
obligations with respect to a Major Decision under this Agreement, the Master Servicer or the Special Servicer processing the
Major Decision shall use efforts to collect the applicable Operating Advisor Consulting Fee from the related Mortgagor in connection
with such Major Decision that are consistent with the efforts that the Master Servicer or the Special Servicer processing the
Major Decision would use to collect any Mortgagor-paid fees owed to it in accordance with the Servicing Standard (taking into
account whether or not such fees are provided for in the related loan agreement), but only to the extent not prohibited by the
related Mortgage Loan documents. The Master Servicer or Special Servicer, as the case may be, may waive or reduce the amount of
any Operating Advisor Consulting Fee payable by the related Mortgagor 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. Notwithstanding the foregoing, the Operating Advisor shall have no obligations
or consultation rights with respect to: (i) any Non-Serviced Whole Loan or any related REO Property prior to the occurrence and
continuance of a Consultation Termination Event or (ii) with respect to any AB Mortgage Loan, prior to the occurrence and continuance
of an AB Control Appraisal Period; provided, further, that the Operating Advisor shall not be entitled to an Operating
Advisor Consulting Fee with respect to any Non-Serviced Whole Loan.

  

(i)        
Upon (i) the written direction of Holders of
Non-Reduced Interests evidencing not less than 15% of the Voting Rights of the Non-Reduced Interests requesting a vote to terminate
and replace the Operating Advisor with a proposed successor Operating Advisor (provided that the proposed successor Operating
Advisor is an Eligible Operating Advisor) and (ii) payment by such Holders to the Certificate Administrator of the reasonable
fees and expenses to be incurred by the Certificate Administrator in connection with administering such vote, the Certificate
Administrator shall promptly provide written notice to all Certificateholders, the RR Interest Owner and the Operating Advisor
of such request by posting such notice on the Certificate Administrator’s Website in accordance with Section 3.13(b),
and concurrently by mail. Upon the written direction of Holders of more than 50% of the Voting Rights of the Non-Reduced Interests
that exercise their right to vote (provided that 

 

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Holders of at least 50% of the Voting Rights of the Non-Reduced Interests
exercise their right to vote), the Trustee will terminate all of the rights and obligations of the Operating Advisor under this
Agreement (other than any rights or obligations that accrued prior to the date of such termination (including accrued and unpaid
compensation) and other than indemnification rights (arising out of events occurring prior to such termination)) by written notice
to the Operating Advisor, and the proposed successor operating advisor will be appointed.

 

The
Certificate Administrator shall include on each Distribution Date Statement a statement that each Certificateholder, RR Interest
Owner and beneficial owner of Certificates may access any notices posted on the “special notices” and on the “U.S.
Risk Retention Special Notices” tabs on the Certificate Administrator’s Website, and each Certificateholder, RR
Interest Owner and beneficial owner of Certificates may register to receive email notifications when such notices are posted on
the Certificate Administrator’s Website. The Certificate Administrator will be entitled to reimbursement from the requesting
Certificateholders and RR Interest Owner for the reasonable expenses of posting notices of such requests. In addition, in the
event there are no Classes of Certificates outstanding or interests in the Trust other than the Control Eligible Certificates,
the VRR Interest and the Class R certificates, then all of the rights and obligations of the Operating Advisor hereunder shall
terminate without payment of any penalty or termination fee (other than any rights or obligations that accrued prior to the date
of such termination (including accrued and unpaid compensation) and other than indemnification rights arising out of events occurring
prior to such termination). If the Operating Advisor is terminated pursuant to the foregoing sentence, then no replacement Operating
Advisor shall be appointed.

  

(j)        
After the occurrence of an Operating Advisor
Termination Event, 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 rights 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. 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 will, as soon as possible, be required to give written notice of the termination and appointment
to the Special Servicer, the Master Servicer, the Certificate Administrator, the 17g-5 Information Provider, the Depositor, the
Controlling Class Representative (for any Mortgage Loan other than an applicable Excluded Loan and only if no Consultation Termination
Event is continuing), the Risk Retention Consultation Parties, the RR Interest Owner and the Certificateholders.

 

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(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, 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 Termination Event, the Controlling Class Representative 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 objection is made within ten (10)
Business Days following the Controlling Class Representative’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 Master Servicer, the Special
Servicer, the Trustee, the Certificate Administrator, the Asset Representations Reviewer and the Controlling Class Representative
and the Risk Retention Consultation Parties, 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. 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
and the RR Interest Owner by their acceptance of their Certificates or RR Interest shall be deemed to have agreed, that (i) subject
to Section 6.04, the Operating Advisor shall have no liability to any Certificateholder or the RR Interest Owner 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

 

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Certificateholders or the RR Interest Owner, 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 may delegate its duties
to agents or Subcontractors so long as the related agreements or arrangements with such agents or Subcontractors are consistent
with the provisions of this Section 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 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.

 

(q)       
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 Mortgagors 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 or its employees 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     Companion Paying Agent.  (a) With respect to each of the Serviced Companion Loans,
the Master Servicer shall be the Companion Paying Agent hereunder. The Companion Paying Agent undertakes to perform such duties
and only such duties as are specifically set forth in this Agreement.

  

(b)       
No provision of this Agreement shall be construed
to relieve the Companion Paying Agent from liability for its negligent failure to act, bad faith or its own willful misfeasance;
provided, however, that the duties and obligations of the Companion Paying Agent shall be determined solely by the
express provisions of this Agreement. The Companion Paying Agent shall not be liable except for the performance of such duties
and obligations, no implied covenants or obligations shall be read into this Agreement against the Companion Paying Agent. In
the absence of bad faith on the part of the Companion Paying Agent, the Companion Paying Agent may conclusively rely, as to the
truth and correctness of the statements or conclusions expressed therein, upon any resolutions, certificates, statements, opinions,
reports, documents, orders or other instrument furnished to the Companion Paying Agent by any Person and which on their face do
not contradict the requirements of this Agreement.

 

(c)       
In the case of each of the Serviced Companion
Loans, upon the resignation or removal of the Master Servicer pursuant to Article VII of this Agreement, the Master Servicer,
as the Companion Paying Agent, shall be deemed simultaneously to resign or be removed.

 

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(d)       
This Section 3.27 shall survive the termination
of this Agreement or the resignation or removal of the Companion Paying Agent, as regards to rights accrued prior to such resignation
or removal.

 

Section
3.28     Companion Register.  The Companion Paying Agent shall maintain a register (the “Companion
Register”) with respect to each Serviced Companion Loan on which it will record the names and address of, and
wire transfer instructions for, the Companion Holders from time to time, to the extent such information is provided in writing
to it by each Companion Holder. The initial Companion Holders, along with their respective name and address, are listed on Exhibit
S hereto. In the event a Companion Holder transfers a Companion Loan without notice to the Companion Paying Agent, the Companion
Paying Agent shall have no liability for any misdirected payment in such Companion Loan and shall have no obligation to recover
and redirect such payment.

 

The
Companion Paying Agent shall promptly provide the name and address of the Companion Holder to any party hereto or any successor
Companion Holder upon written request and any such Person may, without further investigation, conclusively rely upon such information.
The Companion Paying Agent shall have no liability to any Person for the provision of any such name and address.

 

For
the avoidance of doubt, any notices or information required to be delivered pursuant to this Agreement by any party hereto to
a Companion Holder with respect to a Companion Loan that has been included in an Other Securitization shall be provided to the
Other Servicer (which, unless required by the related Co-Lender Agreement to be sent to additional parties, shall be satisfied
by the delivery to the “master servicer” under the related Other Pooling and Servicing Agreement) under the Other
Pooling and Servicing Agreement.

 

Section
3.29     Certain Matters Relating to the Non-Serviced Mortgage Loans.  (a) In the event that
any of the applicable Non-Serviced Trustee, the applicable Non-Serviced Master Servicer or the applicable Non-Serviced Special
Servicer shall be replaced in accordance with the terms of the applicable Non-Serviced Pooling Agreement, the Master Servicer
and the Special Servicer shall acknowledge its successor as the successor to the applicable Non-Serviced Trustee, the applicable
Non-Serviced Master Servicer or the applicable Non-Serviced Special Servicer, as the case may be.

  

(b)       
If any of the Trustee, the Certificate Administrator
or the Master Servicer receives notice from a Rating Agency that the Master Servicer is no longer an “approved”
master servicer by any of the Rating Agencies rating the Certificates, then the Trustee, the Certificate Administrator or the
Master Servicer, as applicable, shall promptly notify each Non-Serviced Master Servicer of the same.

 

(c)       
In connection with the securitization of each
Serviced Pari Passu Companion Loan, (in each case, only while it is a Serviced Companion Loan), upon the request of (and at the
expense of) the related Serviced Companion Noteholder (or its designee), each of the Master Servicer, the Special Servicer and
the Trustee, as applicable, shall use reasonable efforts to cooperate with such Serviced Companion Noteholder in attempting to
cause the related Mortgagor to provide information relating to such Whole Loan and the related notes,

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and that such holder reasonably
determines to be necessary or appropriate, for inclusion in any disclosure document(s) relating to such Other Securitization.

 

(d)       
In connection with the sale of any Non-Serviced
Whole Loan by any Non-Serviced Special Servicer, upon receipt of any notices or materials required to be furnished by the Non-Serviced
Special Servicer to the holder of the related Non-Serviced Mortgage Loan pursuant to the related Co-Lender Agreement, the Special
Servicer shall, prior to the occurrence and continuance of a Control Termination Event, forward such materials to the Controlling
Class Representative for its consent, if such consent is required. The Special Servicer may (with the consent of the Controlling
Class Representative prior to the occurrence and continuance of a Control Termination Event) waive any timing or delivery requirements
related to such sale to the extent set forth in the related Co-Lender Agreement.

 

(e)       
With respect to any Non-Serviced Mortgage Loan,
the Controlling Class Representative, prior to the occurrence and continuance of a Consultation Termination Event, or the Special
Servicer (consistent with the Servicing Standard), following the occurrence and during the continuance of a Consultation Termination
Event, shall be entitled to exercise any consultation rights held by the holder of such Mortgage Loan in its capacity as a “Non-Controlling
Note Holder” (or similar term identified in the related Co-Lender Agreement) under the related Co-Lender Agreement.

 

(f)        
With respect to the servicing of each Non-Serviced
Mortgage Loan, this Agreement is subject to the related Co-Lender Agreement and incorporates by reference all provisions required
to be included herein pursuant to such Co-Lender Agreement.

 

(g)       
On a Servicing Shift Securitization Date, (i)
the Custodian shall, upon receipt of a Request for Release transfer the related Mortgage File (other than the note(s) designating
the related Servicing Shift Mortgage Loan, the original of which shall be retained by the Custodian) for the related Servicing
Shift Whole Loan to the related Non-Serviced Trustee under the related Non-Serviced Pooling Agreement and retain a copy of such
Mortgage File and (ii) the Master Servicer shall, upon receipt of notice from the Mortgage Loan Seller that the applicable Servicing
Shift Lead Note has been or is being securitized on the related Servicing Shift Securitization Date, transfer (and cooperate with
reasonable requests in connection with such transfer of) the Servicing File for the related Servicing Shift Whole Loan, and any
Escrow Payments, reserve funds and originals of items specified in clauses (9), (12), (14) and (18)
of the definition of Mortgage File for the related Servicing Shift Whole Loan, to the related Non-Serviced Master Servicer on
the related Servicing Shift Securitization Date.

  

Upon
receipt of notice from the Mortgage Loan Seller that the applicable Servicing Shift Lead Note has been or is being securitized
on the related Servicing Shift Securitization Date, the Master Servicer shall provide the Custodian with a Request for Release
of the Mortgage File on the related Servicing Shift Securitization Date and transfer (and cooperate with reasonable requests in
connection with such transfer of) the Servicing File to the related Non-Serviced Master Servicer identified to it pursuant to
the related notice from the related Mortgage Loan Seller on the related Servicing Shift Securitization Date.

 

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Promptly
upon any change in the identity of the Master Servicer, the successor master servicer shall deliver notice of such change (together
with the contact information of such successor Master Servicer) to each Non-Serviced Trustee, Non-Serviced Certificate Administrator,
Non-Serviced Special Servicer, Non-Serviced Master Servicer and Non-Serviced Operating Advisor.

 

Section
3.30     Delivery of Excluded Information to the Certificate Administrator.  (a) Any Excluded
Information that the Master Servicer, the Special Servicer or the Operating Advisor identifies and delivers to the Certificate
Administrator for posting to the Certificate Administrator’s Website shall be delivered to the Certificate Administrator
via e-mail (or such other electronic means as is mutually acceptable to the parties) in one or more separate files labeled “Excluded
Information” followed by the applicable loan name and loan file to cmbsexcludedinformation@wellsfargo.com. For the
avoidance of doubt, any information that is not appropriately labeled and delivered in accordance with this Section 3.30(a)
shall not be separately posted as Excluded Information on the Certificate Administrator’s Website, and any information
appropriately labeled and delivered to the Certificate Administrator pursuant to this Section 3.30(a) shall be posted on
the Certificate Administrator’s Website under the “Excluded Information” section, as provided under Section
3.13. When so posted, the Excluded Controlling Class Holders shall be prohibited from the access of Excluded Information with
respect to any Excluded Controlling Class Loans on the Certificate Administrator’s Website (unless a loan-by-loan segregation
is later performed by the Certificate Administrator in which case such access shall only be prohibited with respect to the related
Excluded Controlling Class Loans). None of the Master Servicer, the Special Servicer or the Operating Advisor shall have any obligations
to separately label and deliver any Excluded Information in accordance with this Section 3.30(a) until such party has received
written notice with respect to the related Excluded Controlling Class Loan in the form of Exhibit P-1E to this Agreement.
Nothing set forth in this Agreement shall prohibit the Directing Holder or any Controlling Class Certificateholder from receiving,
requesting or reviewing any Excluded Information relating to any Excluded Controlling Class Loan with respect to which the Directing
Holder or such Controlling Class Certificateholder is not a Borrower Party and, if such Excluded Information is not available
to such Excluded Controlling Class Holder on the Certificate Administrator’s Website on account of it constituting Excluded
Information, such Directing Holder or Controlling Class Certificateholder that is not a Borrower Party with respect to the related
Excluded Controlling Class Loan shall be permitted to reasonably request and obtain such information in accordance with Section
3.13(a).

  

(b)       
Nothing set forth in this Agreement shall prohibit
the Directing Holder or any Controlling Class Certificateholder from receiving, requesting or reviewing any Excluded Information
relating to any Excluded Controlling Class Loan with respect to which the Directing Holder or such Controlling Class Certificateholder
is not a Borrower Party and, if such Excluded Information is not available to such Excluded Controlling Class Holder via the Certificate
Administrator’s Website on account of it constituting Excluded Information, such Directing Holder or Controlling Class
Certificateholder that is not a Borrower Party with respect to the related Excluded Controlling Class Loan shall be permitted
to reasonably request and obtain such information in accordance with Section 4.02(f) of this Agreement.

 

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Section
3.31     Credit Risk Retention.  (a) CREFI, prior to
its acquisition of the Class RR Certificates, will be required to enter into an agreement with the Retaining Sponsor (the “Credit
Risk Retention Compliance Agreement”).

 

(b)       
None of the Master Servicer, Trustee, the Certificate
Administrator or the Custodian shall be obligated to monitor, supervise or enforce the performance of any party under the Credit
Risk Retention Compliance Agreement.

 

Article
IV

DISTRIBUTIONS TO CERTIFICATEHOLDERS AND RR INTEREST OWNER

 

Section
4.01     Distributions.

 

(a)       
Distributions of VRR Available Funds.
On each Distribution Date, the Certificate Administrator shall be deemed to transfer the Lower-Tier Distribution Amount from the
Lower-Tier REMIC Distribution Account to the Upper-Tier REMIC Distribution Account with respect to the Class LRR Uncertificated
Interest and the LRI Uncertificated Interest in the amount of the VRR Available Funds, in the amounts and priorities set forth
below, and immediately thereafter, shall make a distribution thereof from the Upper-Tier REMIC Distribution Account, satisfying
in full, to the extent required and possible, each priority before making any distribution with respect to any succeeding priority:

(i)       first,
to the RR Interest Owner and the Holder of the Class RR Certificates, pro rata based on their respective VRR Interest Balances,
in respect of interest, up to an amount equal to the VRR Interest Distribution Amount for such Distribution Date;

(ii)       second,
to the RR Interest Owner and the Holder of the Class RR Certificates, pro rata based on their respective VRR Interest Balances,
in reduction of the VRR Interest Balance thereof, up to an amount equal to the VRR Principal Distribution Amount for such Distribution
Date, until the outstanding VRR Interest Balance has been reduced to zero;

(iii)       third,
to the RR Interest Owner and the Holder of the Class RR Certificates, pro rata based on their respective VRR Interest Balances,
up to an amount equal to the unreimbursed VRR Realized Losses previously allocated to the VRR Interest, plus interest on that amount
equal to the VRR Realized Loss Interest Distribution Amount for such Distribution Date;

 

provided,
however, that to the extent the VRR Available Funds remain in the Upper-Tier REMIC Distribution Account after applying
amounts set forth in clauses (i)-(iii) above, any such amounts so remaining shall be disbursed to the Holders of the Class
R Certificates in respect of the Class UR Interest.

 

(b)       
Distributions of Non-VRR Available Funds.
On each Distribution Date, to the extent of the Non-VRR Available Funds for such Distribution Date, the Certificate 

 

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Administrator
shall be deemed to transfer the Lower-Tier Distribution Amount from the Lower-Tier REMIC Distribution Account to the
Upper-Tier REMIC Distribution Account in the amounts and priorities set forth in Section 4.01(d) with respect to each
Class of Lower-Tier Regular Interests (other than the Class LRR Uncertificated Interest and the LRI Uncertificated Interest),
and immediately thereafter, shall make distributions thereof from the Upper-Tier REMIC Distribution Account in the following
order of priority, satisfying in full, to the extent required and possible, each priority before making any distribution with
respect to any succeeding priority:

 

(i)         
first, to the Holders of the Class A-1 Certificates, the Class A-4 Certificates, Class A-5 Certificates, the Class A-AB
Certificates and the Class X-A Certificates, in respect of interest, up to an amount equal to, and pro rata in accordance
with, the respective Interest Distribution Amounts in respect of such Class of Certificates for such Distribution Date;

 

(ii)        
second, to the Holders of the Class A-1 Certificates, the Class A-4 Certificates, Class A-5 Certificates and the Class
A-AB Certificates in reduction of the Certificate Balances thereof: (I) prior to the Cross-Over Date (1) first, to the
Holders of the Class A-AB Certificates, in an amount up to the Non-VRR Principal Distribution Amount, until the outstanding Certificate
Balance of the Class A-AB Certificates has been reduced to the Class A-AB Scheduled Principal Balance for such Distribution Date;
(2) second, to the Holders of the Class A-1 Certificates, in an amount up to the Non-VRR Principal Distribution Amount
(or the portion thereof remaining after any distributions specified in subclause (1) above have been made on such Distribution
Date), until the outstanding Certificate Balance of the Class A-1 Certificates has been reduced to zero; (3) third, to
the Holders of the Class A-4 Certificates, in an amount up to the Non-VRR Principal Distribution Amount (or the portion thereof
remaining after any distributions specified in subclauses (1) and (2) above have been made on such Distribution
Date), until the outstanding Certificate Balances of the Class A-4 Certificates has been reduced to zero; (4) fourth, to
the Holders of the Class A-5 Certificates, in an amount up to the Non-VRR Principal Distribution Amount (or the portion thereof
remaining after any distributions specified in subclauses (1), (2) and (3) above have been made on such Distribution
Date), until the outstanding Certificate Balances of the Class A-5 Certificates has been reduced to zero; and (5) fifth,
to the Holders of the Class A-AB Certificates, in an amount up to the Non-VRR Principal Distribution Amount (or the portion thereof
remaining after any distributions specified in subclauses (1), (2), (3) and (4) above have been made
on such Distribution Date), until the outstanding Certificate Balances of the Class A-AB Certificates, without regard to the Class
A-AB Scheduled Principal Balance, has been reduced to zero; and (II) on or after the Cross-Over Date, to the Class A-1, Class
A-4, Class A-5 and Class A-AB Certificates, pro rata (based on their respective Certificate Balances) in an amount equal
to the Non-VRR Principal Distribution Amount for such Distribution Date, until the Certificate Balance of each of the Class A-1,
Class A-4, Class A-5 and Class A-AB Certificates is reduced to zero;

  

(iii)       
third, to the Holders of the Class A-1 Certificates, the Class A-4 Certificates, the Class A-5 Certificates and the Class
A-AB Certificates, first (i) up to an amount equal to the aggregate of unreimbursed Non-VRR Realized Losses previously 

 

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allocated
to such Classes pro rata (based upon the aggregate unreimbursed Non-VRR Realized Losses previously allocated to each such
Class), then (ii) up to an amount equal to, and pro rata based upon, all accrued and unpaid interest on the amount set
forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related Non-VRR Realized
Loss was allocated to such Class until the date such Non-VRR Realized Loss is reimbursed;

 

(iv)       
fourth, to the Holders of the Class A-S Certificates, in respect of interest, up to an amount equal to the Interest Distribution
Amount in respect of such Class of Certificates for such Distribution Date;

 

(v)        
fifth, after the Certificate Balances of the Class A-1 Certificates, the Class A-4 Certificates, the Class A-5 Certificates
and the Class A-AB Certificates have been reduced to zero, to the Holders of the Class A-S Certificates in reduction of the Certificate
Balance thereof, up to an amount equal to the Non-VRR Principal Distribution Amount, less the portion of such Non-VRR Principal
Distribution Amount distributed pursuant to all prior clauses, until the outstanding Certificate Balance of the Class A-S Certificates
has been reduced to zero;

 

(vi)       
sixth, to the Holders of the Class A-S Certificates, first (i) up to an amount equal to the aggregate of unreimbursed Non-VRR
Realized Losses previously allocated to such Class, then (ii) up to an amount equal to all accrued and unpaid interest on the
amount set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related Non-VRR
Realized Loss was allocated to such Class until the date such Non-VRR Realized Loss is reimbursed;

 

(vii) 
     seventh, to the Holders of the Class B Certificates, in respect of interest, up to an amount equal to the Interest Distribution
Amount in respect of such Class of Certificates for such Distribution Date;

 

(viii)     
eighth, after the Certificate Balances of the Class A Certificates have been reduced to zero, to the Holders of the Class
B Certificates, in reduction of the Certificate Balance thereof, up to an amount equal to the Non-VRR Principal Distribution Amount,
less the portion of such Non-VRR Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate
Balance of the Class B Certificates has been reduced to zero;

  

(ix)       
ninth, to the Holders of the Class B Certificates, first (i) up to an amount equal to the aggregate of unreimbursed Non-VRR
Realized Losses previously allocated to such Class, then (ii) up to an amount equal to all accrued and unpaid interest on the
amount set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related Non-VRR
Realized Loss was allocated to such Class until the date such Non-VRR Realized Loss is reimbursed;

 

(x)        
tenth, to the Holders of the Class C Certificates, in respect of interest, up to an amount equal to the Interest Distribution
Amount in respect of such Class of Certificates for such Distribution Date;

 

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(xi)       eleventh,
after the Certificate Balances of the Class A Certificates and the Class B Certificates have been reduced to zero, to
the Holders of the Class C Certificates in reduction of the Certificate Balance thereof, up to an amount equal to the Non-VRR
Principal Distribution Amount, less the portion of such Non-VRR Principal Distribution Amount distributed pursuant to all prior
clauses, until the Certificate Balance of the Class C Certificates has been reduced to zero;

 

(xii) 
     twelfth, to the Holders of the Class C Certificates, first (i) up to an amount equal to the aggregate of unreimbursed Non-VRR
Realized Losses previously allocated to such Class, then (ii) up to an amount equal to all accrued and unpaid interest on the
amount set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related Non-VRR
Realized Loss was allocated to such Class until the date such Non-VRR Realized Loss is reimbursed;

 

(xiii)
      thirteenth, to the Holders of the Class D Certificates, in respect of interest, up to an amount equal to the Interest Distribution
Amount in respect of such Class of Certificates for such Distribution Date;

 

(xiv)
      fourteenth, after the Certificate Balances of the Class A Certificates, the
Class B Certificates and the Class C Certificates have been reduced to zero, to the Holders of the Class D Certificates, in
reduction of the Certificate Balance thereof, up to an amount equal to the Non-VRR Principal Distribution Amount, less the
portion of such Non-VRR Principal Distribution Amount distributed pursuant to all prior clauses, until the outstanding
Certificate Balance of the Class D Certificates has been reduced to zero;

 

(xv) 
      fifteenth, to the Holders of the Class D Certificates, first (i) up to an amount equal to the aggregate of unreimbursed
Non-VRR Realized Losses previously allocated to such Class, then (ii) up to an amount equal to all accrued and unpaid interest
on the amount set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related
Non-VRR Realized Loss was allocated to such Class until the date such Non-VRR Realized Loss is reimbursed;

  

(xvi)
     sixteenth, to the Holders of the Class E Certificates and the Class X-E Certificates, in respect of interest, up to an
amount equal to, and pro rata in accordance with, the respective Interest Distribution Amounts in respect of such Classes
of Certificates for such Distribution Date;

 

(xvii)     seventeenth,
after the Certificate Balances of the Class A Certificates, the Class B Certificates, the Class C Certificates and the Class
D Certificates have been reduced to zero, to the Holders of the Class E Certificates, in reduction of the Certificate Balance
thereof, up to an amount equal to the Non-VRR Principal Distribution Amount, less the portion of such Non-VRR Principal
Distribution Amount distributed pursuant to all prior clauses, until the outstanding Certificate Balance of the Class E
Certificates has been reduced to zero;

 

(xviii)    eighteenth,
to the Holders of the Class E Certificates, first (i) up to an amount equal to the aggregate of unreimbursed Non-VRR Realized
Losses previously

 

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allocated
to such Class, then (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in clause (i)
at the Pass-Through Rate for such Class compounded monthly from the date the related Non-VRR Realized Loss was allocated to such
Class until the date such Non-VRR Realized Loss is reimbursed;

 

(xix)
      nineteenth, to the Holders of the Class F Certificates and the Class X-F Certificates, in respect of interest, up to an
amount equal to, and pro rata in accordance with, the respective Interest Distribution Amounts in respect of such Classes
of Certificates for such Distribution Date;

 

(xx)        twentieth,
after the Certificate Balances of the Class A Certificates, the Class B Certificates, the Class C Certificates, the Class D
Certificates and the Class E Certificates have been reduced to zero, to the Holders of the Class F Certificates, in reduction
of the Certificate Balance thereof, up to an amount equal to the Non-VRR Principal Distribution Amount, less the portion of
such Non-VRR Principal Distribution Amount distributed pursuant to all prior clauses, until the outstanding Certificate
Balance of the Class F Certificates has been reduced to zero;

 

(xxi)
      twenty-first, to the Holders of the Class F Certificates, first (i) up to an amount equal to the aggregate of unreimbursed
Non-VRR Realized Losses previously allocated to such Class, then (ii) up to an amount equal to all accrued and unpaid interest
on the amount set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related
Non-VRR Realized Loss was allocated to such Class until the date such Non-VRR Realized Loss is reimbursed;

 

(xxii)      twenty-second, to the Holders of the Class G Certificates and the Class X-G Certificates, in respect of interest, up to
an amount equal to, and pro rata in accordance with, the respective Interest Distribution Amounts in respect of such Classes
of Certificates for such Distribution Date;

  

(xxiii)     twenty-third,
after the Certificate Balances of the Class A Certificates, the Class B Certificates, the Class C Certificates, the Class D
Certificates, the Class E Certificates and the Class F Certificates have been reduced to zero, to the Holders of the Class G
Certificates, in reduction of the Certificate Balance thereof, up to an amount equal to the Non-VRR Principal Distribution
Amount, less the portion of such Non-VRR Principal Distribution Amount distributed pursuant to all prior clauses, until the
outstanding Certificate Balance of the Class G Certificates has been reduced to zero;

 

(xxiv)     twenty-fourth, to the Holders of the Class G Certificates, first (i) up to an amount equal to the aggregate of unreimbursed
Non-VRR Realized Losses previously allocated to such Class, then (ii) up to an amount equal to all accrued and unpaid interest
on the amount set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related
Non-VRR Realized Loss was allocated to such Class until the date such Non-VRR Realized Loss is reimbursed;

 

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

 

(xxvi)     twenty-sixth,
after the Certificate Balances of the Class A Certificates, the Class B Certificates, the Class C Certificates, the Class D
Certificates, the Class E Certificates, the Class F Certificates and the Class G Certificates have been reduced to zero, to
the Holders of the Class H Certificates, in reduction of the Certificate Balance thereof, up to an amount equal to the
Non-VRR Principal Distribution Amount, less the portion of such Non-VRR Principal Distribution Amount distributed pursuant to
all prior clauses, until the outstanding Certificate Balance of the Class H Certificates has been reduced to zero;

 

(xxvii)    twenty-seventh, to the Holders of the Class H Certificates, first (i) up to an amount equal to the aggregate of unreimbursed
Non-VRR Realized Losses previously allocated to such Class, then (ii) up to an amount equal to all accrued and unpaid interest
on the amount set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related
Non-VRR Realized Loss was allocated to such Class until the date such Non-VRR Realized Loss is reimbursed; and

 

(xxviii)   twenty-eighth, to the Holders of the Class R Certificates in respect of the Class UR Interest, the amount, if any, of the
Non-VRR Available Funds remaining in the Upper-Tier REMIC Distribution Account with respect to such Distribution Date.

 

If,
in connection with any Distribution Date, the Certificate Administrator has reported the amount of an anticipated distribution
to DTC based on the receipt of payments as of the Determination Date and additional Periodic Payments, Balloon Payments or unscheduled
principal payments are subsequently received by the Master Servicer and required to be part of the Non-VRR Available Funds for
such Distribution Date, the Master Servicer shall promptly notify the Certificate Administrator and the Certificate Administrator
will use commercially reasonable efforts to cause DTC to make the revised distribution on a timely basis on such Distribution
Date. None of the Master Servicer, the Special Servicer or the Certificate Administrator shall be liable or held responsible for
any resulting delay in the making of such distribution to Certificateholders solely on the basis of the actions described in the
preceding sentence.

  

(c)       
[Reserved].

 

(d)       
On each Distribution Date, each Lower-Tier Regular
Interest shall be deemed to receive distributions in respect of principal or reimbursement of Realized Losses in an amount equal
to the amount of principal or reimbursement of Realized Losses actually distributable to the Holders of the respective Related
Certificates or the RR Interest Owner as provided in Section 4.01(a), Section 4.01(b), Section 4.01(d), Section 4.01(e),
Section 4.01(g) and Section 4.01(j) such that at all times the Lower-Tier Principal Amount of each Class of Lower-Tier
Regular Interests is equal to the Certificate Balance of the Class of Related Certificates or the RR Interest Balance of the RR
Interest, as applicable. On each Distribution Date, each Lower-Tier Regular Interest shall be deemed to receive distributions
in respect of

 

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interest in an amount equal to the Interest Distribution Amount or VRR Interest Distribution Amount, as applicable,
in respect of its Related Certificates or VRR Interest, plus a pro rata portion of the Interest Distribution Amount in
respect of (i) in the case of the Class LA1, Class LA4, Class LA5, Class LAAB and Class LAS Lower-Tier Regular Interests, the
Class X-A Certificates, (ii) in the case of the Class LE Uncertificated Interest, the Class X-E Certificates, (iii) in the case
of the Class LF Uncertificated Interest, the Class X-F Certificates, and (iv) in the case of the Class LG Uncertificated Interest,
the Class X-G Certificates, in each case, computed based on an interest rate equal to the excess of the Weighted Average Net Mortgage
Rate over the Pass-Through Rate of the Related Certificates and a Notional Amount equal to its related Lower-Tier Principal Amount,
in each case to the extent actually distributable thereon as provided in Section 4.01(b). Amounts distributable pursuant
to this paragraph are referred to herein collectively as the “Lower-Tier Distribution Amount”,
and shall be made by the Certificate Administrator by deeming such Lower-Tier Distribution Amount to be withdrawn from the Lower-Tier
REMIC Distribution Account to be deposited in the Upper-Tier REMIC Distribution Account.

 

As
of any date, the principal balance of each Lower-Tier Regular Interest shall equal the Certificate Balance of the Related Certificates
or the RR Interest Balance of the RR Interest with respect thereto, as adjusted for the allocation of Realized Losses, as provided
in Section 4.04. The initial principal balance of each Lower-Tier Regular Interest shall equal the respective Original
Lower-Tier Principal Amount. The pass-through rate with respect to each Lower-Tier Regular Interest shall be the rate per annum
set forth in the Preliminary Statement hereto.

 

Any
amount that remains in the Lower-Tier REMIC Distribution Account on each Distribution Date after distribution of the Lower-Tier
Distribution Amount, and distribution of Yield Maintenance Charges pursuant to Section 4.01(f)(iii) shall be distributed
to the Holders of the Class R Certificates in respect of the Class LR Interest (but only to the extent of the Aggregate Available
Funds for such Distribution Date remaining in the Lower-Tier REMIC Distribution Account, if any).

  

(e)       
On and after the Distribution Date on which the
Certificate Balances of the Subordinate Certificates have all been reduced to zero, any amounts representing reimbursements of
Non-VRR Realized Losses previously allocated to such Classes, if available, will be distributed to the Holders of the Class A
Certificates (other than the Class A-S Certificates), pro rata based on their respective Certificate Balances.

 

(f)        
(i) On any Distribution Date, the VRR Percentage
of any Yield Maintenance Charge collected on the Mortgage Loans as of the related Determination Date shall be distributed to the
VRR Interest Owners, pro rata based upon the aggregate amount of principal distributed in respect of the Class RR Certificates
and the RR Interest, and the Non-VRR Percentage of any Yield Maintenance Charge collected on the Mortgage Loans as of the related
Determination Date shall be distributed to Holders of the Classes of Non-VRR Certificates as follows: (a) pro rata, between
(i) the group (“YM Group A”) of the Class A-1, Class A-4, Class A-5, Class A-AB, Class X-A and Class A-S
Certificates, (ii) the group (“YM Group B”) of the Class B, Class C and Class D Certificates, and (iii) the
group (collectively with YM Group A and YM Group B, the “YM Groups”) of the Class X-E and Class E 

 

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Certificates
based upon the aggregate amount of principal distributed to the Holders of the Classes of Principal Balance Certificates in each
YM Group on such Distribution Date; and (b) as among the respective Classes of Principal Balance Certificates in each YM Group
in the following manner: (1) the Holders of each Class of Principal Balance Certificates in such YM Group will be entitled to
receive on each Distribution Date an amount of such Yield Maintenance Charge equal to the product of (x) a fraction, the numerator
of which is the amount distributed as principal to such Class of Principal Balance Certificates on such Distribution Date, and
the denominator of which is the total amount of principal distributed to all of the Principal Balance Certificates in such YM
Group on such Distribution Date, (y) the Base Interest Fraction for the related Principal Prepayment and such Class of Certificates
and (z) the aggregate amount of such Yield Maintenance Charge allocated to such YM Group, and (2) the portion of such Yield Maintenance
Charge allocated to such YM Group remaining after such distributions will be distributed to the Holders of the Class of Class
X Certificates in such YM Group. If there is more than one Class of Principal Balance Certificates in either YM Group entitled
to distributions of principal on any particular Distribution Date on which Yield Maintenance Charges are distributable to such
Class(es) of Certificates, the aggregate amount of such Yield Maintenance Charges will be allocated among all such Classes of
Principal Balance Certificates up to, and on a pro rata basis in accordance with, their respective entitlements in those
Yield Maintenance Charges in accordance with the first sentence of this paragraph.

 

(ii)   
     No Yield Maintenance Charges shall be distributed to the Holders of the Class F, Class X-F, Class G, Class X-G, Class H or Class
R Certificates. After the Distribution Date on which the Notional Amounts of the Class X-A and Class X-E Certificates and the
Certificate Balances of the Class A-1, Class A-4, Class A-5, Class A-AB, Class A-S, Class B, Class C, Class D and Class E Certificates
have been reduced to zero, the Non-VRR Percentage of all Yield Maintenance Charges collected with respect to the Mortgage Loans
will be distributed pro rata to the Holders of the Class X-A Certificates and the VRR Percentage of all Yield Maintenance
Charges and prepayment premiums with respect to the Mortgage Loans shall be distributed pro rata to the VRR Interest Owners.

 

(iii)       
All distributions of Yield Maintenance Charges made (i) in respect of the respective Classes of Regular Certificates or the RR
Interest on each Distribution Date pursuant to Section 4.01(f)(i) or Section 4.01(f)(ii) shall first be deemed
to be distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Lower-Tier Regular Interests, pro rata
based upon the amount of principal distributed in respect of each such Class of Lower-Tier Regular Interests for such Distribution
Date pursuant to Section 4.01(d) above.

 

(g)         On
each Distribution Date, the Certificate Administrator shall withdraw (i) amounts from the Non-VRR Gain-on-Sale Reserve Account
(other than amounts with respect to a Non-Serviced Mortgage Loan) and shall distribute such amounts to reimburse the Holders of
the Principal Balance Certificates (in order of distribution priority) (first deeming such amounts to be distributed with respect
to the Related Lower-Tier Regular Interests) up to an amount equal to all Non-VRR Realized Losses, if any, previously deemed allocated
to them and unreimbursed after application of the Non-VRR Available Funds for such Distribution Date, and (ii) from the VRR Gain-on-Sale
Reserve Account (other than amounts with respect to

 

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a Non-Serviced Mortgage Loan) and shall distribute such amounts to reimburse the VRR Interest Owners (first deeming such amounts
to be distributed with respect to the Related Lower-Tier Regular Interests) up to an amount equal to all VRR Realized Losses,
if any, previously deemed allocated to the VRR Interest and unreimbursed after application of the VRR Available Funds for such
Distribution Date. Amounts paid from the Non-VRR Gain-on-Sale Reserve Account or the VRR Gain-on-Sale Reserve Account will not
reduce the Certificate Balances of the Classes of Certificates receiving such distributions or the RR Interest Balance, as applicable.
Any amounts remaining (1) in the Non-VRR Gain-on-Sale Reserve Account after such distributions shall be held and applied to offset
future Non-VRR Realized Losses with respect to the Principal Balance Certificates and related Non-VRR Realized Losses in each
case allocable to the Principal Balance Certificates and (2) in the VRR Gain-on-Sale Reserve Account after such distributions
shall be held and applied to offset future VRR Realized Losses with respect to the VRR Interest. Upon termination of the Trust,
any amounts remaining in the Non-VRR Gain-on-Sale Reserve Account and the VRR Gain-on-Sale Reserve Account shall be distributed
to the Class R Certificateholders from the Lower-Tier REMIC in respect of the Class LR Interest.

 

(h)       
All distributions made with respect to each Class
of Certificates on each Distribution Date shall be allocated pro rata among the outstanding Certificates in such Class
based on their respective Percentage Interests. Except as otherwise specifically provided in Sections 4.01(i), 4.01(j)
and 9.01, all such distributions with respect to each Class on each Distribution Date shall be made to the Certificateholders
of the respective Class of record at the close of business on the related Record Date and shall be made by wire transfer of immediately
available funds to the account of any such Certificateholder at a bank or other entity having appropriate facilities therefor,
if such Certificateholder shall have provided the Certificate Administrator with wiring instructions no less than five (5) Business
Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent
Distribution Dates), or otherwise by check mailed to such Certificateholder at its address in the Certificate Register. The final
distribution on each Certificate or the RR Interest (determined without regard to any possible future reimbursement of Realized
Losses previously allocated to such Certificate or the RR Interest, as applicable) will be made in like manner, but, in the case
of the Certificates, only upon presentation and surrender of such Certificate at the offices of the Certificate Registrar or such
other location specified in the notice to Certificateholders of such final distribution.

  

Each
distribution with respect to a Book-Entry Certificate shall be paid to the Depository, as Holder thereof, and the Depository shall
be responsible for crediting the amount of such distribution to the accounts of its Depository Participants in accordance with
its normal procedures. Each Depository Participant shall be responsible for disbursing such distribution to the Certificate Owners
that it represents and to each indirect participating brokerage firm (a “brokerage firm” or “indirect participating
firm”) for which it acts as agent. Each brokerage firm shall be responsible for disbursing funds to the Certificate Owners
that it represents. None of the Trustee, the Certificate Administrator, the Certificate Registrar, the Depositor, the Master Servicer,
the Special Servicer or the Underwriters shall have any responsibility therefor except as otherwise provided by this Agreement
or applicable law.

 

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(i)         
Except as otherwise provided in Section 9.01,
whenever the Certificate Administrator expects that the final distribution with respect to any Class of Certificates or the RR
Interest (determined without regard to any possible future reimbursement of any amount of Realized Losses previously allocated
to such Class of Certificates or the RR Interest, as applicable) will be made on the next Distribution Date, the Certificate Administrator
shall, no later than the related P&I Advance Determination Date, post on the Certificate Administrator’s Website pursuant
to Section 3.13(b) a notice in electronic format to the effect that:

 

(i)         
the Certificate Administrator expects that the final distribution with respect to such Class of Certificates or the RR Interest
will be made on such Distribution Date but, in the case of the Certificates, only upon presentation and surrender of such Certificates
at the offices of the Certificate Registrar or such other location therein specified; and

 

(ii)        
no interest shall accrue on such Certificates or the RR Interest from and after such Distribution Date.

 

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 uninvested in trust and credited
to the account or accounts of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to this Section 4.01(i) 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 in order to receive the final distribution with respect thereto. If within one
year after the second notice all such Certificates shall not have been surrendered for cancellation, the Certificate Administrator,
directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders concerning the surrender
of their Certificates as it shall deem appropriate and subject to escheatment and other applicable laws. The costs and expenses
of holding such funds in trust and of contacting such Certificateholders following the first anniversary of the delivery of such
second notice to the non-tendering Certificateholders shall be paid out of such funds. No interest shall accrue or be payable
to any Certificateholder on any amount held in trust hereunder 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 4.01(i).

  

(j)        
Distributions in reimbursement of Non-VRR Realized
Losses or VRR Realized Losses previously allocated to the Non-VRR Certificates or the VRR Interest shall be made in the amounts
and manner specified in Section 4.01(a), Section 4.01(b), Section 4.01(d) or Section 4.01(e) as applicable,
to the Holders of the respective Class or the VRR Interest Owner otherwise entitled to distributions of interest and principal
on such Class or the VRR Interest on the relevant Distribution Date; provided that all distributions in reimbursement of
Non-VRR Realized Losses previously allocated to a Class of Certificates which has since been retired shall be to the prior Holders
that surrendered the Certificates of such Class upon retirement thereof and shall be made by check mailed to the address of each
such prior Holder last shown in the Certificate Register. Notice of any such distribution to a prior Holder shall be made in accordance
with Section 13.05 at such last address. The amount of the distribution to

 

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each such prior Holder shall be based upon the
aggregate Percentage Interest evidenced by the Certificates surrendered thereby. If the check mailed to any such prior Holder
is returned uncashed, then the amount thereof shall be set aside and held uninvested in trust for the benefit of such prior Holder,
and the Certificate Administrator shall attempt to contact such prior Holder in the manner contemplated by Section 4.01(h) as if such Holder had failed to surrender its Certificates.

 

(k)       
[Reserved].

 

(l)        
On the Serviced Whole Loan Remittance Date, with
respect to any Serviced Companion Loan, the Companion Paying Agent shall make withdrawals and payments from the Serviced Whole
Loan Custodial Account for each Companion Loan in the following order of priority:

 

(i)         
to pay to the Master Servicer any amounts deposited by the Master Servicer in the Serviced Whole Loan Custodial Account not required
to be deposited therein;

 

(ii)        
to the extent permitted under the related Co-Lender Agreement and not otherwise previously reimbursed, to pay the Trustee or the
Certificate Administrator or any of their directors, officers, employees and agents, as the case may be, any amounts payable or
reimbursable to any such Person pursuant to Section 8.05, to the extent any such amounts relate solely to a Serviced Whole
Loan related to such Companion Loan, and such amounts are to be paid by the related Companion Holder pursuant to the related Co-Lender
Agreement;

 

(iii)       
to pay all amounts remaining in the Serviced Whole Loan Custodial Account related to such Serviced Companion Loan to the related
Companion Holder, in accordance with the related Co-Lender Agreement; and

 

(iv)       
to clear and terminate the Serviced Whole Loan Custodial Account at the termination of this Agreement pursuant to Section 9.01.

   

All
distributions from the Serviced Whole Loan Custodial Account required hereunder shall be made by the Companion Paying Agent to
the related Companion Holder by wire transfer in immediately available funds on the Serviced Whole Loan Remittance Date to the
account of such Companion Holder or an agent therefor appearing on the Companion Register on the related Record Date (or, if no
such account so appears or information relating thereto is not provided at least five (5) Business Days prior to the related Record
Date, by check sent by first class mail to the address of such Companion Holder or its agent appearing on the Companion Register).
Any such account shall be located at a commercial bank in the United States.

 

On
the final Master Servicer Remittance Date, the Master Servicer shall withdraw from the Collection Account and deliver to the Certificate
Administrator who shall distribute to the Mortgage Loan Sellers, any Loss of Value Payments relating to the Mortgage Loans that
it is servicing and that were transferred from the Loss of Value Reserve Fund to the Collection Account on the immediately preceding
Master Servicer Remittance Date.

 

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Section 4.02         
Distribution Date Statements; CREFC® Investor Reporting Packages; Grant of Power of Attorney. (a)  On
each Distribution Date, the Certificate Administrator shall make available pursuant to Section 3.13(b) on the Certificate
Administrator’s Website to any Privileged Person a statement (substantially in the form set forth as Exhibit G
hereto and based in part upon information supplied to the Certificate Administrator in the related CREFC® Investor
Reporting Package in accordance with CREFC® guidelines) as to the distributions made on such Distribution Date (each,
a “Distribution Date Statement”) which shall include:

 

(i)           
the amount of the distribution on such Distribution Date to the Holders of each Class of Certificates in reduction of the
Certificate Balance thereof and to the RR Interest in reduction of the RR Interest Balance;

 

(ii)          
the aggregate amount of Advances made, with respect to the pool of Mortgage Loans, during the period from but not including
the previous Distribution Date to and including such Distribution Date and details of P&I Advances as of the Master Servicer
Remittance Date;

 

(iii)         
the aggregate amount of compensation paid to the Trustee and the Certificate Administrator, servicing compensation paid
to the Master Servicer and the Special Servicer, compensation paid to the Operating Advisor and CREFC® Intellectual
Property Royalty License Fees paid to CREFC®, in each case, with respect to the Collection Period for such Determination
Date together with detailed calculations of servicing compensation paid to the Master Servicer and the Special Servicer;

 

(iv)         
the aggregate Stated Principal Balance of the Mortgage Loans and any REO Loans, with respect to the pool of Mortgage Loans,
outstanding immediately before and immediately after such Distribution Date;

 

(v)          
the aggregate amount of unscheduled payments received;

 

(vi)         
the number of loans, their aggregate principal balance, weighted average remaining term to maturity and weighted average
Mortgage Rate of the Mortgage Loans, with respect to the pool of Mortgage Loans, as of the end of the related Collection Period
for such Distribution Date;

 

(vii)        
the number and aggregate principal balance of the Mortgage Loans (A) delinquent 30-59 days, (B) delinquent 60-89
days, (C) delinquent 90 days to 119 days (and for each thirty (30) day period thereafter until liquidation), (D) current
but specially serviced or in foreclosure but not an REO Property and (E) for which the related Mortgagor is subject to oversight
by a bankruptcy court;

 

(viii)       
the value of any REO Property (and, with respect to any Serviced Whole Loan, the Trust’s interest therein) included
in the Trust Fund as of the end of the related Determination Date for such Distribution Date, on a loan-by-loan basis, based on
the most recent Appraisal or valuation;

 

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(ix)          
the Non-VRR Available Funds and the VRR Available Funds for such Distribution Date;

 

(x)           
the Interest Accrual Amount, in respect of such Class of Certificates for such Distribution Date, separately identifying
any Interest Accrual Amount for such Distribution Date allocated to such Class of Certificates;

 

(xi)          
the amount of the distribution on such Distribution Date to the Holders of such Class of Certificates and the RR Interest
allocable (A) to Yield Maintenance Charges, and (B) prepayment premiums;

 

(xii)         
the Pass-Through Rate for such Class of Certificates and the VRR Interest Rate for the VRR Interest for such Distribution
Date and the next succeeding Distribution Date;

 

(xiii)        
the Aggregate Principal Distribution Amount, the Non-VRR Principal Distribution Amount, the VRR Principal Distribution Amount,
the Scheduled Principal Distribution Amount and the Unscheduled Principal Distribution Amount for such Distribution Date;

 

(xiv)       
the Certificate Balance or Notional Amount, as the case may be, of each Class of Certificates and the RR Interest Balance
of the RR Interest immediately before and immediately after such Distribution Date, separately identifying any reduction therein
as a result of the allocation of any Realized Losses on such Distribution Date and the aggregate amount of all reductions as a
result of allocations of Realized Losses in respect of the Principal Balance Certificates or the RR Interest, as applicable, to
date;

 

(xv)        
the Certificate Factor for each Class of Certificates (other than the Class R Certificates) immediately following such Distribution
Date;

 

(xvi)       
the amount of any Cumulative Appraisal Reduction Amounts effected (including, with respect to any Serviced Whole Loan, the
amount allocable to the related Mortgage Loan and Serviced Companion Loan) in connection with such Distribution Date on a loan-by-loan
basis;

 

(xvii)      
the current Controlling Class;

 

(xviii)      the number and related Stated Principal Balance of any Mortgage Loans extended or modified since the previous Determination
Date (or in the case of the first Distribution Date, as of the Cut-off Date) on a loan-by-loan basis;

 

(xix)         a loan-by-loan listing of each Mortgage Loan which was the subject of a Principal Prepayment since the previous Determination
Date (or in the case of the first Distribution Date, as of the Cut-off Date) and the amount and the type of Principal Prepayment
occurring;

 

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(xx)          a loan-by-loan listing of each Mortgage Loan which was defeased since the previous Determination Date (or in the case of
the first Distribution Date, as of the Cut-off Date);

 

(xxi)         all deposits into, withdrawals from, and the balance of the Interest Reserve Account on the Master Servicer Remittance Date;

 

(xxii)        in the case of the Class R Certificates, the amount of any distributions on such Certificates pursuant to Section 4.01(a),
Section 4.01(b), Section 4.01(d), and Section 4.01(g);

 

(xxiii)       the amount of the distribution on such Distribution Date to the Holders of such Class of Certificates or the RR Interest
Owner in reimbursement of previously allocated Realized Losses;

 

(xxiv)       the aggregate unpaid principal balance of the Mortgage Loans outstanding as of the close of business on the related Determination
Date, with respect to the pool of Mortgage Loans;

 

(xxv)       with respect to any Mortgage Loan as to which a Liquidation Event occurred since the previous Determination Date (or in
the case of the first Distribution Date, as of the Cut-off Date) or prior to the related Determination Date (other than a payment
in full), (A) the loan number thereof, (B) the aggregate of all Liquidation Proceeds and other amounts received in connection
with such Liquidation Event (separately identifying the portion thereof allocable to distributions on the Certificates), and (C)
the amount of any Realized Loss allocated to the Principal Balance Certificates or the VRR Interest in connection with such Liquidation
Event;

 

(xxvi)      with respect to any REO Property (including, with respect to any Non-Serviced Whole Loan, the Trust’s interest therein)
included in the Trust as to which the Special Servicer determined, in accordance with the Servicing Standard, that all payments
or recoveries with respect to the Mortgaged Property have been ultimately recovered since the previous Determination Date, (A) the
loan number of the related Mortgage Loan, (B) the aggregate of all Liquidation Proceeds and other amounts received in connection
with that determination (separately identifying the portion thereof allocable to distributions on the Certificates), and (C) the
amount of any Realized Loss allocated to the Principal Balance Certificates and the VRR Interest in respect of the related REO
Loan in connection with that determination;

 

(xxvii)      the aggregate amount of interest on P&I Advances paid to the Master Servicer and the Trustee since the previous Determination
Date (or in the case of the first Distribution Date, as of the Cut-off Date), with respect to the pool of Mortgage Loans;

 

(xxviii)     the then-current credit support levels for each Class of Certificates;

 

(xxix)       the aggregate amount of Yield Maintenance Charges on the Mortgage Loans (each separately identified) collected since the
previous Determination Date (or in the case of the first Distribution Date, as of the Cut-off Date);

 

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(xxx)        a loan-by-loan listing of any material modification, extension or waiver of a Mortgage Loan;

 

(xxxi)       a loan-by-loan listing of any Material Breach of the representations and warranties given with respect to a Mortgage Loan
by the applicable Mortgage Loan Seller;

 

(xxxii)      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, which information will be provided to the Certificate Administrator by the Master Servicer;
and

 

(xxxiii)     such other information as mutually agreed between the Certificate Administrator and the Sponsors.

 

In the case of information
furnished pursuant to clauses (i), (ix), (x), (xi), (xiv), (xxiii) and (xxiv)
above, the amounts shall be expressed as a dollar amount in the aggregate for all Certificates of each applicable Class and
per Definitive Certificate.

 

The Certificate Administrator
has not obtained and shall not be deemed to have obtained actual knowledge of any information only by virtue of its receipt and
posting of such information to the Certificate Administrator’s Website nor by its filing of such information, including,
but not limited to, with EDGAR, pursuant to this Agreement.

 

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 or an RR Interest Owner, 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 thereof during which
Person was a Certificateholder, together with such other information as the Certificate Administrator deems necessary or desirable,
or that a Certificateholder, Certificate Owner or RR Interest Owner reasonably requests, to enable Certificateholders and the RR
Interest Owner to prepare their tax returns for such calendar year. Such obligation of the Certificate Administrator shall be deemed
to have been satisfied to the extent that substantially comparable information shall be provided by the Certificate Administrator
pursuant to any requirements of the Code as from time to time are in force.

 

Upon receipt of an Asset
Review Report Summary from the Asset Representations Reviewer required to be delivered pursuant to Section 12.01(b), the
Certificate Administrator shall (i) include such Asset Review Report Summary in Item 1B on the Form 10-D in accordance
with Section 11.04 for such period in which such Asset Review Report Summary was delivered, and (ii) post such Asset
Review Report Summary to the Certificate Administrator’s Website not later than two (2) Business Days after receipt of such
Asset Review Report Summary from the Asset Representations Reviewer.

 

(b)          
[Reserved].

 

(c)          
Each of the Master Servicer and the Special Servicer may, at its sole cost and expense, make available by electronic media,
bulletin board service or Internet website (in

 

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addition
to making information available as provided herein) any reports or other information the Master Servicer or the Special Servicer,
as applicable, is required or permitted to provide to any party to this Agreement, the Rating Agencies or any Certificateholder
or the RR Interest Owner or any prospective Certificateholder or prospective RR Interest Owner that has provided the Certificate
Administrator, the Master Servicer or the Special Servicer, as applicable, with an Investor Certification or has executed a “click-through”
confidentiality agreement in accordance with Section 3.13 hereof (which may be a licensed or registered investment advisor)
to the extent such action does not conflict with the terms of this Agreement (including without limitation, any requirements to
keep Privileged Information confidential), the terms of the Mortgage Loans or applicable law. Notwithstanding this paragraph,
the availability of such information or reports on the Internet or similar electronic media shall not be deemed to satisfy any
specific delivery requirements in this Agreement except as set forth herein. In connection with providing access to the Master
Servicer’s or Special Servicer’s Internet website, the Master Servicer or the Special Servicer, as applicable, shall
take reasonable measures to ensure that only such parties listed above may access such information including, without limitation,
requiring registration, a confidentiality agreement and acceptance of a disclaimer. The Master Servicer or Special Servicer, as
applicable, shall not be liable for dissemination of this information in accordance with this Agreement, and neither the Master
Servicer nor the Special Servicer shall be responsible for any information delivered, produced, or made available pursuant to
Sections 3.13 and 4.02(c), other than information produced by the Master Servicer or the Special Servicer,
as applicable; 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.

 

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 the Specially Serviced Mortgage Loans and REO Properties as may be 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 the RR Interest Owner in accordance with Section 4.01,
preparing the Distribution Date Statement required by Section 4.02(a) and allocating Non-VRR Realized Losses to the Principal
Balance Certificates in accordance with Section 4.04 and VRR Realized Losses to the VRR Interest in accordance with Section
4.04.

 

Notwithstanding the foregoing,
the failure of the Master Servicer or the Special Servicer to disclose any information otherwise required to be disclosed pursuant
to this Section 4.02(c) or Section 4.02(d) shall not constitute a breach of this Section 4.02(c) or of Section
4.02(d) to the extent the Master Servicer or the Special Servicer so fails because such disclosure, in the reasonable belief
of the Master Servicer or the Special Servicer, as the case may be, would violate any applicable law or any provision of a Mortgage
Loan document prohibiting disclosure of information with respect to the Mortgage Loans or the Mortgaged Properties. The Master

 

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Servicer
or the Special Servicer may affix to any information provided by it any disclaimer it deems appropriate in its reasonable discretion
(without suggesting liability on the part of any other party hereto).

 

(d)          
Upon the written request of a Certificateholder, any beneficial owner of a Certificate, or any prospective purchaser of
a Certificate that is a Qualified Institutional Buyer and is designated by a Certificateholder or a beneficial owner of a Certificate
as such and, in any case, has delivered an Investor Certification to the Depositor and the Certificate Administrator, as soon as
reasonably practicable, at the expense of the requesting party, the Certificate Administrator shall make available to the requesting
party such information that is in the Certificate Administrator’s possession or can reasonably be obtained by the Certificate
Administrator as is requested by such Person, 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.

 

(e)          
The information to which any Certificateholder is entitled is limited to the information gathered and provided to the Certificateholder
by the parties hereto pursuant to this Agreement and by acceptance of any Certificate, each Certificateholder agrees that except
as specifically provided herein, no Certificateholder shall contact any Mortgagor directly with respect to any Mortgage Loan.

 

(f)           
Upon the reasonable request of any Excluded Controlling Class Holder identified to the Master Servicer (in the case of a
Non-Specially Serviced Mortgage Loan) or the Special Servicer (in the case of a Specially Serviced Mortgage Loan) to the Master
Servicer’s or the Special Servicer’s reasonable satisfaction (at the expense of such Excluded Controlling Class Holder)
and if such information is in the Master Servicer’s or the Special Servicer’s possession, the Master Servicer or the
Special Servicer, as applicable, shall provide or make available (or forward electronically) to such Excluded Controlling Class
Holder (at the expense of such Excluded Controlling Class Holder) any Excluded Information (available to Privileged Persons through
the Certificate Administrator’s Website but not accessible to such Excluded Controlling Class Holder through the Certificate
Administrator’s Website on account of it constituting Excluded Information) relating to any Excluded Controlling Class Loan
with respect to which such Excluded Controlling Class Holder is not a Borrower Party; provided that, in connection therewith,
the Master Servicer or the Special 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 the Special Servicer, generally to the effect that such
Person is the Directing Holder or a Controlling Class Certificateholder, will keep such Excluded Information confidential
and is not a Borrower Party, upon which the Master Servicer or the Special Servicer may conclusively rely. In addition, the Master
Servicer and the Special Servicer shall be entitled to conclusively rely on delivery from the Directing Holder or a Controlling
Class Certificateholder, as applicable, of an Investor Certification substantially in the form of Exhibit P-1B that
such Directing Holder or Controlling Class Certificateholder is not an Excluded Controlling Class Holder with respect to a
particular Mortgage Loan. For the avoidance of doubt, the Special Servicer referenced in this Section 4.02(f) shall include
any

 

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applicable
Excluded Special Servicer with respect to the related Excluded Special Servicer Loan(s).

 

Section 4.03         
P&I Advances. (a)  On or before 4:00 p.m., New York City time, on each Master Servicer Remittance
Date, the Master Servicer shall either (i) remit to the Certificate Administrator for deposit from its own funds into the
Lower-Tier REMIC Distribution Account, an amount equal to the aggregate amount of P&I Advances, if any, with respect to the
Mortgage Loans to be made in respect of the related Distribution Date or (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
with respect to the Mortgage Loans, or (iii) make P&I Advances in the form of any combination of clauses (i) and (ii),
aggregating the total amount of P&I Advances to be made. Any amounts held in the Collection Account for future distribution
and so used to make P&I Advances with respect to the Mortgage Loans 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 Master Servicer
Remittance Date (to the extent not previously replaced through the deposit of Late Collections of the delinquent principal and/or
interest in respect of which P&I Advances were made). The Master Servicer shall notify the Certificate Administrator of (i) the
aggregate amount of P&I Advances with respect to the Mortgage Loans for a Distribution Date and (ii) the amount of
any Nonrecoverable P&I Advances with respect to the Mortgage Loans for such Distribution Date, on or before two (2) Business
Days prior to such Distribution Date. If the Master Servicer fails to make a required P&I Advance by 4:00 p.m., New York City
time, on any Master Servicer Remittance Date, the Trustee shall make such P&I Advance pursuant to Section 7.05 by noon,
New York City time, on the related Distribution Date, unless the Master Servicer shall have cured such failure (and provided written
notice of such cure to the Trustee and the Certificate Administrator) by 11:00 a.m., New York City time, on such Distribution
Date. In the event that the Master Servicer fails to make a required P&I Advance hereunder, the Certificate Administrator shall
notify the Trustee of such circumstances by 4:30 p.m., New York City time, on the related Master Servicer Remittance Date.
Notwithstanding the foregoing, the portion of any P&I Advance equal to the CREFC® Intellectual Property Royalty
License Fee for the related Mortgage Loans shall not be remitted to the Certificate Administrator for deposit into the Lower-Tier
REMIC Distribution Account but shall be deposited into the Collection Account for payment to CREFC® on such Distribution
Date. If the Master Servicer or the Trustee make a P&I Advance with respect to any Mortgage Loan that is part of a Whole Loan,
then it shall provide written notice to the related Other Servicer, Other Trustee, Non-Serviced Master Servicer, Non-Serviced Special
Servicer or Non-Serviced Trustee, as applicable, of the amount of such P&I Advance with respect to such Mortgage Loan within
two (2) Business Days of making such P&I Advance.

 

(b)          
Subject to Section 4.03(c) and Section 4.03(e) below, the amount of P&I Advances to be made by the Master
Servicer with respect to any Distribution Date and each Mortgage Loan, shall be equal to: (i) the Periodic Payments (net of
related Servicing Fees and, in the case of any Non-Serviced Mortgage Loan, a fee accruing at the related Non-Serviced Primary Servicing
Fee Rate) other than Balloon Payments, that were due on the Mortgage Loans (including any Non-Serviced Mortgage Loan) and any REO
Loan (other than any portion of an REO Loan related to a Companion Loan) during the related Collection Period and delinquent as
of the close of business on the Business Day preceding the related Master Servicer

 

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Remittance
Date (or not advanced by any Sub-Servicer on behalf of the Master Servicer) and (ii) with respect to each Mortgage Loan delinquent
in respect of its Balloon Payment as of the Master Servicer Remittance Date (including any REO Loan (other than any portion of
an REO Loan related to a Companion Loan) as to which the related Balloon Payment would have been past due), an amount equal to
the Assumed Scheduled Payment therefor. Subject to subsection (c) below, the obligation of the Master Servicer to
make such P&I Advances is mandatory, and with respect to any Mortgage Loan (including any Non-Serviced Mortgage Loan) or REO
Loan (other than any portion of an REO Loan related to a Companion Loan), shall continue until the Distribution Date on which
the proceeds, if any, received in connection with a Liquidation Event or the disposition of the REO Property, as the case may
be, with respect thereto are to be distributed. No P&I Advances shall be made with respect to any Companion Loan.

 

(c)          
Notwithstanding anything herein to the contrary, no P&I Advance shall be required to be made hereunder if such P&I
Advance would, if made, constitute a Nonrecoverable P&I Advance. With respect to each Non-Serviced Mortgage Loan, the Master
Servicer or the Special Servicer shall make its determination (based on information provided by the applicable Non-Serviced Master
Servicer and Non-Serviced Special Servicer) that it has made a P&I Advance on such Non-Serviced Mortgage Loan that is a Nonrecoverable
Advance or that any proposed P&I Advance would, if made, constitute a Nonrecoverable Advance with respect to such Non-Serviced
Mortgage Loan independently of any determination made by the applicable Non-Serviced Master Servicer or the applicable Non-Serviced
Special Servicer, as the case may be, under the applicable Non-Serviced Pooling Agreement in respect of the related Non-Serviced
Companion Loan. If the Master Servicer or the Special Servicer determines that a proposed P&I Advance with respect to a Non-Serviced
Mortgage Loan, if made, or any outstanding P&I Advance with respect to a Non-Serviced Mortgage Loan previously made, would
be, or is, as applicable, a Nonrecoverable Advance, the Master Servicer or the Special Servicer shall provide the applicable Non-Serviced
Master Servicer and Non-Serviced Special Servicer written notice of such determination within two (2) Business Days of the date
of such determination. If the Master Servicer receives written notice from the related Non-Serviced Master Servicer or the related
Non-Serviced Special Servicer, as the case may be, that either has determined in accordance with the applicable Non-Serviced Pooling
Agreement with respect to a Non-Serviced Companion Loan, that any proposed advance under the applicable Non-Serviced Pooling Agreement
that is similar to a P&I Advance would be, or any outstanding advance under such Non-Serviced Pooling Agreement that is similar
to a P&I Advance is, a nonrecoverable advance, then the Master Servicer, the Special Servicer or the Trustee may, based upon
such determination, determine that any P&I Advance previously made or proposed to be made with respect to the related Non-Serviced
Mortgage Loan, will be a Nonrecoverable P&I Advance. Thereafter, in either case, the Master Servicer and the Trustee shall
not be required to make any additional P&I Advances with respect to the related Non-Serviced Mortgage Loan unless and until
the Master Servicer, the Special Servicer or the Trustee, as the case may be, determines that any such additional P&I Advances
with respect to the related Non-Serviced Mortgage Loan would not be a Nonrecoverable P&I Advance, which determination may be
as a result of consultation with the related Non-Serviced Master Servicer or the related Non-Serviced Special Servicer, as the
case may be, or otherwise. For the avoidance of doubt, the Master Servicer, the Special Servicer or the Trustee, as the case may
be, shall have the sole discretion provided in this Agreement to determine that any future P&I

 

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Advance
or outstanding P&I Advance would be, or is, as applicable, a Nonrecoverable Advance.

 

(d)          
In connection with the recovery of any P&I Advance out of the Collection Account, pursuant to Section 3.05(a),
the Master Servicer shall be entitled to pay the Trustee and itself (in that order of priority) as the case may be, out of any
amounts then on deposit in the Collection Account (but in no event from any funds allocable to a Serviced Companion Noteholder
(unless related thereto), except to the extent permitted pursuant to the terms of the related Co-Lender Agreement), interest at
the Reimbursement Rate in effect from time to time, accrued on the amount of such P&I Advance from the date made to but not
including the date of reimbursement; provided, however, that no interest will accrue on any P&I Advance (i) made
with respect to a Mortgage Loan unless the related Periodic Payment is received after the related Due Date has passed and any applicable
Grace Period has expired or (ii) if the related Periodic Payment is received after the Determination Date but on or prior
to the related Master Servicer Remittance Date. The Master Servicer shall reimburse itself and/or the Trustee, as the case may
be, for any outstanding P&I Advance, subject to Section 3.17 of this Agreement, as soon as practicably possible after
funds available for such purpose are deposited in the Collection Account.

 

(e)          
Notwithstanding the foregoing, (i) neither the Master Servicer nor the Trustee shall make an advance for Yield Maintenance
Charges, Default Interest, late payment charges, prepayment premiums, Balloon Payments or any advance with respect to a Periodic
Payment with respect to any Companion Loan and (ii) if an Appraisal Reduction Amount has been assessed with respect to any
Mortgage Loan (or, in the case of a Non-Serviced Whole Loan, an Appraisal Reduction Amount has been made in accordance with the
related Non-Serviced Pooling Agreement and the Master Servicer has notice of such Appraisal Reduction Amount), the interest portion
of the P&I Advance in respect of such Mortgage Loan for the related Distribution Date shall be reduced (it being herein acknowledged
that there shall be no reduction in the principal portion, if any, of such P&I Advance) to equal the product of (x) the
amount of the interest portion of such P&I Advance for such Mortgage Loan for such Distribution Date without regard to this
clause (ii), and (y) a fraction, expressed as a percentage, the numerator of which is equal to the Stated Principal
Balance of such Mortgage Loan immediately prior to such Distribution Date, net of the related Appraisal Reduction Amount (or, in
the case of a Whole Loan, the portion of such Appraisal Reduction Amount allocated to the related Mortgage Loan), if any, and the
denominator of which is equal to the Stated Principal Balance of such Mortgage Loan immediately prior to such Distribution Date.
For purposes of the immediately preceding sentence, the Periodic Payment due on the Maturity Date for a Balloon Mortgage Loan will
be the Assumed Scheduled Payment for the related Distribution Date.

 

(f)           
In no event shall either the Master Servicer or the Trustee be required to make a P&I Advance with respect to any Companion
Loan.

 

Section 4.04         
Allocation of Realized Losses. (a)  On each Distribution Date, immediately following the distributions
to be made on such date pursuant to Section 4.01, the Certificate Administrator shall calculate the amount of any Non-VRR
Realized Losses. On each Distribution Date, the Certificate Balances of the Principal Balance Certificates will be reduced

 

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without
distribution, as a write-off to the extent of any Non-VRR Realized Losses, if any, allocable to such Certificates with respect
to such Distribution Date. Any such write-off shall be allocated first, to the Class H Certificates, then, to the
Class G Certificates, then, to the Class F Certificates, then, to the Class E Certificates, then, to the
Class D Certificates, then, to the Class C Certificates, then, to the Class B Certificates, then,
to the Class A-S Certificates and then, pro rata (based on their respective Certificate Balances), to the Class A-1,
Class A-4, Class A-5 and Class A-AB Certificates, in each case until the remaining Certificate Balances of such Classes of
Certificates have been reduced to zero.

 

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 so 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. 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 Class of Certificates in respect of which any such reimbursement is made. On each Distribution Date, to the extent
any Nonrecoverable Advances (plus interest thereon) that were reimbursed from principal collections on the Mortgage Loans and previously
resulted in a reduction of the Non-VRR Principal Distribution Amount are subsequently recovered on the related Mortgage Loan, the
amount of such recovery will be added to the Certificate Balance of the Class or Classes of Principal Balance Certificates that
previously were allocated Realized Losses, in the same sequential order as distributions pursuant to Section 4.01(b), in
each case up to the amount of the unreimbursed Realized Losses allocated to such Class of Principal Balance Certificates. In the
event that the amount of any subsequent recovery of Nonrecoverable Advances is added to the Aggregate Principal Distribution Amount
and the Certificate Balance of any Class of Certificates, the amount of any unreimbursed Realized Losses allocated to such Class
will be reduced by the amount of such recovery that was added to the Certificate Balance of such Class.

 

On each Distribution
Date, immediately following the distributions to be made on such date pursuant to Section 4.01, the Certificate Administrator
shall calculate the amount of any VRR Realized Losses and shall allocate (i) the RRI Percentage of such VRR Realized Losses to
the RR Interest by reducing the RR Interest Balance by the amount so allocated and (ii) the remainder of such VRR Realized
Losses to the Class RR Certificates by reducing the VRR Interest Balance of such Class. On each Distribution Date, to the extent
any Nonrecoverable Advances (plus interest thereon) that were reimbursed from principal collections on the Mortgage Loans and previously
resulted in a reduction of the VRR Principal Distribution Amount are subsequently recovered on the related Mortgage Loan, the amount
of such recovery will be added to the VRR Interest Balance of the RR Interest and the Class RR Certificates that previously were
allocated Realized Losses, up to the amount of the unreimbursed Realized Losses allocated to the VRR Interest. Any such allocations
or recoveries will be deemed allocated to the Class LRR Uncertificated Interest and the LRI Uncertificated Interest such that,
at all times, the Lower-Tier Principal Amount of the Class RR Certificates will equal the VRR Interest Balance of the Class RR
Certificates and the Lower-Tier Principal Amount of the LRI Uncertificated Interest will equal the VRR Interest Balance of the
RR Interest.

 

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(b)          
With respect to any Distribution Date, any Realized Losses allocated to a Class of Principal Balance Certificates or the
VRR Interest pursuant to Section 4.04(a) shall reduce the Lower-Tier Principal Amount of the Related Lower-Tier Regular
Interest with respect thereto as a write-off.

 

Section 4.05         
Appraisal Reduction Amounts; Collateral Deficiency Amounts. (a)  For purposes of (x) determining the
Controlling Class (and whether a Control Termination Event is continuing) and (y) determining the Voting Rights of the related
Classes for purposes of removal of the Special Servicer or the Operating Advisor, Appraisal Reduction Amounts (with respect to
a Serviced Whole Loan, to the extent allocated to the related Mortgage Loan) will be allocated to each Class of Principal Balance
Certificates and the VRR Interest as described below in this Section 4.05(a). Following receipt from the Special Servicer,
the Master Servicer shall notify the Certificate Administrator of the amount of any Appraisal Reduction Amount with respect to
each Mortgage Loan (which notification may be satisfied through delivery of such information included in the CREFC®
Loan Periodic Update File or the CREFC® Appraisal Reduction Amount Template included in the CREFC®
Investor Reporting Package or such report mutually agreed upon between the Master Servicer and the Certificate Administrator).
Based on information in its possession, the Certificate Administrator shall determine from time to time which Class of Certificates
is the Controlling Class. The Certificate Administrator shall provide notice of the identity of the Controlling Class as set forth
in Section 3.23(l). With respect to any Appraisal Reduction Amount calculated for purposes of determining the Controlling
Class, the Appraised Value of the related Mortgaged Property will be determined on an “as-is” basis.

 

As of the first Determination
Date following a Mortgage Loan (other than a Non-Serviced Mortgage Loan) becoming an AB Modified Loan, the Special Servicer shall
calculate whether a Collateral Deficiency Amount exists with respect to such AB Modified Loan, taking into account the most recent
Appraisal obtained by the Special Servicer with respect to such Mortgage Loan and all other information relevant to a Collateral
Deficiency Amount determination. The Master Servicer shall provide (via electronic delivery) the Special Servicer with information
in its possession that is reasonably required to determine, redetermine, calculate or recalculate any Collateral Deficiency Amount
for any Mortgage Loan (other than any Non-Serviced Mortgage Loan) and any Serviced Companion Loan using reasonable efforts to deliver
such information within four (4) Business Days of the Special Servicer’s reasonable request. Upon obtaining knowledge or
receipt of notice by the Master Servicer that a Non-Serviced Mortgage Loan has become an AB Modified Loan, the Master Servicer
shall (i) promptly request from the related Non-Serviced Master Servicer, Non-Serviced Special Servicer and Non-Serviced Trustee
the most recent appraisal with respect to such AB Modified Loan, in addition to all other information reasonably required by the
Master Servicer to calculate whether a Collateral Deficiency Amount exists with respect to such AB Modified Loan, and (ii) as of
the first Determination Date following receipt by the Master Servicer of the appraisal and any other information set forth in the
immediately preceding clause (i) that the Master Servicer reasonably expects to receive, calculate whether a Collateral
Deficiency Amount exists with respect to such AB Modified Loan, taking into account the most recent appraisal obtained by the Non-Serviced
Special Servicer with respect to such Non-Serviced Mortgage Loan, and all other information relevant to a Collateral Deficiency
Amount determination. Upon obtaining knowledge or receipt of notice by any other party to this Agreement that a Non-Serviced Mortgage
Loan has become an AB Modified Loan, such party shall promptly notify the Master Servicer thereof. None of the

 

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Master
Servicer (with respect to Mortgage Loans other than any Non-Serviced Mortgage Loan), the Special Servicer (with respect to Non-Serviced
Mortgage Loans), the Trustee, the Operating Advisor or the Certificate Administrator shall calculate or verify any Collateral
Deficiency Amount.

 

For purposes of determining
the Non-Reduced Interests, the Controlling Class, the occurrence of a Control Termination Event, and the Voting Rights of the related
Classes for purposes of removal of the Special Servicer or the Operating Advisor, Appraisal Reduction Amounts allocated to a Mortgage
Loan shall be allocated as follows: (i) the Non-VRR Percentage of any such Appraisal Reduction Amounts shall be allocated
to the Principal Balance Certificates in reverse sequential order to notionally reduce the Certificate Balance thereof until the
related Certificate Balance of each such Class is reduced to zero (i.e., first, to the Class H Certificates, then,
to the Class G Certificates, then, to the Class F Certificates, then, to the Class E Certificates, then, to
the Class D Certificates, then, Class C Certificates; then, to the Class B Certificates, then,
to the Class A-S Certificates; and finally, pro rata based on their respective interest entitlements, to the
Class A-1, Class A-4, Class A-5 and Class A-AB Certificates), and (ii) the VRR Percentage of any such Appraisal Reduction
Amounts shall be allocated to the VRR Interest, pro rata based on their respective VRR Interest Balances. In addition, for
purposes of determining the Controlling Class and the occurrence of a Control Termination Event, the Non-VRR Percentage of any
Collateral Deficiency Amounts allocated to a Mortgage Loan that is an AB Modified Loan shall be allocated to each Class of Control
Eligible Certificates in reverse sequential order to notionally reduce the Certificate Balance thereof until the related Certificate
Balance of each such Class is reduced to zero (i.e., first, to the Class H Certificates, then, to the Class
G Certificates, and finally, to the Class F Certificates). For the avoidance of doubt, for purposes of determining the Controlling
Class and the occurrence of a Control Termination Event, any Class of Control Eligible Certificates will be allocated the Non-VRR
Percentage of both applicable Appraisal Reduction Amounts and applicable Collateral Deficiency Amounts, as described in this paragraph.

 

The Appraised Value of
any applicable Mortgaged Property is required to be determined on an “as-is” basis for purposes of determining all
Appraisal Reduction Amounts. The Special Servicer (in the case of a Mortgage Loan that is not a Non-Serviced Mortgage Loan) or
the Master Servicer (in the case of a Non-Serviced Mortgage Loan) shall promptly notify the Special Servicer or the Master Servicer,
as applicable, and the Certificate Administrator of (i) any Appraisal Reduction Amount and (ii) any Collateral Deficiency Amount
and any resulting Cumulative Appraisal Reduction Amount (which notification shall be satisfied through delivery of such information
included in the CREFC® Loan Periodic Update File, as to the Appraisal Reduction Amounts, and the CREFC®
Appraisal Reduction Amount Template, as to the Collateral Deficiency Amount, included in the CREFC® Investor Reporting
Package, which shall be delivered simultaneously with the CREFC® Loan Periodic Update File in accordance with Section
3.12(d)), and the Certificate Administrator shall promptly post notice of such Appraisal Reduction Amount, Collateral Deficiency
Amount and any resulting Cumulative Appraisal Reduction Amount, as applicable, to the Certificate Administrator’s Website.

 

(b)          
(i)  The Holders of the majority of Voting Rights of any Class of Control Eligible Certificates, that is determined
at any time of determination to no longer be the Controlling Class (any such Class, an “Appraised-Out Class”)
as a result of an Appraisal

 

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Reduction
Amount or Collateral Deficiency Amount in respect of such Class shall have the right, at their sole expense, to require the Special
Servicer to order (or, with respect to a Collateral Deficiency Amount calculation for a Non-Serviced Mortgage Loan, require the
Master Servicer to request from the applicable Non-Serviced Special Servicer) a second Appraisal with respect to any Mortgage
Loan or Serviced Whole Loan for which an Appraisal Reduction Event has occurred or as to which there exists a Collateral Deficiency
Amount (such Holders, the “Requesting Holders”). With respect to any such Mortgage Loan (other than with respect
to a Non-Serviced Mortgage Loan) or Serviced Whole Loan, such Special Servicer shall use its reasonable efforts to cause such
second Appraisal to be (i) delivered within thirty (30) days from receipt of the Requesting Holders’ written request and
(ii) prepared on an “as-is” basis by an MAI appraiser (provided that such MAI appraiser may not be the same
MAI appraiser that provided the Appraisal in respect of which the Requesting Holders are requesting the Special Servicer to obtain
an additional Appraisal). With respect to any such Non-Serviced Mortgage Loan, the Master Servicer shall use commercially reasonable
efforts to obtain such second appraisal from the applicable Non-Serviced Special Servicer.

 

(ii)          
Upon receipt of any supplemental Appraisal pursuant to clause (i) above, the Master Servicer (for Collateral
Deficiency Amounts on Non-Serviced Mortgage Loans), the applicable Non-Serviced Special Servicer (for Appraisal Reduction Amounts
on Non-Serviced Mortgage Loans to the extent provided for in the applicable Non-Serviced Pooling Agreement and applicable Co-Lender
Agreement) and the Special Servicer (for Mortgage Loans other than Non-Serviced Mortgage Loans) shall determine, in accordance
with the Servicing Standard, whether, based on its assessment of such supplemental Appraisal, any recalculation of the Appraisal
Reduction Amount or the Collateral Deficiency Amount, as applicable, is warranted, and if so warranted, such Person shall recalculate
the Appraisal Reduction Amount or Collateral Deficiency Amount, as applicable, based on such supplemental Appraisal and (for Mortgage
Loans (other than Non-Serviced Mortgage Loans) or Serviced Whole Loans) receipt of information reasonably requested by the Special
Servicer from the Master Servicer pursuant to Section 4.05(a) or Section 4.05(c). If required by such recalculation,
the Appraised-Out Class shall be reinstated as the Controlling Class and each other Appraised-Out Class shall, if applicable, have
its related Certificate Balance notionally restored to the extent required by such recalculation of the Appraisal Reduction Amount
or Collateral Deficiency Amount, if applicable. In addition, the Holders of Certificates representing the majority of the Certificate
Balance of any Appraised-Out Class shall have the right, at their sole expense, to require the Special Servicer to order an additional
Appraisal of any Mortgage Loan or Serviced Whole Loan for which an Appraisal Reduction Event has occurred or as to which there
exists a Collateral Deficiency Amount if an event has occurred at or with regard to the related Mortgaged Property or Mortgaged
Properties that would have a material effect on its Appraised Value, and the Special Servicer shall use its reasonable efforts
to cause such Appraisal to be (i) delivered within thirty (30) days from receipt of the Requesting Holders’ written request
and (ii) prepared on an “as-is” basis by an MAI appraiser; provided that the Special Servicer shall not be required
to obtain such Appraisal if it determines in accordance with the Servicing Standard that no events at or with regard to the related
Mortgaged Property or Mortgaged Properties have occurred that would have a material effect on the Appraised Value of the related
Mortgaged Property or Mortgaged Properties. The Holders of an Appraised-Out

 

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Class
requesting any supplemental Appraisal pursuant to clause (i) above shall refrain from exercising any direction, control,
consent and/or similar rights of the Controlling Class, until such time, if any, as the Class is reinstated as the Controlling
Class, (such period beginning upon receipt by the Special Servicer of any request to obtain a supplemental Appraisal pursuant
to clause (i) above to but excluding the date on which either (A) the Special Servicer determines that no recalculation
of the Appraisal Reduction Amount or Collateral Deficiency Amount is warranted or (B) the Special Servicer recalculates the
Appraisal Reduction Amount or Collateral Deficiency Amount based on the supplemental Appraisal, the “Appraisal Review
Period”). The rights of the Controlling Class during each Appraisal Review Period shall be exercised by the next most
senior Control Eligible Certificates, if any.

 

(c)          
With respect to each Mortgage Loan (other than a Non-Serviced Mortgage Loan) and each Serviced Whole Loan as to which an
Appraisal Reduction Event has occurred (unless such Mortgage Loan or Serviced Whole Loan has become a Corrected Loan (for such
purposes taking into account any amendment or modification of such Mortgage Loan, any related Companion Loan or Serviced Whole
Loan)), the Special Servicer shall (1) within thirty (30) days of the end each 9-month period following the related Appraisal
Reduction Event, and (2) upon its determination that the value of the related Mortgaged Property has materially changed, notify
the Master Servicer of the occurrence of such 9-month period or determination and order an Appraisal (which may be an update of
a prior Appraisal), the cost of which shall be paid by the Master Servicer as a Property Protection Advance or to the extent it
would be a Nonrecoverable Advance, an expense of the Trust, or conduct an internal valuation, as applicable and, promptly following
receipt of any such Appraisal or performance of such valuation (or receipt of any Appraisal obtained in accordance with Section
4.05(b) above), shall deliver a copy thereof to the Master Servicer, the Certificate Administrator, the Trustee, the Operating
Advisor and ((i) prior to the occurrence of any Consultation Termination Event and (ii) other than with respect to any applicable
Excluded Loan) the Directing Holder. Based upon such Appraisal or internal valuation (or any Appraisal obtained in accordance with
Section 4.05(b) above) and (for Mortgage Loans (other than Non-Serviced Mortgage Loans) or Serviced Whole Loans) receipt
of information reasonably requested by the Special Servicer from the Master Servicer necessary to calculate the Appraisal Reduction
Amount that is either in the Master Servicer’s possession or reasonably obtainable by the Master Servicer, the Special Servicer
shall determine or redetermine, as applicable, and report to the Master Servicer, the Certificate Administrator, the Trustee, the
Operating Advisor and ((i) prior to the occurrence of any Consultation Termination Event and (ii) other than with respect to any
applicable Excluded Loan) the Directing Holder, the amount and calculation or recalculation of the Appraisal Reduction Amount with
respect to such Mortgage Loan, Companion Loan or Serviced Whole Loan, as applicable, and such report shall be delivered in the
CREFC® Appraisal Reduction Amount Template format; provided, however, that the Special Servicer shall
not be liable for failure to comply with such duties insofar as such failure results from a failure of the Master Servicer to provide
sufficient information to the Special Servicer to comply with such duties or failure by the Master Servicer to otherwise comply
with its obligations hereunder. Such report shall also be forwarded by the Master Servicer (or the Special Servicer if the related
Mortgage Loan is a Specially Serviced Mortgage Loan), to the extent the related Serviced Companion Loan has been included in an
Other Securitization, to the Other Servicer of such Other Securitization into which the related Serviced Companion Loan has been
sold, or to the holder

 

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of
any related Serviced Companion Loan by the Master Servicer (or the Special Servicer if the related Mortgage Loan is a Specially
Serviced Mortgage Loan). If the Special Servicer is required to redetermine the Appraisal Reduction Amount, such redetermined
Appraisal Reduction Amount shall replace the prior Appraisal Reduction Amount with respect to such Mortgage Loan, Companion Loan
or Serviced Whole Loan, as applicable. Prior to the occurrence of a Consultation Termination Event and other than with respect
to any applicable Excluded Loan, the Special Servicer shall consult with the Directing Holder with respect to any Appraisal, valuation
or downward adjustment in connection with an Appraisal Reduction Amount. Notwithstanding the foregoing but subject to Section
4.05(b), the Special Servicer will not be required to obtain an Appraisal or conduct an internal valuation, as applicable,
with respect to a Mortgage Loan or related Companion Loan or Serviced Whole Loan as to which an Appraisal Reduction Event has
occurred to the extent the Special Servicer has obtained an Appraisal or conducted such a valuation (in accordance with requirements
of this Agreement), as applicable, with respect to the related Mortgaged Property within the nine-month period immediately prior
to the occurrence of such Appraisal Reduction Event. Instead, the Special Servicer may use such prior Appraisal or valuation,
as applicable, in calculating any Appraisal Reduction Amount with respect to such Mortgage Loan or related Companion Loan or Serviced
Whole Loan; provided that the Special Servicer has no knowledge of any material change to the related Mortgaged Property
having occurred and affecting the validity of such Appraisal or valuation.

 

The Master Servicer shall
deliver electronically to the Special Servicer any information in its possession that is reasonably required to determine, calculate,
redetermine or recalculate any Appraisal Reduction Amount, using reasonable efforts to deliver such information, within four (4)
Business Days following the Special Servicer’s reasonable request therefor; provided, the Special Servicer’s failure
to timely make such request shall not relieve the Master Servicer of its obligation to use reasonable efforts to provide such information
to the Special Servicer within four (4) Business Days following the Special Servicer’s reasonable request.

 

(d)          
Any Mortgage Loan (other than a Non-Serviced Mortgage Loan), any related Serviced Companion Loan and any Serviced Whole
Loan, as applicable, previously subject to an Appraisal Reduction Amount, has become a Corrected Loan (for such purposes taking
into account any amendment or modification of such Mortgage Loan, any related Serviced Companion Loan and any Serviced Whole Loan,
as applicable), and with respect to which no other Appraisal Reduction Event is continuing, such Mortgage Loan or Serviced Whole
Loan will no longer be subject to an Appraisal Reduction Amount and the related Appraisal Reduction Event shall cease to exist.
Any Appraisal Reduction Amount in respect of a Non-Serviced Whole Loan shall be calculated by the applicable party under and in
accordance with and pursuant to the terms of the applicable Non-Serviced Pooling Agreement.

 

(e)          
Each Serviced Whole Loan will be treated as a single Mortgage Loan for purposes of calculating an Appraisal Reduction Amount
with respect to the Mortgage Loan and Companion Loan(s) that comprise such Serviced Whole Loan. Any Appraisal Reduction Amount
in respect of a Serviced AB Whole Loan will be allocated in accordance with the related Co-Lender Agreement or, if no allocation
is specified in the related Co-Lender Agreement, then, first, to the related AB Subordinate Companion Loan (until its principal

 

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balance
is notionally reduced to zero by such Appraisal Reduction Amounts) and second, pro rata to the related AB Mortgage Loan
and any related Pari Passu Companion Loan. Any Appraisal Reduction Amount in respect of any Serviced Pari Passu Whole Loan will
be allocated in accordance with the related Co-Lender Agreement or, if no allocation is specified in the related Co-Lender Agreement,
then, pro rata, between the related Serviced Pari Passu Mortgage Loan and the related Serviced Pari Passu Companion Loan,
based upon their respective Stated Principal Balances.

 

Section 4.06          
[Reserved]. 

 

Section 4.07          
Investor Q&A Forum; Investor Registry; and Rating Agency Q&A Forum and Document Request Tool. (a)  The
Certificate Administrator shall make available, only to Privileged Persons, the Investor Q&A Forum. The “Investor
Q&A Forum” shall be a service available on the Certificate Administrator’s Website, where (i) Certificateholders,
the RR Interest Owner and beneficial owners of Certificates that are Privileged Persons may submit questions to (A) the Certificate
Administrator relating to the Distribution Date Statement, (B) the Master Servicer or the Special Servicer, as the case may
be, relating to the reports being made available pursuant to Section 3.13(b), the Mortgage Loans (excluding any Non-Serviced
Mortgage Loan) or the related Mortgaged Properties or (C) the Operating Advisor relating to the Operating Advisor Annual Report
or other reports prepared by the Operating Advisor or actions by the Special Servicer referenced in any Operating Advisor Annual
Report (each, an “Inquiry”), and (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, Certificate
Administrator or the Operating Advisor, as applicable, and in the case of any Inquiry relating to a Non-Serviced Mortgage Loan,
to the related Non-Serviced Master Servicer or related Non-Serviced Special Servicer, as applicable, the Certificate Administrator
shall forward the Inquiry to the appropriate Person (in the case of the Master Servicer to the following: REAM_InvestorRelations@wellsfargo.com),
in each case within a commercially reasonable period of time following receipt thereof. Following receipt of an Inquiry, the Master
Servicer, the Special Servicer, the Certificate Administrator or the Operating Advisor, as applicable, unless such party determines
not to answer such Inquiry as provided below, shall reply to the Inquiry, which reply of the Master Servicer, the Special Servicer
or the Operating Advisor, as applicable, shall be delivered to the Certificate Administrator by electronic mail. In the case of
an Inquiry relating to a Non-Serviced Mortgage Loan, the Certificate Administrator shall make reasonable efforts to obtain an answer
from the related Non-Serviced Master Servicer or the related Non-Serviced Special Servicer, as applicable; provided that
the Certificate Administrator shall not be responsible for the content of such answer or any delay or failure to obtain such answer.
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 Master Servicer, the Special Servicer or the Operating Advisor 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 and/or the RR Interest Owner, (iii) answering any Inquiry would
be in violation of applicable law, the applicable Mortgage Loan documents or this Agreement, (iv) answering any Inquiry would
materially increase the duties of, or result in significant additional cost or expense to, the Master Servicer, the Special Servicer,
the Certificate

 

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Administrator
or the Operating Advisor, as applicable, (v) answering any Inquiry would require the disclosure of Privileged Information
(subject to the Privileged Information Exception), or (vi) answering any Inquiry is otherwise, for any reason, not advisable,
it shall not be required to answer such Inquiry and, in the case of the Master Servicer, the Special Servicer or the Operating
Advisor, shall promptly notify the Certificate Administrator of such determination. In addition, no party shall post or otherwise
disclose any direct communications with the Directing Holder or a Risk Retention Consultation Party (in its capacity as Risk Retention
Consultation Party) as part of its response to any Inquiries. The Certificate Administrator shall notify the Person who submitted
such Inquiry in the event that the Inquiry will not be answered. Any notice by the Certificate Administrator to the Person who
submitted an Inquiry that will not be answered shall include the following statement: “Because the Pooling and Servicing
Agreement provides that the Master Servicer, the Special Servicer, the Certificate Administrator and 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 Pooling and Servicing Agreement, (ii) answering any Inquiry would not be in the best interests of
the Trust and/or the Certificateholders and the RR Interest Owner, (iii) answering any Inquiry would be in violation of applicable
law or the applicable Mortgage Loan documents, (iv) answering any Inquiry would materially increase the duties of, or result
in significant additional costs or expenses to the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator
or Operating Advisor, as applicable, (v) answering any Inquiry would require the disclosure of Privileged Information, or
(vi) answering any Inquiry is otherwise, for any reason, not advisable, no inference should or may be drawn from the fact
that the Master Servicer, the Special Servicer, the Certificate Administrator 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, the Underwriters or any of their respective Affiliates. None of the Underwriters,
Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the Operating Advisor or any
of their respective Affiliates will certify to any of the information posted in the Investor Q&A Forum and no such party shall
have any responsibility or liability for the content of any such information. The Certificate Administrator shall not be required
to post to the Certificate Administrator’s Website any Inquiry or answer thereto that the Certificate Administrator determines,
in its sole discretion, is administrative or ministerial in nature. The Investor Q&A Forum will not reflect questions, answers
and other communications that are not submitted via the Certificate Administrator’s Website. Notwithstanding the foregoing,
the Operating Advisor shall not be required to respond to any Inquiries from Certificateholders or the RR Interest Owner for which
its response would require the Operating Advisor to provide information to such inquiring Certificateholders or the RR Interest
Owner that they are otherwise not entitled to receive under the terms of this Agreement.

 

(b)          
The Certificate Administrator shall make available to any Certificateholder, the RR Interest Owner and any Certificate Owner
that is a Privileged Person, the Investor Registry. The “Investor Registry” shall be a voluntary service available
on the Certificate Administrator’s Website, where Certificateholders, the RR Interest Owner and Certificate Owners that are
Privileged Persons can register and thereafter obtain information with respect to any other Certificateholder, RR Interest Owner
or Certificate Owner that has so registered. Any person registering to use the Investor Registry will be required to certify that
(a) it is a Certificateholder, an RR Interest Owner or a Certificate Owner and a Privileged Person

 

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and
(b) it grants authorization to the Certificate Administrator to make its name and contact information available on the Investor
Registry for at least forty-five (45) days from the date of such certification to Persons entitled to access to 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,
the RR Interest Owner or Certificate Owner notifies the Certificate Administrator that it wishes to be removed from the Investor
Registry (which notice may not be within forty-five (45) days of its registration), the Certificate Administrator shall promptly
remove it from the Investor Registry. The Certificate Administrator will not be responsible for verifying or validating any information
submitted on the Investor Registry, or for monitoring or otherwise maintaining the accuracy of any information thereon. The Certificate
Administrator may require acceptance of a waiver and disclaimer for access to the Investor Registry.

 

(c)          
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 questions to the Certificate Administrator relating to any
Distribution Date Statements, or submit questions to the Master Servicer or the Special Servicer, as the case may be, relating
to the reports prepared by such parties (each such submission, a “Rating Agency Inquiry”), and (ii) view
Rating Agency Inquiries that have been previously submitted and answered, together with the responses thereto. In addition, NRSROs
may use the forum to submit requests (each such submission also, a “Rating Agency Inquiry”) to the Master Servicer
for loan-level reports and other related information. Upon receipt of a Rating Agency Inquiry for the Master Servicer or the Special
Servicer, the 17g-5 Information Provider shall forward the Rating Agency Inquiry to the appropriate Person (in the case of the
Master Servicer to the following: RAInvRequests@wellsfargo.com), 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 Master Servicer
or the Special Servicer, as the case may be, unless it determines not to answer such Rating Agency Inquiry as provided below, shall
reply by e-mail to the Certificate Administrator. The 17g-5 Information Provider shall post (within a commercially reasonable period
of time following receipt of such response) such Rating Agency Inquiry with the related response thereto (or such reports, as applicable)
to the Rating Agency Q&A Forum and Document Request Tool. Any reports posted by the 17g-5 Information Provider in response
to a Rating Agency Inquiry may be posted on a separate website or web 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) answering any Rating Agency Inquiry would be in violation of applicable law, the Servicing Standard, this Agreement
or any 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, 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 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

 

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Certificate
Administrator, Master Servicer or the 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 so answer. 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 Underwriters, 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 4.08          
Secure Data Room. (a)  The Certificate Administrator shall create a Secure Data Room and the Depositor
shall, upon the receipt of each Mortgage Loan Seller’s Diligence File Certification and within one hundred twenty (120) days
following the Closing Date, deliver to the Certificate Administrator an electronic copy of the Diligence Files for the Mortgage
Loans that have been uploaded by the Mortgage Loan Sellers to the Intralinks Site. Upon receipt thereof, the Certificate Administrator
shall promptly upload the contents of each Diligence File actually received by it to the Secure Data Room. Access to the Secure
Data Room shall be granted by the Certificate Administrator to (i) the Asset Representations Reviewer and (ii) any other Person
at the direction of the Depositor, in each case, upon the occurrence of an Affirmative Asset Review Vote and receipt by the Certificate
Administrator of a certification substantially in the form of Exhibit QQ hereto (which shall be sent via e-mail to trustadministrationgroup@wellsfargo.com
or submitted electronically via the Certificate Administrator’s website). In no case whatsoever shall Certificateholders
be permitted to access the Secure Data Room. For the avoidance of doubt, the Certificate Administrator shall be under no obligation
to post any documents or information to the Secure Data Room other than the contents of the Diligence Files initially delivered
to it by the Depositor.

 

(b)          
The Certificate Administrator shall not have any obligation or duty to verify, review, confirm or otherwise determine whether
the type, number or contents of any Diligence File delivered to the Certificate Administrator is accurate, complete, or relates
to the transaction or confirm that all documents and information constituting any Diligence File have actually been delivered to
the Certificate Administrator. In no case shall the Certificate Administrator be deemed to have obtained actual or constructive
knowledge of the contents of, or information contained in, any Diligence File by virtue of posting such Diligence File to the Secure
Data Room. In the event that any document or information is posted in error, the Certificate Administrator may remove such document
or information from the Secure Data Room. The Certificate Administrator shall not have any obligation to produce physical or electronic
copies of any document or information provided to it for posting to the Secure Data

 

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Room.
The Certificate Administrator shall not be responsible or held liable for any other Person’s use or dissemination of the
documents or information contained on the Secure Data Room; provided that such event or occurrence is not also a result
of its own negligence, bad faith or willful misconduct. The Certificate Administrator shall not be required to restrict access
to the Secure Data Room on a loan-by-loan basis and any Person with access to the Secure Data Room shall covenant to access only
the information necessary to perform its duties and responsibilities under this Agreement.

 

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

 

Article
V

THE CERTIFICATES

 

Section 5.01         
The Certificates. (a)  The Certificates will be substantially in the respective forms annexed hereto as
Exhibits A-1 through and including A-18, 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. The Class X
Certificates will be issuable only in minimum Denominations of authorized initial Notional Amount of not less than $1,000,000 and
in integral multiples of $1.00 in excess of $1,000,000. The Offered Certificates (other than the Class X-A Certificates) will
be issuable only in minimum Denominations of authorized initial Certificate Balance of not less than $10,000, and in integral multiples
of $1.00 in excess thereof. The Non-Registered Certificates (other than the Class X-E, Class X-F, Class X-G and the Class R Certificates)
will be issuable in minimum Denominations of authorized initial Certificate Balance of not less than $100,000, and in integral
multiples of $1.00 in excess thereof; provided that the Class RR Certificates retained by CREFI will be issuable in fractions
of $1.00 in order to satisfy Risk Retention Rule percentage requirements. If the Original Certificate Balance or initial Notional
Amount, as applicable, of any Class does not equal an integral multiple of $1.00, then a single additional Certificate of such

 

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Class
may be issued in a minimum denomination of authorized initial Certificate Balance or initial Notional Amount, as applicable, that
includes the excess of (i) the Original Certificate Balance or initial Notional Amount, as applicable, of such Class over
(ii) the largest integral multiple of $1.00 that does not exceed such amount. The Class R Certificates shall be issued, maintained
and transferred in minimum Percentage Interests of 10% of such Class R Certificates and in integral multiples of 1% in excess
thereof.

 

(b)          
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.

 

(c)          
Until the expiration of the Transfer Restriction Period, the Class RR Certificates shall only be held as Definitive Certificates
in the Retained Interest Safekeeping Account by the Certificate Administrator (and the Holders of the Class RR Certificates shall
be registered on the Certificate Register), unless otherwise consented to by the Retaining Sponsor. The Certificate Administrator
shall hold the Class RR Certificates in safekeeping and shall release the same only upon receipt of written instructions of the
termination of the Transfer Restriction Period or of the Holder of such Class RR Certificates’ intent to Transfer pursuant
to Section 5.03(p), in each case in accordance with this Agreement, from the Holder of the applicable Class RR Certificates
and the Retaining Sponsor’s consent (subject to Section 5.01(d)), and in accordance with any authentication procedures
as may be utilized by the Certificate Administrator. There shall be, and hereby is, established by the Certificate Administrator
an account which will be designated the “Retained Interest Safekeeping Account” and into which the Class RR Certificates
shall be held and which shall be governed by and subject to this Agreement. In addition, on and after the date hereof, the Certificate
Administrator may establish any number of subaccounts to the Retained Interest Safekeeping Account for the Holder of the Class
RR Certificates. The Class RR Certificates to be delivered in physical form to the Certificate Administrator shall be delivered
as set forth herein. No amounts distributable to the Class RR Certificates shall be remitted to Retained Interest Safekeeping Account,
but shall be remitted directly to the Holder of the Class RR Certificates in accordance with written instructions (which shall
be in the form of Exhibit C to this Agreement) provided separately by the Holder of the Class RR Certificates to the Certificate
Administrator. Under no circumstances by virtue of safekeeping the Class RR Certificates shall the Certificate Administrator (i)
be obligated to bring legal action or institute proceedings against any person on behalf of a Holder of the Class RR Certificates
or (ii) have any obligation to monitor, supervise or enforce the performance of any party under the Credit Risk Retention Compliance
Agreement. The Certificate Administrator shall be entitled to conclusively rely with no obligation to verify, confirm or otherwise
monitor the accuracy of any information included in any written instructions provided in connection with this Retained Interest
Safekeeping Account and shall have no liability in connection therewith, other than with respect to the Certificate Administrator’s
obligation to obtain the Retaining Sponsor’s consent prior to any release of the Class RR Certificates. The Certificate Administrator
shall hold the Definitive Certificates representing the Class RR Certificates at the below location, or any other location; provided
the

 

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Certificate
Administrator has given notice to the Holders of the Class RR 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,
the Certificate Administrator shall deliver written confirmation to the Depositor and CREFI substantially in the form of Exhibit
UU evidencing its receipt of the Class RR Certificates.

 

The Certificate Administrator
shall make available to the Holder of the Class RR Certificates a statement of Retained Interest Safekeeping Account, as applicable,
as mutually agreed upon by the Certificate Administrator and the Holder of the Class RR Certificates, and in accordance with the
Certificate Administrator’s policies and procedures. Any transfer of the Class RR Certificates shall be subject to Article
V of this Agreement.

 

(d)          
In the event a Holder of Class RR Certificates seeks to cause the release of any Class RR Certificates from the Retained
Interest Safekeeping Account, the Holder of such Class RR Certificates shall deliver to the Certificate Administrator (i) a written
request for such release in connection with a Transfer pursuant to Section 5.03(p) or in connection with the termination
of the Transfer Restriction Period and (ii) a written request for the Retaining Sponsor’s consent to such release substantially
in the form attached hereto as Exhibit D-7. Promptly upon receipt of such request for the Retaining Sponsor’s consent,
the Certificate Administrator shall forward such request to the Retaining Sponsor, the Depositor and counsel via electronic mail
to the addresses listed on such form (or such other method and/or address(es) as may hereafter be furnished by the Retaining Sponsor
to the Certificate Administrator in writing). The Certificate Administrator may not consent to, or otherwise permit, any such release
without obtaining the Retaining Sponsor’s countersigned request for consent; provided that if the Retaining Sponsor
fails to respond (which response, for the avoidance of doubt, may include an acknowledgement of such request) in writing to the
Certificate Administrator within ten (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; provided,
further, that such deemed consent shall not apply in connection with a determination of whether the Transfer Restriction
Period has ended. Notwithstanding the foregoing, if the release of any Class RR Certificates pursuant to this Section 5.01(d)
occurs in connection with the termination of the Risk Retention Rule and the Holder of the Class RR Certificates desires to exchange
its Class RR Certificates for Book-Entry Certificates, such party must also comply with the Transfer provisions in Section 5.03(g)
and obtain the consent of the Retaining Sponsor pursuant to this Section 5.01(d). Upon the release of such Class RR Certificates
from the Retained Interest Safekeeping Account, the Certificate Administrator’s obligations with respect thereto shall cease
and terminate and the Certificate Administrator shall be released therefrom. 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 8.03.

 

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Section 5.02         
Form and Registration. No Transfer of any Non-Registered Certificate shall be made unless that Transfer is made pursuant
to an effective registration statement under the Securities Act, and effective registration or qualification under applicable state
securities laws, or is made in a transaction which does not require such registration or qualification. If a Transfer (other than
one by the Depositor to an Affiliate thereof or by the Initial Purchasers to LD II Holdco X, LLC) is to be made in reliance upon
an exemption from the Securities Act, and under the applicable state securities laws, then either:

 

(a)          
Each Class of the Non-Registered Certificates (other than the Class R Certificates and the Class RR Certificates) sold to
institutions that are non-United States Securities Persons in Offshore Transactions in reliance on Regulation S under the
Act shall initially be represented by a temporary Book-Entry 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 Book-Entry
Certificate”), which shall be deposited on the Closing Date on behalf of the purchasers of the Non-Registered Certificates
represented thereby with the Certificate Registrar, at its principal trust office, as custodian, for the Depository, and registered
in the name of the Depository or the nominee of the Depository for the account of designated agents holding on behalf of Euroclear
and/or Clearstream. Prior to the expiration of the Restricted Period, beneficial interests in each Temporary Regulation S
Book-Entry Certificate may be held only through Euroclear or Clearstream. After the expiration of the Restricted Period, a beneficial
interest in a Temporary Regulation S Book-Entry Certificate may be exchanged for an interest in the related Regulation S
Book-Entry Certificate in the applicable form set forth as an exhibit hereto in accordance with the procedures set forth in Section
5.03(f). During the Restricted Period, distributions due in respect of a beneficial interest in a Temporary Regulation S
Book-Entry 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 Book-Entry Certificate shall not be made to the Holders of such beneficial
interests unless exchange for a beneficial interest in the Regulation S Book-Entry Certificate of the same Class is improperly
withheld or refused. The aggregate Certificate Balance of a Temporary Regulation S Book-Entry Certificate or a Regulation S
Book-Entry 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 Book-Entry Certificates, which shall be held by the Certificate Registrar
for purposes of effecting the exchanges contemplated by the preceding paragraph. Wells Fargo Bank, National Association is hereby
initially appointed the Authenticating Agent with the power to act, on the Trustee’s behalf, in the authentication and delivery
of the Certificates in connection with Transfers and exchanges as herein provided. If Wells Fargo Bank, National Association is
removed as Certificate Administrator, then Wells Fargo Bank, National Association shall be terminated as Authenticating Agent.
If the Authenticating Agent is terminated, the Trustee shall appoint a successor authenticating agent, which may be the Trustee
or an Affiliate thereof.

 

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(b)          
Certificates of each Class of Non-Registered Certificates (other than the Class R Certificates and the Class RR Certificates)
offered and sold to Qualified Institutional Buyers in reliance on Rule 144A shall be represented by Rule 144A Book-Entry
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 Book-Entry Certificate may from time to time be increased or decreased by adjustments made on the records of
the Certificate Registrar, as custodian for the Depository, as hereinafter provided.

 

(c)          
Certificates of each Class of Non-Registered Certificates that are initially offered and sold to investors that are Institutional
Accredited Investors that are not Qualified Institutional Buyers and the Class RR Certificates (until the expiration of the Transfer
Restriction Period) (the “Non-Book Entry Certificates”) shall be in the form of Definitive Certificates, substantially
in the applicable form set forth as an exhibit hereto, and shall be registered in the name of such investors or their nominees
by the Certificate Registrar who shall deliver the Certificates for such Non-Book Entry Certificates to the respective beneficial
owners or owners. For the avoidance of doubt, the Class R Certificates shall only be in the form of Definitive Certificates.

 

(d)          
Owners of beneficial interests in Book-Entry Certificates of any Class shall not be entitled to receive physical delivery
of certificated Certificates unless: (i) the Depository advises the Certificate Registrar in writing that the Depository is
no longer willing or able to discharge properly its responsibilities as depository with respect to the Book-Entry Certificates
of such Class or ceases to be a Clearing Agency, and the Certificate Registrar and the Depository are unable to locate a qualified
successor within ninety (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 certificated Non-Registered Certificates be issued to
beneficial owners of a Temporary Regulation S Book-Entry 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 Book-Entry Certificates
and upon surrender by the Depository of any Book-Entry Certificate of such Class and receipt from the Depository of instructions
for re-registration, 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 Book-Entry Certificate, the same legends regarding Transfer
restrictions borne by such Book-Entry Certificate), and thereafter the Certificate Registrar shall recognize the Holders of such
Definitive Certificates as Certificateholders under this Agreement. Unless and until Definitive Certificates are issued in respect
of a Class of Book-Entry Certificates, beneficial Ownership Interests in such Class of Certificates will be maintained and transferred
on the book entry records of the Depository and Depository Participants, and all references to actions by Holders of such Class
of Certificates will refer to action taken by the Depository upon instructions received from the related registered Holders of
Certificates through the Depository Participants in accordance with the Depository’s procedures and, except as otherwise
set forth herein, all references herein to payments, notices, reports and statements to Holders of such Class of Certificates will
refer to payments, notices, reports and statements to the Depository or its nominee as the registered

 

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Holder
thereof, for distribution to the related registered Holders of Certificates through the Depository Participants in accordance
with the Depository’s procedures.

 

Section 5.03         
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 of Non-Registered Certificates represented
by a Temporary Regulation S Book-Entry Certificate, a Regulation S Book-Entry Certificate and a Rule 144A Book-Entry
Certificate and accepting Certificates for exchange and registration of Transfer and (ii) transmitting to the Depositor, the
Master Servicer and the Special Servicer any notices from the Certificateholders.

 

(b)          
Subject to the restrictions on Transfer set forth in this Article V, 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 Book-Entry Certificate to Temporary Regulation S Book-Entry Certificate. If a Holder of a beneficial
interest in the Rule 144A Book-Entry Certificate deposited with the Certificate Registrar as custodian for the Depository
wishes at any time during the Restricted Period to exchange its interest in such Rule 144A Book-Entry Certificate for an interest
in the Temporary Regulation S Book-Entry Certificate of the same Class, or to Transfer its interest in such Rule 144A
Book-Entry Certificate to a Person who is required to take delivery thereof in the form of an interest in the Temporary Regulation S
Book-Entry Certificate of the same Class, such Holder may, subject to the rules and procedures of the Depository, exchange or cause
the exchange of such interest for an equivalent beneficial interest in such Temporary Regulation S Book-Entry Certificate.
Upon receipt by the Certificate Registrar, as registrar, at its office designated in Section 5.07 hereof, of (1) instructions
given in accordance with the Depository’s procedures from a Depository Participant directing the Certificate Registrar to
credit, or cause to be credited, a beneficial interest in the Temporary Regulation S Book-Entry Certificate in an amount equal
to the beneficial interest in the Rule 144A Book-Entry 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 I 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 Book-Entry 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 Book-Entry Certificate
and to increase, or cause to be increased, the Certificate Balance of the Temporary Regulation S Book-Entry Certificate by
the aggregate Certificate Balance of the beneficial interest in the Rule 144A Book-Entry 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

 

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interest
in the Temporary Regulation S Book-Entry Certificate equal to the reduction in the Certificate Balance of the Rule 144A
Book-Entry 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 Book-Entry Certificate that is being exchanged or transferred.

 

(d)          
Rule 144A Book-Entry Certificate to Regulation S Book-Entry Certificate. If a Holder of a beneficial interest
in the Rule 144A Book-Entry Certificate deposited with the Certificate Registrar as custodian for the Depository wishes at
any time following the Restricted Period to exchange its interest in such Rule 144A Book-Entry Certificate for an interest
in the Regulation S Book-Entry Certificate of the same Class, or to Transfer its interest in such Rule 144A Book-Entry
Certificate to a Person who is required to take delivery thereof in the form of an interest in a Regulation S Book-Entry 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 Book-Entry Certificate. Upon receipt by the Certificate Registrar, as
registrar, at its office designated in Section 5.07 hereof, of (1) instructions given in accordance with the Depository’s
procedures from a Depository Participant directing the Certificate Registrar to credit or cause to be credited a beneficial interest
in the Regulation S Book-Entry Certificate in an amount equal to the beneficial interest in the Rule 144A Book-Entry
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 J
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 Book-Entry Certificates and pursuant to and in accordance with Regulation S,
or (B) that the Transferee is otherwise entitled to hold its interest in the applicable Certificates in the form of an interest
in the Regulation S Book-Entry 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 Book-Entry Certificate and to increase, or cause to be increased, the Certificate Balance of the Regulation S
Book-Entry Certificate by the aggregate Certificate Balance of the beneficial interest in the Rule 144A Book-Entry 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 Book-Entry Certificate equal to the reduction in the Certificate Balance of the Rule 144A Book-Entry
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 Book-Entry Certificate that is being exchanged or transferred.

 

(e)          
Temporary Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate to Rule 144A Book-Entry
Certificate. If a Holder of a beneficial interest in a Temporary Regulation S Book-Entry Certificate or Regulation S
Book-Entry Certificate deposited with the Certificate Registrar as custodian for the Depository wishes at any time to exchange
its interest in such Temporary Regulation S Book-Entry Certificate or Regulation S Book-Entry Certificate for an interest
in the Rule 144A Book-Entry Certificate of the same Class, or to Transfer its interest in such Temporary Regulation S
Book-Entry Certificate or Regulation S Book-Entry Certificate to a Person who is required to take delivery thereof in the

 

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form
of an interest in the Rule 144A Book-Entry 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 Book-Entry Certificate of the same Class. Upon receipt by the Certificate Registrar, as registrar,
at its office designated in Section 5.07 hereof, of (1) instructions from Euroclear or Clearstream, if applicable,
and the Depository, directing the Certificate Registrar, as registrar, to credit or cause to be credited a beneficial interest
in the Rule 144A Book-Entry Certificate equal to the beneficial interest in the Temporary Regulation S Book-Entry Certificate
or Regulation S Book-Entry 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
Book-Entry 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 Book-Entry Certificate for an interest in the Rule 144A
Book-Entry Certificate (i) during the Restricted Period, a certificate in the form of Exhibit K hereto given
by the Holder of such beneficial interest and stating that the Person transferring such interest in the Temporary Regulation S
Book-Entry Certificate reasonably believes that the Person acquiring such interest in the Rule 144A Book-Entry Certificate
is a Qualified Institutional Buyer or (ii) after the Restricted Period, an Investment Representation Letter in the form of
Exhibit C attached hereto from the Transferee to the effect that such Transferee is a Qualified Institutional Buyer
(an “Investment Representation Letter”) 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 Book-Entry Certificate or Regulation S Book-Entry Certificate
and to increase, or cause to be increased, the Certificate Balance of the Rule 144A Book-Entry Certificate by the aggregate
Certificate Balance of the beneficial interest in the Temporary Regulation S Book-Entry Certificate or Regulation S
Book-Entry 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 Book-Entry Certificate equal to the reduction in the Certificate Balance of the Temporary Regulation S Book-Entry
Certificate or Regulation S Book-Entry Certificate and to debit, or cause to be debited, from the account of the Person making
such Transfer the beneficial interest in the Temporary Regulation S Book-Entry Certificate or Regulation S Book-Entry
Certificate that is being transferred.

 

(f)           
Temporary Regulation S Book-Entry Certificate to Regulation S Book-Entry Certificate. Interests in a Temporary
Regulation S Book-Entry Certificate as to which the Certificate Registrar has received from Euroclear or Clearstream, as the
case may be, a certificate (a “Non-U.S. Beneficial Ownership Certification”) to the effect that Euroclear or
Clearstream, as applicable, has received a certificate substantially in the form of Exhibit L hereto from the Holder
of a beneficial interest in such Temporary Regulation S Book-Entry Certificate, shall be exchanged after the Restricted Period,
for interests in the Regulation S Book-Entry 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
Book-Entry Certificate, representing the aggregate Certificate Balance of interests in the Temporary Regulation S Book-Entry
Certificate initially exchanged for interests in the Regulation S Book-Entry Certificate. The delivery to the Certificate
Registrar by Euroclear or Clearstream of the certificate or certificates referred to

 

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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 Book-Entry Certificate. Upon any exchange of interests in the Temporary Regulation S Book-Entry Certificate
for interests in the Regulation S Book-Entry Certificate, the Certificate Registrar shall endorse the Temporary Regulation S
Book-Entry Certificate to reflect the reduction in the Certificate Balance represented thereby by the amount so exchanged and
shall endorse the Regulation S Book-Entry 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 Book-Entry Certificate, and the Certificates
evidenced thereby, shall in all respects be entitled to the same benefits under this Agreement as the Regulation S Book-Entry
Certificate and Rule 144A Book-Entry Certificate authenticated and delivered hereunder.

 

(g)          
Non-Book Entry Certificate to Book-Entry Certificate. If a Holder of a Non-Book Entry Certificate (other than a Class
RR or Class R Certificate) wishes at any time to exchange its interest in such Non-Book Entry Certificate for an interest in a
Book-Entry 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 Book-Entry 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 Book-Entry Certificate of the same Class. Upon receipt by the Certificate
Registrar, as registrar, at its office designated in Section 5.07 hereof, of (1) such Non-Book Entry Certificate, duly
endorsed as provided herein, (2) instructions from such Holder directing the Certificate Registrar, as registrar, to credit,
or cause to be credited, a beneficial interest in the applicable Book-Entry 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 M hereto (in the
event that the applicable Book-Entry Certificate is the Temporary Regulation S Book-Entry Certificate), in the form of Exhibit N
hereto (in the event that the applicable Book-Entry Certificate is the Regulation S Book-Entry Certificate) or in the form
of Exhibit O hereto (in the event that the applicable Book-Entry Certificate is the Rule 144A Book-Entry 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 Book-Entry Certificate by the aggregate Certificate Balance of the portion of the Non-Book Entry Certificate to be exchanged
and to credit, or cause to be credited, to the account of the Person specified in such instructions a beneficial interest in the
applicable Book-Entry Certificate equal to the Certificate Balance of the portion of the Non-Book Entry Certificate so canceled.
Upon the written direction of the Depositor (which may be by e-mail to cts.cmbs.bond.admin@wellsfargo.com) or its Affiliate,
the Certificate Registrar shall execute any instrument as may be reasonably required by the Depository to effect such exchange.

 

(h)          
Non-Book Entry Certificates on Initial Issuance Only. Subject to the issuance of Definitive Certificates, if and
when permitted by Section 5.02(d), no Non-Book

 

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Entry
Certificate shall be issued to a Transferee of an interest in any Rule 144A Book-Entry Certificate, Temporary Regulation S
Book-Entry Certificate or Regulation S Book-Entry Certificate or to a Transferee of a Non-Book Entry Certificate (or any
portion thereof).

 

(i)           
Other Exchanges. In the event that a Book-Entry 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 subsections (c)
through (f) above (including the certification requirements intended to ensure that such Transfers comply with Rule 144A
or Regulation S under the Act, at the case may be) and such other procedures as may from time to time be adopted by the Certificate
Registrar.

 

(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 Book-Entry Certificate to U.S. persons (as defined in Regulation S)
shall be limited to Transfers made pursuant to the provisions of subsection (e) above.

 

(k)          
If Non-Registered 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 Non-Registered Certificates
so issued shall bear the restrictive legend, or such legend shall not be removed, as the case may be, unless there is delivered
to the Certificate Registrar such satisfactory evidence, which may include an Opinion of Counsel that neither such legend nor the
restrictions on Transfer set forth therein are required to ensure that Transfers thereof comply with the provisions of Rule 144A
or Regulation S under the Act. Upon provision of such satisfactory evidence, the Certificate Registrar shall authenticate
and deliver Certificates that do not bear such legend.

 

(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)         
With respect to the ERISA Restricted Certificates, no sale, Transfer, pledge or other disposition (other than any initial
Transfer to the Initial Purchasers) of any such Certificate shall be made unless the Trustee and Certificate Administrator shall
have received a representation letter from the proposed purchaser or Transferee of such Certificate substantially in the form
of Exhibit F-1 attached hereto, to the effect that such proposed purchaser or Transferee is not and will not be (A) an
employee benefit plan subject to the fiduciary responsibility provisions of ERISA or a plan subject to Section 4975 of the
Code, or a governmental plan (as defined in Section 3(32) of ERISA) or other plan subject to any federal, state or local law
(“Similar Law”) which is, to a material extent, similar to the foregoing provisions of ERISA or the Code (each,
a “Plan”) or (B) a person acting on behalf of or using the assets of any such Plan (within the meaning
of Department of Labor Regulation § 2510.3-101, as modified by Section 3(42) of ERISA), other than an insurance
company using the assets of its general account under circumstances whereby the purchase and holding of such Certificates by such
insurance company will be exempt from the prohibited transaction provisions of ERISA and 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

 

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of
Similar Law). The Trustee and Certificate Administrator shall not register the sale, Transfer, pledge or other disposition of
any ERISA Restricted Certificate unless the Trustee and Certificate Administrator have received either the representation letter
described above. The costs of any of the foregoing representation letters shall not be borne by any of the Depositor, the Master
Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Initial Purchasers, the Underwriters, the Operating
Advisor, the Asset Representations Reviewer or the Trust. Each Certificate Owner of an ERISA Restricted Certificate shall be deemed
to represent that it is not a Person specified in clause (A) or (B) of the first sentence of this Section 5.03(m).
Any transfer, sale, pledge or other disposition of any ERISA Restricted Certificates that would constitute or result in a prohibited
transaction under ERISA, Section 4975 of the Code or any Similar Law, or would otherwise violate the provisions of this Section
5.03(m) shall be deemed absolutely null and void ab initio, to the extent permitted under applicable law.

 

(n)          
No Class R Certificate or any VRR Interest 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 a Plan or using the assets of a Plan (within the meaning of Department
of Labor Regulation § 2510.3-101, as modified by Section 3(42) of ERISA) to purchase such Class R Certificate or any VRR Interest.
Each prospective Transferee of a Class R Certificate or any VRR Interest shall deliver to the Transferor and the Certificate Administrator
a representation letter, substantially in the form of Exhibit F-2, stating that the prospective Transferee is not a
Plan or a person acting on behalf of or using the assets of a Plan. Any attempted or purported Transfer in violation of these Transfer
restrictions shall be null and void ab initio and shall vest no rights in any purported Transferee and shall not relieve
the Transferor of any obligations with respect to the applicable Certificates or any VRR Interest.

 

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
described in the first sentence of this Section 5.03(n) by a Person who is not a Permitted Transferee or by a Person who
is acting as an agent of a Person who is not a Permitted Transferee shall be void ab initio and of no effect, and the immediately
preceding owner who was a Permitted Transferee shall be restored to registered and beneficial ownership of the Residual Ownership
Interest as soon and as fully as possible.

 

(ii)          
No Residual Ownership Interest may be Transferred, and no such Transfer shall be registered in the Certificate Register,
without the express written consent of the Certificate Registrar, and the Certificate Registrar shall not recognize the Transfer,
and such proposed Transfer shall not be effective, without such consent with respect thereto. In connection with any proposed Transfer
of any Residual Ownership Interest, the

 

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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 D-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. Tax Person,
(5) the proposed Transferee will not Transfer the Residual Ownership Interest to any Person that does not provide a Transferee
Affidavit or as to which the proposed Transferee has actual knowledge that such Person is not a Permitted Transferee or is acting
as an agent (including a broker, nominee or other middleman) for a Person that is not a Permitted Transferee, and (6) the
proposed Transferee expressly agrees to be bound by and to abide by the provisions of this Section 5.03(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 D-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 therein 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 sixty (60) days after a request for information from
the Transferor of such Residual Ownership Interest or such agent, the Certificate Registrar agrees to furnish to the Internal Revenue
Service 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, that such Persons shall in no event be excused from furnishing
such information.

 

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(o)          
The Class R Certificates may only be transferred to and owned by Qualified Institutional Buyers.

 

(p)          
(i) At all times during the Transfer Restriction Period, if a Transfer of the Class RR Certificates is to be made, then
the Certificate Registrar shall refuse to register such Transfer unless it receives (and, upon receipt, may conclusively rely upon)
each of the following, sent to the Certificate Registrar and with a copy to each of the Retaining Sponsor and counsel at the addresses
provided in Section 13.05: (A) Exhibit D-7 from the Holder of the applicable Class RR Certificates instructing the
Certificate Registrar of its intentions to release its Class RR Certificates Certificate from the Retained Interest Safekeeping
Account, and to Transfer such Class RR Certificate, (B) a certification from such Certificateholder’s prospective Transferee
substantially in the form attached hereto as Exhibit D-5, (C) a certification from the Certificateholder desiring to effect
such Transfer substantially in the form attached hereto as Exhibit D-6, (D) a W-9 completed by the Transferee and (E) wire
instructions and contact information of the Transferee. Upon receipt of the foregoing certifications, the Certificate Registrar
shall, subject to Section 5.01(c) and Section 5.03, facilitate the Transfer of the Class RR Certificate and reflect
the Class RR 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 Transferor, of such Transfer and the safekeeping of such Class RR Certificate
substantially in the form of Exhibit TT attached hereto.

 

(ii) After
the termination of the Transfer Restriction Period, if a Transfer of the Class RR 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) a certification from such Certificateholder’s prospective Transferee substantially in the form attached hereto as Exhibit
D-5 and (B) a certification from the Certificateholder desiring to effect such Transfer substantially in the form attached
hereto as Exhibit D-6. For the avoidance of doubt, in no event shall any Class RR Certificate be held as a Book-Entry Certificate
with a balance in excess of $0 at any time prior to the expiration of the Transfer Restriction Period.

 

(q)          
Notwithstanding any other provision of this Agreement, the Certificate Administrator shall comply with all federal withholding
requirements respecting payments to Certificateholders and the RR Interest Owner and other payees of interest or original issue
discount that the Certificate Administrator reasonably believes are applicable under the Code. The consent of Certificateholders
and the RR Interest Owner or payees shall not be required for such withholding, and the Certificateholders and the RR Interest
Owner shall be required to provide the Certificate Administrator with such forms and such other information reasonably required
by the Certificate Administrator. If the Certificate Administrator does withhold any amount from interest or original issue discount
payments or advances thereof to any Certificateholder or the RR Interest Owner 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.

 

(r)           
No Person shall be permitted to own, directly or indirectly, any interest in an RR Interest other than (i) the Retaining
Sponsor or one of its Majority Owned Affiliates that

 

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is
not a Non-Exempt Person or (ii) a Person that provides financing permitted under the Risk Retention Rule (a “Permitted
Lender”) to the Retaining Sponsor or such Majority Owned Affiliate; provided, further, that if such financing
is provided by the Permitted Lender in a repurchase transaction, the Retaining Sponsor or such Majority-Owned Affiliate of the
Retaining Sponsor may transfer its interest in the RR Interest to the Permitted Lender so long as such Sponsor or such Majority-Owned
Affiliate is obligated to repurchase such interest in the RR Interest pursuant to the terms of the related financing documents.
An RR Interest Owner, if it wishes to transfer the RR Interest, shall notify the Certificate Administrator in writing of such
transfer and identify the new RR Interest Owner. The Certificate Administrator shall register the ownership of the RR Interest
on a registry of ownership maintained by the Certificate Administrator. Any transfer of an RR Interest (including to a Majority
Owned Affiliate) shall be null and void ab initio to the extent permitted under applicable law unless all of the following
is provided to the Certificate Administrator (i) the transferor of an RR Interest has executed and delivered to the Certificate
Administrator a certification in the form of Exhibit D-4 hereto and (ii) the transferee of an RR Interest has executed
and delivered to the Certificate Administrator a certification in the form of Exhibit D-3 hereto, which certification shall
include wiring instructions and contact information for such transferee. Notwithstanding anything else in this Agreement to the
contrary, no Person shall have any rights hereunder with respect to the RR Interest unless (i) in the case of the Sponsor
or its Majority Owned Affiliate, such Person is identified in writing to the Certificate Administrator as being the RR Interest
Owner, or (ii) in the case of any subsequent transferee, such Person is identified as being the RR Interest Owner on the
ownership registry. The Certificate Administrator, the other parties to this Agreement and the Certificateholders shall be entitled
to treat the RR Interest Owner (in the case of any subsequent RR Interest Owner, as recorded on such ownership registry) as the
owner in fact thereof for all purposes and shall not be bound to recognize any equitable or other claim to or interest in the
RR Interest on the part of any other Person. Any transfer of an interest in the RR Interest that is not in compliance with this
Section 5.03(r) or Section 5.03(n) shall be null and void ab initio to the extent permitted under applicable
law.

 

(s)          
The Sponsors represent, and any subsequent RR Interest Owner shall be deemed by virtue of its acceptance of the RR Interest
to represent, to the Trust and the Certificate Administrator (for the benefit of the borrowers) that it is not a Non-Exempt Person.
Contemporaneously with the execution of this Agreement and from time to time as necessary during the term of the Agreement, the
RR Interest Owners shall deliver to the Certificate Administrator evidence satisfactory to the Certificate Administrator substantiating
that it is not a Non-Exempt Person and that the Certificate Administrator is not obligated under applicable law to withhold taxes
on sums paid to it with respect to the Mortgage Loans or otherwise under this Agreement. Without limiting the effect of the foregoing,
(a) if an RR Interest Owner is created or organized under the laws of the United States, any state thereof or the District
of Columbia, it shall satisfy the requirements of the preceding sentence by furnishing to the Certificate Administrator an Internal
Revenue Service Form W-9 and (b) if an RR Interest Owner is not created or organized under the laws of the United States,
any state thereof or the District of Columbia, and if the payment of interest or other amounts by the borrowers is treated for
United States income tax purposes as derived in whole or part from sources within the United States, the RR Interest Owner shall
satisfy the requirements of the preceding sentence by furnishing to the Certificate Administrator an Internal Revenue Service Form
W-8ECI, Form W-8IMY (with appropriate attachments) or Form W-8BEN, or successor forms, as may be required from time

 

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to
time, duly executed by the RR Interest Owner, as evidence of the RR Interest Owner’s exemption from the withholding of United
States tax with respect thereto. The Certificate Administrator shall not be obligated to make any payment hereunder to an RR Interest
Owner in respect of the RR Interest or otherwise until the RR Interest Owner shall have furnished to the Certificate Administrator
the forms, certificates, statements or documents required by this Section 5.03(s).

 

(t)           
Each purchaser of Certificates that is a Plan subject to ERISA or Section 4975 of the Code (an “ERISA Plan”)
or is acting on behalf of or using the assets of an ERISA Plan will be deemed to have represented and warranted that (i) none of
the Depositor, the issuing entity, the Sponsors, the Underwriters, the Initial Purchasers, the Trustee, the Certificate Administrator,
the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer 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 Certificates, and they are not
otherwise 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 Certificates (except where an exemption is available (all of the conditions
of which are satisfied) to cover the purchase and holding of the Certificates or the transaction is not otherwise prohibited) and
(ii) the fiduciary making the decision to acquire the Certificates is exercising its own independent judgment in evaluating the
investment in the Certificates.

 

Section 5.04         
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. In connection with the issuance of any new
Certificate under this Section 5.04, 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 5.04 shall constitute complete and indefeasible evidence of ownership in the Trust, as if originally
issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time.

 

Section 5.05         
Persons Deemed Owners. The Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee and
the Certificate Registrar, and any agent of any of them, may treat the Person in whose name any Certificate is registered as the
owner of such Certificate for the purpose of receiving distributions as provided in this Agreement and for all other purposes whatsoever,
and neither the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, nor
any agent of any of them shall be affected by any notice to the contrary; provided, however, that to the extent that
a party to this Agreement responsible for distributing any report, statement or other information required to be distributed to
Certificateholders or the RR Interest Owner has been provided an Investor

 

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Certification,
such party to this Agreement shall distribute such report, statement or other information to such beneficial owner (or prospective
Transferee).

 

Section 5.06         
Access to List of Certificateholders’ Names and Addresses; Special Notices. (a)  The Certificate
Registrar shall maintain in as current form as is reasonably practicable the most recent list available to it of the names and
addresses of the Certificateholders. If any Certificateholder that has provided an Investor Certification (i) requests in
writing from the Certificate Registrar a list of the names and addresses of Certificateholders, (ii) states that such Certificateholder
desires to communicate with other Certificateholders with respect to its rights under this Agreement or under the Certificates
and (iii) provides a copy of the communication which Certificateholder proposes to transmit, then the Certificate Registrar
shall, within ten (10) Business Days after the receipt of such request, afford such Certificateholder (at such Certificateholder’s
sole cost and expense) access during normal business hours to a current list of the Certificateholders related to the Class of
Certificates held by such Certificateholder. Every Certificateholder, by receiving and holding a Certificate, agrees that the Certificate
Registrar shall not be held accountable by reason of the disclosure of any such information as to the list of the Certificateholders
hereunder, regardless of the source from which information was derived. The Master Servicer, the Special Servicer, the Trustee,
the Certificate Administrator, the Operating Advisor and the Depositor shall be entitled to a list of the names and addresses of
Certificateholders from time to time upon request therefor.

 

(b)          
(i)  The Certificate Administrator shall include in any Form 10-D any written request received in accordance
with Section 11.04(a) prior to the Distribution Date to which the Form 10-D relates (and on or after the Distribution
Date preceding such Distribution Date) from a Certificateholder or Certificate Owner to communicate with other Certificateholders
or Certificate Owners related to Certificateholders or Certificate Owners exercising their rights under the terms of this Agreement.
Any Form 10-D containing such disclosure (a “Special Notice”) regarding the request to communicate shall
include the following and no more than the following (a) the name of the Certificateholder or Certificate Owner making the
request, (b) the date the request was received, (c) a statement to the effect that the Certificate Administrator has
received such request, stating that such Certificateholder or Certificate Owner is interested in communicating with other Certificateholders
or Certificate Owners with regard to the possible exercise of rights under this Agreement, and (d) a description of the method
other Certificateholders or Certificate Owners may use to contact the requesting Certificateholder or Certificate Owner.

 

(ii)          
In verifying the identity of any Certificateholder or Certificate Owner in connection with any request to communicate, (i) if
the Certificateholder or Certificate Owner is the Holder of record with respect to any Certificate, the Certificate Administrator
shall not require any further verification or (ii) if the Certificateholder or Certificate Owner is not the Holder of record
with respect to any Certificate, the Certificate Administrator shall require no more than (x) a written certification from
such Certificateholder or Certificate Owner that it is the beneficial owner of a Certificate and (y) another document confirming
ownership of such Certificate (e.g., trade confirmation, account statement, or a letter from a broker-dealer). The Certificate
Administrator shall not have any obligation to verify the information provided by any Certificateholder or Certificate Owner in
any request to communicate and may rely on such information conclusively. Additionally, any

 

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expenses
the Certificate Administrator incurs in connection with any request to communicate shall be paid by the Trust.

 

Section 5.07         
Maintenance of Office or Agency. The Certificate Registrar shall maintain or cause to be maintained an office or
offices or agency or agencies where Certificates may be surrendered for registration of Transfer or exchange and where notices
and demands to or upon the Certificate Registrar in respect of the Certificates and this Agreement may be served. The Certificate
Registrar initially designates its office at 600 South 4th Street, 7th Floor, MAC: N9300-070, Minneapolis,
Minnesota 55479 as its office for such purposes. The Certificate Registrar shall give prompt written notice to the Certificateholders,
the RR Interest Owner and the Mortgagors of any change in the location of the Certificate Register or any such office or agency.

 

Section 5.08         
Appointment of Certificate Administrator. (a)  Wells Fargo Bank, National Association, is hereby initially
appointed Certificate Administrator in accordance with the terms of this Agreement. If the Certificate Administrator resigns or
is terminated, a successor certificate administrator will be appointed pursuant to Section 8.07, which successor may be
the Trustee or an Affiliate thereof to fulfill the obligations of the Certificate Administrator hereunder which must satisfy the
eligibility requirements set forth in Section 8.06.

 

(b)          
The Certificate Administrator may rely upon and shall be protected in acting or refraining from acting upon any resolution,
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.

 

(c)          
The Certificate Administrator, at the expense of the Trust (but only if such amount constitutes “unanticipated expenses
of the REMIC” within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(ii)), may consult with counsel and the
advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action
taken or suffered or omitted by it hereunder in good faith and in accordance therewith.

 

(d)          
The Certificate Administrator shall not be personally liable for any action reasonably taken, suffered or omitted by it
in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Agreement.

 

(e)          
The Certificate Administrator may execute any of the trusts or powers hereunder or perform any duties hereunder either directly
or by or through agents or attorneys; provided, however, that the appointment of such agents or attorneys shall not
relieve the Certificate Administrator of its duties or obligations hereunder.

 

(f)           
The Certificate Administrator shall not be responsible for any act or omission of the Trustee, the Master Servicer, the
Special Servicer or the Depositor.

 

Section 5.09         
Voting Procedures for Certificates. (a)  With respect to any matters submitted to Certificateholders for
a vote, the Certificate Administrator shall administer such vote through the Depository with respect to Book-Entry Certificates
and directly with

 

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registered
Holders by mail with respect to Definitive Certificates. In each case, such vote shall be administered in accordance with the
following procedures, unless different procedures are otherwise described herein with respect to a specific vote:

 

(b)          
Any matter submitted to Certificateholders for a vote shall be announced in a notice prepared by the Certificate Administrator.
Such notice shall include the record date determined by the Certificate Administrator for purposes of the vote and a voting deadline
which shall be no less than thirty (30) days and no later than sixty (60) days after the date such notice is distributed. The notice
and related ballot shall be sent to Holders of Book-Entry Certificates through the Depository and by mail to the registered Holders
of Definitive Certificates. In addition, the notice and related ballot shall be posted to the Certificate Administrator’s
Website. Notices delivered in this manner shall be considered delivered to all Holders regardless of whether any Holder actually
receives the notice and ballot.

 

(c)          
In connection with any vote administered pursuant to this Agreement, voting Holders shall be required to certify their holdings
in the manner set forth on the ballot, unless a specific manner is otherwise provided herein. Holders may only vote in accordance
with their Voting Rights. Voting Rights with respect to any outstanding Class of Certificates shall be calculated by the Certificate
Administrator in accordance with the definition of Voting Rights as of the record date for the vote. Only Classes of Certificates
with an outstanding Certificate Balance greater than zero as of the record date of the vote shall be permitted to vote. Once a
Holder has cast its vote, the vote may be changed or retracted on or before the vote deadline. Any changes or retractions shall
be communicated by the Certificateholder to the Certificate Administrator in writing on a ballot. After the vote deadline has passed,
votes may not be changed or retracted by any Holder unless the Holder wishing to change or retract its vote holds a sufficient
portion of the Voting Rights such that the Holder, by its vote alone, could approve or deny the proposition subject to a vote without
taking into consideration the votes cast by any other Holder. Transferees or purchasers of any Class of Certificates are subject
to and shall be bound by all votes of Holders of Certificates initiated or conducted prior to its acquisition of such Certificate.

 

(d)          
The Certificate Administrator may take up to fifteen (15) Business Days to tabulate the results of any vote. The Certificate
Administrator shall use its reasonable efforts to resolve any illegible or incomplete ballots received prior to the voting deadline.
Illegible or incomplete ballots that are received on the voting deadline or that cannot be resolved by the voting deadline shall
not be counted. Promptly after the votes are tabulated, the Certificate Administrator shall prepare a notice announcing the results
of the vote. Such notice shall include the percentage of Voting Rights in favor of the proposition, the percentage against the
proposition and the percentage abstaining. In addition, the notice will announce whether the proposition has been adopted by Certificateholders.
The notice shall be distributed in accordance with the methods described in Section 5.09(b) above. The Certificate Administrator
shall also include such notice on the Form 10-D prepared in connection with the distribution period that corresponds with
the date such notice is distributed. All vote tabulations shall be final and the Certificate Administrator shall not, absent manifest
error, re-tabulate the votes or conduct a new vote for the same proposition.

 

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(e)          
Any and all reasonable expenses incurred by the Certificate Administrator in connection with administering any vote shall
be borne by the Trust. The Certificate Administrator is under no obligation to advise Holders about the matter being voted on or
answer questions other than process-related questions regarding the administration of the vote.

 

(f)           
If any party to this Agreement believes a vote of Certificateholders is needed for some matter related to the administration
of the Trust that is not specifically contemplated herein, such party may request the Certificate Administrator to conduct a vote
and the Certificate Administrator will conduct the requested vote in accordance with these procedures. Unless specifically provided
herein, all such votes require a majority of Certificateholders to carry a proposition.

 

Article
VI

THE DEPOSITOR, THE MASTER SERVICER, The Special Servicer, the Operating Advisor, THE ASSET REPRESENTATIONS REVIEWER, THE DIRECTING
HOLDER and the risk retention consultation parties

 

Section 6.01         
Representations, Warranties and Covenants of the Master Servicer, Special Servicer, the Operating Advisor and the Asset
Representations Reviewer. (a)  The Master Servicer hereby represents, warrants and covenants to the Trustee, for
its own benefit and the benefit of the Certificateholders, the RR Interest Owner, the Risk Retention Consultation Parties, each
Serviced Companion Noteholder, the Depositor, the Certificate Administrator, the Special Servicer, the Asset Representations Reviewer
and the Operating Advisor, as of the Closing Date, that:

 

(i)           
The Master Servicer is a national banking association, duly organized, validly existing and in good standing under the laws
of the United States of America, and the Master Servicer is in compliance with the laws of each State in which any Mortgaged Property
is located to the extent necessary to perform its obligations under this Agreement;

 

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

 

(iii)          
The Master Servicer has the full power and authority to enter into and consummate all transactions to be performed by it
contemplated by this Agreement, has

 

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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 Master Servicer, enforceable against the Master Servicer in accordance with the terms hereof, subject
to (A) applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement
of creditors’ rights generally, and (B) general principles of equity, regardless of whether such enforcement is considered
in a proceeding in equity or at law;

 

(v)          
The Master Servicer 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 Master Servicer’s
good faith and reasonable judgment, is likely to materially and adversely affect either the ability of the Master Servicer to perform
its obligations under this Agreement or the financial condition of the Master Servicer;

 

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

 

(vii)        
The Master Servicer 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 3.07 hereof; and

 

(viii)       
No consent, approval, authorization or order of, registration or filing with, or notice to, any governmental authority or
court is required under federal or state law for the execution, delivery and performance by the Master Servicer of, or compliance
by the Master Servicer with, this Agreement or the Master Servicer’s consummation of any transactions contemplated hereby,
other than (A) such consents, approvals, authorizations, orders, qualifications, registrations, filings or notices as have
been obtained, made or given prior to the actual performance by the Master Servicer of its obligations under this Agreement or
(B) where the lack of such consent, approval, authorization, order, qualification, registration, filing or notice would not have
a material adverse effect on the performance by the Master Servicer under this Agreement.

 

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(b)          
The Special Servicer, hereby represents, warrants and covenants to the Trustee, for its own benefit and the benefit of the
Certificateholders, the RR Interest Owner, the Risk Retention Consultation Parties, each Serviced Companion Noteholder, the Depositor,
the Certificate Administrator, the Master Servicer, the Asset Representations Reviewer and the Operating Advisor, as of the Closing
Date, that:

 

(i)           
The Special Servicer is a national banking association duly organized, validly existing and in good standing under the laws
of the United States, the Special Servicer is in compliance with the laws of each State in which any Mortgaged Property is located
to the extent necessary to perform its obligations under this Agreement;

 

(ii)          
The execution and delivery of this Agreement by the Special Servicer and the performance and compliance with the terms of
this Agreement by the Special Servicer do not (A) violate the Special Servicer’s organizational documents, (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 that is applicable to it or any of its assets,
or (C) violate any law, rule, regulation, order, judgment or decree to which the Special Servicer or its property is subject,
which, in the case of either (B) or (C), is likely to materially and adversely affect either the ability of the Special
Servicer to perform its obligations under this Agreement or its financial condition;

 

(iii)         
The Special Servicer has the full 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 Special Servicer enforceable against the Special Servicer in accordance with the terms hereof, subject
to (A) applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement
of creditors’ rights generally, and (B) general principles of equity, regardless of whether such enforcement is considered
in a proceeding in equity or at law;

 

(v)          
The Special Servicer 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 Special Servicer’s
good faith and reasonable judgment, is likely to materially and adversely affect either the ability of the Special Servicer to
perform its obligations under this Agreement or the financial condition of the Special Servicer;

 

(vi)         
No litigation is pending or, to the best of the Special Servicer’s knowledge, threatened against the Special Servicer
which would prohibit the Special Servicer from entering into this Agreement or, in the Special Servicer’s good faith and

 

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reasonable
judgment, is likely to materially and adversely affect the ability of the Special Servicer to perform its obligations under this
Agreement;

 

(vii)        
The Special Servicer has errors and omissions 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 3.07 hereof; and

 

(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 Special Servicer of, or compliance by the Special Servicer with, this Agreement
or the consummation of the transactions of the Special Servicer contemplated by this Agreement, except for any consent, approval,
authorization or order which has been obtained or can be obtained prior to the actual performance by the Special Servicer of its
obligations under this Agreement, or which, if not obtained would not have a materially adverse effect on the ability of the Special
Servicer to perform its obligations hereunder.

 

(c)          
The Operating Advisor hereby represents, warrants and covenants to the Trustee, for its own benefit and the benefit of the
Certificateholders, the RR Interest Owner, the Risk Retention Consultation Parties, each Serviced Companion Noteholder, the Depositor,
the Certificate Administrator, the Master Servicer, the Special Servicer and the Asset Representations Reviewer, as of the Closing
Date, that:

 

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

 

(ii)          
The execution and delivery of this Agreement by the 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 that 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

 

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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;

 

(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 3.07 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;

 

(ix)          
The Operating Advisor possesses sufficient financial strength to fulfill its duties and responsibilities pursuant to this
Agreement over the life of the Trust Fund; and

 

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

 

(d)          
The Asset Representations Reviewer hereby represents and warrants to the Trustee, for its own benefit and the benefit of
the Certificateholders, the RR Interest Owner, the Risk Retention Consultation Parties and to the Depositor, the Master Servicer,
the Special Servicer and the Certificate Administrator, as of the Closing Date, that:

 

(i)           
The Asset Representations Reviewer is a limited liability company, duly organized, validly existing and in good standing
under the laws of the State of New York, and the Asset Representations Reviewer is in compliance with the laws of each State in

 

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which
any Mortgaged Property is located to the extent necessary to perform its obligations under this Agreement;

 

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

 

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

 

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

 

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

 

(vii)        
The Asset Representations Reviewer has errors and omissions 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 3.07 hereof;

 

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(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 Asset Representations Reviewer of, or compliance by the Asset Representations
Reviewer with, this Agreement or the consummation of the transactions of the Asset Representations Reviewer contemplated by this
Agreement, except for any consent, approval, authorization or order which has been obtained or can be obtained prior to the actual
performance by the Asset Representations Reviewer of its obligations under this Agreement, or which, if not obtained would not
have a materially adverse effect on the ability of the Asset Representations Reviewer to perform its obligations hereunder; and

 

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

 

(e)          
The representations and warranties set forth in paragraphs (a)-(d) above shall survive the execution and delivery
of this Agreement. Upon discovery by any party to this Agreement (or upon written notice thereof from any Certificateholder, the
RR Interest Owner or any Companion Holder) of a breach of any of the representations and warranties set forth in this Section which
materially and adversely affects the interests of any party to this Agreement, the Certificateholders or the RR Interest Owner,
the party discovering such breach shall give prompt written notice to the other parties hereto, each certifying Certificateholder,
the RR Interest Owner and, prior to the occurrence and continuance of a Control Termination Event, the Directing Holder.

 

Section 6.02         
Liability of the Depositor, the Master Servicer, the Operating Advisor, the Special Servicer and the Asset Representations
Reviewer. The Depositor, the Master Servicer, the Operating Advisor, the Special Servicer and the Asset Representations Reviewer
shall be liable in accordance herewith only to the extent of the respective obligations specifically imposed upon and undertaken
by, and no implied duties or obligations may be asserted against, the Depositor, the Master Servicer, the Operating Advisor, the
Special Servicer and the Asset Representations Reviewer herein.

 

Section 6.03         
Merger, Consolidation or Conversion of the Depositor, the Master Servicer, the Operating Advisor, the Special Servicer
or the Asset Representations Reviewer. (a)  Subject to subsection (b) below, the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor and the Asset Representations Reviewer each will keep in full effect its
existence, rights and franchises as an entity under the laws of the jurisdiction of its incorporation or organization, and each
will obtain and preserve its qualification to do business as a foreign entity in each jurisdiction in which qualification is or
shall be necessary to protect the validity and enforceability of this Agreement, the Certificates, the RR Interest or any of the
Mortgage Loans or Companion Loans and to perform its respective duties under this Agreement.

 

(b)          
The Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations Reviewer each
may be merged or consolidated with or into any Person, or Transfer all or substantially all of its assets (which may be limited
to all or substantially all of its assets related to commercial mortgage loan servicing or commercial mortgage surveillance, as
the case may be) to any Person, in which case any Person resulting

 

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from
any merger or consolidation to which the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or the Asset
Representations Reviewer shall be a party, or any Person succeeding to the business of the Depositor, the Master Servicer, the
Special Servicer, the Operating Advisor or the Asset Representations Reviewer, shall be the successor of the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer (such Person, in the case of the Master
Servicer or the Special Servicer in each of the foregoing cases, the “Surviving Entity”), as the case may be,
hereunder, without the execution or filing of any paper (other than an assumption agreement wherein the successor shall agree
to perform the obligations of and serve as the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or
the Asset Representations Reviewer, as the case may be, in accordance with the terms of this Agreement) or any further act on
the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided, however, that
with respect to such merger, consolidation or succession, Rating Agency Confirmation is received from each Rating Agency with
respect to the Classes of Certificates and, with respect to a Serviced Whole Loan, Companion Loan Rating Agency Confirmation is
received from each Companion Loan Rating Agency; provided, further, that if the Master Servicer, the Special Servicer,
the Operating Advisor or the Asset Representations Reviewer enters into a merger and the Master Servicer, the Special Servicer,
the Operating Advisor or the Asset Representations Reviewer, as applicable, is the Surviving Entity under applicable law, the
Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer, as applicable, shall not,
as a result of the merger, be required to provide a Rating Agency Confirmation with respect to ratings of the Classes of Certificates
or, with respect to any class of Serviced Companion Loan Securities, a Companion Loan Rating Agency Confirmation; provided,
further, that for so long as the Trust, and, with respect to any Companion Loan included as part of the trust in a related
Other Securitization, is subject to the reporting requirements of the Exchange Act, if the Master Servicer, the Special Servicer,
the Operating Advisor or the Asset Representations Reviewer notifies the Depositor in writing (a “Merger Notice”)
of any such merger, consolidation, conversion or other change in form, and the Depositor or the depositor in such Other Securitization,
as the case may be, notifies the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer,
as applicable, in writing that the Depositor or the depositor in such Other Securitization, as the case may be, has discovered
that such successor entity has not complied with its Exchange Act reporting obligations under any other commercial mortgage loan
securitization (and specifically identifying the instance of noncompliance), then it shall be an additional condition to such
succession that the Depositor or the depositor in such Other Securitization, as the case may be, shall have consented (which consent
shall not be unreasonably withheld or delayed) to such successor entity. Notwithstanding the foregoing, no Master Servicer, Special
Servicer or Operating Advisor may remain the Master Servicer, the Special Servicer or Operating Advisor, as applicable, under
this Agreement after (x) being merged or consolidated with or into any Person that is a Prohibited Party, or (y) transferring
all or substantially all of its assets to any Person if such Person is a Prohibited Party, except to the extent (i) the Master
Servicer, the Special Servicer or Operating Advisor, as applicable, is the Surviving Entity of such merger, consolidation or transfer
and has been and continues to be in compliance with its Regulation AB reporting obligations hereunder or (ii) the Depositor consents
to such merger, consolidation or transfer, which consent shall not be unreasonably withheld. If, within sixty (60) days following
the date of delivery of the Merger Notice to the Depositor or the depositor in such Other Securitization, as the case may be,
the

 

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Depositor or depositor in such Other Securitization, as the case may be, shall have failed to notify the Master Servicer or
the Special Servicer, as applicable, in writing of the Depositor’s determination, or depositor’s determination, in
the case of an Other Securitization, to grant or withhold such consent, such failure shall be deemed to constitute a grant of
such consent. If the conditions to the provisions in the second preceding sentence are not met, the Trustee may terminate, and
if the conditions set forth in the third proviso of the second preceding sentence are not met the Trustee shall terminate, the
applicable Surviving Entity’s servicing of the Mortgage Loans pursuant hereto, such termination to be effected in the manner
set forth in Section 13.01.

 

Section 6.04         
Limitation on Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset
Representations Reviewer and Others. (a)  None of the Depositor, the Master Servicer (including in its capacity as
Companion Paying Agent), the Special Servicer, the Operating Advisor, the Asset Representations Reviewer or any of the partners,
directors, officers, shareholders, members, managers, employees or agents of any of the foregoing shall be under any liability
to the Trust, the Certificateholders, the RR Interest Owner or the Companion 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 (i) this provision shall not protect the Depositor, the Master Servicer (including in its capacity as Companion Paying Agent),
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer or any such Person against any breach of warranties
or representations made by it herein or any liability which would otherwise be imposed by reason of willful misconduct, bad faith
or negligence in the performance of such party’s obligations or duties or by reason of negligent disregard of such party’s
obligations and duties hereunder. The Depositor, the Master Servicer (including in its capacity as Companion Paying Agent), the
Special Servicer, the Operating Advisor, the Asset Representations Reviewer and any partner, director, officer, shareholder, member,
manager, employee or agent of the Depositor, the Master Servicer (including in its capacity as Companion Paying Agent), the Special
Servicer, the Operating Advisor or the Asset Representations Reviewer may rely on any document of any kind which, prima facie,
is properly executed and submitted by any Person respecting any matters arising hereunder. The Depositor, the Master Servicer (including
in its capacity as Companion Paying Agent), the Special Servicer, the Asset Representations Reviewer and the Operating Advisor
and any partner, director, officer, shareholder, member, manager, employee or agent of any of the foregoing shall be indemnified
and held harmless by the Trust against any and all claims, losses, penalties, fines, forfeitures, reasonable legal fees and related
costs, judgments, and any other costs, liabilities, fees and expenses incurred in connection with any legal or administrative action
(whether in equity or at law) or claim relating to this Agreement, the Mortgage Loans, the Companion Loans or the Certificates,
other than any loss, liability or expense: (i) specifically required to be borne thereby pursuant to the terms hereof; (ii) incurred
in connection with any breach of a representation or warranty made by it herein; (iii) incurred by reason of bad faith, willful
misconduct or negligence in the performance of its obligations or duties hereunder, or by reason of negligent disregard of such
obligations or duties; or (iv) in the case of the Depositor and any of its partners, directors, officers, shareholders, members,
managers, employees and agents, incurred in connection with any violation by any of them of any state or federal securities law.
In addition, absent actual fraud (as determined by a final non-appealable court order), neither the Trustee nor the Certificate
Administrator (including in its capacity as Custodian) shall be liable for special, punitive, indirect or consequential loss or

 

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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. Each of the Master Servicer (including
in its capacity as Companion Paying Agent), the Special Servicer, the Asset Representations Reviewer and the Operating Advisor
conclusively may rely on, and shall be protected in acting or refraining from acting upon, any resolution, officer’s certificate,
certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, financial
statement, agreement, Appraisal, bond or other document (in electronic or paper format) as contemplated by and in accordance with
this Agreement and reasonably believed or in good faith believed by the Master Servicer (including in its capacity as Companion
Paying Agent), the Special Servicer, the Asset Representations Reviewer or the Operating Advisor to be genuine and to have been
signed or presented by the proper party or parties and each of them may consult with counsel, in which case any written advice
of counsel or Opinion of Counsel shall be full and complete authorization and protection with respect to any action taken or suffered
or omitted by it hereunder in good faith and in accordance with such advice or Opinion of Counsel.

 

(b)          
None of the Depositor, the Master Servicer (including in its capacity as Companion Paying Agent), the Special Servicer,
the Operating Advisor and the Asset Representations Reviewer shall be under any obligation to appear in, prosecute or defend any
legal or administrative action (whether in equity or at law), proceeding, hearing or examination that is not incidental to its
respective duties under this Agreement or which in its opinion may involve it in any expense or liability not recoverable from
the Trust; provided, however, that each of the Depositor, the Master Servicer, the Special Servicer, the Operating
Advisor or the Asset Representations Reviewer may in its discretion undertake any such action, proceeding, hearing or examination
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 RR Interest Owner (and, in the case of any Serviced Whole Loan, the rights of the Certificateholders,
the RR Interest Owner and the holders of a Serviced Companion Loan (as a collective whole) taking into account the subordinate
or pari passu nature of such Serviced Companion Loan); provided, however, that if a Serviced Whole Loan and/or
the holder of any related Companion Loan are involved, such expenses, costs and liabilities will be payable out of funds related
to the applicable Serviced Whole Loan in accordance with the related Co-Lender Agreement and will also be payable out of the other
funds in the Collection Account if amounts on deposit with respect to such Serviced Whole Loan are insufficient therefor. If any
such expenses, costs or liabilities relate to a Mortgage Loan or Companion Loan, then any subsequent recovery on that Mortgage
Loan or Companion Loan, as applicable, will be used to reimburse the Trust for any amounts advanced for the payment of such expenses,
costs or liabilities. In such event, the legal expenses and costs of such action, proceeding, hearing or examination and any liability
resulting therefrom shall be expenses, costs and liabilities of the Trust, and the Depositor, the Master Servicer (including in
its capacity as Companion Paying Agent), the Special Servicer, the Asset Representations Reviewer and the Operating Advisor shall
be entitled to be reimbursed therefor out of amounts attributable to the Mortgage Loans or the Companion Loan on deposit in the
Collection Account (including, without duplication, any subaccount thereof), as provided by Section 3.05(a)(xii).

 

(c)          
Each of the Master Servicer and the Special Servicer, as applicable, agrees to indemnify the Depositor, the Trustee, the
related Serviced Companion Noteholder, the

 

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Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer (including in its capacity as Companion
Paying Agent) (in the case of the Special Servicer), the Special Servicer (in the case of the Master Servicer) and the Trust and
any partner, director, officer, shareholder, member, manager, employee or agent thereof, and hold them harmless, from and against
any and all claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs,
liabilities, fees and expenses that any of them may sustain arising from or as a result of any willful misconduct, bad faith or
negligence of the indemnifying party in the performance of its obligations and duties under this Agreement or by reason of negligent
disregard by the indemnifying party of its duties and obligations hereunder or by reason of breach of any representations or warranties
made herein by the indemnifying party. The Trustee, the Certificate Administrator, the Depositor, the Asset Representations Reviewer
or the Operating Advisor, as the case may be, shall immediately notify the Master Servicer or the Special Servicer as applicable,
if a claim is made by a third party with respect to this Agreement or the Mortgage Loans entitling the Trust to indemnification
hereunder, whereupon the Master Servicer or the Special Servicer, as the case may be, shall assume the defense of such claim (with
counsel reasonably satisfactory to the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer or the Depositor) and pay all expenses in connection therewith, including counsel fees, and promptly pay, discharge and
satisfy any judgment or decree which may be entered against it or them in respect of such claim. Any failure to so notify the
Master Servicer or the Special Servicer, as the case may be, shall not affect any rights any of the foregoing Persons may have
to indemnification under this Agreement or otherwise, unless the Master Servicer’s or the Special Servicer’s, as the
case may be, defense of such claim is materially prejudiced thereby.

 

(d)          
Each of the Trustee and the Certificate Administrator (including in its role as Custodian), respectively agrees to indemnify
the Depositor, the Master Servicer (including in its capacity as Companion Paying Agent), the Special Servicer, the Certificate
Administrator (in the case of the Trustee), the Trustee (in the case of the Certificate Administrator), the Operating Advisor,
the Asset Representations Reviewer, the Sponsors (but only in the case of the Certificate Administrator and with respect to Article
V) and the Trust and any partner, director, officer, shareholder, member, manager employee or agent thereof, and hold them
harmless, from and against any and all claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs,
judgments, and any other costs, liabilities, fees and expenses that any of them may sustain arising from or as a result of any
willful misconduct, bad faith or negligence of the Trustee or the Certificate Administrator, respectively, in the performance of
its obligations and duties under this Agreement or by reason of negligent disregard by the Trustee or the Certificate Administrator,
respectively, of its duties and obligations hereunder or by reason of breach of any representations or warranties made herein;
provided that such indemnity shall not cover indirect or consequential damages. The Depositor, the Master Servicer, the
Special Servicer, the Asset Representations Reviewer or the Operating Advisor, as the case may be, shall immediately notify the
Trustee and the Certificate Administrator, respectively, if a claim is made by a third party with respect to this Agreement or
the Mortgage Loans entitling the Trust to indemnification hereunder, whereupon the Trustee or the Certificate Administrator shall
assume the defense of such claim (with counsel reasonably satisfactory to the Depositor, such Master Servicer (including in its
capacity as Companion Paying Agent), the Special Servicer, the Asset Representations Reviewer or the Operating

 

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Advisor)
and pay all expenses in connection therewith, including counsel fees, and promptly pay, discharge and satisfy any judgment or
decree which may be entered against it or them in respect of such claim. Any failure to so notify the Trustee or the Certificate
Administrator shall not affect any rights any of the foregoing Persons may have to indemnification under this Agreement or otherwise,
unless the Trustee’s or the Certificate Administrator’s defense of such claim is materially prejudiced thereby.

 

(e)          
The Depositor agrees to indemnify the Master Servicer (including in its capacity as Companion Paying Agent), the Special
Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trust and
any partner, director, officer, shareholder, member, manager, employee or agent thereof, and hold them harmless, from and against
any and all claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs,
liabilities, fees and expenses that any of them may sustain arising from or as a result of any willful misconduct, bad faith or
negligence of the Depositor, in the performance of its obligations and duties under this Agreement or by reason of negligent disregard
by the Depositor of its duties and obligations hereunder or by reason of breach of any representations or warranties made herein;
provided that such indemnity shall not cover indirect or consequential damages. The Master Servicer, the Special Servicer,
the Trustee, the Certificate Administrator, the Asset Representations Reviewer or the Operating Advisor, as the case may be, shall
immediately notify the Depositor if a claim is made by a third party with respect to this Agreement, whereupon the Depositor shall
assume the defense of such claim (with counsel reasonably satisfactory to the Master Servicer (including in its capacity as Companion
Paying Agent) or the Special Servicer) and pay all expenses in connection therewith, including counsel fees, and promptly pay,
discharge and satisfy any judgment or decree which may be entered against it or them in respect of such claim. Any failure to so
notify the Depositor shall not affect any rights any of the foregoing Persons may have to indemnification under this Agreement
or otherwise, unless the Depositor’s defense of such claim is materially prejudiced thereby.

 

(f)           
The Operating Advisor agrees to indemnify the Master Servicer (including in its capacity as Companion Paying Agent), the
Special Servicer, the Trustee, the Certificate Administrator, the Depositor, the Asset Representations Reviewer and the Trust and
any partner, director, officer, shareholder, member, manager, employee or agent thereof, and hold them harmless, from and against
any and all claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs,
liabilities, fees and expenses that any of them may sustain arising from or as a result of any willful misconduct, bad faith or
negligence of the Operating Advisor, in the performance of its obligations and duties under this Agreement or by reason of negligent
disregard by the Operating Advisor of its duties and obligations hereunder or by reason of breach of any representations or warranties
made herein; provided that such indemnity shall not cover indirect or consequential damages. The Master Servicer, the Special
Servicer, the Trustee, the Certificate Administrator, the Asset Representations Reviewer or the Depositor, as the case may be,
shall immediately notify the Operating Advisor if a claim is made by a third party with respect to this Agreement or the Mortgage
Loans entitling the Trust to indemnification hereunder, whereupon the Operating Advisor shall assume the defense of such claim
(with counsel reasonably satisfactory to the Master Servicer (including in its capacity as Companion Paying Agent), the Special
Servicer, the Trustee, the Certificate Administrator, the Asset Representations Reviewer or the Depositor)

 

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and
pay all expenses in connection therewith, including counsel fees, and promptly pay, discharge and satisfy any judgment or decree
which may be entered against it or them in respect of such claim. Any failure to so notify the Operating Advisor shall not affect
any rights any of the foregoing Persons may have to indemnification under this Agreement or otherwise, unless the Operating Advisor’s
defense of such claim is materially prejudiced thereby.

 

(g)          
Neither the Operating Advisor nor its Affiliates or any of the partners, directors, officers, shareholders, members, managers,
employees or agents of the Operating Advisor shall be under any liability to any Certificateholder or the RR Interest Owner 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 Operating Advisor against any liability which would
otherwise be imposed by reason of willful misconduct, bad faith or negligence in the performance of duties or by reason of negligent
disregard of obligations and duties hereunder.

 

(h)          
The Asset Representations Reviewer agrees to indemnify the Master Servicer (including in its capacity as Companion Paying
Agent), the Special Servicer, the Trustee, the Certificate Administrator, the Depositor, the Operating Advisor and the Trust and
any partner, director, officer, shareholder, member, manager, employee or agent thereof, and hold them harmless, from and against
any and all claims, losses, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs,
liabilities, fees and expenses that any of them may sustain arising from or as a result of any willful misconduct, bad faith or
negligence of the Asset Representations Reviewer, in the performance of its obligations and duties under this Agreement or by reason
of negligent disregard by the Asset Representations Reviewer of its duties and obligations hereunder or by reason of breach of
any representations or warranties made herein; provided that such indemnity shall not cover indirect or consequential damages.
The Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor or the Depositor,
as the case may be, shall immediately notify the Asset Representations Reviewer if a claim is made by a third party with respect
to this Agreement or the Mortgage Loans entitling the Trust to indemnification hereunder, whereupon the Asset Representations Reviewer
shall assume the defense of such claim (with counsel reasonably satisfactory to the Master Servicer (including in its capacity
as Companion Paying Agent), the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor or the Depositor)
and pay all expenses in connection therewith, including counsel fees, and promptly pay, discharge and satisfy any judgment or decree
which may be entered against it or them in respect of such claim. Any failure to so notify the Asset Representations Reviewer shall
not affect any rights any of the foregoing Persons may have to indemnification under this Agreement or otherwise, unless the Asset
Representations Reviewer’s defense of such claim is materially prejudiced thereby.

 

(i)          
The applicable Non-Serviced Master Servicer, Non-Serviced Special Servicer, Non-Serviced Certificate Administrator, Non-Serviced
Operating Advisor, Non-Serviced Asset Representations Reviewer, Non-Serviced Depositor and Non-Serviced Trustee, and any of their
respective partners, directors, officers, shareholders, members, managers, employees or agents and the applicable Non-Serviced
Trust, shall be indemnified by the Trust and held harmless against the Trust’s pro rata share (subject to the applicable
Non-Serviced Co-Lender Agreement) of any and all claims, losses, penalties, fines, forfeitures, legal fees and

 

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related
costs, judgments, and any other costs, liabilities, fees and expenses incurred in connection with the servicing and administration
of a Non-Serviced Mortgage Loan and the related Non-Serviced Mortgaged Property (or with respect to the Non-Serviced Operating
Advisor and/or Non-Serviced Asset Representations Reviewer, incurred in connection with the provision of services for such Non-Serviced
Mortgage Loan) under the applicable Non-Serviced Pooling Agreement (as and to the same extent the applicable Non-Serviced Trust
is required to indemnify such parties in respect of other mortgage loans in the applicable Non-Serviced Trust pursuant to the
terms of the related Non-Serviced Pooling Agreement).

 

The indemnification provided
herein shall survive the termination of this Agreement and the termination or resignation of the Master Servicer (including in
its capacity as Companion Paying Agent), the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor
or the Asset Representations Reviewer.

 

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, fees and expenses, such costs, fees and expenses are intended
to include costs (including, but not limited to, reasonable attorney’s fees and expenses) of the enforcement of such indemnity.

 

Section 6.05         
Depositor, Master Servicer and Special Servicer Not to Resign. Subject to the provisions of Section 6.03,
neither the Master Servicer nor the Special Servicer shall resign from their respective obligations and duties hereby imposed on
each of them except upon (a) determination that such party’s duties hereunder are no longer permissible under applicable
law or (b) in the case of the Master Servicer or the Special Servicer, upon the appointment of, and the acceptance of such appointment
by, a successor master servicer or special servicer, as applicable, and receipt by the Certificate Administrator and the Trustee
of Rating Agency Confirmation from each Rating Agency and, with respect to a Serviced Whole Loan, receipt of a Companion Loan Rating
Agency Confirmation from each Companion Loan Rating Agency. Any such determination permitting the resignation of the Master Servicer
or the Special Servicer pursuant to clause (a) above shall be evidenced by an Opinion of Counsel (at the expense of
the resigning party) to such effect delivered to the Trustee and (prior to the occurrence of a Consultation Termination Event)
the Controlling Class Representative. No such resignation by the Master Servicer or the Special Servicer shall become effective
until the Trustee or a successor master servicer or successor special servicer, as applicable, shall have assumed the Master Servicer’s
or the Special Servicer’s, as applicable, responsibilities and obligations in accordance with Section 7.02 and no
such resignation by the Master Servicer or the Special Servicer shall become effective until the Certificate Administrator shall
have filed any required Form 8-K pursuant to Section 11.07 hereof and any other Form 8-K filings have been completed
with respect to any related Companion Loan. Upon any termination (as described in Section 7.01(c)) or resignation of the
Master Servicer or the Special Servicer, pursuant to this Section 6.05, the Master Servicer or the Special Servicer, as
applicable, shall have the right and opportunity to appoint any successor master servicer or special servicer with respect to this
Section 6.05; provided that, such successor master servicer or special servicer shall not be the Asset Representations
Reviewer, the Operating Advisor or one of their respective Affiliates and (prior to the occurrence and continuance of a Control
Termination Event) such successor special servicer is approved by the Directing Holder, such approval not to be

 

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unreasonably
withheld. The resigning party shall pay all costs and expenses (including costs and expenses incurred by the Trustee and the Certificate
Administrator) associated with a transfer of its duties pursuant to this Section 6.05; provided, however,
that rights in respect of indemnification, entitlement to be paid any outstanding servicing or special servicing compensation
and entitlement to reimbursement of amounts due, including Advances and interest thereon, will survive such resignation under
this Agreement. Except as provided in Section 7.01(c), in no event shall the Master Servicer or the Special Servicer have
the right to appoint any successor master servicer or special servicer if such Master Servicer or Special Servicer, as applicable,
is terminated or removed pursuant to Section 7.01.

 

Section 6.06         
Rights of the Depositor in Respect of the Master Servicer and the Special Servicer. The Depositor may, but is not
obligated to, enforce the obligations of the Master Servicer and the Special Servicer hereunder and may, but is not obligated to,
perform, or cause a designee to perform, any defaulted obligation of the Master Servicer and the Special Servicer hereunder or
exercise the rights of the Master Servicer or the Special Servicer, as applicable, hereunder; provided, however,
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. The Depositor shall not have any responsibility or liability for any action
or failure to act by the Master Servicer or the Special Servicer and is not obligated to supervise the performance of the Trustee,
the Master Servicer, the Operating Advisor or the Special Servicer under this Agreement or otherwise.

 

Section 6.07         
The Master Servicer and the Special Servicer as Certificate Owner. The Master Servicer, the Special Servicer or any
Affiliate thereof may become the Holder of (or, in the case of a Book-Entry Certificate, Certificate Owner with respect to) any
Certificate with (except as otherwise set forth in the definition of “Certificateholder”) the same rights it
would have if it were not the Master Servicer, the Special Servicer or an Affiliate thereof.

 

Section 6.08         
The Directing Holder and the Risk Retention Consultation Parties. (a)  For so long as no Control Termination
Event is continuing, the Directing Holder shall be entitled to advise (1) the Special Servicer with respect to all Specially
Serviced Mortgage Loans (other than any Excluded Loan or Servicing Shift Mortgage Loan), (2) the Special Servicer with respect
to Non-Specially Serviced Mortgage Loans (other than any Excluded Loan or any Servicing Shift Mortgage Loan) as to all Special
Servicer Major Decisions, and (3) the Master Servicer with respect to Non-Specially Serviced Mortgage Loans (other than any Excluded
Loan or any Servicing Shift Mortgage Loan) as to all Master Servicer Major Decisions. Notwithstanding, anything herein to the contrary,
except as set forth in, and in any event subject to the second and third paragraphs of this Section 6.08, with respect to
any Mortgage Loan (other than any Non-Serviced Mortgage Loan, any Servicing Shift Mortgage Loan or any applicable Excluded Loan)
or any Serviced Whole Loan, for so long as no Control Termination Event is continuing, neither the Master Servicer nor the Special
Servicer shall be permitted to take any of the following actions (each a “Major Decision”) as to which the Directing
Holder has objected in writing within ten (10) Business Days (or thirty (30) days with respect to clause (xiv)
of the definition of “Major Decision” below) after receipt of the related Major Decision Reporting Package (provided
that if such written objection has not been received by the Master Servicer or the Special Servicer, as applicable, within such
ten (10) Business Day (or thirty (30) day) period, then the Directing Holder will be deemed to have approved such action):

 

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(i)           
any proposed or actual foreclosure upon or comparable conversion (which may include acquisition of an REO Property) of the
ownership of properties securing such of the Mortgage Loans and/or Serviced Whole Loans as come into and continue in default;

 

(ii)          
any modification, consent to a modification or waiver of any monetary term (other than Penalty Charges (which the Master
Servicer or the Special Servicer, as applicable, is permitted to waive pursuant to this Agreement)) or material non-monetary term
(including, without limitation, a Payment Accommodation, the timing of payments and acceptance of discounted pay-offs, but excluding
the waiver of Penalty Charges) of a Mortgage Loan or Serviced Whole Loan or any extension of the Maturity Date of such Mortgage
Loan or Serviced Whole Loan;

 

(iii)         
any sale of a Defaulted Mortgage Loan and any related defaulted Companion Loan, as applicable, or any REO Property (other
than in connection with the termination of the Trust) for less than the applicable Purchase Price;

 

(iv)         
any determination to bring an REO Property into compliance with applicable environmental laws or to otherwise address Hazardous
Materials located at an REO Property or any approval of a Mortgagor’s determination to bring a Mortgaged Property into compliance
with applicable environmental laws or to otherwise address Hazardous Material located at a Mortgaged Property, to the extent the
lender is required to consent to, or approve, any such determination by the Mortgagor under the related Mortgage Loan documents;

 

(v)         
any release of collateral or any acceptance of substitute or additional collateral for a Mortgage Loan or Serviced Whole
Loan or any consent to either of the foregoing, other than immaterial condemnation actions and other similar takings, or if otherwise
required pursuant to the specific terms of the related Mortgage Loan or Serviced Whole Loan and for which there is no lender discretion;

 

(vi)         
any waiver of a “due-on-sale” or “due-on-encumbrance” clause with respect to a Mortgage Loan or
Serviced Whole Loan, if lender consent is required, any consent to such waiver or consent to a transfer of the Mortgaged Property
or interests in the Mortgagor or consent to the incurrence of additional debt, other than any such transfer or incurrence of debt
as may be effected without the consent of the lender under the related loan agreement and for which there is no lender discretion
or related to an immaterial easement, right of way or similar agreement;

 

(vii)        
releases of amounts from any escrow accounts, reserve accounts or letters of credit held as performance or “earn-out”
escrows or reserves, other than those required pursuant to the specific terms of the related Mortgage Loan or a Serviced Whole
Loan and for which there is no lender discretion;

 

(viii)       
any acceptance of an assumption agreement or any other agreement permitting transfers of interests in a Mortgagor or guarantor
or releasing a Mortgagor or guarantor from liability under a Mortgage Loan or Serviced Whole Loan other than

 

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pursuant
to the specific terms of such Mortgage Loan or Serviced Whole Loan and for which there is no lender discretion;

 

(ix)          
following a default or an event of default with respect to a Mortgage Loan or Serviced Whole Loan, any exercise of remedies,
including acceleration of the Mortgage Loan or Serviced Whole Loan, as the case may be, or initiation of judicial, bankruptcy or
similar proceedings under the related Mortgage Loan documents or with respect to the related borrower or Mortgaged Property;

 

(x)          
approving leases, lease modifications or amendments or any requests for subordination non-disturbance and attornment agreements
or other similar agreements with respect to any lease that (a) involves a lease of an outparcel or affects an area greater than
or equal to the lesser of (1) 30,000 square feet or (2) 30% of the net rentable area of the related Mortgaged Property, (b) involves
a tenant or space specifically identified by name or space location in the related Mortgage Loan documents as requiring the consent
of the lender for the associated activity or (c) such transaction is not a routine leasing matter for a customary lease of space
for parking office retail, warehouse, industrial and/or manufacturing purposes (in each case of clause (a), (b) or
(c), to the extent the lender is required to approve under the Mortgage Loan documents);

 

(xi)          
the voting on any plan of reorganization, restructuring or similar plan in the bankruptcy of a Mortgagor;

 

(xii)        
any consent or approval of (a) any property management changes on a Mortgage Loan with an outstanding principal balance
exceeding $10,000,000 and a Debt Service Coverage Ratio of less than 1.25x or franchise changes, and (b) any amendments, modifications,
waivers, or other similar actions with respect to any property management agreement or franchise agreement, as applicable (in each
case of clause (a) and (b), to the extent the lender is required to consent or approve under the Mortgage Loan documents);

 

(xiii)       
any modification, waiver or amendment of an intercreditor agreement, Co-Lender Agreement or similar agreement with any mezzanine
lender, holder of a Pari Passu Companion Loan or subordinate debt holder related to a Mortgage Loan or Serviced Whole Loan, or
an action to enforce rights (or decision not to enforce rights) with respect thereto, in each case, in a manner that materially
and adversely affects the Holders of the Control Eligible Certificates;

 

(xiv)       
any determination of an Acceptable Insurance Default;

 

(xv)        
any proposed modification or waiver of any material provision in the related Mortgage Loan documents governing the type,
nature or amount of insurance coverage required to be obtained and maintained by the related borrower;

 

(xvi)        any approval of any casualty insurance settlements or condemnation settlements, and any determination to apply casualty
proceeds or condemnation awards to the reduction of the debt rather than to the restoration of the Mortgaged Property, in each
case, to the extent the lender has discretion under the related Mortgage Loan documents;

 

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(xvii)       approving annual budgets for the related Mortgaged Property with increases (in excess of 10%) in operating expenses or payments
to entities actually known by the Master Servicer to be affiliates of the related borrower (excluding affiliated managers paid
at fee rates agreed to at the origination of the related Mortgage Loan or Serviced Whole Loan);

 

(xviii)      any consent to incurrence of additional debt by a borrower or mezzanine debt by a direct or indirect parent of a borrower,
to the extent the lender’s approval is required under the related Mortgage Loan documents;

 

(xix)         determining whether to cure any default by a borrower under a ground lease or permit any ground lease modification, amendment
or subordination, non-disturbance and attornment agreement or entry into a new ground lease;

 

(xx)          other than in the case of a Non-Specially Serviced Mortgage Loan, consent to actions and releases related to condemnation
of parcels of a Mortgaged Property with respect to a material parcel or a material income producing parcel or any condemnation
that materially affects the use or value of the related Mortgaged Property or the ability of the related borrower to pay amounts
due in respect of the related Mortgage Loan or any related Companion Loan when due, in each case, to the extent the lender has
discretion under the related Mortgage Loan documents; and

 

(xxi)         approval of any waiver regarding the receipt of financial statements (other than immaterial timing waivers including late
financial statements which in no event relieve any borrower of the obligation to provide financial statements on at least a quarterly
basis) following three consecutive late deliveries of financial statements;

 

provided that, in the event that
the Special Servicer or Master Servicer (in the event the Master Servicer is otherwise authorized by this Agreement to take such
action), as applicable, determines that immediate action, with respect to the foregoing matters, or any other matter requiring
consent of the Directing Holder prior to the occurrence and continuance of a Control Termination Event in this Agreement (or any
matter requiring consultation with the Directing Holder, a Risk Retention Consultation Party or the Operating Advisor), is necessary
to protect the interests of the Certificateholders and the RR Interest Owner (or, with respect to any Serviced Whole Loan, the
interest of the Certificateholders, the RR Interest Owner and the holders of any related Serviced Companion Loan) (as a collective
whole (taking into account the subordinate or pari passu nature of any Companion Loans)), the Special Servicer or Master
Servicer, as applicable may take any such action without waiting for the Directing Holder’s response (or without waiting
to consult with the Directing Holder, the Risk Retention Consultation Parties or the Operating Advisor, as the case may be), provided
that the Special Servicer or Master Servicer, as applicable provides the Directing Holder (or the Operating Advisor, if applicable)
with prompt written notice following such action including a reasonably detailed explanation of the basis therefor. Similarly,
with respect to a Serviced AB Whole Loan, following the occurrence of an extraordinary event with respect to any related Mortgaged
Property, or if a failure to take any such action at such time would be inconsistent with the Servicing Standard, the Master Servicer
or the Special Servicer, as applicable, may take actions with respect to such Mortgaged Property before obtaining the consent of
the Directing Holder if the Master Servicer

 

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or the Special Servicer, as applicable, reasonably determines in accordance with the
Servicing Standard that failure to take such actions prior to such consent would materially and adversely affect the interest of
the Certificateholders and the holders of any related Serviced Companion Loan, as a collective whole (taking into account the subordinate
nature of each Serviced Subordinate Companion Loan), and the Master Servicer or the Special Servicer, as applicable, has made a
reasonable effort to contact the Directing Holder. Neither the Master Servicer nor the Special Servicer is required to obtain the
consent of the Controlling Class Representative for any of the foregoing actions during the continuance of a Control Termination
Event; provided, however, with respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan or an Excluded
Loan) or Serviced Whole Loan, if a Control Termination Event is continuing, but for so long as no Consultation Termination Event
has occurred, neither the Master Servicer nor the Special Servicer will be required to obtain the consent of the Directing Holder
with respect to any of the Major Decisions or Asset Status Reports, but shall consult with the Directing Holder in connection with
any Major Decision that it is processing or, in the case of the Special Servicer, any Asset Status Report (or any other matter
for which the consent of the Directing Holder would have been required or for which the Directing Holder would have the right to
direct the Master Servicer or the Special Servicer if no Control Termination Event had occurred and was continuing) and to consider
alternative actions recommended by the Directing Holder in respect of such Major Decision or Asset Status Report (or such other
matter). Such consultation will not be binding on the Master Servicer or the Special Servicer. In the event the Master Servicer
or the Special Servicer, as applicable, receives no response from the Directing Holder within ten (10) days following the Master
Servicer’s or the Special Servicer’s written request for input (which request is required to include the related Major
Decision Reporting Package) on any required consultation, the Master Servicer or the Special Servicer, as applicable, will not
be obligated to consult with the Directing Holder on the specific matter; provided, however, that the failure of
the Directing Holder to respond shall not relieve the Master Servicer or the Special Servicer, as applicable, from consulting with
the Directing Holder on any future matters with respect to the applicable Mortgage Loan or Serviced Whole Loan or any other Mortgage
Loan.

 

Notwithstanding anything
herein to the contrary, with respect to any Servicing Shift Mortgage Loan, the applicable Loan-Specific Directing Holder shall,
pursuant to the related Co-Lender Agreement, exercise any consent and consultation rights, and rights to provide direction to the
Master Servicer or Special Servicer, of the “Directing Holder” with respect to such Mortgage Loan as provided for in
this Agreement until the related Servicing Shift Securitization Date.

 

Subject to the terms
and conditions of this Section 6.08(a), including, without limitation, the first proviso set forth at the conclusion of
the second preceding paragraph, (a) the Special Servicer shall process all requests for any matter that constitutes a Major Decision
with respect to any Specially Serviced Mortgage Loan, (b) the Special Servicer shall process all requests for any matter that constitutes
a Special Servicer Major Decision with respect to any Non-Specially Serviced Mortgage Loan (other than a Non-Serviced Mortgage
Loan) unless the Master Servicer and the Special Servicer have mutually agreed to have the Master Servicer process such request
in accordance with the terms and conditions reasonably agreed to by the Master Servicer and Special Servicer, including the Special
Servicer’s consent, (c) the Master Servicer shall process all requests for any matter that constitutes a Master Servicer
Major Decision with respect to any Non-Specially Serviced Mortgage Loan (other than a Non-Serviced 

 

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Mortgage Loan) and (d) the Master
Servicer shall process all requests for any matter that constitutes a Special Servicer Major Decision with respect to any Non-Specially
Serviced Mortgage Loan (other than a Non-Serviced Mortgage Loan) if the Master Servicer and the Special Servicer have mutually
agreed to have the Master Servicer process such request in accordance with the terms and conditions reasonably agreed to by the
Master Servicer and Special Servicer, including the Special Servicer’s consent. Upon receiving a request for any matter that
constitutes a Special Servicer Major Decision, the Master Servicer shall forward such request to the Special Servicer and, unless
the Master Servicer and the Special Servicer mutually agree that the Master Servicer will process such request in accordance with
the terms and conditions reasonably agreed to by the Master Servicer and Special Servicer, including the Special Servicer’s
consent, the Special Servicer shall process such request and the Master Servicer will have no further obligation with respect to
such request or the related Special Servicer Major Decision.

 

With respect to any Mortgagor
request or other action on Non-Specially Serviced Mortgage Loans that is not a Special Servicer Non-Major Decision or a Major Decision,
the Master Servicer shall not be required to obtain the consent of or consult with the Special Servicer, any Directing Holder or
the Operating Advisor.

 

In addition, with respect
to any Mortgage Loan other than an applicable Excluded Loan, for so long as no Control Termination Event is continuing, the Directing
Holder (subject to any rights, if any, of the related Companion Holder to advise the Special Servicer with respect to the related
Serviced Whole Loan, pursuant to the terms of the related Co-Lender Agreement) may direct the Special Servicer to take, or to refrain
from taking, such other actions with respect to a Mortgage Loan as the Directing Holder may deem advisable or as to which provision
is otherwise made herein; provided that notwithstanding anything herein to the contrary, no such direction or objection
contemplated by this Section 6.08 may require or cause the Master Servicer or Special Servicer to violate any provision
of any Mortgage Loan or related Co-Lender Agreement or mezzanine intercreditor agreement, applicable law, this Agreement, or the
REMIC Provisions (and, with respect to a Serviced Whole Loan, subject to the rights of the holders of the related Companion Loan),
including without limitation the obligation of the Master Servicer and the Special Servicer to act in accordance with the Servicing
Standard, or expose the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset
Representations Reviewer, the Trust or the Trustee to liability, or materially expand the scope of the responsibilities of the
Master Servicer or the Special Servicer, as applicable, hereunder or cause the Master Servicer or the Special Servicer, as applicable,
to act, or fail to act, in a manner which in the reasonable judgment of the Master Servicer or the Special Servicer, as the case
may be, is not in the best interests of the Certificateholders and the RR Interest Owner.

 

In the event the Special
Servicer or Master Servicer, as applicable, determines that a refusal to consent by the Directing Holder or any advice from the
Directing Holder, the Operating Advisor or a Risk Retention Consultation Party would cause the Special Servicer or Master Servicer,
as applicable, to violate the terms of any Mortgage Loan, applicable law or this Agreement, including without limitation, the Servicing
Standard, the Special Servicer or Master Servicer, as applicable, shall disregard such refusal to consent or advise and notify
the Directing Holder, the Operating Advisor or the Risk Retention Consultation Parties, the Trustee and the Rating Agencies of
its determination, including a reasonably detailed explanation of the basis

 

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therefor. The taking of, or refraining from taking,
any action by the Master Servicer or the Special Servicer in accordance with the direction of or approval of the Directing Holder
or the Operating Advisor or Risk Retention Consultation Party that does not violate the terms of any Mortgage Loan, applicable
law or the Servicing Standard or any other provisions of this Agreement, will not result in any liability on the part of the Master
Servicer or the Special Servicer.

 

The Directing Holder
shall have no 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; provided, however, that the Directing Holder shall not be protected against any liability
to a Controlling Class Certificateholder that would otherwise be imposed by reason of willful misconduct, bad faith or gross
negligence in the performance of duties owed to the Controlling Class Certificateholders or by reason of reckless disregard
of obligations or duties owed to the Controlling Class Certificateholders. By its acceptance of a Certificate, each Certificateholder
and the RR Interest Owner acknowledges and agrees that the Directing Holder may take actions that favor the interests of one or
more Classes of the Certificates including the Holders of the Controlling Class over other Classes of the Certificates or the RR
Interest Owner, and that the Directing Holder may have special relationships and interests that conflict with those of Holders
of some Classes of the Certificates or the RR Interest Owner, that the Directing Holder may act solely in the interests of the
Controlling Class Certificateholders, including the Holders of the Controlling Class, that the Directing Holder does not have
any duties or liability to the Certificateholders other than the Controlling Class, that the Directing Holder shall not be liable
to any Certificateholder or the RR Interest Owner, by reason of its having acted solely in the interests of the Controlling Class Certificateholders,
and that the Directing Holder shall have no liability whatsoever for having so acted, and no Certificateholder or the RR Interest
Owner may take any action whatsoever against the Directing Holder or any director, officer, employee, agent or principal thereof
for having so acted.

 

Each Risk Retention Consultation
Party shall have no 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; provided, however, that each Risk Retention Consultation Party shall not be
protected against any liability to the VRR Interest Owner that appointed such Risk Retention Consultation Party that would otherwise
be imposed by reason of willful misconduct, bad faith or gross negligence in the performance of duties owed to such VRR Interest
Owner or by reason of reckless disregard of obligations or duties owed to such VRR Interest Owner. By its acceptance of a Certificate,
each Certificateholder acknowledges and agrees that each Risk Retention Consultation Party may take actions that favor the interests
of the VRR Interest over the Certificates, and that each Risk Retention Consultation Party may have special relationships and interests
that conflict with those of the Non-VRR Certificates, that each Risk Retention Consultation Party may act solely in the interests
of a VRR Interest Owner, that each Risk Retention Consultation Party does not have any duties or liability to the Holders of Non-VRR
Certificates, that each Risk Retention Consultation Party shall not be liable to any Holder of a Non-VRR Certificate, by reason
of its having acted solely in the interests of a VRR Interest Owner, and that each Risk Retention Consultation Party shall have
no liability whatsoever for having so acted, and no Holder of a Non-VRR Certificate may take any action whatsoever against a Risk
Retention Consultation Party or any director, officer, employee, agent or principal thereof for having so acted.

 

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Any Non-Serviced Whole
Loan Controlling Holder, with respect to a Non-Serviced Whole Loan, shall have no 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 any such Non-Serviced Whole Loan Controlling Holder, with respect to the related
Non-Serviced Whole Loan, may take actions that favor the interests of one or more classes of the certificates issued under the
related Non-Serviced Pooling Agreement including the Holders of the controlling class under such Non-Serviced Pooling Agreement
over other Classes of the Certificates, and that such Non-Serviced Whole Loan Controlling Holder, with respect to such Non-Serviced
Whole Loan, may have special relationships and interests that conflict with those of Holders of some Classes of the Certificates,
that such Non-Serviced Whole Loan Controlling Holder, with respect to such Non-Serviced Whole Loan, may act solely in the interests
of the Holders of the controlling class under the related Non-Serviced Pooling Agreement, that such Non-Serviced Whole Loan Controlling
Holder, shall not be liable to any Certificateholder, by reason of its having acted solely in the interests of the Holders of the
controlling class under the related Non-Serviced Pooling Agreement, and that the Non-Serviced Whole Loan Controlling Holder, with
respect to such Non-Serviced Whole Loan, shall have no liability whatsoever for having so acted, and no Certificateholder may take
any action whatsoever against such Non-Serviced Whole Loan Controlling Holder, with respect to such Non-Serviced Whole Loan, or
any director, officer, employee, agent or principal thereof for having so acted.

 

(b)          
Notwithstanding anything to the contrary contained herein (i) during the continuance of a Control Termination Event (and
at any time with respect to any applicable Excluded Loan), the Directing Holder shall have no right to consent to or direct any
action taken or not taken by any party to this Agreement; (ii) during the continuance of a Control Termination Event but prior
to the occurrence of a Consultation Termination Event, the Directing Holder shall remain entitled to receive any notices, reports
or information to which it is entitled pursuant to this Agreement, and the Master Servicer, the Special Servicer and any other
applicable party shall consult with the Directing Holder (other than with respect to any applicable Excluded Loan) in connection
with any action to be taken or refrained from taking to the extent set forth herein; and (iii) after the occurrence of a Consultation
Termination Event and at any time with respect to any applicable Excluded Loan, the Directing Holder shall have no direction, consultation
or consent rights hereunder and no right to receive any notices, reports or information (other than notices, reports or information
required to be delivered to all Certificateholders) or any other rights as Directing Holder.

 

During the continuance
of a Control Termination Event, the Master Servicer or the Special Servicer that is processing the related Major Decision shall
provide each Major Decision Reporting Package to the Operating Advisor simultaneously with the Master Servicer’s or the Special
Servicer’s written request, as applicable, for the Operating Advisor’s input regarding the related Major Decision (which
written request and Major Decision Reporting Package may be delivered in one notice), as set forth under Section 6.08. During
the continuance of a Control Termination Event, with respect to any particular Major Decision and/or related Major Decision Reporting
Package or any Asset Status Report required to be delivered by the Master Servicer or the Special Servicer to the Operating Advisor,
the Master Servicer or the Special Servicer, as applicable, shall make available to the Operating Advisor a Servicing Officer with
the relevant knowledge regarding the Mortgage Loan and such Major

 

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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.

 

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

 

In connection with the
Controlling Class Representative or Operating Advisor’s right to consent or consult with respect to a Major Decision, as
applicable, if the Master Servicer or the Special Servicer determines that action is necessary to protect the Mortgaged 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 the Servicing Standard, the Master Servicer or the Special Servicer may take actions with
respect to the Mortgaged Property before the expiration of the applicable period for the Operating Advisor or Controlling Class
Representative to respond as described in this section, if the Master Servicer or the Special Servicer reasonably determines in
accordance with the Servicing Standard that failure to take such actions before the expiration of such period would materially
adversely affect the interest of the Certificateholders, and the Master Servicer or the Special Servicer has made a reasonable
effort to contact the Operating Advisor or the Controlling Class Representative, as applicable.

 

In addition, (i) for
so long as no Consultation Termination Event is continuing, with respect to any Specially Serviced Mortgage Loan (other than the
Servicing Shift Mortgage Loan, Non-Serviced Mortgage Loan or any applicable Excluded Loan), and (ii) during the continuance
of a Consultation Termination Event, with respect to any Mortgage Loan (other than the Servicing Shift Mortgage Loan, any Non-Serviced
Mortgage Loan or any applicable Excluded Loan), the Master Servicer or the Special Servicer will also be required to consult with

 

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the
Risk Retention Consultation Parties in connection with any Major Decision that it is processing (and such other matters that are
subject to consultation rights of the Risk Retention Consultation Parties pursuant to this Agreement) and to consider alternative
actions recommended by the Risk Retention Consultation Parties in respect of such Major Decision; provided that such consultation
is on a non-binding basis. In the event the Master Servicer or the Special Servicer, as applicable, receives no response from
a Risk Retention Consultation Party within 10 days following the later of (i) the Master Servicer’s or the Special
Servicer’s written request for input (which request is required to include the related Major Decision Reporting Package)
on any required consultation and (ii) delivery of all such additional information reasonably requested by the Risk Retention
Consultation Parties related to the subject matter of such consultation, the Master Servicer or the Special Servicer, as applicable,
will not be obligated to consult with such Risk Retention Consultation Party on the specific matter; provided, however,
that the failure of a Risk Retention Consultation Party to respond shall not relieve the Master Servicer or the Special Servicer,
as applicable, using reasonable efforts to consult with such Risk Retention Consultation Party on any future matters with respect
to the applicable Mortgage Loan or Serviced Whole Loan or any other Mortgage Loan.

 

During the continuance
of a Consultation Termination Event, the Controlling Class Representative 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 Controlling Class Representative. However, the Controlling Class
Representative shall maintain the right to exercise its Voting Rights for the same purposes as any other Certificateholder.

 

Section 6.09         
Rating Agency Surveillance Fees. The Depositor has paid or shall pay (or cause to be paid) the upfront and annual
surveillance fees of each Rating Agency relating to this securitization transaction and the Mortgage Loans.

 

Article
VII

SERVICER TERMINATION EVENTS

 

Section 7.01         
Servicer Termination Events; Master Servicer and Special Servicer Termination. (a)  “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 be made by the Master Servicer to the Collection
Account, to the Companion Paying Agent for deposit into the related Serviced Whole Loan Custodial Account or to a Companion Holder,
on the day and by the time such deposit or remittance is first required to be made under the terms of this Agreement, which failure
is not remedied within one (1) Business Day or (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, which failure is not
remedied by 11:00 a.m. (New York City time) on the relevant Distribution Date; or

 

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(ii)          
any failure by the Special Servicer to deposit into the applicable REO Account, within two (2) Business Days after such
deposit is required to be made or to remit to the Master Servicer for deposit into the Collection Account or any other required
account hereunder, any amount required to be so deposited or remitted by the Special Servicer pursuant to, and at the time specified
by, the terms of this Agreement; or

 

(iii)         
any failure on the part of the Master Servicer or the Special Servicer duly to observe or perform in any material respect
any of its other covenants or obligations contained in this Agreement which continues unremedied for a period of thirty (30) days
(or (A) five (5) Business Days in the case of the Master Servicer’s or the Special Servicer’s obligations, as applicable,
contemplated by Article XI (except as otherwise provided under clause (xi) of this definition of “Servicer
Termination Event”), (B) ten (10) days in the case of the Master Servicer’s failure to make a Property Protection
Advance or (C) fifteen (15) days in the case of a failure to pay the premium for any property Insurance Policy required
to be maintained) after the date on which written notice of such failure, requiring the same to be remedied, shall have been given
(A) to the Master Servicer or the Special Servicer, as the case may be, by any other party hereto, or (B) to the Master
Servicer or the Special Servicer, as the case may be, with a copy to each other party to this Agreement, by the Certificateholders
evidencing not less than 25% of the Voting Rights or, solely with respect to a Serviced Whole Loan if affected by such failure,
by the holder of the related Serviced Pari Passu Companion Loan; provided, however, if such failure is capable of
being cured and the Master Servicer or the Special Servicer, as applicable, is diligently pursuing such cure, that 30-day period
will be extended an additional thirty (30) days; provided, further, however, that such extended period will
not apply to the obligations regarding Exchange Act reporting; or

 

(iv)         
any breach on the part of the Master Servicer or the Special Servicer of any representation or warranty contained in Section
6.01(a) and Section 6.01(b), as applicable, which materially and adversely affects the interests of any Class of Certificateholders
or Companion Holders (excluding the holder of any Non-Serviced Companion Loan) or the RR Interest Owner and which continues unremedied
for a period of thirty (30) days after the date on which notice of such breach, requiring the same to be remedied, shall have been
given to the Master Servicer or the Special Servicer, as the case may be, by the Depositor, the Certificate Administrator or the
Trustee, or to the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator and the Trustee by the Certificateholders
evidencing not less than 25% of the Voting Rights or, as it relates to the servicing of a Serviced Pari Passu Whole Loan if affected
by such breach, by the related Serviced Companion Noteholder; provided, however, that if such breach is capable of
being cured and the Master Servicer or the Special Servicer, as applicable, is diligently pursuing such cure, such 30-day period
will be extended an additional thirty (30) days; or

 

(v)          
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, marshalling of assets and liabilities
or similar proceedings, or for the winding-up

 

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or liquidation of its affairs, shall have been entered against the Master Servicer
or the Special Servicer and such decree or order shall have remained in force undischarged, undismissed or unstayed for a period
of sixty (60) days; or

 

(vi)         
the Master Servicer or the Special Servicer shall consent to the appointment of a conservator, receiver, liquidator, trustee
or similar official in any bankruptcy, insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings
of or relating to the Master Servicer or the Special Servicer or of or relating to all or substantially all of its property; or

 

(vii)        
the Master Servicer or 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; or

 

(viii)       
the Master Servicer or the Special Servicer is no longer rated at least “CMS3” or “CSS3”, respectively,
by Fitch and such Master Servicer or the Special Servicer is not reinstated to at least that rating within sixty (60) days of the
delisting;

 

(ix)          
KBRA (i) has qualified, downgraded or withdrawn its rating or ratings of one or more classes of certificates in the issuing
entity, or (ii) has placed one or more classes of certificates issued by the issuing entity on “watch status” in contemplation
of a ratings downgrade or withdrawal (and, in the case of clauses (i) or (ii), such action has not been withdrawn
by KBRA within 60 days of such event) and, in the case of either of clauses (i) or (ii), publicly citing servicing
concerns with the Master Servicer or the applicable Special Servicer, as applicable, as the sole or a material factor in such rating
action;

 

(x)           
the Master Servicer or the Special Servicer is removed from S&P’s Select Servicer List as a U.S. Commercial Mortgage
Master Servicer or a U.S. Commercial Mortgage Special Servicer, as applicable, and is not restored to such status on such list
within sixty (60) days;

 

(xi)          
a Companion Loan Rating Agency has (A) qualified, downgraded or withdrawn its rating or ratings of one or more classes of
Serviced Companion Loan Securities, or (B) placed one or more classes of Serviced 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 Master 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); or

 

(xii)         
any failure by the Master Servicer or the Special Servicer to deliver (a) any Exchange Act reporting items required to be
delivered by the Master Servicer or the Special Servicer to the Trustee or the Certificate Administrator under this Agreement

 

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(other
than items to be delivered by a Sub-Servicer retained by a Mortgage Loan Seller) by the time required under this Agreement after
any applicable grace periods or (b) any Exchange Act reporting items that a primary servicer, Sub-Servicer or Servicing Function
Participant retained by the Master Servicer is required to deliver (any such primary servicer, Sub-Servicer or Servicing Function
Participant will be terminated if it defaults in accordance with the provision of this clause (xii)) which failure (other
than in the case of Form 8-K reporting requirements) is not remedied within three (3) Business Days.

 

(b)          
If any Servicer Termination Event with respect to the Master Servicer or the Special Servicer (in either case, for purposes
of this Section 7.01(b), the “Affected Party”) shall occur and be continuing, then, and in each and every
such case, so long as such Servicer Termination Event shall not have been remedied, the Trustee or the Depositor may, and at the
written direction of (A)((i) prior to the occurrence and continuance of a Control Termination Event and (ii) other than with respect
to any applicable Excluded Loan) the Directing Holder (solely with respect to the Special Servicer), or (B) the holders of Voting
Rights evidencing at least 25% of the Voting Rights, the Trustee shall, terminate (and the Depositor may direct the Trustee to
terminate each of the Master Servicer or the Special Servicer as applicable, upon five (5) Business Days’ written notice
if there is a Servicer Termination Event under clause (iii)(A) above), by notice in writing to the Affected Party, with
a copy of such notice to the Depositor and the Operating Advisor, all of the rights (subject to Section 3.11 and Section
6.04) and obligations of the Affected Party under this Agreement and in and to the Mortgage Loans and the proceeds thereof
(other than as a Certificateholder or Companion Holder, if applicable); provided, however, that the Affected Party
shall be entitled to the payment of accrued and unpaid compensation and reimbursement through the date of such termination as provided
for under this Agreement for services rendered and expenses incurred. From and after the receipt by the Affected Party of such
written notice except as otherwise provided in this Article VII, all authority and power of the Affected Party under this
Agreement, whether with respect to the Certificates (other than as a Holder of any Certificate), the RR Interest or the Mortgage
Loans or otherwise, shall pass to and be vested in the Trustee with respect to a termination of the Master Servicer or the Special
Servicer pursuant to and under this Section 7.01, and, without limitation, the Trustee is hereby authorized and empowered
to execute and deliver, on behalf of and at the expense of the Affected Party, as attorney-in-fact or otherwise, any and all documents
and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such
notice of termination, whether to complete the transfer and endorsement or assignment of the Mortgage Loans and related documents,
or otherwise. The Master Servicer and the Special Servicer each agree that if it is terminated pursuant to this Section 7.01(b),
it shall promptly (and in any event no later than twenty (20) Business Days subsequent to its receipt of the notice of termination)
provide the Trustee with all documents and records requested by it to enable it to assume the Master Servicer’s or the Special
Servicer’s, as the case may be, functions hereunder, and shall cooperate with the Trustee in effecting the termination of
the Master Servicer’s or the Special Servicer’s, as the case may be, responsibilities and rights (subject to Section
3.11 and Section 6.04) hereunder, including, without limitation, the transfer within five (5) Business Days to the Trustee
for administration by it of all cash amounts which shall at the time be or should have been credited by the Master Servicer to
the Collection Account or any Servicing Account (if it is the Affected Party), by the Special Servicer to the applicable REO Account
(if it is the Affected Party) or thereafter be received with respect to the Mortgage Loans or any REO Property (provided,
however, that the Master Servicer and the

 

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Special Servicer each shall, if terminated pursuant to this Section 7.01(b)
or pursuant to Section 7.01(d) (with respect to the Special Servicer), continue to be entitled to receive all amounts accrued
or owing to it under this Agreement on or prior to the date of such termination, whether in respect of Advances (in the case of
the Special Servicer or the Master Servicer) or otherwise, and it and its Affiliates and the directors, managers, officers, members,
employees and agents of it and its Affiliates shall continue to be entitled to the benefits of Section 3.11 and Section
6.04 notwithstanding any such termination).

 

Notwithstanding
the foregoing, with respect to a Serviced AB Whole Loan, if any Servicer Termination Event has occurred (A) with respect to the
Master Servicer that affects the holder of the Serviced Subordinate Companion Loan, and the Master Servicer is not otherwise terminated
under this Agreement, then the holder of the Serviced Subordinate Companion Loan or its designees (if the holder of the Serviced
Subordinate Companion Loan is the related Serviced AB Whole Loan Directing Holder) shall be entitled to direct the Trustee to appoint
a Sub-Servicer solely with respect to the Mortgage Loan (or if the Mortgage Loan is currently being sub-serviced, to replace the
current Sub-Servicer, but only if such original Sub-Servicer is in default under the related Sub-Servicing Agreement); and (B)
the appointment (or replacement) of a Sub-Servicer with respect to the Mortgage Loan, as contemplated in clause (A) above,
will in any event be subject to written confirmation from each Rating Agency that such appointment would not, in and of itself,
cause a downgrade, qualification or withdrawal of the then-current ratings assigned to the securities issued in connection with
any securitization.

 

(c)          
If the Master Servicer receives notice of termination under Section 7.01(b) solely due to a Servicer Termination
Event under Section 7.01(a)(viii), (ix) or (x), the Master Servicer shall have a forty-five (45) day period
after such notice in which to find a successor master servicer qualified to act as Master Servicer hereunder in accordance with
Section 6.03 and Section 7.02 and to which the Master Servicer can sell its rights to service the Mortgage Loans
under this Agreement. During such forty-five (45) day period the Master Servicer may continue to serve as Master Servicer hereunder.
In the event that the Master Servicer is unable, within such forty-five (45) day period, to cause a qualified successor master
servicer to assume the duties of the Master Servicer hereunder, then and in such event, the Trustee shall assume the obligations
of the Master Servicer hereunder.

 

Notwithstanding Section
7.01(b), if any Servicer Termination Event on the part of the Special Servicer shall occur and be continuing that affects the
Holder of a Serviced Pari Passu Companion Loan, then, so long as the Special Servicer is not otherwise terminated, the Holder of
such Serviced Pari Passu Companion Loan or the Other Trustee appointed under the related Other Pooling and Servicing Agreement,
as applicable, shall be entitled to direct the Trustee to terminate the Special Servicer with respect to the related Serviced Pari
Passu Whole Loan. Any Special Servicer appointed to replace the Special Servicer with respect to a Serviced Pari Passu Mortgage
Loan cannot at any time be (without the prior written consent of the holder of such Serviced Pari Passu Companion Loan) the Person
(or Affiliate thereof) that was terminated at the direction of the holder of the related Serviced Pari Passu Companion Loan. Any
the Special Servicer under this paragraph shall meet the eligibility requirements of Section 7.02 and the eligibility requirements
of the related Other Pooling and Servicing Agreement, and the appointment thereof shall comply with the provisions of Section
7.02. Any appointment of a replacement Special Servicer in accordance with this paragraph shall be subject to the receipt of

 

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Rating
Agency Confirmation and, with respect to a Serviced Whole Loan, Companion Loan Rating Agency Confirmations from each Companion
Loan Rating Agency.

 

(d)          
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 7.01(d), and subject to the rights of the holder of a related
AB Subordinate Companion Loan pursuant to the related Co-Lender Agreement at any time prior to the occurrence and continuance of
a Control Termination Event and other than with respect to any applicable Excluded Loan, the Directing Holder shall be entitled
to terminate the rights (subject to Section 3.11 and Section 6.04) and obligations of the Special Servicer under
this Agreement, with or without cause, upon ten (10) Business Days’ notice to the Special Servicer, the Master Servicer,
the Certificate Administrator, the Trustee and the Operating Advisor; such termination to be effective upon the appointment of
a successor special servicer meeting the requirements of this Section 7.01(d); provided that, with respect to a Servicing
Shift Whole Loan, the ten (10) Business Days’ notice set forth in this Section 7.01(d) shall not apply, and any applicable
notice period set forth in the related Co-Lender Agreement shall apply to the related Loan-Specific Directing Holder’s right
to terminate the Special Servicer’s rights and obligations under this Agreement without cause with respect to such Servicing
Shift Whole Loan pursuant to the terms of the related Co-Lender Agreement. Upon a termination of the Special Servicer, the Directing
Holder (other than with respect to any applicable Excluded Loan) shall appoint a successor special servicer; provided, however,
that (i) such successor will meet the requirements set forth in Section 7.02, (ii) each Rating Agency delivers
Rating Agency Confirmation and, with respect to a Serviced Whole Loan, each Companion Loan Rating Agency delivers Companion Loan
Rating Agency Confirmation and (iii) no replacement of the Special Servicer shall be effective until the Certificate Administrator
shall have filed any required Form 8-K pursuant to Section 11.07 hereof and any other Form 8-K filings have been
completed with respect to any related Companion Loan.

 

During the continuance
of a Control Termination Event and upon (a) the written direction of Holders of Principal Balance Certificates and/or the
Class RR 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 pursuant to Section 4.05 hereof) of the Principal Balance Certificates
and the Class RR Certificates on an aggregate basis 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 which will not be additional expenses of the Trust and (c) delivery by such
Holders to the Certificate Administrator and Trustee of Rating Agency Confirmation from each Rating Agency (which Rating Agency
Confirmation shall be obtained at the expense of such Holders), the Certificate Administrator shall promptly post notice to all
Certificateholders and the RR Interest Owner of such request on the Certificate Administrator’s Website in accordance with
Section 3.13(b) and concurrently by mail, and conduct the solicitation of votes of all Certificateholders in such regard,
which requisite affirmative votes shall be received within one hundred-eighty (180) days of the posting of such notice. Upon the
written direction of Holders of Principal Balance Certificates and/or the Class RR Certificates evidencing at least 75% of a

 

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Quorum
of Voting Rights or Holders of Principal Balance Certificates and/or the Class RR Certificates evidencing more than 50% of the
aggregate Voting Rights of each Class of Non-Reduced Interests on an aggregate basis, the Trustee shall terminate all of the rights
and obligations of the Special Servicer under this Agreement and appoint the successor special servicer (which must be a Qualified
Replacement Special Servicer) designated by such Holders.

 

The Certificate Administrator
shall include on each Distribution Date Statement a statement that each Certificateholder and the RR Interest Owner may (i) access
such notices via the Certificate Administrator’s Website and (ii) register to receive electronic mail notifications
when such notices are posted thereon. Notwithstanding the foregoing, the Certificateholders’ and the RR Interest Owner’s
direction to replace the Special Servicer will not apply to any Serviced AB Whole Loan for which the holder of the related AB Subordinate
Companion Loan is not subject to an AB Control Appraisal Period.

 

An AB Whole Loan Controlling
Holder shall have the right, prior to the occurrence and continuance of an AB Control Appraisal Period, to replace the Special
Servicer solely with respect to the related AB Whole Loan, so long as (A) each Rating Agency delivers a Rating Agency Confirmation;
(B) the successor special servicer has assumed in writing (from and after the date such successor special servicer becomes
the Special Servicer) all of the responsibilities, duties and liabilities of the Special Servicer under this Agreement from and
after the date it becomes the Special Servicer as they relate to any AB Whole Loan pursuant to an assumption agreement reasonably
satisfactory to the Certificate Administrator; and (C) the Certificate Administrator shall have received an opinion of counsel
reasonably satisfactory to the Certificate Administrator to the effect that (x) the designation of such replacement to serve
as the Special Servicer is in compliance with this Agreement, (y) such replacement will be bound by the terms of this Agreement
with respect to any AB Whole Loan, and (z) subject to customary qualifications and exceptions, this Agreement will be enforceable
against such replacement in accordance with the terms hereof.

 

The parties hereto acknowledge
that, notwithstanding anything to the contrary contained in this section, in accordance with the related Co-Lender Agreement, if
a servicer termination event on the part of a Non-Serviced Special Servicer under a Non-Serviced Pooling Agreement remains unremedied
and affects the holder of the related Non-Serviced Mortgage Loan, and the related Non-Serviced Special Servicer has not otherwise
been terminated, the holder of the related Non-Serviced Mortgage Loan (or the Trustee, acting at the direction of the Controlling
Class Representative) will be entitled to direct the related Non-Serviced Trustee to terminate the related Non-Serviced Special
Servicer solely with respect to the related Non-Serviced Whole Loan. The appointment (or replacement) of a special servicer with
respect to a Non-Serviced Whole Loan, as applicable, will in any event be subject to Rating Agency Confirmation from each Rating
Agency. A replacement special servicer will be selected by the related Non-Serviced Trustee or, prior to a consultation termination
event under the related Non-Serviced Pooling Agreement, by the related Non-Serviced Whole Loan Controlling Holder; provided,
however, that any successor special servicer appointed to replace the Non-Serviced Special Servicer cannot at any time be
the Person (or an Affiliate thereof) that was terminated at the direction of the holder of such Non-Serviced Mortgage Loan, without
the prior written consent of the Controlling Class Representative.

 

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During the continuance
of a Control Termination Event, if the Operating Advisor determines, in its sole discretion exercised in good faith, that (i) the
Special Servicer is not performing its duties as required hereunder or is otherwise not acting in accordance with the Servicing
Standard, and (ii) the replacement of the Special Servicer would be in the best interest of the Certificateholders and the RR Interest
Owner 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 recommendation in the form of Exhibit W 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
position (provided that the Operating Advisor will not be permitted to recommend the replacement of the Special Servicer
for any Whole Loan so long as the holder of the related Companion Loan is the Directing Holder under the related Co-Lender Agreement)
(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
and the RR Interest Owner of the recommendation and post such notice and report on the Certificate Administrator’s Website
in accordance with Section 3.13(b), and by mail conduct the solicitation of votes of all Certificates in such regard. Upon
(i) the affirmative vote of Voting Rights of Holders of Principal Balance Certificates and/or Class RR Certificates evidencing
at least a majority of a Quorum (which, this purpose is the Holders that 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 Principal
Balance Certificates and Class RR Certificates on an aggregate basis, 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 (upon receipt of written confirmation
from the Certificate Administrator, if the Certificate Administrator and the Trustee are different entities) shall (i) terminate
all of the rights and obligations of the Special Servicer under this Agreement and appoint such successor Special Servicer and
(ii) promptly notify such outgoing Special Servicer of the effective date of such termination. The reasonable out of pocket costs
and expenses associated with obtaining such Rating Agency Confirmations and administering such vote and the Operating Advisor’s
identification of a Qualified Replacement Special Servicer shall be a Trust Fund expense. In the event that the Certificate Administrator
does not receive the affirmative vote of at least a majority of the quorum described in clause (i) of the preceding sentence
within one hundred eighty (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 7.01(d),
the Directing Holder may not subsequently reappoint such terminated Special Servicer or any Affiliate thereof. Notwithstanding
the foregoing, the Operating Advisor shall not be permitted to recommend the replacement of the Special Servicer with respect to
an AB Whole Loan so long as the related

 

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Serviced
Companion Noteholder, is not subject to an AB Control Appraisal Period under the related Co-Lender Agreement.

 

No penalty or fee shall
be payable to the terminated Special Servicer with respect to any termination pursuant to this Section 7.01(d). All costs
of any such termination made by the Controlling Class Representative without cause shall be paid by the Holders of the Controlling
Class.

 

For the avoidance of
doubt, the indemnification of the Operating Advisor in Section 6.04 shall include, subject to the limitations set forth
in Section 6.04, any action or claim arising from, or relating to, the Operating Advisor’s determination under this
Section 7.01(d) (regarding removal of the Special Servicer), or the result of the vote (regarding removal of the Special
Servicer).

 

(e)          
The Master Servicer and the Special Servicer shall, as the case may be, from time to time, take all such reasonable actions
as are required by it in accordance with the related Servicing Standard in order to prevent the Certificates from being placed
on “watch” status or downgraded due to servicing or special servicing, as applicable, concerns by any Rating Agency.
In no event shall the remedy for a breach of the foregoing covenant extend beyond termination pursuant to Section 7.01(a)(viii),
(ix), (x) or (xi) and the resulting operation of Section 7.01(b) and (c). The operation of this
subsection (e) shall not be construed to limit the effect of Section 7.01(a)(viii), (ix), (x)
or (xi).

 

(f)           
Notwithstanding the foregoing, (1) if any Servicer Termination Event on the part of the Master Servicer affects a Serviced
Companion Loan, the related holder of a Serviced Companion Loan or the rating on any class of Serviced Companion Loan Securities,
and if the Master Servicer is not otherwise terminated, or (2) if a Servicer Termination Event on the part of the Master Servicer
affects only a Serviced Companion Loan, the related holder of a Serviced Companion Loan or the rating on any class of Serviced
Companion Loan Securities, then the Master Servicer may not be terminated by or at the direction of the related holder of such
Serviced Companion Loan or the holders of any certificates backed, wholly or partially, by such Serviced Companion Loan, but upon
the written direction of the related holder of such Serviced Companion Loan, the Master Servicer shall be required to appoint a
Sub-Servicer that will be responsible for servicing the related Serviced Whole Loan.

 

(g)          
Notwithstanding anything to the contrary contained in this Section 7.01, with respect to any Excluded Special Servicer
Loan, if any, the Special Servicer shall resign as Special Servicer of that Excluded Special Servicer Loan. Prior to the occurrence
and continuance of a Control Termination Event, the Directing Holder shall be entitled to select an Excluded Special Servicer,
as successor to the resigning Special Servicer, for the related Excluded Special Servicer Loan in accordance with this Agreement,
unless such Excluded Special Servicer Loan is also an applicable Excluded Loan. During the continuance of a Control Termination
Event or if at any time the applicable Excluded Special Servicer Loan is also an applicable Excluded Loan, the resigning Special
Servicer shall use reasonable efforts to select the related Excluded Special Servicer. The Special Servicer shall not have any
liability with respect to the actions or inactions of the applicable Excluded Special Servicer or with respect to the identity
of the applicable Excluded Special Servicer (as so long as, on the date of

 

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the
appointment, such appointment of such Excluded Special Servicer meets the criteria set forth hereunder). It shall be a condition
to any such appointment that (i) the Rating Agencies confirm that the appointment would not result in a qualification, downgrade
or withdrawal of any of their then-current ratings of the Certificates and the equivalent from each NRSRO hired to provide ratings
with respect to any Serviced Companion Loan Securities, (ii) the related Excluded Special Servicer is a Qualified Replacement
Special Servicer and (iii) the related Excluded Special Servicer delivers to the Depositor and the Certificate Administrator
and any applicable Other Depositor or applicable Other Certificate Administrator, the information, if any, required under Item 6.02
of Form 8-K pursuant to the Exchange Act regarding itself in its role as Excluded Special Servicer.

 

If at any time the Special
Servicer is no longer a Borrower Party (including, without limitation, as a result of the related Mortgaged Property becoming an
REO Property) with respect to an Excluded Special Servicer Loan, (1) the related Excluded Special Servicer shall resign, (2) the
related Mortgage Loan or Serviced Whole Loan shall no longer be an Excluded Special Servicer Loan, (3) the Special Servicer shall
become the Special Servicer again for such related Mortgage Loan or Serviced Whole Loan and (4) the Special Servicer shall be entitled
to all special servicing compensation with respect to such Mortgage Loan or Serviced Whole Loan earned during such time on and
after such Mortgage Loan or Serviced Whole Loan is no longer an Excluded Special Servicer Loan; provided, however,
for so long as a Control Termination Event is not continuing, the related Excluded Special Servicer will not be required to resign
if the Directing Holder determines that such Excluded Special Servicer may continue to serve as special servicer for the applicable
Excluded Special Servicer Loan.

 

The applicable Excluded
Special Servicer shall perform all of the obligations of the Special Servicer for the related Excluded Special Servicer Loan and
shall be entitled to all special servicing compensation with respect to such Excluded Special Servicer Loan earned during such
time as the related Mortgage Loan or Serviced Whole Loan is an Excluded Special Servicer Loan (provided that the Special
Servicer shall remain entitled to all other special servicing compensation with respect all Mortgage Loans and Serviced Whole Loans
that are not Excluded Special Servicer Loans during such time).

 

If a Servicing Officer
of the Master Servicer, a related Excluded Special Servicer, or the Special Servicer, as the case may be, has actual knowledge
that a Mortgage Loan is no longer an applicable Excluded Loan, an Excluded Controlling Class Loan or an Excluded Special Servicer
Loan, as applicable, the Master Servicer, the related Excluded Special Servicer or the Special Servicer, as the case may be, shall
provide prompt written notice thereof to each of the other parties to this Agreement.

 

Section 7.02         
Trustee to Act; Appointment of Successor. On and after the time the Master Servicer or the Special Servicer as the
case may be, either resigns pursuant to subsection (a) of the first sentence of Section 6.05 or receives a notice of
termination for cause pursuant to Section 7.01(b), and provided that no acceptable successor has been appointed within
the time period specified in Section 7.01(c), the Trustee shall be the successor to such party, until such successor to
the Master Servicer or the Special Servicer, as applicable, is appointed as provided in this Section 7.02 or by the Directing
Holder as provided in Section 7.01(d), as applicable, in all respects in its capacity as Master Servicer or the Special
Servicer, as applicable,

 

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under
this Agreement and the transactions set forth or provided for herein and shall be subject to, and have the benefit of, all of
the rights, (subject to Section 3.11 and Section 6.04) benefits, responsibilities, duties, liabilities and limitations
on liability relating thereto and that arise thereafter placed on or for the benefit of the Master Servicer or the Special Servicer,
as applicable, by the terms and provisions hereof; provided, however, that any failure to perform such duties or
responsibilities caused by the terminated party’s failure under Section 7.01 to provide information or moneys required
hereunder shall not be considered a default by such successor hereunder. The appointment of a successor master servicer shall
not affect any liability of the predecessor Master Servicer which may have arisen prior to its termination as Master Servicer,
and the appointment of a successor special servicer shall not affect any liability of the predecessor Special Servicer which may
have arisen prior to its termination as Special Servicer. The Trustee in its capacity as successor to the Master Servicer or the
Special Servicer, as the case may be, shall not be liable for any of the representations and warranties of the Master Servicer
or the Special Servicer respectively, herein or in any related document or agreement, for any acts or omissions of the predecessor
Master Servicer or the Special Servicer or for any losses incurred by the predecessor Master Servicer pursuant to Section 3.06
hereunder, nor shall the Trustee be required to purchase any Mortgage Loan hereunder solely as a result of its obligations
as successor master servicer or special servicer, as the case may be. Subject to Section 3.11, as compensation therefor,
the Trustee as successor master servicer shall be entitled to the Servicing Fees and all fees relating to the Mortgage Loans or
the Companion Loans which the Master Servicer would have been entitled to if the Master Servicer had continued to act hereunder,
including but not limited to any income or other benefit from any Permitted Investment pursuant to Section 3.06, and
subject to Section 3.11, and the Trustee as successor to the Special Servicer shall be entitled to the Special Servicing
Fees to which the Special Servicer would have been entitled if the Special Servicer had continued to act hereunder. Should the
Trustee succeed to the capacity of the Master Servicer or the Special Servicer, as the case may be, the Trustee shall be afforded
the same standard of care and liability as the Master Servicer or the Special Servicer, as applicable, hereunder notwithstanding
anything in Section 8.01 to the contrary, but only with respect to actions taken by it in its role as successor master
servicer or successor special servicer, as the case may be, and not with respect to its role as Trustee hereunder. Notwithstanding
the above, the Trustee may, if it shall be unwilling to act as successor to the Master Servicer or the Special Servicer as applicable,
or shall, if it is unable to so act, or if the Trustee is not approved as a servicer by each Rating Agency, or if, prior to the
occurrence and continuance of a Control Termination Event, the Directing Holder or the holders of Voting Rights, as applicable,
evidencing at least 25% of the Voting Rights, so direct in writing to the Trustee, promptly appoint, or petition a court of competent
jurisdiction to appoint, any established mortgage loan servicing institution which meets the criteria set forth in Section
6.05 and otherwise herein, as the successor to the Master Servicer or the Special Servicer, as applicable, hereunder in the
assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer or the Special Servicer hereunder.
No appointment of a successor to the Master Servicer or the Special Servicer hereunder shall be effective until (i) the assumption
in writing by the successor to the Master Servicer or the Special Servicer of all its responsibilities, duties and liabilities
hereunder that arise thereafter, (ii) upon receipt of Rating Agency Confirmation from each Rating Agency and, with respect to
a Serviced Whole Loan, receipt of Companion Loan Rating Agency Confirmations from each Companion Loan Rating Agency, (iii) which
appointment has been approved (prior to the occurrence and continuance of a Control Termination Event) by the

 

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Directing Holder,
such approval not to be unreasonably withheld and (iv) the Certificate Administrator shall have filed any required Form 8-K
pursuant to Section 11.07 hereof and any other Form 8-K filings have been completed with respect to any related Companion
Loan. Pending appointment of a successor to the Master Servicer or the Special Servicer hereunder, unless the Trustee shall be
prohibited by law from so acting, the Trustee shall act in such capacity as herein above provided. In connection with such appointment
and assumption of a successor to the Master Servicer or the Special Servicer as described herein, the Trustee may make such arrangements
for the compensation of such successor out of payments on the Mortgage Loans as it and such successor shall agree; provided,
however, that no such compensation with respect to a successor master servicer or successor special servicer, as the case
may be, shall be in excess of that permitted the terminated Master Servicer or Special Servicer, as the case may be, hereunder.
The Trustee, the Master Servicer or the Special Servicer (whichever is not the terminated party) and such successor shall take
applicable action, consistent with this Agreement, as shall be necessary to effectuate any such succession. Any costs and expenses
associated with the transfer of the servicing function (other than with respect to a termination without cause) under this Agreement
shall be borne by the predecessor Master Servicer or Special Servicer, as applicable. If such predecessor Master Servicer or Special
Servicer (as the case may be) has not reimbursed the party requesting such termination or the successor Master Servicer or Special
Servicer for such expenses within ninety (90) days after the presentation of reasonable documentation, such expense shall
be reimbursed by the Trust; provided that the terminated Master Servicer or Special Servicer shall not thereby be relieved
of its liability for such expenses. If and to the extent that the terminated Master Servicer or Special Servicer has not reimbursed
such costs and expenses, the party requesting such termination shall have an affirmative obligation to take all reasonable actions
to collect such expenses on behalf of the Trust. In the event of a termination without cause, such costs and expenses shall be
borne by the party requesting such termination, or as otherwise set forth herein; provided that the Certificate Administrator
and the Trustee shall not bear any such costs and expenses. For the avoidance of doubt, if the Trustee is terminating the Master
Servicer or the Special Servicer in accordance with this Agreement at the direction of any party or parties permitted to direct
the Trustee to so terminate the Master Servicer or the Special Servicer pursuant to this Agreement, the Trustee shall not have
any liability for such expenses pursuant to this paragraph.

 

Section 7.03         
Notification to Certificateholders and RR Interest Owner. (a)  Upon any resignation of the Master Servicer
or the Special Servicer pursuant to Section 6.05, any termination of the Master Servicer or the Special Servicer pursuant
to Section 7.01 or any appointment of a successor to the Master Servicer or the Special Servicer pursuant to Section
7.02, the Certificate Administrator shall give prompt written notice thereof to Certificateholders and the RR Interest Owner
at their respective addresses appearing in the Certificate Register (in the case of the Certificateholders) or, in the case of
the RR Interest Owner, as identified to the Certificate Administrator.

 

(b)          
Not later than the later of (i) sixty (60) days after the occurrence of any event which constitutes or, with notice or lapse
of time or both, would constitute a Servicer Termination Event and (ii) five (5) days after the Certificate Administrator would
be deemed to have notice of the occurrence of such an event in accordance with Section 8.02(vii), the Certificate Administrator
shall transmit by mail to the Depositor and all Certificateholders and

 

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the
RR Interest Owner (and, if a Serviced Whole Loan is affected, the related Serviced Companion Noteholder) notice of such occurrence,
unless such default shall have been cured.

 

Section 7.04         
Waiver of Servicer Termination Events. A Servicer Termination Event may be waived by Certificateholders evidencing
not less than 66-2/3% of the aggregate Voting Rights of the Certificates (and, if such Servicer Termination Event is on the part
of the Special Servicer with respect to a Serviced Whole Loan only, by the related Serviced Companion Noteholder). Notwithstanding
the foregoing, (1) a Servicer Termination Event under clause (i) and clause (ii) of Section 7.01(a) may
be waived only with the consent of all of the Certificateholders of the affected Classes and any Serviced Companion Noteholder
affected by such Servicer Termination Event, and (2) a Servicer Termination Event under clause (iii) or clause (xii)
of Section 7.01(a) related to Exchange Act reporting may be waived only with the consent of the Depositor and any Serviced
Companion Noteholder affected by such Servicer Termination Event. Upon any such waiver of a Servicer Termination Event, such Servicer
Termination Event shall cease to exist and shall be deemed to have been remedied for every purpose hereunder. Upon any such waiver
of a Servicer 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 Servicer Termination Event
prior to such waiver from the Trust. No such waiver shall extend to any subsequent or other Servicer Termination Event or impair
any right consequent thereon except to the extent expressly so waived. Notwithstanding any other provisions of this Agreement,
for purposes of waiving any Servicer Termination Event pursuant to this Section 7.04, any Certificates registered in the
name of the Depositor or any Affiliate of the Depositor shall be entitled to the same Voting Rights with respect to the matters
described above as they would if any other Person held such Certificates.

 

Section 7.05         
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 (5) Business
Days following such failure by the Master Servicer with respect to Property Protection Advances resulting in a Servicer Termination
Event under Section 7.01(a)(iii) hereof to the extent a Responsible Officer of the Trustee has actual knowledge of such
failure with respect to such Property Protection Advances and (y) by noon, New York City time, on the related Distribution
Date with respect to P&I Advances pursuant to the Certificate Administrator’s notice of failure pursuant to Section
4.03(a) unless such failure has been cured. With respect to any such Advance made by the Trustee, the Trustee shall succeed
to all of the Master Servicer’s rights with respect to Advances hereunder, including, without limitation, the Master Servicer’s
rights of reimbursement and interest on each Advance at the Reimbursement Rate, and rights to determine that a proposed Advance
is a Nonrecoverable P&I Advance or Property Protection Advance, as the case may be, (without regard to any impairment of any
such rights of reimbursement caused by such Master Servicer’s default in 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 hereunder.

 

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Article
VIII

CONCERNING THE TRUSTEE AND THE CERTIFICATE ADMINISTRATOR

 

Section 8.01         
Duties of the Trustee and the Certificate Administrator. (a)  The Trustee and the Certificate Administrator,
prior to the occurrence of a Servicer Termination Event and after the curing or waiving of all Servicer Termination Events which
may have occurred, undertake to perform such duties and only such duties as are specifically set forth in this Agreement. If a
Servicer Termination Event occurs and is continuing, the Trustee 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 his own affairs. Any permissive right of the Trustee and the Certificate Administrator contained in this Agreement
shall not be construed as a duty.

 

(b)          
The Trustee or 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 which are specifically required
to be furnished to the Trustee or the Certificate Administrator pursuant to any provision of this Agreement (other than the Mortgage
Files, the review of which is specifically governed by the terms of Article II), shall examine them to determine whether
they conform to the requirements of this Agreement. If any such instrument is found not to conform to the requirements of this
Agreement in a material manner, the Trustee or the Certificate Administrator shall notify the party providing such instrument and
requesting the correction thereof. The Trustee or the Certificate Administrator shall not be responsible for the accuracy or content
of any resolution, certificate, statement, opinion, report, document, order or other instrument furnished by the Depositor, the
Master Servicer or the Special Servicer or another Person, and accepted by the Trustee or the Certificate Administrator in good
faith, pursuant to this Agreement.

 

(c)          
No provision of this Agreement shall be construed to relieve the Trustee or the Certificate Administrator from liability
for its own negligent action, its own negligent failure to act or its own willful misconduct or bad faith; provided, however,
that:

 

(i)          
Prior to the occurrence of a Servicer Termination Event, and after the curing of all such Servicer Termination Events which
may have occurred, the duties and obligations of the Trustee and the Certificate Administrator shall be determined solely by the
express provisions of this Agreement, the Trustee and the Certificate Administrator shall not be liable except for the performance
of such duties and obligations as are specifically set forth in this Agreement, no implied covenants or obligations shall be read
into this Agreement against the Trustee and the Certificate Administrator and, in the absence of bad faith on the part of the Trustee
and the Certificate Administrator, the Trustee and the Certificate Administrator may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee or
the Certificate Administrator and conforming to the requirements of this Agreement;

 

(ii)          
Neither the Trustee nor the Certificate Administrator, as applicable, shall be liable for an error of judgment made in good
faith by a Responsible Officer or

 

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Responsible Officers of the Trustee or the Certificate Administrator, respectively, unless it
shall be proved that the Trustee or the Certificate Administrator, as applicable, was negligent in ascertaining the pertinent facts;
and

 

(iii)          
Neither the Trustee nor the Certificate Administrator, as applicable, shall be 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 evidencing not less
than 25% of the Voting Rights entitled to direct the Trustee and/or Certificate Administrator pursuant to the terms of this Agreement,
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
(unless a higher percentage of Voting Rights is required for such action).

 

(d)          
The Certificate Administrator shall make available via its internet website initially located at www.ctslink.com
to the Serviced Companion Noteholders all reports that the Certificate Administrator has made available to Certificateholders and
the RR Interest Owner under this Agreement to the extent such reports relate to the related Serviced Companion Loan and upon the
submission of an Investor Certification pursuant to this Agreement.

 

Section 8.02         
Certain Matters Affecting the Trustee and the Certificate Administrator. Except as otherwise provided in Section
8.01:

 

(i)           
The Trustee and the Certificate Administrator may rely upon and shall be protected in acting or refraining from acting upon
any resolution, Officer’s Certificate, direction of the Depositor, certificate of auditors or any other certificate, statement,
instrument, opinion, report, notice, request, consent, order, Appraisal, bond or other paper or document reasonably believed by
it to be genuine and to have been signed or presented by the proper party or parties;

 

(ii)          
The Trustee and the Certificate Administrator may consult with counsel and the advice of such counsel or any Opinion of
Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it hereunder
in good faith and in accordance therewith;

 

(iii)         
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, the Certificates or the RR Interest or to make any investigation of matters arising hereunder or
to institute, conduct or defend any litigation hereunder or in relation hereto at the request, order or direction of any of the
Certificateholders or the RR Interest Owner, pursuant to the provisions of this Agreement, unless such Certificateholders or the
RR Interest Owner shall have offered to the Trustee or the Certificate Administrator, as applicable, reasonable security or indemnity
satisfactory to it, against the costs, expenses and liabilities which may be incurred therein or thereby; neither the Trustee nor
the Certificate Administrator shall be required to expend or risk its own funds or otherwise incur any financial liability in the
performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds
for believing

 

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that repayment of such funds or reasonable indemnity satisfactory to it against such risk or liability is not reasonably
assured to it; nothing contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence of a Servicer
Termination Event which has not been cured, 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 man would exercise or use under the circumstances in the conduct
of his own affairs;

 

(iv)         
Neither the Trustee nor the Certificate Administrator shall be liable for any action reasonably taken, suffered or omitted
by it in good faith and 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 hereunder and after the curing of all Servicer Termination Events
which may have occurred, neither the Trustee nor the Certificate Administrator shall be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order,
approval, bond or other paper or document, unless requested in writing to do so by Certificateholders entitled to more than 50%
of the Voting Rights; 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 it in the making of such investigation is, in the
opinion of the Trustee or the Certificate Administrator, respectively, 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, respectively,
may require reasonable indemnity satisfactory to it from such requesting Holders against such expense or liability as a condition
to taking any such action. The reasonable expense of every such reasonable examination shall be paid by the requesting Holders;

 

(vi)         
The Trustee or the Certificate Administrator may execute any of the trusts or powers hereunder or perform any duties hereunder
either directly or by or through agents or attorneys; provided, however, that the appointment of such agents or attorneys
shall not relieve the Trustee or the Certificate Administrator of its duties or obligations hereunder; provided, further,
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)        
For all purposes under this Agreement, neither the Trustee nor the Certificate Administrator shall be deemed to have notice
of any Servicer Termination Event or Asset Representations Reviewer Termination Event or any act, failure or breach of any Person
upon the occurrence of which the Trustee or the Certificate Administrator may be required to act unless a Responsible Officer of
the Trustee or the Certificate Administrator, as applicable, has actual knowledge thereof or unless written notice of any event,
act, failure or breach that is in fact such a default is received by the Trustee or the Certificate Administrator at the respective
Corporate Trust Office, and such notice references the Certificates, the RR Interest or this Agreement;

 

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(viii)       
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 the Special Servicer, as the case may be, in which
case the Trustee shall only be responsible for its own actions as Master Servicer or the Special Servicer), the Operating Advisor,
the Asset Representations Reviewer or of the Depositor;

 

(ix)         
Neither the Trustee nor the Certificate Administrator shall in any way be liable by reason of any insufficiency in the Trust
Fund unless it is determined by a court of competent jurisdiction that the Trustee’s or Certificate Administrator’s,
as applicable, negligence or willful misconduct was the primary cause of such insufficiency;

 

(x)          
In no event shall the Certificate Administrator or Trustee be liable for any failure or delay in the performance of its
obligations hereunder because of circumstances beyond the Certificate Administrator’s or Trustee’s control, including,
but not limited to force majeure or acts of God;

 

(xi)         
Except as otherwise expressly set forth in this Agreement, Wells Fargo Bank, National Association acting in any particular
capacity hereunder will not be deemed to be imputed with knowledge of (a) Wells Fargo Bank, National Association, acting in a capacity
that is unrelated to the transactions contemplated by this Agreement, or (b) Wells Fargo Bank, National Association, acting in
any other capacity hereunder, except, in the case of either clause (a) or clause (b), where some or all of the obligations
performed in such capacities are performed by one or more employees within the same group or division of Wells Fargo Bank, National
Association, or where the groups or divisions responsible for performing the obligations in such capacities have one or more of
the same Responsible Officers; provided, 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;

 

(xii)         
Nothing herein shall require the Trustee or the Certificate Administrator to act in any manner that is contrary to applicable
law; and

 

(xiii)        
Nothing herein shall be construed as an obligation of the parties to this Agreement to advise the Certificateholders or
the RR Interest Owner with respect to their rights and protections relative to the Trust.

 

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 and Authenticating Agent).

 

Section 8.03         
Trustee and Certificate Administrator Not Liable for Validity or Sufficiency of Certificates, RR Interest or Mortgage
Loans. The recitals contained herein and in the Certificates, other than the acknowledgments of the Trustee or the Certificate
Administrator

 

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in
Sections  2.02 and 2.04 and the signature, if any, of the Certificate Registrar and Authenticating Agent set
forth on any outstanding Certificate, shall be taken as the statements of the Depositor, the Master Servicer or the Special Servicer,
as the case may be, and the Trustee or the Certificate Administrator assume no responsibility for their correctness. Neither the
Trustee nor the Certificate Administrator makes any representations as to the validity or sufficiency of this Agreement or of
any Certificate (other than as to the signature, if any, of the Trustee or the Certificate Administrator set forth thereon) or
of the RR Interest, any Mortgage Loan or related document. Neither the Trustee nor the Certificate Administrator shall be accountable
for the use or application by the Depositor or the Sponsors of any of the Certificates issued to it or of the proceeds of such
Certificates or of the RR Interest, or for the use or application of any funds paid to the Depositor in respect of the assignment
of the Mortgage Loans to the Trust, or any funds deposited in or withdrawn from the Collection Account or any other account by
or on behalf of the Depositor, the Master Servicer, the Special Servicer or in the case of the Trustee, the Certificate Administrator.
The Trustee and the Certificate Administrator shall not be responsible for the accuracy or content of any resolution, certificate,
statement, opinion, report, document, order or other instrument furnished by the Depositor, the Master Servicer or the Special
Servicer and accepted by the Trustee or the Certificate Administrator, in good faith, pursuant to this Agreement.

 

Section 8.04         
Trustee or Certificate Administrator May Own Certificates. The Trustee or the Certificate Administrator, each in
its individual capacity, not as Trustee or Certificate Administrator, may become the owner or pledgee of Certificates, and may
deal with the Depositor, the Master Servicer, the Special Servicer or the Underwriters in banking transactions, with the same rights
it would have if it were not Trustee or the Certificate Administrator.

 

Section 8.05         
Fees and Expenses of Trustee and Certificate Administrator; Indemnification of Trustee and Certificate Administrator.
(a)  As compensation for the performance of their respective duties hereunder, the Trustee will be paid the Trustee Fee,
which shall cover recurring and otherwise reasonably anticipated expenses of the Trustee, and the Certificate Administrator will
be paid the Certificate Administrator/Trustee Fee equal to the Certificate Administrator’s portion of one month’s interest
at the Certificate Administrator/Trustee Fee Rate, which shall cover recurring and otherwise reasonably anticipated expenses of
the Certificate Administrator. The Trustee Fee and Certificate Administrator/Trustee Fee shall be paid monthly on a Mortgage Loan-by-Mortgage
Loan basis. As to each Mortgage Loan and REO Loan (other than the portion of an REO Loan related to any Companion Loan), the Certificate
Administrator shall pay to the Trustee monthly the Trustee Fee from the Certificate Administrator/Trustee Fee, which Certificate
Administrator/Trustee Fee shall accrue from time to time at the Certificate Administrator/Trustee Fee Rate and the Certificate
Administrator/Trustee Fee shall be computed on the basis of the Stated Principal Balance of such Mortgage Loan and a 360-day year
consisting of twelve 30-day months. The Trustee Fee (which shall not be limited to any provision of law in regard to the compensation
of a trustee of an express trust) shall constitute the Trustee’s sole form of compensation for all services rendered by it
in the execution of the trusts hereby created and in the exercise and performance of any of the powers, rights and duties of the
Trustee hereunder, except for the reimbursement of expenses specifically provided for herein. The Certificate Administrator/Trustee
Fee shall constitute the Certificate Administrator’s sole form of

 

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compensation
for the exercise and performance of its powers and duties hereunder, except for the reimbursement of expenses specifically provided
for herein. No Trustee Fee or Certificate Administrator/Trustee Fee shall be payable with respect to any Companion Loan.

 

(b)          
The Trustee, the Certificate Administrator (in each case, including in its capacity as Custodian and in its individual capacity)
and any director, officer, employee, representative or agent of the Trustee and the Certificate Administrator, respectively, shall
be entitled to be indemnified and held harmless by the Trust (to the extent of amounts on deposit in the Collection Account or
the Lower-Tier REMIC Distribution Account, as applicable, from time to time) against any loss, liability or expense (including,
without limitation, costs and expenses of litigation, and of investigation, counsel fees, damages, judgments and amounts paid in
settlement, and expenses incurred in becoming successor master servicer or successor special servicer, to the extent not otherwise
paid hereunder) arising out of, or incurred in connection with, any act or omission of the Trustee or the Certificate Administrator,
respectively, relating to the exercise and performance of any of the powers and duties of the Trustee or the Certificate Administrator,
respectively, hereunder; provided, however, that none of the Trustee or the Certificate Administrator, nor any of
the other above specified Persons shall be entitled to indemnification pursuant to this Section 8.05(b) for (i) allocable
overhead, (ii) expenses or disbursements incurred or made by or on behalf of the Trustee or the Certificate Administrator,
respectively, in the normal course of the Trustee or the Certificate Administrator, respectively, performing its duties in accordance
with any of the provisions hereof, which are not “unanticipated expenses of the REMIC” within the meaning of Treasury
Regulations Section 1.860G-1(b)(3)(ii), (iii) any expense or liability specifically required to be borne thereby pursuant
to the terms hereof or (iv) any loss, liability or expense incurred by reason of willful misconduct, bad faith or negligence
in the performance of the Trustee’s or the Certificate Administrator’s, respectively, obligations and duties hereunder,
or by reason of negligent disregard of such obligations or duties, or as may arise from a breach of any representation or warranty
of the Trustee specified in Section 8.12 or the Certificate Administrator specified in Section 8.14, respectively,
made herein. The provisions of this Section 8.05(b) shall survive the termination of this Agreement and any resignation
or removal of the Trustee or the Certificate Administrator, respectively, and appointment of a successor thereto. The foregoing
indemnity shall also apply to the Certificate Administrator in its capacities of Custodian, Certificate Registrar and Authenticating
Agent.

 

(c)          
The Certificate Administrator shall indemnify and hold harmless the Depositor and the Mortgage Loan Sellers 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, the Mortgage Loan Sellers 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 or in any other capacity in which the Certificate
Administrator is required to provide information to a Privileged Person that is an NRSRO, 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 or in any other capacity in which the Certificate Administrator is required to provide information to a Privileged Person
that is an NRSRO, in the performance of such obligations or its negligent disregard of its obligations and duties under this Agreement.

 

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Section 8.06         
Eligibility Requirements for Trustee and Certificate Administrator. Each of the Trustee and the Certificate Administrator
hereunder shall at all times be, and shall resign if it fails to be, (i) a corporation, national bank, national banking association
or a trust company, organized and doing business under the laws of any state or the United States of America, authorized under
such laws to exercise corporate trust powers and to accept the trust conferred under this Agreement, having a combined capital
and surplus of at least $100,000,000 and subject to supervision or examination by federal or state authority and in the case of
the Trustee, shall not be an Affiliate of the Master Servicer or the Special Servicer (except during any period when the Trustee
is acting as, or has become successor to, the Master Servicer or the Special Servicer, as the case may be, pursuant to Section
7.02), (ii) an institution insured by the Federal Deposit Insurance Corporation, (iii) an institution whose long-term
senior unsecured debt is rated at least “A-” by Fitch and “A-” by S&P; provided that the Trustee
will not become ineligible to serve based on a failure to satisfy such rating requirements as long as (a) it maintains a long-term
unsecured debt rating of no less than “A-” by Fitch and “A-” by S&P, (b) its short-term debt obligations
have a short-term rating of not less than “F1” by Fitch and “A-2” from S&P (or such lower rating as
is the subject of a Rating Agency Confirmation by such Rating Agency) and (c) the Master Servicer maintains a rating of at least
“A+” by Fitch and “A” by S&P, or such other rating with respect to which the Rating Agencies have provided
a Rating Agency Confirmation; and (iv) an entity that is not a Prohibited Party.

 

If such corporation,
national bank or national banking association publishes reports of condition at least annually, pursuant to law or to the requirements
of the aforesaid supervising or examining authority, then for the purposes of this Section 8.06 the combined capital and
surplus of such corporation, national bank or national banking association 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 the place of business from which the Certificate
Administrator administers the Trust REMICs or in which the Trustee’s office is located is in a state or local jurisdiction
that imposes a tax on the Trust on the net income of a REMIC (other than a tax corresponding to a tax imposed under the REMIC Provisions),
the Certificate Administrator or the Trustee, as applicable shall elect either to (i) resign immediately in the manner and
with the effect specified in Section 8.07, (ii) pay such tax at no expense to the Trust or (iii) administer the
Trust REMICs from a state and local jurisdiction that does not impose such a tax.

 

Section 8.07         
Resignation and Removal of the Trustee and Certificate Administrator. (a)  The Trustee and the Certificate
Administrator may at any time resign and be discharged from the trusts hereby created by giving thirty (30) days’ prior written
notice thereof to the Depositor, the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable,
the Operating Advisor, the Asset Representations Reviewer, 17g-5 Information Provider and to all Certificateholders and the RR
Interest Owner. The Certificate Administrator shall post such notice to the Certificate Administrator’s Website in accordance
with Section 3.13(b) and provide notice of such event to the Master Servicer, the Special Servicer, the Depositor and the
17g-5 Information Provider, which shall promptly post such notice to the 17g-5 Information Provider’s Website in accordance
with Section 3.13(c). Upon receiving such notice of resignation, the Depositor shall use its reasonable best efforts to
promptly appoint a successor trustee or certificate administrator by written instrument, in duplicate, which instrument shall be
delivered to the resigning Trustee or Certificate Administrator and to the successor trustee or certificate administrator. A copy
of such instrument

 

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shall
be delivered to the Master Servicer, the Special Servicer, the Certificateholders and the RR Interest Owner and the Trustee or
Certificate Administrator, as applicable, by the Depositor. If no successor trustee or certificate administrator shall have been
so appointed and have accepted appointment within one hundred and twenty (120) days after the giving of such notice of resignation,
the resigning Trustee or Certificate Administrator may petition any court of competent jurisdiction for the appointment of a successor
trustee or certificate administrator, as applicable, and any expenses associated with such petition shall be an expense of the
Trust.

 

(b)          
If at any time the Trustee or Certificate Administrator shall cease to be eligible in accordance with the provisions of
Section 8.06 (and in the case of the Certificate Administrator, Section 5.08) and shall fail to resign after written
request therefor by the Depositor or the Master Servicer, or if at any time the Trustee or Certificate Administrator shall become
incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee or the Certificate Administrator
or of its 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, or if the Trustee or Certificate
Administrator (if different than the Trustee) shall fail (other than by reason of the failure of either the Master Servicer or
the Special Servicer to timely perform its obligations hereunder or as a result of other circumstances beyond the Trustee’s
or Certificate Administrator’s, as applicable, reasonable control), to timely publish any report to be delivered, published
or otherwise made available by the Certificate Administrator pursuant to Section 4.02 and such failure shall continue unremedied
for a period of five (5) days, or if the Certificate Administrator fails to make distributions required pursuant to Section
4.01 or Section 9.01, then the Depositor may remove the Trustee or Certificate Administrator, as applicable, and appoint
a successor trustee or certificate administrator reasonably acceptable to the Master Servicer, by written instrument, in duplicate,
which instrument shall be delivered to the Trustee or Certificate Administrator so removed and to the successor trustee or certificate
administrator in the case of the removal of the Trustee or Certificate Administrator. A copy of such instrument shall be delivered
to the Master Servicer, the Special Servicer and the Certificateholders and the RR Interest Owner by the Depositor.

 

(c)          
The Certificateholders entitled to at least 50% of the Voting Rights may at any time upon thirty (30) days written notice,
with or without cause, remove the Trustee or Certificate Administrator and appoint a successor trustee or certificate administrator
by written instrument or instruments, in triplicate, signed by such holders or their attorneys-in-fact duly authorized, one complete
set of which instruments shall be delivered to the Master Servicer, one complete set to the Trustee or Certificate Administrator
so removed and one complete set to the successor so appointed. A copy of such instrument shall be delivered to the Depositor, the
Special Servicer and the remaining Certificateholders and the RR Interest Owner by the Master Servicer. In the event of any such
termination without cause pursuant to this Section 8.07(c), the successor trustee or certificate administrator, as applicable,
shall be responsible for all costs and expenses necessary to effect the transfer of responsibilities from its predecessor.

 

(d)          
Any resignation or removal of the Trustee, Custodian or Certificate Administrator and appointment of a successor trustee
or certificate administrator pursuant to any of the provisions of this Section 8.07 shall not become effective until (i)
acceptance of appointment by the successor trustee or certificate administrator as provided in Section 8.08 and

 

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(ii)
the Certificate Administrator shall have filed any required Form 8-K pursuant to Section 11.07 hereof and any other
Form 8-K filings have been completed with respect to any related Companion Loan. Except as provided in Section 8.07(a)
to the contrary, the Trustee, Custodian or Certificate Administrator shall be required to bear all reasonable out-of-pocket
costs and expenses of each other party to this Agreement, the Trust and each Rating Agency in connection with any removal for
cause or resignation of such Trustee, Custodian or Certificate Administrator.

 

If the same party is
acting as Trustee and Certificate Administrator pursuant to this Agreement, any removal of either such party in its capacity as
Trustee or Certificate Administrator, as applicable, shall also result in such party’s removal in its capacity as Trustee
or Certificate Administrator, as applicable, and the Depositor shall appoint a successor certificate administrator and a successor
trustee, in each instance meeting the eligibility requirements set forth hereunder.

 

Upon any succession of
the Trustee or Certificate Administrator under this Agreement, the predecessor Trustee or Certificate Administrator shall be entitled
to the payment of accrued and unpaid compensation and reimbursement as provided for under this Agreement for services rendered
and expenses incurred (including without limitation, unreimbursed Advances). No Trustee or Certificate Administrator shall be personally
liable for any action or omission of any successor trustee or certificate administrator.

 

(e)          
Upon the resignation, assignment, merger, consolidation, or transfer of the Trustee or its business to a successor, or upon
the termination of the Trustee, (a) the outgoing Trustee shall (i) endorse the original executed Mortgage Note for each
Mortgage Loan (to the extent that the original executed Mortgage Note for each Mortgage Loan was endorsed to the outgoing trustee),
without recourse, representation or warranty, express or implied, to the order of the successor, as trustee for the registered
Holders of GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47, and the
RR Interest Owner 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), assign such Mortgage Loan documents to such successor, and such
successor shall review the documents delivered to it or to the Custodian with respect to each Mortgage Loan, and certify in writing
that, as to each Mortgage Loan then subject to this Agreement, such endorsement and assignment has been made; (b) if any original
executed Mortgage Note for a Mortgage Loan was not endorsed to the outgoing trustee, the Custodian shall, upon its receipt of a
Request for Release, deliver such Mortgage Note to the Depositor or the successor trustee, as requested, and the Master Servicer
and the Depositor shall cooperate with any successor Trustee to ensure that such Mortgage Note is endorsed (without recourse, representation
or warranty, express or implied) to the order of the successor, as trustee for the registered Holders of GS Mortgage Securities
Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47, and the RR Interest Owner or in blank; provided,
however, that, notwithstanding anything to the contrary herein, to the extent any such endorsement of such Mortgage Note
requires the signature of the related Mortgage Loan Seller in order to comply with the foregoing, then the Master Servicer shall
use reasonable efforts to cause the related Mortgage Loan Seller to execute such endorsement; (c) if any other assignable
Mortgage Loan document was not assigned to the outgoing trustee, the Custodian shall, upon its receipt of a

 

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Request
for Release, deliver such Mortgage Loan document to the Depositor or the successor trustee, as requested, and the Master 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 Custodian with
respect to each Mortgage Loan, and certify in writing that, as to each Mortgage Loan then subject to this Agreement, such endorsements
and assignments have been made or, in the event such endorsement or assignment cannot be made for any reason, to note the same
in such certification.

 

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

 

Section 8.08         
Successor Trustee or Certificate Administrator. (a)  Any successor trustee or certificate administrator
appointed as provided in Section 8.07 shall execute, acknowledge and deliver to the Depositor, the Master Servicer, the
Special Servicer and to its predecessor Trustee or Certificate Administrator an instrument accepting such appointment hereunder,
and thereupon the resignation or removal of the predecessor Trustee or Certificate Administrator shall become effective and such
successor trustee or certificate administrator 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 Trustee shall deliver to the successor trustee all Mortgage Files and related
documents and statements held by it hereunder (other than any Mortgage Files at the time held on its behalf by a Custodian, which
Custodian, at Custodian’s option shall become the agent of the successor trustee), and the Depositor, the Master Servicer,
the Special Servicer and the predecessor Trustee shall execute and deliver such instruments and do such other things as may reasonably
be required to more fully and certainly vest and confirm in the successor trustee all such rights, powers, duties and obligations,
and to enable the successor trustee to perform its obligations hereunder.

 

(b)          
No successor trustee or successor certificate administrator shall, as applicable, accept appointment as provided in this
Section 8.08 unless at the time of such acceptance such successor trustee or successor certificate administrator, as applicable,
shall be eligible under the provisions of Section 8.06.

 

(c)          
Upon acceptance of appointment by a successor trustee or successor certificate administrator as provided in this Section
8.08, the Master Servicer shall deliver notice of the succession of such Trustee or Certificate Administrator, as applicable,
to the Depositor and the Certificateholders and the RR Interest Owner. If the Master Servicer fails to deliver such notice within
ten (10) days after acceptance of appointment by the successor trustee or successor certificate administrator, as applicable, such
successor trustee or successor certificate administrator shall cause such notice to be delivered at the expense of the Master Servicer.

 

Section 8.09        
Merger or Consolidation of Trustee or Certificate Administrator. Any Person into which the Trustee or the Certificate
Administrator may be merged or converted or with which it may be consolidated or any Person resulting from any merger, conversion
or consolidation to which the Trustee or the Certificate Administrator shall be a party, or any

 

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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, in the case of
the Trustee, such successor Person shall be eligible under the provisions of Section 8.06, 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
Certificate Administrator shall post such notice to the Certificate Administrator’s Website in accordance with Section
3.13(b) and shall provide notice of such event to the Master Servicer, the Special Servicer, the Depositor and the 17g-5 Information
Provider, which shall post such notice to the 17g-5 Information Provider’s Website in accordance with Section 3.13(c).

 

Section 8.10          
Appointment of Co-Trustee or Separate Trustee.

(a)  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 Master Servicer
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 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, or any
part thereof, and, subject to the other provisions of this Section 8.10, such powers, duties, obligations, rights and trusts
as the Master Servicer and the Trustee may consider necessary or desirable. If the Master Servicer shall not have joined in such
appointment within fifteen (15) days after the receipt by it of a request to do so, 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 or the RR Interest Owner of the appointment of a co-trustee(s) or separate trustee(s) shall be
required under Section 8.08 hereof. All co-trustee fees shall be payable out of the Trust Fund.

 

(b)          
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, 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 or the Special
Servicer hereunder), the Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers,
duties and obligations (including the holding of title to the Trust or any portion thereof in any such jurisdiction) shall be exercised
and performed by such separate trustee or co-trustee at the direction of the Trustee.

 

(c)          
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. 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

 

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this
Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Trustee. Every such instrument
shall be filed with the Trustee.

 

(d)          
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.

 

(e)          
The appointment of a co-trustee or separate trustee under this Section 8.10 shall not relieve the Trustee of its
duties and responsibilities hereunder.

 

Section 8.11         
Appointment of Custodians. The Certificate Administrator is hereby appointed as the Custodian to hold all or a portion
of the Mortgage Files. The Custodian shall be a depository institution subject to supervision by federal or state authority, shall
have combined capital and surplus of at least $15,000,000 and shall be qualified to do business in the jurisdiction in which it
holds any Mortgage File. The 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 Mortgage Files directly by the Certificate Administrator.
Upon termination or resignation of the Custodian, the Certificate Administrator may appoint another Custodian meeting the foregoing
requirements. The appointment of one or more Custodians by the Certificate Administrator shall not relieve the Certificate Administrator
from any of its obligations hereunder, and the Certificate Administrator shall remain responsible for all acts and omissions of
any Custodian other than the initial Custodian. Any Custodian appointed hereunder must maintain a fidelity bond and errors and
omissions policy in an amount customary for Custodians which serve in such capacity in commercial mortgage loan securitization
transactions, or may self-insure.

 

Section 8.12         
Representations and Warranties of the Trustee. The Trustee hereby represents and warrants to the Depositor, the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, each Serviced Companion Noteholder and
the Certificate Administrator for the benefit of the Certificateholders and the RR Interest Owner, 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;

 

(ii)          
The execution and delivery of this Agreement by the Trustee, and the performance and compliance with the terms of this Agreement
by the Trustee, will not violate the Trustee’s charter and by-laws 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 agreement or other instrument
to which it is a party or that is applicable to it or any of its assets;

 

(iii)         
The Trustee has the full power and authority to enter into and consummate all transactions contemplated by this Agreement,
has duly authorized the execution,

 

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delivery and performance of this Agreement, and has duly executed and delivered this Agreement;

 

(iv)         
This Agreement, assuming due authorization, execution and delivery by each of the other parties hereto, constitutes a valid,
legal and binding obligation of the Trustee, enforceable against the Trustee in accordance with the terms hereof, subject to (a) applicable
bankruptcy, insolvency, reorganization, moratorium and other laws affecting the enforcement of creditors’ rights generally
and the rights of creditors of national banking associations specifically and (b) 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 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, any 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 Trustee’s
good faith and reasonable judgment, is likely to affect materially and adversely the ability of the Trustee to perform its obligations
under this Agreement;

 

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

 

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

 

Section 8.13         
Provision of Information to Certificate Administrator, Master Servicer and Special Servicer. The Master Servicer
shall promptly, upon request, provide the Special Servicer and the Certificate Administrator with notice of any change in the identity
and/or contact information of any Serviced Companion Noteholder (to the extent it receives written notice of such change). The
Certificate Administrator, Master Servicer and the Special Servicer may each conclusively rely on the information provided to them
regarding identity and/or contact information regarding any Serviced Companion Noteholder, and the Certificate Administrator, Master
Servicer and the Special Servicer, as applicable, shall have no liability for notices not sent to the correct Serviced Companion
Noteholders or any obligation to determine the identity and/or contact information of the Serviced Companion Noteholders to the
extent updated or correct information regarding the holders of any of the Serviced Companion Noteholders or the most recent identity
and/or contact information regarding any of the Serviced

 

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Companion
Noteholders has not been provided to the Certificate Administrator, Master Servicer or the Special Servicer, as applicable.

 

Section 8.14         
Representations and Warranties of the Certificate Administrator. The Certificate Administrator hereby represents
and warrants to the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer,
each Serviced Companion Noteholder, and the Trustee, for the benefit of the Certificateholders and the RR Interest Owner, as of
the Closing Date, that:

 

(i)           
The Certificate Administrator is a national banking association duly organized under the laws of the United States of America,
duly organized, validly existing and in good standing under the laws thereof;

 

(ii)          
The execution and delivery of this Agreement by the Certificate Administrator, and the performance and compliance with the
terms of this Agreement by the Certificate Administrator, will not violate the Certificate Administrator’s charter and by-laws
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 agreement or other instrument to which it is a party or that is applicable to it or any of its assets;

 

(iii)          
The Certificate Administrator has the full power and authority to enter into and consummate all 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 each of the other parties hereto, constitutes a valid,
legal and binding obligation of the Certificate Administrator, enforceable against the Certificate Administrator in accordance
with the terms hereof, subject to (a) applicable bankruptcy, insolvency, reorganization, moratorium and other laws affecting
the enforcement of creditors’ rights generally and the rights of creditors of national banking associations specifically
and (b) general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity or at
law;

 

(v)          
The Certificate Administrator 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, any 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 Certificate Administrator’s good faith and reasonable judgment, is likely to affect materially and adversely either
the ability of the Certificate Administrator to perform its obligations under this Agreement or the financial condition of the
Certificate Administrator;

 

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

 

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affect either the ability of the Certificate Administrator
to perform its obligations under this Agreement or the financial condition of the Certificate Administrator; and

 

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

 

Section 8.15         
Compliance with the PATRIOT Act. In order to comply with the laws, rules, regulations and executive orders in effect
from time to time applicable to banking institutions, including those relating to the funding of terrorist activities and money
laundering (“Applicable Laws”), each of the Trustee, the Certificate Administrator, the Special Servicer and
the Master Servicer is required to obtain, verify and record certain information relating to individuals and entities which maintain
a business relationship with the Trustee, the Certificate Administrator, the Special Servicer or the Master Servicer, as applicable.
Accordingly, each of the parties to this Agreement agrees to provide to the Trustee, the Certificate Administrator, the Special
Servicer and the Master Servicer, upon its respective reasonable request from time to time such identifying information and documentation
as may be available for such party in order to enable the Trustee, the Certificate Administrator, the Special Servicer and the
Master Servicer to comply with Applicable Laws.

 

Article
IX

TERMINATION

 

Section 9.01         
Termination upon Repurchase or Liquidation of All Mortgage Loans. Subject to this Section 9.01 and Section
9.02, the Trust and the respective obligations and responsibilities under this Agreement of the Certificate Administrator (other
than the obligations of the Certificate Administrator to provide for and make payments to Certificateholders as hereafter set forth),
the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and the Trustee,
shall terminate upon payment (or provision for payment) to the Certificateholders of all amounts held by the Certificate Administrator
and required hereunder to be so paid on the Distribution Date following the earlier to occur of (i) the final payment (or
related Advance) or other liquidation of the last Mortgage Loan and REO Property (as applicable) subject hereto, (ii) the
purchase or other liquidation by the Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer
or the Holders of the Class R Certificates representing greater than 50% of the Percentage Interest of such Class, in that order
of priority, of all the Mortgage Loans and the Trust’s portion of each REO Property, remaining in the Trust Fund at a price
equal to (a) the sum of (1) the aggregate Purchase Price of all the Mortgage Loans (exclusive of REO Loans) included in the Trust
Fund, (2) the Appraised Value of the Trust’s portion of each REO Property, if any, included in the Trust Fund (such
Appraisals in clause (a)(2) to be conducted by an

 

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Independent
MAI-designated appraiser selected by the Master Servicer, and approved by more than 50% of the Voting Rights then outstanding
(other than the Controlling Class unless the Controlling Class is the only Class of Certificates then outstanding)) (which approval
shall be deemed given unless more than 50% of such Certificateholders object within twenty (20) days of receipt of notice thereof),
(3) the reasonable out-of-pocket expenses of the Master Servicer with respect to such termination, unless the Master Servicer
is the purchaser of such Mortgage Loans and (4) if a Mortgaged Property secures a Non-Serviced Mortgage Loan and is an “REO
property” under the terms of the related Non-Serviced Pooling Agreement, the pro rata portion of the fair market
value of the related Mortgaged Property, as determined by the related Non-Serviced Master Servicer in accordance with clause
(2) above, minus (b) solely in the case where the Master Servicer is exercising such purchase right, the aggregate
amount of unreimbursed Advances, together with any interest accrued and payable to the Master Servicer in respect of such Advances
in accordance with Sections  3.03(d) and 4.03(d) and any unpaid Servicing Fees, remaining outstanding and payable
solely to the Master Servicer (which items shall be deemed to have been paid or reimbursed to the Master Servicer in connection
with such purchase) or (iii) so long as the Class A-1, Class A-4, Class A-5, Class A-AB, Class A-S, Class B,
Class C, Class D and Class E Certificates are no longer outstanding and the Notional Amounts of the Class X-A and
Class X-E Certificates have been reduced to zero, the voluntary exchange by the Sole Owner of all the outstanding Certificates
(other than Class R Certificates) and the RR Interest for the remaining Mortgage Loans and REO Properties in the Trust Fund pursuant
to the terms of the immediately succeeding paragraph; provided, however, that in no event shall the trust created
hereby 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 ambassador of the United States to the Court of St. James’s, living on the date hereof.

 

Following the date on
which the Class A-1, Class A-4, Class A-5, Class A-AB, Class A-S, Class B, Class C, Class D and Class
E Certificates are retired and the Notional Amounts of the Class X-A and Class X-E Certificates have been reduced to
zero (and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then outstanding Certificates
(other than the Class R Certificates) and the RR Interest), the Sole Owner shall have the right, to exchange all of its Certificates
(other than the Class R Certificates) and the RR Interest for all of the Mortgage Loans and each REO Property remaining in the
Trust Fund provided, the Master Servicer is paid a fee equal to (i) the product of (x) the Prime Rate, (y) the aggregate
Certificate Balance of the then outstanding Certificates (other than the Class X Certificates and Class R Certificates) as
of the date of the exchange and (z) three, divided by (ii) 360, as contemplated by clause (iii) of the first paragraph
of this Section 9.01 by giving written notice to all the parties hereto no later than sixty (60) days prior to the anticipated
date of exchange. In the event that the Sole Owner elects to exchange all of its Certificates (other than the Class R Certificates)
for all of the Mortgage Loans and the Trust’s portion of each REO Property remaining in the Trust in accordance with the
preceding sentence, such Sole Owner, not later than the Distribution Date on which the final distribution on the Certificates is
to occur, shall deposit in the Collection Account an amount in immediately available funds equal to all amounts due and owing to
the Depositor, the Master Servicer, the Special Servicer, the Trustee and the Certificate Administrator hereunder through the date
of the liquidation of the Trust that may be withdrawn from the Collection Account, or an escrow account acceptable to the respective
parties hereto, pursuant to Section 3.05(a) or that may be withdrawn from the Distribution Account pursuant to Section
3.05(a), but only to the extent that such amounts are

 

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not
already on deposit in the Collection Account. In addition, the Master Servicer shall transfer all amounts required to be transferred
to the Lower-Tier REMIC Distribution Account on the Master Servicer Remittance Date related to such Distribution Date in which
the final distribution on the Certificates is to occur from the Collection Account pursuant to the first paragraph of Section
3.04(b) (provided, however, that if a Serviced Whole Loan is secured by REO Property, the portion of the above-described
purchase price allocable to such Trust’s portion of REO Property shall initially be deposited into the related REO Account).
Upon confirmation that such final deposits have been made and following the surrender of all its Certificates (other than the
Class R Certificates) on the applicable Distribution Date, the Custodian shall, upon receipt of a Request for Release from the
Master Servicer, release or cause to be released to the Sole Owner or any designee thereof, the Mortgage Files for the remaining
Mortgage Loans and shall execute all assignments, endorsements and other instruments furnished to it by the Sole Owner as shall
be necessary to effectuate transfer of the Mortgage Loans and REO Properties remaining in the Trust Fund, and the Trust shall
be liquidated in accordance with Section 9.02. Solely for federal income tax purposes, the Sole Owner shall be deemed to
have purchased the assets of the Lower-Tier REMIC for an amount equal to the remaining Certificate Balance of the Principal Balance
Certificates, plus accrued, unpaid interest with respect thereto, and the Certificate Administrator shall credit such amounts
against amounts distributable in respect of such Certificates and Related Lower-Tier Regular Interests.

 

The obligations and responsibilities
under this Agreement of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator and
the Companion Paying Agent shall terminate with respect to any Companion Loan to the extent (i) its related Serviced Mortgage
Loan has been paid in full or is no longer part of the Trust Fund and (ii) no amounts payable by the related Companion Holder
to or for the benefit of the Trust or any party hereto in accordance with the related Co-Lender Agreement remain due and owing.

 

The Holders of the majority
of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates representing greater
than 50% of the Percentage Interest of such Class, in that order of priority, may, at their option, elect to purchase all of the
Mortgage Loans (and all property acquired through exercise of remedies in respect of any related Mortgage Loan) and the Trust’s
portion of each REO Property remaining in the Trust Fund as contemplated by clause (ii) of the first paragraph of this
Section 9.01 by giving written notice to the Trustee, the Certificate Administrator, and the other parties hereto no later
than sixty (60) days prior to the anticipated date of purchase; provided, however, that the Holders of the Controlling
Class, the Special Servicer, the Master Servicer, or the Holders of the Class R Certificates may so elect to purchase all of the
Mortgage Loans and the Trust’s portion of each REO Property remaining in the Trust Fund only on or after the first Distribution
Date on which (A) the aggregate Stated Principal Balances of the Mortgage Loans and the portion of any REO Loans held by the Trust
is less than 1.0% of the aggregate Cut-off Date Principal Balance of the Mortgage Loans as set forth in the Preliminary Statement.
This purchase shall terminate the Trust and retire the then outstanding Certificates. In the event that the Master Servicer or
the Special Servicer purchases, or the Holders of the majority of the Controlling Class or the Holders of the Class R Certificates
purchase, all of the Mortgage Loans and the Trust’s portion of each REO Property remaining in the Trust Fund in accordance
with the preceding sentence, the Master Servicer, the Special Servicer, the Holders of the majority of the Controlling Class or
the Holders of the Class R Certificates, as applicable, shall deposit in the Lower-Tier REMIC

 

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Distribution
Account not later than the Master Servicer Remittance Date relating to the Distribution 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), which portion
shall be deposited in the Collection Account). In addition, the Master Servicer shall transfer to the Lower-Tier REMIC Distribution
Account all amounts required to be transferred thereto on such Master Servicer Remittance Date from the Collection Account pursuant
to the first paragraph of Section 3.04(b), together with any other amounts on deposit in the Collection Account that would
otherwise be held for future distribution. Upon confirmation that such final deposits and payments have been made, the Custodian
shall release or cause to be released to the Master Servicer, the Special Servicer, the Holders of the majority of the Controlling
Class or the Holders of the Class R Certificates, as applicable, the Mortgage Files for the remaining Mortgage Loans and shall
execute all assignments, endorsements and other instruments furnished to it by the Master Servicer, the Special Servicer, the
Holders of the majority of the Controlling Class or the Holders of the Class R Certificates, as applicable, as shall be necessary
to effectuate transfer of the Mortgage Loans and REO Properties remaining in the Trust Fund.

 

For purposes of this
Section 9.01, the Holders of the majority of the Controlling Class shall have the first option to terminate the Upper-Tier
REMIC and Lower-Tier REMIC, then the Special Servicer then the Master Servicer, and then the Holders of the Class R Certificates.
For purposes of this Section 9.01, the Directing Holder with the consent of the Holders of the Controlling Class, shall
act on behalf of the Holders of the Controlling Class in purchasing the assets of the Trust and terminating the Trust.

 

Notice of any termination
pursuant to this Section 9.01 shall be given promptly by the Certificate Administrator by letter to the Certificateholders,
each Loan-Specific Directing Holder, each Serviced Companion Noteholder and the 17g-5 Information Provider in accordance with the
provisions of Section 3.13(c) (who shall promptly post a copy of such additional notice on the 17g-5 Information Provider’s
Website in accordance with the provisions of Section 3.13(c)) and, if not previously notified pursuant to this Section
9.01, to the other parties hereto mailed (a) in the event such notice is given in connection with the purchase of all
of the Mortgage Loans and each REO Property remaining in the Trust Fund, not earlier than the 15th day and not later than the 25th
day of the month next preceding the month of the final distribution on the Certificates, or (b) otherwise during the month
of such final distribution on or before the P&I Advance Determination Date in such month, in each case specifying (i) the
Distribution Date upon which the Trust will terminate and final payment of the Certificates will be made, (ii) the amount
of any such final payment and (iii) 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 offices of the Certificate Registrar or such
other location therein designated.

 

After transferring the
Lower-Tier Distribution Amount and the amount of any Yield Maintenance Charges distributable to the Regular Certificates and the
RR Interest pursuant to Section 4.01(f) to the Upper-Tier REMIC Distribution Account, in each case pursuant to Section
3.04(b), as applicable, and upon presentation and surrender of the Certificates by the Certificateholders on the final Distribution
Date, the Certificate Administrator shall distribute to

 

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the
VRR Interest Owner and to each Certificateholder so presenting and surrendering its Certificates (i) such Certificateholder’s
Percentage Interest of, and the RR Interest Owner’s portion of that portion of the amounts then on deposit in the Upper-Tier
REMIC Distribution Account that are allocable to payments on the RR Interest and the Class of Regular Certificates so presented,
(ii) any remaining amounts of Yield Maintenance Charges distributable to the Class X-A Certificates or the VRR Interest pursuant
to Section 4.01(f), and (iii) any remaining amount shall be distributed to the Class R Certificates in respect of
the Class LR Interest or the Class UR Interest, as applicable. Amounts transferred from the Lower-Tier REMIC Distribution
Account to the Upper-Tier REMIC Distribution Account as of the final Distribution Date, shall be distributed in termination of
the Lower-Tier Regular Interests and the Class LR Interest in accordance with Section 4.01(a), Section 4.01(b),
Section 4.01(e), Section 4.01(f), and Section 4.01(g), as applicable. Any funds not distributed on such Distribution
Date shall be set aside and held uninvested in trust for the benefit of the Certificateholders not presenting and surrendering
their Certificates in the aforesaid manner and shall be disposed of in accordance with this Section 9.01 and Section
4.01(i).

 

Section 9.02         
Additional Termination Requirements. (a)  In the event the Master Servicer or the Special Servicer purchases,
or the Holders of the Controlling Class or the Holders of the Class R Certificates purchase, all of the Mortgage Loans, the RR
Interest and the Trust’s portion of each REO Property remaining in the Trust Fund as provided in Section 9.01, the
Upper-Tier REMIC and Lower-Tier REMIC, shall be terminated in accordance with the following additional requirements, which meet
the definition of a “qualified liquidation” in Section 860F(a)(4) of the Code:

 

(i)           
the Certificate Administrator shall specify the date of adoption of the plan of complete liquidation (which shall be the
date of mailing of the notice specified in Section 9.01) in a statement attached to each of the related Trust REMICs’
final Tax Returns pursuant to Treasury Regulations Section 1.860F-1;

 

(ii)          
during the 90-day liquidation period and at or prior to the time of the making of the final payment on the Certificates
and the RR Interest, the Certificate Administrator on behalf of the Trustee shall sell all of the assets of the related Trust REMICs
to the Master Servicer, the Special Servicer, the Holders of the Controlling Class or the Holders of the Class R Certificates,
as applicable, for cash; and

 

(iii)         
within such 90-day liquidation period and immediately following the making of the final payment on the Lower-Tier Regular
Interests, the Certificates and the RR Interest, the Certificate Administrator shall distribute or credit, or cause to be distributed
or credited, to the Holders of the Class R Certificates in respect of the Class LR Interest (in the case of the Lower-Tier
REMIC) and in respect of the Class UR Interest (in the case of the Upper-Tier REMIC) all cash on hand (other than cash retained
to meet claims), and the Trust (if applicable) or the related Trust REMIC(s) shall terminate at that time.

 

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Article
X

ADDITIONAL REMIC PROVISIONS

 

Section 10.01       
REMIC Administration. (a)  The Certificate Administrator shall make elections or cause elections to be
made to treat each Trust REMIC as a REMIC under the Code and, if necessary, under Applicable State and Local Tax Law. Each such
election will be made on Form 1066 or other appropriate federal tax return for the taxable year ending on the last day of
the calendar year in which the Lower-Tier Regular Interests and the Certificates are issued. For the purposes of the REMIC election
in respect of the Upper-Tier REMIC, each Class of the Regular Certificates and the RR Interest shall be designated as the “regular
interests” and the Class UR Interest shall be designated as the sole class of “residual interests” in the
Upper-Tier REMIC. For purposes of the REMIC election in respect of the Lower-Tier REMIC, each Class of Lower-Tier Regular Interests
shall be designated as a class of “regular interests” and the Class LR Interest shall be designated as the sole
class of “residual interests” in the Lower-Tier REMIC. None of the Special Servicer, the Master Servicer or the Trustee
shall permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any Trust REMIC
other than the foregoing interests.

 

(b)          
The Closing Date is hereby designated as the “startup day” (“Startup Day”) of each Trust
REMIC within the meaning of Section 860G(a)(9) of the Code.

 

(c)          
The Certificate Administrator shall act on behalf of each Trust REMIC in relation to any tax matter or controversy involving
either such REMIC and shall represent each such REMIC in any administrative or judicial proceeding relating to an examination or
audit by any governmental taxing authority with respect thereto. The legal expenses, including without limitation attorneys’
or accountants’ fees, and costs of any such proceeding and any liability resulting therefrom shall be expenses of the Trust
and the Certificate Administrator shall be entitled to reimbursement therefor out of amounts attributable to the Mortgage Loans,
and any REO Properties on deposit in the Collection Account as provided by Section 3.05(a) unless such legal expenses and
costs are incurred by reason of the Certificate Administrator’s willful misconduct, bad faith or negligence. The Certificate
Administrator shall be the “partnership representative” (within the meaning of Section 6223 of the Code) of each Trust
REMIC.

 

(d)          
The Certificate Administrator shall prepare or cause to be prepared and shall file, or cause to be filed, all of the Tax
Returns that it determines are required with respect to each Trust REMIC created hereunder, and shall cause the Trustee to sign
(and the Trustee shall timely sign) such Tax Returns in a timely manner. The ordinary expenses of preparing such returns shall
be borne by the Certificate Administrator without any right of reimbursement therefor.

 

(e)          
The Certificate Administrator shall provide or cause to be provided (i) to any Transferor of a Class R Certificate
such information as is necessary for the application of any tax relating to the Transfer of such Class R Certificate to any Person
who is a Disqualified Organization, or in the case of a Transfer to an agent thereof, to such agent, (ii) to the Certificateholders
and the RR Interest Owner such information or reports as are required by the Code or the REMIC Provisions including reports relating
to interest, original issue discount and

 

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market
discount or premium (using the Prepayment Assumption) and (iii) to the Internal Revenue Service, Form 8811, within thirty
(30) days after the Closing Date.

 

(f)           
The Certificate Administrator shall take such actions and shall cause the Trust to take such actions as are reasonably within
the Certificate Administrator’s control and the scope of its duties more specifically set forth herein as shall be necessary
to maintain the status of each Trust REMIC as a REMIC under the REMIC Provisions and the Trustee shall assist the Certificate Administrator
to the extent reasonably requested by the Certificate Administrator to do so. Neither the Master Servicer nor the Special Servicer
shall knowingly or intentionally take any action, cause the Trust to take any action or fail to take (or fail to cause to be taken)
any action reasonably within its control and the scope of duties more specifically set forth herein, that, under the REMIC Provisions,
if taken or not taken, as the case may be, could (i) cause any Trust REMIC to fail to qualify as a REMIC or (ii) result
in the imposition of a tax upon any Trust REMIC or the Trust (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”) (either such event, an “Adverse
REMIC Event”) unless the Certificate Administrator receives an Opinion of Counsel (at the expense of the party seeking
to take such action or, if such party fails to pay such expense, and the Certificate Administrator determines that taking such
action is in the best interest of the Trust and the Certificateholders and the RR Interest Owner, at the expense of the Trust,
but in no event at the expense of the Certificate Administrator or the Trustee) to the effect that the contemplated action will
not, with respect to the Trust or any Trust REMIC created hereunder, endanger such status or, unless the Certificate Administrator
determines in its sole discretion to indemnify the Trust against such tax, result in the imposition of such a tax (not including
a tax on “net income from foreclosure property”). The Trustee shall not take or fail to take any action (whether or
not authorized hereunder) as to which the Certificate Administrator has advised it in writing that it has received an Opinion of
Counsel to the effect that an Adverse REMIC Event could occur with respect to such action. The Certificate Administrator may consult
with counsel to make such written advice, and the cost of same shall be borne by the party seeking to take the action not expressly
permitted by this Agreement, but in no event at the expense of the Certificate Administrator or the Trustee. At all times as may
be required by the Code, the Certificate Administrator will to the extent within its control and the scope of its duties more specifically
set forth herein, maintain substantially all of the assets of each Trust REMIC as Qualified Mortgages and “permitted investments”
as defined in Section 860G(a)(5) of the Code.

 

(g)          
In the event that any applicable federal, state or local tax, including interest, penalties or assessments, additional amounts
or additions to tax, is imposed on any Trust REMIC, such tax shall be charged against amounts otherwise distributable to the Holders
of the Certificates and the RR Interest Owner, except as provided in the last sentence of this Section 10.01(g); provided
that with respect to the estimated amount of tax imposed on any “net income from foreclosure property” pursuant to
Section 860G(c) of the Code or any similar tax imposed by a state or local tax authority, the Special Servicer shall retain
in the related REO Account a reserve for the payment of such taxes in such amounts and at such times as it shall deem appropriate
(or as advised by the Certificate Administrator in writing), and shall remit to the Master Servicer such reserved amounts as the
Master Servicer shall request in order to pay such taxes. Except as provided in the preceding sentence, the Master Servicer shall
withdraw

 

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from
the Collection Account sufficient funds to pay or provide for the payment of, and to actually pay, such tax as is estimated to
be legally owed by any Trust REMIC (but such authorization shall not prevent the Certificate Administrator from contesting, at
the expense of the Trust (other than as a consequence of a breach of its obligations under this Agreement), any such tax in appropriate
proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The Certificate
Administrator is hereby authorized to and shall segregate, into a separate non-interest bearing account, the net income from any
“prohibited transaction” under Section 860F(a) of the Code or the amount of any taxable contribution to any Trust
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 prohibited transactions tax. To the extent that any such tax (other than any such tax paid in respect
of “net income from foreclosure property”) is paid to the Internal Revenue Service or applicable state or local tax
authorities, the Certificate Administrator shall retain an equal amount from future amounts otherwise distributable to the Holders
of Class R Certificates (as applicable) and shall distribute such retained amounts, (x) in the case of the Lower-Tier Regular
Interests, to the Upper-Tier REMIC to the extent they are fully reimbursed for any Realized Losses arising therefrom and then
to the Holders of the Class R Certificates in respect of the Class LR Interest in the manner specified in Section 4.01(d)
and (y) in the case of the Upper-Tier REMIC, to the Holders of the Principal Balance Certificates and the VRR Interest
in the manner specified in Section 4.01(a) and Section 4.01(b), to the extent they are fully reimbursed for any
Realized Losses arising therefrom and then to the Holders of the Class R Certificates in respect of the Class UR Interest.
None of the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer shall be responsible for any taxes
imposed on any Trust REMIC except to the extent such taxes arise as a consequence of a breach of their respective obligations
under this Agreement which breach constitutes willful misconduct, bad faith, or negligence by such party.

 

(h)          
The Certificate Administrator shall, for federal income tax purposes, maintain or cause to be maintained books and records
with respect to each Trust REMIC on a calendar year and on an accrual basis or as otherwise may be required by the REMIC Provisions.

 

(i)          
Following the Startup Day, neither the Certificate Administrator nor the Trustee shall accept any contributions of assets
to any Trust REMIC unless the Certificate Administrator and the Trustee shall have received an Opinion of Counsel (at the expense
of the party seeking to make such contribution) to the effect that the inclusion of such assets in such Trust REMIC will not cause
an Adverse REMIC Event to occur.

 

(j)           
Neither the Certificate Administrator nor the Trustee shall enter into any arrangement by which the Trust or any Trust REMIC
will receive a fee or other compensation for services nor permit the Trust or any Trust REMIC to receive any income from assets
other than Qualified Mortgages or “permitted investments” as defined in Section 860G(a)(5) of the Code.

 

(k)          
Solely for the purposes of Treasury Regulations Section 1.860G-1(a)(4)(iii), the “latest possible maturity date”
by which the Certificate Balance or Notional Amount of each Class of Regular Certificates, the RR Interest Balance of the RR

 

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Interest
and the Lower-Tier Principal Amount of each Class of Lower-Tier Regular Interests would be reduced to zero is the date that is
the Rated Final Distribution Date.

 

(l)          
None of the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer, as applicable, shall sell,
dispose of or substitute for any of the Mortgage Loans (except in connection with (i) the default, imminent default or foreclosure
of a Mortgage Loan, including but not limited to, the acquisition or sale of a Mortgaged Property acquired by foreclosure or deed
in lieu of foreclosure, (ii) the bankruptcy of the Trust, (iii) the termination of the Trust pursuant to Article IX
of this Agreement or (iv) a purchase of Mortgage Loans pursuant to Article II or Article III of this Agreement)
or acquire any assets for the Trust or any Trust REMIC or sell or dispose of any investments in the Collection Account or the applicable
REO Account for gain unless it has received an Opinion of Counsel that such sale, disposition or substitution will not (a) affect
adversely the status of any Trust REMIC as a REMIC or (b) unless the Trustee, the Certificate Administrator, the Master Servicer
or the Special Servicer, as the case may be, has determined in its sole discretion to indemnify the Trust against such tax, cause
the Trust or any Trust REMIC to be subject to a tax on “prohibited transactions” pursuant to the REMIC Provisions.

 

(m)           
The Certificate Administrator’s authority under this Agreement includes the authority to make, and the Certificate
Administrator is hereby directed to make, any elections allowed under the Code (i) to avoid the application of Section 6221
of the Code (or successor provisions) to any Trust REMIC and (ii) to avoid payment by any 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 Class R Certificate, past or present. Each Holder of Class R Certificate agrees, by acquiring
such Certificate, to any such elections.

 

Section 10.02     
Use of Agents. (a)  The Trustee shall execute all of its obligations and duties under this Article X
through its Corporate Trust Office. The Trustee may execute any of its obligations and duties under this Article X either
directly or by or through agents or attorneys. The Trustee shall not be relieved of any of its duties or obligations under this
Article X by virtue of the appointment of any such agents or attorneys.

 

(b)          
The Certificate Administrator may execute any of its obligations and duties under this Article X either directly
or by or through agents or attorneys. The Certificate Administrator shall not be relieved of any of its duties or obligations under
this Article X by virtue of the appointment of any such agents or attorneys.

 

Section 10.03       
Depositor, Master Servicer and Special Servicer to Cooperate with Certificate Administrator. (a)  The Depositor
shall provide or cause to be provided to the Certificate Administrator within ten (10) days after the Depositor receives a request
from the Certificate Administrator, all information or data that the Certificate Administrator reasonably determines to be relevant
for tax purposes as to the valuations and issue prices of the Certificates and the RR Interest, including, without limitation,
the price, yield, Prepayment Assumptions and projected cash flow of the Certificates and the RR Interest.

 

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(b)         
The Master Servicer and the Special Servicer
shall each furnish such reports, certifications and information, and upon reasonable notice and during normal business hours,
access to such books and records maintained thereby, as may relate to the Certificates, the RR Interest or the Trust and as shall
be reasonably requested by the Certificate Administrator in order to enable it to perform its duties hereunder.

 

Section
10.04   Appointment of REMIC Administrators. 
(a)  The Certificate Administrator may appoint at the Certificate Administrator’s expense, one or more REMIC
Administrators, which shall be authorized to act on behalf of the Certificate Administrator in performing the functions set forth
in Section 10.01 herein. The Certificate Administrator shall cause any such REMIC Administrator to execute and deliver
to the Certificate Administrator an instrument in which REMIC Administrator shall agree to act in such capacity, with the obligations
and responsibilities herein. The appointment of a REMIC Administrator shall not relieve the Certificate Administrator from any
of its obligations hereunder, and the Certificate Administrator shall remain responsible and liable for all acts and omissions
of the REMIC Administrator. Each REMIC Administrator must be acceptable to the Certificate Administrator and must be organized
and doing business under the laws of the United States of America or of any State and be subject to supervision or examination
by federal or state authorities. In the absence of any other Person appointed in accordance herewith acting as REMIC Administrator,
the Certificate Administrator hereby agrees to act in such capacity in accordance with the terms hereof. If Wells Fargo Bank,
National Association is removed as Certificate Administrator, then Wells Fargo Bank, National Association shall be terminated
as REMIC Administrator.

 

(b)         
Any Person into which any REMIC Administrator
may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion, or consolidation
to which any REMIC Administrator shall be a party, or any Person succeeding to the corporate agency business of any REMIC Administrator,
shall continue to be the REMIC Administrator without the execution or filing of any paper or any further act on the part of the
Certificate Administrator or the REMIC Administrator.

 

(c)          
Any REMIC Administrator may at any time resign
by giving at least thirty (30) days’ advance written notice of resignation to the Trustee, the Certificate Registrar, the
Certificate Administrator, the Master Servicer, the Special Servicer and the Depositor. The Certificate Administrator may at any
time terminate the agency of any REMIC Administrator by giving written notice of termination to such REMIC Administrator, the
Master Servicer, the Certificate Registrar and the Depositor. Upon receiving a notice of resignation or upon such a termination,
or in case at any time any REMIC Administrator shall cease to be eligible in accordance with the provisions of this Section
10.04, the Certificate Administrator may appoint a successor REMIC Administrator, in which case the Certificate Administrator
shall give written notice of such appointment to the Master Servicer, the Trustee and the Depositor and shall mail notice of such
appointment to all Certificateholders and the RR Interest Owner; provided, however, that no successor REMIC Administrator
shall be appointed unless eligible under the provisions of this Section 10.04. Any successor REMIC Administrator 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 REMIC Administrator. No REMIC Administrator shall have responsibility or liability
for any action taken by it as such at the direction of the Certificate Administrator.

 

 

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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 to facilitate compliance by
the Depositor with the provisions of Regulation AB and the related rules and regulations of the Commission. The Depositor
shall not exercise its rights to request delivery of information or other performance under these provisions other than in reasonable
good faith, or for purposes other than compliance with the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and, in each
case, the rules and regulations of the Commission thereunder. The parties 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 requests made by the Depositor in good faith for delivery of information under these provisions on the basis of such
evolving interpretations of Regulation AB (to the extent such interpretations require compliance and are not “grandfathered”).
In connection with the GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47,
each of the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee, the Custodian and the Certificate Administrator
shall cooperate fully with the Depositor and the Certificate Administrator, as applicable, to deliver or make available to the
Depositor or the Certificate Administrator (including any of its assignees or designees), any and all statements, reports, certifications,
records and any other information (in its possession or reasonably attainable) necessary in the reasonable good faith determination
of the Depositor to permit the Depositor to comply with the provisions of Regulation AB, together with such disclosures relating
to the Master Servicer, the Special Servicer the Operating Advisor, the Trustee, the Custodian, the Asset Representations Reviewer
and the Certificate Administrator, as applicable, and any Sub-Servicer, or the servicing of the Mortgage Loans, reasonably believed
by the Depositor 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 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; Subcontractors. 
(a)  As a condition to the succession to the Master Servicer and the Special Servicer or to any Sub-Servicer (but only
if such Sub-Servicer is a Servicing Function Participant and a servicer as contemplated by Item 1108(a)(2)) as servicer or
Sub-Servicer under this Agreement by any Person (i) into which the Master Servicer and the 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 the Special Servicer
or to any such Sub-Servicer, the Person removing and replacing the Master Servicer and the Special Servicer shall provide to the
Depositor and the Certificate Administrator, at least fifteen (15) calendar days prior to the effective date of such succession
or appointment (or such shorter period as is agreed to by the Depositor), (x) written notice to the Depositor of such succession
or appointment and (y) in writing and in form and substance

 

 

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reasonably
satisfactory to the Depositor, all information relating to such successor reasonably requested by the 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); provided, however that if disclosing such information prior
to such effective date would violate any applicable law or confidentiality agreement, the Master Servicer, the Special Servicer,
any Additional Servicer, as the case may be, shall submit such disclosure to the Depositor no later than the first Business Day
after the effective date of such succession or appointment.

 

(b)         
Each of the Master Servicer, the Special Servicer,
the Sub-Servicer, the Trustee, the Operating Advisor and the Certificate Administrator (each of the Master Servicer, the Special
Servicer, the Trustee, the Operating Advisor and the Certificate Administrator and each Sub-Servicer, for purposes of this Section
11.02, a “Servicer”) is permitted to utilize one or more Subcontractors to perform certain of its obligations
hereunder. If such Subcontractor will be a Servicing Function Participant, such Servicer shall promptly upon written request provide
to the Depositor or any Mortgage Loan Seller a written description (in form and substance satisfactory to the Depositor or such
Mortgage Loan Seller, as applicable) of the role and function of each Subcontractor utilized by such Servicer, specifying (i) the
identity of such Subcontractor and (ii) the elements of the Servicing Criteria that will be addressed in assessments of compliance
provided by each such Subcontractor. As a condition to the utilization by such Servicer of any Subcontractor determined to be
a Servicing Function Participant, such Servicer shall (i) with respect to any such Subcontractor engaged by such Servicer
that is an Initial Sub-Servicer, use commercially reasonable efforts to cause, and (ii) with respect to any other Subcontractor
with which it has entered into a servicing relationship, cause such Subcontractor used by such Servicer for the benefit of the
Depositor and the Trustee to comply with the provisions of Section 11.10 and Section 11.11 of this Agreement to
the same extent as if such Subcontractor were such Servicer. With respect to any Servicing Function Participant engaged by such
Servicer that is an Initial Sub-Servicer, such Servicer shall be responsible for using commercially reasonable efforts to obtain,
and with respect to each other Servicing Function Participant engaged by such Servicer, such Servicer shall obtain from each such
Servicing Function Participant 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 11.10 and Section 11.11, in each case,
as and when required to be delivered. For the avoidance of doubt, the Custodian shall not be permitted to utilize any Subcontractor
to perform any of its obligations hereunder.

 

(c)         
Notwithstanding the foregoing, if a Servicer
engages a Subcontractor, other than an Initial Sub-Servicer in connection with the performance of any of its duties under this
Agreement, such Servicer shall be responsible for determining whether such Subcontractor is a “servicer” within
the meaning of Item 1101 of Regulation AB and whether any such Subcontractor meets the criteria in Item 1108(a)(2)(i),
(ii) or (iii) of Regulation AB. If a Servicer 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,
the engagement of such Sub-Servicer shall not be effective unless and until notice is given to the Depositor and the Certificate
Administrator of any such Sub-Servicer and Sub-Servicing Agreement. Other than with respect to the Initial Sub-Servicer, 

 

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no Sub-Servicing
Agreement shall be effective until fifteen (15) days after such written notice is received by the Depositor and the Certificate
Administrator (or such shorter period as is agreed to by the Depositor). Such notice shall contain all information reasonably
necessary to enable the Certificate Administrator to accurately and timely report the event 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).

 

(d)          
In connection with the succession to the Trustee
under this Agreement by any Person (i) into which the Trustee may be merged or consolidated, or (ii) which may be appointed
as a successor to the Trustee, the Trustee shall deliver written notice to the Depositor, the Certificate Administrator and the
17g-5 Information Provider, which shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant
to Section 3.13(c), in each case at least thirty (30) calendar days prior to the effective date of such succession or appointment
(or if such prior notice is violative of applicable law or any applicable confidentiality agreement, no later than one (1) Business
Day after such effective date of succession) and shall furnish to the Depositor and the Certificate Administrator, in writing
and in form and substance reasonably satisfactory to the Depositor and the Certificate Administrator, all information reasonably
necessary for the Certificate Administrator to accurately and timely report, pursuant to Section 11.07, the event 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).

 

(e)          
Notwithstanding anything to the contrary contained
in this Article XI, in connection with any Sub-Servicer and/or any Mortgage Loan that is the subject of an Initial Sub-Servicing
Agreement, with respect to all matters related to Regulation AB, the Master Servicer shall not have any obligation other
than to use commercially reasonable efforts to cause such Sub-Servicer to comply with its obligations under such Initial Sub-Servicing
Agreement.

 

(f)          
Any information furnished pursuant to this Section
11.02 shall also be provided to each Other Depositor and each Other Certificate Administrator (to the extent the information
relates to a party that services, specially services or is trustee for a Serviced Companion Loan) in the same time frame as set
forth in this Section 11.02.

 

Section
11.03  Filing Obligations. 
(a)  The Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee shall reasonably cooperate with the Depositor in connection with the satisfaction of the Trust’s
reporting requirements under the Exchange Act. Pursuant to Sections 11.04, 11.05, 11.06 and 11.07
of this Agreement, the Certificate Administrator shall prepare for execution by the Depositor any Forms 8-K, 10-D, ABS-EE
and 10-K required by the Exchange Act, in order to permit the timely filing thereof, and the Certificate Administrator shall file
(via the Commission’s Electronic Data Gathering, Analysis and Retrieval (“EDGAR”) system) such Forms
executed by the Depositor.

 

Each
party hereto shall be entitled to rely on the information in the Prospectus or this Agreement with respect to the identity of
any “sponsor”, credit enhancer, derivative provider or “Significant Obligor” as of the Closing Date
other than with respect to itself or any

 

 

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information
required to be provided by it or indemnified for by it pursuant to any separate agreement.

 

(b)         
In the event that the Certificate Administrator
is unable to timely file with the Commission all or any required portion of any Form 8-K, 10-D, ABS-EE or 10-K required to
be filed by this Agreement because required disclosure information was either not delivered to it or delivered to it after the
delivery deadlines set forth in this Agreement, the Certificate Administrator shall promptly notify the Depositor. In the case
of Forms 10-D, ABS-EE and 10-K, the Depositor, the Master Servicer, the Certificate Administrator, the Operating Advisor
and the Trustee will thereupon cooperate to prepare and file a Form 12b-25 and a Form 10-D/A, Form ABS-EE/A or Form 10-K/A,
as applicable, pursuant to Rule 12b-25 of the Exchange Act. In the case of Form 8-K, the Certificate Administrator will,
upon receipt of all required Form 8-K Disclosure Information and upon the approval and direction of the Depositor, include
such disclosure information on the next succeeding Form 10-D to be filed for the Trust. In the event that any previously
filed Form 8-K, Form 10-D, Form ABS-EE or Form 10-K needs to be amended, the Certificate Administrator will notify
the Depositor, and such other parties as needed and the parties hereto will cooperate with the Certificate Administrator to prepare
any necessary Form 8-K/A, Form 10-D/A, Form ABS-EE/A or Form 10-K/A. Any Form 15, Form 12b-25 or any
amendment to Form 8-K, Form 10-D, Form ABS-EE or Form 10-K shall be signed by an officer of the Depositor. The
parties to this Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section
11.03 related to the timely preparation and filing of Form 15, a Form 12b-25 or any amendment to Form 8-K,
Form 10-D, Form ABS-EE or Form 10-K is contingent upon the parties observing all applicable deadlines in the performance
of their duties under Sections 11.03, 11.04, 11.05, 11.06, 11.07, 11.08, 11.09,
11.10, 11.11 and 11.15(g) of this Agreement. The Certificate Administrator shall have no liability for any
loss, expense, damage, claim arising out of or with respect to any failure to properly prepare, arrange for execution and/or timely
file any such Form 15, Form 12b-25 or any amendments to Form 8-K, Form 10-D, Form ABS-EE or Form 10-K,
where such failure results from the Certificate Administrator’s inability or failure to receive, on a timely basis, any
information from any other party hereto needed to prepare, arrange for execution or file such Form 15, Form 12b-25 or
any amendments to Forms 8-K, Form 10-D, Form ABS-EE or Form 10-K, not resulting from its own negligence, bad faith
or willful misconduct.

 

Section
11.04  Form 10-D and Form ABS-EE
Filings.  (a)  Within fifteen (15) days after each Distribution Date (subject to permitted extensions under
the Exchange Act), the Certificate Administrator shall prepare and file on behalf of the Trust any Form 10-D required by
the Exchange Act, in form and substance as required by the Exchange Act. The Certificate Administrator shall file each Form 10-D
with a copy of the related Distribution Date Statement attached thereto. Any disclosure in addition to the Distribution Date Statement
that is required to be included on Form 10-D (“Additional Form 10-D Disclosure”)
shall, pursuant to the following paragraph be reported by the parties set forth on Exhibit BB to the Depositor and
the Certificate Administrator and approved by the Depositor, and the Certificate Administrator will have no duty or liability
for any failure hereunder to determine or prepare any Additional Form 10-D Disclosure, absent such reporting, direction and
approval.

 

 

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For
so long as the Trust is subject to the reporting requirements of the Exchange Act, as set forth on Exhibit BB hereto,
within five (5) calendar days after the related Distribution Date, (i) certain parties to this Agreement identified on Exhibit BB
hereto shall be required to provide to the Certificate Administrator and the Depositor (and in the case of any Servicing Function
Participant, with a copy to the Master Servicer), to the extent a Regulation AB Servicing Officer or Responsible Officer,
as the case may be, has actual knowledge, in EDGAR-Compatible Format, or in such other format as otherwise agreed upon by the
Certificate Administrator, the Depositor and such providing parties, the form and substance of any Additional Form 10-D Disclosure,
if applicable; provided, that information relating to any REO Account to be reported under “Item 8:  Other
Information” on Exhibit BB shall be reported by the Special Servicer to the Master Servicer within four (4)
calendar days after the related Distribution Date on Exhibit LL; (ii) the parties listed on Exhibit BB
hereto shall include with such Additional Form 10-D Disclosure, an Additional Disclosure Notification in the form attached
hereto as Exhibit EE (except with respect to the reporting of applicable REO Account balances which shall be delivered
in the form of Exhibit LL hereto) and (iii) the Depositor shall approve, as to form and substance, or disapprove,
as the case may be, the inclusion of the Additional Form 10-D Disclosure on Form 10-D. Information delivered to the
Certificate Administrator hereunder should be delivered by e-mail to cts.sec.notifications@wellsfargo.com or by facsimile
to 410-715-2380, Attn:  CTS SEC Notifications. Neither the Trustee nor the Certificate Administrator has any duty under this
Agreement to monitor or enforce the performance by the parties listed on Exhibit BB of their duties under this paragraph
or proactively solicit or procure from such parties any Additional Form 10-D Disclosure information. The Depositor will be
responsible for any reasonable expenses incurred by the Trustee or Certificate Administrator in connection with including any
Additional Form 10-D Disclosure on Form 10-D pursuant to this paragraph.

 

The
Certificate Administrator shall include in any Form 10-D filed by it (i) the information required by Rule 15Ga-1(a)
of the Exchange Act concerning all assets held by the Trust that were subject of a demand for the repurchase of, or the substitution
of a Qualified Substitute Mortgage Loan for, a Mortgage Loan contemplated by Section 2.03(b), (ii) a reference to
the most recent Form ABS-15G filed by the Depositor and the Mortgage Loan Sellers, if applicable, and the SEC’s assigned
“Central Index Key” for each such filer and (iii) to the extent such information is provided to the Certificate
Administrator by the Master Servicer in the form of Exhibit MM hereto for inclusion therein within the time period
described in this Section 11.04, the balances of the applicable REO Account (to the extent the related information has
been received from the Special Servicer within the time period specified in Section 11.04 hereof) and the Collection Account
as of the related Distribution Date and as of the immediately preceding Distribution Date and (iv) the balances of the Distribution
Accounts, the Non-VRR Gain-on-Sale Reserve Account, the VRR Gain-on-Sale Reserve Account and the Interest Reserve Account, in
each case as of the related Distribution Date and as of the immediately preceding Distribution Date. The Depositor and the Mortgage
Loan Sellers, in accordance with Section 6(b) of the applicable Mortgage Loan Purchase Agreement, shall deliver such information
as described in clause (i) and clause (ii) of this paragraph.

 

Form 10-D
requires the registrant to indicate (by checking “yes” or “no”) that it “(1) has filed
all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding twelve (12) months (or for
such shorter period that the registrant was required to

 

 

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file
such reports), and (2) has been subject to such filing requirements for the past ninety (90) days.“  The Depositor
shall notify the Certificate Administrator in writing via e-mail to cts.sec.notifications@wellsfargo.com, no later than
the 5th calendar day after the related Distribution Date with respect to the filing of a report on Form 10-D if the answer
to the questions should be “no”; provided that if the failure of the Depositor to have filed such required
reports arises in connection with the securitization contemplated by this Agreement then the Certificate Administrator shall be
deemed to have notice of such failure (only with respect to Exchange Act reports prepared or required to be prepared and filed
by the Certificate Administrator) without being notified by the Depositor; provided, further, that in connection
with the delivery of any notice contemplated by this sentence, the Depositor may instruct the Certificate Administrator that such
notice shall be effective for a period (not to exceed 12 months) from the date of such notice, in which case no further notice
from the Depositor shall be required during such specified period. The Certificate Administrator shall be entitled to rely on
such notifications in preparing, executing and/or filing any such report.

 

With
respect to any Mortgage Loan that permits Additional Secured Debt or mezzanine debt in the future, the Certificate Administrator
shall include as part of any applicable Form 10-D filed by it, to the extent such information is received by the Certificate Administrator
from the Master Servicer or the Special Servicer, as applicable, substantially in the form of Exhibit KK (A) the amount
of any such Additional Secured Debt or mezzanine debt, as applicable, that is incurred during the related Collection Period, (B)
the total debt service coverage ratio calculated on the basis of the Mortgage Loan and such Additional Secured Debt or mezzanine
debt, as applicable, and (C) the aggregate LTV Ratio calculated on the basis of the Mortgage Loan and such Additional Secured
Debt or mezzanine debt, as applicable.

 

The
Depositor hereby directs the Certificate Administrator to include the following individual’s name and phone number on the
cover of Forms 10-D and ABS-EE for each reporting period:  Name:  Leah Nivison, Telephone:  212-902-1000.
The Certificate Administrator may rely without further investigation that this information remains correct unless and until the
Depositor provides the Certificate Administrator with a new individual’s name and phone number in writing.

 

Upon
receipt of an Asset Review Report Summary from the Asset Representations Reviewer required to be delivered pursuant to Section
12.01(b), the Certificate Administrator shall (i) include such Asset Review Report Summary in Item 1B on the Form 10-D
for such period in which such Asset Review Report Summary was delivered, and (ii) post such Asset Review Report Summary to
the Certificate Administrator’s Website not later than two (2) Business Days after receipt of such Asset Review Report
Summary from the Asset Representations Reviewer.

 

To
the extent the Certificate Administrator receives a request from any Certificateholder or Certificate Owner to communicate with
other Certificateholders or Certificate Owners pursuant to Section 5.06, the Certificate Administrator shall include under
Item 1B on the Form 10-D relating to the reporting period in which such request was received a Special Notice regarding the
request to communicate, and such Special Notice is required to include the following and no more than the following:  (a) the
name of the Certificateholder or Certificate Owner making the request, (b) the date the request was received, (c) a
statement to

 

 

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the
effect that the Certificate Administrator has received such request, stating that such Certificateholder or Certificate Owner
is interested in communicating with other Certificateholders or Certificate Owners with regard to the possible exercise of rights
under this Agreement, and (d) a description of the method other Certificateholders or Certificate Owners may use to contact
the requesting Certificateholder or Certificate Owner. 

 

(b)         
After preparing the Form 10-D and Form ABS-EE,
the Certificate Administrator shall forward electronically copies of the Form 10-D and Form ABS-EE to the Depositor for review
no later than ten (10) calendar days after the related Distribution Date or, if the 10th calendar day after the related Distribution
Date is not a Business Day, the immediately preceding Business Day. Within two (2) Business Days after receipt of such copies,
but no later than the two (2) Business Days prior to the 15th calendar day after the Distribution Date, the Depositor shall notify
the Certificate Administrator in writing (which may be furnished electronically) of any changes to or approval of such Form 10-D
and From ABS-EE, respectively, and, a duly authorized officer of the Depositor shall sign the Form 10-D and Form ABS-EE and
return an electronic or fax copy of such signed Form 10-D and Form ABS-EE (with an original executed hard copy to follow
by overnight mail) to the Certificate Administrator. Alternatively, if the Certificate Administrator agrees in its sole discretion,
the Depositor may deliver to the Certificate Administrator manually signed copies of a power of attorney meeting the requirements
of Item 601(b)(24) of Regulation S-K under the Securities Act, and certified copies of a resolution of the Depositor’s
board of directors authorizing such power of attorney, each to be filed with each Form 10-D and each Form ABS-EE, as applicable,
in which case the Certificate Administrator shall sign such Forms 10-D and Forms ABS-EE, as applicable, as attorney in fact
for the Depositor. As provided in Section 11.04(c), the Certificate Administrator shall file such Form ABS-EE, upon receipt
of the Depositor’s signature thereof, prior to the filing of the related Form 10-D. If a Form 10-D or From ABS-EE
cannot be filed on time or if a previously filed Form 10-D or Form ABS-EE needs to be amended, the Certificate Administrator
will follow the procedures set forth in Section 11.03(b). Promptly after filing with the Commission, the Certificate Administrator
will make available on its Internet website a final executed copy of each Form 10-D or Form ABS-EE filed by the Certificate
Administrator. The signing party at the Depositor for any Form 10-D or Form ABS-EE can be contacted at GS Mortgage Securities
Corporation II, 200 West Street, New York, New York 10282, Attention:  Leah Nivison, e-mail:  leah.nivison@gs.com,
with copies to:  Brian Bolton, e-mail:  brian.a.bolton@gs.com and gs-refgsecuritization@gs.com. The parties
to this Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section 11.04(b)
and Section 11.04(c) related to the timely preparation and filing of Form 10-D and Form ABS-EE, as applicable,
is contingent upon such parties observing all applicable deadlines in the performance of their duties under this Section 11.04(b)
and Section 11.04(c).  Neither the Trustee nor the Certificate Administrator shall have any liability for any
loss, expense, damage, or claim arising out of or with respect to any failure to properly prepare, arrange for execution and/or
timely file such Form 10-D or such Form ABS-EE, respectively, where such failure results from the Certificate Administrator’s
inability or failure to receive, on a timely basis, any information from any party to this Agreement needed to prepare, arrange
for execution or file such Form 10-D or such Form ABS-EE, respectively, not resulting from its own negligence, bad faith
or willful misconduct.

 

 

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(c)          
Prior to the filing of each Form 10-D by the
Certificate Administrator pursuant to Section 11.04(a), the Certificate Administrator shall prepare and file on behalf
of the Trust any Form ABS-EE in form and substance as required by the Exchange Act and the rules and regulations of the Commission
thereunder; provided that the foregoing shall not apply to any Form ABS-EE required to be filed with the Commission and incorporated
by reference in either the preliminary Prospectus or the final Prospectus.  The Certificate Administrator shall file each
Form ABS-EE with a copy of the related CREFC® Schedule AL File received by the Certificate Administrator pursuant
to Section 3.12(d) as Exhibit 102 thereto. To the extent the Certificate Administrator receives any Schedule AL Additional
File with respect to such Form ABS-EE pursuant to Section 3.12(d), the Certificate Administrator shall file such Schedule
AL Additional File as Exhibit 103 to such Form ABS-EE. The Certificate Administrator shall not be required to combine multiple
CREFC® Schedule AL Files or Schedule AL Additional Files. The Certificate Administrator shall not be required
to review, redact, reconcile, edit or verify the content, completeness or accuracy of the information contained in any CREFC®
Schedule AL File or Schedule AL Additional File. After preparing the Form ABS-EE, the Certificate Administrator shall forward
electronically a copy of such Form ABS-EE (together with the related CREFC® Schedule AL File and any Schedule
AL Additional File received by the Certificate Administrator) concurrently with the related Form 10-D to the Depositor for review
and approval.  Any questions are to be directed to ssreports@wellsfargo.com (or such other email address or phone
number provided to the Certificate Administrator and Depositor by written notice from the Master Servicer). The Master Servicer
shall reasonably cooperate with the Depositor to answer any reasonable questions that the Depositor may pose to the Master Servicer
regarding the data or information contained in any CREFC® Schedule AL File or Schedule AL Additional File (other
than questions regarding data that is in the Initial Schedule AL File, Initial Schedule AL Additional File or the Annex A to the
Prospectus) as of the time the Master Servicer delivered such CREFC® Schedule AL File or Schedule AL Additional
File, as applicable, to the Certificate Administrator. The Certificate Administrator, the Master Servicer and the Depositor, as
applicable, shall each, to the extent related to such party’s obligations hereunder, reasonably cooperate to remedy any
filing errors regarding any CREFC® Schedule AL File or any Schedule AL Additional File promptly.

 

Section
11.05  Form 10-K Filings. 
(a)  Within ninety (90) days after the end of each fiscal year of the Trust (it being understood that the fiscal year
for the Trust ends on December 31 of each year) or such earlier date as may be required by the Exchange Act (the “10-K
Filing Deadline”), commencing in March 2021, the Certificate Administrator shall prepare and file on behalf
of the Trust a Form 10-K, in form and substance as required by the Exchange Act. Each such Form 10-K shall include the
following items, in each case to the extent they have been delivered to the Certificate Administrator within the applicable time
frames set forth in this Agreement:

 

(i)           
an annual compliance statement for the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator and each
Additional Servicer, as described under Section 11.09;

 

(ii)          
(A)  the annual reports on assessment of compliance with Servicing Criteria for the Trustee, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Custodian, the Operating Advisor, each Additional Servicer and each

 

 

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other
Servicing Function Participant utilized by the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating
Advisor, the Custodian or Trustee, as described under Section 11.10; and

 

(B)      
if any such report on assessment of compliance with Servicing Criteria described under Section 11.10 identifies any material
instance of noncompliance, disclosure identifying such instance of noncompliance, or if such report on assessment of compliance
with Servicing Criteria described under Section 11.10 is not included as an exhibit to such Form 10-K, disclosure
that such report is not included and an explanation why such report is not included;

 

(iii)       
(A)  the registered public accounting firm attestation report for the Trustee, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Custodian, the Operating Advisor, each Additional Servicer and each Servicing Function Participant
utilized by the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Custodian or
the Trustee, as described under Section 11.11; and

 

(B)      
if any registered public accounting firm attestation report described under Section 11.11 identifies any material instance
of noncompliance, disclosure identifying such instance of noncompliance, or if any such registered public accounting firm attestation
report is not included as an exhibit to such Form 10-K, disclosure that such report is not included and an explanation why
such report is not included; and

 

(iv)        
a certification in the form attached hereto as Exhibit Y, with such changes as may be necessary or appropriate as
a result of changes promulgated by the Commission (the “Sarbanes-Oxley Certification”),
which shall, except as described below, be signed by the senior officer of the Depositor in charge of securitization.

 

Any
disclosure or information in addition to (i) through (iv) above that is required to be included on Form 10-K (“Additional
Form 10-K Disclosure”) shall, pursuant to the following paragraph be reported by the parties set forth on Exhibit CC
to the Depositor and the Certificate Administrator and approved by the Depositor and the Certificate Administrator will have
no duty or liability for any failure hereunder to determine or prepare any Additional Form 10-K Disclosure, absent such reporting,
direction and approval. Information delivered to the Certificate Administrator hereunder should be delivered by e-mail to cts.sec.notifications@wellsfargo.com
or by facsimile to (410) 715-2380, Attn:  CTS SEC Notifications.

 

As
set forth on Exhibit CC hereto, no later than March 1st of each year that the Trust is subject to the Exchange
Act reporting requirements, commencing in 2021, (i) the parties listed on Exhibit CC shall be required to provide
to the Certificate Administrator and the Depositor, to the extent a Regulation AB Servicing Officer or Responsible Officer,
as the case may be, has actual knowledge, in EDGAR-Compatible Format or in such other format as otherwise agreed upon by the Certificate
Administrator, the Depositor and such providing parties, the form and substance of any Additional Form 10-K Disclosure, if
applicable, (ii) the

 

 

    -401-

     

    

 

parties
listed on Exhibit CC hereto shall include with such Additional Form 10-K Disclosure, an Additional Disclosure
Notification in the form attached hereto as Exhibit EE and (iii) the Depositor will approve, as to form and substance,
or disapprove, as the case may be, the inclusion of the Additional Form 10-K Disclosure on Form 10-K. Neither the Trustee
nor the Certificate Administrator has any duty under this Agreement to monitor or enforce the performance by the parties listed
on Exhibit CC of their duties under this paragraph or proactively solicit or procure from such parties any Additional
Form 10-K Disclosure information. The Depositor will be responsible for any reasonable expenses incurred by the Trustee and
the Certificate Administrator in connection with including any Additional Form 10-K Disclosure on Form 10-K pursuant
to this paragraph.

 

Form 10-K
requires the registrant to indicate (by checking “yes” or “no”) that it “(1) has filed
all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding twelve (12) months (or for
such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past ninety (90) days.”  The Depositor shall notify the Certificate Administrator in writing via e-mail to
cts.sec.notifications@wellsfargo.com, no later than March 1st with respect to the filing of a report on Form 10-K,
if the answer to the questions should be “no”; provided that if the failure of the Depositor to have filed
such required reports arises in connection with the securitization contemplated by this Agreement then the Certificate Administrator
shall be deemed to have notice of such failure (only with respect to Exchange Act reports prepared or required to be prepared
and filed by the Certificate Administrator) without being notified by the Depositor; provided, further, that in
connection with the delivery of any notice contemplated by this sentence, the Depositor may instruct the Certificate Administrator
that such notice shall be effective for a period (not to exceed 12 months) from the date of such notice, in which case no further
notice from the Depositor shall be required during such specified period. The Certificate Administrator shall be entitled to rely
on such notifications in preparing, executing and/or filing any such report.

 

(b)         
After preparing the Form 10-K, the Certificate
Administrator shall forward electronically a copy of the Form 10-K to the Depositor for review no later than six (6) Business
Days prior to the 10-K Filing Deadline. Within three (3) Business Days after receipt of such copy, but no later than March 25th,
the Depositor shall notify the Certificate Administrator in writing (which may be furnished electronically) of any changes to
or approval of such Form 10-K and the senior officer in charge of securitization for the Depositor shall sign the Form 10-K
and return an electronic or fax copy of such signed Form 10-K (with an original executed hard copy to follow by overnight
mail) to the Certificate Administrator at such time. If a Form 10-K cannot be filed on time or if a previously filed Form 10-K
needs to be amended, the Certificate Administrator shall follow the procedures set forth in Section 11.03(b). Promptly
after filing with the Commission, the Certificate Administrator will make available on its Internet website a final executed copy
of each Form 10-K filed by the Certificate Administrator. The signing party at the Depositor can be contacted at GS Mortgage
Securities Corporation II, 200 West Street, New York, New York 10282, Attention:  Leah Nivison, e-mail:  leah.nivison@gs.com,
with copies to:  Brian Bolton, e-mail:  brian.a.bolton@gs.com and gs-refgsecuritization@gs.com. The parties
to this Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section 11.05
related to the timely preparation and filing of Form 10-K is contingent upon the parties to this Agreement (and any

 

 

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Additional
Servicer or Servicing Function Participant engaged or utilized, as applicable, by any such parties) observing all applicable deadlines
in the performance of their duties under this Section 11.05. Neither the Trustee nor the Certificate Administrator shall
have any liability for any loss, expense, damage, claim arising out of or with respect to any failure to properly prepare, arrange
for execution and/or timely file such Form 10-K, where such failure results from the Certificate Administrator’s failure
to receive, on a timely basis, any information from the parties to this Agreement (or any Sub-Servicer or Servicing Function Participant
engaged by any such parties) needed to prepare, arrange for execution or file such Form 10-K, not resulting from its own
negligence, bad faith or willful misconduct.

 

(c)          
Upon written request from any Mortgage Loan Seller,
the Master Servicer or the Special Servicer, the Certificate Administrator shall confirm to such Mortgage Loan Seller, Master
Servicer or the Special Servicer whether it has received notice that any party to this Agreement has changed since the Closing
Date and will provide to such Mortgage Loan Seller, the Master Servicer or the Special Servicer, if known to the Certificate Administrator,
the identity of the new party.

 

Section
11.06  Sarbanes-Oxley Certification. 
Each Form 10-K shall include a Sarbanes-Oxley Certification in the form attached as Exhibit Y required to be
included therewith pursuant to the Sarbanes-Oxley Act. For so long as the Trust is subject to the reporting requirements of the
Exchange Act, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Custodian, the Asset
Representations Reviewer (in the case of the Asset Representations Reviewer, solely with respect to reporting periods in which
the Asset Representations Reviewer is required to deliver an Asset Review Report) and the Operating Advisor shall provide, and
(i) with respect to each Initial Sub-Servicer engaged by the Master Servicer or the Special Servicer, as applicable, that
is a Servicing Function Participant use commercially reasonable efforts to cause such Initial Sub-Servicer to provide, and (ii) with
respect to each other Servicing Function Participant with which the Master Servicer, the Special Servicer the Trustee, the Certificate
Administrator, the Custodian or the Operating Advisor has entered into a servicing relationship with respect to the Mortgage Loans,
shall cause such Servicing Function Participant to provide, to the Person who signs the Sarbanes-Oxley Certification (the “Certifying
Person”), on or before March 1st of each year commencing in March 2021, a certification in the form
attached hereto as Exhibits Z-1, Z-2, Z-3, Z-4, Z-5, Z-6 or Z-7 (each, a
“Performance Certification”), as applicable, on which the Certifying Person,
the entity for which the Certifying Person acts as an officer (if the Certifying Person is an individual), and such entity’s
officers, directors and Affiliates (collectively with the Certifying Person, “Certification
Parties”) can reasonably rely. In addition, in the event that any Companion Loan (other than a Non-Serviced
Companion Loan) is deposited into a commercial mortgage securitization (an “Other Securitization”)
and the Reporting Servicer is provided with timely and complete contact information for the parties to the other securitizations,
each Reporting Servicer, upon not less than thirty (30) days prior written request, shall provide to the Person who signs the
Sarbanes-Oxley Certification with respect to such Other Securitization a certification in form and substance similar to applicable
Performance Certification (which shall address the matters contained in the applicable Performance Certification, but solely with
respect to the related Companion Loan) on which Person, the entity for which the Person acts as an officer (if the Person is an
individual), and such entity’s officers, directors and Affiliates can reasonably rely. With respect to any Non-Serviced
Companion Loan, the Certificate Administrator will use its

 

 

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reasonable
efforts to procure a Sarbanes-Oxley Certification from the applicable Non-Serviced Master Servicer, Non-Serviced Special Servicer
and Non-Serviced Trustee in form and substance similar to a Performance Certification. The senior officer in charge of securitization
for the Depositor shall serve as the Certifying Person on behalf of the Trust. In addition, each Reporting Servicer shall execute
a reasonable reliance certificate (which may be included as part of such other certifications being delivered by such Reporting
Servicer) to enable the Certification Parties to rely upon each (i) annual compliance statement provided pursuant to Section
11.09, if applicable, (ii) annual report on assessment of compliance with Servicing Criteria provided pursuant to Section
11.10 and (iii) accountant’s report provided pursuant to Section 11.11, and shall include a certification
that each such annual compliance statement or report discloses any deficiencies or defaults described to the registered public
accountants of such Reporting Servicer to enable such accountants to render the certificates provided for in Section 11.11.
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 11.06 with respect to the period of time it was subject to this Agreement or the applicable
sub-servicing or primary servicing agreement, as the case may be. Each such Performance Certification shall be provided in EDGAR-Compatible
Format, or in such other format agreed upon by the Depositor, the Certificate Administrator and such providing parties. Notwithstanding
the foregoing, nothing in this Section 11.06 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 (including a Significant Obligor, but
other than an Additional Servicer or a Sub-Servicer appointed pursuant to Section 3.20), (ii) to certify information
other than to such Reporting Servicer’s knowledge and in accordance with such Reporting Servicer’s responsibilities
hereunder or (iii) with respect to completeness of information and reports, to certify anything other than that all fields
of information called for in written reports prepared by such Reporting Servicer have been completed except as they have been
left blank on their face.

 

Notwithstanding
anything to the contrary contained in this Section 11.06, with respect to each year in which the Trust is not subject to
the reporting requirements of the Exchange Act, none of the parties required to deliver any certification under this Section
11.06 shall be obligated to do so.

 

Section
11.07  Form 8-K Filings. 
Within four (4) Business Days after the occurrence of an event requiring disclosure on Form 8-K (each such event, a “Reportable
Event”), and if requested by the Depositor and to the extent it receives the Form 8-K Disclosure Information
described below, the Certificate Administrator shall prepare and file on behalf of the Trust any Form 8-K, as required by
the Exchange Act, provided that the Depositor shall file the initial Form 8-K in connection with the issuance of the
Certificates. Any disclosure or information related to a Reportable Event or that is otherwise required to be included on Form 8-K
(“Form 8-K Disclosure Information”) shall, pursuant to the following
paragraph be reported by the parties set forth on Exhibit DD to the Depositor and the Certificate Administrator and
approved by the Depositor, and the Certificate Administrator will have no duty or liability for any failure hereunder to determine
or prepare any Form 8-K Disclosure Information or any Form 8-K, absent such reporting, direction and approval.

 

 

    -404-

     

    

 

As
set forth on Exhibit DD hereto, for so long as the Trust is subject to the Exchange Act reporting requirements, no
later than close of business, New York City time, on the 2nd Business Day after the occurrence of a Reportable Event (i) the
parties set forth on Exhibit DD hereto shall be required to provide to the Depositor and the Certificate Administrator,
to the extent a Regulation AB Servicing Officer or Responsible Officer, as the case may be, has actual knowledge, in EDGAR-Compatible
Format or in such other format agreed upon by the Depositor, the Certificate Administrator and such providing parties any Form 8-K
Disclosure Information, if applicable, (ii) the parties listed on Exhibit DD hereto shall include with such Form 8-K
Disclosure Information, an Additional Disclosure Notification in the form attached hereto as Exhibit EE and (iii) the
Depositor will approve, as to form and substance, or disapprove, as the case may be, the inclusion of the Form 8-K Disclosure
Information on Form 8-K. Neither the Trustee nor the Certificate Administrator has any duty under this Agreement to monitor
or enforce the performance by the parties listed on Exhibit DD of their duties under this paragraph or proactively
solicit or procure from such parties any Form 8-K Disclosure Information. The Depositor will be responsible for any reasonable
expenses incurred by the Trustee and the Certificate Administrator in connection with including any Form 8-K Disclosure Information
on Form 8-K pursuant to this paragraph. Information delivered to the Certificate Administrator hereunder should be delivered
by e-mail to cts.sec.notifications@wellsfargo.com or by facsimile to (410) 715-2380, Attn:  CTS SEC Notifications.

 

After
preparing the Form 8-K, the Certificate Administrator shall forward electronically a copy of the Form 8-K to the Depositor
for review no later than noon, New York City time, on the 3rd Business Day after the Reportable Event, but in no event earlier
than 24 hours after having received the Form 8-K Disclosure Information pursuant to the immediately preceding paragraph.
Promptly, but no later than the close of business on the 3rd Business Day after the Reportable Event, the Depositor shall notify
the Certificate Administrator in writing (which may be furnished electronically) of any changes to or approval of such Form 8-K.
No later than noon, New York City time, on the 4th Business Day after the Reportable Event, a duly authorized officer of the Depositor
shall sign the Form 8-K and return an electronic or fax copy of such signed Form 8-K (with an original executed hard
copy to follow by overnight mail) to the Certificate Administrator. If a Form 8-K cannot be filed on time or if a previously
filed Form 8-K needs to be amended, the Certificate Administrator will follow the procedures set forth in Section 11.03(b).
Promptly after filing with the Commission, the Certificate Administrator will, make available on its Internet website a final
executed copy of each Form 8-K filed by the Certificate Administrator. The signing party at the Depositor can be contacted
at GS Mortgage Securities Corporation II, 200 West Street, New York, New York 10282, Attention:  Leah Nivison, e-mail: 
leah.nivison@gs.com, with copies to:  Brian Bolton, e-mail:  brian.a.bolton@gs.com and gs-refgsecuritization@gs.com.
The parties to this Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section
11.07 related to the timely preparation and filing of Form 8-K is contingent upon such parties observing all applicable
deadlines in the performance of their duties under this Section 11.07. Neither the Trustee nor the Certificate Administrator
shall have any liability for any loss, expense, damage, claim arising out of or with respect to any failure to properly prepare,
arrange for execution and/or timely file such Form 8-K, where such failure results from the Certificate Administrator’s
inability or failure to receive, on a timely basis, any information from the parties

 

 

    -405-

     

    

 

to
this Agreement needed to prepare, arrange for execution or file such Form 8-K, not resulting from its own negligence, bad
faith or willful misconduct.

 

The
Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall promptly notify (and the Master Servicer
shall (i) with respect to each Initial Sub-Servicer that is an Additional Servicer engaged by such Master Servicer use commercially
reasonable efforts to cause such Additional Servicer to promptly notify and (ii) with respect to each other Additional Servicer
with which it has entered into a servicing relationship with respect to the Mortgage Loans (other than a party to this Agreement)
cause such Additional Servicer to promptly notify) the Depositor and the Certificate Administrator, but in no event later than
noon, New York City time, on the 2nd Business Day after its occurrence, of any Reportable Event applicable to such party to the
extent a Regulation AB Servicing Officer or Responsible Officer, as the case may be, has actual knowledge, in EDGAR-Compatible
Format.

 

Notwithstanding
anything to the contrary in this Section 11.07, with respect to each year in which the Trust is not subject to the reporting
requirements of the Exchange Act, none of the parties hereto are required to deliver Form 8-K Disclosure Information.

 

Section
11.08  Form 15 Filing. 
On or prior to January 30th of the first year in which the Depositor shall provide notice to the Certificate Administrator
of its ability under applicable law to suspend its Exchange Act filings, the Certificate Administrator shall prepare and file
a notification relating to the automatic suspension of reporting in respect of the Trust under the Exchange Act (the “Form 15
Suspension Notification”) or any form necessary to be filed with the Commission to suspend such reporting obligations.
With respect to any reporting period occurring after the filing of such form, the obligations of the parties to this Agreement
under Section 11.04, Section 11.05 and Section 11.07 shall be suspended and reports or certifications due
under Section 11.09, 11.10 and 11.11 shall not be due until April 15th of each year. The Certificate Administrator
shall provide prompt notice to the Mortgage Loan Sellers and all other parties hereto that such form has been filed. If, after
the filing of a Form 15 Suspension Notification, the Depositor shall provide notice to the Certificate Administrator that
it is required to resume its Exchange Act filings, the Certificate Administrator shall recommence preparing and filing reports
on Forms 10-K, 10-D, ABS-EE and 8-K as required pursuant to Section 11.04, Section 11.05 and Section 11.07,
and all parties’ obligations under this Article XI shall recommence.

 

Section
11.09   Annual Compliance Statements. 
The Master Servicer, the Special Servicer (regardless of whether the Special Servicer has commenced special servicing of a Mortgage
Loan), the Custodian, 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 Relevant Servicing Criteria applicable to it) and the Certificate
Administrator (each, a “Certifying Servicer”) shall (and each such party
shall (i) with respect to each Additional Servicer engaged by the Certifying Servicer that is an Initial Sub-Servicer, cause
(or in the case of a Sub-Servicer that is an Additional Servicer that a Mortgage Loan Seller requires the Master Servicer to retain,
to use commercially reasonable efforts to cause) such Additional Servicer to and (ii) with respect to each other Additional
Servicer with which it has entered into a servicing relationship with respect to the Mortgage Loans, cause such Additional Servicer
to), on or before March 1st of each year, commencing in March 2021, furnish to the Trustee, the Certificate

 

 

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Administrator
(which copy shall be deemed furnished by the Certificate Administrator when made available on its Internet website), the Depositor
and the 17g-5 Information Provider (who shall post to the 17g-5 Information Provider’s Website), an Officer’s Certificate,
in the form attached hereto as Exhibit HH (or such other form, similar in substance, as may be reasonably acceptable
to the Depositor) stating, as to the signer thereof, that (A) a review of such Certifying Servicer’s activities during
the preceding calendar year or portion thereof and of such Certifying Servicer’s performance under this Agreement, or the
applicable Sub-Servicing Agreement or primary servicing agreement in the case of an Additional Servicer, has been made under such
officer’s supervision and (B) to the best of such officer’s knowledge, based on such review, such Certifying
Servicer has fulfilled all its obligations under this Agreement, or the applicable Sub-Servicing Agreement or primary servicing
agreement in the case of an Additional Servicer, in all material respects throughout such year or portion thereof, or, if there
has been a failure to fulfill any such obligation in any material respect, specifying each such failure known to such officer
and the nature and status thereof. Such Officer’s Certificate shall be provided in EDGAR-Compatible Format, or in such
other format agreed upon by the Depositor, the Certificate Administrator and such providing parties. Each Certifying Servicer
shall (i) with respect to each Additional Servicer engaged by such Certifying Servicer that is an Initial Sub-Servicer, cause
(or, in the case of a Sub-Servicer that is an Additional Servicer that a Mortgage Loan Seller requires the Master Servicer to
retain, to use commercially reasonable efforts to cause) such Additional Servicer, and (ii) with respect to each other Additional
Servicer with which it has entered into a servicing relationship with respect to the Mortgage Loans, cause such Additional Servicer
to forward a copy of each such statement (or, in the case of the Certificate Administrator, make a copy of each such statement
available on its Internet website) to the Directing Holder and the 17g-5 Information Provider. With respect to any Non-Serviced
Companion Loan, the Certificate Administrator will use its reasonable efforts to procure such Officer’s Certificate from
the applicable Non-Serviced Master Servicer, Non-Serviced Special Servicer and Non-Serviced Trustee in form and substance similar
to the form attached hereto as Exhibit HH. Promptly after receipt of each such Officer’s Certificate, the Depositor
may review each such Officer’s Certificate and, if applicable, consult with the Certifying Servicer as to the nature of
any failures by the Certifying Servicer or any related Additional Servicer with which the Certifying Servicer has entered into
a servicing relationship with respect to the Mortgage Loans in the fulfillment of any of the Certifying Servicer’s or Additional
Servicer’s obligations hereunder or under the applicable sub-servicing or primary servicing agreement. The obligations
of the Certifying Servicer and each Additional Servicer under this Section 11.09 apply to the Certifying Servicer and each
Additional Servicer that serviced a Mortgage Loan during the applicable period, whether or not such Certifying Servicer or Additional
Servicer is acting as the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator or Additional Servicer
at the time such Officer’s Certificate is required to be delivered. None of the Master Servicer, Special Servicer or Additional
Servicer shall be required to cause the delivery of any such statement until April 15 in any given year so long as it has
received written confirmation from the Depositor that a report on Form 10-K is not required to be filed in respect of the
Trust for the preceding calendar year.

 

In
the event the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator is terminated or resigns pursuant
to the terms of this Agreement, such party shall provide, and each of the Master Servicer and the Special Servicer shall (i) with
respect to an Initial Sub-Servicer engaged by such party that is an Additional Servicer that

 

 

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resigns
or is terminated under any applicable servicing agreement, use its reasonable efforts to cause such Additional Servicer to provide
and (ii) with respect to any other Additional Servicer engaged by such party that resigns or is terminated under any applicable
servicing agreement, cause such Additional Servicer to provide, an annual statement of compliance pursuant to this Section
11.09 with respect to the period of time that the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator
was subject to this Agreement or the period of time that such Additional Servicer was subject to such other servicing agreement.

 

Section
11.10   Annual Reports on Assessment
of Compliance with Servicing Criteria.  (a)  On or before March 1st of each year, commencing in March 2021,
the Master Servicer, the Special Servicer (regardless of whether the Special Servicer has commenced special servicing of the Mortgage
Loans), 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 Relevant Servicing Criteria applicable to it), the Custodian, the Operating
Advisor and the Certificate Administrator, each at its own expense, shall furnish (and each such party shall (i) with respect
to each Initial Sub-Servicer engaged by such Master Servicer, Trustee, Operating Advisor, Custodian or Certificate Administrator
that is a Servicing Function Participant, use commercially reasonable efforts to cause such Servicing Function Participant to
furnish and (ii) with respect to each other Servicing Function Participant with which it has entered into a servicing relationship
with respect to the Mortgage Loans, cause such Servicing Function Participant to furnish) to the Trustee, the Certificate Administrator,
the Depositor (which copy shall be deemed furnished by the Certificate Administrator when made available on its Internet website)
(and, with respect to the Special Servicer, also to the Operating Advisor), and the 17g-5 Information Provider, a report substantially
in the form of Exhibit II or such other form provided by such Reporting Servicer that complies in all material respects
with the requirements of Item 1122 of Regulation AB, on an assessment of compliance with the Servicing Criteria applicable
to it that contains (A) a statement by such Reporting Servicer of its responsibility for assessing compliance with the Relevant
Servicing Criteria, (B) a statement that such Reporting Servicer used the Relevant Servicing Criteria to assess compliance
with the Relevant Servicing Criteria, (C) such Reporting Servicer’s assessment of compliance with the Relevant Servicing
Criteria as of and for the period ending the end of the fiscal year covered by the Form 10-K required to be filed pursuant
to Section 11.05, including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria,
a discussion of each such failure and the nature and status thereof, and (D) a statement that a registered public accounting
firm has issued an attestation report on such Reporting Servicer’s assessment of compliance with the Relevant Servicing
Criteria as of and for such period. With respect to any Non-Serviced Companion Loan, the Certificate Administrator will use its
reasonable efforts to procure such report from the applicable Non-Serviced Master Servicer, Non-Serviced Special Servicer and
Non-Serviced Trustee in form and substance similar to the form attached hereto as Exhibit II. Such report shall be
provided in EDGAR-Compatible Format, or in such other format agreed upon by the Depositor, the Certificate Administrator and the
Reporting Servicer.

 

Each
such report shall be addressed to the Depositor and signed by an authorized officer of the applicable company, and shall address
the Relevant Servicing Criteria specified on a certification substantially in the form of Exhibit AA hereto delivered
to the Depositor on the Closing Date. Promptly after receipt of each such report, (i) the Depositor may review each such
report and, if applicable, consult with each Reporting Servicer as to the nature of any material

 

 

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instance
of noncompliance with the Relevant Servicing Criteria applicable to it (and each Servicing Function Participant engaged or utilized
by each Reporting Servicer, as applicable), and (ii) the Certificate Administrator shall confirm that the assessments taken
individually address the Relevant Servicing Criteria for each party as set forth on Exhibit AA and notify the Depositor
of any exceptions. None of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating
Advisor or any Servicing Function Participant shall be required to cause the delivery of any such assessments until April 15th
in any given year so long as it has received written confirmation from the Depositor that a report on Form 10-K is not required
to be filed in respect of the Trust for the preceding calendar year.

 

Notwithstanding
the foregoing, at any time that the Certificate Administrator and the Trustee are the same entity, the Certificate Administrator
and Trustee may provide a combined assessment of compliance required pursuant to this Section 11.10(a) in respect of their
combined Relevant Servicing Criteria as set forth on Exhibit AA hereto.

 

(b)         
The Master Servicer, the Special Servicer, the
Trustee, the Operating Advisor and the Certificate Administrator hereby acknowledge and agree that the Relevant Servicing Criteria
set forth on Exhibit AA is appropriately set forth with respect to such party and any Servicing Function Participant
with which the Master Servicer, Special Servicer, Trustee, Operating Advisor or Certificate Administrator has entered into a servicing
relationship.

 

(c)          
No later than ten (10) Business Days after the
end of each fiscal year for the Trust, the Master Servicer and the Special Servicer shall notify the Certificate Administrator,
the Depositor and each Mortgage Loan Seller as to the name of each Additional Servicer engaged by it and each Servicing Function
Participant utilized by it, in each case other than with respect to any Initial Sub-Servicer, and the Trustee, the Operating Advisor
and the Certificate Administrator shall notify the Depositor and each Mortgage Loan Seller as to the name of each Servicing Function
Participant utilized by it, in each case by providing an updated Exhibit GG, and each such notice (except to a Mortgage
Loan Seller) shall specify what specific Servicing Criteria will be addressed in the report on assessment of compliance prepared
by such Servicing Function Participant. When the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator
and the Operating Advisor submit their assessments pursuant to Section 11.10(a), the Master Servicer, the Special Servicer,
the Trustee, the Certificate Administrator and the Operating Advisor, as applicable, shall also at such time include the assessment
(and related attestation pursuant to Section 11.11) of each Servicing Function Participant engaged by it.

 

In
the event the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Custodian or the Certificate Administrator
is terminated or resigns pursuant to the terms of this Agreement, such party shall provide, and each such party shall cause any
Servicing Function Participant engaged by it to provide (and each of the Master Servicer and the Special Servicer shall (i) with
respect to an Initial Sub-Servicer engaged by such Master Servicer or Special Servicer that is an Additional Servicer that resigns
or is terminated under any applicable servicing agreement, use its reasonable efforts to cause such Additional Servicer and (ii) with
respect to any other Additional Servicer that resigns or is terminated under any applicable servicing agreement, cause such Additional
Servicer to provide) an annual assessment of

 

 

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compliance
pursuant to this Section 11.10, coupled with an attestation as required in Section 11.11 with respect to the period
of time that the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Custodian or the Certificate Administrator
was subject to this Agreement or the period of time that the Additional Servicer was subject to such other servicing agreement.

 

(d)          
The Operating Advisor may at any time request
from the Certificate Administrator confirmation of whether a Control Termination Event or Consultation Termination Event occurred
during the previous calendar year, and upon such request the Certificate Administrator shall deliver such confirmation to the
Operating Advisor within fifteen (15) days of such request.

 

Section
11.11   Annual Independent Public
Accountants’ Attestation Report.  On or before March 1st of each year, commencing in March 2021, the Master
Servicer, the Special Servicer, the Trustee, the Custodian, the Operating Advisor and the Certificate Administrator, each at its
own expense, shall cause (and each such party shall (i) with respect to each Initial Sub-Servicer engaged by such Master
Servicer, Special Servicer, Trustee, Operating Advisor or Certificate Administrator that is a Servicing Function Participant use
commercially reasonable efforts to cause such Servicing Function Participant to cause and (ii) with respect to each other
Servicing Function Participant with which it has entered into a servicing relationship with respect to the Mortgage Loans, 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 Trustee, the Certificate Administrator, the Custodian, the Operating Advisor 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 Trustee (who will promptly post such report on the Certificate Administrator’s Website
pursuant to Section 3.13(b)), the Certificate Administrator, the Depositor, the 17g-5 Information Provider and, prior to
the occurrence of a Consultation Termination Event, the Directing Holder, and, promptly, but not earlier than the second Business
Day following the delivery of such report to the 17g-5 Information Provider, to the Rating Agencies, to the effect that (i) it
has obtained a representation regarding certain matters from the management of such Reporting Servicer, which includes an assertion
that such Reporting Servicer has complied with the Relevant Servicing Criteria applicable to it and (ii) on the basis of
an examination conducted by such firm in accordance with standards for attestation engagements issued or adopted by the PCAOB,
it is issuing an opinion as to whether such Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria
applicable to it was fairly stated in all material respects. 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 such related accountant’s
attestation report shall be made in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities
Act and the Exchange Act. Such report must be available for general use and not contain restricted use language. With respect
to any Non-Serviced Companion Loan, the Certificate Administrator will use its reasonable efforts to procure such report from
the applicable Non-Serviced Master Servicer, Non-Serviced Special Servicer and Non-Serviced Trustee. Copies of such statement
will be provided by the Certificate Administrator in accordance with Section 3.13(b). Such report shall be provided in
EDGAR-Compatible Format, or in such other format agreed upon by the Depositor, the Certificate Administrator and the providing
parties.

 

 

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Promptly
after receipt of such report from the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating
Advisor, the Custodian or any Servicing Function Participant, (i) the Depositor may review the report and, if applicable,
consult with the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Custodian or the Certificate Administrator
as to the nature of any defaults by the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Custodian,
the Certificate Administrator or any Servicing Function Participant with which it has entered into a servicing relationship with
respect to the Mortgage Loans, as the case may be, in the fulfillment of any of the Master Servicer’s, the Special Servicer’s,
the Trustee’s, the Certificate Administrator’s, the Operating Advisor’s, the Custodian’s or the applicable
Servicing Function Participants’ obligations hereunder or under the applicable sub servicing or primary servicing agreement,
and (ii) the Certificate Administrator shall confirm that each accountants’ attestation report submitted pursuant
to this Section 11.11 relates to an assessment of compliance meeting the requirements of Section 11.10 and notify
the Depositor of any exceptions. None of the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
the Operating Advisor, the Custodian nor any Additional Servicer shall be required to deliver, or shall be required to cause the
delivery of such reports until April 15th in any given year so long as it has received written confirmation from the Depositor
that a Form 10-K is not required to be filed with respect to the Trust for the preceding fiscal year.

 

Section
11.12 Indemnification.  Each of the
Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Custodian, the Asset Representations Reviewer
and the Operating Advisor shall indemnify and hold harmless each Certification Party and each Other Depositor (and such Other
Depositor’s officers, directors and Affiliates) 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 Certification Party or Other
Depositor (or such Other Depositor’s officers, directors and Affiliates), as applicable, arising out of (i) an actual
breach by the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Custodian, the Asset Representations
Reviewer or the Certificate Administrator, as the case may be, of its obligations under this Article XI, (ii) negligence,
bad faith or willful misconduct on the part of the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor,
the Custodian, the Asset Representations Reviewer or the Certificate Administrator in the performance of such obligations, or
(iii) delivery of any Deficient Exchange Act Deliverable.

 

The
Master Servicer, the Trustee, the Operating Advisor and the Certificate Administrator shall (i) with respect to any Initial
Sub-Servicer engaged by the Master Servicer, the Trustee or Certificate Administrator that is a Servicing Function Participant
or Additional Servicer, use commercially reasonable efforts to cause such party to, and (ii) with respect to each other Additional
Servicer and each Servicing Function Participant with which, in each case, it has entered into a servicing relationship with respect
to the Mortgage Loans, cause such party to, in each case, indemnify and hold harmless each Certification Party and each Other
Depositor (and such Other Depositor’s officers, directors and Affiliates) 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 Certification Party or Other Depositor (or such Other Depositor’s officers, directors and Affiliates),
as applicable, arising out of (a) a breach of its obligations to provide any of the annual compliance statements or annual

 

 

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assessment
of compliance with the Servicing Criteria or attestation reports pursuant to the applicable sub-servicing or primary servicing
agreement, (b) negligence, bad faith or willful misconduct on its part in the performance of such obligations, (c) any
failure by it, as a Servicer (as defined in Section 11.02(b)) to identify a Servicing Function Participant pursuant to
Section 11.02(c) or Section 11.02(d) delivery of any Deficient Exchange Act Deliverable.

 

In
addition, each of the Master Servicer, the Special Servicer, the Operating Advisor, the Custodian, the Certificate Administrator,
the Asset Representations Reviewer 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 (and each Other Depositor)
as necessary for the Depositor (and each Other Depositor) to conduct any reasonable due diligence necessary to evaluate and assess
any material instances of non-compliance disclosed in any of the deliverables required by the applicable reporting requirements
under the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and the rules and regulations promulgated thereunder (“Reporting
Requirements”).

 

In
connection with comments provided to the Depositor from the Commission or its staff regarding information (x) delivered by the
Master Servicer, the Special Servicer, the Operating Advisor, the Custodian, the Certificate Administrator, the Trustee, a Servicing
Function Participant, the Asset Representations Reviewer 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 Affected Reporting Party to prepare such information, which information
is contained in a report filed by the Depositor under the Reporting Requirements and which comments are received subsequent to
the Depositor’s filing of such report, the 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 or its staff for inclusion in the Depositor’s response to the Commission or its staff, unless
such Affected Reporting Party elects, with the consent of the Depositor (which consent shall not be unreasonably denied, withheld
or delayed), to directly communicate with the Commission or its staff and negotiate a response and/or resolution with the Commission
or its staff; provided, however, if an Affected Reporting Party is a Servicing Function Participant or Additional
Servicer retained by the Master Servicer, the Master Servicer shall receive copies of all material communications pursuant to
this Section 11.12. If such election is made, the applicable Affected Reporting Party shall be responsible for directly
negotiating such response and/or resolution with the Commission or its staff in a timely manner; provided, that (i) such
Affected Reporting Party shall use reasonable efforts to keep the Depositor informed of its progress with the Commission or its
staff and copy the Depositor on all correspondence with the Commission or its staff and provide the Depositor with the opportunity
to participate (at the Depositor’s expense) in any telephone conferences and meetings with the Commission or its staff
and (ii) the 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 or its staff with respect to any comments from the
Commission or its staff relating to such Affected Reporting Party and to notify the Commission or its staff of such authorization.
The Depositor and the Affected Reporting Party shall cooperate and coordinate with one another with respect to any requests made
to the Commission or its staff for extension of time for submitting a response or compliance. All respective reasonable out-of-

 

 

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pocket
costs and expenses incurred by the Depositor (including reasonable legal fees and expenses of outside counsel to the Depositor)
in connection with the foregoing (other than those costs and expenses required to be at the Depositor’s expense as set
forth above) and any amendments to any reports filed with the Commission or its staff related thereto shall be promptly paid by
the applicable Affected Reporting Party upon receipt of an itemized invoice from the Depositor. Each of the Master Servicer, the
Special Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee shall (i) with respect
to any Initial Sub-Servicer engaged by it that is a Servicing Function Participant or Additional Servicer, use commercially reasonable
efforts to cause such party to, and (ii) with respect to each other Additional Servicer and each Servicing Function Participant
with which, in each case, it has entered into a servicing relationship with respect to the Mortgage Loans, cause such party to,
comply with the foregoing by inclusion of similar provisions in the related sub-servicing or similar agreement.

 

If
the indemnification provided for herein is unavailable or insufficient to hold harmless any Certification Party, then the Master
Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Custodian or the Operating Advisor (the “Performing
Party”) shall 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 Sections 11.06, 11.09 (if applicable), 11.10, 11.11 (or breach of its
obligations under the applicable sub-servicing or primary servicing agreement to provide any of the annual compliance statements
or annual Servicing Criteria compliance reports or attestation reports) or the Performing Party’s negligence, bad faith
or willful misconduct in connection therewith. The Master Servicer, the Trustee, the Operating Advisor and the Certificate Administrator
shall (i) with respect to any Initial Sub-Servicer engaged by the Master Servicer, the Trustee or Certificate Administrator
that is a Servicing Function Participant or Additional Servicer, use commercially reasonable efforts to cause such party to, and
(ii) with respect to each other Additional Servicer or Servicing Function Participant, in each case, with which it has entered
into a servicing relationship with respect to the Mortgage Loans cause such party, in each case, to agree to the foregoing indemnification
and contribution obligations. This Section 11.12 shall survive the termination of this Agreement or the earlier resignation
or removal of the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the Custodian or the Certificate
Administrator.

 

In
connection with Deficient Exchange Act Deliverables, each of the Master Servicer, the Special Servicer, the Custodian and the
Trustee and each Affected Reporting Party shall cooperate (and require each Servicing Function Participant and Additional Servicer
retained by it to cooperate under the applicable Sub-Servicing Agreement), with each Other Depositor (including, without limitation,
providing all due diligence information, reports, written responses, negotiations and coordination) to the same extent as such
party is required to cooperate with the Depositor under this Section 11.12. All respective reasonable out-of-pocket costs
and expenses incurred by each Other Depositor (including reasonable legal fees and expenses of outside counsel to such depositor)
in connection with a Deficient Exchange Act Deliverable (other than those costs and expenses related to participation by such
Other Depositor in any telephone conferences and meetings with the Commission and other costs the Other

 

 

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Depositor
must bear pursuant to this Section 11.12) and any amendments to any reports filed with the Commission therewith shall be
promptly paid by the applicable Affected Reporting Party to the Other Depositor to the same extent as would be required to be
paid to the Depositor under this Section 11.12 upon receipt of an itemized invoice from such Other Depositor.

 

Section
11.13   Amendments. This
Article XI may be amended with the written consent of the parties hereto pursuant to Section 13.01 for purposes
of complying with Regulation AB 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 Confirmation with
respect to the Certificates or, with respect to a Serviced Whole Loan, Companion Loan Rating Agency Confirmation or the consent
of any Certificateholder, notwithstanding anything to the contrary contained in this Agreement; provided that the reports
and certificates required to be prepared pursuant to Sections 3.13, 11.09, 11.10 and 11.11 shall
not be eliminated without Rating Agency Confirmation with respect to the Certificates and, with respect to a Serviced Whole Loan,
Companion Loan Rating Agency Confirmations with respect to any Serviced Companion Loan Securities.

 

Section
11.14   Regulation AB Notices. 
Any notice, report or certificate required to be delivered by any of the Master Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer, the Custodian or the Trustee, as the case may be, to
the Depositor pursuant to this Article XI may be delivered via e-mail (and additionally delivered via phone or telecopy),
notwithstanding the provisions of Section 13.05, to GS Mortgage Securities Corporation II, 200 West Street, New York, New
York 10282, Attention:  Leah Nivison, fax number:  (212) 428-1439, e-mail:  leah.nivison@gs.com, with copies
to:  Brian Bolton, e-mail:  brian.a.bolton@gs.com and gs-refgsecuritization@gs.com.

 

Section
11.15   Certain Matters Relating
to the Future Securitization of the Serviced Pari Passu Companion Loans.  (a)  Each of the Trustee, the Certificate
Administrator, the Master Servicer and the Special Servicer shall, and the Master Servicer and the Special Servicer shall use
commercially reasonable efforts to cause any Sub-Servicer appointed with respect to any Serviced Pari Passu Companion Loan to,
upon written request or notice from a Mortgage Loan Seller (or a permitted transferee of such Mortgage Loan Seller pursuant to
the related Co-Lender Agreement), reasonably cooperate with the related Mortgage Loan Seller (or such permitted transferee) selling
any Serviced Pari Passu Companion Loan into a securitization that is required to comply with Regulation AB (a “Regulation
AB Companion Loan Securitization”) and, to the extent needed in order to comply with Regulation AB, provide to the
related Mortgage Loan Seller (or such permitted transferee) information about itself that such Mortgage Loan Seller reasonably
requires to meet the requirements of Items 1117 and 1119 and paragraphs (b), (c)(3), (c)(4) and (c)(5) of Item 1108 of Regulation
AB and shall reasonably cooperate with the related Mortgage Loan Seller to provide such other information as may be reasonably
necessary to comply with the requirements of Regulation AB. Each of the Trustee, the Certificate Administrator, the Master Servicer
and the Special Servicer understands that such information may be included in the offering material related to a Regulation AB
Companion Loan Securitization and agrees to (i) negotiate in good faith an agreement (subject to the final sentence of this
subsection) to indemnify and hold the related depositor and underwriters involved in the offering of the related Certificates
harmless for any costs, liabilities, fees and

 

 

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expenses
incurred by the depositor or such underwriters as a result of any material misstatements or omissions or alleged material misstatements
or omissions in any such offering material to the extent that such material misstatement or omission was made in reliance upon
any such information provided by the Trustee (where such information pertains to the Trustee individually and not to any specific
aspect of the Trustee’s duties or obligations under this Agreement), the Certificate Administrator (where such information
pertains to the Certificate Administrator individually and not to any specific aspect of the Certificate Administrator’s
duties or obligations under this Agreement), the Master Servicer (where such information pertains to the Master Servicer individually
and not to any specific aspect of the Master Servicer’s duties or obligations under this Agreement) and the Special Servicer
(where such information pertains to the Special Servicer individually and not to any specific aspect of the Special Servicer’s
duties or obligations under this Agreement), as applicable, to such depositor, underwriters or Mortgage Loan Sellers (or permitted
transferee) as required by this clause (a) and (ii) deliver such securities law opinion(s) of counsel, certifications
and/or indemnification agreement(s) (to the extent the cost thereof is paid by the related Mortgage Loan Seller) with respect
to such information that are substantially similar to those delivered with respect to the offering material for this securitization
by the Master Servicer, the Special Servicer, Trustee or Certificate Administrator, as the case may be, or their respective counsel,
in connection with the information concerning such party in the offering material related to a Regulation AB Companion Loan Securitization.
Notwithstanding the foregoing, to the extent that the information provided by the Trustee, the Certificate Administrator the Master
Servicer or the Special Servicer, as applicable, for inclusion in the offering materials related to such Regulation AB Companion
Loan Securitization is substantially and materially similar to the information provided by such party with respect to the offering
materials related to this transaction, subject to any required changes due to any amendments to Regulation AB or any changes in
the interpretation of Regulation AB, such party shall be deemed to be in compliance with this Section 11.15(a). Any indemnification
agreement executed by the Trustee, the Certificate Administrator the Master Servicer or the Special Servicer in connection with
the Regulation AB Companion Loan Securitization shall be substantially similar to the related indemnification agreement executed
in connection with this Agreement. It shall be a condition precedent to any party’s obligations otherwise set forth above
and/or elsewhere in Article XI that the applicable Mortgage Loan Seller (or permitted transferee or other party designated
by such Mortgage Loan Seller, including the Other Depositor) shall have (a) provided reasonable advance notice (and, in any
event, not less than ten (10) Business Days) of the exercise of its rights hereunder and (b) paid, or entered into reasonable
agreement to cause to be paid, the reasonable out-of-pocket expenses (including reasonable fees and expenses of counsel) incurred
by such party in reviewing and/or causing the delivery of any disclosure, opinion of counsel or indemnification agreement.

 

(b)          
Each of the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer shall, and the Master Servicer
and the Special Servicer shall use commercially reasonable efforts to cause any Servicing Function Participant appointed with
respect to a Serviced Securitized Companion Loan to, upon request or notice from such parties (which request or notice may be
given once at the closing of such Regulation AB Companion Loan Securitization instead of each time a filing is required), cooperate
with the depositor, trustee, certificate administrator, master servicer or special servicer for any Regulation AB Companion Loan
Securitization in preparing each Form ABS-15G, Form 8-K, Form 10-D, Form ABS-EE and Form 10-K required to
be filed by such Regulation AB Companion Loan

 

 

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Securitization
(until January 30 of the first year in which the trustee or other applicable party for such Regulation AB Companion Loan Securitization
files a Form 15 Suspension Notification with respect to the related trust) and shall provide to such depositor, trustee,
certificate administrator or master servicer within the time period set forth in the Other Pooling and Servicing Agreement (so
long as such time period is no earlier than the time periods set forth herein) for such Regulation AB Companion Loan Securitization
such information relating to a Serviced Securitized Companion Loan as may be reasonably necessary for the depositor, trustee,
certificate administrator and master servicer of the Regulation AB Companion Loan Securitization to comply with the reporting
requirements of Regulation AB, the Securities Act and the Exchange Act; provided, however, that any parties to any
Regulation AB Companion Loan Securitization shall consult with the Trustee, the Certificate Administrator, the Master Servicer
and the Special Servicer (and Master Servicer shall consult with any Sub-Servicer appointed with respect to the related Serviced
Whole Loan), and the Trustee, the Certificate Administrator, such Master Servicer and the Special Servicer shall cooperate with
such parties in respect of establishing the time periods for preparation of the Form 10-D and Form ABS-EE reports in the
documentation for such Regulation AB Companion Loan Securitization. Notwithstanding the foregoing, to the extent the Trustee,
the Certificate Administrator, the Master Servicer or the Special Servicer, as the case may be, complies in all material respects
with the timing, reporting and attestation requirements imposed on such party in Article XI of this Agreement (other than
this Section 11.15) with respect to the comparable timing, reporting and attestation requirements contemplated in this
Section 11.15(b) with respect to such Regulation AB Companion Loan Securitization, such party shall be deemed to be
in compliance with the provisions of this Section 11.15(b).

 

(c)          
Each of the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer shall, and the Master Servicer
and the Special Servicer shall use commercially reasonable efforts to cause any Servicing Function Participant appointed with
respect to a Serviced Securitized Companion Loan to, upon request or notice from such trustee or certificate administrator (which
request or notice may be given once at the closing of such Regulation AB Companion Loan Securitization instead of each time a
filing is required), provide the trustee or certificate administrator, as applicable, under a Regulation AB Companion Loan Securitization
(until January 30 of the first year in which the trustee or certificate administrator, as applicable, for such Regulation AB Companion
Loan Securitization files a Form 15 Suspension Notification with respect to the related trust) information with respect to
any event that is required to be disclosed under Form 8-K with respect to a Serviced Securitized Companion Loan within two
(2) Business Days after the occurrence of such event of which it has knowledge. Notwithstanding the foregoing, to the extent the
Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer, as the case may be, complies in all material
respects with the timing, reporting and attestation requirements imposed on such party in Article XI of this Agreement
(other than this Section 11.15) with respect to the comparable timing, reporting and attestation requirements contemplated
in this Section 11.15(c) with respect to such Regulation AB Companion Loan Securitization, such party shall be deemed
to be in compliance with the provisions of this Section 11.15(c).

 

(d)          
On or before March 1st of each year commencing in March 2021, during which a Regulation AB Companion Loan Securitization is required
to file an annual report on Form 10-K (and not in respect of any year in which Regulation AB Companion Loan

 

 

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Securitization
is not required to file an annual report on Form 10-K because a Form 15 Suspension Notification with respect to the
related trust was filed), each of the Trustee, the Master Servicer and the Special Servicer shall, and the Master Servicer and
the Special Servicer shall use commercially reasonable efforts to cause any Servicing Function Participant appointed with respect
to a Serviced Securitized Companion Loan to, upon request or notice from such trustee or certificate administrator (which request
or notice may be given once at the closing of such Regulation AB Companion Loan Securitization instead of each time a filing is
required), provide, with respect to itself, to the trustee or certificate administrator, as applicable, under such Regulation
AB Companion Loan Securitization, to the extent required pursuant to Item 1122 of Regulation AB, (i) a report on an assessment
of compliance with the Servicing Criteria to the extent required pursuant to Item 1122(a) of Regulation AB, (ii) a registered
accounting firm’s attestation report on such Person’s assessment of compliance with the applicable Servicing Criteria
to the extent required pursuant to Item 1122(b) of Regulation AB and (iii) such other information as may be required pursuant
to Item 1122(c) of Regulation AB. Notwithstanding the foregoing, to the extent the Master Servicer or the Special Servicer, as
the case may be, complies in all material respects with the timing, reporting and attestation requirements imposed on such party
in Article XI of this Agreement (other than this Section 11.15) with respect to the comparable timing, reporting
and attestation requirements contemplated in this Section 11.15(d) with respect to such Regulation AB Companion Loan
Securitization, such party shall be deemed to be in compliance with the provisions of this Section 11.15(d).

 

(e)          
On or before March 1st of each year commencing in March 2021, during which a Regulation AB Companion Loan Securitization is required
to file an annual report on Form 10-K (and not in respect of any year in which Regulation AB Companion Loan Securitization
is not required to file an annual report on Form 10-K because a Form 15 Suspension Notification with respect to the
related trust was filed), each of the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer shall,
and the Master Servicer and the Special Servicer shall use commercially reasonable efforts to cause any Servicing Function Participant
appointed with respect to a Serviced Securitized Companion Loan to, to the extent required pursuant to Item 1123 of Regulation
AB, deliver, with respect to itself, to the trustee or certificate administrator under such Regulation AB Companion Loan Securitization,
upon request or notice from such trustee (which request or notice may be given once at the closing of such Regulation AB Companion
Loan Securitization instead of each time a filing is required), under such Regulation AB Companion Loan Securitization a servicer
compliance statement signed by an authorized officer of such Person that satisfies the requirements of Item 1123 of Regulation
AB. Notwithstanding the foregoing, to the extent the Trustee, the Certificate Administrator, the Master Servicer or the Special
Servicer, as the case may be, complies in all material respects with the timing, reporting and attestation requirements imposed
on such party in Article XI of this Agreement (other than this Section 11.15) with respect to the comparable timing,
reporting and attestation requirements contemplated in this Section 11.15(e) with respect to such Regulation AB Companion
Loan Securitization, such party shall be deemed to be in compliance with the provisions of this Section 11.15(e).

 

(f)           
Each of the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer shall use commercially reasonable
efforts to cause a Servicing Function Participant to agree (severally but not jointly) to indemnify (such indemnity limited to
each such parties respective failure described below) and hold the related Mortgage Loan Seller (or

 

 

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permitted
transferee), depositor, sponsor(s), trustee, certificate administrator or master servicer under a Regulation AB Companion Loan
Securitization harmless for any costs, liabilities, fees and expenses incurred by such Mortgage Loan Seller, depositor, sponsor(s),
trustee, certificate administrator or master servicer as a result of any failure by the Servicing Function Participant to comply
with the reporting requirements to the extent applicable set forth under Sections 11.15(b), (c), (d)
or (e) above.

 

Any
Sub-Servicing Agreement related to a Serviced Securitized Companion Loan shall contain a provision requiring the related Sub-Servicer
to provide to the Master Servicer or the Special Servicer, as the case may be, information, reports, statements and certificates
with respect to itself and such Serviced Securitized Companion Loan comparable to any information, reports, statements or certificates
required to be provided by the Master Servicer or the Special Servicer pursuant to this Section 11.15, even if such Sub-Servicer
is not otherwise required to provide such information, reports or certificates to any Person in order to comply with Regulation
AB. Such information, reports or certificates shall be provided to the Master Servicer or the Special Servicer, as applicable,
no later than two (2) Business Days prior to the date on which the Master Servicer or the Special Servicer, as applicable, is
required to deliver its comparable information, reports, statements or certificates pursuant to this Section 11.15.

 

(g)          
With respect to any Mortgaged Property that secures a Serviced Pari Passu Companion Loan that the applicable Other Depositor has
notified the Master Servicer or the Special Servicer, as applicable, in writing is a “significant obligor” (within
the meaning of Item 1101(k) of Regulation AB) (together with notification of the Relevant Distribution Date) with respect to an
Other Securitization that includes such Serviced Companion Loan, to the extent that the Master Servicer or the Special Servicer,
as applicable, is in receipt of the updated financial statements of such “significant obligor” for any calendar
quarter (other than the fourth calendar quarter of any calendar year) from the Mortgagor, 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 Master
Servicer or the Special Servicer, as applicable, shall deliver to the Other Depositor, on or prior to the day that occurs two
(2) Business Days prior to the related Significant Obligor NOI Quarterly Filing Deadline or seven (7) Business Days prior to the
related Significant Obligor NOI Yearly Filing Deadline, as applicable, (A) if such financial statement receipt occurs twelve
(12) or more Business Days prior to the related Significant Obligor NOI Quarterly Filing Deadline or seventeen (17) or more Business
Days prior to the related Significant Obligor NOI Yearly Filing Deadline, as applicable, such financial statements of the “significant
obligor”, together with the net operating income of such “significant obligor” for the applicable period
as calculated by the Master Servicer or the Special Servicer, as applicable, in accordance with CREFC® guidelines
and (B) if such financial statement receipt occurs less than twelve (12) Business Days prior to the related Significant Obligor
NOI Quarterly Filing Deadline or less than seventeen (17) Business Days prior to the related Significant Obligor NOI Yearly Filing
Deadline, as applicable, such financial statements of the “significant obligor”, together with the net operating
income of such “significant obligor” for the applicable period as reported by the related Mortgagor in such financial
statements.

 

If
the Master Servicer or the Special Servicer, as applicable, does not receive financial information satisfactory to comply with
Item 6 of Form 10-D or Item 1112(b)(1) of

 

 

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Form
10-K, as the case may be, of such “significant obligor” within ten (10) Business Days after the date such financial
information is required to be delivered under the related Mortgage Loan documents, the Master Servicer or the Special Servicer,
as applicable, shall notify the Other Depositor with respect to such Other Securitization 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 Master Servicer or the Special Servicer, as applicable, 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 related Mortgagor under the related Mortgage
Loan documents.

 

The
Master Servicer or the Special Servicer, as applicable, shall (and shall cause any related Sub-Servicing Agreement entered into
after receipt of written notice from the Other Depositor that such Serviced Pari Passu Companion Loan is a significant obligor
to require the related Sub-Servicer to) retain written evidence of each instance in which it (or a Sub-Servicer) attempts to contact
the related Mortgagor 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, shall forward an Officer’s Certificate evidencing its attempts to obtain this information to the certificate
administrator and Other Depositor related to such Other Securitization.  This Officer’s Certificate should be addressed
to the certificate administrator at its corporate trust office, as specified in the related Other Pooling and Servicing Agreement.

 

Section
11.16   Certain Matters Regarding
Significant Obligors.  For the avoidance of doubt, there is no “significant obligor” (within the meaning
of Item 1101(k) of Regulation AB) as of the Closing Date (“Significant Obligor”) related to the Trust.

 

Notwithstanding
anything contained in this Section 11.16, in the event that the Certificate Administrator files a Form 15 Suspension
Notification pursuant to Section 11.08 of this Agreement and so long as the Trust is not subject to the reporting requirements
of the Exchange Act, the Master Servicer shall not be required to fulfill its obligations under this Section 11.16.

 

Section
11.17 Impact of Cure Period.  For
the avoidance of doubt, neither the Master Servicer nor the Special Servicer shall be subject to a Servicer Termination Event
pursuant to clause (iii) of the definition thereof, nor shall any such party be deemed to not be in compliance under
this Agreement, during any grace period provided for in such clause (iii); provided, that if any such party fails
to comply with the requirements of this Article XI by the expiration of any applicable grace period such failure shall
constitute a Servicer Termination Event with respect to such party.

 

 

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Article
XII

the asset representations reviewer

 

Section
12.01   Asset
Review.  (a)  On or prior to each Distribution Date, based on the CREFC® Delinquent
Mortgage Loan Status Report and/or the CREFC® Loan Periodic Update File delivered by the Master Servicer for
such Distribution Date, the Certificate
Administrator shall determine if an Asset Review Trigger has occurred. If an Asset Review Trigger is determined to have
occurred, the Certificate Administrator shall promptly provide notice to all Certificateholders and the RR Interest Owner,
the Controlling Class Representative and each other party to this Agreement. Any notice required to be delivered to the
Certificateholders and the RR Interest Owner pursuant to this Article XII shall be delivered by the Certificate
Administrator by posting such notice on the Certificate Administrator’s Website, by mailing such notice to the
Certificateholders’ addresses appearing in the Certificate Register in the case of Definitive Certificates (and by
delivering such notice via the Depository in the case of Book-Entry Certificates and by mailing such notice to the RR
Interest Owner’s address). The Certificate Administrator shall include in the Form 10-D relating to the reporting
period in which the Asset Review Trigger occurred the following statement describing the events that caused the Asset Review
Trigger to occur:  “As of the [Date of Distribution], the following mortgage loans identified below are 60 or
more days delinquent and an Asset Review Trigger as defined in the Pooling and Servicing Agreement has occurred”. On
each Distribution Date occurring after providing such notice to Certificateholders and the RR Interest Owner, the Certificate
Administrator, based on information provided to it by the Master Servicer, shall determine whether (1) any additional
Mortgage Loan has become a Delinquent Mortgage Loan, (2) any Mortgage Loan has ceased to be a Delinquent Mortgage Loan
and (3) whether an Asset Review Trigger has ceased to exist, and, if there is an occurrence of any of the events or
circumstances identified in clauses (1), (2) and/or (3), deliver written notice of such information
(which may be via e-mail) substantially in the form attached hereto as Exhibit RR within two (2) Business Days of such
determination to the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations
Reviewer.

 

If
Certificateholders evidencing not less than 5.0% of the Voting Rights deliver to the Certificate Administrator, within ninety
(90) days after the filing of the Form 10-D reporting the occurrence of an Asset Review Trigger, a written direction requesting
a vote to commence an Asset Review (such written direction, the “Asset Review Vote Election”), then upon
receipt of the Asset Review Vote Election, the Certificate Administrator shall promptly provide written notice thereof to the
Asset Representations Reviewer and all Certificateholders and the RR Interest Owner and conduct a solicitation of votes in accordance
with Section 5.09 to authorize an Asset Review. Upon the affirmative vote to authorize an Asset Review evidencing at least
a majority of the votes casts but in any event at least a majority of an Asset Review Quorum within one hundred fifty (150) days
of receipt of the Asset Review Vote Election (an “Affirmative Asset Review Vote”),
the Certificate Administrator shall promptly provide written notice thereof to all parties to this Agreement, the Underwriters,
the Mortgage Loan Sellers, the Controlling Class Representative, the Risk Retention Consultation Parties, the RR Interest Owner
and the Certificateholders (the “Asset Review Notice”). Upon receipt of an Asset Review Notice, the Asset
Representations Reviewer shall request access to the Secure Data Room by providing the Certificate Administrator with a certification
substantially in the form attached hereto as Exhibit

 

 

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QQ
(which shall be sent via e-mail to trustadministrationgroup@wellsfargo.com or submitted electronically via the Certificate
Administrator’s Website). Upon receipt of such certification, the Certificate Administrator shall promptly (and in any
case, within two (2) Business Days after such receipt) grant the Asset Representations Reviewer access to the Secure Data Room.
In the event an Affirmative Asset Review Vote has not occurred within such 150-day period following the receipt of the Asset Review
Vote Election, no Certificateholder may request a vote or cast a vote for an Asset Review and the Asset Representations Reviewer
will not be required to review any Delinquent Mortgage Loan unless and until (A) an additional Mortgage Loan has become a
Delinquent Mortgage Loan after the expiration of such 150-day period, (B) an Asset Review Trigger has occurred as a result
or an Asset Review Trigger is otherwise in effect, (C) the Certificate Administrator has timely received an Asset Review
Vote Election after the occurrence of the events described in clauses (A) and (B) in this sentence and (D) an
Affirmative Asset Review Vote has occurred within one hundred fifty (150) days after the Asset Review Vote Election described
in clause (C) in this sentence. After the occurrence of any Asset Review Vote Election or an Affirmative Asset Review Vote,
no Certificateholder may make any additional Asset Review Vote Election except as described in the immediately preceding sentence.
Any reasonable out-of-pocket expenses incurred by the Certificate Administrator in connection with administering such vote will
be paid as an expense of the Trust from the Collection Account. The Certificate Administrator shall be entitled to administer
any vote in connection with the foregoing through an agent.

 

(b)          
(i)  Upon receipt of an Asset Review
Notice, the Custodian (with respect to the following clauses (1) - (5) for Non-Specially Serviced Mortgage Loans),
the Master Servicer (with respect to the following clause (6) and (7) for Non-Specially Serviced Mortgage Loans) and the
Special Servicer (with respect to Specially Serviced Mortgage Loans), in each case to the extent in such party’s possession,
shall promptly, but in no event later than ten (10) Business Days (except with respect to the following clause (7))
after receipt of such notice from the Certificate Administrator, provide, or make available, the following materials for each
Delinquent Mortgage Loan (in electronic format) to the Asset Representations Reviewer (collectively, with the Diligence Files,
any notice of a Breach of a representation or warranty relating to any Delinquent Mortgage Loan received by the Asset Representations
Reviewer from any other party to this Agreement, a copy of the Prospectus, a copy of each related Mortgage Loan Purchase Agreement
and a copy of this Agreement, the “Review Materials”):

 

(1)       
a copy of an assignment of the Mortgage in favor of the Trustee, with evidence of recording thereon, for each Delinquent Mortgage
Loan that is subject to an Asset Review;

 

(2)       
a copy of an assignment of any related Assignment of Leases (if such item is a document separate from the Mortgage) in favor of
the Trustee, with evidence of recording thereon, related to each Delinquent Mortgage Loan that is subject to an Asset Review;

 

(3)       
a copy of the assignment of all unrecorded documents relating to each Delinquent Mortgage Loan that is subject to an Asset Review,
if not already covered pursuant to items (1) or (2) above;

 

 

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(4)       
a copy of all filed copies (bearing evidence of filing) or evidence of filing of any UCC Financing Statements related to each
Delinquent Mortgage Loan that is subject to an Asset Review;

 

(5)       
a copy of an assignment in favor of the Trustee of any financing statement executed and filed in the relevant jurisdiction related
to each Delinquent Mortgage Loan that is subject to an Asset Review;

 

(6)       
a copy of any notice previously delivered by the Master Servicer or the Special Servicer, as applicable, of any alleged defect
or Breach with respect to any Delinquent Mortgage Loan; and

 

(7)       
any other related documents that were entered into or delivered in connection with the origination of such Mortgage Loan that
are necessary in connection with the Asset Representations Reviewer’s completion of any Asset Review and that are that
are reasonably requested by the Asset Representations Reviewer in the time frame and as otherwise described below.

 

(ii)          In addition, in the event that, as part of an Asset Review of any Delinquent Mortgage Loan, the Asset Representations Reviewer
determines that the Review Materials provided to it with respect to such Delinquent Mortgage Loan are missing any documents that
are required to be part of the Review Materials for such Mortgage Loan or which were entered into or delivered in connection with
the origination of such Mortgage Loan that, in either case, are necessary in connection with its completion of any Test in connection
with such Asset Review, the Asset Representations Reviewer shall promptly, but in no event later than ten (10) Business Days after
receipt of the Review Materials, notify the Master Servicer (with respect to Non-Specially Serviced Mortgage Loans) or the Special
Servicer (with respect to Specially Serviced Mortgage Loans), as applicable, of such missing documents, and the Master Servicer
or the Special Servicer shall promptly, but in no event later than ten (10) Business Days after receipt of such notification from
the Asset Representations Reviewer, deliver to the Asset Representations Reviewer such missing documents to the extent they are
in its possession; provided that any such notification and/or request shall be in writing, specifically identifying the documents
being requested and sent to the notice address for the related party set forth in Section 13.05 of this Agreement. In the
event any missing documents are not provided by the Master Servicer or the Special Servicer, as applicable, within such 10-Business
Day period, the Asset Representations Reviewer shall request such documents from the related Mortgage Loan Seller; provided
that such Mortgage Loan Seller shall be required under the related Mortgage Loan Purchase Agreement to, deliver such additional
documents only to the extent such documents are in the possession of such Mortgage Loan Seller.

 

With
respect to any Delinquent Mortgage Loan that is a Non-Serviced Mortgage Loan, to the extent any documents required by the Asset
Representations Reviewer to complete a Test are missing or have not been received from the related Mortgage Loan Seller, the Asset
Representations Reviewer shall request such document(s) from the related Non-Serviced Master Servicer (if such Non-Serviced Mortgage
Loan is being

 

 

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serviced by a Non-Serviced Master Servicer) or the related Non-Serviced Special Servicer (if such Non-Serviced Mortgage Loan is being serviced by a Non-Serviced Special Servicer).

 

(iii)         The Asset Representations Reviewer may, but is under no obligation to, consider and rely upon information furnished to it by a Person that is not a party to this Agreement or the applicable Mortgage Loan Seller, and shall do so only if such information can be independently verified (without unreasonable effort or expense to the Asset Representations Reviewer) and is determined by the Asset Representations Reviewer in its good faith and sole discretion to be relevant to the Asset Review (any such information, “Unsolicited Information”) conducted pursuant to this Section 12.01 hereof.

 

(iv)         Upon receipt by the Asset Representations Reviewer of the Asset Review Notice and access to the Diligence Files posted to the Secure Data Room with respect to a Delinquent Mortgage Loan, the Asset Representations Reviewer, as an independent contractor, shall commence a review of the compliance of each Delinquent Mortgage Loan with the representations and warranties related to that Delinquent Mortgage Loan (such review, the “Asset Review”). The Asset Representations Reviewer shall perform an Asset Review with respect to each representation and warranty made by the related Mortgage Loan Seller with respect to such Delinquent Mortgage Loan in accordance with the Asset Review Standard and the procedure set forth on Exhibit PP (each such procedure, a “Test”); provided, however, the Asset Representations Reviewer may, but is under no obligation to, modify any Test and/or associated Review Materials described in Exhibit PP if, and only to the extent, the Asset Representations Reviewer determines pursuant to the Asset Review Standard that it is necessary to modify such Test and/or such associated Review Materials in order to facilitate its Asset Review in accordance with the Asset Review Standard. Once an Asset Review of a Mortgage Loan is completed, no further Asset Review shall be required in respect of, or performed on, such Mortgage Loan notwithstanding that such Mortgage Loan may continue to be a Delinquent Mortgage Loan or again become a Delinquent Mortgage Loan at a time when a new Asset Review Trigger occurs and a new Affirmative Asset Review Vote is obtained subsequent to the occurrence of such new Asset Review Trigger.

 

(v)          The Asset Representations Reviewer shall not be required to review any information other than (x) the Review Materials or (y) if applicable, Unsolicited Information.

 

(vi)         The Asset Representations Reviewer may, absent manifest error and subject to the Asset Review Standard, (i) assume, without independent investigation or verification, that the Review Materials are accurate and complete in all material respects and (ii) conclusively rely on such Review Materials.

 

(vii)        In the event that the Asset Representations Reviewer determines that the Review Materials are insufficient to complete a Test and such missing documentation is not delivered to the Asset Representations Reviewer by the related Mortgage Loan Seller, the Master Servicer (with respect to Non-Specially Serviced Mortgage Loans) or the

 

 

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Special Servicer (with respect to Specially Serviced Mortgage Loans) to the extent in the Master Servicer’s or the Special Servicer’s possession within ten (10) Business Days upon request described above, the Asset Representations Reviewer shall list such missing documents in a preliminary report setting forth the preliminary results of the application of the Tests and the reasons why such missing documents are necessary to complete a Test and (if the Asset Representations Reviewer has so concluded) that the absence of such documents shall be deemed to be a failure of such Test (“Preliminary Asset Review Report”). The Asset Representations Reviewer shall provide such Preliminary Asset Review Report to the Master Servicer or the Special Servicer, as applicable, and the related Mortgage Loan Seller no later than sixty (60) days after the date on which access to the Diligence Files in the Secure Data Room is made available to the Asset Representations Reviewer by the Certificate Administrator. The Special Servicer, if applicable, may review such Preliminary Asset Review Report and determine whether any information contained in such Preliminary Asset Review Report shall be labeled as “Privileged Information” and thus be excluded from the Asset Review Report and Asset Review Report Summary. If the Preliminary Asset Review Report indicates that any of the representations and warranties fails or is deemed to fail any Test, the related Mortgage Loan Seller shall have ninety (90) days from receipt of the Preliminary Asset Review Report (the “Cure/Contest Period”) to remedy or otherwise refute the failure. Any information and documents provided or explanations given to support the related Mortgage Loan Seller’s claim that the representation and warranty has not failed a Test or that any missing documents in the Review Materials are not required to complete a Test shall be promptly delivered by such Mortgage Loan Seller to the Asset Representations Reviewer. For the avoidance of doubt, the Asset Representations Reviewer will not be required to prepare a Preliminary Asset Review Report in the event the Asset Representations Reviewer determines that there is no Test failure with respect to the related Delinquent Mortgage Loan.

 

(viii)        The Asset Representations Reviewer shall, within the later of (x) sixty (60) days after the date on which access to the Diligence Files posted to the Secure Data Room is provided to the Asset Representations Reviewer by the Certificate Administrator or (y) ten (10) days after the expiration of the Cure/Contest Period, complete an Asset Review with respect to each Delinquent Mortgage Loan and deliver (i) a report setting forth the Asset Representations Reviewer’s findings and conclusions as to whether or not it has determined there is any evidence of a failure of any Test based on the Asset Review and a statement that the Asset Representations Reviewer’s findings and conclusions set forth in such report were not influenced by any third party (an “Asset Review Report”) to each party to this Agreement and the related Mortgage Loan Seller and (ii) a summary of the Asset Representations Reviewer’s conclusions included in such Asset Review Report (an “Asset Review Report Summary”) to the Trustee and the Certificate Administrator. The period of time by which the Asset Review Report must be completed and delivered may be extended by up to an additional thirty (30) days, upon written notice to the parties to this Agreement and the applicable Mortgage Loan Seller, if the Asset Representations Reviewer determines pursuant to the Asset Review Standard that such additional time is required due to the characteristics of the Delinquent Mortgage Loan and/or the Mortgaged Property or Mortgaged Properties. In no event may the Asset Representations Reviewer determine whether any Test failure constitutes a Material Defect, or whether

 

 

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the Trust should enforce any rights it may have against the applicable Mortgage Loan Seller, which, in each case, shall be a responsibility of the Master Servicer or Special Servicer, as applicable, pursuant to Section 2.03 of this Agreement.

 

(ix)          In addition, in the event that the Asset Representations Reviewer does not receive any documentation that it requested from the Master Servicer, the Special Servicer or the related Mortgage Loan Seller in sufficient time to allow the Asset Representations Reviewer to complete its Asset Review and deliver an Asset Review Report, the Asset Representations Reviewer shall prepare the Asset Review Report solely based on the documentation received by the Asset Representations Reviewer with respect to the related Delinquent Mortgage Loan, and the Asset Representations Reviewer shall have no responsibility to independently obtain any such documentation from any party to this Agreement.

 

(x)          Within forty-five (45) days after receipt of an Asset Review Report with respect to any Mortgage Loan, the Master Servicer (with respect to Non-Specially Serviced Mortgage Loans) or the Special Servicer (with respect to Specially Serviced Mortgage Loans) shall determine whether at that time, based on the Servicing Standard, there exists a Material Defect with respect to such Mortgage Loan. If the Master Servicer or the Special Servicer determines that a Material Defect exists, the Master Servicer or the Special Servicer, as applicable, shall enforce the obligations of the related Mortgage Loan Seller with respect to such Material Defect in accordance with Section 2.03.

 

(c)          The Asset Representations Reviewer shall keep any information appropriately labeled as “Privileged Information”confidential and shall not disclose such Privileged Information to any Person (including Certificateholders or the RR Interest Owner), other than (1) to the extent expressly required by this Agreement in an Asset Review Report or otherwise, to the other parties to this Agreement with a notice indicating that such information is Privileged Information or (2) pursuant to a Privileged Information Exception. Each party to this Agreement that receives Privileged Information from the Asset Representations Reviewer with a notice stating that such information is Privileged Information shall not disclose such Privileged Information to any Person without the prior written consent of the Special Servicer other than pursuant to a Privileged Information Exception. The Asset Representations Reviewer shall keep all documents received by the Asset Representations Reviewer in connection with an Asset Review that are provided by the Mortgage Loan Seller, the Master Servicer and the Special Servicer confidential and shall not disclose such documents except (i) for purposes of complying with its duties and obligations under this Agreement, (ii) if such documents become generally available and known to the public other than as a result of a disclosure directly or indirectly by the Asset Representations Reviewer, (iii) if it is reasonable and necessary for the Asset Representations Reviewer to disclose such documents or information in working with legal counsel, auditors, taxing authorities or other governmental agencies, (iv) if such documents or information was already known to the Asset Representations Reviewer and not otherwise subject to a confidentiality obligation and/or (v) if the Asset Representations Reviewer is required by law, rule, regulation, order, judgment or decree to disclose such document.

 

 

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(d)           The Asset Representations Reviewer may delegate its duties to agents or subcontractors so long as the related agreements or arrangements with such agents or subcontractors are consistent with the provisions of this Section 12.01; provided that no agent or subcontractor may (1) be affiliated with any Mortgage Loan Seller, the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Trustee, the Controlling Class Representative or any of their respective Affiliates or (ii) have been paid any fees, compensation or other remuneration by an Underwriter, the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Trustee, the Controlling Class Representative or any of their respective Affiliates in connection with due diligence or other services with respect to any Mortgage Loan prior to the Closing Date. Notwithstanding the foregoing sentence, the Asset Representations Reviewer shall remain obligated and primarily liable for any Asset Review required hereunder in accordance with the provisions of this Agreement without diminution of such obligation or liability or related obligation or liability by virtue of such delegation or arrangements or by virtue of indemnification from any Person acting as its agents or subcontractor to the same extent and under the same terms and conditions as if the Asset Representations Reviewer alone were performing its obligations under this Agreement. The Asset Representations Reviewer shall be entitled to enter into an agreement with any agent or subcontractor providing for indemnification of the Asset Representations Reviewer by such agent or subcontractor, and nothing contained in this Agreement shall be deemed to limit or modify such indemnification.

 

(e)          The Asset Representations Reviewer may assign its rights and obligations under this Agreement in connection with the sale or transfer of all or substantially all of its asset representations reviewer portfolio, provided that:  (i) the purchaser or transferee accepting such assignment and delegation (A) is an Eligible Asset Representations Reviewer, organized and doing business under the laws of the United States of America, any state of the United States of America or the District of Columbia, authorized under such laws to perform the duties of the asset representations reviewer resulting from a merger, consolidation or succession that is permitted under this Agreement, (B) executes and delivers to the Trustee and the Certificate Administrator an agreement that contains an assumption by such Person of the due and punctual performance and observance of each covenant and condition to be performed or observed by the Asset Representations Reviewer under this Agreement from and after the date of such agreement and (C) is not a Prohibited Party under this Agreement; (ii) the Asset Representations Reviewer will not be released from its obligations under this Agreement that arose prior to the effective date of such assignment and delegation; (iii) the rate at which each of the Asset Representations Reviewer Fee and the Asset Representations Reviewer Asset Review Fee (or any component thereof) is calculated may not exceed the rate then in effect and (iv) the resigning Asset Representations Reviewer shall be responsible for the reasonable costs and expenses of each other party hereto and the Rating Agencies in connection with such transfer. Upon acceptance of such assignment and delegation, the purchaser or transferee will be required to provide notice to each party to this Agreement and then will be the successor Asset Representations Reviewer hereunder.

 

(f)            If any Serviced Companion Loan becomes the subject of a review of representations and warranties “asset review” (as such term or an analogous term is defined in the related Other Pooling and Servicing Agreement) conducted by an “asset representations reviewer” (within the meaning of Item 1101(m) of Regulation AB, and such party, the “Other

 

 

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 Asset Representations Reviewer”) pursuant to each Other Pooling and Servicing Agreement, the Master Servicer, the Special Servicer, the Trustee and the Custodian shall reasonably cooperate with each Other Asset Representations Reviewer in connection with such asset review by providing such Other Asset Representations Reviewer with any documents reasonably requested by the related Other Asset Representations Reviewer, but only to the extent such documents are in the possession of the Master Servicer, the Special Servicer, the Trustee or the Custodian, as the case may be.

 

Section 12.02  Payment of Asset Representations Reviewer Fees and Expenses; Limitation of Liability.  (a)  As compensation for the performance of its routine duties, the Asset Representations Reviewer shall be paid a fee (the “Asset Representations Reviewer Fee”), payable monthly from amounts received in respect of the Mortgage Loans and shall be equal to the product of a rate equal to 0.00032% per annum (the “Asset Representations Reviewer Fee Rate”) and the Stated Principal Balance of the Mortgage Loans and any REO Loans (including any Non-Serviced Mortgage Loan, but not any Companion Loan) and shall be calculated in the same manner as interest is calculated on such Mortgage Loans.

 

(b)          Upon the completion of any Asset Review with respect to a Delinquent Mortgage Loan (in such case, a “Subject Loan”) and within sixty (60) days of receipt by the applicable Mortgage Loan Seller of a written request from the Asset Representations Reviewer, the Asset Representations Reviewer shall be paid a fee equal to the sum of (i) $16,300 multiplied by the number of Subject Loans, plus (ii) $1,650 per Mortgaged Property relating to the Subject Loans in excess of one Mortgaged Property per Subject Loan, plus (iii) $2,150 per Mortgaged Property relating to a Subject Loan subject to a ground lease, plus (iv) $1,150 per Mortgaged Property relating to a Subject Loan subject to a franchise agreement, hotel management agreement or hotel license agreement, subject, in the case of each of clauses (i) through (iv), to adjustments on the basis of the year-end “Consumer Price Index for All Urban Consumers” as published by the U.S. Department of Labor, or other similar index if the Consumer Price Index for All Urban Consumers is no longer calculated for the year of the Closing Date and for the year of the occurrence of the Asset Review (the “Asset Representations Reviewer Asset Review Fee”), which shall cover recurring and otherwise reasonably anticipated expenses of the Asset Representations Reviewer. The Asset Representations Reviewer Asset Review Fee with respect to each Delinquent Mortgage Loan shall be paid by the applicable Mortgage Loan Seller; provided, however, that if such Mortgage Loan Seller is insolvent, such fee shall become an expense of the Trust following delivery by the Asset Representations Reviewer of evidence reasonably satisfactory to the Master Servicer or the Special Servicer, as applicable, of such insolvency; provided, further, that notwithstanding any payment of such fee by the Trust to the Asset Representations Reviewer, such fee shall remain an obligation of such Mortgage Loan Seller and the Master Servicer or the Special Servicer as applicable, shall be required to pursue remedies against the Mortgage Loan Seller in accordance with the Servicing Standard in order to seek recovery of such amounts from such Mortgage Loan Seller or its insolvency estate.

 

(c)          Notwithstanding the foregoing, the Asset Representations Reviewer Asset Review Fee with respect to a Delinquent Mortgage Loan shall be included in the Purchase Price for any Mortgage Loan that was the subject of a completed Asset Review that is repurchased by a Mortgage Loan Seller to the extent such fee was not already paid by the

 

 

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related Mortgage Loan Seller, and such portion of the Purchase Price received shall be used to reimburse the Trust for such fees paid to the Asset Representations Reviewer pursuant to Section 12.02(b).

 

(d)           The Asset Representations Reviewer shall be liable in accordance herewith only to the extent of the obligations specifically imposed by this Agreement.

 

Section
12.03   Resignation of the Asset Representations Reviewer.  The Asset
Representations Reviewer may resign and be discharged from its obligations hereunder by giving written notice thereof to the
other parties to this Agreement and each Rating Agency.  In addition, the Asset Representations Reviewer shall at all
times be an Eligible Asset Representations Reviewer, and shall resign if it fails to be an Eligible Asset Representations
Reviewer by giving written notice to the other parties to this Agreement.  Upon such notice of resignation, the
Depositor shall promptly appoint a successor Asset Representations Reviewer that is an Eligible Asset Representations
Reviewer. No resignation of the Asset Representations Reviewer will be effective until a successor Asset Representations
Reviewer that is an Eligible Asset Representations Reviewer has been appointed and accepted the appointment.  If no
successor Asset Representations Reviewer shall have been so appointed and have accepted appointment within thirty (30) days
after the giving of such notice of resignation, the resigning Asset Representations Reviewer may petition any court of
competent jurisdiction for the appointment of a successor Asset Representations Reviewer that is an Eligible Asset
Representations Reviewer.  The Asset Representations Reviewer will bear all costs and expenses of each other party
hereto and each Rating Agency in connection with its resignation and the transfer of its duties.

 

Section 12.04   Restrictions of the Asset Representations Reviewer.  Neither the Asset Representations Reviewer nor any of its Affiliates shall make any investment in any Class of Certificates or the RR Interest; provided, however, that such prohibition shall not apply to (i) riskless principal transactions effected by a broker dealer Affiliate of the Asset Representations Reviewer or (ii) investments by an Affiliate of the Asset Representations Reviewer if the Asset Representations Reviewer and such Affiliate maintain policies and procedures that (A) segregate personnel involved in the activities of the Asset Representations Reviewer under this Agreement from personnel involved in such Affiliate’s investment activities and (B) prevent such Affiliate and its personnel from gaining access to information regarding the Trust and the Asset Representations Reviewer and its personnel from gaining access to such Affiliate’s information regarding its investment activities.

 

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

 

(i)            any failure by the Asset Representations Reviewer to observe or perform in any material respect any of its covenants or agreements or the material breach of its representations or warranties under this Agreement, which failure shall continue unremedied for a period of thirty (30) days after the date on which written notice of such

 

 

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failure, requiring the same to be remedied, shall have been given to the Asset Representations Reviewer by the Trustee or to the Asset Representations Reviewer and the Trustee by Certificateholders having at least 25% of the Voting Rights;

 

(ii)          any failure by the Asset Representations Reviewer to perform in accordance with the Asset Review Standard in any material respect, which failure shall continue 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 Asset Representations Reviewer by any party to this Agreement;

 

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

 

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

 

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

 

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

 

Upon receipt by the Certificate Administrator of written notice of the occurrence of any Asset Representations Reviewer Termination Event, the Certificate Administrator shall promptly provide written notice to all Certificateholders and the RR Interest Owner in accordance with the notice distribution procedures described in Section 12.01(a), unless the Certificate Administrator has received written notice that such Asset Representations Reviewer Termination Event has been remedied. If an Asset Representations Reviewer Termination Event shall occur then, and in each and every such case, so long as such Asset Representations Reviewer Termination Event shall not have been remedied, either the Trustee (i) may or (ii) upon the written direction of Certificateholders evidencing not less than 25% of the Voting Rights (without regard to the application of any Appraisal Reduction Amounts), the Trustee shall, terminate all of the rights and obligations of the Asset Representations Reviewer under this Agreement, other than rights and obligations accrued prior to such termination (including the right to receive all amounts accrued and owing to it under this Agreement) and other than

 

 

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indemnification rights (arising out of events occurring prior to such termination), by notice in writing to the Asset Representations Reviewer. The Asset Representations Reviewer is required to bear all reasonable costs and expenses of itself and of each other party to this Agreement in connection with its termination due to an Asset Representations Reviewer Termination Event. Notwithstanding anything herein to the contrary, the Depositor and each Mortgage Loan Seller shall have the right, but not the obligation, to notify the Certificate Administrator and the Trustee of any Asset Representations Reviewer Termination Event of which it becomes aware.

 

(b)           Upon (i) the written direction of Holders of Principal Balance Certificates and/or the Class RR Certificates evidencing not less than 25% of the Voting Rights (without regard to the application of any Appraisal Reduction Amounts) requesting a vote to terminate and replace the Asset Representations Reviewer with a proposed successor asset representations reviewer that is an Eligible Asset Representations Reviewer and (ii) payment by such Holders to the Certificate Administrator of the reasonable fees and expenses to be incurred by the Certificate Administrator in connection with administering such vote, the Certificate Administrator shall promptly provide written notice thereof to the Asset Representations Reviewer by mailing such notice to the Asset Representations Reviewer and to all Certificateholders and the RR Interest Owner in accordance with the notice distribution procedures described in Section 12.01(a). Upon the written direction of Holders of Principal Balance Certificates and/or the Class RR Certificates evidencing at least 75% of a Quorum (without regard to the application of any Appraisal Reduction Amounts), the Trustee shall terminate all of the rights and obligations of the Asset Representations Reviewer under this Agreement (other than any rights or obligations that accrued prior to the date of such termination and other than indemnification rights arising out of events occurring prior to such termination) by notice in writing to the Asset Representations Reviewer and appoint the proposed successor. As between the Asset Representations Reviewer, on the one hand, and the Holders of Principal Balance Certificates and the Class RR Certificate, on the other, the Holders of Principal Balance Certificates and the Class RR Certificate shall be entitled in their sole discretion to vote for the termination or not vote for the termination of the Asset Representations Reviewer. In the event that Holders of Principal Balance Certificates and/or the Class RR Certificates evidencing at least 75% of a Quorum (without regard to the application of any Appraisal Reduction Amounts) elect to remove the Asset Representations Reviewer without cause and appoint a successor, the successor asset representations reviewer will be responsible for all expenses necessary to effect the transfer of responsibilities from its predecessor.

 

(c)          On or after the receipt by the Asset Representations Reviewer of written notice of termination, subject to this Section 12.05, all of its authority and power under this Agreement shall be terminated and, without limitation, the terminated Asset Representations Reviewer shall execute any and all documents and other instruments, and do or accomplish all other acts or things reasonably necessary or appropriate to effect the purposes of such notice of termination. As soon as practicable, but in no event later than thirty (30) days after (1) the Asset Representations Reviewer resigns pursuant to Section 12.03 of this Agreement or (2) the Trustee delivers such written notice of termination to the Asset Representations Reviewer, the Trustee shall appoint a successor asset representations reviewer that is an Eligible Asset Representations Reviewer. The Trustee shall provide written notice of the appointment of an Asset Representations Reviewer to the Master Servicer, the Special Servicer, the Operating

 

 

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Advisor, the Certificate Administrator, the Controlling Class Representative, the Directing Holder and each Certificateholder within one Business Day of such appointment.

 

The Asset Representations Reviewer shall at all times be an Eligible Asset Representations Reviewer and if the Asset Representations Reviewer ceases to be an Eligible Asset Representations Reviewer, the Asset Representations Reviewer shall immediately resign under Section 12.03 of this Agreement and the Trustee shall appoint a successor asset representations reviewer subject to and in accordance with this Section 12.05. Notwithstanding the foregoing, if the Trustee is unable to find a successor asset representations reviewer within thirty (30) days of the termination of the Asset Representations Reviewer, the Depositor shall be permitted to find a replacement. The Trustee shall not be liable for any failure to identify and appoint a successor asset representations reviewer so long as the Trustee uses commercially reasonable efforts to conduct a search for a successor asset representations reviewer and such failure is not a result of the Trustee’s negligence, bad faith or willful misconduct in the performance of its obligations hereunder.

 

(d)           Upon any termination of the Asset Representations Reviewer and appointment of a successor to the Asset Representations Reviewer, the Trustee shall, as soon as possible, give written notice thereof to the Special Servicer, the Master Servicer, the Certificate Administrator (who shall, as soon as possible, give written notice thereof to the Certificateholders and the RR Interest Owner), the Operating Advisor, the Mortgage Loan Sellers, the Depositor and, prior to the occurrence and continuance of a Consultation Termination Event, the Directing Holder and each Rating Agency. In the event that the Asset Representations Reviewer is terminated, all of its rights and obligations under this Agreement shall terminate, other than any rights or obligations that accrued prior to the date of such termination (including the right to receive all amounts accrued and owing to it under this Agreement) and other than indemnification rights (arising out of events occurring prior to such termination).

 

Article XIII

MISCELLANEOUS PROVISIONS

 

Section 13.01   Amendment.  (a)  This Agreement may be amended from time to time by the parties hereto, without the consent of any of the Certificateholders, the RR Interest Owner or the Companion Holders:

 

(i)            to correct any defect or ambiguity in this Agreement in order to address 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 Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates, the RR Interest, the Trust or this Agreement or to correct or supplement any of its provisions which may be defective or inconsistent with any other provisions therein or to correct any error;

 

 

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(iii)          to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder or the RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment;

 

(iv)          to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any Trust REMIC; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, the RR Interest Owner or Companion Holder;

 

(v)           to modify, eliminate or add to the provisions of Section 5.03(n) or any other provision hereof restricting Transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders or the RR Interest Owner (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person;

 

(vi)          to revise or add any other provisions with respect to matters or questions arising under this Agreement or any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder, the RR Interest Owner or any holder of a Serviced Companion Loan not consenting to such revision or addition, as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and, with respect to a Serviced Whole Loan, a Companion Loan Rating Agency Confirmation from each Companion Loan Rating Agency;

 

(vii)        to amend or supplement any provision hereof to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and, with respect to a Serviced Whole Loan, Companion Loan Rating Agency Confirmation from each Companion Loan Rating Agency; provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder or the RR Interest Owner not consenting to such amendment or supplement, as evidenced by an Opinion of Counsel;

 

 

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(viii)       to modify the provisions of Sections 3.05 and 3.17 (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other than any applicable Excluded Loan, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with respect to a Serviced Whole Loan, each Companion Loan Rating Agency has delivered a Companion Loan Rating Agency Confirmation;

 

(ix)          to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website pursuant to Section 3.13(c) and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website;

 

(x)           to modify, eliminate or add to any provisions of this Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); or

 

(xi)          to modify, eliminate or add to any provisions of this Agreement (i) to such extent as would be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (ii) in the event the Risk Retention Rule 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, as evidenced by an opinion of counsel.

 

            Notwithstanding the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under any Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller, (B) may materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent or (C) may materially and adversely affect the RR Interest Owner without the RR Interest Owner’s consent.

 

(b)          This Agreement may also be amended from time to time by the parties hereto with the consent of the RR Interest Owner (if affected by such amendment) and the Holders of Certificates of each Class affected by such amendment evidencing, in the case of a Class of Certificateholders, in the aggregate not less than a majority of the aggregate Percentage

 

 

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Interests constituting the Class, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Holders of Certificates of such Class or the RR Interest Owner; provided, however, that no such amendment shall:

 

(i)           reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed on a Certificate of any Class or the RR Interest without the consent of the Holder of the Certificate or the RR Interest Owner or which are required to be distributed to a Companion Holder without the consent of such Companion Holder; or

 

(ii)          reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates of such Class then outstanding or such Companion Holders, as applicable; or

 

(iii)         adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding; or

 

(iv)         change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

(v)          amend the Servicing Standard

 

without, in each case, the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and, with respect to a Serviced Whole Loan, receipt of Companion Loan Rating Agency Confirmation from each Companion Loan Rating Agency and, if required under the related Co-Lender Agreement, the consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole Loan.

 

(c)          Notwithstanding the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator, the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment hereto without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment is permitted hereunder, that all conditions precedent have been satisfied and that such amendment or the exercise of any power granted to the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or any other specified Person in accordance with such amendment will not result in an Adverse REMIC Event under the relevant provisions of the Code. Furthermore, no amendment to this Agreement may be made that changes any provisions specifically required to be included in this Agreement by any Non-Serviced Co-Lender Agreement without the consent of the holder of the related Pari Passu Companion Loan(s).

 

 

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(d)           Promptly after the execution of any amendment to this Agreement, the Certificate Administrator shall post a copy of the same to the Certificate Administrator’s Website, deliver a copy of the same to the 17g-5 Information Provider who shall post a copy of the same on the 17g-5 Information Provider’s Website pursuant to Section 3.13(b) and Section 3.13(c), as applicable, and thereafter, the Certificate Administrator shall furnish written notification of the substance of such amendment to each Certificateholder and each Serviced Companion Noteholder, the Depositor, the Master Servicer, the Special Servicer, the Underwriters and the Rating Agencies.

 

(e)           It shall not be necessary for the consent of Certificateholders or the RR Interest Owner under this Section 13.01 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 or the RR Interest Owner shall be subject to such reasonable regulations as the Certificate Administrator may prescribe.

 

(f)           The Trustee and the Certificate Administrator shall not be obligated to enter into any amendment pursuant to this Section 13.01 that affects its rights, duties and immunities under this Agreement or otherwise.

 

(g)          The cost of any Opinion of Counsel to be delivered pursuant to Section 13.01(a) or (c) shall be borne by the Person seeking the related amendment, except that if the Master Servicer, the Certificate Administrator or the Trustee requests any amendment of this Agreement in furtherance of the rights and interests of Certificateholders and the RR Interest Owner, the cost of any Opinion of Counsel required in connection therewith pursuant to Section 13.01(a) or (c) shall be payable out of the Collection Account.

 

(h)           The Servicing Standard shall not be amended unless each Rating Agency provides Rating Agency Confirmation and, with respect to a Serviced Whole Loan, each Companion Loan Rating Agency provides a Companion Loan Rating Agency Confirmation.

 

(i)            To the extent the Operating Advisor, the Trustee, Certificate Administrator, Master Servicer, the Special Servicer, the Asset Representations Reviewer or Depositor obtains an Opinion of Counsel as provided for in Section 13.01(c) in connection with executing any amendment to this Agreement, such party shall be deemed not to have acted negligently in connection with entering into such amendment for purposes of availing itself of any indemnity provided to such party under this Agreement.

 

(j)            Notwithstanding any other provision of this Agreement, for purposes of the giving or withholding of consents pursuant to this Section 13.01, any Certificates or the RR Interest registered in the name of the Depositor or any Affiliate of the Depositor shall be entitled to the same Voting Rights with respect to matters described above as they would if any other Person held such Certificates, so long as neither the Depositor nor any of its Affiliates is performing servicing duties with respect to any of the Mortgage Loans.

 

(k)           This Agreement may not be amended without the consent of any holder of a Serviced Companion Loan if such amendment would materially and adversely affect the

 

 

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rights of such Companion Holder hereunder. With respect to any Serviced Whole Loan, in connection with any amendment of this Agreement, the party requesting such amendment shall provide written notice (which may be by e-mail) of such proposed amendment to each Other Depositor (and counsel thereto) and the Other Certificate Administrator of each Other Securitization no later than three (3) Business Days prior to the date of effectiveness of such amendment, and, on the date of effectiveness of such amendment to this Agreement, the Certificate Administrator shall provide a copy of such amendment in an EDGAR-compatible format to each Other Depositor (and counsel thereto) and the Other Certificate Administrator of each Other Securitization.

 

Section 13.02   Recordation of Agreement; Counterparts.  (a)  To the extent permitted by applicable law, this Agreement is subject to recordation in all appropriate public offices for real property records in all the counties or other comparable jurisdictions in which any or all of the properties subject to the Mortgages are situated, and in any other appropriate public recording office or elsewhere, such recordation to be effected by the Certificate Administrator at the expense of the Depositor on direction by the Special Servicer and with the consent of the Depositor (which may not be unreasonably withheld), but only upon direction accompanied by an Opinion of Counsel (the cost of which shall be paid by the Depositor) to the effect that such recordation materially and beneficially affects the interests of the Certificateholders and the RR Interest Owner.

 

(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 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.

 

(c)           The Trustee shall make any filings required under the laws of the state of its place of business required solely by virtue of the fact of the location of the Trustee’s place of business, the costs of which, if any, to be at the Trustee’s expense.

 

Section 13.03  Limitation on Rights of Certificateholders and RR Interest Owner.  (a)  The death or incapacity of any Certificateholder or the RR Interest Owner shall not operate to terminate this Agreement or the Trust, nor entitle such Certificateholder’s or the RR Interest

 

 

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Owner’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, nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them.

 

(b)          No Certificateholder or RR Interest Owner 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, 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 or the RR Interest Owner from time to time as partners or members of an association; nor shall any Certificateholder or RR Interest Owner be under any liability to any third party by reason of any action taken by the parties to this Agreement pursuant to any provision hereof.

 

(c)           No Certificateholder or RR Interest Owner shall have any right by virtue of any provision of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement, any Co-Lender Agreement, any Mortgage Loan, the RR Interest or with respect to the Certificates, unless, with respect to any suit, action or proceeding upon or under or with respect to this Agreement, such Holder or the RR Interest Owner previously shall have given to the Trustee and the Certificate Administrator a written notice of default, and of the continuance thereof, as herein before provided, or of the need to institute such suit, action or proceeding on behalf of the Trust and unless also (except in the case of a default by the Trustee) the RR Interest Owner and Holders of Certificates of any Class evidencing not less than 25% of the related Percentage Interests in such Class shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee such indemnity reasonably satisfactory to it as it may require against the costs, expenses and liabilities to be incurred therein or thereby, and the Trustee, for sixty (60) days after its receipt of such notice, request and offer of such indemnity, shall have neglected or refused to institute any such action, suit or proceeding. The Trustee shall be under no obligation to exercise any of the trusts or powers vested in it hereunder or to institute, conduct or defend any litigation hereunder or in relation hereto at the request, order or direction of any of the Holders of Certificates or the RR Interest Owner unless such Holders or the RR Interest Owner, as applicable, have offered to the Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities which may be incurred therein or hereby. It is understood and intended, and expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatsoever by virtue of any provision of this Agreement or the Certificates to affect, disturb or prejudice the rights of the Holders of any other of such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder, which priority or preference is not otherwise provided for herein, or to enforce any right under this Agreement or the Certificates, except in the manner herein or therein provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 13.03(c), each and every Certificateholder and the Trustee shall be entitled to such relief as can be given either at law or in equity.

 

Section 13.04   Governing Law; Submission to Jurisdiction; Waiver of Jury Trial.  THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER

 

 

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OR RELATED TO THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF. THE PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.

 

EACH OF THE PARTIES HERETO IRREVOCABLY (I) SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK FOR THE PURPOSE OF ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT; (II) WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM IN ANY ACTION OR PROCEEDING IN ANY SUCH COURT; (III) AGREES THAT A FINAL JUDGMENT IN ANY ACTION OR PROCEEDING IN ANY SUCH COURT SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN ANY OTHER JURISDICTION BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW; AND (IV) CONSENTS TO SERVICE OF PROCESS UPON IT BY MAILING A COPY THEREOF BY CERTIFIED MAIL ADDRESSED TO IT AS PROVIDED FOR NOTICES HEREUNDER.

 

THE PARTIES HERETO HEREBY WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section 13.05   Notices.  (a)  Any communications provided for or permitted hereunder shall be in writing and, unless otherwise expressly provided herein, shall be deemed to have been duly given if personally delivered at or couriered, sent by facsimile transmission (other than with respect to the Mortgage Loan Sellers) or mailed by registered mail, postage prepaid (except for notices to the Mortgage Loan Sellers, the Master Servicer the Certificate Administrator and the Trustee which shall be deemed to have been duly given only when received), to:

 

In the case of the Depositor:

 

GS Mortgage Securities Corporation II

200 West Street

New York, New York 10282

Attention:  Leah Nivison

E-mail:  leah.nivison@gs.com

 

 

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with a copy to:

Brian Bolton 
200 West Street 
New York, New York 10282
E-mail:  brian.a.bolton@gs.com

 

with a copy to:

E-mail: gs-refgsecuritization@gs.com

 

In the case of the Master
Servicer:

Wells Fargo Bank, National Association
Commercial
Mortgage Servicing
Three Wells Fargo
401 South Tryon Street, 8th Floor
MAC
D1050-084
Charlotte, North Carolina 28202
Attention: GSMS 2020-GC47
Asset Manager
Facsimile number: (704) 715-0036
Email: commercial.servicing@wellsfargo.com

 

with a copy to:

 

Wells Fargo Bank, National Association Legal Department
301 S. College St., TW-30
Charlotte, North Carolina 28202
Attention: Commercial Mortgage
Reference: GSMS 2020-GC47

 

with a copy to:

 

K&L Gates LLP
300 South Tryon Street, Suite 1000
Charlotte, North Carolina 28202
Attention: Stacy G. Ackermann
Reference: GSMS 2020-GC47

 

 

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In the case of the Special Servicer:

KeyBank National Association, 
11501 Outlook Street, Suite 300 
Overland Park, Kansas 66211 
Attention: Alan Williams 
(877) 379-1625 
Email: Keybank_notices@keybank.com

with a copy to:

Polsinelli PC 
900 West 48th Place, Suite 900 
Kansas City, Missouri 64112 
Attn: Kraig Kohring 
Fax Number: (816) 753-1536

with respect to any email notices set forth in this Agreement, email notices to:

keybank_notices@keybank.com

 

In the case of the Controlling Class Representative:  

Prime Finance Long Duration (B-Piece) II Holdco II, L.P.
c/o Prime Finance
1330 Avenue of the Americas, Suite 2700
New York, NY 10019
Attention: Jon W. Brayshaw and Luke Dann

with copies to 

Polsinelli PC
900 West 48th Place, Suite 900
Kansas City, Missouri 64112
Attention: Kraig Kohring
Facsimile number: (816) 753-1536

 

In the case of the Risk Retention Consultation Parties:

Goldman Sachs Mortgage Company
200 West Street
New York, New York 10282
Attention: Leah Nivison
Email:  leah.nivison@gs.com

 

 

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with a copy to:

Brian Bolton 
200 West Street 
New York, New York 10282
E-mail:  brian.a.bolton@gs.com

with a copy to: 

E-mail: gs-refgsecuritization@gs.com

 

Citi Real Estate Funding Inc.
388 Greenwich Street, 6th Floor
New York, New York 10013
Attention: Richard Simpson
Fax Number: (646) 328-2943

 

with a copy to:

Citi Real Estate Funding Inc.
390 Greenwich Street, 5th Floor
New York, New York 10013
Attention: Raul Orozco
Fax Number: (347) 394-0898

 

with a copy to:

Citi Real Estate Funding Inc.
388 Greenwich Street, 17th Floor
New York, New York 10013
Attention: Ryan M. O’Connor
Fax Number: (646) 862-8988

 

with copies by electronic mail to:

Richard Simpson at Richard.simpson@citi.com and Ryan M. O’Connor at ryan.m.oconnor@citi.com

 

In the case of the Trustee:

Wilmington Trust, National Association
100 North Market Street
Wilmington, Delaware 19890
Attention: CMBS Trustee GSMS 2020-GC47

 

 

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with a copy to:

 

CMBSTrustee@wilmingtontrust.com
Facsimile No.: (302) 636-4140

 

In the case of the Certificate Administrator:

Wells Fargo Bank, National Association
9062 Old Annapolis Road
Columbia, Maryland  21045-1951
Attention:  Corporate Trust Services (CMBS)
GS Mortgage Securities Trust 2020-GC47
Fax number:  (410) 715-2380

with a copy to:

E-Mail:  cts.cmbs.bond.admin@wellsfargo.com, and to trustadministrationgroup@wellsfargo.com, except as otherwise set forth herein

 

or in the case of surrender, Transfer or exchange for Certificates other than the Class RR Certificates during the Transfer Restriction Period, to:

Wells Fargo Bank, National Association
Certificate Registrar
600 South 4th Street, 7th Floor, MAC N300-070
Minneapolis, Minnesota 55479
Attn:  Certificate Transfer Group – GSMS 2020-GC47

 

or in the case of a Transfer of the Class RR Certificates during the Transfer Restriction Period to:

Wells Fargo Bank, National Association
9062 Old Annapolis Road
Columbia, Maryland 21045-1951
Attention:  Risk Retention Custody (CMBS)
GS Mortgage Securities Trust 2020-GC47

with a copy to:

riskretentioncustody@wellsfargo.com

 

 

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or in the case of the
Custodian, to:

Wells Fargo Bank, National Association
1055
10th Avenue, Southeast
Minneapolis, Minnesota 55414
Attention: 
Document Custody Group – GSMS 2020-GC47

 

with a copy to:

 

cmbscustody@wellsfargo.com

 

In the case of the Mortgage Loan Sellers:

 

	
 

	
(i)

	
Goldman Sachs Mortgage Company
200 West Street
New York, New York 10282
Attention: Leah Nivison
Email:  leah.nivison@gs.com

 

with a copy to:

 

Brian
Bolton 
200 West Street 
New York, New York 10282
E-mail: 
brian.a.bolton@gs.com

 

with a copy to:

 

E-mail: gs-refgsecuritization@gs.com

 

	
 

	
(ii)

	
Citi Real Estate Funding Inc. 
388 Greenwich Street, 6th Floor
New York, New York 10013
Attention: Richard Simpson
Fax Number: (646) 328-2943

 

with a copy to:

 

Citi Real Estate Funding Inc. 
390 Greenwich Street, 5th Floor
New York, New York 10013
Attention: Raul Orozco
Fax Number: (347) 394-0898

 

 

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with a copy to:

Citi Real Estate Funding Inc.
388 Greenwich Street, 17th Floor
New York, New York 10013
Attention: Ryan M. O’Connor
Fax Number: (646) 862-8988

 

with copies by electronic mail to:

Richard Simpson at Richard.simpson@citi.com, Ryan M. O’Connor at ryan.m.oconnor@citi.com and, in the case of each 15Ga-1 Notice, cmbs.notice@citi.com

 

In the case of the Operating Advisor and the Asset Representations Reviewer:

Park Bridge Lender Services LLC
600 Third Avenue, 40th Floor
New York, New York 10016
Attention:  GS 2020-GC47-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

 

In the case of any mezzanine lender:

The address set forth in the related Co-Lender Agreement.

 

To each such Person, such other address as may hereafter be furnished by such Person to the parties hereto in writing. Any communication required or permitted to be delivered to a Certificateholder shall be deemed to have been duly given when mailed first class, postage prepaid, to the address of such Holder as shown in the Certificate Register. Any notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Certificateholder receives such notice.

 

(b)          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 3.13(c) to the Rating Agencies at the address listed below, promptly following the occurrence thereof. The Master Servicer or the Special Servicer, the Certificate Administrator, and Trustee also shall furnish such other information regarding the Trust 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 3.13(c); provided, further, that 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, as the case may be, under this Agreement. Any confirmation of the rating by the Rating Agencies required hereunder shall be in writing.

 

 

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Any notices to the Rating Agencies shall be sent to the following addresses:

 

Fitch Ratings, Inc.
33 Whitehall Street
New York, New York 10004
Attention:  Commercial Mortgage Backed Securities Surveillance
E-mail:  info.cmbs@fitchratings.com

 

Kroll Bond Rating Agency, Inc.
805 Third Avenue, 29th Floor
New York, New York 10022
Attention:  CMBS Surveillance
Email: cmbssurveillance@krollbondratings.com

S&P Global Ratings
55 Water Street, 41st Floor
New York, New York 10041
Attention: Commercial Mortgage Surveillance Manager
Email: CMBS_Info_17g5@spglobal.com

 

Section 13.06  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 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 or the RR Interest Owner.

 

Section 13.07   Grant of a Security Interest.  The Depositor intends that the conveyance of the Depositor’s right, title and interest in and to the Mortgage Loans pursuant to this Agreement 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 in and to the assets comprising the Trust Fund, including without limitation, the Mortgage Loans, all principal and interest received or receivable with respect to the Mortgage Loans (other than principal and interest payments due and payable prior to the Cut-off Date and Principal Prepayments received prior to the Cut-off Date), all amounts held from time to time in the Collection Account, the Distribution Accounts, the Non-VRR Gain-on-Sale Reserve Account, the VRR Gain-on-Sale Reserve Account, the Interest Reserve Account and, if established, the applicable REO Account, and all reinvestment earnings on such amounts, and all of the Depositor’s right, title and interest in and to the proceeds of any title, hazard or other Insurance Policies related to such Mortgage Loans and (ii) this Agreement shall constitute a security agreement under applicable law. This Section 13.07 shall constitute notice to the Trustee pursuant to any of the requirements of the applicable UCC.

 

 

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Section 13.08  Successors and Assigns; Third Party Beneficiaries.  (a)  The provisions of this Agreement shall be binding upon and inure to the benefit of the respective successors and assigns of the parties hereto, and all such provisions shall inure to the benefit of the Certificateholders and the RR Interest Owner.  Each Mortgage Loan Seller (and its agents), each Companion Holder (and its respective agents), each Underwriter, each depositor of a Regulation AB Companion Loan Securitization and each Initial Purchaser is an intended third-party beneficiary to this Agreement in respect of the respective rights afforded it hereunder. No other person, including, without limitation, any Mortgagor, shall be entitled to any benefit or equitable right, remedy or claim under this Agreement.

 

(b)          Each Serviced Companion Noteholder shall be a third-party beneficiary to this Agreement in respect to the rights afforded it hereunder and each Other Master Servicer shall be entitled to enforce the rights of the Serviced Companion Noteholder under this Agreement and the related Co-Lender Agreement. Each of the Other Servicers, the Other Certificate Administrators and the Other Trustees shall be a third-party beneficiary to this Agreement in respect to all provisions herein expressly relating to compensation, reimbursement or indemnification of such Other Servicer, Other Certificate Administrator and Other Trustee, and any provisions regarding reimbursement or advances or interest thereon to such Other Servicer, Other Certificate Administrator or Other Trustee.

 

(c)           Each of the applicable Non-Serviced Trustee, Non-Serviced Master Servicer, Non-Serviced Special Servicer and any Non-Serviced Trust holding a related Non-Serviced Companion Loan, shall be a third-party beneficiary to this Agreement in respect to its rights as specifically provided for herein and under the applicable Non-Serviced Co-Lender Agreement.

 

(d)           Subject to Section 2.03(i)(ii), and Section 2.03(j)(v), any Requesting Holder shall be an express third-party beneficiary to this Agreement for purposes of exercising rights under Section 2.03(i) through Section 2.03(m).

 

Section 13.09   Article and Section Headings.  The article and section headings herein are for convenience of reference only, and shall not limit or otherwise affect the meaning hereof.

 

Section 13.10   Notices to the Rating Agencies.  (a)  The Certificate Administrator shall use reasonable efforts promptly to provide notice to the 17g-5 Information Provider for posting on the 17g-5 Information Provider’s Website pursuant to Section 3.13(c), (and the related 17g-5 information provider for any class of Serviced Companion Loan Securities to the extent applicable to any Serviced Whole Loan) with respect to each of the following of which it has actual knowledge:

 

(i)           any material change or amendment to this Agreement;

 

(ii)           the occurrence of a Servicer Termination Event that has not been cured;

 

(iii)         the resignation or termination of the Certificate Administrator, the Master Servicer, the Asset Representations Reviewer or the Special Servicer; and

 

 

    -446-

     

    

 

(iv)          the Repurchase or substitution of Mortgage Loans by the related Mortgage Loan Seller pursuant to Section 6 of the related Mortgage Loan Purchase Agreement.

 

(b)          The Master Servicer shall use reasonable efforts to promptly provide notice to the 17g-5 Information Provider for posting on the 17g-5 Information Provider’s Website pursuant to Section 3.13(c), with respect to each of the following of which it has actual knowledge:

 

(i)            the resignation or removal of the Trustee or the Certificate Administrator;

 

(ii) 
         any change in the location of the Collection Account;

 

(iii)   
      any event that would result in the voluntary or involuntary termination of any insurance of the accounts of the Trustee;

 

(iv)   
      any change in the lien priority of any Mortgage Loan with respect to an assumption of the Mortgage Loan or additional encumbrance described in Section 3.08;

 

(v)   
       any additional lease to an anchor tenant or termination of any existing lease to an anchor tenant at retail properties for any Mortgage Loan with a Stated Principal Balance that is equal to or greater than the lesser of (1) an amount greater than 5% of the then aggregate outstanding principal balances of the Mortgage Loans and (2) $35,000,000;

 

(vi)    
      any material damage to any Mortgaged Property;

 

(vii) 
       any assumption with respect to a Mortgage Loan;

 

(viii)  
     any release or substitution of any Mortgaged Property;

 

(ix)  
        any additional debt is incurred; and

 

(x)  
         any modifications to any intercreditor agreement.

 

(c)          
The Certificate Administrator shall promptly furnish notice to the 17g-5 Information Provider for posting on the 17g-5
Information Provider’s Website pursuant to Section 3.13(c), and thereafter to the Rating Agencies of (i) any
change in the location of the Distribution Accounts and (ii) the final payment to any Class of Certificateholders. 

 

(d)          The Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer, as applicable, shall furnish to the 17g-5 Information Provider for posting on the 17g-5 Information Provider’s Website pursuant to Section 3.13(c), and thereafter to each Rating Agency (and any Companion Loan Rating Agency) with respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan) such information as any Rating Agency shall reasonably request and which the Trustee, the Certificate Administrator, the Master Servicer or Special Servicer, can reasonably provide in accordance with applicable law and without waiving any attorney-client privilege relating to such information or violating the terms of this Agreement or any Mortgage Loan documents. The Trustee, the Certificate Administrator, the

 

 

    -447-

     

    

 

Master Servicer and the Special Servicer, as applicable, may include any reasonable disclaimer it deems appropriate with respect to such information. Notwithstanding anything to the contrary herein, nothing in this Section 13.10 shall require a party to provide duplicative notices or copies to the Rating Agencies with respect to any of the above listed items. In connection with the delivery by the Master 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 Master Servicer or the Special Servicer when such information, report, notice or document has been posted. The Master Servicer or the Special Servicer, as applicable, may, but shall not be obligated to send such information, report, notice or document to the applicable Rating Agency following the earlier of (a) receipt of such notice from the 17g-5 Information Provider and (b) two (2) Business Days following delivery to the 17g-5 Information Provider.

 

Section 13.11   Cooperation with the Mortgage Loan Sellers with Respect to Rights Under the Loan Agreements.  It is expressly agreed and understood that, notwithstanding the assignment of the Mortgage Loan documents, it is expressly intended that each Mortgage Loan Seller get the benefit of any securitization indemnification provisions in the Mortgage Loan documents. Therefore, the Depositor, Master Servicer, the Special Servicer and Trustee hereby agree to reasonably cooperate with each Mortgage Loan Seller at the sole reasonable expense of such Mortgage Loan Seller with respect to the benefits of the provisions of any section of a loan agreement or securitization cooperation agreement related to indemnification of the lender and/or its Affiliates with respect to any securitization of the related Mortgage Loan, including, without limitation, reassignment to the related Mortgage Loan Seller of such sections, but no other portion of the Mortgage Loan documents, to permit the related Mortgage Loan Seller and its respective Affiliates to enforce such provisions for their respective benefits; provided that none of the Depositor, Master Servicer, Special Servicer or Trustee shall be required to take any action that is inconsistent with the Servicing Standard, would violate applicable law, the terms and provisions of this Agreement or the Mortgage Loan documents, would adversely affect any Certificateholder, would cause any Trust REMIC to fail to qualify as a REMIC, or would result in the imposition of a “prohibited transaction” or “prohibited contribution” tax under the REMIC Provisions. To the extent that the Trustee is required to execute any document facilitating an assignment under this Section 13.11, such document shall be in form and substance reasonably acceptable to the Trustee.

 

[SIGNATURES COMMENCE ON FOLLOWING PAGE]

 

    -448-

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused their names to be signed hereto by their respective officers thereunto duly authorized,
in each case as of the day and year first above written. 

	 	 	 
	 	GS
    MORTGAGE SECURITIES CORPORATION II, Depositor
	 	 	 
	 	By:	/s/ Leah
    Nivison
	 	 	Name: Leah Nivison
	 	 	Title: Chief Executive Officer
	 	 	 
	 	Wells
    Fargo Bank, National Association, Master
    Servicer
	 	 	 
	 	By:	/s/ Amanda
    Perkins
	 	 	Name: Amanda Perkins
	 	 	Title: Vice President
	 	 	 
	 	KEYBANK
    NATIONAL ASSOCIATION, Special Servicer
	 	 	 
	 	By:	/s/ Mike
    Jenkins
	 		Name: Mike Jenkins
	 	 	Title: Vice President
	 	 	 
	 	WILMINGTON
                    TRUST, National Association,
                    not in its individual capacity, but solely as Trustee
 
	 	 	 
	 	By:	/s/ Dorri
    Costello
	 	 	Name: Dorri Costello
	 	 	Title: Vice President

 

GSMS
2020-GC47 - POOLING AND SERVICING AGREEMENT

 

    

     

    

 

	 	 	 
	 	Wells
    Fargo Bank, National Association, not in
    its individual capacity, but solely as Certificate Administrator
	 	 	 
	 	By:	/s/ Amy
    Mofsenson
	 	 	Name: Amy Mofsenson
	 	 	Title: Vice President

	 	 	 	 
	 	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
	 	 	Name: Robert J. Spinna, Jr.
	 	 	Title: Managing Member
	 	 	 
	 	PARK
    BRIDGE LENDER SERVICES LLC, as Asset Representations Reviewer
	 	 	 
	 	By:	Park Bridge Advisors LLC

    Its Sole Member
	 	 	 
	 	 	By:	Park Bridge Financial LLC

    Its Sole Member
	 	 	 
	 	By:	/s/
    Robert J. Spinna
	 	 	Name: Robert J. Spinna, Jr.
	 	 	Title: Managing Member

 

GSMS
2020-GC47 - POOLING AND SERVICING AGREEMENT

 

    

     

    
 

 

EXHIBIT A-1

 

FORM OF CLASS A-1 CERTIFICATE

 

CLASS A-1

 

GS MORTGAGE SECURITIES TRUST 2020-GC47

 

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES 2020-GC47, CLASS A-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.]1

 

[TRANSFERS OF THIS BOOK-ENTRY 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 BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE UNDERWRITERS, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS 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 POOLING 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 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.

 

THE PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL DISTRIBUTIONS ON THE CERTIFICATES AND THE PORTION OF REALIZED LOSSES ALLOCABLE TO THIS CERTIFICATE

 

 

 

1      
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

2      
Book-Entry Certificate legend.

 

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AND WILL BE INCREASED BY RECOVERIES ON THE RELATED MORTGAGE LOANS FOR NONRECOVERABLE ADVANCES (PLUS INTEREST THEREON) THAT WERE PREVIOUSLY REIMBURSED FROM PRINCIPAL COLLECTIONS ON THE MORTGAGE LOANS THAT RESULTED IN A REDUCTION OF THE NON-VRR PRINCIPAL DISTRIBUTION AMOUNT.  ACCORDINGLY, THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW.  ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE CERTIFICATE ADMINISTRATOR.

 

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PASS-THROUGH RATE: 1.358600000%

DENOMINATION:  $[______]

DATE OF POOLING AND SERVICING AGREEMENT:  AS OF MAY 1, 2020

CUT-OFF DATE:  AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

CLOSING DATE: MAY 21, 2020

FIRST DISTRIBUTION DATE:
JUNE 12, 2020

APPROXIMATE AGGREGATE 
CERTIFICATE BALANCE
OF THE CLASS A-1 CERTIFICATES
AS OF THE CLOSING DATE:  $3,688,000

	 	
MASTER SERVICER:  WELLS FARGO BANK, NATIONAL ASSOCIATION

SPECIAL SERVICER:  KEYBANK NATIONAL ASSOCIATION

TRUSTEE:  WILMINGTON TRUST, NATIONAL ASSOCIATION

CERTIFICATE ADMINISTRATOR:  WELLS FARGO BANK, NATIONAL ASSOCIATION

OPERATING ADVISOR:  PARK BRIDGE LENDER SERVICES LLC

ASSET REPRESENTATIONS REVIEWER:  PARK BRIDGE LENDER SERVICES LLC

CUSIP NO.: 36258R AY9

ISIN NO.:  US36258RAY99

COMMON CODE NO.:  217759412

CERTIFICATE NO.:  [A-1-1]

 

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CLASS A-1 CERTIFICATE

 

evidencing a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases, and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the Non-VRR Gain-on-Sale Reserve Account and the REO Accounts, formed and sold by

 

GS MORTGAGE SECURITIES CORPORATION II

 

THIS CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced by this Certificate in the Class A-1 Certificates issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), among GS MORTGAGE SECURITIES CORPORATION II (hereinafter called the “Depositor”, which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer.  A summary of certain of the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof (herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified on the face hereof, by the aggregate initial Certificate Balance of the Class A-1 Certificates.  The Certificates are designated as the GS MORTGAGE SECURITIES TRUST 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47 and are issued in the classes as specifically set forth in the Pooling and Servicing Agreement.  The Certificates and the RR Interest will evidence in the aggregate 100% of the beneficial ownership of the Trust.

 

This Certificate does not purport to summarize the Pooling 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 Trustee and the Certificate Administrator.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time, the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound.  In the case of any conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of the Pooling and Servicing Agreement shall govern.

 

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.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.  Holders of this Certificate may be entitled to Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.  All sums distributable on this Certificate are payable in the coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts.

 

Interest on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the Interest Accrual Period relating to such Distribution Date at the Class A-1

 

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Pass-Through Rate specified above on the Certificate Balance of this Certificate immediately prior to each Distribution Date.  Principal and interest allocated to this Certificate on any Distribution Date will be in an amount equal to this Certificate’s pro rata share of the Non-VRR Available Funds to be distributed on the Certificates of this Class as of such Distribution Date, with a final distribution to be made upon retirement of this Certificate as set forth in the Pooling and Servicing Agreement.

 

Realized Losses and certain other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders in the manner set forth in the Pooling and Servicing Agreement.  All Realized Losses on the Mortgage Loans allocated to any Class of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth in the Pooling and Servicing Agreement.  As provided in the Pooling and Servicing Agreement, the Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom.  Amounts on deposit in such accounts may be invested in Permitted Investments.  Interest or other investment income earned on funds in the Collection Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement.  As provided in the Pooling and Servicing Agreement, withdrawals from the Collection Account shall be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of certain expenses incurred with respect to the servicing of the Mortgage Loans and administration of the Trust.

 

All distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor.  The final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously allocated to this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure of such Certificateholders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited to the account or accounts of the appropriate non-tendering Holder or Holders.  If any Certificates as to which notice has been given pursuant to Section 4.01(i) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within 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 in order to receive the final distribution with respect thereto.  If within one year after the second notice all such Certificates shall not have been surrendered for cancellation, the Certificate Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders concerning the surrender of their Certificates as it shall deem appropriate and subject to escheatment and other applicable laws.  The costs and expenses of holding such funds in trust and of contacting such Certificateholders following the first anniversary of the delivery of such second notice to the non-tendering Certificateholders shall be paid out of such funds.  No interest shall accrue or be payable to any Certificateholder on any amount held in trust under the Pooling and Servicing Agreement by the Certificate Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with Section 4.01(i) of the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder hereof or such Holder’s attorney-in-fact duly authorized in

 

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writing, and thereupon one or more new Certificates of the same Class in authorized Denominations will be issued to the designated transferee or transferees.

 

Subject to the terms of the Pooling and Servicing Agreement, the Class A-1 Certificates will be issued in book-entry form through the facilities of DTC in minimum denominations of $10,000, and in integral multiples of $1 in excess thereof, with one Certificate of each such Class evidencing an additional amount equal to the remainder of the initial Certificate Balance of such Class.

 

No fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.  In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust 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 Section 5.03 of the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer.  The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer or exchange.

 

The Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, 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 neither the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent of any of them, shall be affected by any notice to the contrary.

 

The Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders, the RR Interest Owner or the Companion Holders:

 

(i)       to correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision of the Pooling and Servicing Agreement;

 

(ii)      to cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates, the RR Interest, the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be inconsistent with any other provisions therein or to correct any error;

 

(iii)     to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder or the RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment;

 

(iv)     to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any Trust REMIC; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, the RR Interest Owner or Companion Holder;

 

(v)      to modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders or the RR

 

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Interest Owner (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Disqualified Non-U.S. Tax Person;

 

(vi)     to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder, the RR Interest Owner or any holder of a Serviced Companion Loan not consenting to such revision or addition, as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and, with respect to a Serviced Whole Loan, Companion Loan Rating Agency Confirmation from each Companion Loan Rating Agency;

 

(vii)    to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and, with respect to a Serviced Whole Loan, Companion Loan Rating Agency Confirmation from each Companion Loan Rating Agency; provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder or the RR Interest Owner not consenting to such amendment or supplement, as evidenced by an Opinion of Counsel;

 

(viii)   to modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other than any applicable Excluded Loan, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with respect to a Serviced Whole Loan, each Companion Loan Rating Agency has delivered a Companion Loan Rating Agency Confirmation;;

 

(ix)     to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website pursuant to Section 3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website;

 

(x)      to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); or

 

(xi)     to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement (i) to such extent as would be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (ii) in the event the Risk Retention Rule 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, as evidenced by an opinion of counsel.

 

Notwithstanding the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under any Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller, (B) may

 

 

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materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent or (C) may materially or adversely affect the RR Interest Owner without the RR Interest Owner’s consent.

 

The Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the RR Interest Owner (if affected by such amendment) and Holders of Certificates of each Class affected by such amendment evidencing, in the case of a Class of Certificateholders, in the aggregate not less than a majority of the aggregate Percentage Interests constituting the Class, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such Class or the RR Interest Owner; provided, however, that no such amendment shall:

 

(i)       reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed on a Certificate of any Class or the RR Interest without the consent of the Holder of the Certificate or the RR Interest Owner or which are required to be distributed to a Companion Holder without the consent of such Companion Holder; or

 

(ii)      reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates of such Class then outstanding or such Companion Holders, as applicable; or

 

(iii)     adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding; or

 

(iv)     change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)     amend the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and, with respect to a Serviced Whole Loan, receipt of Companion Loan Rating Agency Confirmation from each Companion Loan Rating Agency and, if required under the related Co-Lender Agreement, the consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole Loan.

 

Notwithstanding the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator, the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing Agreement without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment is permitted under the Pooling and Servicing Agreement, that all conditions precedent have been satisfied and that such amendment or the exercise of any power granted to the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or any other specified person in accordance with such amendment will not result in an Adverse REMIC Event under the relevant provisions of the Code.  Furthermore, no amendment to the Pooling and Servicing Agreement may be made that changes any provisions specifically required to be included in the Pooling and Servicing Agreement by any Non-Serviced Co-Lender Agreement without the consent of the holder of the related Pari Passu Companion Loan(s).

 

The Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates representing greater than 50% of the Percentage Interest of such Class, in that order of priority, may, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the Certificate Administrator and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage Loans (and all property acquired through exercise of remedies in respect of any related Mortgage Loan) and the Trust’s portion of each REO Property remaining in the Trust Fund, and thereby effect termination of the Trust and early retirement of the then-outstanding Certificates, on or after the first Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and the portion of any REO Loans held by the Trust is less than 1.0% of the aggregate Cut-off Date Principal Balance of the Mortgage Loans as set forth in the Pooling and Servicing Agreement.

 

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Following the date on which the Class A-1, Class A-4, Class A-5, Class A-AB, Class A-S, Class B, Class C, Class D and Class E Certificates are retired and the Notional Amounts of the Class X-A and Class X-E Certificates have been reduced to zero (and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then outstanding Certificates (other than the Class R Certificates) and the RR Interest), the Sole Owner shall have the right to exchange all of its Certificates (other than the Class R Certificates) and the RR Interest for all of the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant to the terms of the Pooling and Servicing Agreement, provided that the Master Servicer is paid a fee equal to (i) the product of (x) the Prime Rate, (y) the aggregate Certificate Balance of the then-outstanding certificates (other than the Class X Certificates and Class R Certificates) as of the date of the exchange and (z) three, divided by (ii) 360.

 

The obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.  In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of St. James, living on the date hereof.

 

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.  The Certificate Registrar has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans.

 

THIS CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

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IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal. 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
 not in its individual capacity
    but solely as Certificate Registrar under the Pooling and Servicing Agreement
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

 

		Dated:	May 21, 2020

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS A-1 CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING
AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

  

 

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ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:  

	 	 	 	 
	TEN COM   	-   	as tenant in common	UNIF
                                         GIFT MIN ACT __________ Custodian
	TEN
        ENT	-	as tenants by the entireties	     (Cust)
	JT TEN	-	as joint tenants with rights of 	Under
        Uniform Gifts to Minors
	 	 	survivorship and not as tenants in	 
	 	 	 common	Act
        __________________________
	 	 		
(State)

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

 

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

  

	Dated:  _______________	NOTICE:  The
    signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.

 

	 	 
	SIGNATURE GUARANTEED	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

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DISTRIBUTION INSTRUCTIONS

 

The
assignee should include the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to _______________________________ for the account
of __________________________ account number _______________ or, if mailed by check, to __________________________.
Statements should be mailed to _________________________. This information is provided by
assignee named above, or ______________________________, as its agent.

 

 

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EXHIBIT A-2

 

FORM OF CLASS A-4 CERTIFICATE

 

CLASS A-4

 

GS MORTGAGE SECURITIES TRUST 2020-GC47

 

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES 2020-GC47, CLASS A-4

 

[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

 

[TRANSFERS OF THIS BOOK-ENTRY 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 BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE UNDERWRITERS, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS 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 POOLING 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 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.

 

THE PORTION OF THE CERTIFICATE
BALANCE OF THE CERTIFICATES EVIDENCED BY THIS CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL DISTRIBUTIONS ON THE CERTIFICATES
AND THE PORTION OF REALIZED LOSSES ALLOCABLE TO THIS CERTIFICATE  

 

 

 

1       Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

2       Book-Entry Certificate legend.

 

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AND WILL BE INCREASED BY RECOVERIES ON THE RELATED MORTGAGE LOANS FOR NONRECOVERABLE ADVANCES (PLUS INTEREST THEREON) THAT WERE PREVIOUSLY REIMBURSED FROM PRINCIPAL COLLECTIONS ON THE MORTGAGE LOANS THAT RESULTED IN A REDUCTION OF THE NON-VRR PRINCIPAL DISTRIBUTION AMOUNT. ACCORDINGLY, THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW.  ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE CERTIFICATE ADMINISTRATOR.  

 

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PASS-THROUGH RATE: 2.124500000%

DENOMINATION:  $[______]

DATE OF POOLING AND SERVICING AGREEMENT:  AS OF MAY 1, 2020

CUT-OFF DATE:  AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

CLOSING DATE: MAY 21, 2020

FIRST DISTRIBUTION DATE:
JUNE 12, 2020

APPROXIMATE AGGREGATE 
CERTIFICATE BALANCE
OF THE CLASS A-4 CERTIFICATES
AS OF THE CLOSING DATE:  $190,000,000

	
 

	
MASTER SERVICER:  WELLS FARGO BANK, NATIONAL ASSOCIATION

SPECIAL SERVICER:  KEYBANK NATIONAL ASSOCIATION

TRUSTEE:  WILMINGTON TRUST, NATIONAL ASSOCIATION

CERTIFICATE ADMINISTRATOR:  WELLS FARGO BANK, NATIONAL ASSOCIATION

OPERATING ADVISOR:  PARK BRIDGE LENDER SERVICES LLC

ASSET REPRESENTATIONS REVIEWER:  PARK BRIDGE LENDER SERVICES LLC

CUSIP NO.: 36258R AZ6

ISIN NO.:  US36258RAZ64

COMMON CODE NO.:  217759439

CERTIFICATE NO.:  [A-4-1]

 

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CLASS A-4 CERTIFICATE

 

evidencing a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases, and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the Non-VRR Gain-on-Sale Reserve Account and the REO Accounts, formed and sold by

 

GS MORTGAGE SECURITIES CORPORATION II

 

THIS CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced by this Certificate in the Class A-4 Certificates issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), among GS MORTGAGE SECURITIES CORPORATION II (hereinafter called the “Depositor”, which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer.  A summary of certain of the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof (herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified on the face hereof, by the aggregate initial Certificate Balance of the Class A-4 Certificates.  The Certificates are designated as the GS MORTGAGE SECURITIES TRUST 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47 and are issued in the classes as specifically set forth in the Pooling and Servicing Agreement.  The Certificates and the RR Interest will evidence in the aggregate 100% of the beneficial ownership of the Trust.

 

This Certificate does not purport to summarize the Pooling 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 Trustee and the Certificate Administrator.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time, the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound.  In the case of any conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of the Pooling and Servicing Agreement shall govern.

 

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.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.  Holders of this Certificate may be entitled to Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.  All sums distributable on this Certificate are payable in the coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts.

 

Interest on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the Interest Accrual Period relating to such Distribution Date at the Class A-4

 

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Pass-Through Rate specified above on the Certificate Balance of this Certificate immediately prior to each Distribution Date.  Principal and interest allocated to this Certificate on any Distribution Date will be in an amount equal to this Certificate’s pro rata share of the Non-VRR Available Funds to be distributed on the Certificates of this Class as of such Distribution Date, with a final distribution to be made upon retirement of this Certificate as set forth in the Pooling and Servicing Agreement.

 

Realized Losses and certain other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders in the manner set forth in the Pooling and Servicing Agreement.  All Realized Losses on the Mortgage Loans allocated to any Class of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

This Certificate
is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage Loans, all as
more specifically set forth in the Pooling and Servicing Agreement.  As provided in the Pooling and Servicing Agreement,
the Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates
specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate
Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom.  Amounts on deposit
in such accounts may be invested in Permitted Investments.  Interest or other investment income earned on funds in the Collection
Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement.  As provided in the Pooling
and Servicing Agreement, withdrawals from the Collection Account shall be made from time to time for purposes other than distributions
to Certificateholders, such purposes including reimbursement of certain expenses incurred with respect to the servicing of the
Mortgage Loans and administration of the Trust.

 

All distributions under the Pooling and Servicing Agreement to a Class of Certificates
shall be made on each Distribution Date (other than the final distribution on any Certificate) to Certificateholders of record
on the related Record Date by check mailed to the address set forth therefor in the Certificate Register or, provided that
such Certificateholder has provided the Certificate Administrator with wire instructions at least five (5) Business Days prior
to the related Record Date, by wire transfer of immediately available funds to the account of such Certificateholder at a bank
or other entity having appropriate facilities therefor.  The final distribution on this Certificate (determined without regard
to any possible future reimbursement of Realized Losses previously allocated to this Certificate) shall be made in like manner,
but only upon presentment and surrender of this Certificate at the offices of the Certificate Registrar or such other location
specified in the notice to Certificateholders of such final distribution.

 

Any funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure of such Certificateholders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited to the account or accounts of the appropriate non-tendering Holder or Holders.  If any Certificates as to which notice has been given pursuant to Section 4.01(i) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within 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 in order to receive the final distribution with respect thereto.  If within one year after the second notice all such Certificates shall not have been surrendered for cancellation, the Certificate Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders concerning the surrender of their Certificates as it shall deem appropriate and subject to escheatment and other applicable laws.  The costs and expenses of holding such funds in trust and of contacting such Certificateholders following the first anniversary of the delivery of such second notice to the non-tendering Certificateholders shall be paid out of such funds.  No interest shall accrue or be payable to any Certificateholder on any amount held in trust under the Pooling and Servicing Agreement by the Certificate Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with Section 4.01(i) of the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder hereof or such Holder’s attorney-in-fact duly authorized in

 

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writing, and thereupon one or more new Certificates of the same Class in authorized Denominations will be issued to the designated transferee or transferees.

 

Subject to the terms of the Pooling and Servicing Agreement, the Class A-4 Certificates will be issued in book-entry form through the facilities of DTC in minimum denominations of $10,000, and in integral multiples of $1 in excess thereof, with one Certificate of each such Class evidencing an additional amount equal to the remainder of the initial Certificate Balance of such Class.

 

No fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.  In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust 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 Section 5.03 of the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer.  The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer or exchange.

 

The Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, 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 neither the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent of any of them, shall be affected by any notice to the contrary.

 

The Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders, the RR Interest Owner or the Companion Holders:

 

(i)       to correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision of the Pooling and Servicing Agreement;

 

(ii)      to cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates, the RR Interest, the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be inconsistent with any other provisions therein or to correct any error;

 

(iii)     to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder or the RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment;

 

(iv)    to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any Trust REMIC; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, the RR Interest Owner or Companion Holder;

 

(v)      to modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders  or the RR

 

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Interest Owner (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Disqualified Non-U.S. Tax Person;

 

(vi)    to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder, the RR Interest Owner or any holder of a Serviced Companion Loan not consenting to such revision or addition, as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and, with respect to a Serviced Whole Loan, Companion Loan Rating Agency Confirmation from each Companion Loan Rating Agency;

 

(vii)    to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and, with respect to a Serviced Whole Loan, Companion Loan Rating Agency Confirmation from each Companion Loan Rating Agency; provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder or the RR Interest Owner not consenting to such amendment or supplement, as evidenced by an Opinion of Counsel;

 

(viii)   to modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other than any applicable Excluded Loan, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with respect to a Serviced Whole Loan, each Companion Loan Rating Agency has delivered a Companion Loan Rating Agency Confirmation;;

 

(ix)     to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website pursuant to Section 3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website;

 

(x)     to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); or

 

(xi)     to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement (i) to such extent as would be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (ii) in the event the Risk Retention Rule 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, as evidenced by an opinion of counsel.

 

Notwithstanding the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under any Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller, (B) may

 

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materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent or (C) may materially or adversely affect the RR Interest Owner without the RR Interest Owner’s consent.

 

The Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the RR Interest Owner (if affected by such amendment) and Holders of Certificates of each Class affected by such amendment evidencing, in the case of a Class of Certificateholders, in the aggregate not less than a majority of the aggregate Percentage Interests constituting the Class, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such Class or the RR Interest Owner; provided, however, that no such amendment shall:

 

(i)      reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed on a Certificate of any Class or the RR Interest without the consent of the Holder of the Certificate or the RR Interest Owner or which are required to be distributed to a Companion Holder without the consent of such Companion Holder; or

 

(ii)     reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates of such Class then outstanding or such Companion Holders, as applicable; or

 

(iii)     adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding; or

 

(iv)    change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)      amend the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and, with respect to a Serviced Whole Loan, receipt of Companion Loan Rating Agency Confirmation from each Companion Loan Rating Agency and, if required under the related Co-Lender Agreement, the consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole Loan.

 

Notwithstanding the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator, the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing Agreement without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment is permitted under the Pooling and Servicing Agreement, that all conditions precedent have been satisfied and that such amendment or the exercise of any power granted to the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or any other specified person in accordance with such amendment will not result in an Adverse REMIC Event under the relevant provisions of the Code.  Furthermore, no amendment to the Pooling and Servicing Agreement may be made that changes any provisions specifically required to be included in the Pooling and Servicing Agreement by any Non-Serviced Co-Lender Agreement without the consent of the holder of the related Pari Passu Companion Loan(s).

 

The Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates representing greater than 50% of the Percentage Interest of such Class, in that order of priority, may, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the Certificate Administrator and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage Loans (and all property acquired through exercise of remedies in respect of any related Mortgage Loan) and the Trust’s portion of each REO Property remaining in the Trust Fund, and thereby effect termination of the Trust and early retirement of the then-outstanding Certificates, on or after the first Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and the portion of any REO Loans held by the Trust is less than 1.0% of the aggregate Cut-off Date Principal Balance of the Mortgage Loans as set forth in the Pooling and Servicing Agreement.

 

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Following the date on which the Class A-1, Class A-4, Class A-5, Class A-AB, Class A-S, Class B, Class C, Class D and Class E Certificates are retired and the Notional Amounts of the Class X-A and Class X-E Certificates have been reduced to zero (and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then outstanding Certificates (other than the Class R Certificates) and the RR Interest), the Sole Owner shall have the right to exchange all of its Certificates (other than the Class R Certificates) and the RR Interest for all of the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant to the terms of the Pooling and Servicing Agreement, provided that the Master Servicer is paid a fee equal to (i) the product of (x) the Prime Rate, (y) the aggregate Certificate Balance of the then-outstanding certificates (other than the Class X Certificates and Class R Certificates) as of the date of the exchange and (z) three, divided by (ii) 360.

 

The obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.  In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of St. James, living on the date hereof.

 

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.  The Certificate Registrar has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans.

 

THIS CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

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IN WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal. 

 

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Registrar under the Pooling and Servicing Agreement

	
 

	
 

	
 

	
 

	
By: 

	
 

	
 

	
 

	
AUTHORIZED SIGNATORY

 

	
 

	
Dated:

	
May 21, 2020

 

CERTIFICATE OF AUTHENTICATION

 

THIS IS ONE OF THE CLASS A-4 CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

 

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent

	
 

	
 

	
 

	
 

	
By: 

	
 

	
 

	
 

	
AUTHORIZED SIGNATORY

 

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ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:   

	
 

	
 

	
 

	
 

	
TEN COM   

	
-   

	
as tenant in common

	
UNIF GIFT MIN ACT __________ Custodian

	
TEN ENT

	
-

	
as tenants by the entireties

	
     (Cust)

	
JT TEN

	
-

	
as joint tenants with rights of

	
Under Uniform Gifts to Minors

	
 

	
 

	
survivorship and not as tenants in

	
 

	
 

	
 

	
common

	
Act __________________________

	
 

	
 

	
 

	
(State)

 

Additional abbreviations may also be used though not in the above list. 

 

FORM OF TRANSFER

 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________

 

 

(Please insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

the within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register of the within-named Trust, with full power of substitution in the premises.

 

	
Dated:  _______________

	
NOTICE:  The signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular without alteration or enlargement or any change whatever.

 

	
 

	
 

	
SIGNATURE GUARANTEED

	
 

 

The signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

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DISTRIBUTION INSTRUCTIONS

 

The assignee should include the following for purposes of distribution:

 

Distributions shall be made, by wire transfer or otherwise, in immediately available funds to _______________________________ for the account of __________________________ account number _______________ or, if mailed by check, to __________________________. Statements should be mailed to _________________________. This information is provided by assignee named above, or ______________________________, as its agent.

 

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EXHIBIT
A-3

 

FORM
OF CLASS A-5 CERTIFICATE

 

CLASS
A-5

 

GS
MORTGAGE SECURITIES TRUST 2020-GC47

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2020-GC47, CLASS A-5

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

[TRANSFERS
OF THIS BOOK-ENTRY 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 BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE
UNDERWRITERS, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
NOR THE UNDERLYING MORTGAGE LOANS 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 POOLING 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 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.

 

THE
PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL
DISTRIBUTIONS ON THE CERTIFICATES AND THE PORTION OF REALIZED LOSSES ALLOCABLE TO THIS CERTIFICATE

 

 

 

1
                                                Legend required as long as DTC is the
                                         Depository under the Pooling and Servicing Agreement.

 

2
       Book-Entry Certificate legend.

 

    A-3-1

     

    

 

AND WILL BE INCREASED BY RECOVERIES
ON THE RELATED MORTGAGE LOANS FOR NONRECOVERABLE ADVANCES (PLUS INTEREST THEREON) THAT WERE PREVIOUSLY REIMBURSED FROM PRINCIPAL
COLLECTIONS ON THE MORTGAGE LOANS THAT RESULTED IN A REDUCTION OF THE NON-VRR PRINCIPAL DISTRIBUTION AMOUNT. ACCORDINGLY, THE
CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN
ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE CERTIFICATE ADMINISTRATOR. 

 

    A-3-2

     

    

 

	PASS-THROUGH
                                         RATE: 2.377200000%

         

        DENOMINATION:
        $[______]

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF MAY 1, 2020

         

        CUT-OFF
        DATE: AS SET FORTH IN THE 

POOLING AND SERVICING AGREEMENT (AS 

DEFINED HEREIN)

         

        CLOSING
        DATE: MAY 21, 2020

         

        FIRST
        DISTRIBUTION DATE:

        JUNE 12, 2020

         

        APPROXIMATE
        AGGREGATE

        CERTIFICATE BALANCE

        OF THE CLASS A-5 CERTIFICATES

        AS OF THE CLOSING DATE: $310,694,000

         
	MASTER
                                         SERVICER: WELLS FARGO BANK, 

NATIONAL ASSOCIATION

         

        SPECIAL
        SERVICER: KEYBANK NATIONAL 

ASSOCIATION

         

        TRUSTEE:
        WILMINGTON TRUST, NATIONAL 

ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR: WELLS FARGO 

BANK, NATIONAL ASSOCIATION

         

        OPERATING
        ADVISOR: PARK BRIDGE LENDER

 SERVICES LLC

         

        ASSET
        REPRESENTATIONS REVIEWER: PARK 

BRIDGE LENDER SERVICES LLC

         

        CUSIP
        NO.: 36258R BA0

         

        ISIN
        NO.: US36258RBA05

         

        COMMON
        CODE NO.: 217759447

         

        CERTIFICATE
        NO.: [A-5-1]

         

 

    A-3-3

     

    

 

CLASS A-5
CERTIFICATE

 

evidencing
a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties
and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases,
and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held
in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the Non-VRR Gain-on-Sale Reserve Account and
the REO Accounts, formed and sold by

 

GS
MORTGAGE SECURITIES CORPORATION II

 

THIS
CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced by this Certificate in the Class A-5 Certificates
issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and
Servicing Agreement”), among GS MORTGAGE SECURITIES CORPORATION II (hereinafter called the “Depositor”,
which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer. A summary of certain of
the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof
(herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the
face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified
on the face hereof, by the aggregate initial Certificate Balance of the Class A-5 Certificates. The Certificates are designated
as the GS MORTGAGE SECURITIES TRUST 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47 and are issued
in the classes as specifically set forth in the Pooling and Servicing Agreement. The Certificates and the RR Interest will evidence
in the aggregate 100% of the beneficial ownership of the Trust.

 

This
Certificate does not purport to summarize the Pooling 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 Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time,
the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any
conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of
the Pooling and Servicing Agreement shall govern.

 

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.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name
this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution
Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may be entitled to Yield
Maintenance Charges as provided in the Pooling and Servicing Agreement. All sums distributable on this Certificate are payable
in the coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and
private debts.

 

Interest
on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the
Interest Accrual Period relating to such Distribution Date at the Class A-5

 

    A-3-4

     

    

 

Pass-Through Rate specified above on the Certificate
Balance of this Certificate immediately prior to each Distribution Date. Principal and interest allocated to this Certificate
on any Distribution Date will be in an amount equal to this Certificate’s pro rata share of the Non-VRR Available
Funds to be distributed on the Certificates of this Class as of such Distribution Date, with a final distribution to be made upon
retirement of this Certificate as set forth in the Pooling and Servicing Agreement.

 

Realized
Losses and certain other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders
in the manner set forth in the Pooling and Servicing Agreement. All Realized Losses on the Mortgage Loans allocated to any Class
of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage
Loans, all as more specifically set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
the Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates
specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate
Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit
in such accounts may be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection
Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and
Servicing Agreement, withdrawals from the Collection Account shall be made from time to time for purposes other than distributions
to Certificateholders, such purposes including reimbursement of certain expenses incurred with respect to the servicing of the
Mortgage Loans and administration of the Trust.

 

All
distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other
than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to
the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate
Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The
final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously
allocated to this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Certificateholders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited
to the account or accounts of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to Section 4.01(i) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within
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 in order to receive the final distribution with respect thereto.
If within one year after the second notice all such Certificates shall not have been surrendered for cancellation, the Certificate
Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders concerning
the surrender of their Certificates as it shall deem appropriate and subject to escheatment and other applicable laws. The costs
and expenses of holding such funds in trust and of contacting such Certificateholders following the first anniversary of the delivery
of such second notice to the non-tendering Certificateholders shall be paid out of such funds. No interest shall accrue or be
payable to any Certificateholder on any amount held in trust under the Pooling and Servicing Agreement by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with Section 4.01(i) of the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate
is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office
of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the
form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder
hereof or such Holder’s attorney-in-fact duly authorized in

 

    A-3-5

     

    

 

writing, and thereupon one or more new Certificates of the same
Class in authorized Denominations will be issued to the designated transferee or transferees.

 

Subject
to the terms of the Pooling and Servicing Agreement, the Class A-5 Certificates will be issued in book-entry form through the
facilities of DTC in minimum denominations of $10,000, and in integral multiples of $1 in excess thereof, with one Certificate
of each such Class evidencing an additional amount equal to the remainder of the initial Certificate Balance of such Class.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.
In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust 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 Section 5.03 of the Pooling and Servicing Agreement)
incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by each
transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer
or exchange.

 

The
Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, 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 neither
the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent
of any of them, shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders,
the RR Interest Owner or the Companion Holders:

 

(i)         
to correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision
of the Pooling and Servicing Agreement;

 

(ii)         
to cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates,
the RR Interest, the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may
be inconsistent with any other provisions therein or to correct any error;

 

(iii)         
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder or the
RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as
evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment;

 

(iv)         
to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain
the qualification of any Trust REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is
outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any Trust REMIC; provided that the
Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment)
to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk
of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of
any Certificateholder, the RR Interest Owner or Companion Holder;

 

(v)         
to modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision
of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders
or the RR

 

    A-3-6

     

    

 

Interest Owner (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a
Disqualified Organization or a Disqualified Non-U.S. Tax Person;

 

(vi)         
to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or
any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder,
the RR Interest Owner or any holder of a Serviced Companion Loan not consenting to such revision or addition, as evidenced in
writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and, with respect to a Serviced Whole Loan, Companion
Loan Rating Agency Confirmation from each Companion Loan Rating Agency;

 

(vii)         
to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies and, with respect to a Serviced Whole Loan, Companion Loan Rating Agency Confirmation from each Companion
Loan Rating Agency; provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder or the RR Interest Owner not consenting to such amendment or supplement, as evidenced by an Opinion of
Counsel;

 

(viii)         
to modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other than any applicable
Excluded Loan, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any
Trust REMIC as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency
has delivered a Rating Agency Confirmation and, with respect to a Serviced Whole Loan, each Companion Loan Rating Agency has delivered
a Companion Loan Rating Agency Confirmation;;

 

(ix)         
to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
pursuant to Section 3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website;

 

(x)         
to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv);
or

 

(xi)         
to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement (i) to such extent as would be necessary
to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (ii) in the event the Risk
Retention Rule 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, as evidenced by an opinion of counsel.

 

Notwithstanding
the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or
the obligations of any Mortgage Loan Seller under any Mortgage Loan Purchase Agreement or otherwise or change any rights of any
Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage
Loan Seller, (B) may

 

    A-3-7

     

    

 

materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent
or (C) may materially or adversely affect the RR Interest Owner without the RR Interest Owner’s consent.

 

The
Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the RR Interest
Owner (if affected by such amendment) and Holders of Certificates of each Class affected by such amendment evidencing, in the
case of a Class of Certificateholders, in the aggregate not less than a majority of the aggregate Percentage Interests constituting
the Class, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling
and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such Class or the RR Interest
Owner; provided, however, that no such amendment shall:

 

(i)         
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed
on a Certificate of any Class or the RR Interest without the consent of the Holder of the Certificate or the RR Interest Owner
or which are required to be distributed to a Companion Holder without the consent of such Companion Holder; or

 

(ii)         
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment
or remove the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all
Certificates of such Class then outstanding or such Companion Holders, as applicable; or

 

(iii)         
adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such
Class then outstanding; or

 

(iv)         
change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller
under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)         
amend the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating
Agency Confirmation from each Rating Agency and, with respect to a Serviced Whole Loan, receipt of Companion Loan Rating Agency
Confirmation from each Companion Loan Rating Agency and, if required under the related Co-Lender Agreement, the consent of the
holder of any AB Subordinate Companion Loan for each Serviced AB Whole Loan.

 

Notwithstanding
the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator,
the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing
Agreement without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment
is permitted under the Pooling and Servicing Agreement, that all conditions precedent have been satisfied and that such amendment
or the exercise of any power granted to the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer or any other specified person in accordance with such
amendment will not result in an Adverse REMIC Event under the relevant provisions of the Code. Furthermore, no amendment to the
Pooling and Servicing Agreement may be made that changes any provisions specifically required to be included in the Pooling and
Servicing Agreement by any Non-Serviced Co-Lender Agreement without the consent of the holder of the related Pari Passu Companion
Loan(s).

 

The
Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates
representing greater than 50% of the Percentage Interest of such Class, in that order of priority, may, at their option, upon
no less than 60 days’ prior written notice given to the Trustee, the Certificate Administrator and each of the other parties
to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage Loans (and all property acquired through exercise
of remedies in respect of any related Mortgage Loan) and the Trust’s portion of each REO Property remaining in the Trust
Fund, and thereby effect termination of the Trust and early retirement of the then-outstanding Certificates, on or after the first
Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and the portion of any REO Loans held
by the Trust is less than 1.0% of the aggregate Cut-off Date Principal Balance of the Mortgage Loans as set forth in the Pooling
and Servicing Agreement.

 

    A-3-8

     

    

 

Following
the date on which the Class A-1, Class A-4, Class A-5, Class A-AB, Class A-S, Class B, Class C, Class D and Class E Certificates
are retired and the Notional Amounts of the Class X-A and Class X-E Certificates have been reduced to zero (and provided
that there is only one Holder (or multiple Holders acting in unanimity) of the then outstanding Certificates (other than the Class
R Certificates) and the RR Interest), the Sole Owner shall have the right to exchange all of its Certificates (other than the
Class R Certificates) and the RR Interest for all of the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant
to the terms of the Pooling and Servicing Agreement, provided that the Master Servicer is paid a fee equal to (i) the product
of (x) the Prime Rate, (y) the aggregate Certificate Balance of the then-outstanding certificates (other than the Class X Certificates
and Class R Certificates) as of the date of the exchange and (z) three, divided by (ii) 360.

 

The
obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate
Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate
upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment
resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.
In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court
of St. James, living on the date hereof.

 

Unless
the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate
shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar
has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans.

 

THIS
CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

    A-3-9

     

    

 

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Registrar under the Pooling and
Servicing Agreement
	 	 	 
	 	By:	 
	 	 	AUTHORIZED
                                         SIGNATORY

 

 

		Dated:	May
                                         21, 2020

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS A-5 CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	AUTHORIZED
                                         SIGNATORY

 

    A-3-10

     

    

 

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:   

	
 

	
 

	
 

	
 

	
TEN COM   

	
-   

	
as tenant in common

	
UNIF GIFT MIN ACT __________ Custodian

	
TEN ENT

	
-

	
as tenants by the entireties

	
     (Cust)

	
JT TEN

	
-

	
as joint tenants with rights of

	
Under Uniform Gifts to Minors

	
 

	
 

	
survivorship and not as tenants in

	
 

	
 

	
 

	
common

	
Act __________________________

	
 

	
 

	
 

	
(State)

 

Additional abbreviations may also be used though not in the above list. 

 

FORM OF TRANSFER

 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________

 

 

(Please insert Social Security or other identifying number of Assignee)

 

 

(Please print or typewrite name and address of assignee)

 

 

 

the within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register of the within-named Trust, with full power of substitution in the premises.

 

	
Dated:  _______________

	
NOTICE:  The signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular without alteration or enlargement or any change whatever.

 

	
 

	
 

	
SIGNATURE GUARANTEED

	
 

 

The signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

    A-3-11

     

    
DISTRIBUTION INSTRUCTIONS

 

The assignee should include the following for purposes of distribution:

 

Distributions shall be made, by wire transfer or otherwise, in immediately available funds to _______________________________ for the account of __________________________ account number _______________ or, if mailed by check, to __________________________. Statements should be mailed to _________________________. This information is provided by assignee named above, or ______________________________, as its agent.

 

    A-3-12

     

    

 

EXHIBIT
A-4

 

FORM
OF CLASS A-AB CERTIFICATE

 

CLASS
A-AB

 

GS
MORTGAGE SECURITIES TRUST 2020-GC47

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2020-GC47, CLASS A-AB

 

[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

 

[TRANSFERS
OF THIS BOOK-ENTRY 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 BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE
UNDERWRITERS, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
NOR THE UNDERLYING MORTGAGE LOANS 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 POOLING 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 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.

 

THE
PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL
DISTRIBUTIONS ON THE CERTIFICATES AND THE PORTION OF REALIZED LOSSES ALLOCABLE TO THIS CERTIFICATE

 

 

 

1
                                                Legend required as long as DTC is the
                                         Depository under the Pooling and Servicing Agreement.

 

2
       Book-Entry Certificate legend.

 

    A-4-1

     

    

 

AND WILL BE INCREASED BY RECOVERIES
ON THE RELATED MORTGAGE LOANS FOR NONRECOVERABLE ADVANCES (PLUS INTEREST THEREON) THAT WERE PREVIOUSLY REIMBURSED FROM PRINCIPAL
COLLECTIONS ON THE MORTGAGE LOANS THAT RESULTED IN A REDUCTION OF THE NON-VRR PRINCIPAL DISTRIBUTION AMOUNT. ACCORDINGLY, THE
CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN
ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE CERTIFICATE ADMINISTRATOR. 

 

    A-4-2

     

    

 

	PASS-THROUGH
                                         RATE: 2.316100000%

         

        DENOMINATION:
        $[_____]

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF MAY 1, 2020

         

        CUT-OFF
        DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

         

        CLOSING
        DATE: MAY 21, 2020

         

        FIRST
        DISTRIBUTION DATE:

        JUNE 12, 2020

         

        APPROXIMATE
        AGGREGATE

        CERTIFICATE BALANCE

        OF THE CLASS A-AB CERTIFICATES

        AS OF THE CLOSING DATE: $8,900,000

         
	MASTER
                                         SERVICER: WELLS FARGO BANK, 

NATIONAL ASSOCIATION

         

        SPECIAL
        SERVICER: KEYBANK NATIONAL 

ASSOCIATION

         

        TRUSTEE:
        WILMINGTON TRUST, NATIONAL 

ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR: WELLS FARGO 

BANK, NATIONAL ASSOCIATION

         

        OPERATING
        ADVISOR: PARK BRIDGE LENDER 

SERVICES LLC

         

        ASSET
        REPRESENTATIONS REVIEWER: PARK

 BRIDGE LENDER SERVICES LLC

         

        CUSIP
        NO.: 36258R BB8

         

        ISIN
        NO.: US36258RBB87

         

        COMMON
        CODE NO.: 217759455

         

        CERTIFICATE
        NO.: [A-AB-1]

         

 

    A-4-3

     

    

 

CLASS
A-AB CERTIFICATE

 

evidencing
a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties
and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases,
and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held
in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the Non-VRR Gain-on-Sale Reserve Account and
the REO Accounts, formed and sold by

 

GS
MORTGAGE SECURITIES CORPORATION II

 

THIS
CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced by this Certificate in the Class A-AB Certificates
issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and
Servicing Agreement”), among GS MORTGAGE SECURITIES CORPORATION II (hereinafter called the “Depositor”,
which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer. A summary of certain of
the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof
(herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the
face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified
on the face hereof, by the aggregate initial Certificate Balance of the Class A-AB Certificates. The Certificates are designated
as the GS MORTGAGE SECURITIES TRUST 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47 and are issued
in the classes as specifically set forth in the Pooling and Servicing Agreement. The Certificates and the RR Interest will evidence
in the aggregate 100% of the beneficial ownership of the Trust.

 

This
Certificate does not purport to summarize the Pooling 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 Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time,
the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any
conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of
the Pooling and Servicing Agreement shall govern.

 

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.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name
this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution
Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may be entitled to Yield
Maintenance Charges as provided in the Pooling and Servicing Agreement. All sums distributable on this Certificate are payable
in the coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and
private debts.

 

Interest
on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the
Interest Accrual Period relating to such Distribution Date at the Class A-AB

 

    A-4-4

     

    

 

Pass-Through Rate specified above on the Certificate
Balance of this Certificate immediately prior to each Distribution Date. Principal and interest allocated to this Certificate
on any Distribution Date will be in an amount equal to this Certificate’s pro rata share of the Non-VRR Available
Funds to be distributed on the Certificates of this Class as of such Distribution Date, with a final distribution to be made upon
retirement of this Certificate as set forth in the Pooling and Servicing Agreement.

 

Realized
Losses and certain other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders
in the manner set forth in the Pooling and Servicing Agreement. All Realized Losses on the Mortgage Loans allocated to any Class
of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage
Loans, all as more specifically set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
the Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates
specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate
Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit
in such accounts may be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection
Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and
Servicing Agreement, withdrawals from the Collection Account shall be made from time to time for purposes other than distributions
to Certificateholders, such purposes including reimbursement of certain expenses incurred with respect to the servicing of the
Mortgage Loans and administration of the Trust.

 

All
distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other
than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to
the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate
Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The
final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously
allocated to this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Certificateholders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited
to the account or accounts of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to Section 4.01(i) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within
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 in order to receive the final distribution with respect thereto.
If within one year after the second notice all such Certificates shall not have been surrendered for cancellation, the Certificate
Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders concerning
the surrender of their Certificates as it shall deem appropriate and subject to escheatment and other applicable laws. The costs
and expenses of holding such funds in trust and of contacting such Certificateholders following the first anniversary of the delivery
of such second notice to the non-tendering Certificateholders shall be paid out of such funds. No interest shall accrue or be
payable to any Certificateholder on any amount held in trust under the Pooling and Servicing Agreement by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with Section 4.01(i) of the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate
is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office
of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the
form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder
hereof or such Holder’s attorney-in-fact duly authorized in

 

    A-4-5

     

    

 

writing, and thereupon one or more new Certificates of the same
Class in authorized Denominations will be issued to the designated transferee or transferees.

 

Subject
to the terms of the Pooling and Servicing Agreement, the Class A-AB Certificates will be issued in book-entry form through the
facilities of DTC in minimum denominations of $10,000, and in integral multiples of $1 in excess thereof, with one Certificate
of each such Class evidencing an additional amount equal to the remainder of the initial Certificate Balance of such Class.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.
In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust 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 Section 5.03 of the Pooling and Servicing Agreement)
incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by each
transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer
or exchange.

 

The
Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, 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 neither
the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent
of any of them, shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders,
the RR Interest Owner or the Companion Holders:

 

(i)         
to correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision
of the Pooling and Servicing Agreement;

 

(ii)         
to cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates,
the RR Interest, the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may
be inconsistent with any other provisions therein or to correct any error;

 

(iii)         
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder or the
RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as
evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment;

 

(iv)         
to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain
the qualification of any Trust REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is
outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any Trust REMIC; provided that the
Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment)
to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk
of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of
any Certificateholder, the RR Interest Owner or Companion Holder;

 

(v)         
to modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision
of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders
or the RR

 

    A-4-6

     

    

 

Interest Owner (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a
Disqualified Organization or a Disqualified Non-U.S. Tax Person;

 

(vi)         
to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or
any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder,
the RR Interest Owner or any holder of a Serviced Companion Loan not consenting to such revision or addition, as evidenced in
writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and, with respect to a Serviced Whole Loan, Companion
Loan Rating Agency Confirmation from each Companion Loan Rating Agency;

 

(vii)         
to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies and, with respect to a Serviced Whole Loan, Companion Loan Rating Agency Confirmation from each Companion
Loan Rating Agency; provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder or the RR Interest Owner not consenting to such amendment or supplement, as evidenced by an Opinion of
Counsel;

 

(viii)         
to modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other than any applicable
Excluded Loan, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any
Trust REMIC as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency
has delivered a Rating Agency Confirmation and, with respect to a Serviced Whole Loan, each Companion Loan Rating Agency has delivered
a Companion Loan Rating Agency Confirmation;;

 

(ix)         
to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
pursuant to Section 3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website;

 

(x)         
to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv);
or

 

(xi)         
to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement (i) to such extent as would be necessary
to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (ii) in the event the Risk
Retention Rule 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, as evidenced by an opinion of counsel.

 

Notwithstanding
the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or
the obligations of any Mortgage Loan Seller under any Mortgage Loan Purchase Agreement or otherwise or change any rights of any
Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage
Loan Seller, (B) may

 

    A-4-7

     

    

 

materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent
or (C) may materially or adversely affect the RR Interest Owner without the RR Interest Owner’s consent.

 

The
Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the RR Interest
Owner (if affected by such amendment) and Holders of Certificates of each Class affected by such amendment evidencing, in the
case of a Class of Certificateholders, in the aggregate not less than a majority of the aggregate Percentage Interests constituting
the Class, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling
and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such Class or the RR Interest
Owner; provided, however, that no such amendment shall:

 

(i)         
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed
on a Certificate of any Class or the RR Interest without the consent of the Holder of the Certificate or the RR Interest Owner
or which are required to be distributed to a Companion Holder without the consent of such Companion Holder; or

 

(ii)         
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment
or remove the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all
Certificates of such Class then outstanding or such Companion Holders, as applicable; or

 

(iii)         
adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such
Class then outstanding; or

 

(iv)         
change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller
under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)         
amend the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating
Agency Confirmation from each Rating Agency and, with respect to a Serviced Whole Loan, receipt of Companion Loan Rating Agency
Confirmation from each Companion Loan Rating Agency and, if required under the related Co-Lender Agreement, the consent of the
holder of any AB Subordinate Companion Loan for each Serviced AB Whole Loan.

 

Notwithstanding
the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator,
the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing
Agreement without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment
is permitted under the Pooling and Servicing Agreement, that all conditions precedent have been satisfied and that such amendment
or the exercise of any power granted to the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer or any other specified person in accordance with such
amendment will not result in an Adverse REMIC Event under the relevant provisions of the Code. Furthermore, no amendment to the
Pooling and Servicing Agreement may be made that changes any provisions specifically required to be included in the Pooling and
Servicing Agreement by any Non-Serviced Co-Lender Agreement without the consent of the holder of the related Pari Passu Companion
Loan(s).

 

The
Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates
representing greater than 50% of the Percentage Interest of such Class, in that order of priority, may, at their option, upon
no less than 60 days’ prior written notice given to the Trustee, the Certificate Administrator and each of the other parties
to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage Loans (and all property acquired through exercise
of remedies in respect of any related Mortgage Loan) and the Trust’s portion of each REO Property remaining in the Trust
Fund, and thereby effect termination of the Trust and early retirement of the then-outstanding Certificates, on or after the first
Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and the portion of any REO Loans held
by the Trust is less than 1.0% of the aggregate Cut-off Date Principal Balance of the Mortgage Loans as set forth in the Pooling
and Servicing Agreement.

 

    A-4-8

     

    

 

Following
the date on which the Class A-1, Class A-4, Class A-5, Class A-AB, Class A-S, Class B, Class C, Class D and Class E Certificates
are retired and the Notional Amounts of the Class X-A and Class X-E Certificates have been reduced to zero (and provided
that there is only one Holder (or multiple Holders acting in unanimity) of the then outstanding Certificates (other than the Class
R Certificates) and the RR Interest), the Sole Owner shall have the right to exchange all of its Certificates (other than the
Class R Certificates) and the RR Interest for all of the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant
to the terms of the Pooling and Servicing Agreement, provided that the Master Servicer is paid a fee equal to (i) the product
of (x) the Prime Rate, (y) the aggregate Certificate Balance of the then-outstanding certificates (other than the Class X Certificates
and Class R Certificates) as of the date of the exchange and (z) three, divided by (ii) 360.

 

The
obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate
Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate
upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment
resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.
In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court
of St. James, living on the date hereof.

 

Unless
the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate
shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar
has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans.

 

THIS
CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

    A-4-9

     

    

 

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Registrar under the Pooling and
Servicing Agreement
	 	 	 
	 	By:	 
	 	 	AUTHORIZED
                                         SIGNATORY

 

		Dated:	May
                                         21, 2020

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS A-AB CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	AUTHORIZED
                                         SIGNATORY

 

    A-4-10

     

    

 

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:   

	
 

	
 

	
 

	
 

	
TEN COM   

	
-   

	
as tenant in common

	
UNIF GIFT MIN ACT __________ Custodian

	
TEN ENT

	
-

	
as tenants by the entireties

	
     (Cust)

	
JT TEN

	
-

	
as joint tenants with rights of

	
Under Uniform Gifts to Minors

	
 

	
 

	
survivorship and not as tenants in

	
 

	
 

	
 

	
common

	
Act __________________________

	
 

	
 

	
 

	
(State)

 

Additional abbreviations may also be used though not in the above list. 

 

FORM OF TRANSFER

 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________

 

 

(Please insert Social Security or other identifying number of Assignee)

 

 

(Please print or typewrite name and address of assignee)

 

 

 

the within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register of the within-named Trust, with full power of substitution in the premises.

 

	
Dated:  _______________

	
NOTICE:  The signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular without alteration or enlargement or any change whatever.

 

	
 

	
 

	
SIGNATURE GUARANTEED

	
 

 

The signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

    A-4-11

     

    
 

DISTRIBUTION INSTRUCTIONS

 

The assignee should include the following for purposes of distribution:

 

Distributions shall be made, by wire transfer or otherwise, in immediately available funds to _______________________________ for the account of __________________________ account number _______________ or, if mailed by check, to __________________________. Statements should be mailed to _________________________. This information is provided by assignee named above, or ______________________________, as its agent.

 

    A-4-12

     

    

 

 

EXHIBIT
                                        A-5

 

FORM
OF CLASS X-A CERTIFICATE

 

CLASS
X-A

 

GS
MORTGAGE SECURITIES TRUST 2020-GC47

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2020-GC47, CLASS X-A

 

[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

 

[TRANSFERS
OF THIS BOOK-ENTRY 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 BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE
UNDERWRITERS, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE
NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

THIS
CLASS X-A CERTIFICATE HAS NO PRINCIPAL BALANCE AND WILL NOT RECEIVE ANY DISTRIBUTION OF PRINCIPAL.

 

THE
NOTIONAL AMOUNT OF THIS CERTIFICATE WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE BALANCES OF THE CLASS
A-1, CLASS A-4, CLASS A-5, CLASS A-AB AND CLASS A-S CERTIFICATES.  ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET FORTH BELOW.

 

THE
NOTIONAL AMOUNT ON WHICH THE INTEREST PAYABLE TO THE HOLDERS OF THE CLASS X-A CERTIFICATES IS BASED WILL BE REDUCED AS A RESULT
OF PRINCIPAL

 

 

 

		1	Legend
                                         required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

		2	Book-Entry
                                         Certificate legend.

 

    A-5-1

     

    

 

 

 PAYMENTS AND LOSSES ON THE MORTGAGE LOANS.  ACCORDINGLY, THE INTEREST PAYABLE PURSUANT TO THIS CERTIFICATE MAY
BE LESS THAN THAT SET FORTH BELOW.

 

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.

 

 

    A-5-2

     

    

 

	PASS-THROUGH
RATE: VARIABLE IN ACCORDANCE WITH THE POOLING AND SERVICING AGREEMENT3

DENOMINATION: 
$[______]

DATE
OF POOLING AND SERVICING AGREEMENT:  AS OF MAY 1, 2020

CUT-OFF
DATE:  AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

CLOSING
DATE: MAY 21, 2020

FIRST
DISTRIBUTION DATE:
JUNE 12, 2020

APPROXIMATE
AGGREGATE NOTIONAL AMOUNT OF THE CLASS X-A CERTIFICATES AS OF THE CLOSING DATE:  $573,776,000

	 	MASTER
SERVICER:  WELLS FARGO BANK, NATIONAL ASSOCIATION

SPECIAL
SERVICER:  KEYBANK NATIONAL ASSOCIATION

TRUSTEE: 
WILMINGTON TRUST, NATIONAL ASSOCIATION

CERTIFICATE
ADMINISTRATOR:  WELLS FARGO BANK, NATIONAL ASSOCIATION

OPERATING
ADVISOR:  PARK BRIDGE LENDER SERVICES LLC

ASSET
REPRESENTATIONS REVIEWER:  PARK BRIDGE LENDER SERVICES LLC

CUSIP
NO.:  36258R BC6

ISIN
NO.:  US36258RBC60

COMMON
CODE NO.:  217759471

CERTIFICATE
NO.:  [X-A-1] [X-A-2]

 

 

 

3
The initial approximate Pass-Through Rate as of the Closing Date is 1.247400000%. 

 

    A-5-3

     

    

 

CLASS X-A
CERTIFICATE

 

evidencing
a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties
and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases,
and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held
in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the Non-VRR Gain-on-Sale Reserve Account and
the REO Accounts, formed and sold by

 

GS
MORTGAGE SECURITIES CORPORATION II

 

THIS
CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced by this Certificate in the Class X-A Certificates
issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and
Servicing Agreement”), among GS MORTGAGE SECURITIES CORPORATION II (hereinafter called the “Depositor”,
which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer.  A summary of certain
of the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter.  To the extent not defined herein,
the capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof
(herein called the “Certificates”) and representing an interest in the Class of Certificates specified on
the face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified
on the face hereof, by the aggregate initial Notional Amount of the Class X-A Certificates.  The Certificates are designated
as the GS MORTGAGE SECURITIES TRUST 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47 and are issued
in the classes as specifically set forth in the Pooling and Servicing Agreement.  The Certificates and the RR Interest will
evidence in the aggregate 100% of the beneficial ownership of the Trust.

 

This
Certificate does not purport to summarize the Pooling 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 Trustee and the Certificate Administrator.  This Certificate is issued under and is subject to the terms,
provisions and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time
to time, the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound.  In
the case of any conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement,
the terms of the Pooling and Servicing Agreement shall govern.

 

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.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name
this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable,
if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution Date, all as more fully
described in the Pooling and Servicing Agreement.  Holders of this Certificate may be entitled to Yield Maintenance Charges
as provided in the Pooling and Servicing Agreement.  All sums distributable on this Certificate are payable in the coin or
currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts.

  

Interest
on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the
Interest Accrual Period relating to such Distribution Date at the Class X-A

 

    A-5-4

     

    

 

Pass-Through Rate specified above on the Notional
Amount of this Certificate immediately prior to each Distribution Date.  Interest allocated to this Certificate on any Distribution
Date will be in an amount equal to this Certificate’s pro rata share of the Non-VRR Available Funds to be distributed
on the Certificates of this Class as of such Distribution Date, with a final distribution to be made upon retirement of this Certificate
as set forth in the Pooling and Servicing Agreement.

 

Realized
Losses and certain other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders
in the manner set forth in the Pooling and Servicing Agreement.  All Realized Losses on the Mortgage Loans allocated to any
Class of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage
Loans, all as more specifically set forth in the Pooling and Servicing Agreement.  As provided in the Pooling and Servicing
Agreement, the Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders
of Certificates specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account)
or the Certificate Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. 
Amounts on deposit in such accounts may be invested in Permitted Investments.  Interest or other investment income earned
on funds in the Collection Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement. 
As provided in the Pooling and Servicing Agreement, withdrawals from the Collection Account shall be made from time to time for
purposes other than distributions to Certificateholders, such purposes including reimbursement of certain expenses incurred with
respect to the servicing of the Mortgage Loans and administration of the Trust.

 

All
distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other
than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to
the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate
Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. 
The final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses
previously allocated to this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate
at the offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final
distribution.

 

Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Certificateholders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited
to the account or accounts of the appropriate non-tendering Holder or Holders.  If any Certificates as to which notice has
been given pursuant to Section 4.01(i) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within 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 in order to receive the final distribution with
respect thereto.  If within one year after the second notice all such Certificates shall not have been surrendered for cancellation,
the Certificate Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders
concerning the surrender of their Certificates as it shall deem appropriate and subject to escheatment and other applicable laws. 
The costs and expenses of holding such funds in trust and of contacting such Certificateholders following the first anniversary
of the delivery of such second notice to the non-tendering Certificateholders shall be paid out of such funds.  No interest
shall accrue or be payable to any Certificateholder on any amount held in trust under the Pooling and Servicing Agreement by the
Certificate Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment
thereof in accordance with Section 4.01(i) of the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate
is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office
of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the
form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder
hereof or such Holder’s attorney-in-fact duly authorized in

 

    A-5-5

     

    

 

 writing, and thereupon one or more new Certificates of the
same Class in authorized Denominations will be issued to the designated transferee or transferees.

  

Subject
to the terms of the Pooling and Servicing Agreement, the Class X-A Certificates will be issued in book-entry form through the
facilities of DTC in minimum denominations of $1,000,000 initial Notional Amount, and in integral multiples of $1 in excess thereof,
with one Certificate of each such Class evidencing an additional amount equal to the remainder of the initial Notional Amount
of such Class.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement. 
In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust 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 Section 5.03 of the Pooling and Servicing Agreement)
incurred by the Certificate Registrar in connection with such transfer.  The Certificate Registrar may require payment by
each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such
transfer or exchange.

 

The
Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, 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 neither
the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent
of any of them, shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders,
the RR Interest Owner or the Companion Holders:

 

(i)     
to correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision
of the Pooling and Servicing Agreement;

 

(ii) 
   to cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates,
the RR Interest, the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may
be inconsistent with any other provisions therein or to correct any error;

 

(iii)   
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder or the
RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as
evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment;

 

(iv)   
to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain
the qualification of any Trust REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is
outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any Trust REMIC; provided that the
Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment)
to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk
of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of
any Certificateholder, the RR Interest Owner or Companion Holder;

 

(v)
    to modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision
of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders
or the RR

 

    A-5-6

     

    

 

Interest
Owner (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Disqualified Non-U.S. Tax Person;

 

(vi)   
to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or
any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder,
the RR Interest Owner or any holder of a Serviced Companion Loan not consenting to such revision or addition, as evidenced in
writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and, with respect to a Serviced Whole Loan, Companion
Loan Rating Agency Confirmation from each Companion Loan Rating Agency;

 

(vii)  
to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies and, with respect to a Serviced Whole Loan, Companion Loan Rating Agency Confirmation from each Companion
Loan Rating Agency; provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder or the RR Interest Owner not consenting to such amendment or supplement, as evidenced by an Opinion of
Counsel;

 

(viii) 
to modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other than any applicable
Excluded Loan, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any
Trust REMIC as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency
has delivered a Rating Agency Confirmation and, with respect to a Serviced Whole Loan, each Companion Loan Rating Agency has delivered
a Companion Loan Rating Agency Confirmation;

 

(ix)   
to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
pursuant to Section 3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website;

 

(x) 
    to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv);
or

 

(xi)
   to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement (i) to such extent as would be necessary
to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (ii) in the event the Risk
Retention Rule 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, as evidenced by an opinion of counsel.

 

Notwithstanding
the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or
the obligations of any Mortgage Loan Seller under any Mortgage Loan Purchase Agreement or otherwise or change any rights of any
Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage
Loan Seller, (B) may

 

    A-5-7

     

    

 

materially
and adversely affect the holders of a Companion Loan without such Companion Holder’s consent or (C) may materially or adversely
affect the RR Interest Owner without the RR Interest Owner’s consent.

 

The
Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the RR Interest
Owner (if affected by such amendment) and Holders of Certificates of each Class affected by such amendment evidencing, in the
case of a Class of Certificateholders, in the aggregate not less than a majority of the aggregate Percentage Interests constituting
the Class, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling
and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such Class or the RR Interest
Owner; provided, however, that no such amendment shall:

 

(i)     
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed
on a Certificate of any Class or the RR Interest without the consent of the Holder of the Certificate or the RR Interest Owner
or which are required to be distributed to a Companion Holder without the consent of such Companion Holder; or

 

(ii) 
   reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment
or remove the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all
Certificates of such Class then outstanding or such Companion Holders, as applicable; or

 

(iii)
   adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such
Class then outstanding; or

 

(iv)   
change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller
under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)   
amend the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating
Agency Confirmation from each Rating Agency and, with respect to a Serviced Whole Loan, receipt of Companion Loan Rating Agency
Confirmation from each Companion Loan Rating Agency and, if required under the related Co-Lender Agreement, the consent of the
holder of any AB Subordinate Companion Loan for each Serviced AB Whole Loan.

 

Notwithstanding
the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator,
the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing
Agreement without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment
is permitted under the Pooling and Servicing Agreement, that all conditions precedent have been satisfied and that such amendment
or the exercise of any power granted to the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer or any other specified person in accordance with such
amendment will not result in an Adverse REMIC Event under the relevant provisions of the Code.  Furthermore, no amendment
to the Pooling and Servicing Agreement may be made that changes any provisions specifically required to be included in the Pooling
and Servicing Agreement by any Non-Serviced Co-Lender Agreement without the consent of the holder of the related Pari Passu Companion
Loan(s).

 

The
Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates
representing greater than 50% of the Percentage Interest of such Class, in that order of priority, may, at their option, upon
no less than 60 days’ prior written notice given to the Trustee, the Certificate Administrator and each of the other parties
to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage Loans (and all property acquired through exercise
of remedies in respect of any related Mortgage Loan) and the Trust’s portion of each REO Property remaining in the Trust
Fund, and thereby effect termination of the Trust and early retirement of the then-outstanding Certificates, on or after the first
Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and the portion of any REO Loans held
by the Trust is less than 1.0% of the aggregate Cut-off Date Principal Balance of the Mortgage Loans as set forth in the Pooling
and Servicing Agreement.

 

 

    A-5-8

     

    

 

Following
the date on which the Class A-1, Class A-4, Class A-5, Class A-AB, Class A-S, Class B, Class C, Class D and Class E Certificates
are retired and the Notional Amounts of the Class X-A and Class X-E Certificates have been reduced to zero (and provided
that there is only one Holder (or multiple Holders acting in unanimity) of the then outstanding Certificates (other than the Class
R Certificates) and the RR Interest), the Sole Owner shall have the right to exchange all of its Certificates (other than the
Class R Certificates) and the RR Interest for all of the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant
to the terms of the Pooling and Servicing Agreement, provided that the Master Servicer is paid a fee equal to (i) the product
of (x) the Prime Rate, (y) the aggregate Certificate Balance of the then-outstanding certificates (other than the Class X Certificates
and Class R Certificates) as of the date of the exchange and (z) three, divided by (ii) 360.

 

The
obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate
Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate
upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment
resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement. 
In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court
of St. James, living on the date hereof.

 

Unless
the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate
shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.  The Certificate
Registrar has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement
and makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans.

 

THIS
CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

 

    A-5-9

     

    

 

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal. 

	 

	 

	 

	 

	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Registrar under the Pooling and
Servicing Agreement

	 

	 

	 

	 

	By: 

	 

	 

	 

	AUTHORIZED
SIGNATORY

 

	 

	Dated:

	May
21, 2020

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS  X-A CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 

	 

	 

	 

	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent

	 

	 

	 

	 

	By: 

	 

	 

	 

	AUTHORIZED
SIGNATORY

 

 

    A-5-10

     

    

 

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:  

	 

	 

	 

	 

	TEN
COM   

	-   

	as
tenant in common

	UNIF
GIFT MIN ACT __________ Custodian

	TEN
ENT

	-

	as
tenants by the entireties

	     (Cust)

	JT
TEN

	-

	as
joint tenants with rights of

	Under
Uniform Gifts to Minors

	 

	 

	survivorship
and not as tenants in

	 

	 

	 

	common

	Act
__________________________

	 

	 

	 

	(State)

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

 

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

 

	Dated:  _______________

	NOTICE:  The
signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular without
alteration or enlargement or any change whatever.

 

	 

	 

	SIGNATURE
GUARANTEED

	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

 

    A-5-11

     

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
assignee should include the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to _______________________________ for the account
of __________________________ account number _______________ or, if mailed by check, to __________________________. Statements
should be mailed to _________________________. This information is provided by assignee named above, or ______________________________,
as its agent.

 

 

    A-5-12

     

    

 

EXHIBIT
A-6

 

FORM
OF CLASS A-S CERTIFICATE

 

CLASS
A-S

 

GS
MORTGAGE SECURITIES TRUST 2020-GC47

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2020-GC47, CLASS A-S 

 

[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

 

[TRANSFERS
OF THIS BOOK-ENTRY 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 BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE
UNDERWRITERS, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE
NOR THE UNDERLYING MORTGAGE LOANS 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 POOLING 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 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.

 

THE
PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL
DISTRIBUTIONS ON THE CERTIFICATES AND THE PORTION OF REALIZED LOSSES ALLOCABLE TO THIS CERTIFICATE

 

 

 

		1	Legend required as long as DTC is the Depository under
the Pooling and Servicing Agreement.

 

		2	Book-Entry Certificate legend.

 

    A-6-1

     

    

 

 AND WILL BE INCREASED BY RECOVERIES
ON THE RELATED MORTGAGE LOANS FOR NONRECOVERABLE ADVANCES (PLUS INTEREST THEREON) THAT WERE PREVIOUSLY REIMBURSED FROM PRINCIPAL
COLLECTIONS ON THE MORTGAGE LOANS THAT RESULTED IN A REDUCTION OF THE NON-VRR PRINCIPAL DISTRIBUTION AMOUNT.  ACCORDINGLY,
THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW.  ANYONE ACQUIRING THIS CERTIFICATE MAY
ASCERTAIN ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE CERTIFICATE ADMINISTRATOR.

 

THIS
CERTIFICATE IS SUBORDINATED TO THE CLASS A-1, CLASS A-4, CLASS A-5, CLASS A-AB AND CLASS X-A CERTIFICATES AS AND TO THE EXTENT
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

 

    A-6-2

     

    

 

	PASS-THROUGH
RATE:  2.731300000%

DENOMINATION: 
$[______]

DATE
OF POOLING AND SERVICING AGREEMENT:  AS OF MAY 1, 2020

CUT-OFF
DATE:  AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

CLOSING
DATE: MAY 21, 2020

FIRST
DISTRIBUTION DATE:
JUNE 12, 2020

APPROXIMATE
AGGREGATE 
CERTIFICATE BALANCE
OF THE CLASS A-S CERTIFICATES
AS OF THE CLOSING DATE:  $60,494,000

	 	MASTER
SERVICER:  WELLS FARGO BANK, NATIONAL ASSOCIATION

SPECIAL
SERVICER:  KEYBANK NATIONAL ASSOCIATION

TRUSTEE: 
WILMINGTON TRUST, NATIONAL ASSOCIATION

CERTIFICATE
ADMINISTRATOR:  WELLS FARGO BANK, NATIONAL ASSOCIATION

OPERATING
ADVISOR:  PARK BRIDGE LENDER SERVICES LLC

ASSET
REPRESENTATIONS REVIEWER:  PARK BRIDGE LENDER SERVICES LLC

CUSIP
NO.:  36258R BE2

ISIN
NO.:  US36258RBE27

COMMON
CODE NO.: 217759480

CERTIFICATE
NO.:  [A-S-1]

 

 

    A-6-3

     

    

 

CLASS A-S
CERTIFICATE

 

evidencing
a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties
and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases,
and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held
in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the Non-VRR Gain-on-Sale Reserve Account and
the REO Accounts, formed and sold by

 

GS
MORTGAGE SECURITIES CORPORATION II

 

THIS
CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced by this Certificate in the Class A-S Certificates
issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and
Servicing Agreement”), among GS MORTGAGE SECURITIES CORPORATION II (hereinafter called the “Depositor”,
which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer.  A summary of certain
of the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter.  To the extent not defined herein,
the capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof
(herein called the “Certificates”) and representing an interest in the Class of Certificates specified on
the face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified
on the face hereof, by the aggregate initial Certificate Balance of the Class A-S Certificates.  The Certificates are
designated as the GS MORTGAGE SECURITIES TRUST 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47 and
are issued in the classes as specifically set forth in the Pooling and Servicing Agreement.  The Certificates and the RR
Interest will evidence in the aggregate 100% of the beneficial ownership of the Trust.

 

This
Certificate does not purport to summarize the Pooling 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 Trustee and the Certificate Administrator.  This Certificate is issued under and is subject to the terms,
provisions and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time
to time, the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound.  In
the case of any conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement,
the terms of the Pooling and Servicing Agreement shall govern.

 

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.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name
this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution
Date, all as more fully described in the Pooling and Servicing Agreement.  Holders of this Certificate may be entitled to
Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.  All sums distributable on this Certificate
are payable in the coin or currency of the United States of America as at the time of payment is legal tender for the payment
of public and private debts.

  

Interest
on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the
Interest Accrual Period relating to such Distribution Date at the Class A-S

 

    A-6-4

     

    

 

Pass-Through Rate specified above on the Certificate
Balance of this Certificate immediately prior to each Distribution Date.  Principal and interest allocated to this Certificate
on any Distribution Date will be in an amount equal to this Certificate’s pro rata share of the Non-VRR Available
Funds to be distributed on the Certificates of this Class as of such Distribution Date, with a final distribution to be made upon
retirement of this Certificate as set forth in the Pooling and Servicing Agreement.

 

Realized
Losses and certain other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders
in the manner set forth in the Pooling and Servicing Agreement.  All Realized Losses on the Mortgage Loans allocated to any
Class of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage
Loans, all as more specifically set forth in the Pooling and Servicing Agreement.  As provided in the Pooling and Servicing
Agreement, the Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders
of Certificates specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account)
or the Certificate Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. 
Amounts on deposit in such accounts may be invested in Permitted Investments.  Interest or other investment income earned
on funds in the Collection Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement. 
As provided in the Pooling and Servicing Agreement, withdrawals from the Collection Account shall be made from time to time for
purposes other than distributions to Certificateholders, such purposes including reimbursement of certain expenses incurred with
respect to the servicing of the Mortgage Loans and administration of the Trust.

 

All
distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other
than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to
the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate
Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. 
The final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses
previously allocated to this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate
at the offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final
distribution.

 

Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Certificateholders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited
to the account or accounts of the appropriate non-tendering Holder or Holders.  If any Certificates as to which notice has
been given pursuant to Section 4.01(i) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within 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 in order to receive the final distribution with
respect thereto.  If within one year after the second notice all such Certificates shall not have been surrendered for cancellation,
the Certificate Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders
concerning the surrender of their Certificates as it shall deem appropriate and subject to escheatment and other applicable laws. 
The costs and expenses of holding such funds in trust and of contacting such Certificateholders following the first anniversary
of the delivery of such second notice to the non-tendering Certificateholders shall be paid out of such funds.  No interest
shall accrue or be payable to any Certificateholder on any amount held in trust under the Pooling and Servicing Agreement by the
Certificate Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment
thereof in accordance with Section 4.01(i) of the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate
is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office
of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the
form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder
hereof or such Holder’s attorney-in-fact duly authorized in

 

    A-6-5

     

    

 

writing, and thereupon one or more new Certificates of the
same Class in authorized Denominations will be issued to the designated transferee or transferees.

 

Subject
to the terms of the Pooling and Servicing Agreement, the Class A-S Certificates will be issued in book-entry form through the
facilities of DTC in minimum denominations of $10,000, and in integral multiples of $1 in excess thereof, with one Certificate
of each such Class evidencing an additional amount equal to the remainder of the initial Certificate Balance of such Class.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement. 
In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust 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 Section 5.03 of the Pooling and Servicing Agreement)
incurred by the Certificate Registrar in connection with such transfer.  The Certificate Registrar may require payment by
each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such
transfer or exchange.

 

The
Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, 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 neither
the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent
of any of them, shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders,
the RR Interest Owner or the Companion Holders:

 

(i)     
to correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision
of the Pooling and Servicing Agreement;

 

(ii) 
   to cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates,
the RR Interest, the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may
be inconsistent with any other provisions therein or to correct any error;

 

(iii)
   to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder or the
RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as
evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment;

 

(iv)   
to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain
the qualification of any Trust REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is
outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any Trust REMIC; provided that the
Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment)
to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk
of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of
any Certificateholder, the RR Interest Owner or Companion Holder;

 

(v)
    to modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision
of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders
or the RR

 

    A-6-6

     

    

 

Interest Owner (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a
Disqualified Organization or a Disqualified Non-U.S. Tax Person;

  

(vi)   
to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or
any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder,
the RR Interest Owner or any holder of a Serviced Companion Loan not consenting to such revision or addition, as evidenced in
writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and, with respect to a Serviced Whole Loan, Companion
Loan Rating Agency Confirmation from each Companion Loan Rating Agency;

 

(vii)  
to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies and, with respect to a Serviced Whole Loan, Companion Loan Rating Agency Confirmation from each Companion
Loan Rating Agency; provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder or the RR Interest Owner not consenting to such amendment or supplement, as evidenced by an Opinion of
Counsel;

 

(viii) 
to modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other than any applicable
Excluded Loan, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any
Trust REMIC as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency
has delivered a Rating Agency Confirmation and, with respect to a Serviced Whole Loan, each Companion Loan Rating Agency has delivered
a Companion Loan Rating Agency Confirmation;

 

(ix)    
to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
pursuant to Section 3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website;

 

(x) 
    to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv);
or

 

(xi)
    to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement (i) to such extent as would be necessary
to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (ii) in the event the Risk
Retention Rule 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, as evidenced by an opinion of counsel.

 

Notwithstanding
the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or
the obligations of any Mortgage Loan Seller under any Mortgage Loan Purchase Agreement or otherwise or change any rights of any
Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage
Loan Seller, (B) may

 

    A-6-7

     

    

 

materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent
or (C) may materially or adversely affect the RR Interest Owner without the RR Interest Owner’s consent.

 

The
Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the RR Interest
Owner (if affected by such amendment) and Holders of Certificates of each Class affected by such amendment evidencing, in the
case of a Class of Certificateholders, in the aggregate not less than a majority of the aggregate Percentage Interests constituting
the Class, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling
and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such Class or the RR Interest
Owner; provided, however, that no such amendment shall:

 

(i)  
   reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed
on a Certificate of any Class or the RR Interest without the consent of the Holder of the Certificate or the RR Interest Owner
or which are required to be distributed to a Companion Holder without the consent of such Companion Holder; or

 

(ii) 
   reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment
or remove the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all
Certificates of such Class then outstanding or such Companion Holders, as applicable; or

 

(iii)
   adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such
Class then outstanding; or

 

(iv)  
change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller
under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)
amend the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating
Agency Confirmation from each Rating Agency and, with respect to a Serviced Whole Loan, receipt of Companion Loan Rating Agency
Confirmation from each Companion Loan Rating Agency and, if required under the related Co-Lender Agreement, the consent of the
holder of any AB Subordinate Companion Loan for each Serviced AB Whole Loan.

 

Notwithstanding
the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator,
the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing
Agreement without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment
is permitted under the Pooling and Servicing Agreement, that all conditions precedent have been satisfied and that such amendment
or the exercise of any power granted to the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer or any other specified person in accordance with such
amendment will not result in an Adverse REMIC Event under the relevant provisions of the Code.  Furthermore, no amendment
to the Pooling and Servicing Agreement may be made that changes any provisions specifically required to be included in the Pooling
and Servicing Agreement by any Non-Serviced Co-Lender Agreement without the consent of the holder of the related Pari Passu Companion
Loan(s).

 

The
Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates
representing greater than 50% of the Percentage Interest of such Class, in that order of priority, may, at their option, upon
no less than 60 days’ prior written notice given to the Trustee, the Certificate Administrator and each of the other parties
to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage Loans (and all property acquired through exercise
of remedies in respect of any related Mortgage Loan) and the Trust’s portion of each REO Property remaining in the Trust
Fund, and thereby effect termination of the Trust and early retirement of the then-outstanding Certificates, on or after the first
Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and the portion of any REO Loans held
by the Trust is less than 1.0% of the aggregate Cut-off Date Principal Balance of the Mortgage Loans as set forth in the Pooling
and Servicing Agreement.

 

 

    A-6-8

     

    

 

Following
the date on which the Class A-1, Class A-4, Class A-5, Class A-AB, Class A-S, Class B, Class C, Class D and Class E Certificates
are retired and the Notional Amounts of the Class X-A and Class X-E Certificates have been reduced to zero (and provided
that there is only one Holder (or multiple Holders acting in unanimity) of the then outstanding Certificates (other than the Class
R Certificates) and the RR Interest), the Sole Owner shall have the right to exchange all of its Certificates (other than the
Class R Certificates) and the RR Interest for all of the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant
to the terms of the Pooling and Servicing Agreement, provided that the Master Servicer is paid a fee equal to (i) the product
of (x) the Prime Rate, (y) the aggregate Certificate Balance of the then-outstanding certificates (other than the Class X Certificates
and Class R Certificates) as of the date of the exchange and (z) three, divided by (ii) 360.

 

The
obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate
Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate
upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment
resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement. 
In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court
of St. James, living on the date hereof.

 

Unless
the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate
shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.  The Certificate
Registrar has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement
and makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans.

 

THIS
CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

 

    A-6-9

     

    

 

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal. 

	 

	 

	 

	 

	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Registrar under the Pooling and
Servicing Agreement

	 

	 

	 

	 

	By: 

	 

	 

	 

	AUTHORIZED
SIGNATORY

 

	 

	Dated:

	May
21, 2020

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS A-S CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 

	 

	 

	 

	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent

	 

	 

	 

	 

	By: 

	 

	 

	 

	AUTHORIZED
SIGNATORY

 

 

    A-6-10

     

    

 

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:  

	 

	 

	 

	 

	TEN
COM   

	-   

	as
tenant in common

	UNIF
GIFT MIN ACT __________ Custodian

	TEN
ENT

	-

	as
tenants by the entireties

	     (Cust)

	JT
TEN

	-

	as
joint tenants with rights of

	Under
Uniform Gifts to Minors

	 

	 

	survivorship
and not as tenants in

	 

	 

	 

	common

	Act
__________________________

	 

	 

	 

	(State)

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

 

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

 

	Dated:  _______________

	NOTICE:  The
signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular without
alteration or enlargement or any change whatever.

 

	 

	 

	SIGNATURE
GUARANTEED

	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

 

    A-6-11

     

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
assignee should include the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to _______________________________ for the account
of __________________________ account number _______________ or, if mailed by check, to __________________________. Statements
should be mailed to _________________________. This information is provided by assignee named above, or ______________________________,
as its agent.

 

 

 

    A-6-12

     

    

 

 

EXHIBIT A-7

 

FORM OF CLASS B CERTIFICATE

 

CLASS B

 

GS MORTGAGE SECURITIES TRUST 2020-GC47

 

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES 2020-GC47, CLASS B

 

[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

 

[TRANSFERS OF THIS BOOK-ENTRY 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 BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE UNDERWRITERS, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS 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 POOLING 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 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.

 

THE PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL DISTRIBUTIONS ON THE CERTIFICATES AND THE PORTION OF REALIZED LOSSES ALLOCABLE TO THIS CERTIFICATE 

 

 

 

1       Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement. 

2       Book-Entry Certificate legend.

 

 

    A-7-1

     

    

 

AND WILL BE INCREASED BY RECOVERIES ON THE RELATED MORTGAGE LOANS FOR NONRECOVERABLE ADVANCES (PLUS INTEREST THEREON) THAT WERE PREVIOUSLY REIMBURSED FROM PRINCIPAL COLLECTIONS ON THE MORTGAGE LOANS THAT RESULTED IN A REDUCTION OF THE NON-VRR PRINCIPAL DISTRIBUTION AMOUNT.  ACCORDINGLY, THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW.  ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE CERTIFICATE ADMINISTRATOR.

 

THIS CERTIFICATE IS SUBORDINATED TO THE CLASS A-1, CLASS A-4, CLASS A-5, CLASS A-AB, CLASS X-A AND Class A-S cERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

 

    A-7-2

     

    

 

	
PASS-THROUGH RATE:  THE WEIGHTED AVERAGE NET MORTGAGE RATE3

DENOMINATION:  $[______]

DATE OF POOLING AND SERVICING AGREEMENT:  AS OF MAY 1, 2020

CUT-OFF DATE:  AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

CLOSING DATE: MAY 21, 2020

FIRST DISTRIBUTION DATE:
JUNE 12, 2020

 

APPROXIMATE AGGREGATE 
CERTIFICATE BALANCE
OF THE CLASS B CERTIFICATES
AS OF THE CLOSING DATE:  $35,746,000

	
 

	
 

MASTER SERVICER:  WELLS FARGO BANK, NATIONAL ASSOCIATION

 

SPECIAL SERVICER:  KEYBANK NATIONAL ASSOCIATION

 

TRUSTEE:  WILMINGTON TRUST, NATIONAL ASSOCIATION

 

CERTIFICATE ADMINISTRATOR:  WELLS FARGO BANK, NATIONAL ASSOCIATION

 

OPERATING ADVISOR:  PARK BRIDGE LENDER SERVICES LLC

 

ASSET REPRESENTATIONS REVIEWER:  PARK BRIDGE LENDER SERVICES LLC

CUSIP NO.:  36258R BF9

ISIN NO.:  US36258RBF91

COMMON CODE NO.:  217759510

CERTIFICATE NO.:  [B-1]

 

 

 

3 The initial approximate Pass-Through Rate as of the Closing Date is 3.570800000%.

 

 

    A-7-3

     

    

 

CLASS B
CERTIFICATE

 

evidencing a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases, and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the Non-VRR Gain-on-Sale Reserve Account and the REO Accounts, formed and sold by

 

GS
MORTGAGE SECURITIES CORPORATION II

 

THIS CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced by this Certificate in the Class B Certificates issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), among GS MORTGAGE SECURITIES CORPORATION II (hereinafter called the “Depositor”, which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer.  A summary of certain of the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof (herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified on the face hereof, by the aggregate initial Certificate Balance of the Class B Certificates.  The Certificates are designated as the GS MORTGAGE SECURITIES TRUST 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47 and are issued in the classes as specifically set forth in the Pooling and Servicing Agreement.  The Certificates and the RR Interest will evidence in the aggregate 100% of the beneficial ownership of the Trust.

 

This Certificate does not purport to summarize the Pooling 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 Trustee and the Certificate Administrator.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time, the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound.  In the case of any conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of the Pooling and Servicing Agreement shall govern.

 

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.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.  Holders of this Certificate may be entitled to Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.  All sums distributable on this Certificate are payable in the coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts.

 

Interest on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the Interest Accrual Period relating to such Distribution Date at the Class B

 

 

    A-7-4

     

    

 

Pass-Through Rate specified above on the Certificate Balance of this Certificate immediately prior to each Distribution Date.  Principal and interest allocated to this Certificate on any Distribution Date will be in an amount equal to this Certificate’s pro rata share of the Non-VRR Available Funds to be distributed on the Certificates of this Class as of such Distribution Date, with a final distribution to be made upon retirement of this Certificate as set forth in the Pooling and Servicing Agreement.

 

Realized Losses and certain other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders in the manner set forth in the Pooling and Servicing Agreement.  All Realized Losses on the Mortgage Loans allocated to any Class of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth in the Pooling and Servicing Agreement.  As provided in the Pooling and Servicing Agreement, the Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom.  Amounts on deposit in such accounts may be invested in Permitted Investments.  Interest or other investment income earned on funds in the Collection Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement.  As provided in the Pooling and Servicing Agreement, withdrawals from the Collection Account shall be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of certain expenses incurred with respect to the servicing of the Mortgage Loans and administration of the Trust.

 

All distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor.  The final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously allocated to this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure of such Certificateholders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited to the account or accounts of the appropriate non-tendering Holder or Holders.  If any Certificates as to which notice has been given pursuant to Section 4.01(i) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within 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 in order to receive the final distribution with respect thereto.  If within one year after the second notice all such Certificates shall not have been surrendered for cancellation, the Certificate Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders concerning the surrender of their Certificates as it shall deem appropriate and subject to escheatment and other applicable laws.  The costs and expenses of holding such funds in trust and of contacting such Certificateholders following the first anniversary of the delivery of such second notice to the non-tendering Certificateholders shall be paid out of such funds.  No interest shall accrue or be payable to any Certificateholder on any amount held in trust under the Pooling and Servicing Agreement by the Certificate Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with Section 4.01(i) of the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder hereof or such Holder’s attorney-in-fact duly authorized in

 

 

    A-7-5

     

    

 

writing, and thereupon one or more new Certificates of the same Class in authorized Denominations will be issued to the designated transferee or transferees.

 

Subject to the terms of the Pooling and Servicing Agreement, the Class B Certificates will be issued in book-entry form through the facilities of DTC in minimum denominations of $10,000, and in integral multiples of $1 in excess thereof, with one Certificate of each such Class evidencing an additional amount equal to the remainder of the initial Certificate Balance of such Class.

 

No fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.  In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust 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 Section 5.03 of the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer.  The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer or exchange.

 

The Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, 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 neither the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent of any of them, shall be affected by any notice to the contrary.

 

The Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders, the RR Interest Owner or the Companion Holders:

 

(i)         to correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision of the Pooling and Servicing Agreement;

 

(ii)        to cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates, the RR Interest, the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be inconsistent with any other provisions therein or to correct any error;

 

(iii)       to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder or the RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment;

 

(iv)       to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any Trust REMIC; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, the RR Interest Owner or Companion Holder;

 

(v)        to modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders or the RR

 

 

    A-7-6

     

    

 

Interest Owner (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Disqualified Non-U.S. Tax Person;

 

(vi)       to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder, the RR Interest Owner or any holder of a Serviced Companion Loan not consenting to such revision or addition, as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and, with respect to a Serviced Whole Loan, Companion Loan Rating Agency Confirmation from each Companion Loan Rating Agency;

 

(vii)      to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and, with respect to a Serviced Whole Loan, Companion Loan Rating Agency Confirmation from each Companion Loan Rating Agency; provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder or the RR Interest Owner not consenting to such amendment or supplement, as evidenced by an Opinion of Counsel;

 

(viii)     to modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other than any applicable Excluded Loan, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with respect to a Serviced Whole Loan, each Companion Loan Rating Agency has delivered a Companion Loan Rating Agency Confirmation;;

 

(ix)        to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website pursuant to Section 3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website;

 

(x)         to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); or

 

(xi)        to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement (i) to such extent as would be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (ii) in the event the Risk Retention Rule 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, as evidenced by an opinion of counsel.

 

Notwithstanding the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under any Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller, (B) may

 

 

    A-7-7

     

    

 

materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent or (C) may materially or adversely affect the RR Interest Owner without the RR Interest Owner’s consent.

 

The Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the RR Interest Owner (if affected by such amendment) and Holders of Certificates of each Class affected by such amendment evidencing, in the case of a Class of Certificateholders, in the aggregate not less than a majority of the aggregate Percentage Interests constituting the Class, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such Class or the RR Interest Owner; provided, however, that no such amendment shall:

 

(i)         reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed on a Certificate of any Class or the RR Interest without the consent of the Holder of the Certificate or the RR Interest Owner or which are required to be distributed to a Companion Holder without the consent of such Companion Holder; or

 

(ii)        reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates of such Class then outstanding or such Companion Holders, as applicable; or

 

(iii)       adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding; or

 

(iv)       change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)        amend the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and, with respect to a Serviced Whole Loan, receipt of Companion Loan Rating Agency Confirmation from each Companion Loan Rating Agency and, if required under the related Co-Lender Agreement, the consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole Loan.

 

Notwithstanding the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator, the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing Agreement without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment is permitted under the Pooling and Servicing Agreement, that all conditions precedent have been satisfied and that such amendment or the exercise of any power granted to the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or any other specified person in accordance with such amendment will not result in an Adverse REMIC Event under the relevant provisions of the Code.  Furthermore, no amendment to the Pooling and Servicing Agreement may be made that changes any provisions specifically required to be included in the Pooling and Servicing Agreement by any Non-Serviced Co-Lender Agreement without the consent of the holder of the related Pari Passu Companion Loan(s).

 

The Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates representing greater than 50% of the Percentage Interest of such Class, in that order of priority, may, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the Certificate Administrator and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage Loans (and all property acquired through exercise of remedies in respect of any related Mortgage Loan) and the Trust’s portion of each REO Property remaining in the Trust Fund, and thereby effect termination of the Trust and early retirement of the then-outstanding Certificates, on or after the first Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and the portion of any REO Loans held by the Trust is less than 1.0% of the aggregate Cut-off Date Principal Balance of the Mortgage Loans as set forth in the Pooling and Servicing Agreement.

 

 

    A-7-8

     

    

 

Following the date on which the Class A-1, Class A-4, Class A-5, Class A-AB, Class A-S, Class B, Class C, Class D and Class E Certificates are retired and the Notional Amounts of the Class X-A and Class X-E Certificates have been reduced to zero (and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then outstanding Certificates (other than the Class R Certificates) and the RR Interest), the Sole Owner shall have the right to exchange all of its Certificates (other than the Class R Certificates) and the RR Interest for all of the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant to the terms of the Pooling and Servicing Agreement, provided that the Master Servicer is paid a fee equal to (i) the product of (x) the Prime Rate, (y) the aggregate Certificate Balance of the then-outstanding certificates (other than the Class X Certificates and Class R Certificates) as of the date of the exchange and (z) three, divided by (ii) 360.

 

The obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.  In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of St. James, living on the date hereof.

 

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.  The Certificate Registrar has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans.

 

THIS CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

    A-7-9

     

    

 

IN WITNESS WHEREOF,
the Certificate Registrar has caused this Certificate to be duly executed under this official seal. 

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Registrar under the Pooling and Servicing Agreement

	
 

	
 

	
 

	
 

	
By: 

	
 

	
 

	
 

	
AUTHORIZED SIGNATORY

 

Dated:    May 21, 2020

 

CERTIFICATE OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS B CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT. 

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent

	
 

	
 

	
 

	
 

	
By: 

	
 

	
 

	
 

	
AUTHORIZED SIGNATORY

 

 

    A-7-10

     

    

 

ABBREVIATIONS

 

The following abbreviations,
when used in the inscription on the face of this Certificate, shall be construed as though they were written out in full according
to applicable laws or regulations: 

	
 

	
 

	
 

	
 

	
TEN COM   

	
-   

	
as tenant in common

	
UNIF GIFT MIN ACT __________ Custodian

	
TEN ENT

	
-

	
as tenants by the entireties

	
     (Cust)

	
JT TEN

	
-

	
as joint tenants with rights of

	
Under Uniform Gifts to Minors

	
 

	
 

	
survivorship and not as tenants in

	
 

	
 

	
 

	
common

	
Act __________________________

	
 

	
 

	
 

	
(State)

 

Additional abbreviations may also be used though not in the above list.

 

FORM OF TRANSFER

 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________

 

 

(Please insert Social Security or other identifying number of Assignee)

 

 

(Please print or typewrite name and address of assignee)

 

 

 

the within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register of the within-named Trust, with full power of substitution in the premises.

 

	
Dated:  _______________

	
NOTICE:  The signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular without alteration or enlargement or any change whatever.

 

	
 

	
 

	
SIGNATURE GUARANTEED

	
 

 

The signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

 

    A-7-11

     

    

 

DISTRIBUTION INSTRUCTIONS

 

The assignee should include the following for purposes of distribution:

 

Distributions shall be made, by wire transfer or otherwise, in immediately available funds to _______________________________ for the account of __________________________ account number _______________ or, if mailed by check, to __________________________. Statements should be mailed to _________________________. This information is provided by assignee named above, or ______________________________, as its agent.

 

 

    A-7-12

     

    

 

EXHIBIT A-8

 

FORM OF CLASS C CERTIFICATE

 

CLASS C

 

GS
MORTGAGE SECURITIES TRUST 2020-GC47

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2020-GC47, CLASS C

 

[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

 

[TRANSFERS OF THIS BOOK-ENTRY 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 BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE UNDERWRITERS, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS 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 POOLING 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 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.

 

THE PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL DISTRIBUTIONS ON THE CERTIFICATES AND THE PORTION OF REALIZED LOSSES ALLOCABLE TO THIS CERTIFICATE 

 

 

 

1       Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

2       Book-Entry Certificate legend.

 

 

    A-8-1

     

    

 

AND WILL BE INCREASED BY RECOVERIES ON THE RELATED MORTGAGE LOANS FOR NONRECOVERABLE ADVANCES (PLUS INTEREST THEREON) THAT WERE PREVIOUSLY REIMBURSED FROM PRINCIPAL COLLECTIONS ON THE MORTGAGE LOANS THAT RESULTED IN A REDUCTION OF THE NON-VRR PRINCIPAL DISTRIBUTION AMOUNT.  ACCORDINGLY, THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW.  ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE CERTIFICATE ADMINISTRATOR.

 

THIS CERTIFICATE IS SUBORDINATED TO THE CLASS A-1, CLASS A-4, CLASS A-5, CLASS A-AB, CLASS X-A, Class A-S and Class B cERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

 

    A-8-2

     

    

 

	
PASS-THROUGH RATE:  THE WEIGHTED AVERAGE NET MORTGAGE RATE3

DENOMINATION:  $[______]

DATE OF POOLING AND SERVICING AGREEMENT:  AS OF MAY 1, 2020

CUT-OFF DATE:  AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

CLOSING DATE: MAY 21, 2020

FIRST DISTRIBUTION DATE:
JUNE 12, 2020

APPROXIMATE AGGREGATE 
CERTIFICATE BALANCE
OF THE CLASS C CERTIFICATES
AS OF THE CLOSING DATE:  $32,997,000

	

	

 

MASTER SERVICER:  WELLS FARGO BANK, NATIONAL ASSOCIATION

 

SPECIAL SERVICER:  KEYBANK NATIONAL ASSOCIATION

 

TRUSTEE:  WILMINGTON TRUST, NATIONAL ASSOCIATION

 

CERTIFICATE ADMINISTRATOR:  WELLS FARGO BANK, NATIONAL ASSOCIATION

 

OPERATING ADVISOR:  PARK BRIDGE LENDER SERVICES LLC

 

ASSET REPRESENTATIONS REVIEWER:  PARK BRIDGE LENDER SERVICES LLC

CUSIP NO.:  36258R BG7

ISIN NO.:  US36258RBG74

COMMON CODE NO.:  217759528

CERTIFICATE NO.:  [C-1]

 

 

 

3 The initial approximate Pass-Through Rate as of the Closing Date is 3.570800000%.

 

 

    A-8-3

     

    

 

 CLASS
C CERTIFICATE

 

evidencing a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases, and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the Non-VRR Gain-on-Sale Reserve Account and the REO Accounts, formed and sold by

 

GS
MORTGAGE SECURITIES CORPORATION II

 

THIS CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced by this Certificate in the Class C Certificates issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), among GS MORTGAGE SECURITIES CORPORATION II (hereinafter called the “Depositor”, which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer.  A summary of certain of the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof (herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified on the face hereof, by the aggregate initial Certificate Balance of the Class C Certificates.  The Certificates are designated as the GS MORTGAGE SECURITIES TRUST 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47 and are issued in the classes as specifically set forth in the Pooling and Servicing Agreement.  The Certificates and the RR Interest will evidence in the aggregate 100% of the beneficial ownership of the Trust.

 

This Certificate does not purport to summarize the Pooling 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 Trustee and the Certificate Administrator.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time, the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound.  In the case of any conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of the Pooling and Servicing Agreement shall govern.

 

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.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.  Holders of this Certificate may be entitled to Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.  All sums distributable on this Certificate are payable in the coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts.

 

Interest on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the Interest Accrual Period relating to such Distribution Date at the Class C

 

 

    A-8-4

     

    

 

Pass-Through Rate specified above on the Certificate Balance of this Certificate immediately prior to each Distribution Date.  Principal and interest allocated to this Certificate on any Distribution Date will be in an amount equal to this Certificate’s pro rata share of the Non-VRR Available Funds to be distributed on the Certificates of this Class as of such Distribution Date, with a final distribution to be made upon retirement of this Certificate as set forth in the Pooling and Servicing Agreement.

 

Realized Losses and certain other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders in the manner set forth in the Pooling and Servicing Agreement.  All Realized Losses on the Mortgage Loans allocated to any Class of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth in the Pooling and Servicing Agreement.  As provided in the Pooling and Servicing Agreement, the Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom.  Amounts on deposit in such accounts may be invested in Permitted Investments.  Interest or other investment income earned on funds in the Collection Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement.  As provided in the Pooling and Servicing Agreement, withdrawals from the Collection Account shall be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of certain expenses incurred with respect to the servicing of the Mortgage Loans and administration of the Trust.

 

All distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor.  The final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously allocated to this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure of such Certificateholders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited to the account or accounts of the appropriate non-tendering Holder or Holders.  If any Certificates as to which notice has been given pursuant to Section 4.01(i) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within 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 in order to receive the final distribution with respect thereto.  If within one year after the second notice all such Certificates shall not have been surrendered for cancellation, the Certificate Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders concerning the surrender of their Certificates as it shall deem appropriate and subject to escheatment and other applicable laws.  The costs and expenses of holding such funds in trust and of contacting such Certificateholders following the first anniversary of the delivery of such second notice to the non-tendering Certificateholders shall be paid out of such funds.  No interest shall accrue or be payable to any Certificateholder on any amount held in trust under the Pooling and Servicing Agreement by the Certificate Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with Section 4.01(i) of the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder hereof or such Holder’s attorney-in-fact duly authorized in

 

 

    A-8-5

     

    

 

writing, and thereupon one or more new Certificates of the same Class in authorized Denominations will be issued to the designated transferee or transferees.

 

Subject to the terms of the Pooling and Servicing Agreement, the Class C Certificates will be issued in book-entry form through the facilities of DTC in minimum denominations of $10,000, and in integral multiples of $1 in excess thereof, with one Certificate of each such Class evidencing an additional amount equal to the remainder of the initial Certificate Balance of such Class.

 

No fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.  In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust 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 Section 5.03 of the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer.  The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer or exchange.

 

The Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, 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 neither the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent of any of them, shall be affected by any notice to the contrary.

 

The Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders, the RR Interest Owner or the Companion Holders:

 

(i)          to correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision of the Pooling and Servicing Agreement;

 

(ii)         to cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates, the RR Interest, the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be inconsistent with any other provisions therein or to correct any error;

 

(iii)        to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder or the RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment;

 

(iv)       to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any Trust REMIC; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, the RR Interest Owner or Companion Holder;

 

(v)        to modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders or the RR

 

 

    A-8-6

     

    

 

Interest Owner (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Disqualified Non-U.S. Tax Person;

 

(vi)       to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder, the RR Interest Owner or any holder of a Serviced Companion Loan not consenting to such revision or addition, as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and, with respect to a Serviced Whole Loan, Companion Loan Rating Agency Confirmation from each Companion Loan Rating Agency;

 

(vii)      to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and, with respect to a Serviced Whole Loan, Companion Loan Rating Agency Confirmation from each Companion Loan Rating Agency; provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder or the RR Interest Owner not consenting to such amendment or supplement, as evidenced by an Opinion of Counsel;

 

(viii)     to modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other than any applicable Excluded Loan, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with respect to a Serviced Whole Loan, each Companion Loan Rating Agency has delivered a Companion Loan Rating Agency Confirmation;;

 

(ix)        to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website pursuant to Section 3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website;

 

(x)         to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); or

 

(xi)        to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement (i) to such extent as would be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (ii) in the event the Risk Retention Rule 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, as evidenced by an opinion of counsel.

 

Notwithstanding the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under any Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller, (B) may

 

 

    A-8-7

     

    

 

materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent or (C) may materially or adversely affect the RR Interest Owner without the RR Interest Owner’s consent.

 

The Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the RR Interest Owner (if affected by such amendment) and Holders of Certificates of each Class affected by such amendment evidencing, in the case of a Class of Certificateholders, in the aggregate not less than a majority of the aggregate Percentage Interests constituting the Class, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such Class or the RR Interest Owner; provided, however, that no such amendment shall:

 

(i)         reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed on a Certificate of any Class or the RR Interest without the consent of the Holder of the Certificate or the RR Interest Owner or which are required to be distributed to a Companion Holder without the consent of such Companion Holder; or

 

(ii)        reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates of such Class then outstanding or such Companion Holders, as applicable; or

 

(iii)        adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding; or

 

(iv)      change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)        amend the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and, with respect to a Serviced Whole Loan, receipt of Companion Loan Rating Agency Confirmation from each Companion Loan Rating Agency and, if required under the related Co-Lender Agreement, the consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole Loan.

 

Notwithstanding the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator, the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing Agreement without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment is permitted under the Pooling and Servicing Agreement, that all conditions precedent have been satisfied and that such amendment or the exercise of any power granted to the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or any other specified person in accordance with such amendment will not result in an Adverse REMIC Event under the relevant provisions of the Code.  Furthermore, no amendment to the Pooling and Servicing Agreement may be made that changes any provisions specifically required to be included in the Pooling and Servicing Agreement by any Non-Serviced Co-Lender Agreement without the consent of the holder of the related Pari Passu Companion Loan(s).

 

The Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates representing greater than 50% of the Percentage Interest of such Class, in that order of priority, may, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the Certificate Administrator and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage Loans (and all property acquired through exercise of remedies in respect of any related Mortgage Loan) and the Trust’s portion of each REO Property remaining in the Trust Fund, and thereby effect termination of the Trust and early retirement of the then-outstanding Certificates, on or after the first Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and the portion of any REO Loans held by the Trust is less than 1.0% of the aggregate Cut-off Date Principal Balance of the Mortgage Loans as set forth in the Pooling and Servicing Agreement.

 

 

    A-8-8

     

    

 

Following the date on which the Class A-1, Class A-4, Class A-5, Class A-AB, Class A-S, Class B, Class C, Class D and Class E Certificates are retired and the Notional Amounts of the Class X-A and Class X-E Certificates have been reduced to zero (and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then outstanding Certificates (other than the Class R Certificates) and the RR Interest), the Sole Owner shall have the right to exchange all of its Certificates (other than the Class R Certificates) and the RR Interest for all of the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant to the terms of the Pooling and Servicing Agreement, provided that the Master Servicer is paid a fee equal to (i) the product of (x) the Prime Rate, (y) the aggregate Certificate Balance of the then-outstanding certificates (other than the Class X Certificates and Class R Certificates) as of the date of the exchange and (z) three, divided by (ii) 360.

 

The obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.  In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of St. James, living on the date hereof.

 

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.  The Certificate Registrar has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans.

 

THIS CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

 

    A-8-9

     

    

 

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal. 

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Registrar under the Pooling and Servicing Agreement

	
 

	
 

	
 

	
 

	
By: 

	
 

	
 

	
 

	
AUTHORIZED SIGNATORY

 

Dated:    May 21, 2020

 

CERTIFICATE OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS C CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT. 

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent

	
 

	
 

	
 

	
 

	
By: 

	
 

	
 

	
 

	
AUTHORIZED SIGNATORY

 

    A-8-10

     

    

 

 ABBREVIATIONS

 

The following abbreviations,
when used in the inscription on the face of this Certificate, shall be construed as though they were written out in full according
to applicable laws or regulations: 

	
 

	
 

	
 

	
 

	
TEN COM   

	
-   

	
as tenant in common

	
UNIF GIFT MIN ACT __________ Custodian

	
TEN ENT

	
-

	
as tenants by the entireties

	
     (Cust)

	
JT TEN

	
-

	
as joint tenants with rights of

	
Under Uniform Gifts to Minors

	
 

	
 

	
survivorship and not as tenants in

	
 

	
 

	
 

	
common

	
Act __________________________

	
 

	
 

	
 

	
(State)

 

Additional abbreviations may also be used though not in the above list.

 

FORM OF TRANSFER

 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________

 

 

(Please insert Social Security or other identifying number of Assignee)

 

 

(Please print or typewrite name and address of assignee)

 

 

 

the within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register of the within-named Trust, with full power of substitution in the premises.

 

	
Dated:  _______________

	
NOTICE:  The signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular without alteration or enlargement or any change whatever.

 

	
 

	
 

	
SIGNATURE GUARANTEED

	
 

 

The signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

    A-8-11

     

    

 

DISTRIBUTION INSTRUCTIONS

 

The assignee should include the following for purposes of distribution:

 

Distributions shall be made, by wire transfer or otherwise, in immediately available funds to _______________________________ for the account of __________________________ account number _______________ or, if mailed by check, to __________________________. Statements should be mailed to _________________________. This information is provided by assignee named above, or ______________________________, as its agent.

 

 

    A-8-12

     

    

 

EXHIBIT A-9

 

FORM OF CLASS D CERTIFICATE

 

CLASS D

 

GS
MORTGAGE SECURITIES TRUST 2020-GC47

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2020-GC47, CLASS D

 

[THIS CERTIFICATE IS A TEMPORARY REGULATION S BOOK-ENTRY CERTIFICATE FOR PURPOSES OF REGULATION S (“REGULATION S”) UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S BOOK-ENTRY CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S BOOK-ENTRY 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 POOLING 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 BOOK-ENTRY 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 BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE UNDERWRITERS, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

 

 

1       Temporary Regulation S Book-Entry Certificate legend.

 

2       Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

3       Book-Entry Certificate legend.

 

 

    A-9-1

     

    

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW.  THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO AN INSTITUTION THAT IS NOT A “U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS COME WITHIN RULE 501(a)(1), (2), (3) or (7) OF REGULATION D UNDER THE SECURITIES ACT, THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS CERTIFICATE 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.

 

THE PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL DISTRIBUTIONS ON THE CERTIFICATES AND THE PORTION OF REALIZED LOSSES ALLOCABLE TO THIS CERTIFICATE AND WILL BE INCREASED BY RECOVERIES ON THE RELATED MORTGAGE LOANS FOR NONRECOVERABLE ADVANCES (PLUS INTEREST THEREON) THAT WERE PREVIOUSLY REIMBURSED FROM PRINCIPAL COLLECTIONS ON THE MORTGAGE LOANS THAT RESULTED IN A REDUCTION OF THE NON-VRR PRINCIPAL DISTRIBUTION AMOUNT.  ACCORDINGLY, THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW.  ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE CERTIFICATE ADMINISTRATOR.  

 

THIS CERTIFICATE IS SUBORDINATED TO THE CLASS A-1, CLASS A-4, CLASS A-5, CLASS A-AB, CLASS X-A, CLASS A-S, CLASS B AND CLASS C CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

 

    A-9-2

     

    

 

	
PASS-THROUGH RATE: THE WEIGHTED AVERAGE NET MORTGAGE RATE4

DENOMINATION:  $[______]

DATE OF POOLING AND SERVICING AGREEMENT:  AS OF MAY 1, 2020

CUT-OFF DATE:  AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

CLOSING DATE: MAY 21, 2020

FIRST DISTRIBUTION DATE:
JUNE 12, 2020

APPROXIMATE AGGREGATE 
CERTIFICATE BALANCE
OF THE CLASS D CERTIFICATES
AS OF THE CLOSING DATE:  $22,914,000

	
 

	
 

MASTER SERVICER: WELLS FARGO BANK, NATIONAL ASSOCIATION

 

SPECIAL SERVICER:  KEYBANK NATIONAL ASSOCIATION

 

TRUSTEE:  WILMINGTON TRUST, NATIONAL ASSOCIATION

 

CERTIFICATE ADMINISTRATOR:  WELLS FARGO BANK, NATIONAL ASSOCIATION

 

OPERATING ADVISOR:  PARK BRIDGE LENDER SERVICES LLC

 

ASSET REPRESENTATIONS REVIEWER:  PARK BRIDGE LENDER SERVICES LLC

CUSIP NO.: 36258R AA1

                      36258R AB9

                      U0406R AA5

ISIN NO.:  US36258RAA14

                   US36258RAB96

                   USU0406RAA50

 

COMMON CODE NO.:   217756618
217756669 

CERTIFICATE NO.:  [D-1] [D-S-1]

 

 

 

 4 The initial approximate Pass-Through Rate as of the Closing Date is 3.570800000%.

 

 

    A-9-3

     

    

 

CLASS
D CERTIFICATE

 

evidencing a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases, and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the Non-VRR Gain-on-Sale Reserve Account and the REO Accounts, formed and sold by

 

GS
MORTGAGE SECURITIES CORPORATION II

 

THIS CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced by this Certificate in the Class D Certificates issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), among GS MORTGAGE SECURITIES CORPORATION II (hereinafter called the “Depositor”, which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer.  A summary of certain of the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof (herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified on the face hereof, by the aggregate initial Certificate Balance of the Class D Certificates.  The Certificates are designated as the GS MORTGAGE SECURITIES TRUST 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47 and are issued in the classes as specifically set forth in the Pooling and Servicing Agreement.  The Certificates and the RR Interest will evidence in the aggregate 100% of the beneficial ownership of the Trust.

 

This Certificate does not purport to summarize the Pooling 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 Trustee and the Certificate Administrator.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time, the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound.  In the case of any conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of the Pooling and Servicing Agreement shall govern.

 

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.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.  Holders of this Certificate may be entitled to Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.  All sums distributable on this Certificate are payable in the coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts.

 

Interest on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the Interest Accrual Period relating to such Distribution Date at the Class D

 

 

    A-9-4

     

    

 

Pass-Through Rate specified above on the Certificate Balance of this Certificate immediately prior to each Distribution Date.  Principal and interest allocated to this Certificate on any Distribution Date will be in an amount equal to this Certificate’s pro rata share of the Non-VRR Available Funds to be distributed on the Certificates of this Class as of such Distribution Date, with a final distribution to be made upon retirement of this Certificate as set forth in the Pooling and Servicing Agreement.

 

Realized Losses and certain other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders in the manner set forth in the Pooling and Servicing Agreement.  All Realized Losses on the Mortgage Loans allocated to any Class of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth in the Pooling and Servicing Agreement.  As provided in the Pooling and Servicing Agreement, the Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom.  Amounts on deposit in such accounts may be invested in Permitted Investments.  Interest or other investment income earned on funds in the Collection Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement.  As provided in the Pooling and Servicing Agreement, withdrawals from the Collection Account shall be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of certain expenses incurred with respect to the servicing of the Mortgage Loans and administration of the Trust.

 

All distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor.  The final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously allocated to this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure of such Certificateholders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited to the account or accounts of the appropriate non-tendering Holder or Holders.  If any Certificates as to which notice has been given pursuant to Section 4.01(i) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within 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 in order to receive the final distribution with respect thereto.  If within one year after the second notice all such Certificates shall not have been surrendered for cancellation, the Certificate Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders concerning the surrender of their Certificates as it shall deem appropriate and subject to escheatment and other applicable laws.  The costs and expenses of holding such funds in trust and of contacting such Certificateholders following the first anniversary of the delivery of such second notice to the non-tendering Certificateholders shall be paid out of such funds.  No interest shall accrue or be payable to any Certificateholder on any amount held in trust under the Pooling and Servicing Agreement by the Certificate Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with Section 4.01(i) of the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder hereof or such Holder’s attorney-in-fact duly authorized in

 

 

    A-9-5

     

    

 

writing, and thereupon one or more new Certificates of the same Class in authorized Denominations will be issued to the designated transferee or transferees.

 

Subject to the terms of the Pooling and Servicing Agreement, the Class D Certificates will be issued in book-entry form through the facilities of DTC in minimum denominations of $100,000, and in integral multiples of $1 in excess thereof, with one Certificate of each such Class evidencing an additional amount equal to the remainder of the initial Certificate Balance of such Class.

 

No fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.  In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust 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 Section 5.03 of the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer.  The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer or exchange.

 

The Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, 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 neither the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent of any of them, shall be affected by any notice to the contrary.

 

The Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders, the RR Interest Owner or the Companion Holders:

 

(i)        to correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision of the Pooling and Servicing Agreement;

 

(ii)       to cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates, the RR Interest, the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be inconsistent with any other provisions therein or to correct any error;

 

(iii)       to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder or the RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment;

 

(iv)      to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any Trust REMIC; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, the RR Interest Owner or Companion Holder;

 

(v)       to modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders or the RR

 

 

    A-9-6

     

    

 

Interest Owner (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Disqualified Non-U.S. Tax Person;

 

(vi)      to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder, the RR Interest Owner or any holder of a Serviced Companion Loan not consenting to such revision or addition, as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and, with respect to a Serviced Whole Loan, Companion Loan Rating Agency Confirmation from each Companion Loan Rating Agency;

 

(vii)     to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and, with respect to a Serviced Whole Loan, Companion Loan Rating Agency Confirmation from each Companion Loan Rating Agency; provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder or the RR Interest Owner not consenting to such amendment or supplement, as evidenced by an Opinion of Counsel;

 

(viii)    to modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other than any applicable Excluded Loan, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with respect to a Serviced Whole Loan, each Companion Loan Rating Agency has delivered a Companion Loan Rating Agency Confirmation;;

 

(ix)       to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website pursuant to Section 3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website;

 

(x)        to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); or

 

(xi)       to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement (i) to such extent as would be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (ii) in the event the Risk Retention Rule 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, as evidenced by an opinion of counsel.

 

Notwithstanding the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under any Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller, (B) may

 

 

    A-9-7

     

    

 

materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent or (C) may materially or adversely affect the RR Interest Owner without the RR Interest Owner’s consent.

 

The Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the RR Interest Owner (if affected by such amendment) and Holders of Certificates of each Class affected by such amendment evidencing, in the case of a Class of Certificateholders, in the aggregate not less than a majority of the aggregate Percentage Interests constituting the Class, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such Class or the RR Interest Owner; provided, however, that no such amendment shall:

 

(i)         reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed on a Certificate of any Class or the RR Interest without the consent of the Holder of the Certificate or the RR Interest Owner or which are required to be distributed to a Companion Holder without the consent of such Companion Holder; or

 

(ii)        reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates of such Class then outstanding or such Companion Holders, as applicable; or

 

(iii)       adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding; or

 

(iv)      change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)       amend the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and, with respect to a Serviced Whole Loan, receipt of Companion Loan Rating Agency Confirmation from each Companion Loan Rating Agency and, if required under the related Co-Lender Agreement, the consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole Loan.

 

Notwithstanding the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator, the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing Agreement without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment is permitted under the Pooling and Servicing Agreement, that all conditions precedent have been satisfied and that such amendment or the exercise of any power granted to the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or any other specified person in accordance with such amendment will not result in an Adverse REMIC Event under the relevant provisions of the Code.  Furthermore, no amendment to the Pooling and Servicing Agreement may be made that changes any provisions specifically required to be included in the Pooling and Servicing Agreement by any Non-Serviced Co-Lender Agreement without the consent of the holder of the related Pari Passu Companion Loan(s).

 

The Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates representing greater than 50% of the Percentage Interest of such Class, in that order of priority, may, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the Certificate Administrator and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage Loans (and all property acquired through exercise of remedies in respect of any related Mortgage Loan) and the Trust’s portion of each REO Property remaining in the Trust Fund, and thereby effect termination of the Trust and early retirement of the then-outstanding Certificates, on or after the first Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and the portion of any REO Loans held by the Trust is less than 1.0% of the aggregate Cut-off Date Principal Balance of the Mortgage Loans as set forth in the Pooling and Servicing Agreement.

 

 

    A-9-8

     

    

 

Following the date on which the Class A-1, Class A-4, Class A-5, Class A-AB, Class A-S, Class B, Class C, Class D and Class E Certificates are retired and the Notional Amounts of the Class X-A and Class X-E Certificates have been reduced to zero (and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then outstanding Certificates (other than the Class R Certificates) and the RR Interest), the Sole Owner shall have the right to exchange all of its Certificates (other than the Class R Certificates) and the RR Interest for all of the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant to the terms of the Pooling and Servicing Agreement, provided that the Master Servicer is paid a fee equal to (i) the product of (x) the Prime Rate, (y) the aggregate Certificate Balance of the then-outstanding certificates (other than the Class X Certificates and Class R Certificates) as of the date of the exchange and (z) three, divided by (ii) 360.

 

The obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.  In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of St. James, living on the date hereof.

 

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.  The Certificate Registrar has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans.

 

THIS CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

 

    A-9-9

     

    

 

IN WITNESS WHEREOF,
the Certificate Registrar has caused this Certificate to be duly executed under this official seal. 

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Registrar under the Pooling and Servicing Agreement

	
 

	
 

	
 

	
 

	
By: 

	
 

	
 

	
 

	
AUTHORIZED SIGNATORY

 

Dated:    May 21, 2020

 

CERTIFICATE OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS D CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT. 

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent

	
 

	
 

	
 

	
 

	
By: 

	
 

	
 

	
 

	
AUTHORIZED SIGNATORY

 

 

    A-9-10

     

    

 

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:   

	
 

	
 

	
 

	
 

	
TEN COM   

	
-   

	
as tenant in common

	
UNIF GIFT MIN ACT __________ Custodian

	
TEN ENT

	
-

	
as tenants by the entireties

	
     (Cust)

	
JT TEN

	
-

	
as joint tenants with rights of

	
Under Uniform Gifts to Minors

	
 

	
 

	
survivorship and not as tenants in

	
 

	
 

	
 

	
common

	
Act __________________________

	
 

	
 

	
 

	
(State)

 

Additional abbreviations may also be used though not in the above list. 

 

FORM OF TRANSFER

 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________

 

 

(Please insert Social Security or other identifying number of Assignee)

 

 

(Please print or typewrite name and address of assignee)

 

 

 

the within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register of the within-named Trust, with full power of substitution in the premises.

 

	
Dated:  _______________

	
NOTICE:  The signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular without alteration or enlargement or any change whatever.

 

	
 

	
 

	
SIGNATURE GUARANTEED

	
 

 

The signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

 

    A-9-11

     

    

 

DISTRIBUTION INSTRUCTIONS

 

The assignee should include the following for purposes of distribution:

 

Distributions shall be made, by wire transfer or otherwise, in immediately available funds to _______________________________ for the account of __________________________ account number _______________ or, if mailed by check, to __________________________. Statements should be mailed to _________________________. This information is provided by assignee named above, or ______________________________, as its agent.

 

 

    A-9-12

     

    

 

EXHIBIT A-10

 

FORM OF CLASS E CERTIFICATE

 

CLASS E

 

GS
MORTGAGE SECURITIES TRUST 2020-GC47

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2020-GC47, CLASS E

 

[THIS CERTIFICATE IS A TEMPORARY REGULATION S BOOK-ENTRY CERTIFICATE FOR PURPOSES OF REGULATION S (“REGULATION S”) UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S BOOK-ENTRY CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S BOOK-ENTRY 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 POOLING 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 BOOK-ENTRY 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 BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE UNDERWRITERS, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

 

 

1       Temporary Regulation S Book-Entry Certificate legend.

 

2       Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

3       Book-Entry Certificate legend.

 

 

    A-10-1

     

    

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW.  THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO AN INSTITUTION THAT IS NOT A “U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS COME WITHIN RULE 501(a)(1), (2), (3) or (7) OF REGULATION D UNDER THE SECURITIES ACT, THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS CERTIFICATE 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.

 

THE PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL DISTRIBUTIONS ON THE CERTIFICATES AND THE PORTION OF REALIZED LOSSES ALLOCABLE TO THIS CERTIFICATE AND WILL BE INCREASED BY RECOVERIES ON THE RELATED MORTGAGE LOANS FOR NONRECOVERABLE ADVANCES (PLUS INTEREST THEREON) THAT WERE PREVIOUSLY REIMBURSED FROM PRINCIPAL COLLECTIONS ON THE MORTGAGE LOANS THAT RESULTED IN A REDUCTION OF THE NON-VRR PRINCIPAL DISTRIBUTION AMOUNT.  ACCORDINGLY, THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW.  ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE CERTIFICATE ADMINISTRATOR.  

 

THIS CERTIFICATE IS SUBORDINATED TO THE CLASS A-1, CLASS A-4, CLASS A-5, CLASS A-AB, CLASS X-A, CLASS A-S, CLASS B, CLASS C AND CLASS D CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

 

    A-10-2

     

    

 

	
PASS-THROUGH RATE: THE WEIGHTED AVERAGE NET MORTGAGE RATE MINUS 1.0000%.

DENOMINATION:  $[______]

DATE OF POOLING AND SERVICING AGREEMENT:  AS OF MAY 1, 2020

CUT-OFF DATE:  AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

CLOSING DATE: MAY 21, 2020

FIRST DISTRIBUTION DATE:
JUNE 12, 2020

APPROXIMATE AGGREGATE 
CERTIFICATE BALANCE
OF THE CLASS E CERTIFICATES
AS OF THE CLOSING DATE:  $17,415,000

	
 

	
 

MASTER SERVICER:  WELLS FARGO BANK, NATIONAL ASSOCIATION

 

SPECIAL SERVICER:  KEYBANK NATIONAL ASSOCIATION

 

TRUSTEE:  WILMINGTON TRUST, NATIONAL ASSOCIATION

 

CERTIFICATE ADMINISTRATOR:  WELLS FARGO BANK, NATIONAL ASSOCIATION

 

OPERATING ADVISOR:  PARK BRIDGE LENDER SERVICES LLC

 

ASSET REPRESENTATIONS REVIEWER:  PARK BRIDGE LENDER SERVICES LLC

CUSIP NO.:  36258R AE3

                      36258R AF0

                      U0406R AC1

ISIN NO.:  US36858RAE36

                   US36258RAF01

                   USU0406RAC17

COMMON CODE NO.:   217756901

                                          217756944

CERTIFICATE NO.:  [E-1] [E-S-1]

 

    A-10-3

     

    

 

CLASS
E CERTIFICATE

 

evidencing a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases, and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the Non-VRR Gain-on-Sale Reserve Account and the REO Accounts, formed and sold by

 

GS
MORTGAGE SECURITIES CORPORATION II

 

THIS CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced by this Certificate in the Class E Certificates issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), among GS MORTGAGE SECURITIES CORPORATION II (hereinafter called the “Depositor”, which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer.  A summary of certain of the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof (herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified on the face hereof, by the aggregate initial Certificate Balance of the Class E Certificates.  The Certificates are designated as the GS MORTGAGE SECURITIES TRUST 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47 and are issued in the classes as specifically set forth in the Pooling and Servicing Agreement.  The Certificates and the RR Interest will evidence in the aggregate 100% of the beneficial ownership of the Trust.

 

This Certificate does not purport to summarize the Pooling 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 Trustee and the Certificate Administrator.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time, the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound.  In the case of any conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of the Pooling and Servicing Agreement shall govern.

 

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.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. Holders of this Certificate may be entitled to Yield Maintenance Charges as provided in the Pooling and Servicing Agreement. All sums distributable on this Certificate are payable in the coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts.

 

Interest on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the Interest Accrual Period relating to such Distribution Date at the Class E

 

 

    A-10-4

     

    

 

Pass-Through Rate specified above on the Certificate Balance of this Certificate immediately prior to each Distribution Date.  Principal and interest allocated to this Certificate on any Distribution Date will be in an amount equal to this Certificate’s pro rata share of the Non-VRR Available Funds to be distributed on the Certificates of this Class as of such Distribution Date, with a final distribution to be made upon retirement of this Certificate as set forth in the Pooling and Servicing Agreement.

 

Realized Losses and certain other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders in the manner set forth in the Pooling and Servicing Agreement.  All Realized Losses on the Mortgage Loans allocated to any Class of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth in the Pooling and Servicing Agreement.  As provided in the Pooling and Servicing Agreement, the Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom.  Amounts on deposit in such accounts may be invested in Permitted Investments.  Interest or other investment income earned on funds in the Collection Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement.  As provided in the Pooling and Servicing Agreement, withdrawals from the Collection Account shall be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of certain expenses incurred with respect to the servicing of the Mortgage Loans and administration of the Trust.

 

All distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor.  The final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously allocated to this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure of such Certificateholders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited to the account or accounts of the appropriate non-tendering Holder or Holders.  If any Certificates as to which notice has been given pursuant to Section 4.01(i) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within 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 in order to receive the final distribution with respect thereto.  If within one year after the second notice all such Certificates shall not have been surrendered for cancellation, the Certificate Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders concerning the surrender of their Certificates as it shall deem appropriate and subject to escheatment and other applicable laws.  The costs and expenses of holding such funds in trust and of contacting such Certificateholders following the first anniversary of the delivery of such second notice to the non-tendering Certificateholders shall be paid out of such funds.  No interest shall accrue or be payable to any Certificateholder on any amount held in trust under the Pooling and Servicing Agreement by the Certificate Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with Section 4.01(i) of the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder hereof or such Holder’s attorney-in-fact duly authorized in

 

 

    A-10-5

     

    

 

writing, and thereupon one or more new Certificates of the same Class in authorized Denominations will be issued to the designated transferee or transferees.

 

Subject to the terms of the Pooling and Servicing Agreement, the Class E Certificates will be issued in book-entry form through the facilities of DTC in minimum denominations of $100,000, and in integral multiples of $1 in excess thereof, with one Certificate of each such Class evidencing an additional amount equal to the remainder of the initial Certificate Balance of such Class.

 

No fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.  In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust 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 Section 5.03 of the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer.  The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer or exchange.

 

The Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, 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 neither the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent of any of them, shall be affected by any notice to the contrary.

 

The Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders, the RR Interest Owner or the Companion Holders:

 

(i)         to correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision of the Pooling and Servicing Agreement;

 

(ii)       to cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates, the RR Interest, the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be inconsistent with any other provisions therein or to correct any error;

 

(iii)       to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder or the RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment;

 

(iv)      to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any Trust REMIC; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, the RR Interest Owner or Companion Holder;

 

(v)       to modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders or the RR

 

 

    A-10-6

     

    

 

Interest Owner (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Disqualified Non-U.S. Tax Person;

 

(vi)      to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder, the RR Interest Owner or any holder of a Serviced Companion Loan not consenting to such revision or addition, as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and, with respect to a Serviced Whole Loan, Companion Loan Rating Agency Confirmation from each Companion Loan Rating Agency;

 

(vii)     to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and, with respect to a Serviced Whole Loan, Companion Loan Rating Agency Confirmation from each Companion Loan Rating Agency; provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder or the RR Interest Owner not consenting to such amendment or supplement, as evidenced by an Opinion of Counsel;

 

(viii)    to modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other than any applicable Excluded Loan, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with respect to a Serviced Whole Loan, each Companion Loan Rating Agency has delivered a Companion Loan Rating Agency Confirmation;;

 

(ix)       to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website pursuant to Section 3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website;

 

(x)        to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); or

 

(xi)       to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement (i) to such extent as would be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (ii) in the event the Risk Retention Rule 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, as evidenced by an opinion of counsel.

 

Notwithstanding the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under any Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller, (B) may

 

 

    A-10-7

     

    

 

materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent or (C) may materially or adversely affect the RR Interest Owner without the RR Interest Owner’s consent.

 

The Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the RR Interest Owner (if affected by such amendment) and Holders of Certificates of each Class affected by such amendment evidencing, in the case of a Class of Certificateholders, in the aggregate not less than a majority of the aggregate Percentage Interests constituting the Class, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such Class or the RR Interest Owner; provided, however, that no such amendment shall:

 

(i)         reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed on a Certificate of any Class or the RR Interest without the consent of the Holder of the Certificate or the RR Interest Owner or which are required to be distributed to a Companion Holder without the consent of such Companion Holder; or

 

(ii)        reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates of such Class then outstanding or such Companion Holders, as applicable; or

 

(iii)      adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding; or

 

(iv)      change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)       amend the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and, with respect to a Serviced Whole Loan, receipt of Companion Loan Rating Agency Confirmation from each Companion Loan Rating Agency and, if required under the related Co-Lender Agreement, the consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole Loan.

 

Notwithstanding the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator, the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing Agreement without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment is permitted under the Pooling and Servicing Agreement, that all conditions precedent have been satisfied and that such amendment or the exercise of any power granted to the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or any other specified person in accordance with such amendment will not result in an Adverse REMIC Event under the relevant provisions of the Code.  Furthermore, no amendment to the Pooling and Servicing Agreement may be made that changes any provisions specifically required to be included in the Pooling and Servicing Agreement by any Non-Serviced Co-Lender Agreement without the consent of the holder of the related Pari Passu Companion Loan(s).

 

The Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates representing greater than 50% of the Percentage Interest of such Class, in that order of priority, may, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the Certificate Administrator and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage Loans (and all property acquired through exercise of remedies in respect of any related Mortgage Loan) and the Trust’s portion of each REO Property remaining in the Trust Fund, and thereby effect termination of the Trust and early retirement of the then-outstanding Certificates, on or after the first Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and the portion of any REO Loans held by the Trust is less than 1.0% of the aggregate Cut-off Date Principal Balance of the Mortgage Loans as set forth in the Pooling and Servicing Agreement.

 

 

    A-10-8

     

    

 

Following the date on which the Class A-1, Class A-4, Class A-5, Class A-AB, Class A-S, Class B, Class C, Class D and Class E Certificates are retired and the Notional Amounts of the Class X-A and Class X-E Certificates have been reduced to zero (and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then outstanding Certificates (other than the Class R Certificates) and the RR Interest), the Sole Owner shall have the right to exchange all of its Certificates (other than the Class R Certificates) and the RR Interest for all of the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant to the terms of the Pooling and Servicing Agreement, provided that the Master Servicer is paid a fee equal to (i) the product of (x) the Prime Rate, (y) the aggregate Certificate Balance of the then-outstanding certificates (other than the Class X Certificates and Class R Certificates) as of the date of the exchange and (z) three, divided by (ii) 360.

 

The obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.  In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of St. James, living on the date hereof.

 

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.  The Certificate Registrar has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans.

 

THIS CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

 

    A-10-9

     

    

 

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal. 

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Registrar under the Pooling and Servicing Agreement

	
 

	
 

	
 

	
 

	
By: 

	
 

	
 

	
 

	
AUTHORIZED SIGNATORY

 

Dated:    May 21, 2020

 

CERTIFICATE OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS E CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT. 

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent

	
 

	
 

	
 

	
 

	
By: 

	
 

	
 

	
 

	
AUTHORIZED SIGNATORY

 

 

    A-10-10

     

    

 

ABBREVIATIONS

 

The following abbreviations,
when used in the inscription on the face of this Certificate, shall be construed as though they were written out in full according
to applicable laws or regulations: 

	
 

	
 

	
 

	
 

	
TEN COM   

	
-   

	
as tenant in common

	
UNIF GIFT MIN ACT __________ Custodian

	
TEN ENT

	
-

	
as tenants by the entireties

	
     (Cust)

	
JT TEN

	
-

	
as joint tenants with rights of

	
Under Uniform Gifts to Minors

	
 

	
 

	
survivorship and not as tenants in

	
 

	
 

	
 

	
common

	
Act __________________________

	
 

	
 

	
 

	
(State)

 

Additional abbreviations may also be used though not in the above list.

 

FORM OF TRANSFER

 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________

 

 

(Please insert Social Security or other identifying number of Assignee)

 

 

(Please print or typewrite name and address of assignee)

 

 

 

the within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register of the within-named Trust, with full power of substitution in the premises.

 

	
Dated:  _______________

	
NOTICE:  The signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular without alteration or enlargement or any change whatever.

 

	
 

	
 

	
SIGNATURE GUARANTEED

	
 

 

The signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

 

    A-10-11

     

    

 

DISTRIBUTION INSTRUCTIONS

 

The assignee should include the following for purposes of distribution:

 

Distributions shall be made, by wire transfer or otherwise, in immediately available funds to _______________________________ for the account of __________________________ account number _______________ or, if mailed by check, to __________________________. Statements should be mailed to _________________________. This information is provided by assignee named above, or ______________________________, as its agent.

 

 

    A-10-12

     

    

 

EXHIBIT
A-11

 

FORM
OF CLASS X-E CERTIFICATE

 

CLASS
X-E

 

GS
MORTGAGE SECURITIES TRUST 2020-GC47

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2020-GC47, CLASS X-E

 

[THIS
CERTIFICATE IS A TEMPORARY REGULATION S BOOK-ENTRY CERTIFICATE FOR PURPOSES OF REGULATION S (“REGULATION S”)
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION
S BOOK-ENTRY CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE POOLING AND
SERVICING AGREEMENT REFERRED TO BELOW.

 

NO
BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S BOOK-ENTRY 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 POOLING 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 BOOK-ENTRY 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 BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE
UNDERWRITERS, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

 

 

		1	Temporary
Regulation S Book-Entry Certificate legend.

 

		2	Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

		3	Book-Entry
Certificate legend.

 

    A-11-1

     

    

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER,
RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
TO AN INSTITUTION THAT IS NOT A “U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS SUCH TERMS ARE DEFINED
IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE
CLASS R CERTIFICATES) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR
(7) OF REGULATION D UNDER THE SECURITIES ACT, OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS COME WITHIN RULE 501(a)(1), (2),
(3) or (7) OF REGULATION D UNDER THE SECURITIES ACT, THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS
CLASS X-E CERTIFICATE HAS NO PRINCIPAL BALANCE AND WILL NOT RECEIVE ANY DISTRIBUTION OF PRINCIPAL.

 

THE
NOTIONAL AMOUNT OF THIS CERTIFICATE WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE BALANCE OF THE CLASS E
CERTIFICATES. ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET
FORTH BELOW.

 

THE
NOTIONAL AMOUNT ON WHICH THE INTEREST PAYABLE TO THE HOLDERS OF THE CLASS X-E CERTIFICATES IS BASED WILL BE REDUCED AS A RESULT
OF PRINCIPAL PAYMENTS AND LOSSES ON THE MORTGAGE LOANS. ACCORDINGLY, THE INTEREST PAYABLE PURSUANT TO THIS CERTIFICATE MAY BE
LESS THAN THAT SET FORTH BELOW.

 

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.

 

    A-11-2

     

    

 

	PASS-THROUGH
        RATE: VARIABLE IN ACCORDANCE WITH THE POOLING AND SERVICING AGREEMENT4

         

        DENOMINATION:
        $[______]

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF MAY 1, 2020

         

        CUT-OFF
        DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

         

        CLOSING
        DATE: MAY 21, 2020

         

        FIRST
        DISTRIBUTION DATE:

        JUNE 12, 2020

         

        APPROXIMATE
        AGGREGATE NOTIONAL AMOUNT OF THE CLASS X-E CERTIFICATES AS OF THE CLOSING DATE: $17,415,000

         
	 	MASTER
        SERVICER: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        SPECIAL
        SERVICER: KEYBANK NATIONAL ASSOCIATION

         

        TRUSTEE:
        WILMINGTON TRUST, NATIONAL ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        OPERATING
        ADVISOR: PARK BRIDGE LENDER SERVICES LLC

         

        ASSET
        REPRESENTATIONS REVIEWER: PARK BRIDGE LENDER SERVICES LLC

         

        CUSIP
NO.:  36258R AG8 

        36258R
AH6 

        U0406R
        AD9

         

        ISIN
NO.: US36258RAG83 

           US36258RAH66 

           USU0406RAD99

         

        COMMON
        CODE NO.:     217756995

          217757029

         

        CERTIFICATE
NO.: [X-E-1][X-E-S-1] 

 

 

 

		4	The
                                         initial approximate Pass-Through Rate as of the Closing Date is 1.000000000%.

 

    A-11-3

     

    

 

CLASS
X-E CERTIFICATE

 

evidencing
a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties
and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases,
and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held
in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the Non-VRR Gain-on-Sale Reserve Account and
the REO Accounts, formed and sold by

 

GS
MORTGAGE SECURITIES CORPORATION II

 

THIS
CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced by this Certificate in the Class X-E Certificates
issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and
Servicing Agreement”), among GS MORTGAGE SECURITIES CORPORATION II (hereinafter called the “Depositor”,
which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer. A summary of certain of
the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof
(herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the
face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified
on the face hereof, by the aggregate initial Notional Amount of the Class X-E Certificates. The Certificates are designated as
the GS MORTGAGE SECURITIES TRUST 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47 and are issued in
the classes as specifically set forth in the Pooling and Servicing Agreement. The Certificates and the RR Interest will evidence
in the aggregate 100% of the beneficial ownership of the Trust.

 

This
Certificate does not purport to summarize the Pooling 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 Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time,
the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any
conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of
the Pooling and Servicing Agreement shall govern.

 

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.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name
this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable,
if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution Date, all as more fully
described in the Pooling and Servicing Agreement. All sums distributable on this Certificate are payable in the coin or currency
of the United States of America as at the time of payment is legal tender for the payment of public and private debts.

 

Interest
on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the
Interest Accrual Period relating to such Distribution Date at the Class X-E Pass-Through Rate specified above on the Notional
Amount of this Certificate immediately prior to each

 

    A-11-4

     

    

 

Distribution Date. Interest allocated to this Certificate on any Distribution
Date will be in an amount equal to this Certificate’s pro rata share of the Non-VRR Available Funds to be distributed
on the Certificates of this Class as of such Distribution Date, with a final distribution to be made upon retirement of this Certificate
as set forth in the Pooling and Servicing Agreement.

 

Realized
Losses and certain other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders
in the manner set forth in the Pooling and Servicing Agreement. All Realized Losses on the Mortgage Loans allocated to any Class
of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage
Loans, all as more specifically set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
the Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates
specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate
Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit
in such accounts may be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection
Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and
Servicing Agreement, withdrawals from the Collection Account shall be made from time to time for purposes other than distributions
to Certificateholders, such purposes including reimbursement of certain expenses incurred with respect to the servicing of the
Mortgage Loans and administration of the Trust.

 

All
distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other
than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to
the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate
Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The
final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously
allocated to this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Certificateholders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited
to the account or accounts of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to Section 4.01(i) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within
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 in order to receive the final distribution with respect thereto.
If within one year after the second notice all such Certificates shall not have been surrendered for cancellation, the Certificate
Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders concerning
the surrender of their Certificates as it shall deem appropriate and subject to escheatment and other applicable laws. The costs
and expenses of holding such funds in trust and of contacting such Certificateholders following the first anniversary of the delivery
of such second notice to the non-tendering Certificateholders shall be paid out of such funds. No interest shall accrue or be
payable to any Certificateholder on any amount held in trust under the Pooling and Servicing Agreement by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with Section 4.01(i) of the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate
is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office
of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the
form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder
hereof or such Holder’s attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized Denominations will be issued to the designated transferee or transferees.

 

    A-11-5

     

    

 

Subject
to the terms of the Pooling and Servicing Agreement, the Class X-E Certificates will be issued in book-entry form through the
facilities of DTC in minimum denominations of $1,000,000 initial Notional Amount, and in integral multiples of $1 in excess thereof,
with one Certificate of each such Class evidencing an additional amount equal to the remainder of the initial Notional Amount
of such Class.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.
In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust 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 Section 5.03 of the Pooling and Servicing Agreement)
incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by each
transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer
or exchange.

 

The
Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, 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 neither
the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent
of any of them, shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders,
the RR Interest Owner or the Companion Holders:

 

(i)          to
correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision
of the Pooling and Servicing Agreement;

 

(ii)         to
cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates,
the RR Interest, the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may
be inconsistent with any other provisions therein or to correct any error;

 

(iii)        to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder or the RR Interest
Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced
by a Rating Agency Confirmation from each Rating Agency with respect to such amendment;

 

(iv)        to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain
the qualification of any Trust REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is
outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any Trust REMIC; provided that the
Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment)
to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder,
the RR Interest Owner or Companion Holder;

 

(v)         to
modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision of
the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders
or the RR Interest Owner (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a
Disqualified Organization or a Disqualified Non-U.S. Tax Person;

 

    A-11-6

     

    

 

(vi)        to
revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any
other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder,
the RR Interest Owner or any holder of a Serviced Companion Loan not consenting to such revision or addition, as evidenced in
writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and, with respect to a Serviced Whole Loan, Companion
Loan Rating Agency Confirmation from each Companion Loan Rating Agency;

 

(vii)       to
amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies and, with respect to a Serviced Whole Loan, Companion Loan Rating Agency Confirmation from each Companion
Loan Rating Agency; provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder or the RR Interest Owner not consenting to such amendment or supplement, as evidenced by an Opinion of
Counsel;

 

(viii)      to
modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other than any applicable
Excluded Loan, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any
Trust REMIC as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency
has delivered a Rating Agency Confirmation and, with respect to a Serviced Whole Loan, each Companion Loan Rating Agency has delivered
a Companion Loan Rating Agency Confirmation;;

 

(ix)        to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided
that such amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced
by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency
rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such
amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website pursuant to Section
3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website;

 

(x)         to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv);
or

 

(xi)        to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement (i) to such extent as would be necessary to
comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (ii) in the event the Risk
Retention Rule 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, as evidenced by an opinion of counsel.

 

Notwithstanding
the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or
the obligations of any Mortgage Loan Seller under any Mortgage Loan Purchase Agreement or otherwise or change any rights of any
Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage
Loan Seller, (B) may materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent
or (C) may materially or adversely affect the RR Interest Owner without the RR Interest Owner’s consent.

 

    A-11-7

     

    

 

The
Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the RR Interest
Owner (if affected by such amendment) and Holders of Certificates of each Class affected by such amendment evidencing, in the
case of a Class of Certificateholders, in the aggregate not less than a majority of the aggregate Percentage Interests constituting
the Class, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling
and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such Class or the RR Interest
Owner; provided, however, that no such amendment shall:

 

(i)          reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed
on a Certificate of any Class or the RR Interest without the consent of the Holder of the Certificate or the RR Interest Owner
or which are required to be distributed to a Companion Holder without the consent of such Companion Holder; or

 

(ii)         reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates
of such Class then outstanding or such Companion Holders, as applicable; or

 

(iii)        adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding; or

 

(iv)        change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under
such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)        amend
the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating Agency
Confirmation from each Rating Agency and, with respect to a Serviced Whole Loan, receipt of Companion Loan Rating Agency Confirmation
from each Companion Loan Rating Agency and, if required under the related Co-Lender Agreement, the consent of the holder of any
AB Subordinate Companion Loan for each Serviced AB Whole Loan.

 

Notwithstanding
the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator,
the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing
Agreement without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment
is permitted under the Pooling and Servicing Agreement, that all conditions precedent have been satisfied and that such amendment
or the exercise of any power granted to the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer or any other specified person in accordance with such
amendment will not result in an Adverse REMIC Event under the relevant provisions of the Code. Furthermore, no amendment to the
Pooling and Servicing Agreement may be made that changes any provisions specifically required to be included in the Pooling and
Servicing Agreement by any Non-Serviced Co-Lender Agreement without the consent of the holder of the related Pari Passu Companion
Loan(s).

 

The
Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates
representing greater than 50% of the Percentage Interest of such Class, in that order of priority, may, at their option, upon
no less than 60 days’ prior written notice given to the Trustee, the Certificate Administrator and each of the other parties
to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage Loans (and all property acquired through exercise
of remedies in respect of any related Mortgage Loan) and the Trust’s portion of each REO Property remaining in the Trust
Fund, and thereby effect termination of the Trust and early retirement of the then-outstanding Certificates, on or after the first
Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and the portion of any REO Loans held
by the Trust is less than 1.0% of the aggregate Cut-off Date Principal Balance of the Mortgage Loans as set forth in the Pooling
and Servicing Agreement.

 

Following
the date on which the Class A-1, Class A-4, Class A-5, Class A-AB, Class A-S, Class B, Class C, Class D and Class E Certificates
are retired and the Notional Amounts of the Class X-A and Class X-E

 

    A-11-8

     

    

 

Certificates have been reduced to zero (and provided
that there is only one Holder (or multiple Holders acting in unanimity) of the then outstanding Certificates (other than the Class
R Certificates) and the RR Interest), the Sole Owner shall have the right to exchange all of its Certificates (other than the
Class R Certificates) and the RR Interest for all of the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant
to the terms of the Pooling and Servicing Agreement, provided that the Master Servicer is paid a fee equal to (i) the product
of (x) the Prime Rate, (y) the aggregate Certificate Balance of the then-outstanding certificates (other than the Class X Certificates
and Class R Certificates) as of the date of the exchange and (z) three, divided by (ii) 360.

 

The
obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate
Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate
upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment
resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.
In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court
of St. James, living on the date hereof.

 

Unless
the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate
shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar
has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans.

 

THIS
CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

    A-11-9

     

    

 

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Registrar under the Pooling and
Servicing Agreement
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

 

		Dated:	May
                                         21, 2020

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS X-E CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

 

    A-11-10

     

    

   

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:  

	 	 	 	 
	TEN COM   	-   	as tenant in common	UNIF
                                         GIFT MIN ACT __________ Custodian
	TEN
        ENT	-	as tenants by the entireties	     (Cust)
	JT TEN	-	as joint tenants with rights of 	Under
        Uniform Gifts to Minors
	 	 	survivorship and not as tenants in	 
	 	 	 common	Act
        __________________________
	 	 		
(State)

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

 

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

  

	Dated:  _______________	NOTICE:  The
    signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.

 

	 	 
	SIGNATURE GUARANTEED	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

    A-11-11

     

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
assignee should include the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to _________________________________ for the account
of __________________________________ account number _______________ or, if mailed by check, to _______________________________________.
Statements should be mailed to _______________________________________________________________. This information is provided by
assignee named above, or ______________________________, as its agent.

 

    A-11-12

     

    

 

EXHIBIT
A-12

 

FORM
OF CLASS F CERTIFICATE

 

CLASS
F

 

GS
MORTGAGE SECURITIES TRUST 2020-GC47

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2020-GC47, CLASS F

 

[THIS
CERTIFICATE IS A TEMPORARY REGULATION S BOOK-ENTRY CERTIFICATE FOR PURPOSES OF REGULATION S (“REGULATION S”)
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION
S BOOK-ENTRY CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE POOLING AND
SERVICING AGREEMENT REFERRED TO BELOW.

 

NO
BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S BOOK-ENTRY 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 POOLING 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 BOOK-ENTRY 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 BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE
UNDERWRITERS, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

 

 

		1	Temporary
Regulation S Book-Entry Certificate legend.

 

		2	Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

		3	Book-Entry
Certificate legend.

 

    A-12-1

     

    

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER,
RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
TO AN INSTITUTION THAT IS NOT A “U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS SUCH TERMS ARE DEFINED
IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE
CLASS R CERTIFICATES) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR
(7) OF REGULATION D UNDER THE SECURITIES ACT, OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS COME WITHIN RULE 501(a)(1), (2),
(3) or (7) OF REGULATION D UNDER THE SECURITIES ACT, THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF 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 (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATIONS SECTION
2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE
COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF
SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL
ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION
OF THIS CERTIFICATE BY ANY PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH PLAN WILL NOT CONSTITUTE
OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

THIS
CERTIFICATE 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.

 

THE
PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL
DISTRIBUTIONS ON THE CERTIFICATES AND THE PORTION OF REALIZED LOSSES ALLOCABLE TO THIS CERTIFICATE AND WILL BE INCREASED BY RECOVERIES
ON THE RELATED MORTGAGE LOANS FOR NONRECOVERABLE ADVANCES (PLUS INTEREST THEREON) THAT WERE PREVIOUSLY REIMBURSED FROM PRINCIPAL
COLLECTIONS ON THE MORTGAGE LOANS THAT RESULTED IN A REDUCTION OF THE NON-VRR PRINCIPAL DISTRIBUTION AMOUNT. ACCORDINGLY, THE

 

    A-12-2

     

    

 

CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN
ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE CERTIFICATE ADMINISTRATOR. 

 

THIS
CERTIFICATE IS SUBORDINATED TO THE CLASS A-1, CLASS A-4, CLASS A-5, CLASS A-AB, CLASS X-A, CLASS A-S, CLASS B, CLASS C, CLASS
D, CLASS E AND CLASS X-E CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

    A-12-3

     

    

 

	PASS-THROUGH
        RATE: THE WEIGHTED AVERAGE NET MORTGAGE RATE MINUS 1.0000%.

         

        DENOMINATION:
        $[______]

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF MAY 1, 2020

         

        CUT-OFF
        DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

         

        CLOSING
        DATE: MAY 21, 2020

         

        FIRST
        DISTRIBUTION DATE:

        JUNE 12, 2020

         

        APPROXIMATE
        AGGREGATE

        CERTIFICATE BALANCE

        OF THE CLASS F CERTIFICATES

        AS OF THE CLOSING DATE: $13,749,000

         
	 	MASTER
        SERVICER: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        SPECIAL
        SERVICER: KEYBANK NATIONAL ASSOCIATION

         

        TRUSTEE:
        WILMINGTON TRUST, NATIONAL ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        OPERATING
        ADVISOR: PARK BRIDGE LENDER SERVICES LLC

         

        ASSET
        REPRESENTATIONS REVIEWER: PARK BRIDGE LENDER SERVICES LLC

         

        CUSIP
NO.:   36258R AJ2 

         36258R
AK9 

         U0406R
        AE7

         

        ISIN
NO.: US36258RAJ23 

           US36258RAK95 

           USU0406RAE72

         

        COMMON
CODE NO.:  217757088 

             217757100

         

        CERTIFICATE
        NO.: [F-1] [F-S-1]

         

 

    A-12-4

     

    

 

CLASS
F CERTIFICATE

 

evidencing
a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties
and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases,
and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held
in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the Non-VRR Gain-on-Sale Reserve Account and
the REO Accounts, formed and sold by

 

GS
MORTGAGE SECURITIES CORPORATION II

 

THIS
CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced by this Certificate in the Class F Certificates
issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and
Servicing Agreement”), among GS MORTGAGE SECURITIES CORPORATION II (hereinafter called the “Depositor”,
which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer. A summary of certain of
the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof
(herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the
face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified
on the face hereof, by the aggregate initial Certificate Balance of the Class F Certificates. The Certificates are designated
as the GS MORTGAGE SECURITIES TRUST 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47 and are issued
in the classes as specifically set forth in the Pooling and Servicing Agreement. The Certificates and the RR Interest will evidence
in the aggregate 100% of the beneficial ownership of the Trust.

 

This
Certificate does not purport to summarize the Pooling 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 Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time,
the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any
conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of
the Pooling and Servicing Agreement shall govern.

 

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.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name
this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution
Date, all as more fully described in the Pooling and Servicing Agreement. All sums distributable on this Certificate are payable
in the coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and
private debts.

 

Interest
on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the
Interest Accrual Period relating to such Distribution Date at the Class F Pass-Through Rate specified above on the Certificate
Balance of this Certificate immediately prior to each Distribution

 

    A-12-5

     

    

 

Date. Principal and interest allocated to this Certificate
on any Distribution Date will be in an amount equal to this Certificate’s pro rata share of the Non-VRR Available
Funds to be distributed on the Certificates of this Class as of such Distribution Date, with a final distribution to be made upon
retirement of this Certificate as set forth in the Pooling and Servicing Agreement.

 

Realized
Losses and certain other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders
in the manner set forth in the Pooling and Servicing Agreement. All Realized Losses on the Mortgage Loans allocated to any Class
of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage
Loans, all as more specifically set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
the Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates
specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate
Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit
in such accounts may be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection
Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and
Servicing Agreement, withdrawals from the Collection Account shall be made from time to time for purposes other than distributions
to Certificateholders, such purposes including reimbursement of certain expenses incurred with respect to the servicing of the
Mortgage Loans and administration of the Trust.

 

All
distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other
than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to
the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate
Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The
final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously
allocated to this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Certificateholders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited
to the account or accounts of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to Section 4.01(i) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within
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 in order to receive the final distribution with respect thereto.
If within one year after the second notice all such Certificates shall not have been surrendered for cancellation, the Certificate
Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders concerning
the surrender of their Certificates as it shall deem appropriate and subject to escheatment and other applicable laws. The costs
and expenses of holding such funds in trust and of contacting such Certificateholders following the first anniversary of the delivery
of such second notice to the non-tendering Certificateholders shall be paid out of such funds. No interest shall accrue or be
payable to any Certificateholder on any amount held in trust under the Pooling and Servicing Agreement by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with Section 4.01(i) of the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate
is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office
of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the
form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder
hereof or such Holder’s attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized Denominations will be issued to the designated transferee or transferees.

 

    A-12-6

     

    

 

Subject
to the terms of the Pooling and Servicing Agreement, the Class F Certificates will be issued in book-entry form through the facilities
of DTC in minimum denominations of $100,000, and in integral multiples of $1 in excess thereof, with one Certificate of each such
Class evidencing an additional amount equal to the remainder of the initial Certificate Balance of such Class.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.
In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust 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 Section 5.03 of the Pooling and Servicing Agreement)
incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by each
transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer
or exchange.

 

The
Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, 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 neither
the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent
of any of them, shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders,
the RR Interest Owner or the Companion Holders:

 

(i)          to
correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision
of the Pooling and Servicing Agreement;

 

(ii)         to
cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates,
the RR Interest, the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may
be inconsistent with any other provisions therein or to correct any error;

 

(iii)        to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder or the RR Interest
Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced
by a Rating Agency Confirmation from each Rating Agency with respect to such amendment;

 

(iv)        to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain
the qualification of any Trust REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is
outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any Trust REMIC; provided that the
Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment)
to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder,
the RR Interest Owner or Companion Holder;

 

(v)         to
modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision of
the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders
or the RR Interest Owner (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a
Disqualified Organization or a Disqualified Non-U.S. Tax Person;

 

    A-12-7

     

    

 

(vi)        to
revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any
other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder,
the RR Interest Owner or any holder of a Serviced Companion Loan not consenting to such revision or addition, as evidenced in
writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and, with respect to a Serviced Whole Loan, Companion
Loan Rating Agency Confirmation from each Companion Loan Rating Agency;

 

(vii)       to
amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies and, with respect to a Serviced Whole Loan, Companion Loan Rating Agency Confirmation from each Companion
Loan Rating Agency; provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder or the RR Interest Owner not consenting to such amendment or supplement, as evidenced by an Opinion of
Counsel;

 

(viii)      to
modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other than any applicable
Excluded Loan, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any
Trust REMIC as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency
has delivered a Rating Agency Confirmation and, with respect to a Serviced Whole Loan, each Companion Loan Rating Agency has delivered
a Companion Loan Rating Agency Confirmation;;

 

(ix)        to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided
that such amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced
by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency
rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such
amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website pursuant to Section
3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website;

 

(x)         to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv);
or

 

(xi)        to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement (i) to such extent as would be necessary to
comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (ii) in the event the Risk
Retention Rule 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, as evidenced by an opinion of counsel.

 

Notwithstanding
the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or
the obligations of any Mortgage Loan Seller under any Mortgage Loan Purchase Agreement or otherwise or change any rights of any
Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage
Loan Seller, (B) may materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent
or (C) may materially or adversely affect the RR Interest Owner without the RR Interest Owner’s consent.

 

    A-12-8

     

    

 

The
Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the RR Interest
Owner (if affected by such amendment) and Holders of Certificates of each Class affected by such amendment evidencing, in the
case of a Class of Certificateholders, in the aggregate not less than a majority of the aggregate Percentage Interests constituting
the Class, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling
and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such Class or the RR Interest
Owner; provided, however, that no such amendment shall:

 

(i)          reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed
on a Certificate of any Class or the RR Interest without the consent of the Holder of the Certificate or the RR Interest Owner
or which are required to be distributed to a Companion Holder without the consent of such Companion Holder; or

 

(ii)         reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates
of such Class then outstanding or such Companion Holders, as applicable; or

 

(iii)        adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding; or

 

(iv)        change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under
such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)         amend
the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating Agency
Confirmation from each Rating Agency and, with respect to a Serviced Whole Loan, receipt of Companion Loan Rating Agency Confirmation
from each Companion Loan Rating Agency and, if required under the related Co-Lender Agreement, the consent of the holder of any
AB Subordinate Companion Loan for each Serviced AB Whole Loan.

 

Notwithstanding
the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator,
the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing
Agreement without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment
is permitted under the Pooling and Servicing Agreement, that all conditions precedent have been satisfied and that such amendment
or the exercise of any power granted to the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer or any other specified person in accordance with such
amendment will not result in an Adverse REMIC Event under the relevant provisions of the Code. Furthermore, no amendment to the
Pooling and Servicing Agreement may be made that changes any provisions specifically required to be included in the Pooling and
Servicing Agreement by any Non-Serviced Co-Lender Agreement without the consent of the holder of the related Pari Passu Companion
Loan(s).

 

The
Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates
representing greater than 50% of the Percentage Interest of such Class, in that order of priority, may, at their option, upon
no less than 60 days’ prior written notice given to the Trustee, the Certificate Administrator and each of the other parties
to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage Loans (and all property acquired through exercise
of remedies in respect of any related Mortgage Loan) and the Trust’s portion of each REO Property remaining in the Trust
Fund, and thereby effect termination of the Trust and early retirement of the then-outstanding Certificates, on or after the first
Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and the portion of any REO Loans held
by the Trust is less than 1.0% of the aggregate Cut-off Date Principal Balance of the Mortgage Loans as set forth in the Pooling
and Servicing Agreement.

 

Following
the date on which the Class A-1, Class A-4, Class A-5, Class A-AB, Class A-S, Class B, Class C, Class D and Class E Certificates
are retired and the Notional Amounts of the Class X-A and Class X-E

 

    A-12-9

     

    

 

Certificates have been reduced to zero (and provided
that there is only one Holder (or multiple Holders acting in unanimity) of the then outstanding Certificates (other than the Class
R Certificates) and the RR Interest), the Sole Owner shall have the right to exchange all of its Certificates (other than the
Class R Certificates) and the RR Interest for all of the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant
to the terms of the Pooling and Servicing Agreement, provided that the Master Servicer is paid a fee equal to (i) the product
of (x) the Prime Rate, (y) the aggregate Certificate Balance of the then-outstanding certificates (other than the Class X Certificates
and Class R Certificates) as of the date of the exchange and (z) three, divided by (ii) 360.

 

The
obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate
Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate
upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment
resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.
In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court
of St. James, living on the date hereof.

 

Unless
the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate
shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar
has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans.

 

THIS
CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

    A-12-10

     

    

  

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal. 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
 not in its individual capacity
    but solely as Certificate Registrar under the Pooling and Servicing Agreement
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

 

		Dated:	May 21, 2020

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS F CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING
AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

  

    A-12-11

     

    

  

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:  

	 	 	 	 
	TEN COM   	-   	as tenant in common	UNIF
                                         GIFT MIN ACT __________ Custodian
	TEN
        ENT	-	as tenants by the entireties	     (Cust)
	JT TEN	-	as joint tenants with rights of 	Under
        Uniform Gifts to Minors
	 	 	survivorship and not as tenants in	 
	 	 	 common	Act
        __________________________
	 	 		
(State)

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

 

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

  

	Dated:  _______________	NOTICE:  The
    signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.

 

	 	 
	SIGNATURE GUARANTEED	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

    A-12-12

     

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
assignee should include the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to _______________________________ for the account
of __________________________ account number _______________ or, if mailed by check, to __________________________.
Statements should be mailed to _________________________. This information is provided by
assignee named above, or ______________________________, as its agent.

 

    A-12-13

     

    

 

EXHIBIT
A-13

 

FORM
OF CLASS X-F CERTIFICATE

 

CLASS
X-F

 

GS
MORTGAGE SECURITIES TRUST 2020-GC47

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2020-GC47, CLASS X-F

 

[THIS
CERTIFICATE IS A TEMPORARY REGULATION S BOOK-ENTRY CERTIFICATE FOR PURPOSES OF REGULATION S (“REGULATION S”)
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION
S BOOK-ENTRY CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE POOLING AND
SERVICING AGREEMENT REFERRED TO BELOW.

 

NO
BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S BOOK-ENTRY 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 POOLING 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 BOOK-ENTRY 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 BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE
UNDERWRITERS, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

 

 

		1	Temporary
Regulation S Book-Entry Certificate legend.

 

		2	Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

		3	Book-Entry
Certificate legend.

 

    A-13-1

     

    

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER,
RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
TO AN INSTITUTION THAT IS NOT A “U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS SUCH TERMS ARE DEFINED
IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE
CLASS R CERTIFICATES) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR
(7) OF REGULATION D UNDER THE SECURITIES ACT, OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS COME WITHIN RULE 501(a)(1), (2),
(3) or (7) OF REGULATION D UNDER THE SECURITIES ACT, THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS
CLASS X-F CERTIFICATE HAS NO PRINCIPAL BALANCE AND WILL NOT RECEIVE ANY DISTRIBUTION OF PRINCIPAL.

 

THE
NOTIONAL AMOUNT OF THIS CERTIFICATE WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE BALANCE OF THE CLASS F
CERTIFICATES. ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET
FORTH BELOW.

 

THE
NOTIONAL AMOUNT ON WHICH THE INTEREST PAYABLE TO THE HOLDERS OF THE CLASS X-F CERTIFICATES IS BASED WILL BE REDUCED AS A RESULT
OF PRINCIPAL PAYMENTS AND LOSSES ON THE MORTGAGE LOANS. ACCORDINGLY, THE INTEREST PAYABLE PURSUANT TO THIS CERTIFICATE MAY BE
LESS THAN THAT SET FORTH BELOW.

 

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.

 

    A-13-2

     

    

 

	PASS-THROUGH
        RATE: VARIABLE IN ACCORDANCE WITH THE POOLING AND SERVICING AGREEMENT4

         

        DENOMINATION:
        $[______]

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF MAY 1, 2020

         

        CUT-OFF
        DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

         

        CLOSING
        DATE: MAY 21, 2020

         

        FIRST
        DISTRIBUTION DATE:

        JUNE 12, 2020

         

        APPROXIMATE
        AGGREGATE NOTIONAL AMOUNT OF THE CLASS X-F CERTIFICATES AS OF THE CLOSING DATE: $13,749,000

         
	 	MASTER
        SERVICER: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        SPECIAL
        SERVICER: KEYBANK NATIONAL ASSOCIATION

         

        TRUSTEE:
        WILMINGTON TRUST, NATIONAL ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        OPERATING
        ADVISOR: PARK BRIDGE LENDER SERVICES LLC

         

        ASSET
        REPRESENTATIONS REVIEWER: PARK BRIDGE LENDER SERVICES LLC

         

        CUSIP
NO.:  36258R AL7 

                               36258R
AM5 

                               U0406R
        AF4

         

        ISIN
NO.:  US36258RAL78 

                           US36258RAM51 

                           USU0406RAF48

         

        COMMON
        CODE NO.:     217757134

         217757142

         

        CERTIFICATE
NO.: [X-F-1][X-F-S-1]

 

 

 

		4	The
                                         initial approximate Pass-Through Rate as of the Closing Date is 1.000000000%.

 

    A-13-3

     

    

 

CLASS
X-F CERTIFICATE

 

evidencing
a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties
and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases,
and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held
in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the Non-VRR Gain-on-Sale Reserve Account and
the REO Accounts, formed and sold by

 

GS
MORTGAGE SECURITIES CORPORATION II

 

THIS
CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced by this Certificate in the Class X-F Certificates
issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and
Servicing Agreement”), among GS MORTGAGE SECURITIES CORPORATION II (hereinafter called the “Depositor”,
which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer. A summary of certain of
the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof
(herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the
face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified
on the face hereof, by the aggregate initial Notional Amount of the Class X-F Certificates. The Certificates are designated as
the GS MORTGAGE SECURITIES TRUST 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47 and are issued in
the classes as specifically set forth in the Pooling and Servicing Agreement. The Certificates and the RR Interest will evidence
in the aggregate 100% of the beneficial ownership of the Trust.

 

This
Certificate does not purport to summarize the Pooling 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 Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time,
the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any
conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of
the Pooling and Servicing Agreement shall govern.

 

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.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name
this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable,
if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution Date, all as more fully
described in the Pooling and Servicing Agreement. All sums distributable on this Certificate are payable in the coin or currency
of the United States of America as at the time of payment is legal tender for the payment of public and private debts.

 

Interest
on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the
Interest Accrual Period relating to such Distribution Date at the Class X-F Pass-Through Rate specified above on the Notional
Amount of this Certificate immediately prior to each

 

    A-13-4

     

    

 

Distribution Date. Interest allocated to this Certificate on any Distribution
Date will be in an amount equal to this Certificate’s pro rata share of the Non-VRR Available Funds to be distributed
on the Certificates of this Class as of such Distribution Date, with a final distribution to be made upon retirement of this Certificate
as set forth in the Pooling and Servicing Agreement.

 

Realized
Losses and certain other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders
in the manner set forth in the Pooling and Servicing Agreement. All Realized Losses on the Mortgage Loans allocated to any Class
of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage
Loans, all as more specifically set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
the Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates
specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate
Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit
in such accounts may be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection
Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and
Servicing Agreement, withdrawals from the Collection Account shall be made from time to time for purposes other than distributions
to Certificateholders, such purposes including reimbursement of certain expenses incurred with respect to the servicing of the
Mortgage Loans and administration of the Trust.

 

All
distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other
than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to
the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate
Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The
final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously
allocated to this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Certificateholders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited
to the account or accounts of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to Section 4.01(i) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within
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 in order to receive the final distribution with respect thereto.
If within one year after the second notice all such Certificates shall not have been surrendered for cancellation, the Certificate
Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders concerning
the surrender of their Certificates as it shall deem appropriate and subject to escheatment and other applicable laws. The costs
and expenses of holding such funds in trust and of contacting such Certificateholders following the first anniversary of the delivery
of such second notice to the non-tendering Certificateholders shall be paid out of such funds. No interest shall accrue or be
payable to any Certificateholder on any amount held in trust under the Pooling and Servicing Agreement by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with Section 4.01(i) of the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate
is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office
of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the
form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder
hereof or such Holder’s attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized Denominations will be issued to the designated transferee or transferees.

 

    A-13-5

     

    

 

Subject
to the terms of the Pooling and Servicing Agreement, the Class X-F Certificates will be issued in book-entry form through the
facilities of DTC in minimum denominations of $1,000,000 initial Notional Amount, and in integral multiples of $1 in excess thereof,
with one Certificate of each such Class evidencing an additional amount equal to the remainder of the initial Notional Amount
of such Class.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.
In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust 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 Section 5.03 of the Pooling and Servicing Agreement)
incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by each
transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer
or exchange.

 

The
Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, 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 neither
the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent
of any of them, shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders,
the RR Interest Owner or the Companion Holders:

 

(i)         to
correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision
of the Pooling and Servicing Agreement;

 

(ii)        to
cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates,
the RR Interest, the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may
be inconsistent with any other provisions therein or to correct any error;

 

(iii)       to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder or the RR Interest
Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced
by a Rating Agency Confirmation from each Rating Agency with respect to such amendment;

 

(iv)       to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain
the qualification of any Trust REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is
outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any Trust REMIC; provided that the
Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment)
to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder,
the RR Interest Owner or Companion Holder;

 

(v)        to
modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision of
the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders
or the RR Interest Owner (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a
Disqualified Organization or a Disqualified Non-U.S. Tax Person;

 

    A-13-6

     

    

 

(vi)       to
revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any
other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder,
the RR Interest Owner or any holder of a Serviced Companion Loan not consenting to such revision or addition, as evidenced in
writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and, with respect to a Serviced Whole Loan, Companion
Loan Rating Agency Confirmation from each Companion Loan Rating Agency;

 

(vii)      to
amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies and, with respect to a Serviced Whole Loan, Companion Loan Rating Agency Confirmation from each Companion
Loan Rating Agency; provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder or the RR Interest Owner not consenting to such amendment or supplement, as evidenced by an Opinion of
Counsel;

 

(viii)     to
modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other than any applicable
Excluded Loan, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any
Trust REMIC as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency
has delivered a Rating Agency Confirmation and, with respect to a Serviced Whole Loan, each Companion Loan Rating Agency has delivered
a Companion Loan Rating Agency Confirmation;;

 

(ix)        to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided
that such amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced
by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency
rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such
amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website pursuant to Section
3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website;

 

(x)         to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv);
or

 

(xi)        to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement (i) to such extent as would be necessary to
comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (ii) in the event the Risk
Retention Rule 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, as evidenced by an opinion of counsel.

 

Notwithstanding
the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or
the obligations of any Mortgage Loan Seller under any Mortgage Loan Purchase Agreement or otherwise or change any rights of any
Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage
Loan Seller, (B) may materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent
or (C) may materially or adversely affect the RR Interest Owner without the RR Interest Owner’s consent.

 

    A-13-7

     

    

 

The
Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the RR Interest
Owner (if affected by such amendment) and Holders of Certificates of each Class affected by such amendment evidencing, in the
case of a Class of Certificateholders, in the aggregate not less than a majority of the aggregate Percentage Interests constituting
the Class, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling
and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such Class or the RR Interest
Owner; provided, however, that no such amendment shall:

 

(i)          reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed
on a Certificate of any Class or the RR Interest without the consent of the Holder of the Certificate or the RR Interest Owner
or which are required to be distributed to a Companion Holder without the consent of such Companion Holder; or

 

(ii)         reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates
of such Class then outstanding or such Companion Holders, as applicable; or

 

(iii)       adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding; or

 

(iv)       change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under
such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)        amend
the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating Agency
Confirmation from each Rating Agency and, with respect to a Serviced Whole Loan, receipt of Companion Loan Rating Agency Confirmation
from each Companion Loan Rating Agency and, if required under the related Co-Lender Agreement, the consent of the holder of any
AB Subordinate Companion Loan for each Serviced AB Whole Loan.

 

Notwithstanding
the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator,
the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing
Agreement without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment
is permitted under the Pooling and Servicing Agreement, that all conditions precedent have been satisfied and that such amendment
or the exercise of any power granted to the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer or any other specified person in accordance with such
amendment will not result in an Adverse REMIC Event under the relevant provisions of the Code. Furthermore, no amendment to the
Pooling and Servicing Agreement may be made that changes any provisions specifically required to be included in the Pooling and
Servicing Agreement by any Non-Serviced Co-Lender Agreement without the consent of the holder of the related Pari Passu Companion
Loan(s).

 

The
Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates
representing greater than 50% of the Percentage Interest of such Class, in that order of priority, may, at their option, upon
no less than 60 days’ prior written notice given to the Trustee, the Certificate Administrator and each of the other parties
to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage Loans (and all property acquired through exercise
of remedies in respect of any related Mortgage Loan) and the Trust’s portion of each REO Property remaining in the Trust
Fund, and thereby effect termination of the Trust and early retirement of the then-outstanding Certificates, on or after the first
Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and the portion of any REO Loans held
by the Trust is less than 1.0% of the aggregate Cut-off Date Principal Balance of the Mortgage Loans as set forth in the Pooling
and Servicing Agreement.

 

Following
the date on which the Class A-1, Class A-4, Class A-5, Class A-AB, Class A-S, Class B, Class C, Class D and Class E Certificates
are retired and the Notional Amounts of the Class X-A and Class X-E

 

    A-13-8

     

    

 

Certificates have been reduced to zero (and provided
that there is only one Holder (or multiple Holders acting in unanimity) of the then outstanding Certificates (other than the Class
R Certificates) and the RR Interest), the Sole Owner shall have the right to exchange all of its Certificates (other than the
Class R Certificates) and the RR Interest for all of the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant
to the terms of the Pooling and Servicing Agreement, provided that the Master Servicer is paid a fee equal to (i) the product
of (x) the Prime Rate, (y) the aggregate Certificate Balance of the then-outstanding certificates (other than the Class X Certificates
and Class R Certificates) as of the date of the exchange and (z) three, divided by (ii) 360.

 

The
obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate
Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate
upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment
resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.
In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court
of St. James, living on the date hereof.

 

Unless
the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate
shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar
has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans.

 

THIS
CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

    A-13-9

     

    

 

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal. 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
 not in its individual capacity
    but solely as Certificate Registrar under the Pooling and Servicing Agreement
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

 

		Dated:	May 21, 2020

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS X-F CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING
AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

  

    A-13-10

     

    

  

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:  

	 	 	 	 
	TEN COM   	-   	as tenant in common	UNIF
                                         GIFT MIN ACT __________ Custodian
	TEN
        ENT	-	as tenants by the entireties	     (Cust)
	JT TEN	-	as joint tenants with rights of 	Under
        Uniform Gifts to Minors
	 	 	survivorship and not as tenants in	 
	 	 	 common	Act
        __________________________
	 	 		
(State)

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

 

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

  

	Dated:  _______________	NOTICE:  The
    signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.

 

	 	 
	SIGNATURE GUARANTEED	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

    A-13-11

     

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
assignee should include the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to _______________________________ for the account
of __________________________ account number _______________ or, if mailed by check, to __________________________.
Statements should be mailed to _________________________. This information is provided by
assignee named above, or ______________________________, as its agent.

 

    A-13-12

     

    

 

EXHIBIT
A-14

 

FORM
OF CLASS G CERTIFICATE

 

CLASS
G

 

GS
MORTGAGE SECURITIES TRUST 2020-GC47

 

COMMERCIAL
MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES
2020-GC47, CLASS G

 

[THIS
CERTIFICATE IS A TEMPORARY REGULATION S BOOK-ENTRY CERTIFICATE FOR PURPOSES OF REGULATION S (“REGULATION S”)
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION
S BOOK-ENTRY CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE POOLING AND
SERVICING AGREEMENT REFERRED TO BELOW.

 

NO
BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S BOOK-ENTRY 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 POOLING 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 BOOK-ENTRY 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 BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER,
THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE
UNDERWRITERS, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE
NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

 

 

		1	Temporary
Regulation S Book-Entry Certificate legend.

 

		2	Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

		3	Book-Entry
Certificate legend.

 

    A-14-1

     

    

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER,
RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
TO AN INSTITUTION THAT IS NOT A “U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS SUCH TERMS ARE DEFINED
IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE
CLASS R CERTIFICATES) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR
(7) OF REGULATION D UNDER THE SECURITIES ACT, OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS COME WITHIN RULE 501(a)(1), (2),
(3) or (7) OF REGULATION D UNDER THE SECURITIES ACT, THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF 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 (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATIONS SECTION
2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE
COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF
SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL
ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION
OF THIS CERTIFICATE BY ANY PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH PLAN WILL NOT CONSTITUTE
OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

THIS
CERTIFICATE 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.

 

THE
PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL
DISTRIBUTIONS ON THE CERTIFICATES AND THE PORTION OF REALIZED LOSSES ALLOCABLE TO THIS CERTIFICATE AND WILL BE INCREASED BY RECOVERIES
ON THE RELATED MORTGAGE LOANS FOR NONRECOVERABLE ADVANCES (PLUS INTEREST THEREON) THAT WERE PREVIOUSLY REIMBURSED FROM PRINCIPAL
COLLECTIONS ON THE MORTGAGE LOANS THAT RESULTED IN A REDUCTION OF THE NON-VRR PRINCIPAL DISTRIBUTION AMOUNT. ACCORDINGLY, THE

 

    A-14-2

     

    

 

CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN
ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE CERTIFICATE ADMINISTRATOR. 

 

THIS
CERTIFICATE IS SUBORDINATED TO THE CLASS A-1, CLASS A-4, CLASS A-5, CLASS A-AB, CLASS X-A, CLASS A-S, CLASS B, CLASS C, CLASS
D, CLASS E, CLASS X-E, CLASS F AND CLASS X-F CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN.

 

    A-14-3

     

    

 

	PASS-THROUGH
        RATE: THE WEIGHTED AVERAGE NET MORTGAGE RATE MINUS 1.0000%.

         

        DENOMINATION:
        $[______]

         

        DATE
        OF POOLING AND SERVICING AGREEMENT: AS OF MAY 1, 2020

         

        CUT-OFF
        DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

         

        CLOSING
        DATE: MAY 21, 2020

         

        FIRST
        DISTRIBUTION DATE:

        JUNE 12, 2020

         

        APPROXIMATE
        AGGREGATE

        CERTIFICATE BALANCE

        OF THE CLASS G CERTIFICATES

        AS OF THE CLOSING DATE: $7,332,000

         
	 	MASTER
        SERVICER: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        SPECIAL
        SERVICER: KEYBANK NATIONAL ASSOCIATION

         

        TRUSTEE:
        WILMINGTON TRUST, NATIONAL ASSOCIATION

         

        CERTIFICATE
        ADMINISTRATOR: WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        OPERATING
        ADVISOR: PARK BRIDGE LENDER SERVICES LLC

         

        ASSET
        REPRESENTATIONS REVIEWER: PARK BRIDGE LENDER SERVICES LLC

         

        CUSIP
NO.:   36258R AN3

         36258R
AP8

         U0406R
        AG2

         

        ISIN
NO.: US36258RAN35

           US36258RAP82

           USU0406RAG21

         

        COMMON
CODE NO.: 217757258

            217757312

         

        CERTIFICATE
NO.: [G-1] [G-S-1]

 

    A-14-4

     

    

 

CLASS
G CERTIFICATE

 

evidencing
a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage
Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties
and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases,
and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held
in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the Non-VRR Gain-on-Sale Reserve Account and
the REO Accounts, formed and sold by

 

GS
MORTGAGE SECURITIES CORPORATION II

 

THIS
CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced by this Certificate in the Class G Certificates
issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and
Servicing Agreement”), among GS MORTGAGE SECURITIES CORPORATION II (hereinafter called the “Depositor”,
which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer. A summary of certain of
the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter. To the extent not defined herein, the
capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof
(herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the
face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified
on the face hereof, by the aggregate initial Certificate Balance of the Class G Certificates. The Certificates are designated
as the GS MORTGAGE SECURITIES TRUST 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47 and are issued
in the classes as specifically set forth in the Pooling and Servicing Agreement. The Certificates and the RR Interest will evidence
in the aggregate 100% of the beneficial ownership of the Trust.

 

This
Certificate does not purport to summarize the Pooling 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 Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time,
the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any
conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of
the Pooling and Servicing Agreement shall govern.

 

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.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name
this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution
Date, all as more fully described in the Pooling and Servicing Agreement. All sums distributable on this Certificate are payable
in the coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and
private debts.

 

Interest
on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the
Interest Accrual Period relating to such Distribution Date at the Class G Pass-Through Rate specified above on the Certificate
Balance of this Certificate immediately prior to each

 

    A-14-5

     

    

 

Distribution Date. Principal and interest allocated to this Certificate
on any Distribution Date will be in an amount equal to this Certificate’s pro rata share of the Non-VRR Available
Funds to be distributed on the Certificates of this Class as of such Distribution Date, with a final distribution to be made upon
retirement of this Certificate as set forth in the Pooling and Servicing Agreement.

 

Realized
Losses and certain other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders
in the manner set forth in the Pooling and Servicing Agreement. All Realized Losses on the Mortgage Loans allocated to any Class
of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage
Loans, all as more specifically set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement,
the Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates
specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate
Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit
in such accounts may be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection
Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and
Servicing Agreement, withdrawals from the Collection Account shall be made from time to time for purposes other than distributions
to Certificateholders, such purposes including reimbursement of certain expenses incurred with respect to the servicing of the
Mortgage Loans and administration of the Trust.

 

All
distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other
than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to
the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate
Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately
available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The
final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously
allocated to this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate at the
offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Certificateholders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited
to the account or accounts of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to Section 4.01(i) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within
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 in order to receive the final distribution with respect thereto.
If within one year after the second notice all such Certificates shall not have been surrendered for cancellation, the Certificate
Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders concerning
the surrender of their Certificates as it shall deem appropriate and subject to escheatment and other applicable laws. The costs
and expenses of holding such funds in trust and of contacting such Certificateholders following the first anniversary of the delivery
of such second notice to the non-tendering Certificateholders shall be paid out of such funds. No interest shall accrue or be
payable to any Certificateholder on any amount held in trust under the Pooling and Servicing Agreement by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with Section 4.01(i) of the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate
is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office
of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the
form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder
hereof or such Holder’s attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized Denominations will be issued to the designated transferee or transferees.

 

    A-14-6

     

    

 

Subject
to the terms of the Pooling and Servicing Agreement, the Class G Certificates will be issued in book-entry form through the facilities
of DTC in minimum denominations of $100,000, and in integral multiples of $1 in excess thereof, with one Certificate of each such
Class evidencing an additional amount equal to the remainder of the initial Certificate Balance of such Class.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.
In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust 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 Section 5.03 of the Pooling and Servicing Agreement)
incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by each
transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer
or exchange.

 

The
Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, 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 neither
the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent
of any of them, shall be affected by any notice to the contrary.

 

The
Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders,
the RR Interest Owner or the Companion Holders:

 

(i)          to
correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision
of the Pooling and Servicing Agreement;

 

(ii)         to
cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements
made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates,
the RR Interest, the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may
be inconsistent with any other provisions therein or to correct any error;

 

(iii)        to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder or the RR Interest
Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced
by a Rating Agency Confirmation from each Rating Agency with respect to such amendment;

 

(iv)       to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain
the qualification of any Trust REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is
outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any Trust REMIC; provided that the
Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment)
to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder,
the RR Interest Owner or Companion Holder;

 

(v)        to
modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision of
the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined
that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders
or the RR Interest Owner (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a
Disqualified Organization or a Disqualified Non-U.S. Tax Person;

 

    A-14-7

     

    

 

(vi)       to
revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any
other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder,
the RR Interest Owner or any holder of a Serviced Companion Loan not consenting to such revision or addition, as evidenced in
writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and, with respect to a Serviced Whole Loan, Companion
Loan Rating Agency Confirmation from each Companion Loan Rating Agency;

 

(vii)      to
amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies and, with respect to a Serviced Whole Loan, Companion Loan Rating Agency Confirmation from each Companion
Loan Rating Agency; provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder or the RR Interest Owner not consenting to such amendment or supplement, as evidenced by an Opinion of
Counsel;

 

(viii)     to
modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as
a Control Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other than any applicable
Excluded Loan, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such provisions
has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any
Trust REMIC as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency
has delivered a Rating Agency Confirmation and, with respect to a Serviced Whole Loan, each Companion Loan Rating Agency has delivered
a Companion Loan Rating Agency Confirmation;;

 

(ix)        to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided
that such amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced
by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency
rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such
amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website pursuant to Section
3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website;

 

(x)         to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply
with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv);
or

 

(xi)        to
modify, eliminate or add to any provisions of the Pooling and Servicing Agreement (i) to such extent as would be necessary to
comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (ii) in the event the Risk
Retention Rule 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, as evidenced by an opinion of counsel.

 

Notwithstanding
the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or
the obligations of any Mortgage Loan Seller under any Mortgage Loan Purchase Agreement or otherwise or change any rights of any
Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage
Loan Seller, (B) may materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent
or (C) may materially or adversely affect the RR Interest Owner without the RR Interest Owner’s consent.

 

    A-14-8

     

    

 

The
Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the RR Interest
Owner (if affected by such amendment) and Holders of Certificates of each Class affected by such amendment evidencing, in the
case of a Class of Certificateholders, in the aggregate not less than a majority of the aggregate Percentage Interests constituting
the Class, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling
and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such Class or the RR Interest
Owner; provided, however, that no such amendment shall:

 

(i)          reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed
on a Certificate of any Class or the RR Interest without the consent of the Holder of the Certificate or the RR Interest Owner
or which are required to be distributed to a Companion Holder without the consent of such Companion Holder; or

 

(ii)         reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates
of such Class then outstanding or such Companion Holders, as applicable; or

 

(iii)       adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding; or

 

(iv)       change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under
such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)        amend
the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating Agency
Confirmation from each Rating Agency and, with respect to a Serviced Whole Loan, receipt of Companion Loan Rating Agency Confirmation
from each Companion Loan Rating Agency and, if required under the related Co-Lender Agreement, the consent of the holder of any
AB Subordinate Companion Loan for each Serviced AB Whole Loan.

 

Notwithstanding
the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator,
the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing
Agreement without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment
is permitted under the Pooling and Servicing Agreement, that all conditions precedent have been satisfied and that such amendment
or the exercise of any power granted to the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer or any other specified person in accordance with such
amendment will not result in an Adverse REMIC Event under the relevant provisions of the Code. Furthermore, no amendment to the
Pooling and Servicing Agreement may be made that changes any provisions specifically required to be included in the Pooling and
Servicing Agreement by any Non-Serviced Co-Lender Agreement without the consent of the holder of the related Pari Passu Companion
Loan(s).

 

The
Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates
representing greater than 50% of the Percentage Interest of such Class, in that order of priority, may, at their option, upon
no less than 60 days’ prior written notice given to the Trustee, the Certificate Administrator and each of the other parties
to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage Loans (and all property acquired through exercise
of remedies in respect of any related Mortgage Loan) and the Trust’s portion of each REO Property remaining in the Trust
Fund, and thereby effect termination of the Trust and early retirement of the then-outstanding Certificates, on or after the first
Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and the portion of any REO Loans held
by the Trust is less than 1.0% of the aggregate Cut-off Date Principal Balance of the Mortgage Loans as set forth in the Pooling
and Servicing Agreement.

 

Following
the date on which the Class A-1, Class A-4, Class A-5, Class A-AB, Class A-S, Class B, Class C, Class D and Class E Certificates
are retired and the Notional Amounts of the Class X-A and Class X-E

 

    A-14-9

     

    

 

Certificates have been reduced to zero (and provided
that there is only one Holder (or multiple Holders acting in unanimity) of the then outstanding Certificates (other than the Class
R Certificates) and the RR Interest), the Sole Owner shall have the right to exchange all of its Certificates (other than the
Class R Certificates) and the RR Interest for all of the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant
to the terms of the Pooling and Servicing Agreement, provided that the Master Servicer is paid a fee equal to (i) the product
of (x) the Prime Rate, (y) the aggregate Certificate Balance of the then-outstanding certificates (other than the Class X Certificates
and Class R Certificates) as of the date of the exchange and (z) three, divided by (ii) 360.

 

The
obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate
Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate
upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment
resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.
In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court
of St. James, living on the date hereof.

 

Unless
the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate
shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar
has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes
no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans.

 

THIS
CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

    A-14-10

     

    

  

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal. 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
 not in its individual capacity
    but solely as Certificate Registrar under the Pooling and Servicing Agreement
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

 

		Dated:	May 21, 2020

 

CERTIFICATE
OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS G CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING
AND SERVICING AGREEMENT.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	AUTHORIZED SIGNATORY

  

    A-14-11

     

    

  

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:  

	 	 	 	 
	TEN COM   	-   	as tenant in common	UNIF
                                         GIFT MIN ACT __________ Custodian
	TEN
        ENT	-	as tenants by the entireties	     (Cust)
	JT TEN	-	as joint tenants with rights of 	Under
        Uniform Gifts to Minors
	 	 	survivorship and not as tenants in	 
	 	 	 common	Act
        __________________________
	 	 		
(State)

 

Additional
abbreviations may also be used though not in the above list. 

 

FORM
OF TRANSFER

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________

 

 

(Please
insert Social Security or other identifying number of Assignee)

 

 

(Please
print or typewrite name and address of assignee)

 

 

 

the
within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register
of the within-named Trust, with full power of substitution in the premises.

  

	Dated:  _______________	NOTICE:  The
    signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular
    without alteration or enlargement or any change whatever.

 

	 	 
	SIGNATURE GUARANTEED	 

 

The
signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another
national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

    A-14-12

     

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
assignee should include the following for purposes of distribution:

 

Distributions
shall be made, by wire transfer or otherwise, in immediately available funds to _______________________________ for the account
of __________________________ account number _______________ or, if mailed by check, to __________________________.
Statements should be mailed to _________________________. This information is provided by
assignee named above, or ______________________________, as its agent.

 

    A-14-13

     

    

 

EXHIBIT A-15

 

FORM OF CLASS X-G CERTIFICATE

 

CLASS X-G

 

GS MORTGAGE SECURITIES TRUST 2020-GC47

 

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES 2020-GC47, CLASS X-G

 

[THIS CERTIFICATE IS A TEMPORARY REGULATION S BOOK-ENTRY CERTIFICATE FOR PURPOSES OF REGULATION S (“REGULATION S”) UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S BOOK-ENTRY CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S BOOK-ENTRY 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 POOLING 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 BOOK-ENTRY 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 BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE UNDERWRITERS, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

 

 

1      
Temporary Regulation S Book-Entry Certificate legend. 

2      
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement. 

3       Book-Entry Certificate legend.

 

    A-15-1

     

    

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO AN INSTITUTION THAT IS NOT A “U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS COME WITHIN RULE 501(a)(1), (2), (3) or (7) OF REGULATION D UNDER THE SECURITIES ACT, THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS CLASS X-G CERTIFICATE HAS NO PRINCIPAL BALANCE AND WILL NOT RECEIVE ANY DISTRIBUTION OF PRINCIPAL.

 

THE NOTIONAL AMOUNT OF THIS CERTIFICATE WILL BE REDUCED IN CONNECTION WITH THE REDUCTION OF THE CERTIFICATE BALANCE OF THE CLASS G CERTIFICATES. ACCORDINGLY, THE NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET FORTH BELOW.

 

THE NOTIONAL AMOUNT ON WHICH THE INTEREST PAYABLE TO THE HOLDERS OF THE CLASS X-G CERTIFICATES IS BASED WILL BE REDUCED AS A RESULT OF PRINCIPAL PAYMENTS AND LOSSES ON THE MORTGAGE LOANS. ACCORDINGLY, THE INTEREST PAYABLE PURSUANT TO THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW.

 

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.

 

    A-15-2

     

    

 

	
PASS-THROUGH RATE: VARIABLE IN ACCORDANCE WITH THE POOLING AND SERVICING AGREEMENT4

DENOMINATION: $[______]

DATE OF POOLING AND SERVICING AGREEMENT: AS OF MAY 1, 2020

CUT-OFF DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT (AS DEFINED HEREIN)

CLOSING DATE: MAY 21, 2020

FIRST DISTRIBUTION DATE:
JUNE 12, 2020

APPROXIMATE AGGREGATE NOTIONAL AMOUNT OF THE CLASS X-G CERTIFICATES AS OF THE CLOSING DATE: $7,332,000

	
MASTER SERVICER: WELLS FARGO BANK, NATIONAL ASSOCIATION

SPECIAL SERVICER: KEYBANK NATIONAL ASSOCIATION

TRUSTEE: WILMINGTON TRUST, NATIONAL ASSOCIATION

CERTIFICATE ADMINISTRATOR: WELLS FARGO BANK, NATIONAL ASSOCIATION

OPERATING ADVISOR: PARK BRIDGE LENDER SERVICES LLC

ASSET REPRESENTATIONS REVIEWER: PARK BRIDGE LENDER SERVICES LLC

CUSIP NO.: 36258R AQ6

     36258R AR4

     U0406R AH0

ISIN NO.: US36258RAQ65

  US36258RAR49

  USU0406RAH04

COMMON CODE NO.: 217757380

         217759200

CERTIFICATE NO.: [X-G-1][X-G-S-1]

 

 

 

4 The initial approximate Pass-Through Rate as of the Closing Date is 1.000000000%.

 

    A-15-3

     

    

 

CLASS X-G CERTIFICATE

 

evidencing a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases, and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the Non-VRR Gain-on-Sale Reserve Account and the REO Accounts, formed and sold by

 

GS MORTGAGE SECURITIES CORPORATION II

 

THIS CERTIFIES THAT CEDE & CO. is the registered owner of the interest evidenced by this Certificate in the Class X-G Certificates issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), among GS MORTGAGE SECURITIES CORPORATION II (hereinafter called the “Depositor”, which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer. A summary of certain of the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter. To the extent not defined herein, the capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof (herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified on the face hereof, by the aggregate initial Notional Amount of the Class X-G Certificates. The Certificates are designated as the GS MORTGAGE SECURITIES TRUST 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47 and are issued in the classes as specifically set forth in the Pooling and Servicing Agreement. The Certificates and the RR Interest will evidence in the aggregate 100% of the beneficial ownership of the Trust.

 

This Certificate does not purport to summarize the Pooling 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 Trustee and the Certificate Administrator. This Certificate is issued under and is subject to the terms, provisions and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time, the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound. In the case of any conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of the Pooling and Servicing Agreement shall govern.

 

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.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. All sums distributable on this Certificate are payable in the coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts.

 

Interest on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the Interest Accrual Period relating to such Distribution Date at the Class X-G Pass-Through Rate specified above on the Notional Amount of this Certificate immediately prior to each

    A-15-4

     

    

 

Distribution Date. Interest allocated to this Certificate on any Distribution Date will be in an amount equal to this Certificate’s pro rata share of the Non-VRR Available Funds to be distributed on the Certificates of this Class as of such Distribution Date, with a final distribution to be made upon retirement of this Certificate as set forth in the Pooling and Servicing Agreement.

 

Realized Losses and certain other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders in the manner set forth in the Pooling and Servicing Agreement. All Realized Losses on the Mortgage Loans allocated to any Class of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement, the Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom. Amounts on deposit in such accounts may be invested in Permitted Investments. Interest or other investment income earned on funds in the Collection Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement. As provided in the Pooling and Servicing Agreement, withdrawals from the Collection Account shall be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of certain expenses incurred with respect to the servicing of the Mortgage Loans and administration of the Trust.

 

All distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor. The final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously allocated to this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure of such Certificateholders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited to the account or accounts of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been given pursuant to Section 4.01(i) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within 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 in order to receive the final distribution with respect thereto. If within one year after the second notice all such Certificates shall not have been surrendered for cancellation, the Certificate Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders concerning the surrender of their Certificates as it shall deem appropriate and subject to escheatment and other applicable laws. The costs and expenses of holding such funds in trust and of contacting such Certificateholders following the first anniversary of the delivery of such second notice to the non-tendering Certificateholders shall be paid out of such funds. No interest shall accrue or be payable to any Certificateholder on any amount held in trust under the Pooling and Servicing Agreement by the Certificate Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with Section 4.01(i) of the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder hereof or such Holder’s attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized Denominations will be issued to the designated transferee or transferees.

    A-15-5

     

    

 

 

 

Subject to the terms of the Pooling and Servicing Agreement, the Class X-G Certificates will be issued in book-entry form through the facilities of DTC in minimum denominations of $1,000,000 initial Notional Amount, and in integral multiples of $1 in excess thereof, with one Certificate of each such Class evidencing an additional amount equal to the remainder of the initial Notional Amount of such Class.

 

No fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust 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 Section 5.03 of the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer or exchange.

 

The Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, 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 neither the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent of any of them, shall be affected by any notice to the contrary.

 

The Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders, the RR Interest Owner or the Companion Holders:

 

(i)         to correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision of the Pooling and Servicing Agreement;

 

(ii)      to cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates, the RR Interest, the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be inconsistent with any other provisions therein or to correct any error;

 

(iii)     to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder or the RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment;

 

(iv)     to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any Trust REMIC; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, the RR Interest Owner or Companion Holder;

 

(v)       to modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders or the RR Interest Owner (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Disqualified Non-U.S. Tax Person;

 

    A-15-6

     

    

 

 

(vi)    to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder, the RR Interest Owner or any holder of a Serviced Companion Loan not consenting to such revision or addition, as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and, with respect to a Serviced Whole Loan, Companion Loan Rating Agency Confirmation from each Companion Loan Rating Agency;

 

(vii)   to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and, with respect to a Serviced Whole Loan, Companion Loan Rating Agency Confirmation from each Companion Loan Rating Agency; provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder or the RR Interest Owner not consenting to such amendment or supplement, as evidenced by an Opinion of Counsel;

 

(viii)  to modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other than any applicable Excluded Loan, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with respect to a Serviced Whole Loan, each Companion Loan Rating Agency has delivered a Companion Loan Rating Agency Confirmation;

 

(ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website pursuant to Section 3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website;

 

(x)  to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); or

 

(xi) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement (i) to such extent as would be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (ii) in the event the Risk Retention Rule 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, as evidenced by an opinion of counsel.

 

Notwithstanding the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under any Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller, (B) may materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent or (C) may materially or adversely affect the RR Interest Owner without the RR Interest Owner’s consent.

    A-15-7

     

    

 

 

 

The Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the RR Interest Owner (if affected by such amendment) and Holders of Certificates of each Class affected by such amendment evidencing, in the case of a Class of Certificateholders, in the aggregate not less than a majority of the aggregate Percentage Interests constituting the Class, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such Class or the RR Interest Owner; provided, however, that no such amendment shall:

 

(i)       reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed on a Certificate of any Class or the RR Interest without the consent of the Holder of the Certificate or the RR Interest Owner or which are required to be distributed to a Companion Holder without the consent of such Companion Holder; or

 

(ii)      reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates of such Class then outstanding or such Companion Holders, as applicable; or

 

(iii)    adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding; or

 

(iv)   change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v)    amend the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and, with respect to a Serviced Whole Loan, receipt of Companion Loan Rating Agency Confirmation from each Companion Loan Rating Agency and, if required under the related Co-Lender Agreement, the consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole Loan.

 

Notwithstanding the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator, the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing Agreement without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment is permitted under the Pooling and Servicing Agreement, that all conditions precedent have been satisfied and that such amendment or the exercise of any power granted to the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or any other specified person in accordance with such amendment will not result in an Adverse REMIC Event under the relevant provisions of the Code. Furthermore, no amendment to the Pooling and Servicing Agreement may be made that changes any provisions specifically required to be included in the Pooling and Servicing Agreement by any Non-Serviced Co-Lender Agreement without the consent of the holder of the related Pari Passu Companion Loan(s).

 

The Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates representing greater than 50% of the Percentage Interest of such Class, in that order of priority, may, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the Certificate Administrator and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage Loans (and all property acquired through exercise of remedies in respect of any related Mortgage Loan) and the Trust’s portion of each REO Property remaining in the Trust Fund, and thereby effect termination of the Trust and early retirement of the then-outstanding Certificates, on or after the first Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and the portion of any REO Loans held by the Trust is less than 1.0% of the aggregate Cut-off Date Principal Balance of the Mortgage Loans as set forth in the Pooling and Servicing Agreement.

 

Following the date on which the Class A-1, Class A-4, Class A-5, Class A-AB, Class A-S, Class B, Class C, Class D and Class E Certificates are retired and the Notional Amounts of the Class X-A and Class X-E

 

    A-15-8

     

    

 

Certificates have been reduced to zero (and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then outstanding Certificates (other than the Class R Certificates) and the RR Interest), the Sole Owner shall have the right to exchange all of its Certificates (other than the Class R Certificates) and the RR Interest for all of the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant to the terms of the Pooling and Servicing Agreement, provided that the Master Servicer is paid a fee equal to (i) the product of (x) the Prime Rate, (y) the aggregate Certificate Balance of the then-outstanding certificates (other than the Class X Certificates and Class R Certificates) as of the date of the exchange and (z) three, divided by (ii) 360.

 

The obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement. In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of St. James, living on the date hereof.

 

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. The Certificate Registrar has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans.

 

THIS CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

    A-15-9

     

    

 

IN
WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal. 

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Registrar under the Pooling and Servicing Agreement

	
 

	
 

	
 

	
 

	
By: 

	
 

	
 

	
 

	
AUTHORIZED SIGNATORY

 

	
 

	
Dated:

	
May 21, 2020

 

CERTIFICATE OF AUTHENTICATION

 

THIS
IS ONE OF THE CLASS X-G CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT. 

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent

	
 

	
 

	
 

	
 

	
By: 

	
 

	
 

	
 

	
AUTHORIZED SIGNATORY

    A-15-10

     

    

 

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were
written out in full according to applicable laws or regulations:   

	
 

	
 

	
 

	
 

	
TEN COM   

	
-   

	
as tenant in common

	
UNIF GIFT MIN ACT __________ Custodian

	
TEN ENT

	
-

	
as tenants by the entireties

	
     (Cust)

	
JT TEN

	
-

	
as joint tenants with rights of

	
Under Uniform Gifts to Minors

	
 

	
 

	
survivorship and not as tenants in

	
 

	
 

	
 

	
common

	
Act __________________________

	
 

	
 

	
 

	
(State)

 

Additional abbreviations may also be used though not in the above list. 

 

FORM OF TRANSFER

 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ____________________________

 

 

(Please insert Social Security or other identifying number of Assignee)

 

 

(Please print or typewrite name and address of assignee)

 

 

 

the within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register of the within-named Trust, with full power of substitution in the premises.

 

	
Dated:  _______________

	
NOTICE:  The signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular without alteration or enlargement or any change whatever.

 

 

 

	
 

	
 

	
SIGNATURE GUARANTEED

	
 

 

The signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another national securities exchange. Notarized or witnessed signatures are not acceptable.  

 

    A-15-11

     

    

 

DISTRIBUTION INSTRUCTIONS

 

The assignee should include the following for purposes of distribution:

 

Distributions shall be made, by wire transfer or otherwise, in immediately available funds to _________________________________ for the account of __________________________________ account number _______________ or, if mailed by check, to _______________________________________. Statements should be mailed to _______________________________________________________________. This information is provided by assignee named above, or ______________________________, as its agent.

 

    A-15-12

     

    

 

EXHIBIT A-16

 

FORM OF CLASS H CERTIFICATE

 

CLASS H

 

GS MORTGAGE SECURITIES TRUST 2020-GC47

 

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES 2020-GC47, CLASS H

 

[THIS CERTIFICATE IS A TEMPORARY REGULATION S BOOK-ENTRY CERTIFICATE FOR PURPOSES OF REGULATION S (“REGULATION S”) UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S BOOK-ENTRY CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S BOOK-ENTRY 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 POOLING 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 BOOK-ENTRY 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 BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE UNDERWRITERS, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

 

 

1
       Temporary Regulation S Book-Entry Certificate legend.

 

2
       Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

3
       Book-Entry Certificate legend.

 

 

    A-16-1

     

    

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW.  THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO AN INSTITUTION THAT IS NOT A “U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS COME WITHIN RULE 501(a)(1), (2), (3) or (7) OF REGULATION D UNDER THE SECURITIES ACT, THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF 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 (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATIONS SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS CERTIFICATE BY ANY PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

THIS CERTIFICATE 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.

 

THE PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL DISTRIBUTIONS ON THE CERTIFICATES AND THE PORTION OF REALIZED LOSSES ALLOCABLE TO THIS CERTIFICATE AND WILL BE INCREASED BY RECOVERIES ON THE RELATED MORTGAGE LOANS FOR NONRECOVERABLE ADVANCES (PLUS INTEREST THEREON) THAT WERE PREVIOUSLY REIMBURSED FROM PRINCIPAL COLLECTIONS ON THE MORTGAGE LOANS THAT RESULTED IN A REDUCTION OF THE NON-VRR PRINCIPAL DISTRIBUTION AMOUNT.  ACCORDINGLY, THE

 

 

    A-16-2

     

    

 

 CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW.  ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE CERTIFICATE ADMINISTRATOR.  

 

THIS CERTIFICATE IS SUBORDINATED TO THE CLASS A-1, CLASS A-4, CLASS A-5, CLASS A-AB, CLASS X-A, CLASS A-S, CLASS B, CLASS C, CLASS D, CLASS E, CLASS X-E, CLASS F, CLASS G AND CLASS X-G CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

 

    A-16-3

     

    

 

	
        PASS-THROUGH RATE: THE WEIGHTED AVERAGE NET MORTGAGE RATE4

         

        DENOMINATION: $[______]

         

        DATE OF POOLING AND SERVICING AGREEMENT: AS OF MAY 1, 2020

         

        CUT-OFF DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT
        (AS DEFINED HEREIN)

         

        CLOSING DATE: MAY 21, 2020

         

        FIRST DISTRIBUTION DATE:

        JUNE 12, 2020

         

        APPROXIMATE AGGREGATE

        CERTIFICATE BALANCE

        OF THE CLASS H CERTIFICATES

        AS OF THE CLOSING DATE: $29,331,281

         
	
        MASTER SERVICER: WELLS FARGO
        BANK, NATIONAL ASSOCIATION

         

        SPECIAL SERVICER: KEYBANK
        NATIONAL ASSOCIATION

         

        TRUSTEE: WILMINGTON TRUST, NATIONAL
        ASSOCIATION

         

        CERTIFICATE ADMINISTRATOR:
        WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        OPERATING
        ADVISOR: PARK BRIDGE LENDER SERVICES LLC

         

        ASSET REPRESENTATIONS REVIEWER:
        PARK BRIDGE LENDER SERVICES LLC

         

        CUSIP NO.: 36258R AS2

        

              36258R AT0

              U0406R AJ6

         

        ISIN NO.: US36258RAS22

                          US36258RAT05

                          USU0406RAJ69

         

        COMMON CODE NO.: 217759307

                                                  217759358

         

        CERTIFICATE NO.: [H-1] [H-S-1]

         

	 	

 

 

1
The initial approximate Pass-Through Rate as of the Closing Date is 3.570800000%.

 

 

 

    A-16-4

     

    

 

CLASS
H CERTIFICATE

 

evidencing a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases, and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the Non-VRR Gain-on-Sale Reserve Account and the REO Accounts, formed and sold by

 

GS
MORTGAGE SECURITIES CORPORATION II

 

THIS CERTIFIES THAT  CEDE & CO. is the registered owner of the interest evidenced by this Certificate in the Class H Certificates issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), among GS MORTGAGE SECURITIES CORPORATION II (hereinafter called the “Depositor”, which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer.  A summary of certain of the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof (herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified on the face hereof, by the aggregate initial Certificate Balance of the Class H Certificates.  The Certificates are designated as the GS MORTGAGE SECURITIES TRUST 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47 and are issued in the classes as specifically set forth in the Pooling and Servicing Agreement.  The Certificates and the RR Interest will evidence in the aggregate 100% of the beneficial ownership of the Trust.

 

This Certificate does not purport to summarize the Pooling 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 Trustee and the Certificate Administrator.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time, the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound.  In the case of any conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of the Pooling and Servicing Agreement shall govern.

 

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.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. All sums distributable on this Certificate are payable in the coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts.

 

Interest on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the Interest Accrual Period relating to such Distribution Date at the Class H Pass-Through Rate specified above on the Certificate Balance of this Certificate immediately prior to each

 

 

    A-16-5

     

    

 

Distribution Date.  Principal and interest allocated to this Certificate on any Distribution Date will be in an amount equal to this Certificate’s pro rata share of the Non-VRR Available Funds to be distributed on the Certificates of this Class as of such Distribution Date, with a final distribution to be made upon retirement of this Certificate as set forth in the Pooling and Servicing Agreement.

 

Realized Losses and certain other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders in the manner set forth in the Pooling and Servicing Agreement.  All Realized Losses on the Mortgage Loans allocated to any Class of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth in the Pooling and Servicing Agreement.  As provided in the Pooling and Servicing Agreement, the Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom.  Amounts on deposit in such accounts may be invested in Permitted Investments.  Interest or other investment income earned on funds in the Collection Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement.  As provided in the Pooling and Servicing Agreement, withdrawals from the Collection Account shall be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of certain expenses incurred with respect to the servicing of the Mortgage Loans and administration of the Trust.

 

All distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor.  The final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously allocated to this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure of such Certificateholders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited to the account or accounts of the appropriate non-tendering Holder or Holders.  If any Certificates as to which notice has been given pursuant to Section 4.01(i) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within 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 in order to receive the final distribution with respect thereto.  If within one year after the second notice all such Certificates shall not have been surrendered for cancellation, the Certificate Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders concerning the surrender of their Certificates as it shall deem appropriate and subject to escheatment and other applicable laws.  The costs and expenses of holding such funds in trust and of contacting such Certificateholders following the first anniversary of the delivery of such second notice to the non-tendering Certificateholders shall be paid out of such funds.  No interest shall accrue or be payable to any Certificateholder on any amount held in trust under the Pooling and Servicing Agreement by the Certificate Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with Section 4.01(i) of the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder hereof or such Holder’s attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized Denominations will be issued to the designated transferee or transferees.

 

 

    A-16-6

     

    

 

Subject to the terms of the Pooling and Servicing Agreement, the Class H Certificates will be issued in book-entry form through the facilities of DTC in minimum denominations of $100,000, and in integral multiples of $1 in excess thereof, with one Certificate of each such Class evidencing an additional amount equal to the remainder of the initial Certificate Balance of such Class.

 

No fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.  In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust 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 Section 5.03 of the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer.  The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer or exchange.

 

The Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, 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 neither the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent of any of them, shall be affected by any notice to the contrary.

 

The Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders, the RR Interest Owner or the Companion Holders:

 

(i)   to correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision of the Pooling and Servicing Agreement;

 

(ii)  to cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates, the RR Interest, the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be inconsistent with any other provisions therein or to correct any error;

 

(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder or the RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment;

 

(iv)    to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any Trust REMIC; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, the RR Interest Owner or Companion Holder;

 

(v) to modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders or the RR Interest Owner (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Disqualified Non-U.S. Tax Person;

 

 

    A-16-7

     

    

 

(vi)    to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder, the RR Interest Owner or any holder of a Serviced Companion Loan not consenting to such revision or addition, as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and, with respect to a Serviced Whole Loan, Companion Loan Rating Agency Confirmation from each Companion Loan Rating Agency;

 

(vii)   to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and, with respect to a Serviced Whole Loan, Companion Loan Rating Agency Confirmation from each Companion Loan Rating Agency; provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder or the RR Interest Owner not consenting to such amendment or supplement, as evidenced by an Opinion of Counsel;

 

(viii)  to modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other than any applicable Excluded Loan, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with respect to a Serviced Whole Loan, each Companion Loan Rating Agency has delivered a Companion Loan Rating Agency Confirmation;;

 

(ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website pursuant to Section 3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website;

 

(x)  to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); or

 

(xi) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement (i) to such extent as would be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (ii) in the event the Risk Retention Rule 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, as evidenced by an opinion of counsel.

 

Notwithstanding the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under any Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller, (B) may materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent or (C) may materially or adversely affect the RR Interest Owner without the RR Interest Owner’s consent.

 

 

    A-16-8

     

    

 

The Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the RR Interest Owner (if affected by such amendment) and Holders of Certificates of each Class affected by such amendment evidencing, in the case of a Class of Certificateholders, in the aggregate not less than a majority of the aggregate Percentage Interests constituting the Class, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such Class or the RR Interest Owner; provided, however, that no such amendment shall:

 

(i)   reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed on a Certificate of any Class or the RR Interest without the consent of the Holder of the Certificate or the RR Interest Owner or which are required to be distributed to a Companion Holder without the consent of such Companion Holder; or

 

(ii)  reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates of such Class then outstanding or such Companion Holders, as applicable; or

 

(iii) adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding; or

 

(iv)    change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v) amend the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and, with respect to a Serviced Whole Loan, receipt of Companion Loan Rating Agency Confirmation from each Companion Loan Rating Agency and, if required under the related Co-Lender Agreement, the consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole Loan.

 

Notwithstanding the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator, the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing Agreement without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment is permitted under the Pooling and Servicing Agreement, that all conditions precedent have been satisfied and that such amendment or the exercise of any power granted to the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or any other specified person in accordance with such amendment will not result in an Adverse REMIC Event under the relevant provisions of the Code.  Furthermore, no amendment to the Pooling and Servicing Agreement may be made that changes any provisions specifically required to be included in the Pooling and Servicing Agreement by any Non-Serviced Co-Lender Agreement without the consent of the holder of the related Pari Passu Companion Loan(s).

 

The Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates representing greater than 50% of the Percentage Interest of such Class, in that order of priority, may, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the Certificate Administrator and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage Loans (and all property acquired through exercise of remedies in respect of any related Mortgage Loan) and the Trust’s portion of each REO Property remaining in the Trust Fund, and thereby effect termination of the Trust and early retirement of the then-outstanding Certificates, on or after the first Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and the portion of any REO Loans held by the Trust is less than 1.0% of the aggregate Cut-off Date Principal Balance of the Mortgage Loans as set forth in the Pooling and Servicing Agreement.

 

Following the date on which the Class A-1, Class A-4, Class A-5, Class A-AB, Class A-S, Class B, Class C, Class D and Class E Certificates are retired and the Notional Amounts of the Class X-A and Class X-E

 

 

    A-16-9

     

    

 

Certificates have been reduced to zero (and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then outstanding Certificates (other than the Class R Certificates) and the RR Interest), the Sole Owner shall have the right to exchange all of its Certificates (other than the Class R Certificates) and the RR Interest for all of the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant to the terms of the Pooling and Servicing Agreement, provided that the Master Servicer is paid a fee equal to (i) the product of (x) the Prime Rate, (y) the aggregate Certificate Balance of the then-outstanding certificates (other than the Class X Certificates and Class R Certificates) as of the date of the exchange and (z) three, divided by (ii) 360.

 

The obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.  In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of St. James, living on the date hereof.

 

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.  The Certificate Registrar has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans.

 

THIS CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

 

    A-16-10

     

    

 

IN WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal.

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Registrar under the Pooling and Servicing Agreement

	
 

	
 

	
 

	
 

	
By: 

	
 

	
 

	
 

	
AUTHORIZED SIGNATORY

 

Dated:    May 21, 2020

 

CERTIFICATE OF AUTHENTICATION

 

THIS IS ONE OF THE CLASS H CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent

	
 

	
 

	
 

	
 

	
By: 

	
 

	
 

	
 

	
AUTHORIZED SIGNATORY

 

 

    A-16-11

     

    

 

ABBREVIATIONS

 

The following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were written out in full according to applicable laws or regulations:

	
 

	
 

	
 

	
 

	
TEN COM   

	
-   

	
as tenant in common

	
UNIF GIFT MIN ACT __________ Custodian

	
TEN ENT

	
-

	
as tenants by the entireties

	
     (Cust)

	
JT TEN

	
-

	
as joint tenants with rights of

	
Under Uniform Gifts to Minors

	
 

	
 

	
survivorship and not as tenants in

	
 

	
 

	
 

	
common

	
Act __________________________

	
 

	
 

	
 

	
(State)

 

Additional abbreviations may also be used though not in the above list.

 

FORM OF TRANSFER

 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto                              

 

(Please insert Social Security or other identifying number of Assignee)

 

(Please print or typewrite name and address of assignee)

 

 

the within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register of the within-named Trust, with full power of substitution in the premises.

 

	
Dated:                                     

	
NOTICE:  The signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular without alteration or enlargement or any change whatever.

 

	
 

	
 

	
SIGNATURE GUARANTEED

	
 

 

The signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another national securities exchange.  Notarized or witnessed signatures are not acceptable.

 

 

    A-16-12

     

    

 

DISTRIBUTION INSTRUCTIONS

 

The assignee should include the following for purposes of distribution:

 

Distributions shall be made, by wire transfer or otherwise, in immediately available funds to _________________________________ for the account of __________________________________ account number _______________ or, if mailed by check, to _______________________________________.  Statements should be mailed to _______________________________________________________________.  This information is provided by assignee named above, or ______________________________, as its agent.

 

 

    A-16-13

     

    

 

EXHIBIT A-17

 

FORM OF CLASS RR CERTIFICATE

 

CLASS RR

 

GS MORTGAGE SECURITIES TRUST 2020-GC47

 

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES 2020-GC47, CLASS RR

 

THIS CERTIFICATE IS SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERS, HEDGING AND PLEDGING PURSUANT TO THE RISK RETENTION RULE.  THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH THE TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  THE CERTIFICATE REGISTRAR SHALL REFUSE TO REGISTER THE TRANSFER OF THIS CERTIFICATE UNLESS SUCH TRANSFER IS IN ACCORDANCE WITH SECTION 5.03(I) OF THE POOLING AND SERVICING AGREEMENT.

 

[FOR BOOK-ENTRY CERTIFICATES AND SOLELY FOLLOWING THE TRANSFER RESTRICTION PERIOD (US):  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 TRANSFER RESTRICTION PERIOD (US):  TRANSFERS OF THIS BOOK-ENTRY 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 BOOK-ENTRY CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE UNDERWRITERS, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

 

 

1
       Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

2        Book-Entry
Certificate legend.

 

    A-17-1

     

    

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW.  THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO AN INSTITUTION THAT IS NOT A “U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS COME WITHIN RULE 501(a)(1), (2), (3) or (7) OF REGULATION D UNDER THE SECURITIES ACT, THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATIONS SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE.

 

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.

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THE PORTION OF THE CERTIFICATE BALANCE OF THE CERTIFICATES EVIDENCED BY THIS CERTIFICATE WILL BE DECREASED BY THE PORTION OF PRINCIPAL DISTRIBUTIONS ON THE CERTIFICATES AND THE PORTION OF VRR REALIZED LOSSES ALLOCABLE TO THIS CERTIFICATE AND WILL BE INCREASED BY RECOVERIES ON THE RELATED MORTGAGE LOANS FOR NONRECOVERABLE ADVANCES (PLUS INTEREST THEREON) THAT WERE PREVIOUSLY REIMBURSED FROM PRINCIPAL COLLECTIONS ON THE MORTGAGE LOANS THAT RESULTED IN A REDUCTION OF THE VRR PRINCIPAL DISTRIBUTION AMOUNT.  ACCORDINGLY, THE CERTIFICATE BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THAT SET FORTH BELOW.  ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT CERTIFICATE BALANCE BY INQUIRY OF THE CERTIFICATE ADMINISTRATOR.

 

 

    A-17-2

     

    

 

	
        PASS-THROUGH RATE: N/A.
        The RR Certificates will not have a Pass-Through Rate, but will be entitled to receive it’s pro rata allocation of
        the RR ABS Interest Distribution Amount and the RR ABS Interest Additional Interest Distribution Amount.

         

        DENOMINATION: $[______]

         

        DATE OF POOLING AND SERVICING AGREEMENT: AS OF MAY 1, 2020

         

        CUT-OFF DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT
        (AS DEFINED HEREIN)

         

        CLOSING DATE: MAY 21, 2020

         

        FIRST DISTRIBUTION DATE:

        June 12, 2020

         

        APPROXIMATE AGGREGATE

        CERTIFICATE BALANCE

        OF THE CLASS RR CERTIFICATES

        AS OF THE CLOSING DATE: $13,027,646

         
	
        MASTER SERVICER: WELLS FARGO
        BANK, NATIONAL ASSOCIATION

         

        SPECIAL SERVICER: KEYBANK
        NATIONAL ASSOCIATION

         

        TRUSTEE: WILMINGTON TRUST,
        NATIONAL ASSOCIATION

         

        CERTIFICATE ADMINISTRATOR:
        WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        OPERATING
        ADVISOR: PARK BRIDGE LENDER SERVICES LLC

         

        ASSET REPRESENTATIONS REVIEWER:
        PARK BRIDGE LENDER SERVICES LLC

         

        CUSIP NO.: 36258R AW3

                              36258R AX1

         

        ISIN NO.: US36258RAW34

                          US36258RAX17

         

        CERTIFICATE NO.: [RR-1]

         

	 	 

 

 

    A-17-3

     

    

 

CLASS RR CERTIFICATE

 

evidencing a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases, and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the VRR Gain-on-Sale Reserve Account and the REO Accounts, formed and sold by

 

GS MORTGAGE SECURITIES CORPORATION II

 

THIS CERTIFIES THAT [________] is the registered owner of the interest evidenced by this Certificate in the Class RR Certificates issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), among GS MORTGAGE SECURITIES CORPORATION II (hereinafter called the “Depositor”, which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer.  A summary of certain of the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof (herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified on the face hereof, by the aggregate initial Certificate Balance of the Class RR Certificates.  The Certificates are designated as the GS MORTGAGE SECURITIES TRUST 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47 and are issued in the classes as specifically set forth in the Pooling and Servicing Agreement.  The Certificates and the RR Interest will evidence in the aggregate 100% of the beneficial ownership of the Trust.

 

This Certificate does not purport to summarize the Pooling 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 Trustee and the Certificate Administrator.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time, the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound.  In the case of any conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of the Pooling and Servicing Agreement shall govern.

 

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.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator shall distribute to the Person in whose name this Certificate is registered as of the related Record Date, an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, allocable to the Class of Certificates of the same Class as this Certificate for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. All sums distributable on this Certificate are payable in the coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts.

 

Interest on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the Interest Accrual Period relating to such Distribution Date at the Class RR Pass-Through Rate specified above on the Certificate Balance of this Certificate immediately prior to each

 

 

    A-17-4

     

    

 

Distribution Date.  Principal and interest allocated to this Certificate on any Distribution Date will be in an amount equal to this Certificate’s pro rata share of the VRR Available Funds to be distributed on the Certificates of this Class as of such Distribution Date, with a final distribution to be made upon retirement of this Certificate as set forth in the Pooling and Servicing Agreement.

 

Realized Losses and certain other amounts on the Mortgage Loans shall be allocated on the applicable Distribution Date to Certificateholders in the manner set forth in the Pooling and Servicing Agreement.  All Realized Losses on the Mortgage Loans allocated to any Class of Certificates will be allocated pro rata among the outstanding Certificates of such Class.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth in the Pooling and Servicing Agreement.  As provided in the Pooling and Servicing Agreement, the Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom.  Amounts on deposit in such accounts may be invested in Permitted Investments.  Interest or other investment income earned on funds in the Collection Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement.  As provided in the Pooling and Servicing Agreement, withdrawals from the Collection Account shall be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of certain expenses incurred with respect to the servicing of the Mortgage Loans and administration of the Trust.

 

All distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor.  The final distribution on this Certificate (determined without regard to any possible future reimbursement of VRR Realized Losses previously allocated to this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure of such Certificateholders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited to the account or accounts of the appropriate non-tendering Holder or Holders.  If any Certificates as to which notice has been given pursuant to Section 4.01(i) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within 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 in order to receive the final distribution with respect thereto.  If within one year after the second notice all such Certificates shall not have been surrendered for cancellation, the Certificate Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders concerning the surrender of their Certificates as it shall deem appropriate and subject to escheatment and other applicable laws.  The costs and expenses of holding such funds in trust and of contacting such Certificateholders following the first anniversary of the delivery of such second notice to the non-tendering Certificateholders shall be paid out of such funds.  No interest shall accrue or be payable to any Certificateholder on any amount held in trust under the Pooling and Servicing Agreement by the Certificate Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with Section 4.01(i) of the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder hereof or such Holder’s attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized Denominations will be issued to the designated transferee or transferees.

 

 

    A-17-5

     

    

 

Subject to the terms of the Pooling and Servicing Agreement, the Class RR Certificates will be issued in fully registered, certificated form in minimum denominations of $100,000, and in integral multiples of $1 in excess thereof (provided that the Class RR Certificates will be issuable in fractions of $1.00 in order to satisfy Risk Retention Rule percentage requirements), with one Certificate of each such Class evidencing an additional amount equal to the remainder of the initial Certificate Balance of such Class.

 

No fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.  In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust 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 Section 5.03 of the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer.  The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer or exchange.

 

The Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, 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 neither the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent of any of them, shall be affected by any notice to the contrary.

 

The Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders, the RR Interest Owner or the Companion Holders:

 

(i)   to correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision of the Pooling and Servicing Agreement;

 

(ii)  to cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates, the RR Interest, the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be inconsistent with any other provisions therein or to correct any error;

 

(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder or the RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment;

 

(iv)    to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any Trust REMIC; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, the RR Interest Owner or Companion Holder;

 

(v) to modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders or the RR Interest Owner (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Disqualified Non-U.S. Tax Person;

 

 

    A-17-6

     

    

 

(vi)    to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder, the RR Interest Owner or any holder of a Serviced Companion Loan not consenting to such revision or addition, as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and, with respect to a Serviced Whole Loan, Companion Loan Rating Agency Confirmation from each Companion Loan Rating Agency;

 

(vii)   to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and, with respect to a Serviced Whole Loan, Companion Loan Rating Agency Confirmation from each Companion Loan Rating Agency; provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder or the RR Interest Owner not consenting to such amendment or supplement, as evidenced by an Opinion of Counsel;

 

(viii)  to modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other than any applicable Excluded Loan, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with respect to a Serviced Whole Loan, each Companion Loan Rating Agency has delivered a Companion Loan Rating Agency Confirmation;;

 

(ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website pursuant to Section 3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website;

 

(x)  to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); or

 

(xi) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement (i) to such extent as would be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (ii) in the event the Risk Retention Rule 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, as evidenced by an opinion of counsel.

 

Notwithstanding the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under any Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller, (B) may materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent or (C) may materially or adversely affect the RR Interest Owner without the RR Interest Owner’s consent.

 

 

    A-17-7

     

    

 

The Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the RR Interest Owner (if affected by such amendment) and Holders of Certificates of each Class affected by such amendment evidencing, in the case of a Class of Certificateholders, in the aggregate not less than a majority of the aggregate Percentage Interests constituting the Class, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such Class or the RR Interest Owner; provided, however, that no such amendment shall:

 

(i)   reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed on a Certificate of any Class or the RR Interest without the consent of the Holder of the Certificate or the RR Interest Owner or which are required to be distributed to a Companion Holder without the consent of such Companion Holder; or

 

(ii)  reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates of such Class then outstanding or such Companion Holders, as applicable; or

 

(iii) adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding; or

 

(iv)    change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v) amend the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and, with respect to a Serviced Whole Loan, receipt of Companion Loan Rating Agency Confirmation from each Companion Loan Rating Agency and, if required under the related Co-Lender Agreement, the consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole Loan.

 

Notwithstanding the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator, the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing Agreement without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment is permitted under the Pooling and Servicing Agreement, that all conditions precedent have been satisfied and that such amendment or the exercise of any power granted to the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or any other specified person in accordance with such amendment will not result in an Adverse REMIC Event under the relevant provisions of the Code.  Furthermore, no amendment to the Pooling and Servicing Agreement may be made that changes any provisions specifically required to be included in the Pooling and Servicing Agreement by any Non-Serviced Co-Lender Agreement without the consent of the holder of the related Pari Passu Companion Loan(s).

 

The Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates representing greater than 50% of the Percentage Interest of such Class, in that order of priority, may, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the Certificate Administrator and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage Loans (and all property acquired through exercise of remedies in respect of any related Mortgage Loan) and the Trust’s portion of each REO Property remaining in the Trust Fund, and thereby effect termination of the Trust and early retirement of the then-outstanding Certificates, on or after the first Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and the portion of any REO Loans held by the Trust is less than 1.0% of the aggregate Cut-off Date Principal Balance of the Mortgage Loans as set forth in the Pooling and Servicing Agreement.

 

Following the date on which the Class A-1, Class A-4, Class A-5, Class A-AB, Class A-S, Class B, Class C, Class D and Class E Certificates are retired and the Notional Amounts of the Class X-A and Class X-E

 

 

    A-17-8

     

    

 

Certificates have been reduced to zero (and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then outstanding Certificates (other than the Class R Certificates) and the RR Interest), the Sole Owner shall have the right to exchange all of its Certificates (other than the Class R Certificates) and the RR Interest for all of the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant to the terms of the Pooling and Servicing Agreement, provided that the Master Servicer is paid a fee equal to (i) the product of (x) the Prime Rate, (y) the aggregate Certificate Balance of the then-outstanding certificates (other than the Class X Certificates and Class R Certificates) as of the date of the exchange and (z) three, divided by (ii) 360.

 

The obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.  In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of St. James, living on the date hereof.

 

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.  The Certificate Registrar has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans.

 

THIS CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

 

    A-17-9

     

    

 

IN WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal.

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Registrar under the Pooling and Servicing Agreement

	
 

	
 

	
 

	
 

	
By: 

	
 

	
 

	
 

	
AUTHORIZED SIGNATORY

 

Dated:    May 21, 2020

 

CERTIFICATE OF AUTHENTICATION

 

THIS IS ONE OF THE CLASS RR CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent

	
 

	
 

	
 

	
 

	
By: 

	
 

	
 

	
 

	
AUTHORIZED SIGNATORY

 

 

    A-17-10

     

    

 

ABBREVIATIONS

 

The following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were written out in full according to applicable laws or regulations:

	
 

	
 

	
 

	
 

	
TEN COM   

	
-   

	
as tenant in common

	
UNIF GIFT MIN ACT __________ Custodian

	
TEN ENT

	
-

	
as tenants by the entireties

	
     (Cust)

	
JT TEN

	
-

	
as joint tenants with rights of

	
Under Uniform Gifts to Minors

	
 

	
 

	
survivorship and not as tenants in

	
 

	
 

	
 

	
common

	
Act __________________________

	
 

	
 

	
 

	
(State)

 

Additional abbreviations may also be used though not in the above list.

 

FORM OF TRANSFER

 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto                              

 

(Please insert Social Security or other identifying number of Assignee)

 

(Please print or typewrite name and address of assignee)

 

 

the within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register of the within-named Trust, with full power of substitution in the premises.

 

	
Dated:                                     

	
NOTICE:  The signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular without alteration or enlargement or any change whatever.

 

	
 

	
 

	
SIGNATURE GUARANTEED

	
 

 

The signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another national securities exchange.  Notarized or witnessed signatures are not acceptable.

 

 

    A-17-11

     

    

 

DISTRIBUTION INSTRUCTIONS

 

The assignee should include the following for purposes of distribution:

 

Distributions shall be made, by wire transfer or otherwise, in immediately available funds to _________________________________ for the account of __________________________________ account number _______________ or, if mailed by check, to _______________________________________.  Statements should be mailed to _______________________________________________________________.  This information is provided by assignee named above, or ______________________________, as its agent.

 

 

    A-17-12

     

    

 

EXHIBIT A-18

 

FORM OF CLASS R CERTIFICATE

 

CLASS R

 

GS MORTGAGE SECURITIES TRUST 2020-GC47

 

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

 

SERIES 2020-GC47, CLASS R

 

THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), ANY STATE SECURITIES LAWS OR THE LAWS OF ANY OTHER JURISDICTION.  NEITHER THIS CERTIFICATE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION UNDER THE SECURITIES ACT.

 

THE HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF AGREES NOT TO OFFER, SELL OR OTHERWISE TRANSFER SUCH CERTIFICATE EXCEPT IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND (A) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT OR (B) FOR SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT C TO THE POOLING AND SERVICING AGREEMENT.

 

THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWERS, THE SPONSORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE UNDERWRITERS, THE INITIAL PURCHASERS, THE MORTGAGE LOAN SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW.  THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO AN INSTITUTION THAT IS NOT

 

 

    A-18-1

     

    

 

 A “U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS COME WITHIN RULE 501(a)(1), (2), (3) or (7) OF REGULATION D UNDER THE SECURITIES ACT, THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATIONS SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE.

 

THIS CERTIFICATE REPRESENTS A “RESIDUAL INTEREST” IN TWO “REAL ESTATE MORTGAGE INVESTMENT CONDUITS” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(2) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.  EACH TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY TO DISQUALIFIED ORGANIZATIONS, INSTITUTIONS THAT ARE NOT U.S. TAX PERSONS OR AGENTS OF EITHER, AS SET FORTH IN SECTIONS 5.02 AND 5.03 OF THE PSA, AND SHALL BE REQUIRED TO FURNISH AN AFFIDAVIT TO THE TRANSFEROR AND THE CERTIFICATE ADMINISTRATOR TO THE EFFECT THAT, AMONG OTHER THINGS, (A) IT IS NOT A DISQUALIFIED ORGANIZATION, AS SUCH TERM IS DEFINED IN SECTION 860E(e)(5) OF THE CODE, OR AN AGENT (INCLUDING A BROKER, NOMINEE OR OTHER MIDDLEMAN) FOR SUCH DISQUALIFIED ORGANIZATION AND IS OTHERWISE A PERMITTED TRANSFEREE, (B) IT HAS HISTORICALLY PAID ITS DEBTS AS THEY HAVE COME DUE AND INTENDS TO PAY ITS DEBTS AS THEY COME DUE IN THE FUTURE, (C) IT UNDERSTANDS THAT IT MAY INCUR TAX LIABILITIES WITH RESPECT TO THIS CERTIFICATE IN EXCESS OF CASH FLOWS GENERATED HEREBY, (D) IT INTENDS TO PAY ANY TAXES ASSOCIATED WITH HOLDING THIS CERTIFICATE AS THEY BECOME DUE, (E) IT WILL NOT CAUSE INCOME WITH RESPECT TO THIS CERTIFICATE TO BE ATTRIBUTABLE TO A FOREIGN PERMANENT ESTABLISHMENT OR FIXED BASE, WITHIN THE MEANING OF AN APPLICABLE INCOME TAX TREATY, OF SUCH PERSON OR ANY OTHER U.S. TAX PERSON AND (F) IT WILL NOT TRANSFER THIS CERTIFICATE TO ANY PERSON OR ENTITY THAT DOES NOT PROVIDE A SIMILAR AFFIDAVIT.  ANY PURPORTED TRANSFER TO A DISQUALIFIED ORGANIZATION OR OTHER PERSON THAT IS NOT A PERMITTED TRANSFEREE OR OTHERWISE IN VIOLATION OF THESE RESTRICTIONS SHALL BE ABSOLUTELY NULL AND VOID AND SHALL VEST NO RIGHTS IN ANY PURPORTED TRANSFEREE.  THIS CERTIFICATE REPRESENTS MULTIPLE “NONECONOMIC RESIDUAL INTERESTS”, AS DEFINED IN TREASURY REGULATIONS SECTION 1.860E 1(c), AND THEREFORE, TRANSFERS OF THIS CERTIFICATE MAY BE DISREGARDED FOR FEDERAL INCOME TAX PURPOSES.  IN ORDER TO SATISFY A REGULATORY SAFE HARBOR UNDER WHICH SUCH TRANSFERS WILL NOT BE 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.

 

 

    A-18-2

     

    

 

	
        PERCENTAGE INTEREST EVIDENCED BY THIS CERTIFICATE: [100%]

         

        DATE OF POOLING AND SERVICING AGREEMENT: AS OF MAY 1, 2020

         

        CUT-OFF DATE: AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT
        (AS DEFINED HEREIN)

         

        CLOSING DATE: MAY 21, 2020

         

        FIRST DISTRIBUTION DATE:

        June 12, 2020

         

        CLASS R PERCENTAGE INTEREST: [100%]

         
	
        MASTER SERVICER: WELLS FARGO
        BANK, NATIONAL ASSOCIATION

         

        SPECIAL SERVICER: KEYBANK
        NATIONAL ASSOCIATION

         

        TRUSTEE: WILMINGTON TRUST,
        NATIONAL ASSOCIATION

         

        CERTIFICATE ADMINISTRATOR:
        WELLS FARGO BANK, NATIONAL ASSOCIATION

         

        OPERATING
        ADVISOR: PARK BRIDGE LENDER SERVICES LLC

         

        ASSET REPRESENTATIONS REVIEWER:
        PARK BRIDGE LENDER SERVICES LLC

         

        CUSIP NO.: 36258R AU7

                              36258R
AV5

                              U0406R AK3

         

        ISIN NO.: US36258RAU77

                          US36258RAV50

                  USU0406RAK33

         

        CERTIFICATE NO.: R-1

         

	 	 

 

 

    A-18-3

     

    

 

CLASS R CERTIFICATE

 

evidencing a beneficial ownership interest in a Trust Fund, consisting primarily of a pool of commercial mortgage loans (the “Mortgage Loans”), all payments on or collections in respect of the Mortgage Loans due after the Cut-off Date, all REO Properties and revenues received in respect thereof, the mortgagee’s rights under the insurance policies, any Assignment of Leases, and any guaranties or other collateral as security for the Mortgage Loans and such amounts as shall from time to time be held in the Collection Account, the Distribution Accounts, the Interest Reserve Account, the Non-VRR Gain-on-Sale Reserve Account and the REO Accounts, formed and sold by

 

GS MORTGAGE SECURITIES CORPORATION II

 

THIS CERTIFIES THAT [_____] is the registered owner of the interest evidenced by this Certificate in the Class R Certificates issued by the Trust created pursuant to the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), among GS MORTGAGE SECURITIES CORPORATION II (hereinafter called the “Depositor”, which term includes any successor entity under the Pooling and Servicing Agreement), the Trustee, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer.  A summary of certain of the pertinent provisions of the Pooling and Servicing Agreement is set forth hereafter.  To the extent not defined herein, the capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate is one of a duly authorized issue of Certificates designated as Certificates of the series specified on the face hereof (herein called the “Certificates”) and representing an interest in the Class of Certificates specified on the face hereof equal to the quotient expressed as a percentage obtained by dividing the Denomination of this Certificate specified on the face hereof, by the aggregate initial Certificate Balance of the Class R Certificates.  The Certificates are designated as the GS MORTGAGE SECURITIES TRUST 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47 and are issued in the classes as specifically set forth in the Pooling and Servicing Agreement.  The Certificates and the RR Interest will evidence in the aggregate 100% of the beneficial ownership of the Trust.

 

This Certificate does not purport to summarize the Pooling 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 Trustee and the Certificate Administrator.  This Certificate is issued under and is subject to the terms, provisions and conditions of the Pooling and Servicing Agreement, to which Pooling and Servicing Agreement, as amended from time to time, the Certificateholder by virtue of the acceptance hereof assents and by which the Certificateholder is bound.  In the case of any conflict between terms specified in this Certificate and terms specified in the Pooling and Servicing Agreement, the terms of the Pooling and Servicing Agreement shall govern.

 

This Class R Certificate represents a “residual interest” in two “real estate mortgage investment conduits”, 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 shall be the “partnership representative” within the meaning of Section 6223 of the Code for each Trust REMIC.

 

Pursuant to the terms of the Pooling 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 Pooling and Servicing Agreement, on the Distribution Date to the Person in whose name this Certificate is registered as of the related Record Date.  All sums distributable on this Certificate are payable in the coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts.

 

 

    A-18-4

     

    

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth in the Pooling and Servicing Agreement.  As provided in the Pooling and Servicing Agreement, the Collection Account and the Distribution Accounts will be held on behalf of the Trustee for the benefit of the Holders of Certificates specified in the Pooling and Servicing Agreement and the Master Servicer (with respect to the Collection Account) or the Certificate Administrator (with respect to the Distribution Accounts) will be authorized to make withdrawals therefrom.  Amounts on deposit in such accounts may be invested in Permitted Investments.  Interest or other investment income earned on funds in the Collection Account will be paid to the Master Servicer as set forth in the Pooling and Servicing Agreement.  As provided in the Pooling and Servicing Agreement, withdrawals from the Collection Account shall be made from time to time for purposes other than distributions to Certificateholders, such purposes including reimbursement of certain expenses incurred with respect to the servicing of the Mortgage Loans and administration of the Trust.

 

All distributions under the Pooling and Servicing Agreement to a Class of Certificates shall be made on each Distribution Date (other than the final distribution on any Certificate) to Certificateholders of record on the related Record Date by check mailed to the address set forth therefor in the Certificate Register or, provided that such Certificateholder has provided the Certificate Administrator with wire instructions at least five (5) Business Days prior to the related Record Date, by wire transfer of immediately available funds to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor.  The final distribution on this Certificate (determined without regard to any possible future reimbursement of Realized Losses previously allocated to this Certificate) shall be made in like manner, but only upon presentment and surrender of this Certificate at the offices of the Certificate Registrar or such other location specified in the notice to Certificateholders of such final distribution.

 

Any funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure of such Certificateholders to tender their Certificates shall, on such date, be set aside and held uninvested in trust and credited to the account or accounts of the appropriate non-tendering Holder or Holders.  If any Certificates as to which notice has been given pursuant to Section 4.01(i) of the Pooling and Servicing Agreement shall not have been surrendered for cancellation within 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 in order to receive the final distribution with respect thereto.  If within one year after the second notice all such Certificates shall not have been surrendered for cancellation, the Certificate Administrator, directly or through an agent, shall take such steps to contact the remaining non-tendering Certificateholders concerning the surrender of their Certificates as it shall deem appropriate and subject to escheatment and other applicable laws.  The costs and expenses of holding such funds in trust and of contacting such Certificateholders following the first anniversary of the delivery of such second notice to the non-tendering Certificateholders shall be paid out of such funds.  No interest shall accrue or be payable to any Certificateholder on any amount held in trust under the Pooling and Servicing Agreement by the Certificate Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with Section 4.01(i) of the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registerable in the Certificate Register only upon surrender of this Certificate for registration of transfer at the office of the Certificate Registrar or at the office of its transfer agent, duly endorsed by, or accompanied by an assignment in the form below or other written instrument of transfer in form satisfactory to the Certificate Registrar duly executed by the Holder hereof or such Holder’s attorney-in-fact duly authorized in writing, and thereupon one or more new Certificates of the same Class in authorized Denominations will be issued to the designated transferee or transferees.

 

Each Person who has or acquires any Ownership Interest in a Class R Certificate shall be deemed by the acceptance or acquisition of such Ownership Interest in a Class R Certificate to have agreed to be bound by the following provisions and the rights of each Person acquiring any Ownership Interest in a Class R Certificate are expressly subject to the following provisions:  (A) no Person holding or acquiring any Ownership Interest in a Class R Certificate shall be a Disqualified Organization, a Disqualified Non-U.S. Tax Person or any agent of either (including a broker, nominee or other middleman) (an “Agent”), or a Plan or a Person acting on behalf of or using the assets of a Plan (such Plan or Person, an “ERISA Prohibited Holder”) and shall promptly notify the Certificate Registrar of any change or impending change to such status; (B) in connection with any proposed Transfer of any

 

 

    A-18-5

     

    

 

Ownership Interest in a Class R Certificate, the Certificate Registrar shall require delivery to it, and no Transfer of any Class R Certificate shall be registered until the Certificate Registrar receives, an affidavit substantially in the form attached to the Pooling and Servicing Agreement as Exhibit D-1 (a “Transferee Affidavit”) from the proposed Transferee, in form and substance satisfactory to the Certificate Registrar, representing and warranting, among other things, that such Transferee is not a Disqualified Organization, a Disqualified Non-U.S. Tax Person or any Agent of either, or an ERISA Prohibited Holder and that it agrees to be bound by and to abide by the provisions of Section 5.03(n) of the Pooling and Servicing Agreement; (C) notwithstanding the delivery of a Transferee Affidavit by a proposed Transferee under clause (B) above, if the Certificate Registrar has actual knowledge or reason to believe that the proposed Transferee is a Disqualified Organization, a Disqualified Non-U.S. Tax Person or any Agent of either, or an ERISA Prohibited Holder, no Transfer of an Ownership Interest in a Class R Certificate to such proposed Transferee shall be effected; and (D) each Person holding or acquiring any Ownership Interest in a Class R Certificate shall agree (1) not to transfer its Ownership Interest in such Class R Certificate to any Person that does not provide a Transferee Affidavit and (2) not to transfer its Ownership Interest in such Class R Certificate unless it provides to the Certificate Registrar a letter substantially in the form attached to the Pooling and Servicing Agreement as Exhibit D-2 (a “Transferor Letter”) certifying that, among other things, it has no actual knowledge or reason to know that the proposed Transferee’s statements in such Transferee Affidavit are false.

 

The Class R Certificates will be issued in fully registered, certificated form, in minimum percentage interests of 10% and integral multiples of 1% in excess thereof.

 

No fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange of any Certificate (other than Definitive Certificates) referred to in Section 5.03 of the Pooling and Servicing Agreement.  In connection with any transfer to an Institutional Accredited Investor, the Transferor shall reimburse the Trust 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 Section 5.03 of the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer.  The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer or exchange.

 

The Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer and the Certificate Registrar, 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 neither the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Certificate Registrar, nor any agent of any of them, shall be affected by any notice to the contrary.

 

The Pooling and Servicing Agreement may be amended from time to time by the parties thereto, without the consent of any of the Certificateholders, the RR Interest Owner or the Companion Holders:

 

(i)   to correct any defect or ambiguity in the Pooling and Servicing Agreement in order to address any manifest error in any provision of the Pooling and Servicing Agreement;

 

(ii)  to cause the provisions in the Pooling and Servicing Agreement to conform or be consistent with or in furtherance of the statements made in the Prospectus (or in an offering document for any related non-offered certificates) with respect to the Certificates, the RR Interest, the Trust or the Pooling and Servicing Agreement or to correct or supplement any of its provisions which may be inconsistent with any other provisions therein or to correct any error;

 

(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder or the RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment;

 

(iv)    to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC under the

 

 

    A-18-6

     

    

 

relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust or any Trust REMIC; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, the RR Interest Owner or Companion Holder;

 

(v) to modify, eliminate or add to the provisions of Section 5.03(n) of the Pooling and Servicing Agreement or any other provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust, any Trust REMIC or any of the Certificateholders or the RR Interest Owner (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Disqualified Non-U.S. Tax Person;

 

(vi)    to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder, the RR Interest Owner or any holder of a Serviced Companion Loan not consenting to such revision or addition, as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and, with respect to a Serviced Whole Loan, Companion Loan Rating Agency Confirmation from each Companion Loan Rating Agency;

 

(vii)   to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies and, with respect to a Serviced Whole Loan, Companion Loan Rating Agency Confirmation from each Companion Loan Rating Agency; provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder or the RR Interest Owner not consenting to such amendment or supplement, as evidenced by an Opinion of Counsel;

 

(viii)  to modify the provisions of Sections 3.05 and 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing and with respect to any Mortgage Loans other than any applicable Excluded Loan, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with respect to a Serviced Whole Loan, each Companion Loan Rating Agency has delivered a Companion Loan Rating Agency Confirmation;;

 

(ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website pursuant to Section 3.13(c) of the Pooling and Servicing Agreement and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website;

 

(x)  to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); or

 

 

    A-18-7

     

    

 

(xi) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement (i) to such extent as would be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (ii) in the event the Risk Retention Rule 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, as evidenced by an opinion of counsel.

 

Notwithstanding the foregoing, no such amendment (A) may change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under any Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller, (B) may materially and adversely affect the holders of a Companion Loan without such Companion Holder’s consent or (C) may materially or adversely affect the RR Interest Owner without the RR Interest Owner’s consent.

 

The Pooling and Servicing Agreement may also be amended from time to time by the parties thereto with the consent of the RR Interest Owner (if affected by such amendment) and Holders of Certificates of each Class affected by such amendment evidencing, in the case of a Class of Certificateholders, in the aggregate not less than a majority of the aggregate Percentage Interests constituting the Class, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or of modifying in any manner the rights of the Holders of Certificates of such Class or the RR Interest Owner; provided, however, that no such amendment shall:

 

(i)   reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans that are required to be distributed on a Certificate of any Class or the RR Interest without the consent of the Holder of the Certificate or the RR Interest Owner or which are required to be distributed to a Companion Holder without the consent of such Companion Holder; or

 

(ii)  reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion Holder, in any such case without the consent of the Holders of all Certificates of such Class then outstanding or such Companion Holders, as applicable; or

 

(iii) adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding; or

 

(iv)    change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary under the Pooling and Servicing Agreement, without the consent of such Mortgage Loan Seller; or

 

(v) amend the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and, with respect to a Serviced Whole Loan, receipt of Companion Loan Rating Agency Confirmation from each Companion Loan Rating Agency and, if required under the related Co-Lender Agreement, the consent of the holder of any AB Subordinate Companion Loan for each Serviced AB Whole Loan.

 

Notwithstanding the foregoing, none of the Operating Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator, the Depositor, the Master Servicer nor the Special Servicer will be required to consent to any amendment to the Pooling and Servicing Agreement without having first received an Opinion of Counsel (at the Trust’s expense) to the effect that such amendment is permitted under the Pooling and Servicing Agreement, that all conditions precedent have been satisfied and that such amendment or the exercise of any power granted to the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or any other specified person in accordance with such amendment will not result in an Adverse REMIC Event under the relevant provisions of the Code.  Furthermore, no amendment to the Pooling and Servicing Agreement may be made that changes any provisions specifically required to be included in the Pooling and Servicing Agreement by any Non-Serviced Co-Lender Agreement without the consent of the holder of the related Pari Passu Companion Loan(s).

 

 

    A-18-8

     

    

 

The Holders of the majority of the Controlling Class, the Special Servicer, the Master Servicer or the Holders of the Class R Certificates representing greater than 50% of the Percentage Interest of such Class, in that order of priority, may, at their option, upon no less than 60 days’ prior written notice given to the Trustee, the Certificate Administrator and each of the other parties to the Pooling and Servicing Agreement, elect to purchase all of the Mortgage Loans (and all property acquired through exercise of remedies in respect of any related Mortgage Loan) and the Trust’s portion of each REO Property remaining in the Trust Fund, and thereby effect termination of the Trust and early retirement of the then-outstanding Certificates, on or after the first Distribution Date on which the aggregate Stated Principal Balances of the Mortgage Loans and the portion of any REO Loans held by the Trust is less than 1.0% of the aggregate Cut-off Date Principal Balance of the Mortgage Loans as set forth in the Pooling and Servicing Agreement.

 

Following the date on which the Class A-1, Class A-4, Class A-5, Class A-AB, Class A-S, Class B, Class C, Class D and Class E Certificates are retired and the Notional Amounts of the Class X-A and Class X-E Certificates have been reduced to zero (and provided that there is only one Holder (or multiple Holders acting in unanimity) of the then outstanding Certificates (other than the Class R Certificates) and the RR Interest), the Sole Owner shall have the right to exchange all of its Certificates (other than the Class R Certificates) and the RR Interest for all of the Mortgage Loans and each REO Property remaining in the Trust Fund pursuant to the terms of the Pooling and Servicing Agreement, provided that the Master Servicer is paid a fee equal to (i) the product of (x) the Prime Rate, (y) the aggregate Certificate Balance of the then-outstanding certificates (other than the Class X Certificates and Class R Certificates) as of the date of the exchange and (z) three, divided by (ii) 360.

 

The obligations created by the Pooling and Servicing Agreement and the Trust created thereby (other than the obligation of the Certificate Administrator to make payments to Certificateholders as provided for in the Pooling and Servicing Agreement), shall terminate upon reduction of the Certificate Balances of all the Certificates to zero (including, without limitation, any such final payment resulting from a termination of the Trust due to a sale of its property) pursuant to the terms of the Pooling and Servicing Agreement.  In no event, however, will the Trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of St. James, living on the date hereof.

 

Unless the certificate of authentication hereon has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.  The Certificate Registrar has executed this Certificate on behalf of the Trust as Certificate Registrar under the Pooling and Servicing Agreement and makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans.

 

THIS CERTIFICATE AND THE POOLING AND SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN NEW YORK.

 

 

    A-18-9

     

    

 

IN WITNESS WHEREOF, the Certificate Registrar has caused this Certificate to be duly executed under this official seal.

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Registrar under the Pooling and Servicing Agreement

	
 

	
 

	
 

	
 

	
By: 

	
 

	
 

	
 

	
AUTHORIZED SIGNATORY

 

Dated:    May 21, 2020

 

CERTIFICATE OF AUTHENTICATION

 

THIS IS ONE OF THE CLASS R CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED POOLING AND SERVICING AGREEMENT.

	
 

	
 

	
 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, as Authenticating Agent

	
 

	
 

	
 

	
 

	
By: 

	
 

	
 

	
 

	
AUTHORIZED SIGNATORY

 

 

    A-18-10

     

    

 

ABBREVIATIONS

 

The following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were written out in full according to applicable laws or regulations:

	
 

	
 

	
 

	
 

	
TEN COM   

	
-   

	
as tenant in common

	
UNIF GIFT MIN ACT __________ Custodian

	
TEN ENT

	
-

	
as tenants by the entireties

	
     (Cust)

	
JT TEN

	
-

	
as joint tenants with rights of

	
Under Uniform Gifts to Minors

	
 

	
 

	
survivorship and not as tenants in

	
 

	
 

	
 

	
common

	
Act __________________________

	
 

	
 

	
 

	
(State)

 

Additional abbreviations may also be used though not in the above list.

 

FORM OF TRANSFER

 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto                              

 

(Please insert Social Security or other identifying number of Assignee)

 

(Please print or typewrite name and address of assignee)

 

 

the within Certificate and does hereby or irrevocably constitute and appoint to transfer the said Certificate in the Certificate register of the within-named Trust, with full power of substitution in the premises.

 

	
Dated:                                     

	
NOTICE:  The signature to this assignment must correspond with the name as written upon the face of this Certificate in every particular without alteration or enlargement or any change whatever.

 

	
 

	
 

	
SIGNATURE GUARANTEED

	
 

 

The signature must be guaranteed by a commercial bank or trust company or by a member firm of the New York Stock Exchange or another national securities exchange.  Notarized or witnessed signatures are not acceptable.

 

 

    A-18-11

     

    

 

DISTRIBUTION INSTRUCTIONS

 

The assignee should include the following for purposes of distribution:

 

Distributions shall be made, by wire transfer or otherwise, in immediately available funds to _________________________________ for the account of __________________________________ account number _______________ or, if mailed by check, to _______________________________________.  Statements should be mailed to _______________________________________________________________.  This information is provided by assignee named above, or ______________________________, as its agent.

 

 

    A-18-12

     

    
 

 

 

EXHIBIT
B

 

MORTGAGE
LOAN SCHEDULE

 

 

B-1

 

 

GSMS 2020-GC47

Exhibit B - Mortgage Loan Schedule - All
Loan Sellers

 

	Control
                                         Number

	Footnotes

	Loan
                                         Number

	Property
                                         Name

	Borrower
                                         Name

	1

	3,
                                         4, 5, 6

	32828570

	1633
                                         Broadway

	PGREF
                                         I 1633 Broadway Tower, L.P. and PGREF I 1633 Broadway Land, L.P.

	2

	3,
                                         7, 8, 9

	34159379

	Moffett
                                         Towers Buildings A, B & C

	MT1
                                         ABC LLC

	2.01

	 

	34159379

	Moffett
                                         Towers Building B

	 

	2.02

	 

	34159379

	Moffett
                                         Towers Building C

	 

	2.03

	 

	34159379

	Moffett
                                         Towers Building A

	 

	3

	3,
                                         10, 11, 12

	35452118

	711
                                         Fifth Avenue

	711
                                         Fifth Ave Principal Owner LLC

	4

	13

	33908261

	Saban
                                         Self Storage Portfolio

	2300
                                         Bay Area SP, LLC, 11105 Mountain View SP, LLC, 2830 Manatee SP, LLC, 10966 Montwood SP,
                                         LLC, 4625 Clark SP, LLC, 1200 Lock SP, LLC, 1840 E March SP, LLC, 10333 Denton SP, LLC,
                                         10815 Double R SP, LLC, 9250 Normandale SP, LLC, 125 Higginbotham SP, LLC, 10317 Shady
                                         Trail SP, LLC and 454 W Baseline SP, LLC

	4.01

	 

	33908261

	StorQuest-Reno/Double
                                         R

	 

	4.02

	 

	33908261

	StorQuest-Sarasota/Clark

	 

	4.03

	 

	33908261

	StorQuest-Claremont/Baseline

	 

	4.04

	 

	33908261

	StorQuest-Stockton/March

	 

	4.05

	 

	33908261

	StorQuest-Bradenton/Manatee

	 

	4.06

	 

	33908261

	StorQuest-Friendswood/W
                                         Bay Area

	 

	4.07

	 

	33908261

	StorQuest-Louisville/Lock

	 

	4.08

	 

	33908261

	StorQuest-Loma
                                         Linda/Mountain View

	 

	4.09

	 

	33908261

	StorQuest-Manitou
                                         Springs/Higginbotham

	 

	4.10

	 

	33908261

	StorQuest-Dallas/Shady
                                         Trail

	 

	4.11

	 

	33908261

	StorQuest-Dallas/Denton

	 

	4.12

	 

	33908261

	StorQuest-El
                                         Paso/Montwood

	 

	4.13

	 

	33908261

	StorQuest-Fort
                                         Worth/Normandale

	 

	5

	3,
                                         5, 14

	32905243

	650
                                         Madison Avenue

	650
                                         Madison Owner LLC

	6

	15

	CITI1

	Chicagoland
                                         Industrial Portfolio

	Chicago
                                         Nine Industrial Winona LLC, Chicago Nine Industrial Ohio LLC, Chicago Nine Industrial
                                         Grant LLC, Chicago Nine Industrial Commerce LLC, Chicago Nine Industrial Haven LLC, Chicago
                                         Nine Industrial Cleveland LLC, Chicago Nine Industrial Flannigan LLC and Chicago Nine
                                         Industrial Ryan LLC

	6.01

	 

	CITI1.01

	26051
                                         South Cleveland

	 

	6.02

	 

	CITI1.02

	180
                                         Ryan Drive

	 

	6.03

	 

	CITI1.03

	119
                                         East Commerce

	 

	6.04

	 

	CITI1.04

	2405
                                         West Haven

	 

	6.05

	 

	CITI1.05

	201
                                         Flannigan

	 

	6.06

	 

	CITI1.06

	3415
                                         Ohio Avenue

	 

	6.07

	 

	CITI1.08

	7850
                                         Grant Street

	 

	6.08

	 

	CITI1.07

	9501
                                         Winona

	 

	7

	3,
                                         16, 17

	34392997

	City
                                         National Plaza

	FSP
                                         - South Flower Street Associates, LLC

	8

	3,
                                         18, 19, 20, 21, 22

	CITI2

	555
                                         10th Avenue

	555
                                         Tenth Avenue LLC, 555 Tenth Avenue II LLC, 555 Tenth Avenue TRS LLC and 555 Tenth Avenue
                                         CF LLC

	9

	23,
                                         24

	CITI3

	297
                                         North 7th & 257 15th Street

	297
                                         North 7 LLC and Fifteenth Street 259-263 LLC

	9.01

	 

	CITI3.01

	297
                                         North 7th Street

	 

	9.02

	 

	CITI3.02

	257
                                         15th Street

	 

	10

	25

	CITI4

	PNC
                                         Center

	PNC
                                         Center Cincinnati Realty LP

	11

	26

	35480037

	1427
                                         7th Street

	NMS
                                         14277, LLC

	12

	27,
                                         28

	CITI6

	Grand
                                         Street Plaza

	140
                                         Grand New Owners Corp. and 150 Grand New Owners Corp.

	13

	 

	CITI7

	630
                                         Roseville

	MN
                                         630 Roseville, LLC, DH 630 Roseville, LLC and 630 Roseville Associates, LP

	14

	 

	33851315

	Hawthorne
                                         Gate

	Hawthorne
                                         Gate LLC

	15

	 

	34237099

	Lakeside
                                         Flats

	Lakeside
                                         Flats LLC

	16

	3,
                                         29, 30, 31

	2833422

	PCI
                                         Pharma Portfolio

	NM
                                         PCI, L.P.

	16.01

	 

	2833422

	3001
                                         Red Lion Road

	 

	16.02

	 

	2833422

	4536
                                         & 4545 Assembly Drive

	 

	16.03

	 

	2833422

	6166
                                         Nancy Ridge Drive

	 

	16.04

	 

	2833422

	6146
                                         Nancy Ridge Drive

	 

	16.05

	 

	2833422

	1635
                                         & 1639 New Milford School Road

	 

	17

	32

	35838238

	Trails
                                         of Hudson II

	Trails
                                         of Hudson Two LLC

	18

	3,
                                         33, 34, 35

	33466763

	Midland
                                         Atlantic Portfolio

	Midland
                                         Maysville, LLC, Midland Valleydale, LLC, Midland Greencastle, LLC, Midland Pinecrest,
                                         LLC, Midland Parkside, LLC and Midland Monroe Development Co., LLC

	18.01

	 

	33466763

	Parkside
                                         Square

	 

	18.02

	 

	33466763

	Maysville
                                         Marketsquare

	 

	18.03

	 

	33466763

	Pinecrest
                                         Pointe

	 

 

 

    
	Exhibit B	1 of 18	GSMS 2020-GC47 - Mortgage Loan Schedule.xlsx

     

    

 

GSMS
2020-GC47

Exhibit
B - Mortgage Loan Schedule - All Loan Sellers

 

	Control
                                         Number

	Footnotes

	Loan
                                         Number

	Property
                                         Name

	Borrower
                                         Name

	18.04

	 

	33466763

	Valleydale
                                         Marketplace

	 

	18.05

	 

	33466763

	Putnam
                                         Plaza

	 

	18.06

	 

	33466763

	Heritage
                                         Plaza

	 

	19

	36

	CITI9

	45
                                         Newel Street

	45
                                         Newell LLC

	20

	3,
                                         37, 38

	33901633

	525
                                         Market Street

	Knickerbocker
                                         Properties, Inc. XXXIII

	21

	 

	33437102

	Shoppes
                                         at Haydens Crossing

	Haydens
                                         Crossing LLC

	22

	 

	33874402

	United
                                         Market Street

	50th
                                         & Indiana 2020, LLC

	23

	 

	35452119

	Savannah
                                         Ridge II

	Savannah
                                         Ridge Two LLC

	24

	 

	CITI10

	Fisher
                                         Trails

	Mila’s
                                         Celestial Dot LLC

	25

	 

	33869861

	Harvard
                                         Oaks Apartments

	Harvard
                                         Oaks, LLC

	26

	 

	CITI11

	910
                                         81st Street

	Estella
                                         Realty LLC

	27

	 

	CITI12

	Stratford
                                         Square Apartments

	Atlantic
                                         XIV, L.L.C.

	28

	 

	CITI13

	Arbor
                                         Apartments

	Arbors
                                         TEI Equities LLC

	29

	 

	34155009

	Werner
                                         Industrial

	Sound
                                         West Werner Road, LLC

 

 

    
	Exhibit B	2 of 18	GSMS 2020-GC47 - Mortgage Loan Schedule.xlsx

     

    

 

GSMS
2020-GC47

Exhibit
B - Mortgage Loan Schedule - All Loan Sellers

 

	Control
                                         Number

	Footnotes

	Loan
                                         Number

	Property
                                         Name

	Address

	City

	State

	County

	Zip
                                         Code

	Mortgage
                                         Loan Rate (%)

	Net
                                         Mortgage Loan Rate (%)

	Original
                                         Balance ($)

	Cut-Off
                                         Date Balance ($)

	Original
                                         Term To Maturity (Mos.)

	1

	3,
                                         4, 5, 6

	32828570

	1633
                                         Broadway

	1633
                                         Broadway

	New
                                         York

	New
                                         York

	New
                                         York

	10019

	2.99000%

	2.97369%

	65,000,000.00

	65,000,000.00

	120

	2

	3,
                                         7, 8, 9

	34159379

	Moffett
                                         Towers Buildings A, B & C

	 

	 

	 

	 

	 

	3.49000%

	3.47369%

	65,000,000.00

	65,000,000.00

	120

	2.01

	 

	34159379

	Moffett
                                         Towers Building B

	1020
                                         Enterprise Way

	Sunnyvale

	California

	Santa
                                         Clara

	94089

	 

	3.21829%

	 

	 

	 

	2.02

	 

	34159379

	Moffett
                                         Towers Building C

	1050
                                         Enterprise Way

	Sunnyvale

	California

	Santa
                                         Clara

	94089

	 

	 

	 

	 

	 

	2.03

	 

	34159379

	Moffett
                                         Towers Building A

	1000
                                         Enterprise Way

	Sunnyvale

	California

	Santa
                                         Clara

	94089

	 

	 

	 

	 

	 

	3

	3,
                                         10, 11, 12

	35452118

	711
                                         Fifth Avenue

	711
                                         5th Avenue

	New
                                         York

	New
                                         York

	New
                                         York

	10022

	3.16000%

	3.14244%

	62,500,000.00

	62,500,000.00

	120

	4

	13

	33908261

	Saban
                                         Self Storage Portfolio

	 

	 

	 

	 

	 

	3.22000%

	3.20244%

	60,000,000.00

	60,000,000.00

	120

	4.01

	 

	33908261

	StorQuest-Reno/Double
                                         R

	10815
                                         Double R Boulevard

	Reno

	Nevada

	Washoe

	89521

	 

	 

	 

	 

	 

	4.02

	 

	33908261

	StorQuest-Sarasota/Clark

	4625
                                         Clark Road

	Sarasota

	Florida

	Sarasota

	34233

	 

	 

	 

	 

	 

	4.03

	 

	33908261

	StorQuest-Claremont/Baseline

	454
                                         West Baseline Road

	Claremont

	California

	Los
                                         Angeles

	91711

	 

	 

	 

	 

	 

	4.04

	 

	33908261

	StorQuest-Stockton/March

	1840
                                         East March Lane

	Stockton

	California

	San
                                         Joaquin

	95210

	 

	 

	 

	 

	 

	4.05

	 

	33908261

	StorQuest-Bradenton/Manatee

	2830
                                         Manatee Avenue East

	Bradenton

	Florida

	Manatee

	34208

	 

	 

	 

	 

	 

	4.06

	 

	33908261

	StorQuest-Friendswood/W
                                         Bay Area

	2300
                                         West Bay Area Boulevard

	Friendswood

	Texas

	Harris

	77546

	 

	 

	 

	 

	 

	4.07

	 

	33908261

	StorQuest-Louisville/Lock

	1200
                                         Lock Street

	Louisville

	Colorado

	Boulder

	80027

	 

	 

	 

	 

	 

	4.08

	 

	33908261

	StorQuest-Loma
                                         Linda/Mountain View

	11105
                                         Mountain View Avenue

	Loma
                                         Linda

	California

	San
                                         Bernardino

	92354

	 

	 

	 

	 

	 

	4.09

	 

	33908261

	StorQuest-Manitou
                                         Springs/Higginbotham

	125
                                         Higginbotham Road

	Manitou
                                         Springs

	Colorado

	El
                                         Paso

	80829

	 

	 

	 

	 

	 

	4.10

	 

	33908261

	StorQuest-Dallas/Shady
                                         Trail

	10317
                                         Shady Trail

	Dallas

	Texas

	Dallas

	75220

	 

	 

	 

	 

	 

	4.11

	 

	33908261

	StorQuest-Dallas/Denton

	10333
                                         Denton Drive

	Dallas

	Texas

	Dallas

	75220

	 

	 

	 

	 

	 

	4.12

	 

	33908261

	StorQuest-El
                                         Paso/Montwood

	10966
                                         Montwood Drive

	El
                                         Paso

	Texas

	El
                                         Paso

	79935

	 

	 

	 

	 

	 

	4.13

	 

	33908261

	StorQuest-Fort
                                         Worth/Normandale

	9250
                                         North Normandale Street

	Fort
                                         Worth

	Texas

	Tarrant

	76116

	 

	 

	 

	 

	 

	5

	3,
                                         5, 14

	32905243

	650
                                         Madison Avenue

	650
                                         Madison Avenue

	New
                                         York

	New
                                         York

	New
                                         York

	10022

	3.48600%

	3.46969%

	51,450,000.00

	51,450,000.00

	120

	6

	15

	CITI1

	Chicagoland
                                         Industrial Portfolio

	 

	 

	 

	 

	 

	3.62000%

	3.58494%

	51,155,000.00

	51,155,000.00

	120

	6.01

	 

	CITI1.01

	26051
                                         South Cleveland

	26051
                                         South Cleveland Avenue

	Monee

	Illinois

	Will

	60449

	 

	 

	 

	 

	 

	6.02

	 

	CITI1.02

	180
                                         Ryan Drive

	180
                                         Ryan Drive

	Hampshire

	Illinois

	Kane

	60140

	 

	 

	 

	 

	 

	6.03

	 

	CITI1.03

	119
                                         East Commerce

	119
                                         Commerce Drive

	Schaumburg

	Illinois

	Cook

	60173

	 

	 

	 

	 

	 

	6.04

	 

	CITI1.04

	2405
                                         West Haven

	2405
                                         West Haven Avenue

	New
                                         Lenox

	Illinois

	Will

	60451

	 

	 

	 

	 

	 

	6.05

	 

	CITI1.05

	201
                                         Flannigan

	201
                                         Flannigan Road

	Hampshire

	Illinois

	Kane

	60140

	 

	 

	 

	 

	 

	6.06

	 

	CITI1.06

	3415
                                         Ohio Avenue

	3415
                                         Ohio Avenue

	St.
                                         Charles

	Illinois

	Kane

	60174

	 

	 

	 

	 

	 

	6.07

	 

	CITI1.08

	7850
                                         Grant Street

	7850
                                         Grant Street

	Burr
                                         Ridge

	Illinois

	DuPage

	60527

	 

	 

	 

	 

	 

	6.08

	 

	CITI1.07

	9501
                                         Winona

	9501
                                         Winona Avenue

	Schiller
                                         Park

	Illinois

	Cook

	60176

	 

	 

	 

	 

	 

	7

	3,
                                         16, 17

	34392997

	City
                                         National Plaza

	515-555
                                         South Flower Street

	Los
                                         Angeles

	California

	Los
                                         Angeles

	90071

	2.44000%

	2.42369%

	50,000,000.00

	50,000,000.00

	120

	8

	3,
                                         18, 19, 20, 21, 22

	CITI2

	555
                                         10th Avenue

	555
                                         10th Avenue

	New
                                         York

	New
                                         York

	New
                                         York

	10018

	3.52000%

	3.50369%

	50,000,000.00

	50,000,000.00

	119

	9

	23,
                                         24

	CITI3

	297
                                         North 7th & 257 15th Street

	 

	 

	 

	 

	 

	3.80000%

	3.78244%

	39,000,000.00

	39,000,000.00

	120

	9.01

	 

	CITI3.01

	297
                                         North 7th Street

	297-299
                                         North 7th Street

	Brooklyn

	New
                                         York

	Kings

	11211

	 

	 

	 

	 

	 

	9.02

	 

	CITI3.02

	257
                                         15th Street

	257
                                         15th Street

	Brooklyn

	New
                                         York

	Kings

	11215

	 

	 

	 

	 

	 

	10

	25

	CITI4

	PNC
                                         Center

	201
                                         East 5th Street

	Cincinnati

	Ohio

	Hamilton

	45202

	3.49000%

	3.47244%

	32,662,500.00

	32,662,500.00

	120

	11

	26

	35480037

	1427
                                         7th Street

	1427
                                         7th Street

	Santa
                                         Monica

	California

	Los
                                         Angeles

	90401

	3.74000%

	3.72244%

	27,700,000.00

	27,700,000.00

	120

	12

	27,
                                         28

	CITI6

	Grand
                                         Street Plaza

	140
                                         & 150 Grand Street

	White
                                         Plains

	New
                                         York

	Westchester

	10601

	3.35000%

	3.33244%

	27,600,000.00

	27,600,000.00

	120

	13

	 

	CITI7

	630
                                         Roseville

	630
                                         Roseville Parkway

	Roseville

	California

	Placer

	95747

	3.67000%

	3.65244%

	25,800,000.00

	25,800,000.00

	120

	14

	 

	33851315

	Hawthorne
                                         Gate

	17
                                         Hawthorne Gate Drive

	Washington
                                         Township

	Ohio

	Montgomery

	45458

	4.48500%

	4.46744%

	18,000,000.00

	18,000,000.00

	120

	15

	 

	34237099

	Lakeside
                                         Flats

	16255
                                         Kenyon Avenue

	Lakeville

	Minnesota

	Dakota

	55044

	4.46000%

	4.44244%

	17,200,000.00

	17,200,000.00

	120

	16

	3,
                                         29, 30, 31

	2833422

	PCI
                                         Pharma Portfolio

	 

	 

	 

	 

	 

	3.37900%

	3.36269%

	16,750,000.00

	16,750,000.00

	120

	16.01

	 

	2833422

	3001
                                         Red Lion Road

	3001
                                         Red Lion Road

	Philadelphia

	Pennsylvania

	Philadelphia

	19114

	 

	 

	 

	 

	 

	16.02

	 

	2833422

	4536
                                         & 4545 Assembly Drive

	4536
                                         & 4545 Assembly Drive

	Rockford

	Illinois

	Winnebago

	61109

	 

	 

	 

	 

	 

	16.03

	 

	2833422

	6166
                                         Nancy Ridge Drive

	6166
                                         Nancy Ridge Drive

	San
                                         Diego

	California

	San
                                         Diego

	92121

	 

	 

	 

	 

	 

	16.04

	 

	2833422

	6146
                                         Nancy Ridge Drive

	6146
                                         Nancy Ridge Drive

	San
                                         Diego

	California

	San
                                         Diego

	92121

	 

	 

	 

	 

	 

	16.05

	 

	2833422

	1635
                                         & 1639 New Milford School Road

	1635
                                         & 1639 New Milford School Road

	Rockford

	Illinois

	Winnebago

	61109

	 

	 

	 

	 

	 

	17

	32

	35838238

	Trails
                                         of Hudson II

	1101
                                         Redwood Boulevard

	Hudson

	Ohio

	Summit

	44236

	4.65000%

	4.63244%

	16,500,000.00

	16,500,000.00

	120

	18

	3,
                                         33, 34, 35

	33466763

	Midland
                                         Atlantic Portfolio

	 

	 

	 

	 

	 

	3.95500%

	3.93869%

	14,500,000.00

	14,500,000.00

	120

	18.01

	 

	33466763

	Parkside
                                         Square

	3100
                                         Bienville Boulevard

	Ocean
                                         Springs

	Mississippi

	Jackson

	39564

	 

	 

	 

	 

	 

	18.02

	 

	33466763

	Maysville
                                         Marketsquare

	381-385
                                         Market Square Drive

	Maysville

	Kentucky

	Mason

	41056

	 

	 

	 

	 

	 

	18.03

	 

	33466763

	Pinecrest
                                         Pointe

	9101
                                         Leesville Road

	Raleigh

	North
                                         Carolina

	Wake

	27613

	 

	 

	 

	 

	 

 

 

    
	Exhibit B	3 of 18	GSMS 2020-GC47 - Mortgage Loan Schedule.xlsx

     

    

 

GSMS
2020-GC47

Exhibit
B - Mortgage Loan Schedule - All Loan Sellers

 

	Control
                                         Number

	Footnotes

	Loan
                                         Number

	Property
                                         Name

	Address

	City

	State

	County

	Zip
                                         Code

	Mortgage
                                         Loan Rate (%)

	Net
                                         Mortgage Loan Rate (%)

	Original
                                         Balance ($)

	Cut-Off
                                         Date Balance ($)

	Original
                                         Term To Maturity (Mos.)

	18.04

	 

	33466763

	Valleydale
                                         Marketplace

	2653
                                         Valleydale Road

	Hoover

	Alabama

	Shelby

	35244

	 

	 

	 

	 

	 

	18.05

	 

	33466763

	Putnam
                                         Plaza

	1333
                                         Indianapolis Road

	Greencastle

	Indiana

	Putnam

	46135

	 

	 

	 

	 

	 

	18.06

	 

	33466763

	Heritage
                                         Plaza

	3101
                                         Heritage Green Drive

	Monroe

	Ohio

	Butler

	45050

	 

	 

	 

	 

	 

	19

	36

	CITI9

	45
                                         Newel Street

	45
                                         Newel Street

	Brooklyn

	New
                                         York

	Kings

	11222

	4.19000%

	4.17244%

	10,900,000.00

	10,900,000.00

	120

	20

	3,
                                         37, 38

	33901633

	525
                                         Market Street

	525
                                         Market Street

	San
                                         Francisco

	California

	San
                                         Francisco

	94105

	2.94950%

	2.93319%

	10,000,000.00

	10,000,000.00

	120

	21

	 

	33437102

	Shoppes
                                         at Haydens Crossing

	6700
                                         Hayden Run Road

	Hilliard

	Ohio

	Franklin

	43026

	4.17100%

	4.10594%

	9,700,000.00

	9,700,000.00

	120

	22

	 

	33874402

	United
                                         Market Street

	3405
                                         50th Street

	Lubbock

	Texas

	Lubbock

	79413

	3.95000%

	3.93244%

	8,000,000.00

	8,000,000.00

	120

	23

	 

	35452119

	Savannah
                                         Ridge II

	1252
                                         Redleaf Drive

	Batavia

	Ohio

	Clermont

	45103

	3.68000%

	3.66244%

	8,000,000.00

	8,000,000.00

	120

	24

	 

	CITI10

	Fisher
                                         Trails

	6418
                                         Fisher Road

	Dallas

	Texas

	Dallas

	75214

	3.68000%

	3.61494%

	7,900,000.00

	7,900,000.00

	120

	25

	 

	33869861

	Harvard
                                         Oaks Apartments

	14834
                                         Lakeside Boulevard North

	Shelby
                                         Township

	Michigan

	Macomb

	48315

	3.87000%

	3.85244%

	7,000,000.00

	7,000,000.00

	120

	26

	 

	CITI11

	910
                                         81st Street

	910
                                         81st Street

	Brooklyn

	New
                                         York

	Kings

	11228

	3.70000%

	3.68244%

	6,400,000.00

	6,400,000.00

	120

	27

	 

	CITI12

	Stratford
                                         Square Apartments

	400
                                         Stratford Square Boulevard

	Davison

	Michigan

	Genesee

	48423

	3.90000%

	3.83494%

	5,150,000.00

	5,135,428.36

	120

	28

	 

	CITI13

	Arbor
                                         Apartments

	2401-2429
                                         Montana Avenue

	Cincinnati

	Ohio

	Hamilton

	45211

	3.45000%

	3.43244%

	4,000,000.00

	4,000,000.00

	120

	29

	 

	34155009

	Werner
                                         Industrial

	6000
                                         West Werner Road

	Bremerton

	Washington

	Kitsap

	98312

	4.14000%

	4.12244%

	4,000,000.00

	4,000,000.00

	120

 

 

    
	Exhibit B	4 of 18	GSMS 2020-GC47 - Mortgage Loan Schedule.xlsx

     

    

 

GSMS
2020-GC47

Exhibit
B - Mortgage Loan Schedule - All Loan Sellers

 

	Control
                                         Number

	Footnotes

	Loan
                                         Number

	Property
                                         Name

	Remaining
                                         Term To Maturity (Mos.)

	Maturity
                                         Date

	Original
                                         Amortization Term (Mos.)

	Remaining
                                         Amortization Term (Mos.)

	Monthly
                                         Debt Service ($) (1)

	Servicing
                                         Fee Rate (%)

	Non-Serviced
                                         Primary Servicing Fee Rate (%)

	Interest
                                         Accrual Method

	Ownership
                                         Interest

	Crossed
                                         Group

	Originator

	1

	3,
                                         4, 5, 6

	32828570

	1633
                                         Broadway

	115

	12/6/2029

	0

	0

	164,207.75

	0.00250%

	0.00125%

	Actual/360

	Fee
                                         Simple

	NAP

	GSBI,
                                         JPMCB, DBRI, WFB

	2

	3,
                                         7, 8, 9

	34159379

	Moffett
                                         Towers Buildings A, B & C

	117

	2/6/2030

	0

	0

	191,667.25

	0.00250%

	0.00125%

	Actual/360

	 

	NAP

	GSBI,
                                         DBRI, JPMCB

	2.01

	 

	34159379

	Moffett
                                         Towers Building B

	 

	 

	 

	 

	 

	0.00500%

	0.00000%

	 

	Fee
                                         Simple

	 

	 

	2.02

	 

	34159379

	Moffett
                                         Towers Building C

	 

	 

	 

	 

	 

	 

	 

	 

	Fee
                                         Simple

	 

	 

	2.03

	 

	34159379

	Moffett
                                         Towers Building A

	 

	 

	 

	 

	 

	 

	 

	 

	Fee
                                         Simple

	 

	 

	3

	3,
                                         10, 11, 12

	35452118

	711
                                         Fifth Avenue

	118

	3/6/2030

	0

	0

	166,869.21

	0.00500%

	0.00000%

	Actual/360

	Fee
                                         Simple

	NAP

	GSBI,
                                         BANA

	4

	13

	33908261

	Saban
                                         Self Storage Portfolio

	119

	4/6/2030

	0

	0

	163,236.11

	0.00500%

	0.00000%

	Actual/360

	 

	NAP

	GSBI

	4.01

	 

	33908261

	StorQuest-Reno/Double
                                         R

	 

	 

	 

	 

	 

	 

	 

	 

	Fee
                                         Simple

	 

	 

	4.02

	 

	33908261

	StorQuest-Sarasota/Clark

	 

	 

	 

	 

	 

	 

	 

	 

	Fee
                                         Simple

	 

	 

	4.03

	 

	33908261

	StorQuest-Claremont/Baseline

	 

	 

	 

	 

	 

	 

	 

	 

	Fee
                                         Simple

	 

	 

	4.04

	 

	33908261

	StorQuest-Stockton/March

	 

	 

	 

	 

	 

	 

	 

	 

	Fee
                                         Simple

	 

	 

	4.05

	 

	33908261

	StorQuest-Bradenton/Manatee

	 

	 

	 

	 

	 

	 

	 

	 

	Fee
                                         Simple

	 

	 

	4.06

	 

	33908261

	StorQuest-Friendswood/W
                                         Bay Area

	 

	 

	 

	 

	 

	 

	 

	 

	Fee
                                         Simple

	 

	 

	4.07

	 

	33908261

	StorQuest-Louisville/Lock

	 

	 

	 

	 

	 

	 

	 

	 

	Fee
                                         Simple

	 

	 

	4.08

	 

	33908261

	StorQuest-Loma
                                         Linda/Mountain View

	 

	 

	 

	 

	 

	 

	 

	 

	Fee
                                         Simple

	 

	 

	4.09

	 

	33908261

	StorQuest-Manitou
                                         Springs/Higginbotham

	 

	 

	 

	 

	 

	 

	 

	 

	Fee
                                         Simple

	 

	 

	4.10

	 

	33908261

	StorQuest-Dallas/Shady
                                         Trail

	 

	 

	 

	 

	 

	 

	 

	 

	Fee
                                         Simple

	 

	 

	4.11

	 

	33908261

	StorQuest-Dallas/Denton

	 

	 

	 

	 

	 

	 

	 

	 

	Fee
                                         Simple

	 

	 

	4.12

	 

	33908261

	StorQuest-El
                                         Paso/Montwood

	 

	 

	 

	 

	 

	 

	 

	 

	Fee
                                         Simple

	 

	 

	4.13

	 

	33908261

	StorQuest-Fort
                                         Worth/Normandale

	 

	 

	 

	 

	 

	 

	 

	 

	Fee
                                         Simple

	 

	 

	5

	3,
                                         5, 14

	32905243

	650
                                         Madison Avenue

	115

	12/8/2029

	0

	0

	151,538.11

	0.00250%

	0.00125%

	Actual/360

	Fee
                                         Simple

	NAP

	CREFI,
                                         GSBI, BCREI, BMO

	6

	15

	CITI1

	Chicagoland
                                         Industrial Portfolio

	118

	3/6/2030

	0

	0

	156,460.88

	0.02250%

	0.00000%

	Actual/360

	 

	NAP

	CREFI

	6.01

	 

	CITI1.01

	26051
                                         South Cleveland

	 

	 

	 

	 

	 

	 

	 

	 

	Fee
                                         Simple

	 

	 

	6.02

	 

	CITI1.02

	180
                                         Ryan Drive

	 

	 

	 

	 

	 

	 

	 

	 

	Fee
                                         Simple

	 

	 

	6.03

	 

	CITI1.03

	119
                                         East Commerce

	 

	 

	 

	 

	 

	 

	 

	 

	Fee
                                         Simple

	 

	 

	6.04

	 

	CITI1.04

	2405
                                         West Haven

	 

	 

	 

	 

	 

	 

	 

	 

	Fee
                                         Simple

	 

	 

	6.05

	 

	CITI1.05

	201
                                         Flannigan

	 

	 

	 

	 

	 

	 

	 

	 

	Fee
                                         Simple

	 

	 

	6.06

	 

	CITI1.06

	3415
                                         Ohio Avenue

	 

	 

	 

	 

	 

	 

	 

	 

	Fee
                                         Simple

	 

	 

	6.07

	 

	CITI1.08

	7850
                                         Grant Street

	 

	 

	 

	 

	 

	 

	 

	 

	Fee
                                         Simple

	 

	 

	6.08

	 

	CITI1.07

	9501
                                         Winona

	 

	 

	 

	 

	 

	 

	 

	 

	Fee
                                         Simple

	 

	 

	7

	3,
                                         16, 17

	34392997

	City
                                         National Plaza

	119

	4/1/2030

	0

	0

	103,078.70

	0.00250%

	0.00125%

	Actual/360

	Fee
                                         Simple

	NAP

	GSBI,
                                         MSBNA

	8

	3,
                                         18, 19, 20, 21, 22

	CITI2

	555
                                         10th Avenue

	115

	12/6/2029

	0

	0

	148,703.70

	0.00250%

	0.00125%

	Actual/360

	Leasehold

	NAP

	CREFI

	9

	23,
                                         24

	CITI3

	297
                                         North 7th & 257 15th Street

	118

	3/6/2030

	0

	0

	125,215.28

	0.00500%

	0.00000%

	Actual/360

	 

	NAP

	CREFI

	9.01

	 

	CITI3.01

	297
                                         North 7th Street

	 

	 

	 

	 

	 

	 

	 

	 

	Fee
                                         Simple

	 

	 

	9.02

	 

	CITI3.02

	257
                                         15th Street

	 

	 

	 

	 

	 

	 

	 

	 

	Fee
                                         Simple

	 

	 

	10

	25

	CITI4

	PNC
                                         Center

	118

	3/6/2030

	0

	0

	96,312.79

	0.00500%

	0.00000%

	Actual/360

	Fee
                                         Simple

	NAP

	CREFI

	11

	26

	35480037

	1427
                                         7th Street

	119

	4/6/2030

	0

	0

	87,530.72

	0.00500%

	0.00000%

	Actual/360

	Fee
                                         Simple

	NAP

	GSBI

	12

	27,
                                         28

	CITI6

	Grand
                                         Street Plaza

	118

	3/6/2030

	0

	0

	78,120.14

	0.00500%

	0.00000%

	Actual/360

	Fee
                                         Simple

	NAP

	CREFI

	13

	 

	CITI7

	630
                                         Roseville

	118

	3/6/2030

	0

	0

	80,000.90

	0.00500%

	0.00000%

	Actual/360

	Fee
                                         Simple

	NAP

	CREFI

	14

	 

	33851315

	Hawthorne
                                         Gate

	117

	2/6/2030

	360

	360

	91,043.00

	0.00500%

	0.00000%

	Actual/360

	Fee
                                         Simple

	NAP

	GSBI

	15

	 

	34237099

	Lakeside
                                         Flats

	118

	3/6/2030

	360

	360

	86,741.56

	0.00500%

	0.00000%

	Actual/360

	Fee
                                         Simple

	NAP

	GSBI

	16

	3,
                                         29, 30, 31

	2833422

	PCI
                                         Pharma Portfolio

	114

	11/6/2029

	0

	0

	47,820.28

	0.00250%

	0.00125%

	Actual/360

	 

	NAP

	GSBI

	16.01

	 

	2833422

	3001
                                         Red Lion Road

	 

	 

	 

	 

	 

	 

	 

	 

	Fee
                                         Simple

	 

	 

	16.02

	 

	2833422

	4536
                                         & 4545 Assembly Drive

	 

	 

	 

	 

	 

	 

	 

	 

	Fee
                                         Simple

	 

	 

	16.03

	 

	2833422

	6166
                                         Nancy Ridge Drive

	 

	 

	 

	 

	 

	 

	 

	 

	Fee
                                         Simple

	 

	 

	16.04

	 

	2833422

	6146
                                         Nancy Ridge Drive

	 

	 

	 

	 

	 

	 

	 

	 

	Fee
                                         Simple

	 

	 

	16.05

	 

	2833422

	1635
                                         & 1639 New Milford School Road

	 

	 

	 

	 

	 

	 

	 

	 

	Fee
                                         Simple

	 

	 

	17

	32

	35838238

	Trails
                                         of Hudson II

	120

	5/6/2030

	360

	360

	85,080.07

	0.00500%

	0.00000%

	Actual/360

	Fee
                                         Simple

	NAP

	GSBI

	18

	3,
                                         33, 34, 35

	33466763

	Midland
                                         Atlantic Portfolio

	116

	1/6/2030

	360

	360

	68,849.57

	0.00250%

	0.00125%

	Actual/360

	 

	NAP

	GSBI

	18.01

	 

	33466763

	Parkside
                                         Square

	 

	 

	 

	 

	 

	 

	 

	 

	Fee
                                         Simple

	 

	 

	18.02

	 

	33466763

	Maysville
                                         Marketsquare

	 

	 

	 

	 

	 

	 

	 

	 

	Fee
                                         Simple

	 

	 

	18.03

	 

	33466763

	Pinecrest
                                         Pointe

	 

	 

	 

	 

	 

	 

	 

	 

	Fee
                                         Simple

	 

	 

 

 

    
	Exhibit B	5 of 18	GSMS 2020-GC47 - Mortgage Loan Schedule.xlsx

     

    

 

GSMS
2020-GC47

Exhibit
B - Mortgage Loan Schedule - All Loan Sellers

 

	Control
                                         Number

	Footnotes

	Loan
                                         Number

	Property
                                         Name

	Remaining
                                         Term To Maturity (Mos.)

	Maturity
                                         Date

	Original
                                         Amortization Term (Mos.)

	Remaining
                                         Amortization Term (Mos.)

	Monthly
                                         Debt Service ($) (1)

	Servicing
                                         Fee Rate (%)

	Non-Serviced
                                         Primary Servicing Fee Rate (%)

	Interest
                                         Accrual Method

	Ownership
                                         Interest

	Crossed
                                         Group

	Originator

	18.04

	 

	33466763

	Valleydale
                                         Marketplace

	 

	 

	 

	 

	 

	 

	 

	 

	Fee
                                         Simple

	 

	 

	18.05

	 

	33466763

	Putnam
                                         Plaza

	 

	 

	 

	 

	 

	 

	 

	 

	Fee
                                         Simple

	 

	 

	18.06

	 

	33466763

	Heritage
                                         Plaza

	 

	 

	 

	 

	 

	 

	 

	 

	Fee
                                         Simple

	 

	 

	19

	36

	CITI9

	45
                                         Newel Street

	119

	4/6/2030

	0

	0

	38,587.77

	0.00500%

	0.00000%

	Actual/360

	Fee
                                         Simple

	NAP

	CREFI

	20

	3,
                                         37, 38

	33901633

	525
                                         Market Street

	117

	2/6/2030

	0

	0

	24,920.54

	0.00250%

	0.00125%

	Actual/360

	Fee
                                         Simple

	NAP

	GSBI,
                                         BCREI, WFB

	21

	 

	33437102

	Shoppes
                                         at Haydens Crossing

	116

	1/6/2030

	360

	360

	47,270.63

	0.05250%

	0.00000%

	Actual/360

	Fee
                                         Simple

	NAP

	GSBI

	22

	 

	33874402

	United
                                         Market Street

	117

	2/6/2030

	360

	360

	37,962.98

	0.00500%

	0.00000%

	Actual/360

	Fee
                                         Simple

	NAP

	GSBI

	23

	 

	35452119

	Savannah
                                         Ridge II

	118

	3/6/2030

	360

	360

	36,732.20

	0.00500%

	0.00000%

	Actual/360

	Fee
                                         Simple

	NAP

	GSBI

	24

	 

	CITI10

	Fisher
                                         Trails

	119

	4/6/2030

	0

	0

	24,563.15

	0.05250%

	0.00000%

	Actual/360

	Fee
                                         Simple

	NAP

	CREFI

	25

	 

	33869861

	Harvard
                                         Oaks Apartments

	117

	2/6/2030

	360

	360

	32,896.58

	0.00500%

	0.00000%

	Actual/360

	Fee
                                         Simple

	NAP

	GSBI

	26

	 

	CITI11

	910
                                         81st Street

	118

	3/6/2030

	0

	0

	20,007.41

	0.00500%

	0.00000%

	Actual/360

	Fee
                                         Simple

	NAP

	CREFI

	27

	 

	CITI12

	Stratford
                                         Square Apartments

	118

	3/6/2030

	360

	358

	24,290.91

	0.05250%

	0.00000%

	Actual/360

	Fee
                                         Simple

	NAP

	CREFI

	28

	 

	CITI13

	Arbor
                                         Apartments

	118

	3/6/2030

	0

	0

	11,659.72

	0.00500%

	0.00000%

	Actual/360

	Fee
                                         Simple

	NAP

	CREFI

	29

	 

	34155009

	Werner
                                         Industrial

	117

	2/6/2030

	360

	360

	19,420.86

	0.00500%

	0.00000%

	Actual/360

	Fee
                                         Simple

	NAP

	GSBI

 

 

    
	Exhibit B	6 of 18	GSMS 2020-GC47 - Mortgage Loan Schedule.xlsx

     

    

 

GSMS
2020-GC47

Exhibit
B - Mortgage Loan Schedule - All Loan Sellers

 

	Control
                                         Number

	Footnotes

	Loan
                                         Number

	Property
                                         Name

	Mortgage
                                         Loan Seller

	Carve-out
                                         Guarantor

	Letter
                                         of Credit

	1

	3,
                                         4, 5, 6

	32828570

	1633
                                         Broadway

	GSMC

	None

	No

	2

	3,
                                         7, 8, 9

	34159379

	Moffett
                                         Towers Buildings A, B & C

	GSMC

	Paul
                                         Guarantor LLC

	No

	2.01

	 

	34159379

	Moffett
                                         Towers Building B

	 

	 

	 

	2.02

	 

	34159379

	Moffett
                                         Towers Building C

	 

	 

	 

	2.03

	 

	34159379

	Moffett
                                         Towers Building A

	 

	 

	 

	3

	3,
                                         10, 11, 12

	35452118

	711
                                         Fifth Avenue

	GSMC

	None

	No

	4

	13

	33908261

	Saban
                                         Self Storage Portfolio

	GSMC

	None

	No

	4.01

	 

	33908261

	StorQuest-Reno/Double
                                         R

	 

	 

	 

	4.02

	 

	33908261

	StorQuest-Sarasota/Clark

	 

	 

	 

	4.03

	 

	33908261

	StorQuest-Claremont/Baseline

	 

	 

	 

	4.04

	 

	33908261

	StorQuest-Stockton/March

	 

	 

	 

	4.05

	 

	33908261

	StorQuest-Bradenton/Manatee

	 

	 

	 

	4.06

	 

	33908261

	StorQuest-Friendswood/W
                                         Bay Area

	 

	 

	 

	4.07

	 

	33908261

	StorQuest-Louisville/Lock

	 

	 

	 

	4.08

	 

	33908261

	StorQuest-Loma
                                         Linda/Mountain View

	 

	 

	 

	4.09

	 

	33908261

	StorQuest-Manitou
                                         Springs/Higginbotham

	 

	 

	 

	4.10

	 

	33908261

	StorQuest-Dallas/Shady
                                         Trail

	 

	 

	 

	4.11

	 

	33908261

	StorQuest-Dallas/Denton

	 

	 

	 

	4.12

	 

	33908261

	StorQuest-El
                                         Paso/Montwood

	 

	 

	 

	4.13

	 

	33908261

	StorQuest-Fort
                                         Worth/Normandale

	 

	 

	 

	5

	3,
                                         5, 14

	32905243

	650
                                         Madison Avenue

	GSMC

	Vornado
                                         Realty L.P. and OPG Investment Holdings (US), LLC

	No

	6

	15

	CITI1

	Chicagoland
                                         Industrial Portfolio

	CREFI

	Andrew
                                         Hayman and Sheldon Yellen

	No

	6.01

	 

	CITI1.01

	26051
                                         South Cleveland

	 

	 

	 

	6.02

	 

	CITI1.02

	180
                                         Ryan Drive

	 

	 

	 

	6.03

	 

	CITI1.03

	119
                                         East Commerce

	 

	 

	 

	6.04

	 

	CITI1.04

	2405
                                         West Haven

	 

	 

	 

	6.05

	 

	CITI1.05

	201
                                         Flannigan

	 

	 

	 

	6.06

	 

	CITI1.06

	3415
                                         Ohio Avenue

	 

	 

	 

	6.07

	 

	CITI1.08

	7850
                                         Grant Street

	 

	 

	 

	6.08

	 

	CITI1.07

	9501
                                         Winona

	 

	 

	 

	7

	3,
                                         16, 17

	34392997

	City
                                         National Plaza

	GSMC

	None

	No

	8

	3,
                                         18, 19, 20, 21, 22

	CITI2

	555
                                         10th Avenue

	CREFI

	Gary
                                         Barnett and Extell Limited

	No

	9

	23,
                                         24

	CITI3

	297
                                         North 7th & 257 15th Street

	CREFI

	Harry
                                         Einhorn

	No

	9.01

	 

	CITI3.01

	297
                                         North 7th Street

	 

	 

	 

	9.02

	 

	CITI3.02

	257
                                         15th Street

	 

	 

	 

	10

	25

	CITI4

	PNC
                                         Center

	CREFI

	Raymond
                                         Massa

	No

	11

	26

	35480037

	1427
                                         7th Street

	GSMC

	Scott
                                         Walter, The Adam 3S 2018 Generational Trust dated December 3, 2018, The Alan 3S 2018
                                         Generational Trust dated December 3, 2018 and The Alexander 3S 2018 Generational Trust
                                         dated December 3, 2018

	No

	12

	27,
                                         28

	CITI6

	Grand
                                         Street Plaza

	CREFI

	Jack
                                         Sitt

	No

	13

	 

	CITI7

	630
                                         Roseville

	CREFI

	HGGP
                                         Capital VIII, LLC, HGGP Capital IX, LLC, HGGP Capital X, LLC, HGGP Capital XI, LLC, HGGP
                                         Capital XII, LLC, HGGP Capital XIII, LLC and HGGP Capital XIV, LP

	No

	14

	 

	33851315

	Hawthorne
                                         Gate

	GSMC

	David
                                         M. Conwill, Steven B. Kimmelman and Leslie S.R. Leohr

	No

	15

	 

	34237099

	Lakeside
                                         Flats

	GSMC

	Jon
                                         Malinski

	No

	16

	3,
                                         29, 30, 31

	2833422

	PCI
                                         Pharma Portfolio

	GSMC

	New
                                         Mountain Net Lease Corporation and New Mountain Net Lease Partners Corporation

	No

	16.01

	 

	2833422

	3001
                                         Red Lion Road

	 

	 

	 

	16.02

	 

	2833422

	4536
                                         & 4545 Assembly Drive

	 

	 

	 

	16.03

	 

	2833422

	6166
                                         Nancy Ridge Drive

	 

	 

	 

	16.04

	 

	2833422

	6146
                                         Nancy Ridge Drive

	 

	 

	 

	16.05

	 

	2833422

	1635
                                         & 1639 New Milford School Road

	 

	 

	 

	17

	32

	35838238

	Trails
                                         of Hudson II

	GSMC

	David
                                         M. Conwill, Steven B. Kimmelman and Leslie S.R. Leohr

	No

	18

	3,
                                         33, 34, 35

	33466763

	Midland
                                         Atlantic Portfolio

	GSMC

	John
                                         I. Silverman, Aaron Boyle and Jeffrey M. Vittert

	No

	18.01

	 

	33466763

	Parkside
                                         Square

	 

	 

	 

	18.02

	 

	33466763

	Maysville
                                         Marketsquare

	 

	 

	 

	18.03

	 

	33466763

	Pinecrest
                                         Pointe

	 

	 

	 

 

 

    
	Exhibit B	7 of 18	GSMS 2020-GC47 - Mortgage Loan Schedule.xlsx

     

    

 

GSMS
2020-GC47 

Exhibit
B - Mortgage Loan Schedule - All Loan Sellers

 

	Control
                                         Number

	Footnotes

	Loan
                                         Number

	Property
                                         Name

	Mortgage
                                         Loan Seller

	Carve-out
                                         Guarantor

	Letter
                                         of Credit

	18.04

	 

	33466763

	Valleydale
                                         Marketplace

	 

	 

	 

	18.05

	 

	33466763

	Putnam
                                         Plaza

	 

	 

	 

	18.06

	 

	33466763

	Heritage
                                         Plaza

	 

	 

	 

	19

	36

	CITI9

	45
                                         Newel Street

	CREFI

	Perl
                                         Weisz

	No

	20

	3,
                                         37, 38

	33901633

	525
                                         Market Street

	GSMC

	None

	No

	21

	 

	33437102

	Shoppes
                                         at Haydens Crossing

	GSMC

	Richard
                                         B. Broder and Todd A. Sachse

	No

	22

	 

	33874402

	United
                                         Market Street

	GSMC

	G.
                                         Randall Andrews and Robert G. Muzyka, Jr.

	No

	23

	 

	35452119

	Savannah
                                         Ridge II

	GSMC

	David
                                         M. Conwill, Steven B. Kimmelman and Leslie S.R. Leohr

	No

	24

	 

	CITI10

	Fisher
                                         Trails

	CREFI

	Gustavo
                                         Spoliansky

	No

	25

	 

	33869861

	Harvard
                                         Oaks Apartments

	GSMC

	Gaetano
                                         DiMercurio

	No

	26

	 

	CITI11

	910
                                         81st Street

	CREFI

	Mitchell
                                         B. Shpelfogel

	No

	27

	 

	CITI12

	Stratford
                                         Square Apartments

	CREFI

	David
                                         M. Clapper

	No

	28

	 

	CITI13

	Arbor
                                         Apartments

	CREFI

	Francis
                                         J. Greenburger

	No

	29

	 

	34155009

	Werner
                                         Industrial

	GSMC

	Wesley
                                         A. Larson and Michael E. Brown

	No

 

 

    
	Exhibit B	8 of 18	GSMS 2020-GC47 - Mortgage Loan Schedule.xlsx

     

    

 

GSMS
2020-GC47

Exhibit
B - Mortgage Loan Schedule - All Loan Sellers

 

	Control
                                         Number

	Footnotes

	Loan
                                         Number

	Property
                                         Name

	Upfront
                                         RE Tax Reserve ($)

	Ongoing
                                         RE Tax Reserve ($)

	Upfront
                                         Insurance Reserve ($)

	Ongoing
                                         Insurance Reserve ($)

	Upfront
                                         Replacement Reserve ($)

	Ongoing
                                         Replacement Reserve ($)

	Replacement
                                         Reserve Caps ($)

	Upfront
                                         TI/LC Reserve ($)

	Ongoing
                                         TI/LC Reserve ($)

	1

	3,
                                         4, 5, 6

	32828570

	1633
                                         Broadway

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$1,024,604.80

	$0.00

	$0.00

	2

	3,
                                         7, 8, 9

	34159379

	Moffett
                                         Towers Buildings A, B & C

	$0.00

	$282,271.13

	$0.00

	$0.00

	$0.00

	$15,858.30

	$0.00

	$53,688,908.75

	$0.00

	2.01

	 

	34159379

	Moffett
                                         Towers Building B

	 

	 

	 

	 

	 

	 

	 

	 

	 

	2.02

	 

	34159379

	Moffett
                                         Towers Building C

	 

	 

	 

	 

	 

	 

	 

	 

	 

	2.03

	 

	34159379

	Moffett
                                         Towers Building A

	 

	 

	 

	 

	 

	 

	 

	 

	 

	3

	3,
                                         10, 11, 12

	35452118

	711
                                         Fifth Avenue

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$170,011.92

	$0.00

	$0.00

	4

	13

	33908261

	Saban
                                         Self Storage Portfolio

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$412,080.00

	$0.00

	$0.00

	4.01

	 

	33908261

	StorQuest-Reno/Double
                                         R

	 

	 

	 

	 

	 

	 

	 

	 

	 

	4.02

	 

	33908261

	StorQuest-Sarasota/Clark

	 

	 

	 

	 

	 

	 

	 

	 

	 

	4.03

	 

	33908261

	StorQuest-Claremont/Baseline

	 

	 

	 

	 

	 

	 

	 

	 

	 

	4.04

	 

	33908261

	StorQuest-Stockton/March

	 

	 

	 

	 

	 

	 

	 

	 

	 

	4.05

	 

	33908261

	StorQuest-Bradenton/Manatee

	 

	 

	 

	 

	 

	 

	 

	 

	 

	4.06

	 

	33908261

	StorQuest-Friendswood/W
                                         Bay Area

	 

	 

	 

	 

	 

	 

	 

	 

	 

	4.07

	 

	33908261

	StorQuest-Louisville/Lock

	 

	 

	 

	 

	 

	 

	 

	 

	 

	4.08

	 

	33908261

	StorQuest-Loma
                                         Linda/Mountain View

	 

	 

	 

	 

	 

	 

	 

	 

	 

	4.09

	 

	33908261

	StorQuest-Manitou
                                         Springs/Higginbotham

	 

	 

	 

	 

	 

	 

	 

	 

	 

	4.10

	 

	33908261

	StorQuest-Dallas/Shady
                                         Trail

	 

	 

	 

	 

	 

	 

	 

	 

	 

	4.11

	 

	33908261

	StorQuest-Dallas/Denton

	 

	 

	 

	 

	 

	 

	 

	 

	 

	4.12

	 

	33908261

	StorQuest-El
                                         Paso/Montwood

	 

	 

	 

	 

	 

	 

	 

	 

	 

	4.13

	 

	33908261

	StorQuest-Fort
                                         Worth/Normandale

	 

	 

	 

	 

	 

	 

	 

	 

	 

	5

	3,
                                         5, 14

	32905243

	650
                                         Madison Avenue

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	6

	15

	CITI1

	Chicagoland
                                         Industrial Portfolio

	$57,273.56

	$5,727.36

	$18,483.50

	$9,241.75

	$0.00

	$6,933.50

	$249,606.00

	$0.00

	$17,003.58

	6.01

	 

	CITI1.01

	26051
                                         South Cleveland

	 

	 

	 

	 

	 

	 

	 

	 

	 

	6.02

	 

	CITI1.02

	180
                                         Ryan Drive

	 

	 

	 

	 

	 

	 

	 

	 

	 

	6.03

	 

	CITI1.03

	119
                                         East Commerce

	 

	 

	 

	 

	 

	 

	 

	 

	 

	6.04

	 

	CITI1.04

	2405
                                         West Haven

	 

	 

	 

	 

	 

	 

	 

	 

	 

	6.05

	 

	CITI1.05

	201
                                         Flannigan

	 

	 

	 

	 

	 

	 

	 

	 

	 

	6.06

	 

	CITI1.06

	3415
                                         Ohio Avenue

	 

	 

	 

	 

	 

	 

	 

	 

	 

	6.07

	 

	CITI1.08

	7850
                                         Grant Street

	 

	 

	 

	 

	 

	 

	 

	 

	 

	6.08

	 

	CITI1.07

	9501
                                         Winona

	 

	 

	 

	 

	 

	 

	 

	 

	 

	7

	3,
                                         16, 17

	34392997

	City
                                         National Plaza

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$1,006,753.68

	$15,444,167.00

	$0.00

	8

	3,
                                         18, 19, 20, 21, 22

	CITI2

	555
                                         10th Avenue

	$47,223.48

	$23,611.74

	$0.00

	$0.00

	$0.00

	$9,394.50

	$0.00

	$0.00

	$0.00

	9

	23,
                                         24

	CITI3

	297
                                         North 7th & 257 15th Street

	$38,731.32

	$9,682.83

	$5,602.74

	$1,867.58

	$0.00

	$1,277.35

	$0.00

	$0.00

	$9,440.17

	9.01

	 

	CITI3.01

	297
                                         North 7th Street

	 

	 

	 

	 

	 

	 

	 

	 

	 

	9.02

	 

	CITI3.02

	257
                                         15th Street

	 

	 

	 

	 

	 

	 

	 

	 

	 

	10

	25

	CITI4

	PNC
                                         Center

	$536,199.20

	$134,049.80

	$0.00

	$0.00

	$225,000.00

	$14,522.50

	$0.00

	$2,000,000.00

	$0.00

	11

	26

	35480037

	1427
                                         7th Street

	$22,108.85

	$22,108.85

	$0.00

	$0.00

	$0.00

	$1,083.33

	$0.00

	$0.00

	$0.00

	12

	27,
                                         28

	CITI6

	Grand
                                         Street Plaza

	$281,012.55

	$93,670.85

	$12,765.37

	$6,382.68

	$0.00

	$3,882.00

	$0.00

	$0.00

	$20,833.33

	13

	 

	CITI7

	630
                                         Roseville

	$70,727.00

	$35,363.50

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	14

	 

	33851315

	Hawthorne
                                         Gate

	$33,498.56

	$4,187.32

	$0.00

	$0.00

	$0.00

	$1,900.00

	$50,000.00

	$0.00

	$0.00

	15

	 

	34237099

	Lakeside
                                         Flats

	$145,422.00

	$24,237.00

	$10,413.36

	$2,603.34

	$0.00

	$2,500.00

	$0.00

	$0.00

	$0.00

	16

	3,
                                         29, 30, 31

	2833422

	PCI
                                         Pharma Portfolio

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$311,923.24

	$0.00

	$0.00

	16.01

	 

	2833422

	3001
                                         Red Lion Road

	 

	 

	 

	 

	 

	 

	 

	 

	 

	16.02

	 

	2833422

	4536
                                         & 4545 Assembly Drive

	 

	 

	 

	 

	 

	 

	 

	 

	 

	16.03

	 

	2833422

	6166
                                         Nancy Ridge Drive

	 

	 

	 

	 

	 

	 

	 

	 

	 

	16.04

	 

	2833422

	6146
                                         Nancy Ridge Drive

	 

	 

	 

	 

	 

	 

	 

	 

	 

	16.05

	 

	2833422

	1635
                                         & 1639 New Milford School Road

	 

	 

	 

	 

	 

	 

	 

	 

	 

	17

	32

	35838238

	Trails
                                         of Hudson II

	$102,699.00

	$25,674.75

	$0.00

	$0.00

	$0.00

	$1,483.33

	$54,000.00

	$0.00

	$0.00

	18

	3,
                                         33, 34, 35

	33466763

	Midland
                                         Atlantic Portfolio

	$100,632.48

	$40,245.43

	$0.00

	$0.00

	$0.00

	$10,122.62

	$452,757.26

	$750,000.00

	$0.00

	18.01

	 

	33466763

	Parkside
                                         Square

	 

	 

	 

	 

	 

	 

	 

	 

	 

	18.02

	 

	33466763

	Maysville
                                         Marketsquare

	 

	 

	 

	 

	 

	 

	 

	 

	 

	18.03

	 

	33466763

	Pinecrest
                                         Pointe

	 

	 

	 

	 

	 

	 

	 

	 

	 

 

 

    
	Exhibit B	9 of 18	GSMS 2020-GC47 - Mortgage Loan Schedule.xlsx

     

    

 

GSMS
2020-GC47

Exhibit
B - Mortgage Loan Schedule - All Loan Sellers

 

	Control
                                         Number

	Footnotes

	Loan
                                         Number

	Property
                                         Name

	Upfront
                                         RE Tax Reserve ($)

	Ongoing
                                         RE Tax Reserve ($)

	Upfront
                                         Insurance Reserve ($)

	Ongoing
                                         Insurance Reserve ($)

	Upfront
                                         Replacement Reserve ($)

	Ongoing
                                         Replacement Reserve ($)

	Replacement
                                         Reserve Caps ($)

	Upfront
                                         TI/LC Reserve ($)

	Ongoing
                                         TI/LC Reserve ($)

	18.04

	 

	33466763

	Valleydale
                                         Marketplace

	 

	 

	 

	 

	 

	 

	 

	 

	 

	18.05

	 

	33466763

	Putnam
                                         Plaza

	 

	 

	 

	 

	 

	 

	 

	 

	 

	18.06

	 

	33466763

	Heritage
                                         Plaza

	 

	 

	 

	 

	 

	 

	 

	 

	 

	19

	36

	CITI9

	45
                                         Newel Street

	$8,489.94

	$2,122.48

	$10,547.73

	$878.98

	$0.00

	$375.00

	$0.00

	$0.00

	$0.00

	20

	3,
                                         37, 38

	33901633

	525
                                         Market Street

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$413,616.40

	$0.00

	$0.00

	21

	 

	33437102

	Shoppes
                                         at Haydens Crossing

	$56,683.85

	$4,015.34

	$0.00

	$0.00

	$0.00

	$1,172.77

	$40,000.00

	$0.00

	$4,166.67

	22

	 

	33874402

	United
                                         Market Street

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$1,083.23

	$0.00

	$0.00

	$0.00

	23

	 

	35452119

	Savannah
                                         Ridge II

	$24,819.98

	$12,409.99

	$0.00

	$0.00

	$0.00

	$833.33

	$30,000.00

	$0.00

	$0.00

	24

	 

	CITI10

	Fisher
                                         Trails

	$38,526.60

	$9,631.65

	$37,318.94

	$3,109.91

	$0.00

	$1,375.00

	$49,500.00

	$0.00

	$0.00

	25

	 

	33869861

	Harvard
                                         Oaks Apartments

	$25,616.00

	$3,202.00

	$0.00

	$0.00

	$0.00

	$1,541.67

	$0.00

	$0.00

	$0.00

	26

	 

	CITI11

	910
                                         81st Street

	$62,842.50

	$15,710.63

	$11,342.54

	$2,835.63

	$0.00

	$930.83

	$0.00

	$0.00

	$833.33

	27

	 

	CITI12

	Stratford
                                         Square Apartments

	$26,884.36

	$6,721.09

	$0.00

	$0.00

	$74,625.00

	$3,000.00

	$0.00

	$0.00

	$0.00

	28

	 

	CITI13

	Arbor
                                         Apartments

	$42,497.98

	$14,165.99

	$0.00

	$0.00

	$0.00

	$4,818.33

	$0.00

	$0.00

	$0.00

	29

	 

	34155009

	Werner
                                         Industrial

	$11,445.60

	$2,289.12

	$3,360.00

	$840.00

	$0.00

	$612.58

	$0.00

	$0.00

	$1,633.54

 

 

    
	Exhibit B	10 of 18	GSMS 2020-GC47 - Mortgage Loan Schedule.xlsx

     

    

 

GSMS
2020-GC47

Exhibit
B - Mortgage Loan Schedule - All Loan Sellers

 

	Control
                                         Number

	Footnotes

	Loan
                                         Number

	Property
                                         Name

	TI/LC
                                         Caps ($)

	Upfront
                                         Debt Service Reserve ($)

	Ongoing
                                         Debt Service Reserve ($)

	Upfront
                                         Deferred Maintenance Reserve ($)

	Ongoing
                                         Deferred Maintenance Reserve ($)

	Upfront
                                         Environmental Reserve ($)

	Ongoing
                                         Environmental Reserve ($)

	Upfront
                                         Other Reserve ($)

	Ongoing
                                         Other Reserve ($)

	1

	3,
                                         4, 5, 6

	32828570

	1633
                                         Broadway

	$5,123,024.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$36,389,727.48

	$0.00

	2

	3,
                                         7, 8, 9

	34159379

	Moffett
                                         Towers Buildings A, B & C

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$34,016,766.08

	$0.00

	2.01

	 

	34159379

	Moffett
                                         Towers Building B

	 

	 

	 

	 

	 

	 

	 

	 

	 

	2.02

	 

	34159379

	Moffett
                                         Towers Building C

	 

	 

	 

	 

	 

	 

	 

	 

	 

	2.03

	 

	34159379

	Moffett
                                         Towers Building A

	 

	 

	 

	 

	 

	 

	 

	 

	 

	3

	3,
                                         10, 11, 12

	35452118

	711
                                         Fifth Avenue

	$1,020,072.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$3,048,024.18

	$0.00

	4

	13

	33908261

	Saban
                                         Self Storage Portfolio

	$0.00

	$0.00

	$0.00

	$156,903.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	4.01

	 

	33908261

	StorQuest-Reno/Double
                                         R

	 

	 

	 

	 

	 

	 

	 

	 

	 

	4.02

	 

	33908261

	StorQuest-Sarasota/Clark

	 

	 

	 

	 

	 

	 

	 

	 

	 

	4.03

	 

	33908261

	StorQuest-Claremont/Baseline

	 

	 

	 

	 

	 

	 

	 

	 

	 

	4.04

	 

	33908261

	StorQuest-Stockton/March

	 

	 

	 

	 

	 

	 

	 

	 

	 

	4.05

	 

	33908261

	StorQuest-Bradenton/Manatee

	 

	 

	 

	 

	 

	 

	 

	 

	 

	4.06

	 

	33908261

	StorQuest-Friendswood/W
                                         Bay Area

	 

	 

	 

	 

	 

	 

	 

	 

	 

	4.07

	 

	33908261

	StorQuest-Louisville/Lock

	 

	 

	 

	 

	 

	 

	 

	 

	 

	4.08

	 

	33908261

	StorQuest-Loma
                                         Linda/Mountain View

	 

	 

	 

	 

	 

	 

	 

	 

	 

	4.09

	 

	33908261

	StorQuest-Manitou
                                         Springs/Higginbotham

	 

	 

	 

	 

	 

	 

	 

	 

	 

	4.10

	 

	33908261

	StorQuest-Dallas/Shady
                                         Trail

	 

	 

	 

	 

	 

	 

	 

	 

	 

	4.11

	 

	33908261

	StorQuest-Dallas/Denton

	 

	 

	 

	 

	 

	 

	 

	 

	 

	4.12

	 

	33908261

	StorQuest-El
                                         Paso/Montwood

	 

	 

	 

	 

	 

	 

	 

	 

	 

	4.13

	 

	33908261

	StorQuest-Fort
                                         Worth/Normandale

	 

	 

	 

	 

	 

	 

	 

	 

	 

	5

	3,
                                         5, 14

	32905243

	650
                                         Madison Avenue

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$9,576,014.00

	$0.00

	6

	15

	CITI1

	Chicagoland
                                         Industrial Portfolio

	$816,172.00

	$0.00

	$0.00

	$26,462.50

	$0.00

	$0.00

	$0.00

	$529,883.81

	$0.00

	6.01

	 

	CITI1.01

	26051
                                         South Cleveland

	 

	 

	 

	 

	 

	 

	 

	 

	 

	6.02

	 

	CITI1.02

	180
                                         Ryan Drive

	 

	 

	 

	 

	 

	 

	 

	 

	 

	6.03

	 

	CITI1.03

	119
                                         East Commerce

	 

	 

	 

	 

	 

	 

	 

	 

	 

	6.04

	 

	CITI1.04

	2405
                                         West Haven

	 

	 

	 

	 

	 

	 

	 

	 

	 

	6.05

	 

	CITI1.05

	201
                                         Flannigan

	 

	 

	 

	 

	 

	 

	 

	 

	 

	6.06

	 

	CITI1.06

	3415
                                         Ohio Avenue

	 

	 

	 

	 

	 

	 

	 

	 

	 

	6.07

	 

	CITI1.08

	7850
                                         Grant Street

	 

	 

	 

	 

	 

	 

	 

	 

	 

	6.08

	 

	CITI1.07

	9501
                                         Winona

	 

	 

	 

	 

	 

	 

	 

	 

	 

	7

	3,
                                         16, 17

	34392997

	City
                                         National Plaza

	$7,550,652.00

	$13,606,388.89

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$10,850,414.00

	$0.00

	8

	3,
                                         18, 19, 20, 21, 22

	CITI2

	555
                                         10th Avenue

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$8,438,149.71

	$0.00

	9

	23,
                                         24

	CITI3

	297
                                         North 7th & 257 15th Street

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	9.01

	 

	CITI3.01

	297
                                         North 7th Street

	 

	 

	 

	 

	 

	 

	 

	 

	 

	9.02

	 

	CITI3.02

	257
                                         15th Street

	 

	 

	 

	 

	 

	 

	 

	 

	 

	10

	25

	CITI4

	PNC
                                         Center

	$2,000,000.00

	$0.00

	$0.00

	$75,000.00

	$0.00

	$0.00

	$0.00

	$7,382,802.39

	$0.00

	11

	26

	35480037

	1427
                                         7th Street

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	12

	27,
                                         28

	CITI6

	Grand
                                         Street Plaza

	$2,000,000.00

	$0.00

	$0.00

	$1,725.00

	$0.00

	$0.00

	$0.00

	$383,760.07

	$0.00

	13

	 

	CITI7

	630
                                         Roseville

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	14

	 

	33851315

	Hawthorne
                                         Gate

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	15

	 

	34237099

	Lakeside
                                         Flats

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	16

	3,
                                         29, 30, 31

	2833422

	PCI
                                         Pharma Portfolio

	$2,034,282.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	16.01

	 

	2833422

	3001
                                         Red Lion Road

	 

	 

	 

	 

	 

	 

	 

	 

	 

	16.02

	 

	2833422

	4536
                                         & 4545 Assembly Drive

	 

	 

	 

	 

	 

	 

	 

	 

	 

	16.03

	 

	2833422

	6166
                                         Nancy Ridge Drive

	 

	 

	 

	 

	 

	 

	 

	 

	 

	16.04

	 

	2833422

	6146
                                         Nancy Ridge Drive

	 

	 

	 

	 

	 

	 

	 

	 

	 

	16.05

	 

	2833422

	1635
                                         & 1639 New Milford School Road

	 

	 

	 

	 

	 

	 

	 

	 

	 

	17

	32

	35838238

	Trails
                                         of Hudson II

	$0.00

	$510,480.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	18

	3,
                                         33, 34, 35

	33466763

	Midland
                                         Atlantic Portfolio

	$750,000.00

	$0.00

	$0.00

	$93,262.40

	$0.00

	$0.00

	$0.00

	$55,825.00

	$0.00

	18.01

	 

	33466763

	Parkside
                                         Square

	 

	 

	 

	 

	 

	 

	 

	 

	 

	18.02

	 

	33466763

	Maysville
                                         Marketsquare

	 

	 

	 

	 

	 

	 

	 

	 

	 

	18.03

	 

	33466763

	Pinecrest
                                         Pointe

	 

	 

	 

	 

	 

	 

	 

	 

	 

 

 

    
	Exhibit B	11 of 18	GSMS 2020-GC47 - Mortgage Loan Schedule.xlsx

     

    

 

GSMS
2020-GC47

Exhibit
B - Mortgage Loan Schedule - All Loan Sellers

 

	Control
                                         Number

	Footnotes

	Loan
                                         Number

	Property
                                         Name

	TI/LC
                                         Caps ($)

	Upfront
                                         Debt Service Reserve ($)

	Ongoing
                                         Debt Service Reserve ($)

	Upfront
                                         Deferred Maintenance Reserve ($)

	Ongoing
                                         Deferred Maintenance Reserve ($)

	Upfront
                                         Environmental Reserve ($)

	Ongoing
                                         Environmental Reserve ($)

	Upfront
                                         Other Reserve ($)

	Ongoing
                                         Other Reserve ($)

	18.04

	 

	33466763

	Valleydale
                                         Marketplace

	 

	 

	 

	 

	 

	 

	 

	 

	 

	18.05

	 

	33466763

	Putnam
                                         Plaza

	 

	 

	 

	 

	 

	 

	 

	 

	 

	18.06

	 

	33466763

	Heritage
                                         Plaza

	 

	 

	 

	 

	 

	 

	 

	 

	 

	19

	36

	CITI9

	45
                                         Newel Street

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$10,416.67

	20

	3,
                                         37, 38

	33901633

	525
                                         Market Street

	$2,068,082.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$41,391,428.00

	$0.00

	21

	 

	33437102

	Shoppes
                                         at Haydens Crossing

	$150,000.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	22

	 

	33874402

	United
                                         Market Street

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	23

	 

	35452119

	Savannah
                                         Ridge II

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	24

	 

	CITI10

	Fisher
                                         Trails

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	25

	 

	33869861

	Harvard
                                         Oaks Apartments

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	26

	 

	CITI11

	910
                                         81st Street

	$50,000.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$75,000.00

	$0.00

	27

	 

	CITI12

	Stratford
                                         Square Apartments

	$0.00

	$0.00

	$0.00

	$118,625.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	28

	 

	CITI13

	Arbor
                                         Apartments

	$0.00

	$0.00

	$0.00

	$117,788.75

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	29

	 

	34155009

	Werner
                                         Industrial

	$98,012.40

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

	$0.00

 

 

    
	Exhibit B	12 of 18	GSMS 2020-GC47 - Mortgage Loan Schedule.xlsx

     

    

 

GSMS
2020-GC47

Exhibit
B - Mortgage Loan Schedule - All Loan Sellers

 

	Control
                                         Number

	Footnotes

	Loan
                                         Number

	Property
                                         Name

	Other
                                         Reserve Description

	Grace
                                         Period- Default

	Grace
                                         Period- Late Fee

	Cash
                                         Management

	1

	3,
                                         4, 5, 6

	32828570

	1633
                                         Broadway

	Unfunded
                                         Obligations Reserve

	0

	0

	Springing

	2

	3,
                                         7, 8, 9

	34159379

	Moffett
                                         Towers Buildings A, B & C

	Rent
                                         Concession Reserve

	0

	0

	In
                                         Place

	2.01

	 

	34159379

	Moffett
                                         Towers Building B

	 

	 

	 

	 

	2.02

	 

	34159379

	Moffett
                                         Towers Building C

	 

	 

	 

	 

	2.03

	 

	34159379

	Moffett
                                         Towers Building A

	 

	 

	 

	 

	3

	3,
                                         10, 11, 12

	35452118

	711
                                         Fifth Avenue

	TCO
                                         Renewal Reserve ($2,000,000), Unfunded Obligations Reserve ($1,048,024.18)

	0

	0

	Springing

	4

	13

	33908261

	Saban
                                         Self Storage Portfolio

	 

	0

	0

	Springing

	4.01

	 

	33908261

	StorQuest-Reno/Double
                                         R

	 

	 

	 

	 

	4.02

	 

	33908261

	StorQuest-Sarasota/Clark

	 

	 

	 

	 

	4.03

	 

	33908261

	StorQuest-Claremont/Baseline

	 

	 

	 

	 

	4.04

	 

	33908261

	StorQuest-Stockton/March

	 

	 

	 

	 

	4.05

	 

	33908261

	StorQuest-Bradenton/Manatee

	 

	 

	 

	 

	4.06

	 

	33908261

	StorQuest-Friendswood/W
                                         Bay Area

	 

	 

	 

	 

	4.07

	 

	33908261

	StorQuest-Louisville/Lock

	 

	 

	 

	 

	4.08

	 

	33908261

	StorQuest-Loma
                                         Linda/Mountain View

	 

	 

	 

	 

	4.09

	 

	33908261

	StorQuest-Manitou
                                         Springs/Higginbotham

	 

	 

	 

	 

	4.10

	 

	33908261

	StorQuest-Dallas/Shady
                                         Trail

	 

	 

	 

	 

	4.11

	 

	33908261

	StorQuest-Dallas/Denton

	 

	 

	 

	 

	4.12

	 

	33908261

	StorQuest-El
                                         Paso/Montwood

	 

	 

	 

	 

	4.13

	 

	33908261

	StorQuest-Fort
                                         Worth/Normandale

	 

	 

	 

	 

	5

	3,
                                         5, 14

	32905243

	650
                                         Madison Avenue

	Free
                                         Rent Reserve ($6,378,315), Unfunded Obligations Reserve ($3,197,699)

	0

	3

	Springing

	6

	15

	CITI1

	Chicagoland
                                         Industrial Portfolio

	Free
                                         Rent Reserve

	0

	0

	Springing

	6.01

	 

	CITI1.01

	26051
                                         South Cleveland

	 

	 

	 

	 

	6.02

	 

	CITI1.02

	180
                                         Ryan Drive

	 

	 

	 

	 

	6.03

	 

	CITI1.03

	119
                                         East Commerce

	 

	 

	 

	 

	6.04

	 

	CITI1.04

	2405
                                         West Haven

	 

	 

	 

	 

	6.05

	 

	CITI1.05

	201
                                         Flannigan

	 

	 

	 

	 

	6.06

	 

	CITI1.06

	3415
                                         Ohio Avenue

	 

	 

	 

	 

	6.07

	 

	CITI1.08

	7850
                                         Grant Street

	 

	 

	 

	 

	6.08

	 

	CITI1.07

	9501
                                         Winona

	 

	 

	 

	 

	7

	3,
                                         16, 17

	34392997

	City
                                         National Plaza

	Free
                                         Rent Reserve

	0

	5
                                         days grace, two times per calendar year, other than the payment due on the Maturity Date

	Springing

	8

	3,
                                         18, 19, 20, 21, 22

	CITI2

	555
                                         10th Avenue

	Prepaid
                                         Rent Reserve ($4,071,483.04); Free Rent Reserve ($3,000,000); Mezzanine Debt Service
                                         Earnout Reserve ($1,000,000); Ground Rent Reserve ($366,666.67)

	0

	0

	In
                                         Place

	9

	23,
                                         24

	CITI3

	297
                                         North 7th & 257 15th Street

	 

	0

	0

	Springing

	9.01

	 

	CITI3.01

	297
                                         North 7th Street

	 

	 

	 

	 

	9.02

	 

	CITI3.02

	257
                                         15th Street

	 

	 

	 

	 

	10

	25

	CITI4

	PNC
                                         Center

	Unfunded
                                         Obligations ($4,382,802.39); Lobby Renovations Reserve ($3,000,000)

	0

	0

	Springing

	11

	26

	35480037

	1427
                                         7th Street

	 

	0

	5
                                         days grace, once per trailing 12-month period, other than the payment due on the Maturity
                                         Date

	Springing

	12

	27,
                                         28

	CITI6

	Grand
                                         Street Plaza

	Unfunded
                                         Obligations Reserve

	0

	0

	Springing

	13

	 

	CITI7

	630
                                         Roseville

	 

	0

	0

	Springing

	14

	 

	33851315

	Hawthorne
                                         Gate

	 

	0

	0

	None

	15

	 

	34237099

	Lakeside
                                         Flats

	 

	0

	0

	None

	16

	3,
                                         29, 30, 31

	2833422

	PCI
                                         Pharma Portfolio

	 

	0

	0

	Springing

	16.01

	 

	2833422

	3001
                                         Red Lion Road

	 

	 

	 

	 

	16.02

	 

	2833422

	4536
                                         & 4545 Assembly Drive

	 

	 

	 

	 

	16.03

	 

	2833422

	6166
                                         Nancy Ridge Drive

	 

	 

	 

	 

	16.04

	 

	2833422

	6146
                                         Nancy Ridge Drive

	 

	 

	 

	 

	16.05

	 

	2833422

	1635
                                         & 1639 New Milford School Road

	 

	 

	 

	 

	17

	32

	35838238

	Trails
                                         of Hudson II

	 

	0

	0

	None

	18

	3,
                                         33, 34, 35

	33466763

	Midland
                                         Atlantic Portfolio

	Unfunded
                                         Obligations Reserve

	0

	0

	Springing

	18.01

	 

	33466763

	Parkside
                                         Square

	 

	 

	 

	 

	18.02

	 

	33466763

	Maysville
                                         Marketsquare

	 

	 

	 

	 

	18.03

	 

	33466763

	Pinecrest
                                         Pointe

	 

	 

	 

	 

 

 

    
	Exhibit B	13 of 18	GSMS 2020-GC47 - Mortgage Loan Schedule.xlsx

     

    

 

GSMS
2020-GC47

Exhibit
B - Mortgage Loan Schedule - All Loan Sellers

 

	Control
                                         Number

	Footnotes

	Loan
                                         Number

	Property
                                         Name

	Other
                                         Reserve Description

	Grace
                                         Period- Default

	Grace
                                         Period- Late Fee

	Cash
                                         Management

	18.04

	 

	33466763

	Valleydale
                                         Marketplace

	 

	 

	 

	 

	18.05

	 

	33466763

	Putnam
                                         Plaza

	 

	 

	 

	 

	18.06

	 

	33466763

	Heritage
                                         Plaza

	 

	 

	 

	 

	19

	36

	CITI9

	45
                                         Newel Street

	Cash
                                         Collateral Reserve

	0

	0

	Springing

	20

	3,
                                         37, 38

	33901633

	525
                                         Market Street

	Unfunded
                                         Obligations Reserve ($24,171,469), Free Rent Reserve ($17,219,959)

	0

	10
                                         days grace, once per calendar year

	Springing

	21

	 

	33437102

	Shoppes
                                         at Haydens Crossing

	 

	0

	0

	Springing

	22

	 

	33874402

	United
                                         Market Street

	 

	0

	0

	In
                                         Place

	23

	 

	35452119

	Savannah
                                         Ridge II

	 

	0

	0

	None

	24

	 

	CITI10

	Fisher
                                         Trails

	 

	0

	0

	Springing

	25

	 

	33869861

	Harvard
                                         Oaks Apartments

	 

	0

	0

	None

	26

	 

	CITI11

	910
                                         81st Street

	Michael
                                         Kipnis Reserve

	0

	0

	Springing

	27

	 

	CITI12

	Stratford
                                         Square Apartments

	 

	0

	0

	Springing

	28

	 

	CITI13

	Arbor
                                         Apartments

	 

	0

	0

	Springing

	29

	 

	34155009

	Werner
                                         Industrial

	 

	0

	0

	In
                                         Place

 

 

    
	Exhibit B	14 of 18	GSMS 2020-GC47 - Mortgage Loan Schedule.xlsx

     

    

 

GSMS
2020-GC47

Exhibit
B - Mortgage Loan Schedule - All Loan Sellers

 

	Control
                                         Number

	Footnotes

	Loan
                                         Number

	Property
                                         Name

	Lockbox

	General
                                         Property Type

	Prepayment
                                         Provision (2)

	Units,
                                         Rooms, Sq Ft

	Unit
                                         Description

	1

	3,
                                         4, 5, 6

	32828570

	1633
                                         Broadway

	Hard

	Office

	Lockout/29_Defeasance/84_0%/7

	2,561,512

	sf

	2

	3,
                                         7, 8, 9

	34159379

	Moffett
                                         Towers Buildings A, B & C

	Hard

	 

	Lockout/24_>YM
                                         or 1%/3_Defeasance or >YM or 1%/86_0%/7

	951,498
                                         

	sf

	2.01

	 

	34159379

	Moffett
                                         Towers Building B

	 

	Office

	 

	317,166

	sf

	2.02

	 

	34159379

	Moffett
                                         Towers Building C

	 

	Office

	 

	317,166

	sf

	2.03

	 

	34159379

	Moffett
                                         Towers Building A

	 

	Office

	 

	317,166

	sf

	3

	3,
                                         10, 11, 12

	35452118

	711
                                         Fifth Avenue

	Hard

	Mixed
                                         Use

	Lockout/26_Defeasance/87_0%/7

	340,024

	sf

	4

	13

	33908261

	Saban
                                         Self Storage Portfolio

	Springing

	 

	Lockout/25_>YM
                                         or 1%/88_0%/7

	808,002
                                         

	sf

	4.01

	 

	33908261

	StorQuest-Reno/Double
                                         R

	 

	Self
                                         Storage

	 

	98,815

	sf

	4.02

	 

	33908261

	StorQuest-Sarasota/Clark

	 

	Self
                                         Storage

	 

	79,355

	sf

	4.03

	 

	33908261

	StorQuest-Claremont/Baseline

	 

	Self
                                         Storage

	 

	60,651

	sf

	4.04

	 

	33908261

	StorQuest-Stockton/March

	 

	Self
                                         Storage

	 

	75,227

	sf

	4.05

	 

	33908261

	StorQuest-Bradenton/Manatee

	 

	Self
                                         Storage

	 

	65,774

	sf

	4.06

	 

	33908261

	StorQuest-Friendswood/W
                                         Bay Area

	 

	Self
                                         Storage

	 

	97,147

	sf

	4.07

	 

	33908261

	StorQuest-Louisville/Lock

	 

	Self
                                         Storage

	 

	55,885

	sf

	4.08

	 

	33908261

	StorQuest-Loma
                                         Linda/Mountain View

	 

	Self
                                         Storage

	 

	38,249

	sf

	4.09

	 

	33908261

	StorQuest-Manitou
                                         Springs/Higginbotham

	 

	Self
                                         Storage

	 

	41,770

	sf

	4.10

	 

	33908261

	StorQuest-Dallas/Shady
                                         Trail

	 

	Self
                                         Storage

	 

	49,881

	sf

	4.11

	 

	33908261

	StorQuest-Dallas/Denton

	 

	Self
                                         Storage

	 

	49,378

	sf

	4.12

	 

	33908261

	StorQuest-El
                                         Paso/Montwood

	 

	Self
                                         Storage

	 

	51,200

	sf

	4.13

	 

	33908261

	StorQuest-Fort
                                         Worth/Normandale

	 

	Self
                                         Storage

	 

	44,670

	sf

	5

	3,
                                         5, 14

	32905243

	650
                                         Madison Avenue

	Hard

	Mixed
                                         Use

	Lockout/29_Defeasance/84_0%/7

	600,415

	sf

	6

	15

	CITI1

	Chicagoland
                                         Industrial Portfolio

	Springing

	 

	Lockout/26_Defeasance/90_0%/4

	832,023
                                         

	sf

	6.01

	 

	CITI1.01

	26051
                                         South Cleveland

	 

	Industrial

	 

	245,388

	sf

	6.02

	 

	CITI1.02

	180
                                         Ryan Drive

	 

	Industrial

	 

	156,750

	sf

	6.03

	 

	CITI1.03

	119
                                         East Commerce

	 

	Industrial

	 

	97,966

	sf

	6.04

	 

	CITI1.04

	2405
                                         West Haven

	 

	Industrial

	 

	171,394

	sf

	6.05

	 

	CITI1.05

	201
                                         Flannigan

	 

	Industrial

	 

	50,400

	sf

	6.06

	 

	CITI1.06

	3415
                                         Ohio Avenue

	 

	Industrial

	 

	51,200

	sf

	6.07

	 

	CITI1.08

	7850
                                         Grant Street

	 

	Industrial

	 

	21,425

	sf

	6.08

	 

	CITI1.07

	9501
                                         Winona

	 

	Industrial

	 

	37,500

	sf

	7

	3,
                                         16, 17

	34392997

	City
                                         National Plaza

	Hard

	Office

	>YM
                                         or 1%/25_Defeasance or >YM or 1%/88_0%/7

	2,519,787

	sf

	8

	3,
                                         18, 19, 20, 21, 22

	CITI2

	555
                                         10th Avenue

	Soft
                                         (Multifamily); Hard (Retail)

	Multifamily

	>YM
                                         or 1%/28_Defeasance or >YM or 1%/87_0%/4

	598

	Units

	9

	23,
                                         24

	CITI3

	297
                                         North 7th & 257 15th Street

	Springing

	 

	Lockout/26_Defeasance/91_0%/3

	78,781
                                         

	sf

	9.01

	 

	CITI3.01

	297
                                         North 7th Street

	 

	Mixed
                                         Use

	 

	38,981

	sf

	9.02

	 

	CITI3.02

	257
                                         15th Street

	 

	Mixed
                                         Use

	 

	39,800

	sf

	10

	25

	CITI4

	PNC
                                         Center

	Hard

	Office

	Lockout/26_Defeasance/89_0%/5

	498,905

	sf

	11

	26

	35480037

	1427
                                         7th Street

	Springing

	Multifamily

	Lockout/25_Defeasance/91_0%/4

	50

	Units

	12

	27,
                                         28

	CITI6

	Grand
                                         Street Plaza

	Hard

	Office

	Lockout/26_Defeasance/91_0%/3

	208,586

	sf

	13

	 

	CITI7

	630
                                         Roseville

	Hard

	Mixed
                                         Use

	Lockout/26_Defeasance/88_0%/6

	157,518

	sf

	14

	 

	33851315

	Hawthorne
                                         Gate

	None

	Multifamily

	Lockout/27_Defeasance/89_0%/4

	114

	Units

	15

	 

	34237099

	Lakeside
                                         Flats

	None

	Multifamily

	Lockout/26_Defeasance/90_0%/4

	120

	Units

	16

	3,
                                         29, 30, 31

	2833422

	PCI
                                         Pharma Portfolio

	Hard

	 

	Lockout/23_>YM
                                         or 1%/7_Defeasance or >YM or 1%/86_0%/4

	1,356,188
                                         

	sf

	16.01

	 

	2833422

	3001
                                         Red Lion Road

	 

	Industrial

	 

	447,000

	sf

	16.02

	 

	2833422

	4536
                                         & 4545 Assembly Drive

	 

	Industrial

	 

	768,400

	sf

	16.03

	 

	2833422

	6166
                                         Nancy Ridge Drive

	 

	Office

	 

	37,583

	sf

	16.04

	 

	2833422

	6146
                                         Nancy Ridge Drive

	 

	Office

	 

	24,785

	sf

	16.05

	 

	2833422

	1635
                                         & 1639 New Milford School Road

	 

	Industrial

	 

	78,420

	sf

	17

	32

	35838238

	Trails
                                         of Hudson II

	None

	Multifamily

	Lockout/24_Defeasance/92_0%/4

	89

	Units

	18

	3,
                                         33, 34, 35

	33466763

	Midland
                                         Atlantic Portfolio

	Springing

	 

	Lockout/28_Defeasance/87_0%/5

	552,154
                                         

	sf

	18.01

	 

	33466763

	Parkside
                                         Square

	 

	Retail

	 

	150,346

	sf

	18.02

	 

	33466763

	Maysville
                                         Marketsquare

	 

	Retail

	 

	144,945

	sf

	18.03

	 

	33466763

	Pinecrest
                                         Pointe

	 

	Retail

	 

	89,226

	sf

 

 

    
	Exhibit B	15 of 18	GSMS 2020-GC47 - Mortgage Loan Schedule.xlsx

     

    

 

GSMS
2020-GC47

Exhibit
B - Mortgage Loan Schedule - All Loan Sellers

 

	Control
                                         Number

	Footnotes

	Loan
                                         Number

	Property
                                         Name

	Lockbox

	General
                                         Property Type

	Prepayment
                                         Provision (2)

	Units,
                                         Rooms, Sq Ft

	Unit
                                         Description

	18.04

	 

	33466763

	Valleydale
                                         Marketplace

	 

	Retail

	 

	67,854

	sf

	18.05

	 

	33466763

	Putnam
                                         Plaza

	 

	Retail

	 

	75,179

	sf

	18.06

	 

	33466763

	Heritage
                                         Plaza

	 

	Retail

	 

	24,604

	sf

	19

	36

	CITI9

	45
                                         Newel Street

	Springing

	Multifamily

	Lockout/25_Defeasance/92_0%/3

	18

	Units

	20

	3,
                                         37, 38

	33901633

	525
                                         Market Street

	Hard

	Office

	Lockout/24_>YM
                                         or 1%/3_Defeasance or >YM or 1%/86_0%/7

	1,034,170

	sf

	21

	 

	33437102

	Shoppes
                                         at Haydens Crossing

	Springing

	Retail

	Lockout/28_Defeasance/87_0%/5

	70,366

	sf

	22

	 

	33874402

	United
                                         Market Street

	Hard

	Retail

	Lockout/27_Defeasance/88_0%/5

	64,994

	sf

	23

	 

	35452119

	Savannah
                                         Ridge II

	None

	Multifamily

	Lockout/26_Defeasance/90_0%/4

	50

	Units

	24

	 

	CITI10

	Fisher
                                         Trails

	Springing

	Multifamily

	Lockout/25_Defeasance/92_0%/3

	66

	Units

	25

	 

	33869861

	Harvard
                                         Oaks Apartments

	None

	Multifamily

	Lockout/27_Defeasance/89_0%/4

	74

	Units

	26

	 

	CITI11

	910
                                         81st Street

	Springing

	Multifamily

	Lockout/26_Defeasance/88_0%/6

	43

	Units

	27

	 

	CITI12

	Stratford
                                         Square Apartments

	Springing

	Multifamily

	Lockout/26_Defeasance/91_0%/3

	120

	Units

	28

	 

	CITI13

	Arbor
                                         Apartments

	Springing

	Multifamily

	Lockout/26_Defeasance/90_0%/4

	118

	Units

	29

	 

	34155009

	Werner
                                         Industrial

	Hard

	Industrial

	Lockout/27_Defeasance/89_0%/4

	49,006

	sf

 

 

    
	Exhibit B	16 of 18	GSMS 2020-GC47 - Mortgage Loan Schedule.xlsx

     

    

 

	(1)

	The
                                         Monthly Debt Service shown for Mortgage Loans with a partial interest-only period reflects
                                         the amount payable after the expiration of the interest-only period.

	(2)

	The
                                         open period is inclusive of the Maturity Date.

	(3)

	The
                                         Mortgage Loan is part of a whole loan structure. The information presented is based on
                                         the Mortgage Loan and any related Pari Passu Companion Loans, but exclude any related
                                         Subordinate Companion Loans.

	(4)

	The
                                         1633 Broadway Whole Loan was co-originated by Goldman Sachs Bank USA, JPMorgan Chase
                                         Bank, National Association, DBR Investments Co. Limited and Wells Fargo Bank, National
                                         Association.

	(5)

	The
                                         lockout period will be at least 29 payment dates beginning with and including the First
                                         Due Date in January 2020. For the purpose of this prospectus, the assumed lockout period
                                         of 29 payment dates is based on the expected GSMS 2020-GC47 securitization closing date
                                         in May 2020. The actual lockout period may be longer.

	(6)

	The
                                         Mortgaged Property includes 145,192 SF of theater space, constituting approximately 5.7%
                                         of the net rentable area at the Mortgaged Property, and approximately 80,000 SF of retail
                                         space, constituting approximately 3.1% of the net rentable area at the Mortgaged Property,
                                         of which approximately 40,000 SF is vacant.

	(7)

	The
                                         Moffett Towers Buildings A, B & C Whole Loan was co-originated by Goldman Sachs Bank
                                         USA, DBR Investments Co. Limited and JPMorgan Chase Bank, National Association.

	(8)

	Yield
                                         Maintenance of the full $770 million Moffett Towers Buildings A, B & C Whole Loan
                                         is permitted at any time on or after the prepayment lockout period, which is March 6,
                                         2022. In addition, defeasance of the full Moffett Towers Buildings A, B & C Whole
                                         Loan is permitted at any time after the defeasance lockout period, which date is the
                                         earlier to occur of (a) February 6, 2023 and (b) the second anniversary of the closing
                                         date of the securitization which includes the last pari passu note to be securitized.
                                         The assumed defeasance lockout period of 27 payment dates is based on the expected GSMS
                                         2020-GC47 securitization closing date in May 2020. The actual lockout period may be longer.

	(9)

	The
                                         Mortgaged Property is part of the Moffett Towers Campus. The Moffett Towers Campus includes
                                         a certain common area amenities parcel, which is owned by the Moffett Towers Building
                                         H & Amenities Parcel Association LLC. The Moffett Towers Campus also includes a Lot
                                         1 common area, which is owned by the Moffett Towers Lot 1 Association LLC. Building owners
                                         within the Moffett Towers Campus are members of the associations and share the right
                                         to use these areas by virtue of such membership. There is no allocation of the common
                                         area amenities to any particular building, and the common areas are not included in the
                                         collateral.

	(10)

	The
                                         711 Fifth Avenue Whole Loan was co-originated by Goldman Sachs Bank USA and Bank of America,
                                         N.A.

	(11)

	The
                                         lockout period will be at least 26 payment dates beginning with and including the First
                                         Due Date in April 2020. For the purpose of this prospectus, the assumed lockout period
                                         of 26 payment dates is based on the expected GSMS 2020-GC47 securitization closing date
                                         in May 2020. The actual lockout period may be longer.

	(12)

	At
                                         origination, the borrower funded $2,000,000 for estimated costs in connection with obtaining
                                         a new temporary or permanent certificate of occupancy to replace the temporary certificate
                                         of occupancy that expired in November 2019. The borrower obtained a temporary certificate
                                         of occupancy that was effective as of March 24, 2020, and the $2,000,000 has been disbursed
                                         to the borrower.

	(13)

	The
                                         Replacement Reserve Cap is calculated as the product of (x) $0.51 times (y) the aggregate
                                         number of rentable SF then contained in the Mortgaged Properties. As of the Cut-off Date,
                                         the aggregate number of rentable SF is 808,002.

	(14)

	The
                                         650 Madison Avenue Whole Loan was co-originated by Citi Real Estate Funding Inc., Goldman
                                         Sachs Bank USA, Barclays Capital Real Estate Inc. and BMO Harris Bank N.A.

	(15)

	The
                                         26051 South Cleveland Mortgaged Property benefits from tax increment financing pursuant
                                         to a 2018 redevelopment agreement, amended in 2019, pursuant to which the Village of
                                         Monee, Illinois, agreed to finance certain project costs associated with the construction
                                         and development of the 26051 South Cleveland Mortgaged Property. The related appraisal
                                         concluded that the benefit of the tax increment financing is approximately $4,014,713
                                         over a 12-year period ending in or around 2032. The related borrower collaterally assigned
                                         its interest in the redevelopment agreement to the lender in connection with the origination
                                         of the Mortgage Loan, but the Village of Monee has not yet agreed to consent to such
                                         collateral assignment. There can be no assurances that such refinancing will remain in
                                         effect for the term of the Mortgage Loan, or that the Village of Monee will consent to
                                         such collateral assignment.

	(16)

	The
                                         City National Plaza Whole Loan was co-originated by Goldman Sachs Bank USA and Morgan
                                         Stanley Bank, N.A.

	(17)

	Yield
                                         Maintenance of the full $550 million City National Plaza Whole Loan is permitted at any
                                         time. In addition, defeasance of the full City National Plaza Whole Loan is permitted
                                         at any time after the defeasance lockout period, which date is the earlier to occur of
                                         (a) March 25, 2023 and (b) the second anniversary of the closing date of the securitization
                                         which includes the last pari passu note to be securitized. The assumed defeasance lockout
                                         period of 25 payment dates is based on the expected GSMS 2020-GC47 securitization closing
                                         date in May 2020. The actual lockout period may be longer.

	(18)

	The
                                         Mortgaged Property is a 52-story luxury residential building with 598 units located on
                                         floors 10 through 51 and 4,893 SF of retail space. 109,852 SF of community facility space
                                         located on floors 1 through 7 is owned and occupied by Success Academy Charter Schools
                                         Inc. (“Success Academy”). For presentation purposes, the SF and revenue
                                         associated with the community facility space are included in the total rentable area
                                         and the commercial underwritten base rent, respectively, of the Mortgaged Property.

	(19)

	The
                                         555 10th Avenue Whole Loan is structured with a B Note with an original and outstanding
                                         principal balance of $136,600,000. The B Note requires interest-only payments for the
                                         full term and accrues interest at a fixed interest rate of 3.52000% per annum and is
                                         coterminous with the Mortgage Loan. Concurrently with the origination of the 555 10th
                                         Avenue Whole Loan, a $140,000,000 mezzanine loan was made to the sole members of the
                                         borrowers, secured by a pledge of the mezzanine borrowers’ ownership interest
                                         in the 555 10th Avenue Whole Loan borrowers. The mezzanine loan requires interest-only
                                         payments for the full term and accrues interest at a fixed rate of 5.60000% per annum.

	(20)

	The
                                         Mortgaged Property is subject to a ground lease with Sol Goldman Investments, LLC, Jane
                                         H. Goldman, Allan H. Goldman, Amy P. Goldman and Diane Goldman Kemper, as co-executors
                                         of The Estate of Lillian Goldman, and Jane H. Goldman, Allan H. Goldman and Louisa Little,
                                         as co-trustees of The Lillian Goldman Marital Trust Under the Will of Sol Goldman. The
                                         99-year term of the ground lease commenced on August 22, 2011 and will expire on August
                                         21, 2110. The ground lease is an absolute net lease and the annual ground rent is currently
                                         $2,200,000 ($183,333 per month). See “555 10th Avenue” in Annex A-3 to
                                         the Prospectus for a schedule of the ground rent payments that are fixed through August
                                         31, 2041.

	(21)

	Success
                                         Academy occupies 95.7% of the commercial net rentable area at the Mortgaged Property.
                                         The borrowers sold the community facility unit to Success Academy for approximately $45.0
                                         million, payable over a period of 380 months via monthly installment payments (which
                                         revenue is included in the underwritten base rent of the Mortgaged Property). The purchase
                                         price was the net present value of the 380 months of installment payments at a 7.0% discount
                                         rate. Because of its 501(c)(3) non-profit status, Success Academy is not obligated to
                                         pay real estate taxes on the community facility unit. Success Academy is not permitted
                                         to prepay any of the monthly installment payments and has agreed to convey the community
                                         facility unit back to the borrowers at the end of the 380-month installment period for
                                         $1.00. Should Success Academy fail to make any of the installment payments or otherwise
                                         default in its obligations, the borrowers can terminate the installment period and Success
                                         Academy would be required to sell the community facility unit back to the borrowers for
                                         $1.00. In addition, if certain events occur (for example, loss of Success Academy’s
                                         tax exempt status or a material casualty or condemnation), the borrowers may be required
                                         to buy back the community facility unit for $1.00 prior to the end of the 380-month installment
                                         period. At origination, the borrowers assigned the purchase right to the community facility
                                         unit to the lender.

	(22)

	The
                                         Mortgaged Property will benefit under the 421-a tax abatement Affordability Option E,
                                         which provides a 35-year tax exemption. Under this tax exemption, all increases in the
                                         assessed value of the Mortgaged Property above the base (i.e., from the tax year prior
                                         to September 25, 2013) are exempt from taxation for 35 years upon receipt of a certificate
                                         of eligibility from the New York City Department of Housing Preservation and Development,
                                         which certificate of eligibility was received on March 7, 2019. The abatement includes
                                         both the residential and commercial portions of the Mortgaged Property. The tax exemption
                                         does not apply to the community facility unit which is owned by Success Academy. Real
                                         estate taxes were underwritten to the current abated tax amount of $269,848.

	(23)

	The
                                         297 North 7th Street Mortgaged Property includes 36,481 SF of school space that constitutes
                                         100.0% of gross potential rent and approximately 93.6% of the net rentable area at the
                                         297 North 7th Street Mortgaged Property, and approximately 2,500 SF of warehouse space,
                                         consisting of 0.0% of gross potential rent and approximately 6.4% of net rentable area
                                         at the 297 North 7th Street Mortgaged Property.

	 

	The
                                         257 15th Street Mortgaged Property includes 16 multifamily units, constituting approximately
                                         50.3% of net rentable area at the 257 15th Street Mortgaged Property and 19,800 SF of
                                         office space, constituting approximately 49.7% of net rentable area at the 257 15th Street
                                         Mortgaged Property.

	(24)

	The
                                         297 North 7th Street Mortgaged Property benefits from a 25-year Industrial and Commercial
                                         Abatement Program (“ICAP”) tax abatement. The 297 North 7th Street Mortgaged
                                         Property is currently in its fourth year of the 25-year ICAP tax abatement, which runs
                                         through the 2040/2041 tax year. The exemption amount is 100% for the first 16 years,
                                         with the exemption percentage declining by 10% every year thereafter (beginning in the
                                         2032/2033 tax year) until it expires in the 2040/2041 tax year. The unabated tax amount
                                         is $328,900 for the 2019/2020 tax year. Taxes were underwritten to the estimated 10-year
                                         average abated tax amount of $133,601.

	 

	The
                                         257 15th Street Mortgaged Property benefits from a 25-year 421-a Affordable Housing NY
                                         Program tax abatement. All units must remain rent stabilized for the duration of the
                                         421-a tax abatement. The 257 15th Street Mortgaged Property is currently in its 14th
                                         year of the 25-year 421-a tax abatement, which runs through the 2030/2031 tax year. The
                                         257 15th Street Mortgaged Property receives 100% exemption on any assessment increase
                                         above the base year assessment for the first 21 years, and such exemption will decline
                                         by 20% each year thereafter (beginning in the 2027/2028 tax year) until fully phased
                                         out. The unabated tax amount is $107,333. Taxes were underwritten to the estimated 10-year
                                         average abated tax amount of $60,828.

	(25)

	If
                                         the balance in the TI/LC reserve falls below $1,200,000, the borrower is required to
                                         make monthly deposits of $50,000 until the balance in the TI/LC Reserve reaches $2,000,000.

	(26)

	The
                                         ground floor of the Mortgaged Property consists of two retail tenants totaling 2,500
                                         SF (approximately 7.1% of underwritten base rent).

 

 

    
	Exhibit B	17 of 18	GSMS 2020-GC47 - Mortgage Loan Schedule.xlsx

     

    

 

	(27)

	The
                                         Grand Street Plaza Mortgage Loan was structured with a master lease to be a Shari’ah
                                         compliant loan. Title to the Grand Street Plaza Mortgaged Property is held by the borrower
                                         who master leases the Grand Street Plaza Mortgaged Property to an affiliate of the borrower,
                                         as master lessee. The rent payable pursuant to the master lease is intended to cover
                                         the debt service payments required under the mortgage loan documents, as well as reserve
                                         payments and any other sums due under the mortgage loan documents. At origination, the
                                         lender received a fee mortgage from the borrower on its interest in the Grand Street
                                         Plaza Mortgaged Property, but did not receive a mortgage on the master leasehold interest.
                                         As security for the rents under the master lease, the master lessee assigned its interest
                                         in the leases and rents from the Grand Street Plaza Mortgaged Property to the borrower,
                                         and the borrower in turn assigned these rights to the lender as security for the Grand
                                         Street Plaza Mortgage Loan.

	(28)

	From
                                         the first monthly payment date through the payment date in January 2022, the borrower
                                         is required to deposit the following into the TI/LC reserve on a monthly basis: (i) approximately
                                         $20,833 if no trigger period exists and (ii) approximately $33,333 during the existence
                                         of a trigger period. Commencing on the monthly payment date in February 2022, the borrower
                                         is required to deposit approximately $33,333 into the TI/LC reserve on a monthly basis.

	(29)

	Yield
                                         Maintenance of the full $108.5 million PCI Pharma Portfolio Whole Loan is permitted at
                                         any time after the prepayment lockout period, which is October 31, 2021. In addition,
                                         defeasance of the full PCI Pharma Portfolio Whole Loan is permitted at any time after
                                         the defeasance lockout period, which date is the earlier to occur of (a) October 31,
                                         2022 and (b) the second anniversary of the closing date of the securitization which includes
                                         the last pari passu note to be securitized. The assumed defeasance lockout period of
                                         30 payment dates is based on the expected GSMS 2020-GC47 securitization closing date
                                         in May 2020. The actual lockout period may be longer.

	(30)

	The
                                         TI/LC Cap is calculated as the product of (x) $1.50 times (y) the aggregate number of
                                         rentable SF then contained in the Mortgaged Properties. As of the Cut-off Date, the aggregate
                                         number of rentable SF is 1,356,188.

	(31)

	The
                                         Replacement Reserve Cap is calculated as the product of (x) $0.23 times (y) the aggregate
                                         number of rentable SF then contained in the Mortgaged Properties. As of the Cut-off Date,
                                         the aggregate number of rentable SF is 1,356,188.

	(32)

	The
                                         Upfront Debt Service Reserve may be drawn upon by the borrower to cover any debt service
                                         shortfall, however, upon request of the borrower, the funds in the reserve will be released
                                         to the borrower to the extent it is not drawn upon for 12 consecutive months and the
                                         reserve will no longer be maintained.

	(33)

	The
                                         lockout period will be at least 28 payment dates beginning with and including the First
                                         Due Date in February 2020. For the purpose of this prospectus, the assumed lockout period
                                         of 28 payment dates is based on the expected GSMS 2020-GC47 securitization closing date
                                         in May 2020. The actual lockout period may be longer.

	(34)

	On
                                         each Due Date, if and to the extent the amount contained in the TI/LC reserve account
                                         is less than $750,000, the borrower is required to deposit into the TI/LC reserve account
                                         an Ongoing TI/LC Reserve amount calculated as the product of (x) $0.54 times (y) the
                                         aggregate number of rentable SF then contained in the Mortgaged Properties divided by
                                         12. As of the Cut-off Date, the aggregate number of rentable SF based upon the mortgage
                                         loan documents is 552,143, which results in an Ongoing TI/LC Reserve amount of approximately
                                         $24,846.

	(35)

	The
                                         Ongoing Replacement Reserve is calculated as the product of (x) $0.22 times (y) the aggregate
                                         number of rentable SF then contained in the Mortgaged Properties divided by 12. The Replacement
                                         Reserve Cap is calculated as the product of (x) $0.82 times (y) the aggregate number
                                         of rentable SF then contained in the Mortgaged Properties. As of the Cut-off Date, the
                                         aggregate number of rentable SF based upon the mortgage loan documents is 552,143.

	(36)

	The
                                         45 Newel Street Mortgaged Property is the subject of a 15-year 421-a tax abatement, which
                                         is scheduled to expire in the 2033/2034 tax year. All 18 units must remain rent stabilized
                                         for the duration of the 421-a tax abatement. Taxes were underwritten to the abated tax
                                         amount of $24,257.

	(37)

	The
                                         525 Market Street Whole Loan was co-originated by Goldman Sachs Bank USA, Barclays Capital
                                         Real Estate Inc. and Wells Fargo Bank, National Association.

	(38)

	Yield
                                         Maintenance of the full $682 million 525 Market Street Whole Loan is permitted at any
                                         time on or after the prepayment lockout period, which is March 6, 2022. In addition,
                                         defeasance of the full 525 Market Street Whole Loan is permitted at any time after the
                                         defeasance lockout period, which date is the earlier to occur of (a) January 29, 2023
                                         and (b) the second anniversary of the closing date of the securitization which includes
                                         the last pari passu note to be securitized. The assumed defeasance lockout period of
                                         27 payment dates is based on the expected GSMS 2020-GC47 securitization closing date
                                         in May 2020. The actual lockout period may be longer.

 

 

    
	Exhibit B	18 of 18	GSMS 2020-GC47 - Mortgage Loan Schedule.xlsx

     

    

 

EXHIBIT C

 

FORM OF INVESTMENT REPRESENTATION LETTER

 

Wells
Fargo Bank, National Association
 as Certificate Administrator 

600
South 4th Street, 7th Floor, MAC: N9300-070 

Minneapolis,
Minnesota 55479 

Attention: Corporate Trust Services (CMBS)
 GS Mortgage Securities Trust 2020-GC47

 

GS Mortgage
Securities Corporation II
 200 West Street 

New York,
New York 10282 

Attention: Leah Nivison

 

		Re:	Transfer of GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47 

  

Ladies and Gentlemen:

 

This letter is delivered pursuant to Section 5.03 of the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, Wells Fargo Bank, National Association, as Master Servicer, KeyBank National Association, as 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 and as Asset Representations Reviewer, on behalf of the holders of GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47 (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 Pooling and Servicing Agreement.

 

In connection with such transfer, the Purchaser hereby represents and warrants to you and the addressees hereof as follows:

 

1.         Check one of the following:*

 

		☐	The Purchaser is not purchasing a Class R Certificate and the Purchaser is an institution that is an “accredited investor” (an “Institutional Accredited Investor”) within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”) or any entity in which

 

 

 

*
Purchaser must include one of the following two certifications.

 

     Exhibit C-1

     

    

 

		 	all of the equity owners come within such paragraphs 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 Accredited Investor, as to each of which the Purchaser exercises sole
                                                                  investment discretion. The Purchaser hereby undertakes to reimburse the Trust Fund for any costs incurred by it in connection
                                                                  with this transfer.

 

		☐	The Purchaser is a “qualified institutional buyer” (a “QIB”) within the meaning of Rule 144A (“Rule 144A”) under the Securities Act. The Purchaser is aware that the transfer is being made in reliance on Rule 144A, and the Purchaser has had the opportunity to obtain the information required to be provided pursuant to paragraph (d)(4)(i) of Rule 144A.

 

2.         The Purchaser’s intention is to acquire the Certificate (a) for investment for the Purchaser’s own account or (b) for reoffer, resale, pledge or other transfer (i) to QIBs 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 Institutional Accredited Investors, subject in the case of clause (ii) above to (w) the receipt by the Certificate Registrar of a letter substantially in the form hereof, (x) the receipt by the Certificate Registrar of an opinion of counsel acceptable to the Trustee and Certificate Registrar that such reoffer, resale, pledge or transfer is in compliance with the Securities Act, (y) the receipt by the Certificate Registrar of such other evidence acceptable to the Certificate Registrar that such reoffer, resale, pledge or transfer is in compliance with the Securities Act and other applicable laws and (z) a written undertaking to reimburse the Trust Fund for any costs incurred by it in connection with the proposed transfer. The Purchaser understands that the Certificate (and any subsequent Certificate) has not been registered under the Securities Act, by reason of a specified exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the Purchaser’s investment intent (or intent to reoffer, resell, pledge or transfer the Certificate only to certain investors in certain exempted transactions) as expressed herein.

 

3.         The Purchaser has reviewed the Prospectus relating to the Offered Certificates (and, with respect to Non-Registered Certificates, the Offering Circular related to such Non-Registered Certificates) 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 Prospectus.

 

4.        
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. 

 

     Exhibit C-2

     

    

 

5.         The Purchaser hereby undertakes to be bound by the terms and conditions of the Pooling and Servicing Agreement in its capacity as an owner of a Certificate or Certificates, as the case may be (each, a “Certificateholder”), in all respects as if it were a signatory thereto. This undertaking is made for the benefit of the Trust, the Certificate Registrar and all Certificateholders present and future.

 

6.         The Purchaser will not sell or otherwise transfer any portion of the Certificate or Certificates, except in compliance with Section 5.03 of the Pooling and Servicing Agreement.

 

7.         Check one of the following:**

 

		☐	The Purchaser is a U.S. Tax Person (as defined below)
and it has attached hereto an Internal Revenue Service (“IRS”) Form W-9 (or successor form).

 

		☐	The Purchaser is not a U.S. Tax Person 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. The Purchaser has attached hereto [(i) a duly executed IRS Form W-8BEN or IRS
Form W-8BEN-E (or successor form, as applicable), which identifies such Purchaser as the beneficial owner of the Certificate and
states that such Purchaser is not a U.S. Tax 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 purposes of this paragraph 7, “U.S. Tax 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. Tax Persons have the authority to control all substantial decisions of such trust (or, to the extent

 

 

 

**
Each Purchaser must include one of the two alternative certifications.

 

***
Does not apply to a transfer of Class R Certificates.

 

     Exhibit C-3

     

    

 

provided in applicable Treasury Regulations,
certain trusts in existence on August 20, 1996 that have elected to be treated as U.S. Tax Persons).

  

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 Disqualified Non-U.S. Tax Person.

 

	 	Very truly yours,
	 	 	 
	 	 	[The Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:

Title:

 

Dated:

 

 

 

**** Only
to be filled out by Purchasers of Definitive Certificates. Please select (a) or (b). For holders of the 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 C-4

     

    

 

EXHIBIT D-1

 

FORM OF TRANSFEREE AFFIDAVIT

 

[Date]

 

Wells
Fargo Bank, National Association,
 as Certificate Registrar 

600
South 4th Street, 7th Floor, MAC: N9300-070 

Minneapolis,
Minnesota 55479 

Attention: Corporate Trust Services – GS 2020-GC47

 

		Re:	GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage
Pass-Through Certificates, Series 2020-GC47 (the “Certificates”) issued pursuant to the Pooling and Servicing Agreement
(the “Pooling and Servicing Agreement”), dated as of May 1, 2020, by and among GS Mortgage Securities Corporation
II, as Depositor, Wells Fargo Bank, National Association, as Master Servicer, KeyBank National Association, as 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 and as Asset Representations Reviewer

 

	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 860D of the Internal Revenue Code of 1986 (the “Code”). 

 

3.         The Purchaser is not a “Disqualified Organization“(as defined below), and that the Purchaser is not acquiring the Class R Certificates for the account of, or as agent or nominee of, or with a view to the transfer of direct or indirect record or beneficial ownership thereof, to a Disqualified Organization. For the purposes hereof, a Disqualified Organization is any of the following: (i) the United States, any State or political subdivision thereof, any possession of the United States or any agency or instrumentality of any of the foregoing (other than an instrumentality which is a corporation if all of its activities are subject to tax and, except

 

     Exhibit D-1-1

     

    

 

for Freddie Mac, a majority of its board of directors is not selected by such governmental unit), (ii) a foreign government, any international organization or any agency or instrumentality of any of the foregoing, (iii) any organization which is exempt from the tax imposed by Chapter 1 of the Code (including the tax imposed by Section 511 of the Code on unrelated business taxable income) on any excess inclusions (as defined in Section 860E(c)(1) of the Code) with respect to the Class R Certificates (except certain farmers’ cooperatives described in Section 521 of the Code), (iv) rural electric and telephone cooperatives described in Section 1381(a)(2)(C) of the Code, (v) any other Person so designated by the Trustee or the Certificate Administrator based upon an Opinion of Counsel as provided to the Trustee or the Certificate Administrator (at no expense to the Trustee or the Certificate Administrator) that the holding of an Ownership Interest in a Class R Certificate by such Person may cause any Trust REMIC to fail to qualify as a REMIC at any time that the Certificates are outstanding or any Person having an Ownership Interest in any Class of Certificates (other than such Person) to incur a liability for any federal tax imposed under the Code that would not otherwise be imposed but for the Transfer of an Ownership Interest in a Class R Certificate to such Person. The terms “United States,”“State”and “international organization”shall 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 Permitted Transferee and, to the extent applicable, the Purchaser’s U.S. taxpayer identification number is [__________].

 

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.         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

 

(iii)       the present value of the anticipated tax savings associated with holding such Class R Certificate as the related REMIC generates losses.

 

     Exhibit D-1-2

     

    

  

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.

 

9.         The Purchaser historically has paid its debts as they have come due and intends to pay its debts as they come due in the future and the Purchaser intends to pay taxes associated with holding the Class R Certificates as they become due.

 

10.       The Purchaser understands that it may incur tax liabilities with respect to the Class R Certificate in excess of any cash flows generated by such Certificate.

 

11.       The Purchaser is aware that the Certificate Registrar will not register any transfer of a Class R Certificate by the Transferor unless the Purchaser, or such Purchaser’s agent, delivers to the Certificate Registrar, among other things, an affidavit and agreement in substantially the same form as this affidavit and agreement. The Purchaser expressly agrees that it will not consummate any such transfer if it knows or believes that any representation contained in such affidavit and agreement is false.

 

     Exhibit D-1-3

     

    

 

12.       The Purchaser represents that it is not acquiring the Class R Certificate as a nominee, trustee or agent for any person that is not a Permitted Transferee and that for so long as it retains its interest in the Class R Certificate, it will endeavor to remain a Permitted Transferee.

 

13.       The Purchaser consents to any additional restrictions or arrangements that shall be deemed necessary upon advice of counsel to constitute a reasonable arrangement to ensure that the Class R Certificate will only be owned, directly or indirectly, by a Permitted Transferee.

 

14.       The Purchaser has reviewed the provisions of Section 5.03 of the Pooling and Servicing Agreement, a description of which provisions is set forth in the Class R Certificates; and the Purchaser expressly agrees to be bound by and to comply with such provisions.

 

15.       The Purchaser consents to the designation of the Certificate Administrator as the “partnership representative” of each Trust REMIC pursuant to Section 10.01 of the Pooling and Servicing Agreement.

 

Capitalized terms used but not defined herein have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

IN WITNESS WHEREOF, the Purchaser has caused this instrument to be duly executed on its behalf by its duly authorized officer this ___day of _________, 20__.

 

		By:	 
	 	 	Name:

Title:

 

		By:	 
	 	 	Name:

Title:

 

     Exhibit D-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 D-1-5

     

    

 

EXHIBIT D-2

 

FORM OF TRANSFEROR LETTER

 

[Date]

 

Wells
Fargo Bank, National Association,
 as Certificate Registrar 

600
South 4th Street, 7th Floor, MAC: N9300-070 

Minneapolis,
Minnesota 55479 

Attention: Corporate Trust Services – GS 2020-GC47

 

		Re:	GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage
Pass-Through Certificates, Series 2020-GC47, Class R (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 Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, Wells Fargo Bank, National Association, as Master Servicer, KeyBank National Association, as 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 and as Asset Representations Reviewer. All capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. The Transferor hereby certifies, represents and warrants to you, 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 Transferee Affidavit and Agreement in the form attached to the Pooling and Servicing Agreement as Exhibit D-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 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

 

     Exhibit D-2-1

     

    

 

for United States income
taxes associated therewith) unless the Transferor has conducted such an investigation. 

 

	 	Very truly yours,
	 	 	 
	 	 	(Transferor)
	 	 	 
		By:	 
	 	 	Name:

Title:

 

     Exhibit D-2-2

     

    

 

EXHIBIT D-3

 

FORM OF TRANSFEREE CERTIFICATE FOR TRANSFERS OF THE RR INTEREST

 

[Date]

 

Wells
Fargo Bank, National Association 

9062
Old Annapolis Road 

Columbia,
Maryland 21045-1951 

Attention: Corporate Trust Services—GSMS 2020-GC47

 

Goldman Sachs Mortgage Company, 
 as Retaining Sponsor
 200 West Street
 New York, New York 10282
 Attention: Leah Nivison

 

GS Mortgage Securities Corporation II
 200 West Street
 New York, New York 10282
 Attention: Leah Nivison

 

 

		Re:	GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage
Pass-Through Certificates, Series 2020-GC47 (the “Certificates”) issued, and the RR Interest created, pursuant to
the Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”), dated as of May 1, 2020, between GS
Mortgage Securities Corporation II, as Depositor, Wells Fargo Bank, National Association, as Master Servicer, KeyBank National
Association, as 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 and as Asset Representations Reviewer.

 

Ladies and Gentlemen:

 

[_____] (the “Transferee”) hereby certifies, represents and warrants to each of the addressees hereto:

 

	
        1.
	
        [[_____] (the “Transferor”) is transferring $[____] RR Interest Balance of the RR Interest to [______] (the “Transferee”).] [[_____] (the “Transferor”) is transferring $[____] RR Interest Balance of the RR Interest to [_____] (“Transferee”) that is a Permitted Lender in a repurchase transaction.] [[_____] (the “Transferor”) is granting a security interest in the RR Interest to [_____] (the “Transferee”) that is a Permitted Lender.]

 

     Exhibit D-3-1

     

    

 

	
        2.
	
        The transfer or the pledge contemplated in Paragraph 1 (a “Transfer”) is in compliance with the Pooling and Servicing Agreement.

 

	
        3.
	
        The Transferee is aware that the Certificate Registrar will not recognize any Transfer of any portion of the RR Interest by the Transferor unless the Transferee, or the Transferee’s agent, delivers to the Certificate Registrar, among other things, a certificate in substantially the same form as this certificate. The Transferee 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 Transferee is not and will not become 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 Similar Law, or any person acting on behalf of any such plan or using the assets of any such plan (within the meaning of Department of Labor Regulations Section 2510.3-101, as modified by Section 3(42) of ERISA) to purchase the RR Interest.

 

	
        5.
	
        Check one of the following:

 

		☐	The Transferee certifies, represents and warrants to
each of the addressees hereto that:

 

	
         
	
        A.
	
        The Transferee is the Retaining Sponsor or a “majority-owned affiliate”, as such term is defined in the Risk Retention Rule (a “Majority-Owned Affiliate”) of the Retaining Sponsor; 

 

	
         
	
        B.
	
        The Transferee is not acquiring the RR Interest as a nominee, trustee or agent for any person that is not the Retaining Sponsor or a Majority-Owned Affiliate of the Retaining Sponsor;

 

	
         
	
        C.
	
        If the Transferee is a Majority-Owned Affiliate of the Retaining Sponsor, for so long as it retains its interest in the RR Interest, it will remain a Majority-Owned Affiliate of the Retaining Sponsor;

 

	
         
	
        D.
	
        The Transferee is not a Non-Exempt Person; and 

 

	
         
	
        E.
	
        The Transferee consents to any additional restrictions or arrangements that shall be deemed necessary upon advice of counsel to constitute a reasonable arrangement to ensure that its ownership of the RR Interest will satisfy the risk retention requirements of the Retaining Sponsor, in its capacity as “sponsor” under the Risk Retention Rule.

 

		☐	The Transferee certifies, represents and warrants to
each of the addressees hereto that:

 

	
         
	
        A.
	
        The Transferee is a Permitted Lender; 

 

     Exhibit D-3-2

     

    

  

	
         
	
        B.
	
        It is not acquiring an interest in the RR Interest as a nominee, trustee or agent for any person that is not a Permitted Lender, and that for so long as it retains its interest in the RR Interest, it will remain a Permitted Lender; and 

 

	
         
	
        C.
	
        The Transferee consents to any additional restrictions or arrangements that shall be deemed necessary upon advice of counsel to constitute a reasonable arrangement to ensure that its ownership of an interest in the RR Interest will satisfy the risk retention requirements of the Retaining Sponsor, in its capacity as “Sponsor” under the Risk Retention Rule.

 

	
        6.
	
        Check one of the following:

 

☐            The Transferee is a “U.S. Person” and it has attached hereto an Internal Revenue Service (“IRS”) Form W-9 (or successor form).

 

☐            The Transferee is not a “U.S. Person” and under applicable law in effect on the date hereof, no taxes will be required to be withheld by the Certificate Registrar (or its agent) with respect to Distributions to be made on the Certificate(s). The Transferee has attached hereto (i) a duly executed IRS Form W-8BEN or W-8BEN-E (or successor form), which identifies such Transferee as the beneficial owner of the Certificate(s) and states that such Transferee is not a U.S. Person, (ii) two duly executed copies of IRS Form W-8IMY (and all appropriate attachment, (iii) two duly executed copies of IRS Form W-8ECI (or successor form), which identify such Transferee as the beneficial owner of the Certificate(s) and state that interest and original issue discount on the U.S. Securities is, or is expected to be, effectively connected with a U.S. trade or business or (iv) a duly executed copy of IRS Form W-8EXP. The Transferee agrees to provide to the Certificate Registrar updated IRS Form W-8BEN, IRS Form W-8BEN-E, IRS Form W-8IMY, IRS Form W-8ECI or IRS Form W-8EXP, as the case may be, any applicable successor IRS forms, or such other certifications as the Certificate Registrar may reasonably request, on or before the date that any such IRS form or certification expires or becomes obsolete, or promptly after the occurrence of any event requiring a change in the most recent IRS form of certification furnished by it to the Certificate Registrar.

 

For purposes of this paragraph 6, “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).

 

     Exhibit D-3-3

     

    

 

	
        7.
	
        All distributions to be made to the Transferee pursuant to the Pooling and Servicing Agreement should be made to:

 

[INSERT WIRE TRANSFER INFORMATION]

 

Bank:
 

Account
No.:   

Attention:
              

Ref:    
                     

ABA No.:        

 

	
        8.
	
        Any communications to the Transferee pursuant to the Pooling and Servicing Agreement should be provided to:

 

[INSERT CONTACT INFORMATION]

 

[NAME]
 

[ADDRESS]
 

Fax
number:  

Telephone:
 

E-mail: 

 

All capitalized terms used but not defined herein have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

IN WITNESS WHEREOF, the Transferee has caused this instrument to be duly executed on its behalf by its duly authorized senior officer this ___day of _________, 20__.

 

		[TRANSFEREE] 
	 	 	 
	 	By:	 
	 	 	Name:

Title:

 

     Exhibit D-3-4

     

    

 

EXHIBIT D-4

 

FORM OF TRANSFEROR CERTIFICATE FOR TRANSFERS OF THE RR INTEREST

 

[Date]

 

Wells
Fargo Bank, National Association, as Certificate Registrar 

600
South 4th Street, 7th Floor 

MAC
N9300-070 

Minneapolis,
Minnesota 55479 

Attention: Certificate Transfers Group GSMS 2020-GC47

 

Goldman Sachs Mortgage Company, 
 as Retaining Sponsor
 200 West Street
 New York, New York 10282
 Attention: Leah Nivison

 

GS Mortgage Securities Corporation II
 200 West Street
 New York, New York 10282
 Attention: Leah Nivison

 

Cadwalader, Wickersham & Taft, LLP
 200 Liberty Street
 New York, New York 10281
 Email: lisa.pauquette@cwt.com

 

 

		Re:	GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage
Pass-Through Certificates, Series 2020-GC47 (the “Certificates”) issued, and the RR Interests created, pursuant
to the Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”), dated as of May 1, 2020, between
GS Mortgage Securities Corporation II, as Depositor, Wells Fargo Bank, National Association, as Master Servicer, KeyBank National
Association, as 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 and as Asset Representations Reviewer.

 

Ladies and Gentlemen:

 

[_____] (the “Transferor”) hereby certifies, represents and warrants to each of the addressees hereto:

  

     Exhibit D-4-1

     

    

 

	
        1.
	
        [[_____] (the “Transferor”) is transferring $[____] RR Interest Balance of the RR Interest to [______] (the “Transferee”).] [[_____] (the “Transferor”) is transferring $[____] RR Interest Balance of the RR Interest to [_____] (the “Transferee”) that is a Permitted Lender in a repurchase transaction.] [[_____] (the “Transferor”) is granting a security interest in the $[____] RR Interest Balance of the RR Interest to [_____] (the “Transferee”) that is a Permitted Lender.]

 

	
        2.
	
        The transfer or the pledge contemplated in Paragraph 1 (a “Transfer”) is in compliance with the Pooling and Servicing Agreement.

 

	
        3.
	
        The Transferor is aware that the Certificate Registrar will not recognize any Transfer of any portion of the $[____] RR Interest Balance of the RR Interest by the Transferor unless the Transferor, or the Transferor’s agent, delivers to the Certificate Registrar, among other things, a certificate in substantially the same form as this certificate. The Transferor 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.
	
        Check one of the following:

 

		☐	[The Transferor is the Retaining Sponsor,] and the Transferor
certifies, represents and warrants to you that:

 

	
         
	
        A.
	
        The Transferee is the Retaining Sponsor or a “majority-owned affiliate”, as such term is defined in the Risk Retention Rule (a “Majority-Owned Affiliate”) of the Retaining Sponsor; and 

 

	
         
	
        B.
	
        To the Transferor’s knowledge, the Transferee is not acquiring the RR Interest as a nominee, trustee or agent for any person that is not the Retaining Sponsor or a Majority-Owned Affiliate of the Retaining Sponsor. 

 

		☐	The Transferee certifies, represents and warrants to
each of the addressees hereto that:

 

	
         
	
        A.
	
        The Transferee is a Permitted Lender;

 

	
         
	
        B.
	
        The Transferor’s knowledge, the Transferee is not a Non-Exempt Person. 

 

	
         
	
        C.
	
        To the knowledge of the Transferor, the Transferee is not acquiring an interest in the RR Interest as a nominee, trustee or agent for any person that is not a Permitted Lender, and that for so long as it retains its interest in the RR Interest, it will remain a Permitted Lender. 

 

	
        5.
	
        The Transferor understands that the Transferee has delivered to you a Transferee Certificate in the form attached to the Pooling and Servicing Agreement as Exhibit D-3. 

 

     Exhibit D-4-2

     

    

 

The Transferor does not know or believe that any representation contained therein is false.

 

 

All capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.

 

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 D-4-3

     

    

 

EXHIBIT D-5

 

FORM OF TRANSFEREE CERTIFICATE FOR TRANSFERS OF THE CLASS RR CERTIFICATES

 

[Date]

 

Wells Fargo Bank, National Association

as Certificate Administrator

9062 Old Annapolis Road
 Columbia, Maryland 21045
 Attention: Risk Retention Custody – GSMS 2020-GC47

 

With a copy to: riskretentioncustody@wellsfargo.com

 

Goldman Sachs Mortgage Company, 
 as Retaining Sponsor
 200 West Street
 New York, New York 10282
 Attention: Leah Nivison

 

GS Mortgage Securities Corporation II
 200 West Street
 New York, New York 10282
 Attention: Leah Nivison

 

		Re:	GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage
Pass-Through Certificates, Series 2020-GC47 (the “Certificates”) issued pursuant to the Pooling and Servicing Agreement
(the “Pooling and Servicing Agreement”), dated as of May 1, 2020, between GS Mortgage Securities Corporation II,
as Depositor, Wells Fargo Bank, National Association, as Master Servicer, KeyBank National Association, as 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 and as Asset Representations Reviewer.

 

Ladies and Gentlemen:

 

[_____] (the “Purchaser”) hereby certifies, represents and warrants to each of the addressees hereto:

 

	
         
	
        1.
	
The
Purchaser is acquiring (the “Transfer”) $[_____] aggregate Certificate Balance of the Class RR Certificates
from [_____] (the “Transferor”).

 

	
         
	
        2.
	
        The Purchaser is aware that the Certificate Registrar will not register any transfer of any portion of the Class RR Certificates by the Transferor unless the Purchaser, or such Purchaser’s agent, delivers to the Certificate Registrar, among other things, a 

 

     Exhibit D-5-1

     

    

 

		 	certificate
                                         in substantially the same form as this certificate. The Purchaser expressly agrees that
                                         it will not consummate any such transfer if it knows or believes that any representation
                                         contained in such certificate is false.

 

	
         
	
        3.
	
        The Transfer is in compliance with any applicable credit risk retention agreement in effect between the Retaining Sponsor and the Transferor (the “Risk Retention Agreement”).

 

	
         
	
        4.
	
        The Purchaser is not and will not become 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 Similar Law, or any person acting on behalf of any such plan or using the assets of any such plan (within the meaning of Department of Labor Regulations Section 2510.3-101, as modified by Section 3(42) of ERISA) to purchase the Class RR Certificates.

 

	
         
	
        5.
	
        Check one of the following:

 

☐          The Purchaser certifies, represents and warrants to each of the addressees hereto that:

 

	
         
	
        A.
	
        It is a “majority-owned affiliate”, as such term is defined in Regulation RR, of the Transferor (a “Majority-Owned Affiliate”).

 

	
         
	
        B.
	
        It is not acquiring the Class RR 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 RR Certificates, it will remain a Majority-Owned Affiliate.

 

	
         
	
        C.
	
        It will deliver a joinder agreement substantially in the form attached to the Risk Retention Agreement pursuant to which it has agreed to be bound by the terms of the Risk Retention Agreement to the same extent as if it was the Transferor itself.

 

☐           The Transfer will occur after the termination of the Transfer Restriction Period.

 

	
         
	
        6.
	
        All distributions to be made to the Transferee Pursuant to the Pooling and Servicing Agreement should be made to:

 

[INSERT WIRE TRANSFER INFORMATION]

 

	
         
	
        7.
	
        All communications to the Transferee pursuant to the Pooling and Servicing Agreement should be provided to:

 

[INSERT CONTACT INFORMATION]

 

     Exhibit D-5-2

     

    

 

Capitalized terms used but not defined herein have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

IN WITNESS WHEREOF, the Purchaser has caused this instrument to be duly executed on its behalf by its duly authorized senior officer this ___day of _________, 20__.

 

		By:	 
	 	 	Name:

Title:

 

     Exhibit D-5-3

     

    

 

EXHIBIT D-6

 

FORM OF TRANSFEROR CERTIFICATE FOR TRANSFERS OF THE CLASS RR CERTIFICATES

 

[Date]

 

Wells Fargo Bank, National Association

as Certificate Administrator

9062 Old Annapolis Road
 Columbia, Maryland 21045
 Attention: Risk Retention Custody – GSMS 2020-GC47

 

With a copy to: riskretentioncustody@wellsfargo.com

 

Goldman Sachs Mortgage Company, 
 as Retaining Sponsor
 Email: leah.nivison@gs.com
 Email: brian.a.bolton@gs.com
 Email: gs-refgsecuritization@gs.com

 

GS Mortgage Securities Corporation II
 Email: leah.nivison@gs.com
 Email: brian.a.bolton@gs.com
 Email: gs-refgsecuritization@gs.com

 

Cadwalader, Wickersham & Taft, LLP
 200 Liberty Street
 New York, New York 10281
 Email: lisa.pauquette@cwt.com

 

		Re:	GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage
Pass-Through Certificates, Series 2020-GC47 (the “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 RR Certificates. The Certificates were issued pursuant to the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between GS Mortgage Securities Corporation II, as Depositor, Wells Fargo Bank, National Association, as Master Servicer, KeyBank National Association, as 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 and as Asset Representations Reviewer. All capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. The Transferor hereby certifies, represents and warrants to you that:

 

     Exhibit D-6-1

     

    

 

	
        1.
	
        The Transfer is in compliance with any applicable credit risk retention agreement in effect between the Retaining Sponsor and the Transferor (the “Risk Retention Agreement”) and the Pooling and Servicing Agreement.

 

	
        2.
	
        The Transferee is not and will not become 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 Similar Law, or any person acting on behalf of any such plan or using the assets of any such plan (within the meaning of Department of Labor Regulations Section 2510.3-101, as modified by Section 3(42) of ERISA) to purchase the Class RR Certificates. 

 

	
        3.
	
        Check one of the following:

 

☐           The Transferor certifies, represents and warrants to you that:

 

	
         
	
        A.
	
        The Transferee is a “majority-owned affiliate”, as such term is defined in Regulation RR, of the Transferor (a “Majority-Owned Affiliate”).

 

	
         
	
        B.
	
        The Transferor has satisfied all of the conditions under the Risk Retention Agreement applicable to transfers by the Transferor to a Majority-Owned Affiliate. 

 

☐           The Transfer will occur after the termination of the Transfer Restriction Period.

 

	
        4.
	
        The Transferor certifies, represents and warrants to you that the Transferor has provided notice of the Transfer to the Retaining Sponsor and [check one of the following]:

 

☐           The Retaining Sponsor has consented to the Transfer, a copy of which is attached hereto.

 

☐           At least ten (10) Business Days have passed since the Retaining Sponsor’s receipt of such written notice, and the Retaining Sponsor has not responded to the Transferor.

 

	
        5.
	
        The Transferor understands that the Transferee has delivered to you a Transferee Certificate in the form attached to the Pooling and Servicing Agreement as Exhibit D-5. The Transferor does not know or believe that any representation contained therein is false.

 

	
        6.
	
        All distributions to be made to the Transferee Pursuant to the Pooling and Servicing Agreement should be made to:

 

[INSERT WIRE TRANSFER INFORMATION]

 

	
        7.
	
        All communications to the Transferee pursuant to the Pooling and Servicing Agreement should be provided to:

 

[INSERT CONTACT INFORMATION]

 

     Exhibit D-6-2

     

    

  

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:

 

     Exhibit D-6-3

     

    

 

EXHIBIT D-7

 

FORM OF REQUEST OF RETAINING SPONSOR CONSENT FOR RELEASE OF THE CLASS RR CERTIFICATES 

 

[Date]
 

TO BE SENT BY ELECTRONIC
MAIL TO THE RETAINING SPONSOR BY THE CERTIFICATE ADMINISTRATOR 

Goldman Sachs Mortgage
Company,  

as Retaining Sponsor 

Email: leah.nivison@gs.com 

Email: brian.a.bolton@gs.com 

Email: gs-refgsecuritization@gs.com

 

GS Mortgage Securities
Corporation II, 

as Depositor 

Email: leah.nivison@gs.com 

Email: brian.a.bolton@gs.com 

Email: gs-refgsecuritization@gs.com

 

Cadwalader, Wickersham
& Taft, LLP 

200 Liberty Street 

New York, New York 10281 

Email: lisa.pauquette@cwt.com

 

		Re:	GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage
Pass-Through Certificates, Series 2020-GC47 (the “Certificates”)

 

Ladies and Gentlemen:

 

This is delivered to you in connection with the release (the “Release”) of $[_____] aggregate Certificate Balance of the Class RR Certificates from the Retained Interest Safekeeping Account.

 

The Certificates were issued pursuant to the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between GS Mortgage Securities Corporation II, as Depositor, Wells Fargo Bank, National Association, as Master Servicer, KeyBank National Association, as 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 and as Asset Representations Reviewer. All capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.

 

Add any further explanation for the request for release [and conversion] below:

 

 

 

     Exhibit D-7-1

     

    

 

 

 

 

 

 

 

 

 

 

 

 

  

The
Holder of the Class RR Certificates hereby requests your written consent to the Release and conversion to a Book-Entry
Certificate.

 

IMPORTANT NOTICE: IF YOU FAIL TO RESPOND TO THE CERTIFICATE ADMINISTRATOR IN WRITING AT THE CONTACT INFORMATION SET FORTH BELOW WITHIN 10 BUSINESS DAYS AFTER YOUR RECEIPT OF THIS REQUEST, THEN THE RELEASE WILL BE DEEMED TO HAVE BEEN APPROVED BY YOU UNDER THE POOLING AND SERVICING AGREEMENT.

 

     Exhibit D-7-2

     

    

 

The contact information of the Certificate Administrator is:

 

Wells Fargo Bank, National Association
 9062 Old Annapolis Road
 Columbia, Maryland 21045
 Attention: Risk Retention Custody – GS 2020-GC47
 Email: RiskRetentionCustody@wellsfargo.com

 

	 	Sincerely,
	 	 	 
	 	[REQUESTING PARTY]
	 	 	 
		By:	 
	 	 	Name:

Title:

 

CONSENT TO RELEASE:

 

RETAINING SPONSOR

 

 

By:
 Name: 
 Title: 

Email:

 

     Exhibit D-7-3

     

    

 

EXHIBIT E

 

FORM OF REQUEST FOR RELEASE
(for Custodian)

	Loan Information
	 	 	 
	 	Name of Mortgagor:	
 
	 	 	 
	 	[Master Servicer]	 
	 	
        [Special Servicer]

        

        Loan No.: 
	

	 	 	 
	Custodian
	 
	 	Name:	Wells Fargo Bank, National Association
	 	 	 
	 	Address:	1055 10th Avenue SE

Minneapolis, MN 55414

Attention:  Corporate Trust Services (CMBS)

GS Mortgage Securities Trust 2020-GC47
	 	 	 
	 	Custodian/Trustee

 Mortgage File No.:	
 
	 
	Depositor
	 	Name:	GS Mortgage Securities Corporation II
	 	 	 
	 	Address:	
        200 West Street

        

        New York, New York 10282

        

        Attention: Leah Nivison

        

	 	 	 
	 	Certificates:	GS Mortgage Securities Trust 2020-GC47, Commercial   Mortgage Pass-Through Certificates, Series 2020-GC47

  

The undersigned [Master Servicer] [Special Servicer] hereby requests delivery from Wells Fargo Bank, National Association, as custodian (in such capacity, the “Custodian”) on behalf of Wilmington Trust, National Association, as trustee (in such capacity, the “Trustee”), for the Holders of GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47, 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 Pooling and Servicing Agreement dated as of May 1, 2020, by and among GS Mortgage Securities Corporation II, as Depositor, Wells Fargo Bank, National Association, as Master Servicer, KeyBank National Association, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Wilmington Trust, National Association, as

 

     Exhibit E-1

     

    

 

Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer (the “Pooling and Servicing Agreement”).

 

		( )	 	 

 

		( )	 	 

 

		( )	 	 

 

		( )	 	 

 

The undersigned [Master Servicer] [Special Servicer] hereby acknowledges and agrees as follows:

 

(1)        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 Pooling and Servicing Agreement.

 

(2)        The [Master 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 [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 Pooling and Servicing Agreement.

 

(3)        The [Master Servicer] [Special Servicer] shall return the Documents to the Custodian when the need therefor no longer exists, unless the Mortgage Loans have been liquidated or the Mortgage Loans have been paid in full and the proceeds thereof have been remitted to the Collection Account except as expressly provided in the Pooling and Servicing Agreement.

 

(4)        The Documents and any proceeds thereof, including proceeds of proceeds, coming into the possession or control of the [Master Servicer] [Special Servicer] shall at all times be earmarked for the account of the Trustee, and the [Master Servicer] [Special Servicer] shall keep the Documents separate and distinct from all other property in the [Master Servicer’s] [Special Servicer’s] possession, custody or control.

 

	 	[____________]  
	 	 	 
		By:	 
	 	 	Name:

Title:

 

Date: _________

 

     Exhibit E-2

     

    

 

EXHIBIT F-1

 

FORM OF ERISA REPRESENTATION
 LETTER REGARDING ERISA RESTRICTED CERTIFICATES

 

Wells
Fargo Bank, National Association,
 as Certificate Administrator 

600 South 4th Street, 7th
Floor, MAC: N9300-070 

Minneapolis, Minnesota 55479 

Attention:
Corporate Trust Services (CMBS) 

GS Mortgage Securities Trust 2020-GC47

 

GS Mortgage
Securities Corporation II
 200 West Street 

New York,
New York, 10282 

Attention: Leah Nivison

 

		Re:	Transfer of GS Mortgage Securities Trust 2020-GC47, Commercial
Mortgage Pass-Through Certificates, Series 2020-GC47

 

Ladies and Gentlemen:

 

The undersigned (the “Purchaser”) proposes to purchase US$[___] aggregate Certificate Balance in the GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47, Class [[F][X-F][G][X-G][H]] Certificates issued pursuant to that certain Pooling and Servicing Agreement dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, Wells Fargo Bank, National Association, as Master Servicer, KeyBank National Association, as 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 and as Asset Representations Reviewer. Capitalized terms used and not otherwise defined herein have the respective meanings ascribed to such terms in the Pooling and Servicing Agreement.

 

In connection with such transfer, the undersigned hereby represents and warrants to you as follows:

 

The Purchaser is not and will not become (a) an employee benefit plan or other plan subject to the fiduciary responsibility provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), or a governmental plan (as defined in Section 3(32) of ERISA) or other plan subject to any federal, state or local law which is, to a material extent, similar to the foregoing provisions of ERISA or the Code (“Similar Law”) (each a “Plan”) or (b) a person acting on behalf of or using the assets of any such Plan (within the meaning of Department of Labor Regulation § 2510.3-101, as modified by Section 3(42) of ERISA), other than an insurance company using the assets of its “insurance company general account” (as such term is defined in Section V(e) of Prohibited Transaction Class Exemption (“PTCE”) 95-60)

 

     Exhibit F-1-1

     

    

 

under circumstances whereby the purchase and holding of Certificates by such insurance company will be exempt from the prohibited transaction provisions of ERISA and the Code under Sections I and III of PTCE 95-60 (or, in the case of a Plan subject to Similar Law, where the acquisition, holding and disposition of such Certificates will not constitute or result in a non-exempt violation of applicable Similar Law).

  

IN WITNESS WHEREOF, the Purchaser hereby executes this ERISA Representation Letter on the ___ day of _____________, 20__.

 

	 	Very truly yours,
	 	  	 
	 	 	[The Purchaser]
	 	 	 
		By:	 
	 	 	Name:

Title:

 

Date: _________

 

     Exhibit F-1-2

     

    

 

EXHIBIT F-2

 

FORM OF ERISA REPRESENTATION LETTER
 REGARDING [CLASS R CERTIFICATES] [CLASS RR CERTIFICATES][THE RR INTEREST]

 

[Date]

 

Wells
Fargo Bank, National Association,
 as Certificate Administrator 

600
South 4th Street, 7th Floor, MAC: N9300-070 

Minneapolis, Minnesota 55479
 Attention: Corporate Trust Services (CMBS)
 GS Mortgage Securities Trust 2020-GC47

 

[Transferor] 

[______] 

[______] 

Attention: [______]

 

		Re:	GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage
Pass-Through Certificates, Series 2020-GC47

 

Ladies and Gentlemen:

 

The undersigned (the “Purchaser”) proposes to purchase [$[__] aggregate Certificate Balance][[__]% Percentage Interest] in [the GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47, Class [R][RR] Certificates (the “Class [R][RR] Certificate”) issued][the RR Interest created] pursuant to that certain Pooling and Servicing Agreement dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, Wells Fargo Bank, National Association, as Master Servicer, KeyBank National Association, as 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 and as Asset Representations Reviewer. Capitalized terms used and not otherwise defined herein have the respective meanings ascribed to such terms in the Pooling and Servicing Agreement.

 

In connection with such transfer, the undersigned hereby represents and warrants to you that, with respect to the [Class [R][RR] Certificate][RR Interest], the Purchaser is not and will not become an employee benefit plan or other plan subject to the fiduciary responsibility provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), or a governmental plan (as defined in Section 3(32) of ERISA) or other plan that is subject to any federal, state or local law that is, to a material extent, similar to the foregoing provisions of ERISA or the Code (“Similar Law”) (each, a “Plan”), or any person acting on behalf of any such Plan or using the

 

     Exhibit F-2-1

     

    

 

assets of a Plan (within the meaning of Department of Labor Regulation § 2510.3-101, as modified by Section 3(42) of ERISA) to purchase such [Class [R][RR] Certificate][RR Interest].

  

IN WITNESS WHEREOF, the Purchaser hereby executes this ERISA Representation Letter on the ___ day of _____, 20__.

 

	 	Very truly yours,
	 	 	 
	 	[The Purchaser]
	 	 	 
		By:	 
	 	 	Name:

Title:

 

     Exhibit F-2-2

     

    

 

EXHIBIT G

 

FORM OF DISTRIBUTION DATE STATEMENT

 

     Exhibit G-1

     

    

  

(THIS
PAGE INTENTIONALLY LEFT BLANK)

 

     

     

    

 

 

	 	 	 	 
		GS Mortgage Securities Trust 2020-GC47
 

                                                

                                               Commercial Mortgage Pass -Through Certificates
 

Series 2020-GC47
	For
    Additional Information please contact
	CTSLink
    Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	6/12/20
	8480 Stagecoach Circle	Record Date:	5/29/20
	Frederick, MD 21701-4747	Determination Date:	6/8/20

	 	 	 	 	 	 	 	 	 
	 	 	 	 	DISTRIBUTION DATE STATEMENT	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Table of Contents	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	STATEMENT
    SECTIONS	PAGE(s)	 	 	 
	 	 	 	 	Certificate Distribution Detail	2	 	 	 
	 	 	 	 	Certificate Factor Detail	3	 	 	 
	 	 	 	 	Reconciliation Detail	4	 	 	 
	 	 	 	 	Other Required Information	5	 	 	 
	 	 	 	 	Cash Reconciliation Detail	6	 	 	 
	 	 	 	 	Current Mortgage Loan and Property Stratification
    Tables	7 - 9	 	 	 
	 	 	 	 	Mortgage Loan Detail	10	 	 	 
	 	 	 	 	NOI Detail	11	 	 	 
	 	 	 	 	Principal Prepayment Detail	12	 	 	 
	 	 	 	 	Historical Detail	13	 	 	 
	 	 	 	 	Delinquency Loan Detail	14	 	 	 
	 	 	 	 	Specially Serviced Loan Detail	15 - 16	 	 	 
	 	 	 	 	Advance Summary	17	 	 	 
	 	 	 	 	Modified Loan Detail	18	 	 	 
	 	 	 	 	Historical Liquidated Loan Detail	19	 	 	 
	 	 	 	 	Historical Bond / Collateral Loss Reconciliation	20	 	 	 
	 	 	 	 	Interest Shortfall Reconciliation Detail	21 - 22	 	 	 
	 	 	 	 	Supplemental Reporting	23	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Depositor	 	 	 	Master
    Servicer	 	 	 	Special
    Servicer	 	 	 	Operating Advisor

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	 	 
	 	 	 	GS
                                         Mortgage Securities Corporation II 
	 	 	 	Wells Fargo Bank, National Association	 	 	 	KeyBank National Association	 	 	 	Park Bridge Lender Services LLC	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	200 West Street	 	 	 	Three Wells Fargo, MAC D1050-084	 	 	 	11501 Outlook Street	 	 	 	600 Third Avenue,	 	 
	 	 	 	New York, NY 10282	 	 	 	401 S. Tryon Street, 8th Floor	 	 	 	Suite 300	 	 	 	40th Floor	 	 
	 	 	 	 	 	 	 	Charlotte, NC 28202	 	 	 	Overland Park, KS 66211	 	 	 	New York, NY 10016	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Contact:              Leah
    Nivison	 	 	 	Contact: REAM_InvestorRelations@wellsfargo.com	 	 	 	Contact:                Alan Williams	 	 	 	Contact:                David Rodgers	 	 
	 	 	 	Phone Number:   (212) 902-1000	 	 	 	 	 	 	 	Phone Number:     (913) 317-4103	 	 	 	Phone Number:     (212) 230-9025	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	This report is compiled by Wells Fargo Bank, N.A. from information provided by third parties. Wells Fargo Bank, N.A. has not independently confirmed the accuracy of the information.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Please visit www.ctslink.com for additional information and if applicable, any special notices and any credit risk retention notices. In addition, certificateholders and the RR Interest Owner may register online for email notification when special notices are posted. For information or assistance please call 866-846-4526.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

  

Page 1 of 23

 

     

     

    

 

	 	 	 	 
		GS Mortgage Securities Trust 2020-GC47

    Commercial Mortgage Pass -Through Certificates

    

Series 2020-GC47	For Additional Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	6/12/20
	8480 Stagecoach Circle	Record Date:	5/29/20
	Frederick, MD 21701-4747	Determination Date:	6/8/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Certificate Distribution Detail	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	CUSIP	Pass-Through
 Rate	Original

    Balance	 	Beginning

    Balance	 	Principal

    Distribution	 	Interest

    Distribution	 	Prepayment

    Premium	 	Realized
    Loss/

    Additional Trust

    Fund Expenses	 	Total

    Distribution	 	Ending

    Balance	 	Current

    Subordination

    Level (1)	 	 
	 	 	A-1	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-4	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-5	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-AB	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-S	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	C	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	D	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	E	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	F	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	G	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	H	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	R	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	RR Certificates	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	RR Interest

	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	Totals	 	 	 	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	CUSIP	Pass-Through
 Rate	Original

    Notional

    Amount	 	Beginning

    Notional

    Amount	 	Interest

    Distribution	 	Prepayment

    Premium	 	Total

    Distribution	 	Ending

    Notional

    Amount	 	 	 	 	 	 	 	 
	 	 	X-A	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-E	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-F	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-G	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	(1) Calculated by taking (A) the sum of the ending certificate balance of all classes less (B) the sum of (i) the ending balance
of the designated class and (ii) the ending certificate balance of all classes which are not subordinate to the designated class and dividing the result by (A).

        
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

Page 2 of 23

 

     

     

    

 

	 	 	 	 
		GS Mortgage Securities Trust 2020-GC47

    Commercial Mortgage Pass -Through Certificates

    

Series 2020-GC47	For Additional Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	6/12/20
	8480 Stagecoach Circle	Record Date:	5/29/20
	Frederick, MD 21701-4747	Determination Date:	6/8/20

	 	 	 	 	 	 	 	 	 	 
	Certificate
    Factor Detail
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

Balance
	Principal

Distribution
	Interest

Distribution
	Prepayment

Premium
	Realized
Loss/

Additional Trust

Fund Expenses
	Ending

Balance
	 
	 	 
	 	 
	 	A-1	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-4	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-5	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-AB	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-S	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	B	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	C	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	D	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	E	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	F	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	G	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	H	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	R	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	RR Certificates	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	RR Interest
	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

        Notional

        Amount
	Interest

        Distribution
	Prepayment

        Premium
	Ending

        Notional

        Amount
	 	 	 
	 	 	 	 
	 	 	 	 
	 	X-A	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-E	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-F	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-G	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

Page 3 of 23

 

     

     

    

 

	 	 	 	 
		GS Mortgage Securities Trust 2020-GC47

    Commercial Mortgage Pass -Through Certificates

    

Series 2020-GC47	For Additional Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	6/12/20
	8480 Stagecoach Circle	Record Date:	5/29/20
	Frederick, MD 21701-4747	Determination Date:	6/8/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Reconciliation
    Detail	 	 
	 	 	Principal Reconciliation	 	 
	 	 	 	 	Stated
    Beginning 

    Principal Balance	 	Unpaid
    Beginning

    Principal Balance	 	Scheduled
    Principal	 	Unscheduled Principal	 	Principal Adjustments	 	Realized
    Loss	 	Stated
    Ending

    Principal Balance	 	Unpaid
    Ending

    Principal Balance	 	Current
    Principal

    Distribution Amount	 	 
	 	 	Total	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Certificate Interest Reconciliation	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	Accrual

    Dates	 	Accrual

    Days	 	Accrued 

Certificate

    Interest	 	Net
    Aggregate

    Prepayment

    Interest Shortfall	 	Distributable 

Certificate

Interest	 	Distributable

    Certificate Interest

    Adjustment	 	WAC
    CAP

    Shortfall	 	Interest

Shortfall/(Excess)	 	Interest

    Distribution	 	Remaining
    Unpaid

    Distributable
 Certificate Interest	 	 
	 	 	A-1	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-4	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-5	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-AB	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X-A	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	A-S	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	B	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	C	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	D	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	E	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X-E	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	F	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X-F	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	G	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	X-G	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	H	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	RR Certificates	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	RR Interest	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	Totals	 	 	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

Page 4  of 23

 

     

     

    

 

	 	 	 	 
		GS Mortgage Securities Trust 2020-GC47

    Commercial Mortgage Pass -Through Certificates

    

Series 2020-GC47	For Additional Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	6/12/20
	8480 Stagecoach Circle	Record Date:	5/29/20
	Frederick, MD 21701-4747	Determination Date:	6/8/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Other Required Information	 
	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Available Funds (1)	 	  0.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	VRR
    Available Funds	 	  0.00	 	 	Appraisal Reduction Amount	 	 	 	 
	 	 	Non-VRR Available
    Funds	 	  0.00	 	 	 	 	 	 	 
	 	 		 	 	 	 	Loan

    Number	 	 	Appraisal	 	 	Cumulative	 	 	Most
    Recent	 	 	 
	 	 		 	 	 	 	 	 	Reduction	 	 	ASER	 	 	App.
    Reduction	 	 	 
	 	 	 	 	 	 	 	 	 	Effected	 	 	Amount	 	 	Date	 	 	 
	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Controlling Class
    Information	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Controlling
    Class:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Effective
    as of: mm/dd/yyyy	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	(1) The Available Funds amount includes any Prepayment Premiums.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

Page 5  of 23

 

     

     

    

 

	 	 	 	 
		GS Mortgage Securities Trust 2020-GC47

    Commercial Mortgage Pass -Through Certificates

    

Series 2020-GC47	For Additional Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	6/12/20
	8480 Stagecoach Circle	Record Date:	5/29/20
	Frederick, MD 21701-4747	Determination Date:	6/8/20

	 	 	 	 	 	 	 	 	 
	 	Cash
    Reconciliation Detail	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Total Funds Collected	 	 	 	Total Funds Distributed	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Interest:	 	 	 	Fees:	 	 	 
	 	Scheduled Interest	0.00	 	 	Master Servicing Fee - Wells Fargo Bank, N.A.	0.00	 	 
	 	Interest reductions
    due to Nonrecoverability Determinations	0.00	 	 	Trustee Fee - Wilmington Trust, N.A.	0.00	 	 
	 	Interest Adjustments	0.00	 	 	Certificate Administrator Fee - Wells Fargo Bank, N.A.	0.00	 	 
	 	Deferred Interest	0.00	 	 	CREFC® Intellectual Property Royalty License Fee	0.00	 	 
	 	ARD Interest	0.00	 	 	Operating Advisor Fee - Park Bridge Lender Services LLC	0.00	 	 
	 	Default Interest and
    Late Payment Charges	0.00	 	 	Asset Representations Reviewer Fee - Park Bridge Lender Services LLC	0.00	 	 
	 	Net Prepayment Interest
    Shortfall	0.00	 	 	 	 	 
	 	Net Prepayment Interest
    Excess	0.00	 	 	Total Fees	 	0.00	 
	 	Extension Interest	0.00	 	 	 	 	 	 
	 	Interest Reserve Withdrawal	0.00	 	 	Additional Trust
    Fund Expenses:	 	 	 
	 	Total Interest
    Collected	 	0.00	 	Reimbursement for
    Interest on Advances	0.00	 	 
	 	 	 	 	 	ASER Amount	0.00	 	 
	 	Principal:	 	 	 	Special Servicing
    Fee	0.00	 	 
	 	Scheduled Principal	0.00	 	 	Attorney Fees &
    Expenses	0.00	 	 
	 	Unscheduled Principal	0.00	 	 	Bankruptcy Expense	0.00	 	 
	 	Principal Prepayments	0.00	 	 	Taxes Imposed on Trust
    Fund	0.00	 	 
	 	Collection of Principal
    after Maturity Date	0.00	 	 	Non-Recoverable Advances	0.00	 	 
	 	Recoveries from Liquidation
    and Insurance Proceeds	0.00	 	 	Workout-Delayed Reimbursement
    Amounts	0.00	 	 
	 	Excess of Prior Principal
    Amounts paid	0.00	 	 	Other Expenses	0.00	 	 
	 	Curtailments	0.00	 	 	Total Additional
    Trust Fund Expenses	 	0.00	 
	 	Negative Amortization	0.00	 	 	 	 	 	 
	 	Principal Adjustments	0.00	 	 	 	 	 	 
	 	Total Principal
    Collected	 	0.00	 	Interest Reserve
    Deposit	 	0.00	 
	 	 	 	 	 	 	 	 	 
	 	Other:	 	 	 	Payments to Certificateholders
    & Others:	 	 	 
	 	Prepayment Penalties/Yield
    Maintenance Charges	0.00	 	 	Interest Distribution	0.00	 	 
	 	Repayment Fees	0.00	 	 	Principal Distribution	0.00	 	 
	 	Borrower Option Extension
    Fees	0.00	 	 	Prepayment Penalties/Yield
    Maintenance Charges	0.00	 	 
	 	Excess Liquidation
    Proceeds	0.00	 	 	Borrower Option Extension
    Fees	0.00	 	 
	 	Net Swap Counterparty
    Payments Received	0.00	 	 	Net Swap Counterparty
    Payments Received	0.00	 	 
	 	Total Other Collected	 	0.00	 	Total Payments
    to Certificateholders & Others	 	0.00	 
	 	Total Funds Collected	 	0.00	 	Total Funds Distributed	 	0.00	 
	 	 	 	 	 	 	 	 	 

 

Page 6 of 23

 

     

     

    

 

	 	 	 	 
		GS Mortgage Securities Trust 2020-GC47

    Commercial Mortgage Pass -Through Certificates

    

Series 2020-GC47	For Additional Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	6/12/20
	8480 Stagecoach Circle	Record Date:	5/29/20
	Frederick, MD 21701-4747	Determination Date:	6/8/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current Mortgage Loan
    and Property Stratification Tables

    Aggregate Pool	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Scheduled Balance	 	State   (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Scheduled

    Balance	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 	State	#
    of

    Props.	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	See footnotes
    on last page of this section.	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

Page 7 of 23

 

     

     

    
 

	 	 	 	 
		GS Mortgage Securities Trust 2020-GC47

    Commercial Mortgage Pass -Through Certificates

    

Series 2020-GC47	For Additional Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	6/12/20
	8480 Stagecoach Circle	Record Date:	5/29/20
	Frederick, MD 21701-4747	Determination Date:	6/8/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current Mortgage Loan
    and Property Stratification Tables

    Aggregate Pool	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Debt Service Coverage Ratio	 	Property Type   (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Debt
    Service

    Coverage Ratio	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 	Property
    Type	#
    of

    Props.	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note Rate	 	Seasoning	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note

    Rate	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 	Seasoning	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	See footnotes on last page
    of this section.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

Page  8 of 23

 

     

     

    

 

	 	 	 	 
		GS Mortgage Securities Trust 2020-GC47

    Commercial Mortgage Pass -Through Certificates

    

Series 2020-GC47	For Additional Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	6/12/20
	8480 Stagecoach Circle	Record Date:	5/29/20
	Frederick, MD 21701-4747	Determination Date:	6/8/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current Mortgage Loan
    and Property Stratification Tables

    Aggregate Pool	 
	 	 	 	 	 
	 	Anticipated
    Remaining Term (ARD and Balloon Loans)	 	Remaining
    Stated Term (Fully Amortizing Loans)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Anticipated
    Remaining

    Term (2)	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM
    (2)	WAC	Weighted

    Avg DSCR (1)	 	Remaining
    Stated

    Term	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Remaining Amortization Term (ARD and Balloon Loans)	 	Age of Most Recent
NOI	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Remaining
    Amortization Term	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM (2)	WAC	Weighted

    Avg DSCR (1)	 	Age
    of Most 

    Recent NOI	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	

(1) Debt Service Coverage Ratios are updated periodically as new NOI figures become
available from borrowers on an asset level. In all cases the most current DSCR provided by the Servicer is used. To the extent that
no DSCR is provided by the Servicer, information from the offering document is used. The Trustee makes no representations as to
the accuracy of the data provided by the borrower for this calculation.

	 
	 	(2) Anticipated Remaining Term and WAM are each calculated based upon the term from the current month to the earlier of the Anticipated Repayment Date, if applicable, and the Maturity Date.	 
	 	(3) Data in this table was calculated by allocating pro-rata the
        current loan information to the properties based upon the Cut-off Date balance of each property as disclosed in the
        offering document. The Scheduled Balance Totals reflect the aggregate balances of all pooled loans as reported in the CREFC
        Loan Periodic Update File. To the extent that the Scheduled Balance Total figure for the “State” and
        “Property” stratification tables is not equal to the sum of the scheduled balance figures for each state or
        property, the difference is explained by loans that have been modified into a split loan structure. The “State”
        and “Property” stratification tables do not include the balance of the subordinate note (sometimes called the
        B-piece or a “hope note”) of a loan that has been modified into a split-loan structure. Rather, the scheduled
        balance for each state or property only reflects the balance of the senior note (sometimes called the A-piece) of a loan that
        has been modified into a split-loan structure.	 
	 	Note: There are no Hyper-Amortization
    Loans included in the Mortgage Pool.	 
	 	 	 	 	 

 

Page 9 of 23

 

     

     

    

 

	 	 	 	 
		GS Mortgage Securities Trust 2020-GC47

    Commercial Mortgage Pass -Through Certificates

    

Series 2020-GC47	For Additional Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	6/12/20
	8480 Stagecoach Circle	Record Date:	5/29/20
	Frederick, MD 21701-4747	Determination Date:	6/8/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Mortgage
    Loan Detail	 
	 	 	 
	 	Loan

    Number	ODCR
    	Property

    Type (1)	City	State	Interest

    Payment	Principal

    Payment	Gross

    Coupon	Anticipated
    

    Repayment

    Date	Maturity

    Date	Neg.

    Amort

    (Y/N)	Beginning

    Scheduled

    Balance	Ending

    Scheduled

    Balance	Paid

    Thru

    Date	Appraisal

    Reduction

    Date	Appraisal

    Reduction

    Amount	Res.

    Strat.

    (2)	Mod.

    Code

    (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(1)
    Property Type Code	(2)
    Resolution Strategy Code	(3)
    Modification Code	 
	 	MF
    	-	Multi-Family	SS	-	Self Storage	1	-	Modification	7	-	REO	11	-	Full Payoff	1	-	Maturity Date Extension	6	-	Capitalization
    on Interest	 
	 	RT
    	-	Retail	98 	-	Other	2 	-	Foreclosure	8	-	Resolved	12	-	Reps and Warranties	2	-	Amortization Change	7	-	Capitalization
    on Taxes	 
	 	HC	-	Health Care	SE	-	Securities	3	-	Bankruptcy	9	-	Pending Return	13	-	TBD	3	-	Principal Write-Off	8	-	Other	 
	 	IN  	-	Industrial	CH	-	Cooperative Housing	4	-	Extension	 	 	   to Master Servicer	98	-	Other	4	-	Blank	9	-	Combination	 
	 	MH	-	Mobile Home Park	WH	-	Warehouse	5	-	Note Sale	10	-	Deed in Lieu Of	 	 	 	5	-	Temporary Rate Reduction 	10	-	Forbearance	 
	 	OF
    	-	Office	ZZ	-	Missing Information	6	-	DPO	 	 	   Foreclosure	 	 	 	 	 	 	 	 	 	 
	 	MU	-	Mixed Use	SF	-	Single Family	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	LO
    	-	Lodging	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

Page 10 of 23

 

     

     

    

 

	 	 	 	 
		GS Mortgage Securities Trust 2020-GC47

    Commercial Mortgage Pass -Through Certificates

    

Series 2020-GC47	For Additional Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	6/12/20
	8480 Stagecoach Circle	Record Date:	5/29/20
	Frederick, MD 21701-4747	Determination Date:	6/8/20

	 	 	 	 	 	 	 	 	 	 	 	 
	 	NOI Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	ODCR	Property

    Type	City	State	Ending

    Scheduled

    Balance	Most

    Recent

    Fiscal NOI (1)	Most

    Recent

    NOI (1)	Most
    Recent

    NOI Start

    Date	Most
    Recent

    NOI End

    Date	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Total	 	 	 	 	 	 	 	 	 	 
	 	 
	 	(1) The Most Recent Fiscal NOI and Most Recent NOI fields correspond to the financial data reported by the Master Servicer. An NOI of 0.00 means the Master Servicer did not report NOI figures in their loan level reporting.
	 	 	 	 	 	 	 	 	 	 	 	 

 

Page 11 of 23

 

     

     

    

 

	 	 	 	 
		GS Mortgage Securities Trust 2020-GC47

    Commercial Mortgage Pass -Through Certificates

    

Series 2020-GC47	For Additional Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	6/12/20
	8480 Stagecoach Circle	Record Date:	5/29/20
	Frederick, MD 21701-4747	Determination Date:	6/8/20

	 	 	 	 	 	 	 	 	 
	 	Principal Prepayment Detail	 
	 	 	 	 	 	 	 	 	 
	 	Loan Number	Loan Group	Offering
    Document	Principal
    Prepayment Amount	Prepayment
    Penalties	 
	 	Cross-Reference	Payoff
    Amount	Curtailment
    Amount	Prepayment
    Premium	Yield
    Maintenance Charge	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

Page 12 of 23

 

     

     

    

 

	 	 	 	 
		GS Mortgage Securities Trust 2020-GC47

    Commercial Mortgage Pass -Through Certificates

    

Series 2020-GC47	For Additional Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	6/12/20
	8480 Stagecoach Circle	Record Date:	5/29/20
	Frederick, MD 21701-4747	Determination Date:	6/8/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquencies	Prepayments	Rate
    and Maturities	 
	 	Distribution	30-59
    Days	60-89
    Days	90
    Days or More	Foreclosure	REO	Modifications	Curtailments	Payoff	Next
    Weighted Avg.	 	 
	 	Date	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Amount	#	Amount	Coupon	Remit	WAM	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note: Foreclosure and REO Totals are excluded from the
    delinquencies.	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

Page 13 of 23

 

     

     

    

 

	 	 	 	 
		GS Mortgage Securities Trust 2020-GC47

    Commercial Mortgage Pass -Through Certificates

    

Series 2020-GC47	For Additional Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	6/12/20
	8480 Stagecoach Circle	Record Date:	5/29/20
	Frederick, MD 21701-4747	Determination Date:	6/8/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquency Loan Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan
    Number	Offering

    Document

    Cross-Reference	#
    of

    Months

    Delinq.	Paid
    Through

    Date	Current

    P&I

    Advances	Outstanding

    P&I

    Advances **	Status
    of
 Loan  (1)	Resolution

    Strategy

    Code  (2)	Servicing
Transfer Date	Foreclosure

    Date	Actual

    Principal

    Balance	Outstanding

    Servicing

    Advances	Bankruptcy

    Date	REO

    Date	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	(1)
    Status of Mortgage Loan	 	 	(2)
    Resolution Strategy Code	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	A	-	Payment Not Received	0	-   Current	4	-	Performing Matured Balloon

	1	-	Modification	7	-	REO	11	-	Full Payoff	 	 
	 	 	 	 	But Still in Grace Period	1	-   30-59 Days Delinquent	5	-	Non
                                  Performing Matured Balloon 

	2 	-	Foreclosure	8	-	Resolved	12	-	Reps and Warranties	 	 
	 	 	 	 	Or Not Yet Due	2	-   60-89 Days Delinquent	6	-	121+ Days Delinquent	3 	-	Bankruptcy	9	-	Pending Return	13	-	TBD	 	 
	 	 	B	-	Late Payment But Less	3	-   90-120 Days Delinquent	 	 	 	4 	-	Extension	 		  to Master Servicer	98	-	Other	 	 
	 	 	 	 	Than 30 Days
    Delinquent	 	 	 	 	 	5 	-	Note Sale	10 	-	Deed In Lieu Of				 	 
	 	 	 	 	 	 	 	 	 	 	6	-	DPO	 	 	Foreclosure

	 	 	 	 	 
	 	 	** Outstanding P&I Advances include the current period advance.

                                                             
	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

Page 14 of 23

 

     

     

    

 

	 	 	 	 
		GS Mortgage Securities Trust 2020-GC47

    Commercial Mortgage Pass -Through Certificates

    

Series 2020-GC47	For Additional Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	6/12/20
	8480 Stagecoach Circle	Record Date:	5/29/20
	Frederick, MD 21701-4747	Determination Date:	6/8/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Specially Serviced Loan
    Detail - Part 1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	 	Offering

    Document

    Cross-Reference	Servicing

    Transfer

    Date	Resolution

    Strategy

    Code (1)	Scheduled

    Balance	Property

    Type (2)	State	Interest

    Rate	Actual

    Balance	Net

    Operating

    Income	DSCR

    Date	DSCR	Note

    Date	Maturity

    Date	Remaining

    Amortization

    Term	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1) Resolution Strategy Code	(2) Property Type Code          	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	1	  -   Modification	7	-	REO	11	-	Full Payoff	MF	-	 Multi-Family	SS	-	Self Storage	 
	 	2	  -   Foreclosure	8	-	Resolved	12	-	Reps and Warranties	RT	-	 Retail	98	-	Other	 
	 	3	  -   Bankruptcy	9	-	Pending Return	13	-	TBD	HC	-	 Health Care	SE	-	Securities	 
	 	4	  -   Extension			to Master Servicer	98	-	Other	IN	-	 Industrial	CH	-	Cooperative Housing	 
	 	5	  -   Note Sale	10	-	Deed in Lieu Of	 			MH	-	 Mobile Home Park	WH	-	Warehouse	 
	 	6	  -   DPO	 	 	Foreclosure	 	 	 	OF	-	Office	ZZ	-	Missing Information	 
	 	 	 	 	 	 	 	 	 	MU	-	Mixed Use	SF	-	Single Family	 
	 	 	 	 	 	 	 	 	 	LO	-	Lodging	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

Page 15 of 23

 

     

     

    

 

	 	 	 	 
		GS Mortgage Securities Trust 2020-GC47

    Commercial Mortgage Pass -Through Certificates

    

Series 2020-GC47	For Additional Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	6/12/20
	8480 Stagecoach Circle	Record Date:	5/29/20
	Frederick, MD 21701-4747	Determination Date:	6/8/20

	 	 	 	 	 	 	 	 	 	 	 	 
	 	Specially
    Serviced Loan Detail - Part 2	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	 	Offering

    Document

    Cross-Reference	Resolution

    Strategy

    Code (1)	Site

    Inspection

    Date	Phase 1 Date
	Appraisal
Date	Appraisal

    Value	Other
    REO

    Property Revenue	Comment
    from Special Servicer	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1) Resolution Strategy Code	(2) Property Type Code          	 
	 	1	 -   Modification	7	-	REO	11	-	Full Payoff	MF	-	 Multi-Family	SS	-	Self Storage	 
	 	2	 -   Foreclosure	8	-	Resolved	12	-	Reps and Warranties	RT	-	 Retail	98	-	Other	 
	 	3	 -   Bankruptcy	9	-	Pending Return	13	-	TBD	HC	-	 Health Care	SE	-	Securities	 
	 	4	 -   Extension			to Master Servicer	98	-	Other	IN	-	 Industrial	CH	-	Cooperative Housing	 
	 	5	 -   Note Sale	10	-	Deed in Lieu Of	 			MH	-	 Mobile Home Park	WH	-	Warehouse	 
	 	6	 -   DPO	 	 	Foreclosure	 	 	 	OF	-	Office	ZZ	-	Missing Information	 
	 	 	 	 	 	 	 	 	 	MU	-	Mixed Use	SF	-	Single Family	 
	 	 	 	 	 	 	 	 	 	LO	-	Lodging	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

Page 16 of 23

 

     

     

    

 

	 	 	 	 
		GS Mortgage Securities Trust 2020-GC47

    Commercial Mortgage Pass -Through Certificates

    

Series 2020-GC47	For Additional Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	6/12/20
	8480 Stagecoach Circle	Record Date:	5/29/20
	Frederick, MD 21701-4747	Determination Date:	6/8/20

	 	 	 	 	 	 	 
	Advance
    Summary
	 	 	 	 	 	 	 
	 	Loan Group	Current
    P&I

    Advances	Outstanding
    P&I

    Advances	Outstanding
    Servicing

    Advances	Current
    Period Interest

    on P&I and Servicing

    Advances Paid	 
	 	 	 	 	 	 	 
	 	Totals	0.00	0.00	0.00	0.00	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

Page 17 of 23

 

     

     

    

 

	 	 	 	 
		GS Mortgage Securities Trust 2020-GC47

    Commercial Mortgage Pass -Through Certificates

    

Series 2020-GC47	For Additional Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	6/12/20
	8480 Stagecoach Circle	Record Date:	5/29/20
	Frederick, MD 21701-4747	Determination Date:	6/8/20

	 	 	 	 	 	 	 	 	 	 
	 	Modified Loan Detail	 
	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	Offering

    Document

    Cross-Reference	Pre-Modification

    Balance	Post-Modification

    Balance	Pre-Modification

    Interest Rate	Post-Modification

    Interest Rate	Modification

    Date	Modification
    Description	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

Page 18 of 23

 

     

     

    

 

	 	 	 	 
		GS Mortgage Securities Trust 2020-GC47

    Commercial Mortgage Pass -Through Certificates

    

Series 2020-GC47	For Additional Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	6/12/20
	8480 Stagecoach Circle	Record Date:	5/29/20
	Frederick, MD 21701-4747	Determination Date:	6/8/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical Liquidated
    Loan Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	ODCR	Beginning

    Scheduled

    Balance	Fees,

    Advances,

    and Expenses *	Most
    Recent

    Appraised

    Value or BPO	Gross
    Sales

    Proceeds or

    Other Proceeds	Net
    Proceeds

    Received on

    Liquidation	Net
    Proceeds

    Available for

    Distribution	Realized
    

    Loss to Trust	Date
    of Current

    Period Adj.

    to Trust	Current
    Period

    Adjustment

    to Trust	Cumulative

    Adjustment

    to Trust	Loss
    to Loan

    with Cum

    Adj. to Trust	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current
    Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	Cumulative
    Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	*
    Fees, Advances and Expenses also include outstanding P&I advances and unpaid fees (servicing, trustee, etc.).	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

Page  19 of 23

 

     

     

    

 

	 	 	 	 
		GS Mortgage Securities Trust 2020-GC47

    Commercial Mortgage Pass -Through Certificates

    

Series 2020-GC47	For Additional Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	6/12/20
	8480 Stagecoach Circle	Record Date:	5/29/20
	Frederick, MD 21701-4747	Determination Date:	6/8/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical Bond/Collateral
    Loss Reconciliation Detail	 
	 	 	 
	 	Distribution

    Date	 	 	Offering

    Document

    Cross-Reference	 	 	Beginning

    Balance

    at Liquidation	 	 	Aggregate

    Realized Loss

    on Loans	 	 	Prior
    Realized

    Loss Applied

    to Certificates	 	 	Amounts

    Covered by

    Credit Support	 	 	Interest

    (Shortages)/

    Excesses	 	 	Modification

    /Appraisal

    Reduction Adj.	 	 	Additional

    (Recoveries)

    /Expenses	 	 	Realized
    Loss

    Applied to

    Certificates to Date	 	 	Recoveries
    of

    Realized Losses

    Paid as Cash	 	 	(Recoveries)/

    Losses Applied to

    Certificate Interest	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	   	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

Page 20 of 23

 

     

     

    

 

	 	 	 	 
		GS Mortgage Securities Trust 2020-GC47

    Commercial Mortgage Pass -Through Certificates

    

Series 2020-GC47	For Additional Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	6/12/20
	8480 Stagecoach Circle	Record Date:	5/29/20
	Frederick, MD 21701-4747	Determination Date:	6/8/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Interest Shortfall Reconciliation
    Detail - Part 1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Offering

    Document

    Cross-

Reference	 	 	Stated

    Principal

    Balance at

    Contribution	 	 	Current

    Ending

    Scheduled

    Balance	 	 	Special
    Servicing Fees	 	 	ASER	 	 	(PPIS)
    Excess	 	 	Non-Recoverable

    (Scheduled

    Interest)	 	 	Interest
    on

    Advances	 	 	Modified
    Interest

    Rate (Reduction)

    /Excess	 
	Monthly	 	 	Liquidation	 	 	Work
    Out
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

Page 21 of 23

 

     

     

    

 

	 	 	 	 
		GS Mortgage Securities Trust 2020-GC47

    Commercial Mortgage Pass -Through Certificates

    

Series 2020-GC47	For Additional Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	6/12/20
	8480 Stagecoach Circle	Record Date:	5/29/20
	Frederick, MD 21701-4747	Determination Date:	6/8/20

	 	 	 	 	 	 	 	 	 
	 	Interest Shortfall Reconciliation
    Detail - Part 2	 
	 	 	 	 	 	 	 	 	 
	 	Offering

    Document

    Cross-Reference	Stated
    Principal

    Balance at

    Contribution	Current
    Ending

    Scheduled

    Balance	Reimb
    of Advances to the Servicer	Other
    (Shortfalls)/

    Refunds	Comments	 
	Current
    Month	Left
    to Reimburse

    Master Servicer
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 
	 	Interest Shortfall
    Reconciliation Detail Part 2 Total	0.00	 	 	 
	 	Interest Shortfall
    Reconciliation Detail Part 1 Total	0.00	 	 	 
	 	Total Interest
    Shortfall Allocated to Trust	0.00	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

Page 22 of 23

 

     

     

    

 

	 	 	 	 
		GS Mortgage Securities Trust 2020-GC47

    Commercial Mortgage Pass -Through Certificates

    

Series 2020-GC47	For Additional Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Wells Fargo Bank, N.A.	 	 
	Corporate Trust Services	Distribution Date:	6/12/20
	8480 Stagecoach Circle	Record Date:	5/29/20
	Frederick, MD 21701-4747	Determination Date:	6/8/20

	 	 	 
	 	 	 
	 	Supplemental Reporting	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	Risk
Retention

 

        Pursuant to the PSA and the Credit Risk Retention Agreement,
        the Certificate Administrator has made available on www.ctslink.com, specifically under the “U.S. Risk Retention Special
        Notices” tab for the GS Mortgage Securities Trust 2020-GC47 transaction, certain information provided to the Certificate
        Administrator regarding each Retaining Party’s compliance with the Retention Covenant. Investors should refer to the Certificate
        Administrator’s website for all such information.

 

Disclosable
Special Servicer Fees received by the Special Servicer or any of its Affiliates during the related Collection Period would be
disclosed here.

	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

Page 23 of 23

 

     

     

    

  

(THIS
PAGE INTENTIONALLY LEFT BLANK)

 

     

     

    

 

EXHIBIT
H

 

[RESERVED]

 

    Exhibit H-1

     

    

 

EXHIBIT
I

 

Form
of Transfer Certificate

for Rule 144A Book-Entry Certificate

to Temporary Regulation S Book-Entry Certificate

during Restricted Period

 

(Exchanges
or transfers pursuant to

Section 5.03(c) of the Pooling and Servicing Agreement)

 

Wells
Fargo Bank, National Association,

as Certificate Registrar

600
South 4th Street, 7th Floor, MAC: N9300-070

Minneapolis,
Minnesota 55479

Attention:
Corporate Trust Services (CMBS)

GS
Mortgage Securities Trust 2020-GC47

 

		Re:	GS
                                         Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series
                                         2020-GC47, Class [__]

 

Reference
is hereby made to the Pooling and Servicing Agreement dated as of May 1, 2020 (the “Pooling and Servicing Agreement”),
by and among GS Mortgage Securities Corporation II, as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
KeyBank National Association, as 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 and as Asset Representations
Reviewer. Capitalized terms used but not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.

 

This
letter relates to US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Rule 144A Book-Entry 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 Book-Entry 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 Pooling 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 I-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” within the meaning of Rule 902(c) of Regulation S have been made in contravention of the
requirements of Rule 903(b) or 904(b) of Regulation S, as applicable; and

 

(4)       the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

We
understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith,
if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant,
we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This certificate and the
statements contained herein are made for your benefit and the benefit of the Depositor, the Trustee, the Certificate Administrator,
the Operating Advisor, the Master Servicer, the Special Servicer, the Asset Representations Reviewer and the Initial Purchasers.

 

	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
_______

 

cc:
GS Mortgage Securities Corporation II

 

 

 

		**	Insert
one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    Exhibit I-2

     

    

 

EXHIBIT
J

 

Form
of Transfer Certificate

for Rule 144A Book-Entry Certificate

to Regulation S Book-Entry Certificate after Restricted Period

 

(Exchange
or transfers pursuant to

Section 5.03(d) of the Pooling and Servicing Agreement)

 

Wells
Fargo Bank, National Association,

as Certificate Registrar

600
South 4th Street, 7th Floor, MAC: N9300-070

Minneapolis,
Minnesota 55479

Attention: Corporate Trust Services (CMBS)

GS Mortgage Securities Trust 2020-GC47

 

		Re:	GS
                                         Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series
                                         2020-GC47, Class [__]

 

Reference
is hereby made to the Pooling and Servicing Agreement dated as of May 1, 2020 (the “Pooling and Servicing Agreement”),
by and among GS Mortgage Securities Corporation II, as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
KeyBank National Association, as 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 and as Asset Representations
Reviewer. Capitalized terms used but not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.

 

This
letter relates to US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Rule 144A Book-Entry 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 Book-Entry 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 Pooling and Servicing Agreement 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,

 

    Exhibit J-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” within the meaning of Rule 902(c) of Regulation S have been made in contravention of the
requirements of Rule 903(b) or 904(b) of Regulation S, as applicable, and

 

(4)       the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

We
understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith,
if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant,
we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This certificate and the
statements contained herein are made for your benefit and the benefit of the Depositor, the Trustee, the Certificate Administrator,
the Operating Advisor, the Master Servicer, the Special Servicer, the Asset Representations Reviewer and the Initial Purchasers.

 

	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

Dated:
________

 

cc:
GS Mortgage Securities Corporation II

 

 

 

		*	Insert
one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    Exhibit J-2

     

    

 

EXHIBIT
K

 

Form
of Transfer Certificate

for Temporary Regulation S Book-Entry Certificate

to Rule 144A Book-Entry Certificate during Restricted Period

 

(Exchange
or transfers pursuant to

Section 5.03(e) of the Pooling and Servicing Agreement)

 

Wells
Fargo Bank, National Association,

as Certificate Registrar

600
South 4th Street, 7th Floor, MAC: N9300-070

Minneapolis,
Minnesota 55479

Attention:
Corporate Trust Services (CMBS)

GS
Mortgage Securities Trust 2020-GC47

 

		Re:	GS
                                         Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series
                                         2020-GC47, Class [__]

 

Reference
is hereby made to the Pooling and Servicing Agreement dated as of May 1, 2020 (the “Pooling and Servicing Agreement”),
by and among GS Mortgage Securities Corporation II, as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
KeyBank National Association, as 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 and as Asset Representations
Reviewer. Capitalized terms used but not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.

 

This
letter relates to US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Temporary Regulation S Book-Entry 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
Book-Entry 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 K-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 Trustee, the Certificate Administrator,
the Operating Advisor, the Master Servicer, the Special Servicer, the Asset Representations Reviewer and the Initial Purchasers.

 

	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
_______

 

cc:
GS Mortgage Securities Corporation II

 

    Exhibit K-2

     

    

 

 

EXHIBIT
L

 

Form
of Transfer Certificate

for Temporary Regulation S Book-Entry Certificate

to Regulation S Book-Entry Certificate after Restricted Period

 

(Exchanges
pursuant to

Section 5.03(f) of the Pooling and Servicing Agreement)

 

Wells
Fargo Bank, National Association,

as Certificate Registrar

600
South 4th Street, 7th Floor, MAC: N9300-070

Minneapolis,
Minnesota 55479

Attention:
Corporate Trust Services (CMBS)

GS
Mortgage Securities Trust 2020-GC47

 

		Re:	GS
                                         Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series
                                         2020-GC47, Class [__]

 

Reference
is hereby made to the Pooling and Servicing Agreement dated as of May 1, 2020 (the “Pooling and Servicing Agreement”),
by and among GS Mortgage Securities Corporation II, as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
KeyBank National Association, as 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 and as Asset Representations
Reviewer. Capitalized terms used but not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.

 

[For
purposes of acquiring a beneficial interest in a Regulation S Book-Entry Certificate of the Class specified above after the
expiration of the Restricted Period,] [For purposes of receiving payments under a Temporary Regulation S Book-Entry Certificate
of the Class specified above,]* the undersigned
holder of a beneficial interest in a Temporary Regulation S Book-Entry Certificate of the Class specified above issued under the
Pooling and Servicing Agreement certifies that it is not a U.S. Person as defined by Regulation S under the Securities Act
of 1933, as amended.

 

We
undertake to advise you promptly by facsimile on or prior to the date on which you intend to submit your corresponding certification
relating to the Certificates of the Class specified above held by you for our account if any applicable statement herein is not
correct on such date, and in the absence of any such notification it may be assumed that this certification applies as of such
date.

 

We
understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith,
if administrative or legal proceedings are

 

 

 

* Select,
as applicable.

 

    Exhibit L-1

     

    

 

commenced or threatened in connection with which this certificate is or would be relevant,
we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This certificate and the
statements contained herein are made for your benefit and the benefit of the Depositor, the Master Servicer, the Special Servicer,
the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer 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 L-2

     

    

 

 

EXHIBIT
M

 

Form
of Transfer Certificate

for Non-Book Entry Certificate

to Temporary Regulation S Book-Entry
Certificate

 

(Exchanges
or transfers pursuant to

Section 5.03(g) of the Pooling and Servicing Agreement)

 

Wells
Fargo Bank, National Association,

as Certificate Registrar

600
South 4th Street, 7th Floor, MAC: N9300-070

Minneapolis,
Minnesota 55479

Attention:
Corporate Trust Services (CMBS)

GS
Mortgage Securities Trust 2020-GC47

 

		Re:	GS
                                         Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series
                                         2020-GC47, Class [__] 

 

Reference
is hereby made to the Pooling and Servicing Agreement dated as of May 1, 2020 (the “Pooling and Servicing Agreement”),
by and among GS Mortgage Securities Corporation II, as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
KeyBank National Association, as 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 and as Asset Representations
Reviewer. Capitalized terms used but not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.

 

This
letter relates to US $[______] aggregate [Certificate Balance] [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 Book-Entry Certificate of such Class (CINS No. [______] and ISIN No. [______])
to be held with [Euroclear] [Clearstream]*
(Common Code [______]) through the Depository.

 

In
connection with such request, and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer
has been made in compliance with the transfer restrictions set forth in the Pooling 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 M-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” within the meaning of Rule 902(c) of Regulation S 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 Master Servicer, the Special Servicer,
the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Initial Purchasers.

 

	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
________

 

cc:
GS Mortgage Securities Corporation II

 

 

 

		**	Insert
one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    Exhibit M-2

     

    

 

EXHIBIT
N

 

Form
of Transfer Certificate

for Non-Book Entry Certificate

to Regulation S Book-Entry Certificate

 

(Exchange
or transfers pursuant to

Section 5.03(g) of the Pooling and Servicing Agreement)

 

Wells
Fargo Bank, National Association,

as Certificate Registrar

600
South 4th Street, 7th Floor, MAC: N9300-070

Minneapolis,
Minnesota 55479

Attention:
Corporate Trust Services (CMBS)

GS
Mortgage Securities Trust 2020-GC47

 

		Re:	GS
                                         Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series
                                         2020-GC47, Class [__] 

 

Reference
is hereby made to the Pooling and Servicing Agreement dated as of May 1, 2020 (the “Pooling and Servicing Agreement”),
by and among GS Mortgage Securities Corporation II, as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
KeyBank National Association, as 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 and as Asset Representations
Reviewer. Capitalized terms used but not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.

 

This
letter relates to US $[______] aggregate [Certificate Balance] [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 Book-Entry 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 Pooling and Servicing Agreement 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,

 

    Exhibit N-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” within the meaning of Rule 902(c) of Regulation S 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 Master Servicer, the Special Servicer,
the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Initial Purchasers.

 

	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
_______

 

cc:
GS Mortgage Securities Corporation II

 

 

 

		*	Insert
one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    Exhibit N-2

     

    

 

EXHIBIT
O

 

Form
of Transfer Certificate

for Non-Book Entry Certificate

to Rule 144A Book-Entry Certificate

 

(Exchange
or transfers pursuant to

Section 5.03(g) of the Pooling and Servicing Agreement)

 

Wells
Fargo Bank, National Association,

as Certificate Registrar

600
South 4th Street, 7th Floor, MAC: N9300-070

Minneapolis,
Minnesota 55479

Attention:
Corporate Trust Services (CMBS)

GS
Mortgage Securities Trust 2020-GC47

 

		Re:	GS
                                         Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series
                                         2020-GC47, Class [__] 

 

Reference
is hereby made to the Pooling and Servicing Agreement dated as of May 1, 2020 (the “Pooling and Servicing Agreement”),
by and among GS Mortgage Securities Corporation II, as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
KeyBank National Association, as 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 and as Asset Representations
Reviewer. Capitalized terms used but not defined herein shall have the meanings given to them in the Pooling and Servicing Agreement.

 

This
letter relates to US $[______] aggregate [Certificate Balance] [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 Book-Entry Certificate of such Class (CUSIP No. [______]).

 

In
connection with such request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are
being exchanged or transferred in accordance with Rule 144A (“Rule 144A”) under the Securities Act
of 1933, as amended (the “Securities Act”), to a transferee that the Transferor reasonably believes is purchasing
the Certificates for its own account, or for one or more accounts with respect to which the transferee exercises sole investment
discretion, and the transferee and any such account is a “qualified institutional buyer” within the meaning of Rule 144A
in each case in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws
of any state of the United States or other applicable jurisdiction.

 

We
understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith,
if administrative or legal proceedings are

 

    Exhibit O-1

     

    

 

commenced or threatened in connection with which this certificate is or would be relevant,
we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This certificate and the
statements contained herein are made for your benefit and the benefit of the Depositor, the Master Servicer, the Special Servicer,
the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Initial Purchasers.

 

	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

Dated:
_______

 

cc:
GS Mortgage Securities Corporation II

 

    Exhibit O-2

     

    

 

EXHIBIT
P-1A

 

FORM
OF INVESTOR CERTIFICATION for Non-Borrower Party AND/OR a

 RISK RETENTION CONSULTATION
PARTY

(for Persons other than the DIRECTING HOLDER, the controlling 

class representative
and/or a Controlling Class

 Certificateholder)

 

[Date]

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS)

GS Mortgage Securities Trust 2020-GC47

trustadministrationgroup@wellsfargo.com;

cts.cmbs.bond.admin@wellsfargo.com

		Re:	GS
                                         Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series
                                         2020-GC47 

 

In
accordance with the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”),
by and among GS Mortgage Securities Corporation II, as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
KeyBank National Association, as 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 and as Asset Representations
Reviewer, with respect to the certificates (the “Certificates”), the undersigned hereby certifies and agrees
as follows:

 

1.       The
undersigned is a Certificateholder, a beneficial owner or prospective purchaser of the Class [__] Certificates or a Companion
Holder or a Risk Retention Consultation Party (or any investment advisor or manager or other representative of the foregoing).

 

2.       The
undersigned is neither the Directing Holder, the Controlling Class Representative nor a Controlling Class Certificateholder.

 

3.       In
the case that the undersigned is a Certificateholder, a beneficial owner or prospective purchaser of an Offered Certificate, the
undersigned has received a copy of the Prospectus.

 

4.       [FOR
PARTIES OTHER THAN ANY RISK RETENTION CONSULTATION PARTY:] The undersigned is not a Borrower Party.

 

5.       The
undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website [and/or is requesting the information identified on the schedule attached hereto
(also, the “Information”) pursuant to the provisions of the Pooling and Servicing Agreement]. In

 

    Exhibit P-1A-1

     

    

 

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 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 receives such Information (with
respect to a prospective purchaser only) or is no longer a Certificateholder, a beneficial owner or prospective purchaser of the
Class of Certificates referenced above. 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.

 

6.       The
undersigned shall be fully liable for any breach of the terms of this certification 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 Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability
or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

7.       The
undersigned shall be deemed to have recertified to the provisions herein each time it accesses the Information on the Certificate
Administrator’s Website, and the Certificate Administrator shall have no obligation to monitor, determine or verify whether
the undersigned has properly certified or recertified under this Investor Certification any time the undersigned accesses the
Certificate Administrator’s Website.

 

8.       Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

    Exhibit P-1A-2

     

    

 

	 	 	

[Certificateholder][Beneficial

Owner][Prospective Purchaser][Companion 

Holder] [Risk Retention Consultation Party]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

Dated:
_______

cc:
GS Mortgage Securities Corporation II

 

    Exhibit P-1A-3

     

    

 

 

EXHIBIT
P-1B

 

FORM
OF INVESTOR CERTIFICATION for Non-Borrower PartY

(for the DIRECTING HOLDER, CONTROLLING CLASS REPRESENTATIVE 

and/or a Controlling Class
Certificateholder)

 

[Date]

 

	Wells
                                         Fargo Bank, National Association

        

        Commercial
        Mortgage Servicing

        

        MAC
        D1050-084

        

        Three
        Wells Fargo

        

        401
        South Tryon Street, 8th Floor Charlotte, North Carolina 28202

        

        Attention:
        GS 2020-GC47 Asset Manager

        

        commercial.servicing@wellsfargo.com

         
	Wells
                                         Fargo Bank, National Association

        

        600
        South 4th Street, 7th Floor, MAC: N9300-070

        Minneapolis, Minnesota 55479

        

        Attention:
        Corporate Trust Services (CMBS)

        

        GS
        Mortgage Securities Trust 2020-GC47

        

        trustadministrationgroup@wellsfargo.com

        

        cts.cmbs.bond.admin@wellsfargo.com

         

	KeyBank
                                         National Association

                                         11501 Outlook Street, Suite 300

                                         Overland Park, Kansas 66211

                                         Attention: Alan Williams

        

        Facsimile
        number: (877) 379-1625

        

        Email:
        keybank_notices@keybank.com

         

        Park
        Bridge Lender Services LLC

        600 Third Avenue, 40th Floor

        

        New
York, New York 10016 

        Attention:
        GS 2020-GC47 Surveillance Manager

        

        (with
        a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

         
	Wilmington
                                         Trust, National Association

        

        1100
        North Market Street

        

        Wilmington,
        Delaware 19890

        

        Attention:
        CMBS Trustee

        

        Facsimile:
        (302) 630-4140

        

        CMBSTrustee@wilmingtontrust.com

         

		Re:	GS
                                         Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series
                                         2020-GC47 

 

In
accordance with the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”),
by and among GS Mortgage Securities Corporation II, as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
KeyBank National Association, as 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 and as Asset Representations
Reviewer, with respect to the certificates (the “Certificates”), the undersigned hereby certifies and agrees
as follows:

 

1.       The
undersigned is the Directing Holder, the Controlling Class Representative, the Holder of the majority of the Controlling Class
or a Controlling Class Certificateholder.

 

2.       The
undersigned has received a copy of the Prospectus.

 

3.       The
undersigned is not a Borrower Party.

 

    Exhibit P-1B-1

     

    

 

4.       The
undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website [and/or is requesting the information identified on the schedule attached hereto
(also, the “Information”) pursuant to the provisions of the Pooling and Servicing Agreement]. In consideration
of the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information will not, without the prior written consent of the 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; provided, however, that the obligations of the undersigned to keep
any such Information confidential shall expire one year following the date that the undersigned receives such Information (with
respect to a prospective purchaser only) or is no longer a Certificateholder, a beneficial owner or prospective purchaser of the
Class of Certificates referenced above. The undersigned will not use or disclose the Information in any manner which could result
in a violation of any provision of the Securities Act of 1933, as amended (the “Securities Act”), or the Securities
Exchange Act of 1934, as amended, or would require registration of any Certificate not previously registered pursuant to Section
5 of the Securities Act.

 

5.       The
undersigned shall be fully liable for any breach of the terms of this certification 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 Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability
or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

6.       At
any time the undersigned becomes a Borrower Party with respect to any Mortgage Loan or Whole Loan, the undersigned shall deliver
the certification attached as Exhibit P-1D to the Pooling and Servicing Agreement and shall deliver to the applicable parties
the notices attached as Exhibit P-1E and Exhibit P-1F to the Pooling and Servicing Agreement.

 

7.       The
undersigned shall be deemed to have recertified to the provisions herein each time it accesses the Information on the Certificate
Administrator’s Website, and the Certificate Administrator shall have no obligation to monitor, determine or verify whether
the undersigned has properly certified or recertified under this Investor Certification any time the undersigned accesses the
Certificate Administrator’s Website.

 

8.       [For
use with any party other than the initial Directing Holder] The undersigned hereby certifies that an executed copy of this certification
in [paper][electronic click-through] form has been delivered in accordance with the notice provisions of the Pooling and Servicing
Agreement to the applicable Information provider listed above [(a) by overnight courier or (b) mailed by registered mail, postage
prepaid].

 

9.       Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement. 

 

    Exhibit P-1B-2

     

    

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

	 	[Directing Holder][Controlling Class 

Representative][Holder of the Majority of the 

Controlling Class][Controlling Class 

Certificateholder]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

Dated:
_______

cc:
GS Mortgage Securities Corporation II

 

    Exhibit P-1B-3

     

    

 

 

EXHIBIT
P-1C

 

FORM
OF INVESTOR CERTIFICATION for Borrower PartY

(for Persons other than the DIRECTING HOLDER, A RISK RETENTION CONSULTATION 

PARTY,
CONTROLLING CLASS REPRESENTATIVE and/or a 

Controlling Class Certificateholder)

 

[Date]

 

Wells
Fargo Bank, National Association

600 South 4th Street, 7th Floor, MAC: N9300-070

Minneapolis, Minnesota 55479

Attention: Corporate Trust Services (CMBS)

GS Mortgage Securities Trust 2020-GC47

 

Wells
Fargo Bank, National Association

Commercial
Mortgage Servicing

Three
Wells Fargo

401
S. Tryon Street, 8th Floor

MAC
D1050-084

Charlotte,
North Carolina 28202

Attention:
GS 2020-GC47 Asset Manager

commercial.servicing@wellsfargo.com

 

KeyBank
National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Alan Williams

Facsimile
number: (877) 379-1625

Email:
keybank_notices@keybank.com

 

		Re:	GS
                                         Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series
                                         2020-GC47 

 

In
accordance with the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”),
by and among GS Mortgage Securities Corporation II, as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
KeyBank National Association, as 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 and as Asset Representations
Reviewer, with respect to the certificates (the “Certificates”), the undersigned hereby certifies and agrees
as follows:

 

1.       The
undersigned is a Certificateholder, a beneficial owner or prospective purchaser of the Class [__] Certificates or a Companion
Holder (or any investment advisor or manager or other representative of the foregoing).

 

2.       The
undersigned is neither the Directing Holder, the Controlling Class Representative nor a Controlling Class Certificateholder.

 

    Exhibit P-1C-1

     

    

 

3.       In
the case that the undersigned is a Certificateholder, a beneficial owner or prospective purchaser of an Offered Certificate, the
undersigned has received a copy of the Prospectus.

 

4.       The
undersigned is a Borrower Party.

 

5.       The
undersigned is requesting access to the Distribution Date Statements pursuant to the Pooling and Servicing Agreement. In consideration
of the disclosure to the undersigned of the Distribution Date Statements, or the access thereto, the undersigned will keep the
Distribution Date Statements confidential (except from such outside persons as are assisting it in making an evaluation in connection
with purchasing the related Certificates, from its accountants and attorneys, and otherwise from such governmental or banking
authorities or agencies to which the undersigned is subject), and such Distribution Date Statements will 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;
provided, however, that the obligations of the undersigned to keep any such Distribution Date Statements confidential
shall expire one year following the date that the undersigned receives such Distribution Date Statements (with respect to a prospective
purchaser only) or is no longer a Certificateholder, a beneficial owner or prospective purchaser of the Class of Certificates
referenced above. The undersigned will not use or disclose the Distribution Date Statements in any manner which could result in
a violation of any provision of the Securities Act of 1933, as amended (the “Securities Act”), or the Securities
Exchange Act of 1934, as amended, or would require registration of any Certificate not previously registered pursuant to Section
5 of the Securities Act.

 

6.       The
undersigned shall be fully liable for any breach of the terms of this certification 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 Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability
or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

7.       The
undersigned shall be deemed to have recertified to the provisions herein each time it accesses the Distribution Date Statements
on the Certificate Administrator’s Website, and the Certificate Administrator shall have no obligation to monitor, determine
or verify whether the undersigned has properly certified or recertified under this Investor Certification any time the undersigned
accesses the Certificate Administrator’s Website.

 

8.       Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

    Exhibit P-1C-2

     

    

 

	 	[Certificateholder][Beneficial Owner][Prospective 

Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

Dated:
_______

cc:
GS Mortgage Securities Corporation II

 

    Exhibit P-1C-3

     

    

EXHIBIT P-1D

 

FORM OF INVESTOR CERTIFICATION FOR BORROWER PARTY
(FOR THE DIRECTING HOLDER, CONTROLLING CLASS REPRESENTATIVE AND/OR A CONTROLLING CLASS CERTIFICATEHOLDER)

 

[Date] 

	
Wells
Fargo Bank, National Association

Commercial Mortgage Servicing 

MAC D1050-084

Three Wells Fargo

401 South Tryon Street, 8th Floor

Charlotte, North Carolina 28202

Attention: GS 2020-GC47 Asset Manager

Commercial.servicing@wellsfargo.com

	
Wells
Fargo Bank, National Association

600 South 4th Street, 7th Floor, MAC: N9300-070
Minneapolis, Minnesota 55479

Attention: Corporate Trust Services (CMBS)

GS Mortgage Securities Trust 2020-GC47

trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com

	
 

KeyBank National Association
11501 Outlook Street, Suite 300
Overland Park, Kansas 66211
Attention: Alan Williams

Facsimile number: (877) 379-1625

Email: keybank_notices@keybank.com

 

Park Bridge Lender Services LLC
600 Third Avenue, 40th Floor

New York, New York 10016

Attention: GS 2020-GC47 Surveillance Manager

(with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

	
 

Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee 

Facsimile: (302) 630-4140

CMBSTrustee@wilmingtontrust.com

 

		Re:	GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage
Pass-Through Certificates, Series 2020-GC47

 

In accordance with the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, Wells Fargo Bank, National Association, as Master Servicer, KeyBank National Association, as 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 and as Asset Representations Reviewer, with respect to the certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1. The undersigned is [the Directing Holder][the Controlling Class Representative][the Holder of the majority of the Controlling Class][a Controlling Class Certificateholder].

 

2.             The undersigned is a Borrower Party with respect to the following [Excluded Loan][Excluded Controlling Class Loan](s):

 

 

Exhibit P-1D-1

 

 

[IDENTIFY [EXCLUDED LOAN][EXCLUDED CONTROLLING CLASS LOAN](S)] (the “[Excluded Loan][Excluded Controlling Class Loan](s)”)

 

The undersigned is not a Borrower Party with respect to any other Mortgage Loan.

 

3.             The undersigned has received a copy of the Prospectus.

 

4.             [If the undersigned is (a) a holder of 50% or more of the Controlling Class or (b) the Controlling Class Representative, then in each case with respect to each of the Mortgage Loans listed in this certification, each such Mortgage Loan shall be an “Excluded Loan”, as defined in the Pooling and Servicing Agreement, and a Control Termination Event and a Consultation Termination Event shall be deemed to occur and the Certificate Administrator is hereby directed to post such information on its website as a special notice.]

 

5.             Except with respect to the [Excluded Loan][Excluded Controlling Class Loan](s), the undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”) on the Certificate Administrator’s Website [and/or is requesting the information identified on the schedule attached hereto (also, the “Information”) pursuant to the provisions of the Pooling and Servicing Agreement]. In consideration of the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential (except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates, from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned is subject), and such Information will not, without the prior written consent of the 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; provided, however, that the obligations of the undersigned to keep any such Information confidential shall expire one year following the date that the undersigned receives such Information (with respect to a prospective purchaser only) or is no longer a Certificateholder, a beneficial owner or prospective purchaser of the Class of Certificates referenced above. 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.

 

6.             The undersigned hereby acknowledges and agrees that it is prohibited from accessing, reviewing and using Excluded Information (as defined in the Pooling and Servicing Agreement) relating to the [Excluded Loan][Excluded Controlling Class Loan](s) to the extent the undersigned receives access to such Excluded Information on the Certificate Administrator’s Website or otherwise receives access to such Excluded Information in connection with its duties, or exercise of its rights pursuant to the Pooling and Servicing Agreement.

 

7.             The undersigned shall be fully liable for any breach of the terms of this certification 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 Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

 

Exhibit P-1D-2

 

 

 

8.             To the extent the undersigned receives access to any Excluded Information on the Certificate Administrator’s Website or otherwise receives access to such Excluded Information, the undersigned shall be deemed to have agreed that it (i) will not directly or indirectly provide any such Excluded Information to (A) the related Borrower Party, (B) any related Excluded Controlling Class Holder, (C) any employees or personnel of the undersigned or any of its Affiliates involved in the management of any investment in the related Borrower Party or the related Mortgaged Property or (D) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in the related Borrower Party, and (ii) will maintain sufficient internal controls and appropriate policies and procedures in place in order to comply with the obligations described in clause (i) above.

 

9.             The undersigned shall be deemed to have recertified to the provisions herein each time it accesses the Information on the Certificate Administrator’s Website, and the Certificate Administrator shall have no obligation to monitor, determine or verify whether the undersigned has properly certified or recertified under this Investor Certification any time the undersigned accesses the Certificate Administrator’s Website.

 

10.           The undersigned hereby certifies that an executed copy of this certification in [paper][electronic click-through] form has been delivered in accordance with the notice provisions of the Pooling and Servicing Agreement to the applicable Information provider listed above [(a) by overnight courier or (b) mailed by registered mail, postage prepaid].

 

11.           Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

                BY ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

	
 

	
[Directing Holder][Controlling Class Representative][Holder of the Majority of the Controlling Class][Controlling Class Certificateholder]

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

Dated: _______ 

cc: GS Mortgage Securities Corporation II

 

 

Exhibit P-1D-3

 

 

 

EXHIBIT P-1E

 

FORM OF NOTICE OF EXCLUDED CONTROLLING CLASS HOLDER

 

[Date]

 

	
Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1050-084

Three Wells Fargo

401 South Tryon Street, 8th Floor

Charlotte, North Carolina

Attention: GS 2020-GC47 Asset Manager

Commercial.servicing@wellsfargo.com

	
Wells Fargo Bank, National Association

600 South 4th Street, 7th Floor, MAC: N9300-070
Minneapolis, Minnesota 55479

Attention: Corporate Trust Services (CMBS)

GS Mortgage Securities Trust 2020-GC47

trustadministrationgroup@wellsfargo.com; 
cts.cmbs.bond.admin@wellsfargo.com

	
 

KeyBank National Association
11501 Outlook Street, Suite 300
Overland Park, Kansas 66211
Attention: Alan Williams

Facsimile number: (877) 379-1625

Email: keybank_notices@keybank.com

 

Park Bridge Lender Services LLC
600 Third Avenue, 40th Floor

New York, New York 10016

Attention: GS 2020-GC47 Surveillance Manager

(with a copy sent contemporaneously
via email to cmbs.notices@parkbridgefinancial.com) 

	
 

Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee

Facsimile: (302) 630-4140

CMBSTrustee@wilmintontrust.com

 

		Re:	GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage
Pass-Through Certificates, Series 2020-GC47

 

THIS NOTICE IDENTIFIES AN “[EXCLUDED LOAN][EXCLUDED CONTROLLING CLASS LOAN]” RELATING TO THE GS MORTGAGE SECURITIES TRUST 2020-GC47, COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2020-GC47, REQUIRING ACTION BY YOU AS THE RECIPIENT PURSUANT TO SECTION 3.13(b) OF THE POOLING AND SERVICING AGREEMENT.

 

In accordance with Section 3.13(b) of the Pooling and Servicing Agreement, with respect to the above-referenced certificates (the “Certificates”), the undersigned (the “Excluded Controlling Class Holder”) hereby certifies and agrees as follows:

 

1.            
The undersigned is [the Controlling Class Representative][the Holder of the majority of the Controlling Class][a Controlling Class
Certificateholder] as of the date hereof. 

 

Exhibit P-1E-1

 

 

2.             The undersigned has become a Borrower Party with respect to the following [Mortgage Loan(s)] [and] [Whole Loan(s)] (the “[Excluded Loan][Excluded Controlling Class Loan](s)”):

 

	
Loan Number

	
ODCR

	
Loan Name

	
Borrower Name

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

[[If applicable] For the avoidance of doubt, [each] of the foregoing loans is both an Excluded Loan and an Excluded Controlling Class Loan.] The undersigned is not a Borrower Party with respect to any other Mortgage Loan.

 

3.             If the undersigned is (a) a holder of 50% or more of the Controlling Class or (b) the Controlling Class Representative, then in each case with respect to each of the Mortgage Loans listed in this certification, each such Mortgage Loan shall be an “Excluded Loan”, as defined in the Pooling and Servicing Agreement, and a Control Termination Event and a Consultation Termination Event shall be deemed to occur and the Certificate Administrator is hereby directed to post such information on its website as a special notice.

 

4.             Except with respect to the [Excluded Loan][Excluded Controlling Class Loan](s), the undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”) on the Certificate Administrator’s Website [and/or is requesting the information identified on the schedule attached hereto (also, the “Information”) pursuant to the provisions of the Pooling and Servicing Agreement]. In consideration of the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential (except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates, from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned is subject), and such Information will not, without the prior written consent of the 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; provided, however, that the obligations of the undersigned to keep any such Information confidential shall expire one year following the date that the undersigned receives such Information (with respect to a prospective purchaser only) or is no longer a Certificateholder, a beneficial owner or prospective purchaser of the Class of Certificates referenced above. The undersigned will not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

5.            
The undersigned hereby acknowledges and agrees that it is prohibited from accessing, reviewing and using Excluded Information
(as defined in the Pooling and Servicing Agreement) relating to the [Excluded Loan][Excluded Controlling Class Loan](s) to the
extent 

 

Exhibit P-1E-2

 

 

the undersigned receives access to such Excluded Information on the Certificate Administrator’s Website or otherwise receives access to such Excluded Information in connection with its duties, or exercise of its rights pursuant to the Pooling and Servicing Agreement.

 

6.             The undersigned shall be fully liable for any breach of the terms of this certification 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 Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

7.             To the extent the undersigned receives access to any Excluded Information on the Certificate Administrator’s Website or otherwise receives access to such Excluded Information, the undersigned shall be deemed to have agreed that it (i) will not directly or indirectly provide any such Excluded Information to (A) the related Borrower Party, (B) any related Excluded Controlling Class Holder, (C) any employees or personnel of the undersigned or any of its Affiliates involved in the management of any investment in the related Borrower Party or the related Mortgaged Property or (D) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in the related Borrower Party, and (ii) will maintain sufficient internal controls and appropriate policies and procedures in place in order to comply with the obligations described in clause (i) above.

 

8.           The undersigned shall be deemed to have recertified to the provisions herein each time it accesses the Information on the Certificate Administrator’s Website, and the Certificate Administrator shall have no obligation to monitor, determine or verify whether the undersigned has properly certified or recertified under this Investor Certification any time the undersigned accesses the Certificate Administrator’s Website.

 

9.             The undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the notice provisions of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered mail, postage prepaid.

 

10.          The undersigned is simultaneously providing notice to the Certificate Administrator in the form of Exhibit P-1F to the Pooling and Servicing Agreement, requesting termination of access to any Excluded Information. The undersigned acknowledges that it is not permitted to access and shall not access any Excluded Information relating to the [Excluded Loan][Excluded Controlling Class Loan](s) on the Certificate Administrator’s Website unless and until it has (i) delivered notice of the termination of the related Excluded Controlling Class Holder status and (ii) submitted a new investor certification in accordance with Section 3.13(b) of the Pooling and Servicing Agreement.

 

11.           The undersigned agrees to indemnify and hold harmless each party to the Pooling and Servicing Agreement, the Underwriters, the Initial Purchasers and the Trust Fund from any damage, loss, cost or liability (including legal fees and expenses and the cost of enforcing this indemnity) arising out of or resulting from any unauthorized access by the undersigned or any agent, employee, representative or person acting on its behalf of any Excluded Information

 

 

Exhibit P-1E-3

 

 

relating to the [Excluded Loan][Excluded Controlling Class Loan](s) listed in Paragraph 2 above.

 

Capitalized terms used but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

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.

 

	
 

	
[Controlling Class Representative][Holder of the majority of the Controlling Class][Controlling Class Certificateholder]

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

Dated: _______ 

cc: GS Mortgage Securities Corporation II

 

 

Exhibit P-1E-4

 

 

EXHIBIT P-1F

 

FORM OF NOTICE OF EXCLUDED CONTROLLING CLASS HOLDER TO CERTIFICATE ADMINISTRATOR

 

[Date]

 

Via: Email
Wells Fargo Bank, National Association
9062 Old Annapolis Road
Columbia, Maryland 20145-1951
Attention: Corporate Trust Services (CMBS)
GS Mortgage Securities Trust 2020-GC47
trustadministrationgroup@wellsfargo.com;
cts.cmbs.bond.admin@wellsfargo.com

 

with a copy to:

 

Wells
Fargo Bank, National Association,

8480 Stagecoach Circle 
Frederick, Maryland 21701-4747

 

Attention: GS Mortgage Securities Trust Series 2020-GC47

 

		Re:	GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage
Pass-Through Certificates, Series 2020-GC47

 

In accordance with Section 3.13(b) of the Pooling and Servicing Agreement, with respect to the above-referenced certificates (the “Certificates”), the undersigned (the “Excluded Controlling Class Holder”) hereby directs you as follows:

 

1.             The undersigned is [the Controlling Class Representative][the Holder of the majority of the Controlling Class][a Controlling Class Certificateholder] as of the date hereof.

 

2.             The undersigned has become a Borrower Party with respect to the following [Mortgage Loan(s)] [and] [Whole Loan(s)] (the “[Excluded Loan][Excluded Controlling Class Loan](s)”):

 

	
Loan Number

	
ODCR

	
Loan Name

	
Borrower Name

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

Exhibit P-1F-1

 

 

3.             The following USER IDs for CTSLink are affiliated with the undersigned and access to any information on the Certificate Administrator’s Website with respect to the GS Mortgage Securities Trust 2020-GC47 securitization should be revoked as to such users:

 

_________________________________

 

_________________________________

 

_________________________________

 

_________________________________

 

4.             The undersigned acknowledges that it is not permitted to access and shall not access any Excluded Information with respect to such [Excluded Loan][Excluded Controlling Class Loan](s) on the Certificate Administrator’s Website unless and until it (i) is no longer an Excluded Controlling Class Holder with respect to such [Excluded Loan][Excluded Controlling Class Loan](s), (ii) has delivered notice of the termination of the related Excluded Controlling Class Holder status and (iii) has submitted an investor certification in the form of Exhibit P-1B to the Pooling and Servicing Agreement.

 

Capitalized terms used but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

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.

 

	
 

	
[Controlling Class Representative][Holder of the majority of the Controlling Class][Controlling Class Certificateholder]

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

Dated: _______ 

cc: GS Mortgage Securities Corporation II

 

The undersigned hereby acknowledges that
access to CTSLink has been revoked for
the users listed in Paragraph 3.

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,
Certificate Administrator

 

 

Exhibit P-1F-2

 

 

	
 

	
 

	
Name:

	
 

	
Title:

	
 

 

 

Exhibit P-1F-3

 

 

EXHIBIT P-1G

 

FORM OF CERTIFICATION OF THE CONTROLLING CLASS REPRESENTATIVE

 

[Date] 

	
Wells
Fargo Bank, National Association Commercial Mortgage Servicing 

MAC D1050-084

Three Wells Fargo

401 South Tryon Street, 8th Floor

Charlotte, North Carolina 28202

Attention: GS 2020-GC47 Asset Manager

Commercial.servicing@wellsfargo.com

	
Wells
Fargo Bank, National Association

600 South 4th Street, 7th Floor, MAC: N9300-070
Minneapolis, Minnesota 55479

Attention: Corporate Trust Services (CMBS)

GS Mortgage Securities Trust 2020-GC47

trustadministrationgroup@wellsfargo.com; 
cts.cmbs.bond.admin@wellsfargo.com

	
 

KeyBank National Association
11501 Outlook Street, Suite 300
Overland Park, Kansas 66211
Attention: Alan Williams

Facsimile number: (877) 379-1625

Email: keybank_notices@keybank.com

 

Park Bridge Lender Services LLC
600 Third Avenue, 40th Floor

New York, New York 10016

Attention: GS 2020-GC47 Surveillance Manager

(with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

	
 

Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee

Facsimile: (302) 630-4140

CMBSTrustee@wilmingtontrust.com

 

		Re:	GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage
Pass-Through Certificates, Series 2020-GC47

 

In accordance with Section 3.23 of the Pooling and Servicing Agreement, the undersigned hereby certifies and agrees as follows:

 

1.             The undersigned has been appointed to act as the Controlling Class Representative.

 

2.             The undersigned is not a Borrower Party.

 

3.             If the undersigned becomes a Borrower Party with respect to any Mortgage Loan or Whole Loan, the undersigned agrees to and shall deliver the certification attached as Exhibit P-1D to the Pooling and Servicing Agreement and shall deliver to the applicable parties the notices attached as Exhibit P-1E and Exhibit P-1F to the Pooling and Servicing Agreement.

 

 

Exhibit P-1G-1

 

 

4.             [For use with any party other than the initial Controlling Class Representative] The undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the notice provisions of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered mail, postage prepaid.

 

5.             Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY ITS CERTIFICATION HEREOF, the undersigned shall have caused, or shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

	
 

	
[Controlling Class Representative]

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

Dated: _______ 

cc: GS Mortgage Securities Corporation II

 

 

Exhibit P-1G-2

 

 

EXHIBIT P-1H

 

FORM OF CERTIFICATION OF A RISK RETENTION CONSULTATION PARTY

 

[Date] 

	
Wells Fargo Bank, National Association
Commercial Mortgage Servicing

MAC D1050-084

Three Wells Fargo

401 South Tryon Street, 8th Floor

Charlotte, North Carolina 28202

Attention: GS 2020-GC47 Asset Manager

Commercial.servicing@wellsfargo.com

 

KeyBank National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Alan Williams

Facsimile number: (877) 379-1625

Email: keybank_notices@keybank.com

	
Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS)

GS Mortgage Securities Trust 2020-GC47
(with a copy sent to cts.cmbs.bond.admin@wellsfargo.com, and to trustadministrationgroup@wellsfargo.com)

 

Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee

Facsimile: (302) 630-4140

CMBSTrustee@wilmingtontrust.com

	
 

Park Bridge Lender Services LLC
600 Third Avenue, 40th Floor

New York, New York 10016

Attention: GS 2020-GC47 Surveillance Manager

(with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

	
 

	
 

	
 

 

		Re:	GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage
Pass-Through Certificates, Series 2020-GC47, [Class RR Certificates][RR Interest]

 

In accordance with Section 3.23 of the Pooling and Servicing Agreement, the undersigned hereby certifies and agrees as follows:

 

1.             The undersigned has been appointed to act as a Risk Retention Consultation Party by the [Holder of the Class RR Certificates] [RR Interest Owner].

 

2.             [For use with any party other than an initial Risk Retention Consultation Party]The undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the notice provisions of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered mail, postage prepaid.

 

 

Exhibit P-1H-1

 

 

3.             Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY ITS CERTIFICATION HEREOF, the undersigned shall have caused, or shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

	
 

	
[RISK RETENTION CONSULTATION PARTY]

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

Dated: _______
cc: GS Mortgage Securities Corporation II

 

 

Exhibit P-1H-2

 

 

EXHIBIT P-2

 

FORM OF CERTIFICATION FOR NRSROs

 

[Date]

 

Wells Fargo Bank, National Association
9062 Old Annapolis Road
Columbia, Maryland 21045

 

		Attention:	Corporate Trust Services (CMBS), GS Mortgage
                                         Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47

 

In accordance with the requirements for obtaining certain information pursuant to the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, Wells Fargo Bank, National Association, as Master Servicer, KeyBank National Association, as 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 and as Asset Representations Reviewer, with respect to the certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

	
1.

	
The undersigned is a Rating Agency hired by the Depositor to provide ratings on the Certificates;

 

	
2.

	
The undersigned, a Nationally Recognized Statistical Rating Organization (as defined under Section 3(a)(62) of the Exchange Act);

 

a.             has provided the Depositor with the appropriate certifications under Exchange Act 17g-5(e);

 

b.             has access to the Depositor’s 17g-5 website; and

 

c.             agrees that the confidentiality agreement attached as Annex A hereto shall be applicable to the undersigned with respect to information obtained from the Depositor’s 17g-5 website shall also be applicable to information obtained from the 17g-5 Information Provider’s Website; or

 

	3

	

The
undersigned either (a) has not accessed information pursuant to Rule 17g–5(a)(3) ten (10) or more times during the most
recently ended calendar year, or (b) has determined and maintained credit ratings for at least 10% of the issued securities and
money market instruments for which it accessed information pursuant to Rule 17g–5(a)(3)(iii) in the calendar year prior
to the year covered by the SEC Certification, if it accessed such information for 10 or more issued securities or money market
instruments

 

The undersigned shall be deemed to have recertified to the provisions herein each time it accesses the Information on the Certificate Administrator’s Website and the 17g-5 Information Provider’s Website.

 

 

Exhibit P-2-1

 

 

Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

	
 

	
[IDENTIFY PARTY]

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

 

Exhibit P-2-2

 

 

ANNEX A

 

CONFIDENTIALITY AGREEMENT

 

This Confidentiality Agreement (the “Confidentiality Agreement”) is made in connection with [_____] (together with its affiliates, the “Furnishing Entities”and each a “Furnishing Entity”) furnishing certain financial, operational, structural and other information relating to the issuance of the GS Mortgage Securities Corporation Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47 (the “Certificates”) pursuant to the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, Wells Fargo Bank, National Association, as Master Servicer, KeyBank National Association, as 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 and as Asset Representations Reviewer, and the assets underlying or referenced by the Certificates, including the identity of, and financial information with respect to borrowers, sponsors, guarantors, managers and lessees with respect to such assets (together, the “Collateral”) to you (the “NRSRO”) through the website of Wells Fargo Bank, National Association, as 17g-5 Information Provider under the Pooling and Servicing Agreement, including the [section of the 17g-5 Information Provider’s Website that hosts the Depositor’s 17g-5 website after the Closing Date (as defined in the Pooling and Servicing Agreement)]. Information provided by each Furnishing Entity is labeled as provided by the specific Furnishing Entity.

 

Definition of Confidential Information. For purposes of this Confidentiality Agreement, the term “Confidential Information”shall include the following information (irrespective of its source or form of communication, including information obtained by you through access to this site) that may be furnished to you by or on behalf of a Furnishing Entity in connection with the issuance or monitoring of a rating with respect to the Certificates: (x) all data, reports, interpretations, forecasts, records, agreements, legal documents and other information (such information, the “Evaluation Material”) and (y) any of the terms, conditions or other facts with respect to the transactions contemplated by the Pooling and Servicing Agreement, including the status thereof; provided, however, that the term Confidential Information shall not include information which:

 

	
 

	
●

	
was or becomes generally available to the public (including through filing with the Securities and Exchange Commission or disclosure in an offering document) other than as a result of a disclosure by you or a NRSRO Representative (as defined 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 P-2-3

 

 

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 the terms herein, without the prior written consent of the applicable Furnishing Entity, you will not disclose to any person any Confidential Information, whether such Confidential Information was furnished to you before, on or after the date of this Confidentiality Agreement. Notwithstanding the foregoing, you may:

 

	
 

	
●

	
disclose the Confidential Information to any of the NRSRO’s affiliates, directors, officers, employees, legal representatives, agents and advisors (each, a “NRSRO Representative”) who, in the reasonable judgment of the NRSRO, need to know such Confidential Information in connection with the Intended Purpose; provided, that, prior to disclosure of the Confidential Information to a NRSRO Representative, the NRSRO shall have taken reasonable precautions to ensure, and shall be satisfied, that such NRSRO Representative will act in accordance with this Confidentiality Agreement;

 

	
 

	
●

	
solely to the extent required for compliance with Rule 17g-5(a)(3) of the Act (17 C.F.R. 240.17g-5),post the Confidential Information to the NRSRO’s password protected website; and

 

	
 

	
●

	
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

 

 

Exhibit P-2-4

 

 

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 which a Furnishing Entity may be entitled at law or in equity. It is further understood and agreed

 

 

Exhibit P-2-5

 

 

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:

 

[_____________]

 

 

Exhibit P-2-6

 

 

EXHIBIT P-3

 

ONLINE MARKET DATA PROVIDER CERTIFICATION

 

Wells Fargo Bank, National Association
600 South 4th Street, 7th Floor, MAC: N9300-070
Minneapolis, Minnesota 55479

 

		Attention:	Corporate Trust Services (CMBS), GS Mortgage
                                         Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47

 

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 accordance with the requirements for obtaining certain information pursuant to the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, Wells Fargo Bank, National Association, as Master Servicer, KeyBank National Association, as 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 and as Asset Representations Reviewer, with respect to the above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

	
1.

	
The undersigned is an employee or agent of Bloomberg Financial Markets, L.P., Trepp, LLC, Intex Solutions, Inc., BlackRock Financial Management Inc., Moody’s Analytics, CMBS.com, Inc., Markit Group Limited, RealINSIGHT, Thomson Reuters Corporation or Intercontinental Exchange | ICE Data Services, KBRA Analytics, Inc. and DealView Technologies Ltd., a market data provider that has been given access to the Statements to Certificateholders, 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.

 

	
4.

	
The undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and the Trust Fund for any loss, liability or expense

 

 

Exhibit P-3-1

 

 

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 Pooling and Servicing Agreement.

 

BY ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

 

Exhibit P-3-2

 

 

EXHIBIT Q

 

CUSTODIAN CERTIFICATION/EXCEPTION REPORT

 

[DATE]

 

To the Persons Listed on the attached Schedule A

 

		Re:	GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage
Pass-Through Certificates, Series 2020-GC47

 

Ladies and Gentlemen:

 

In accordance with Section 2.02 of the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, Wells Fargo Bank, National Association, as Master Servicer, KeyBank National Association, as 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 and as Asset Representations Reviewer, the undersigned, as Custodian, hereby certifies that, except as noted on the attached Custodial Exception Report, as to each Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in full or for which a Liquidation Event has occurred) the Custodian has, subject to Sections 2.01(c), 2.02(c) and 2.02(d) of the Pooling and Servicing Agreement, reviewed the documents delivered to it pursuant to Section 2.01 of the Pooling and Servicing Agreement and has determined that (i) all documents specified in clauses (1), (2), (3), (4) (other than with respect to the Non-Serviced Mortgage Loan), (5), (7), (15) and (20) (for any Mortgage Loan that is part of a Whole Loan) of the definition of “Mortgage File” are in its possession, (ii) the recordation/filing contemplated by Section 2.01(c) of the Pooling and Servicing Agreement has been completed (based solely on receipt by the undersigned of the particular recorded/filed documents); (iii) all documents received by the undersigned with respect to such Mortgage Loan have been reviewed by the undersigned and (A) appear regular on their face (handwritten additions, changes or corrections shall not constitute irregularities if initialed by the Mortgagor), (B) appear to have been executed (where appropriate) and (C) purport to relate to such Mortgage Loan; and (iv) based on the examinations referred to in Section 2.02(a) and Section 2.02(b) of the Pooling and Servicing Agreement and only as to the foregoing documents (together with any Loan Agreement that has been delivered by the related Mortgage Loan Seller), the information set forth in the Mortgage Loan Schedule with respect to the items specified in clauses (iv) and (v)(B) of the definition of “Mortgage Loan Schedule” accurately reflects the information set forth in the Mortgage File.

 

Capitalized words and phrases used herein shall have the respective meanings assigned to them in the above-captioned Pooling and Servicing Agreement.

 

 

Exhibit Q-1

 

 

	
 

	
Wells Fargo Bank, National Association,
as Custodian

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

 

Exhibit Q-2

 

 

SCHEDULE A

 

	
GS Mortgage Securities Corporation II
200 West Street 
New York, New York 10282
Attention: Leah Nivison
Email: leah.nivison@gs.com

	
S&P Global Ratings

55 Water Street, 41st Floor

New York, New York 10041

Attention: Commercial Mortgage Surveillance Manager

 

	
 

	
 

	
Goldman Sachs Mortgage Company
200 West Street 
New York, New York 10282
Attention: Leah Nivison
Email: leah.nivison@gs.com

	
Fitch Ratings, Inc.
300 West 57th Street 
New York, New York 10019
Attention: Commercial Mortgage Surveillance Group
Facsimile No.: (212) 635-0295
E-mail: info.cmbs@fitchratings.com

	
 

	
 

	
Wells Fargo Bank, National Association

600 South 4th Street, 7th Floor,

MAC: N9300-070
Minneapolis, Minnesota 55479

Attention: Corporate Trust Services (CMBS)

GS Mortgage Securities Trust 2020-GC47

trustadministrationgroup@wellsfargo.com; 
cts.cmbs.bond.admin@wellsfargo.com

	
Kroll Bond Rating Agency, Inc.

805 Third Avenue, 29th Floor

New York, New York 10022

Attention: CMBS Surveillance

Facsimile No.: (646) 731-2395

	
Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1050-084

Three Wells Fargo

401 South Tryon Street, 8th Floor

Charlotte, North Carolina 28202

Attention: GS 2020-GC47 Asset Manager

Email: commercial.servicing@wellsfargo.com

	
 

KeyBank National Association
11501 Outlook Street, Suite 300
Overland Park, Kansas 66211
Attention: Alan Williams

Facsimile number: (877) 379-1625

Email: keybank_notices@keybank.com

 

 

Exhibit Q-3

 

 

EXHIBIT R-1

 

FORM OF POWER OF ATTORNEY BY TRUSTEE
FOR MASTER SERVICER

 

RECORDING REQUESTED BY:

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1050-084

Three Wells Fargo

401 South Tryon Street, 8th
Floor

Charlotte, North Carolina 28202

Attention: GS 2020-GC47 Asset Manager

Telecopy Number: (704) 715-0036

Email: commercial.servicing@wellsfargo.com

 

 

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 Pooling and Servicing Agreement dated as of May 1, 2020 (the “Agreement”) by and among GS Mortgage Securities Corporation II, as Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), KeyBank National Association, as Special Servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as Certificate Administrator (in such capacity, the “Certificate Administrator”), Wilmington Trust, National Association, as Trustee, and Park Bridge Lender Services LLC, as Asset Representations Reviewer (in such capacity, the “Asset Representations Reviewer”) and Operating Advisor (in such capacity, the “Operating Advisor”), hereby constitutes and appoints the Master Servicer, by and through the Master Servicer’s officers, as 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 all mortgage loans (the “Mortgage Loans”) serviced by the Master Servicer and all properties (“Mortgaged Properties”) administered by the Master Servicer pursuant to the Agreement, to execute and acknowledge in writing or by facsimile stamp all documents customarily and reasonably necessary and appropriate to effectuate the enumerated transactions described in items 1 through 12 below with respect to the Mortgage Loans and Mortgaged Properties; provided however, that the documents described below may only be executed and delivered by the Attorney-in-Fact if such documents are required or permitted under the Agreement. Capitalized terms used herein and not otherwise defined herein have the meanings set forth in the Agreement.

 

 

     Exhibit R-1-1

     

    

 

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 any Mortgage Loan.

 

2.             The modification or re-recording of a Mortgage or deed of trust, where said modification or re-recording is solely for the purpose of correcting the Mortgage or deed of trust to conform same to the original intent of the parties thereto or to correct title errors discovered after such title insurance was issued; provided that said modification or re-recording, in either instance, (i) does not adversely affect the lien of the Mortgage or deed of trust as insured and (ii) otherwise conforms to the provisions of the Agreement.

 

3.             The subordination of the lien of a Mortgage or deed of trust to an easement in favor of a public utility company of a government agency or unit with powers of eminent domain; this section shall include, without limitation, the execution of partial satisfactions/releases, partial reconveyances or the execution or requests to trustees to accomplish same.

 

4.             The conveyance of the properties to the mortgage insurer, or the closing of the title to the property to be acquired as real estate owned, or conveyance of title to real estate owned.

 

5.             The completion of loan assumption agreements.

 

6.             The full satisfaction/release of a Mortgage or deed of trust or full conveyance upon payment and discharge of all sums secured thereby, including, without limitation, cancellation of the related Mortgage Note.

 

7.             The assignment of any Mortgage or deed of trust and the related Mortgage Note, in connection with the repurchase of the Mortgage Loan secured and evidenced thereby.

 

8.             The full assignment of a Mortgage or deed of trust upon payment and discharge of all sums secured thereby in conjunction with the refinancing thereof, including, without limitation, the assignment of the related Mortgage Note.

 

9.             The full enforcement of and preservation of the Trustee’s interests in the Mortgage Notes, Mortgages or deeds of trust, and in the proceeds thereof, by way of, including but not limited to, foreclosure, the taking of a deed in lieu of foreclosure, or the completion of judicial or non-judicial foreclosure or the termination, cancellation or rescission of any such foreclosure, the initiation, prosecution and completion of eviction actions or proceedings with respect to, or the termination, cancellation or rescission of any such eviction actions or proceedings, and the pursuit of title insurance, hazard insurance and claims in bankruptcy proceedings, including, without limitation, any and all of the following acts:

 

a.             the substitution of trustee(s) serving under a deed of trust, in accordance with state law and the deed of trust;

 

b.             the preparation and issuance of statements of breach or non-performance;

 

 

     Exhibit R-1-2

     

    

 

c.             the preparation and filing of notices of default and/or notices of sale;

 

d.             the cancellation/rescission of notices of default and/or notices of sale;

 

e.             the taking of deed in lieu of foreclosure;

 

f.              the filing, prosecution and defense of claims, and to appear on behalf of the Trustee, in bankruptcy cases affecting Mortgage Notes, Mortgages or deeds of trust;

 

g.             the preparation and service of notices to quit and all other documents necessary to initiate, prosecute and complete eviction actions or proceedings;

 

h.             the tendering, filing, prosecution and defense, as applicable, of hazard insurance and title insurance claims, including but not limited to appearing on behalf of the Trustee in quiet title actions; and

 

i.              the preparation and execution of such other documents and performance of such other actions as may be necessary under the terms of the Mortgage, deed of trust or state law to expeditiously complete said transactions in paragraphs 9.a. through 9.h. above.

 

10.           With respect to the sale of property acquired through a foreclosure or deed-in lieu of foreclosure, including, without limitation, the execution of the following documentation:

 

a.             listing agreements;

 

b.             purchase and sale agreements;

 

c.             grant/warranty/quit claim deeds or any other deed causing the transfer of title of the property to a party contracted to purchase same;

 

d.             escrow instructions; and

 

e.             any and all documents necessary to effect the transfer of property.

 

11.           The modification or amendment of escrow agreements established for repairs to the Mortgaged Property or reserves for replacement of personal property.

 

12.           The execution and delivery of the following:

 

a.             any and all financing statements, continuation statements and other documents or instruments necessary to maintain the lien created by the Mortgage, deed of trust or other security document in the related Mortgage File or the related 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

 

 

     Exhibit R-1-3

     

    

 

financings to be secured by any related 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 related Mortgaged Property or otherwise, documents relating to the management, operation, maintenance, repair, leasing and marketing of the related Mortgaged Properties (including agreements and requests by any borrower with respect to modifications of the standards of operation and management of such Mortgaged Properties or the replacement of asset managers), documents exercising any or all of the rights, powers and privileges granted or provided to the holder of any 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 Properties, instruments relating to the custody of any collateral that now secures or hereafter may secure any 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 Limited Power of Attorney shall remain in full force and effect until (a) an instrument of revocation has been made in writing by the undersigned, or (b) the termination, resignation or removal of the Trustee as trustee under the Agreement, or (c) the termination, resignation or removal of the Master Servicer as master servicer under the Agreement, or (d) the termination of the Agreement, whichever occurs earlier.

 

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 Servicer has the power to delegate its rights or obligations under the Agreement, the Master 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 Servicer’s attorneys-in-fact shall have no greater authority than that held by the Master 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 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 Servicer receives any notice of suit, litigation or proceeding in the name of Wilmington Trust, National Association, then the Master Servicer shall promptly forward a copy of same to the Trustee.

 

 

     Exhibit R-1-4

     

    

 

This limited power of attorney is not intended to extend the powers granted to the Master Servicer under the Agreement or to allow the Master Servicer to take any action with respect to Mortgages, deeds of trust or Mortgage Notes not authorized by the Agreement.

 

The Master Servicer hereby agrees to indemnify and hold the Trustee and its directors, officers, employees and agents harmless from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever incurred by reason or result of the negligent use, or negligent or willful misuse, of this Limited Power of Attorney by the Master 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 the benefit of the registered holders of GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47, and the RR Interest Owner, 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 the benefit of the registered holders of GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47, and the RR Interest Owner

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

Attest:

 

____________________

 

Witness:

 

____________________

 

Witness:

 

_____________________

 

  

     Exhibit R-1-5

     

    

 

State of             
} 

County of ____}

 

               
On ________________________, before me, _________________________________Notary Public, personally appeared
___________________________, who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed
to the within instrument and acknowledged to me that he/she executed the same in his/her authorized capacity and that by
his/her signature on the instrument the person, or the entity upon behalf of which the person acted, executed the
instrument.

 

Witness my hand and official seal.

 

_________________________________

 

Notary signature

 

 

     Exhibit R-1-6

     

    

 

EXHIBIT
R-2

 

FORM
OF POWER OF ATTORNEY BY TRUSTEE

FOR SPECIAL SERVICER

 

RECORDING
REQUESTED BY:

 

KeyBank
National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Alan Williams

Facsimile
number: (877) 379-1625

Email:
keybank_notices@keybank.com

 

 

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, as Trustee, for the benefit of the registered holders of GS Mortgage Securities Trust 2020-GC47,
Commercial Mortgage Pass-Through Certificates, Series 2020-GC47, and the RR Interest Owner having its usual place of business
at 1100 North Market Street, Wilmington, Delaware 19890 (the “Trustee”) pursuant to that Pooling and Servicing
Agreement dated as of May 1, 2020 (the “Agreement”) by and among GS Mortgage Securities Corporation II, as
Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
KeyBank National Association, as Special Servicer (the “Special Servicer”), Wells Fargo Bank, National Association,
as Certificate Administrator (in such capacity, the “Certificate Administrator”), Park Bridge Lender Services
LLC, as Operating Advisor (in such capacity, the “Operating Advisor”) and as asset representations reviewer
(in such capacity, the “Asset Representations Reviewer”), and the Trustee hereby constitutes and appoints the
Special Servicer, by and through the Special Servicer’s officers, as the Trustee’s true and lawful Attorney-in-Fact,
in the Trustee’s name, place and stead and for the Trustee’s use and benefit, in connection with all mortgage loans
(the “Mortgage Loans”) serviced by the Special Servicer and all properties (“REO Properties”)
administered by the Special Servicer pursuant to the Agreement, to execute and acknowledge in writing or by facsimile stamp all
documents customarily and reasonably necessary and appropriate to effectuate the enumerated transactions described in items 1
through 12 below with respect to the Mortgage Loans and REO Properties; provided however, that the documents described below may
only be executed and delivered by the Attorney-in-Fact if such documents are required or permitted under the Agreement. Capitalized
terms used herein and not otherwise defined herein have the meanings set forth in the Agreement.

 

    Exhibit R-2-1 

     

    

 

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 any Mortgage Loan.

 

2.       The
modification or re-recording of a Mortgage or deed of trust or deed to secure debt, where said modification or re-recording is
solely for the purpose of correcting the Mortgage or deed of trust or deed to secure debt 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 or deed to secure debt
as insured and (ii) otherwise conforms to the provisions of the Agreement.

 

3.       The
subordination of the lien of a Mortgage or deed of trust or deed to secure debt 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 properties to the mortgage insurer, or the closing of the title to the property to be acquired as real estate
owned, or conveyance of title to real estate owned.

 

5.       The
completion of loan assumption agreements and transfers of interest in borrower entities.

 

6.       The
full satisfaction/release of a Mortgage or deed of trust or deed to secure debt or full conveyance upon payment and discharge
of all sums secured thereby, including, without limitation, cancellation of the related Mortgage Note.

 

7.       The
assignment of any Mortgage or deed of trust or deed to secure debt and the endorsement of the related Mortgage Note, in connection
with the purchase or repurchase of the mortgage loan secured and evidenced thereby.

 

8.       The
full assignment of a Mortgage or deed of trust or deed to secure debt upon payment and discharge of all sums secured thereby in
conjunction with the refinancing thereof, including, without limitation, the endorsement of the related Mortgage Note.

 

9.       The
full enforcement of and preservation of the Trustee’s interests in the Mortgage Notes, Mortgages, deeds of trust or deeds
to secure debt, and in the proceeds thereof, by way of, including but not limited to, taking title to any Mortgaged Property on
behalf of the Trust, foreclosure, the taking of a deed in lieu of foreclosure, or the completion of judicial or non-judicial foreclosure
and/or any related litigation, including without limitation, guaranty or receivership litigation, or litigation on the note, 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, the
initiation or defense of any litigation related to the ownership of any REO Property, and the pursuit of title insurance, hazard
insurance and claims in bankruptcy proceedings, including, without limitation, any and all of the following acts:

 

    Exhibit R-2-2 

     

    

 

 a.           the
substitution of trustee(s) serving under a deed of trust or deed to secure debt, in accordance with state law and the deed of
trust or deed to secure debt, as applicable;

 

 b.            the
preparation and issuance of statements of breach or non-performance;

 

 c.            the
preparation and filing of notices of default and/or notices of sale;

 

 d.            the
cancellation/rescission of notices of default and/or notices of sale;

 

 e.            the
taking of deed in lieu of foreclosure;

 

 f.            the
filing, prosecution and defense of claims, and to appear on behalf of the Trustee, in bankruptcy cases affecting Mortgage Notes,
Mortgages or deeds of trust;

 

 g.            the
preparation and service of notices to quit and all other documents necessary to initiate, prosecute and complete eviction actions
or proceedings;

 

 h.            the
tendering, filing, prosecution and defense, as applicable, of hazard insurance and title insurance claims, including but not limited
to appearing on behalf of the Trustee in quiet title actions;

 

 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 deed to secure debt, or state law to expeditiously complete said transactions in paragraphs 9.a.
through 9.h. above; and

 

 j.            the
creation of a wholly-owned entity of the Trust for purposes of holding foreclosed property.

 

 10.       
With respect to the holding, management and 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.
           bills of sale and associated instruments, if any, conveying personal property associated with such property

 

 e.            escrow
instructions; and

 

    Exhibit R-2-3 

     

    

 

 f.            any
and all other 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.       Execute
and/or file such documents and take such other action as is proper and necessary to defend the Trustee, solely in its capacity
as Trustee, in litigation and to resolve such litigation, provided that such resolution shall not include any admission of fault
or wrongdoing by the Trustee or, without the Trustee’s consent, subject the Trustee to any form of injunctive relief.

 

  13.       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 deed to secure deb, or other security document in the related Mortgage File or the related 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 any related 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 related Mortgaged Property, REO Property or otherwise, documents relating
to the management, operation, maintenance, repair, leasing and marketing of the related Mortgaged Properties (including agreements
and requests by any borrower with respect to modifications of the standards of operation and management of such Mortgaged Properties
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 any Mortgage Loan under the related loan documents, lease subordination agreements, non-disturbance
and attornment agreements or other leasing or rental arrangements, management agreements any easements, covenants, conditions,
restrictions, equitable servitudes, or land use or zoning requirements with respect to the Mortgaged Properties or REO Properties,
instruments relating to the custody of any collateral that now secures or hereafter may secure any Mortgage Loan and any other
consents; and

 

 d.
any and all documents, instruments and certifications as are reasonably necessary to complete or accomplish the Special Servicer’s
duties and responsibilities under the Agreement. This Limited Power of Attorney shall remain in full force and effect until (a)
revoked in writing by the Trustee, or (b) the termination, resignation or removal of the Trustee under the Agreement, or (c) the
termination, resignation or removal of the Special Servicer as special servicer under the Agreement, or (d) the termination of
the Agreement, whichever occurs earlier.

 

    Exhibit R-2-4 

     

    

 

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.

 

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 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 or in the Agreement. If the Special Servicer receives any notice of suit, litigation or proceeding
in the name of Wilmington Trust, National Association, then the 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 Special Servicer under the Agreement or to allow
the Special Servicer to take any action with respect to Mortgages, deeds of trust or Mortgage Notes not authorized by the Agreement.

 

The
Special Servicer hereby agrees to indemnify and hold the Trustee and its directors, officers, employees and agents harmless from
and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements
of any kind or nature whatsoever incurred by the Trustee by reason or result of the negligent use, or negligent or willful misuse,
of this Limited Power of Attorney by the 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, a national banking association, incorporated and existing under the laws
of the United States, as Trustee, for the benefit of the registered holders of GS Mortgage Securities Trust 2020-GC47, Commercial
Mortgage Pass-Through Certificates, Series 2020-GC47, and the RR Interest Owner, 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 ____________.

 

    Exhibit R-2-5 

     

    

 

[END
OF TEXT – SIGNATURE AND ACKNOWLEDGEMENT PAGES FOLLOW]

 

    Exhibit R-2-6 

     

    

 

	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, A NATIONAL ASSOCIATION, AS TRUSTEE, FOR THE BENEFIT OF THE REGISTERED HOLDERS OF GS MORTGAGE SECURITIES TRUST 2020-GC47, COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2020-GC47 AND THE RR INTEREST OWNER
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

		Attest:	

 

			

 

		Witness:	

 

			

 

		Witness:	

 

			

  

	STATE
OF	)
	 	)       ss.:
	COUNTY OF	)

 

On
________________________, before me, _________________________________ Notary Public, personally appeared ___________________________,
who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and
acknowledged to me that he/she executed the same in his/her authorized capacity and that by his/her signature on the instrument
the person, or the entity upon behalf of which the person acted, executed the instrument.

 

Witness
my hand and official seal.

 

	 	 
	 	Notary Public
	 	 
	[SEAL]	 

 

    Exhibit R-2-7 

     

    

 

My
commission expires:

	 	 

 

    Exhibit R-2-8 

     

    

 

EXHIBIT
S

 

INITIAL
COMPANION HOLDERS, INITIAL CLASS MAJORITY CERTIFICATEHOLDER 

 

	Loan	Companion
    Holder
	711
    Fifth Avenue	NOTE
                                         A-1-2, NOTE A-1-3, NOTE A-1-4, NOTE A-1-5, NOTE A-1-6, NOTE A-1-7, NOTE A-1-8, NOTE A-1-9,
                                         NOTE A-1-11, NOTE A-1-12, NOTE A-1-13, NOTE A-1-14, NOTE A-1-15, NOTE A-1-16 AND NOTE
                                         A-1-17: 

         

        Goldman
        Sachs Bank USA

         

        NOTICE
        ADDRESS:

         

        Goldman
Sachs Bank USA

200 West Street

New York, New York 10282

Attention: Leah Nivison 

        Email:
        leah.nivison@gs.com

         

        with
        a copy to:

         

        Goldman
Sachs Bank USA

200 West Street

New York, New York 10282

Attention: Brian Bolton 

        Email:
        brian.a.bolton@gs.com

         

        and:

         

        Email:
        gs-refgsecuritization@gs.com

         

        NOTE
        A-2-1, NOTE A-2-2, NOTE A-2-3 AND NOTE A-2-4

         

        Bank
        of America, N.A.

         

        NOTICE
        ADDRESS:

         

        Bank
of America, National Association

One Bryant Park

 

    Exhibit S-1 

     

    

 

		
        NY-100-11-07

        New York, New York 10036

        Attention: Director of CMBS Securitizations

        Email: leland.f.bunch@baml.com

         

        with
        a copy to:

         

        W.
        Todd Stillerman

        

        Associate
General Counsel & Director 

        Bank
        of America Merrill Lynch Legal Department

        

        214
North Tryon Street, 18th Floor 

        NCI-027-20-05

        

        Charlotte,
North Carolina 28255 

        Email:
todd.stillerman@bofa.com

         

         

	City
    National Plaza	NOTE
                                         A-1, NOTE A-2, NOTE A-3 AND NOTE A-4 

         

        Morgan
        Stanley Bank, N.A.

         

        NOTICE
        ADDRESS:

         

        Morgan
        Stanley Bank, N.A.

        1585 Broadway

        New York, New York 10036

        Attention: Jane Lam

         

        with
        a copy to:

         

        Morgan
        Stanley Bank, N.A.

        1633 Broadway, 29th Floor

        New York, New York 10019

        Attention: Legal Compliance Division

         

        and
        a copy by email to:

        

        cmbs_notices@morganstanley.com

         

        NOTE
        A-6, NOTE A-7, NOTE A-8 AND NOTE A-9

         

        Goldman
        Sachs Bank USA

         

        NOTICE
        ADDRESS:

         

        Goldman
Sachs Bank USA

200 West Street 

 

    Exhibit S-2 

     

    

 

		New
    York, New York 10282

    Attention: Leah Nivison

        Email:
        leah.nivison@gs.com

         

        with
        a copy to:

         

        Goldman
        Sachs Bank USA

        200 West Street

        New York, New York 10282

        Attention: Brian Bolton

        

        Email:
        brian.a.bolton@gs.com

         

        and:

         

        Email:
        gs-refgsecuritization@gs.com

        

 

    Exhibit S-3 

     

    

 

EXHIBIT
T

 

FORM
OF NOTICE RELATING TO THE NON-SERVICED MORTGAGE LOANS

 

[Date]

	[Other
    Trustee]

    [Address Line 1]

    [Address Line 2]

    Attn: [Contact Person]	[Other
    Certificate Administrator]

    [Address Line 1]

    [Address Line 2]

    Attn: [Contact Person]
	 	 
	[Other
    Master Servicer]

    [Address Line 1]

    [Address Line 2]

    Attn: [Contact Person]	[Other
    Special Servicer]

    [Address Line 1]

    [Address Line 2]

    Attn: [Contact Person]
	 	 
	[Other
    Operating Advisor]

    [Address Line 1]

    [Address Line 2]

    Attn: [Contact Person]	[Other
    Asset Representations Reviewer]

    [Address Line 1]

    [Address Line 2]

    Attn: [Contact Person]
	 	 

		Re:	[Other
                                         Securitization Trust]

 

Ladies
and Gentlemen:

 

Reference
is hereby made to the [Trust][Pooling] and Servicing Agreement, dated as of [_____] (the “Other Pooling and Servicing
Agreement”), by and among [_____], as Depositor, [_____], as Master Servicer, [_____], as Special Servicer, [_____],
as Certificate Administrator and as Trustee, and [_____], as Operating Advisor and Asset Representations Reviewer. Capitalized
terms used but not defined herein shall have the meanings given to them (or an analogous term) in the Other Pooling and Servicing
Agreement.

 

The
undersigned is the certificate administrator under the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “GC47
PSA”), by and among GS Mortgage Securities Corporation II, as depositor, Wells Fargo Bank, National Association, as
master servicer (in such capacity, the “Master Servicer”), KeyBank National Association, as special servicer
(the “Special Servicer”), Wells Fargo Bank, National Association, as Certificate Administrator (in such capacity,
the “Certificate Administrator”), Wilmington Trust, National Association, as trustee (the “Trustee”),
and Park Bridge Lender Services LLC, as Operating Advisor (in such capacity, the “Operating Advisor”) and as
asset representations reviewer (in such capacity, the “Asset Representations Reviewer”), pursuant to which
the GS Mortgage Securities Trust 2020-GC47 (the “GC47 Trust”) was established and the [1633 Broadway][Moffett
Towers Buildings A, B & C][650 Madison Avenue][555 10th Avenue][PCI Pharma Portfolio][Midland Atlantic

 

    Exhibit T-1 

     

    

 

Portfolio][525 Market
Street] [City National Plaza] Mortgage Loan was transferred to the GC47 Trust as of May 21, 2020 (the “Closing Date”).

 

The
undersigned hereby notifies you that, as of the Closing Date:

 

1.       Wilmington
Trust, National Association, as trustee under the GC47 PSA, is the holder of the [1633 Broadway][Moffett Towers Buildings A, B
& C][650 Madison Avenue][555 10th Avenue][PCI Pharma Portfolio][Midland Atlantic Portfolio][525 Market Street][City National
Plaza] Mortgage Loan.

 

2.       You
are directed to remit to Wells Fargo Bank, National Association, as master servicer under the GC47 PSA, all amounts payable to,
and to forward, deliver or otherwise make available, as the case may be, to Wells Fargo Bank, National Association, as master
servicer under the GC47 PSA, all reports, statements, documents, communications and other information that are to be forwarded,
delivered or otherwise made available to, the holder of the [1633 Broadway][Moffett Towers Buildings A, B & C][650 Madison
Avenue][555 10th Avenue][PCI Pharma Portfolio][Midland Atlantic Portfolio][525 Market Street][City National Plaza] [1633 Broadway][Moffett
Towers Buildings A, B & C][650 Madison Avenue][555 10th Avenue][PCI Pharma Portfolio][Midland Atlantic Portfolio][525 Market
Street][City National Plaza] Mortgage Loan, under the [Non-Serviced Pooling Agreement], and the [1633 Broadway][Moffett Towers
Buildings A, B & C][650 Madison Avenue][555 10th Avenue][PCI Pharma Portfolio][Midland Atlantic Portfolio][525 Market Street][City
National Plaza] Mortgage Loan Co-Lender Agreement, as applicable.

 

The
[1633 Broadway][Moffett Towers Buildings A, B & C][650 Madison Avenue][555 10th Avenue][PCI Pharma Portfolio][Midland Atlantic
Portfolio][525 Market Street][City National Plaza] Mortgage Loan [is][is not] a Significant Obligor (as such term is defined in
the GC47 PSA) under the GC47 PSA.

 

3.            The
contact information for the GC47 Trustee, the GC47 Certificate Administrator, the GC47 Master Servicer, the GC47 Special Servicer,
and the GC47 Controlling Class Representative with respect to the [1633 Broadway][Moffett Towers Buildings A, B & C][650 Madison
Avenue][555 10th Avenue][PCI Pharma Portfolio][Midland Atlantic Portfolio][525 Market Street][City National Plaza] Mortgage Loan
are as follows:

 

	 

                                                                                               GC47
                                         Trustee:

         
	 	 

                                                                                                                                                                  Wilmington
                                         Trust, National Association

        

        1100
North Market Street 

        Wilmington,
        Delaware 19890

        

        Attention:
CMBS Trustee 

        Facsimile:
        (302) 630-4140

        

        Email:
CMBSTrustee@wilmingtontrust.com 

	GC47
    Certificate Administrator:	 	 

                                                                                                                         Wells
                                         Fargo Bank, National Association

        

        9062
        Old Annapolis Road

        

        Columbia,
        Maryland 21045

        

        Attention:
        Corporate Trust Services (CMBS)

        

        

 

    Exhibit T-2 

     

    

 

		 	

        

        GS
Mortgage Securities Trust 2020-GC47

        

	GC47
    Master Servicer:	 	Wells
                                         Fargo Bank, National Association

        

        Commercial
        Mortgage Servicing

        

        MAC-D1050-084

        

        Three
        Wells Fargo

        

        401
        South Tryon Street, 8th Floor

        

        Charlotte,
        North Carolina 28202

        

        Attention:
        GS 2020-GC47 Asset Manager

        

        Email:
        commercial.servicing@wellsfargo.com

        

	GC47
    Special Servicer:	 	KeyBank
                                         National Association

                                         11501 Outlook Street, Suite 300

                                         Overland Park, Kansas 66211

                                         Attention: Alan Williams

        

        Facsimile
        number: (877) 379-1625

        

        Email:
        keybank_notices@keybank.com

        

	GC47
    Controlling Class Representative:	 	LD
                                         II Holdco VII, LLC

        

        1330
        Avenue of the Americas, Suite 2700

        

        New
        York, New York 10019

        

        Attention:
        Luke Dann and Jon Brayshaw

        

 

4.       The
GC47 Trust is subject to the reporting requirements of the Securities Exchange Act of 1934, as it may be amended from time to
time.

 

5.       A
copy of an executed version of the GC47 PSA will be available upon request.

 

	 	Very truly yours,
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit T-3 

     

    

 

EXHIBIT
U

 

FORM
OF NOTICE AND CERTIFICATION

REGARDING DEFEASANCE OF MORTGAGE LOAN

 

To: 

 

	S&P
Global Ratings

55 Water Street, 41st Floor

New York, New York 10041 

Attention: Commercial Mortgage Surveillance Manager

E-mail: cmbs_info_17g5@standardandpoors.com 
	Kroll
                                         Bond Rating Agency, Inc.

        

        805
        Third Avenue, 29th Floor

        

        New
        York, New York 10022

        

        Attention:
        CMBS Surveillance

        

        Facsimile
        No.: (646) 731-2395

         

	Fitch
    Ratings, Inc.

    300 West 57th Street

    New York, New York 10019

    Attention:  Commercial Mortgage Backed Securities Surveillance

    Fax number:  (212) 635-0295

    E-mail:  info.cmbs@fitchratings.co	 

 

		From:	Wells
                                         Fargo Bank, National Association, in its capacity as Master Servicer under the Pooling
                                         and Servicing Agreement dated as of May 1, 2020 (the “Pooling and Servicing
                                         Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor,
                                         Wells Fargo Bank, National Association, as Master Servicer, KeyBank National Association,
                                         as 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 and as Asset Representations Reviewer.

 

		Date:	_________,
                                         20___

 

		Re:	GS
                                         Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series
                                         2020-GC47

                                         

                                         Mortgage Loan (the “Mortgage Loan”) identified by loan number _____
                                         on the Mortgage Loan Schedule attached to the Pooling and Servicing Agreement and heretofore
                                         secured by the Mortgaged Properties identified on the Mortgage Loan Schedule by the following
                                         names:____________________

                                                ____________________

 

Reference
is made to the Pooling and Servicing Agreement described above. Capitalized terms used but not defined herein have the meanings
assigned to such terms in the Pooling and Servicing Agreement.

 

    Exhibit U-1 

     

    

 

As
Master Servicer under the Pooling and Servicing Agreement, we hereby:

 

(a)               
Notify you that the Mortgagor has consummated a defeasance of the Mortgage Loan pursuant to the terms of the Mortgage Loan, of
the type checked below:

 

____ a
full defeasance of the entire principal balance of the Mortgage Loan; or

 

____ a
partial defeasance of a portion of the principal balance of the Mortgage Loan that represents and, an allocated loan amount of
$____________ or _______% of the entire principal balance of the Mortgage Loan;

 

(b)              
Certify that each of the following is true, subject to those exceptions set forth with explanatory notes on Exhibit A hereto,
which exceptions the Master Servicer has determined, consistent with the Servicing Standards, will have no material adverse effect
on the Mortgage Loan or the defeasance transaction:

 

(i)                
The Mortgage Loan documents permit the defeasance, and the terms and conditions for defeasance specified therein were satisfied
in all material respects in completing the defeasance.

 

(ii)              
The defeasance was consummated on __________, 20__.

 

(iii)            
The defeasance collateral consists of securities that (i) constitute “government securities” as defined in Section
2(a)(16) of the Investment Company Act of 1940 as amended (15 U.S.C. 80A1), (ii) are listed as “Qualified Investments for
‘AAA’ Financings” under Paragraphs 1, 2 or 3 of “Cash Flow Approach” in Standard & Poor’s
Public Finance Criteria 2000, as amended to the date of the defeasance, (iii) if they include a principal obligation, the principal
due at maturity cannot vary or change, and (iv) are not subject to prepayment, call or early redemption.

 

(iv)            
The Master Servicer received an opinion of counsel (from counsel approved by the Master Servicer in accordance with the Servicing
Standard) that the defeasance will not result in an Adverse REMIC Event.

 

(v)              
The Master Servicer determined that the defeasance collateral will be owned by an entity (the “Defeasance Obligor”)
that is a Single-Purpose Entity (as defined in Standard & Poor’s Structured Finance Ratings Real Estate Finance
Criteria, as amended to the date of the defeasance (the “S&P Criteria”)) or is subject to restrictions
in its organizational documents substantially similar to those contained in the organization documents of the original Borrower
with respect to bankruptcy remoteness and single purpose as of the date of the defeasance, and after the defeasance owns no assets
other than the defeasance collateral and real property securing Mortgage Loans included in the pool.

 

(vi)            
The defeasance documents require the crediting of the defeasance collateral to an Eligible Account (as defined in the S&P
Criteria) in the name of the Trustee on behalf of the Trust, which account is maintained as a securities account by a securities
intermediary and has been pledged to the Trustee on behalf of the Trust.

 

    Exhibit U-2 

     

    

 

(vii)          
The agreements executed in connection with the defeasance (i) grant control of the pledged securities account to Trustee on behalf
of the Trust, (ii) require the securities intermediary to make the scheduled payments on the Mortgage Loan from the proceeds of
the defeasance collateral directly to the Master Servicer’s collection account in the amounts and on the dates specified
in the Mortgage Loan documents or, in a partial defeasance, the portion of such scheduled payments attributed to the allocated
loan amount for the real property defeased, increased by any defeasance premium specified in the Mortgage Loan documents (the
“Scheduled Payments”), (iii) permit reinvestment of proceeds of the defeasance collateral only in Permitted
Investments (as defined in the Pooling and Servicing Agreement or as defined in the documents evidencing the defeasance), (iv)
permit release of surplus defeasance collateral and earnings on reinvestment from the pledged securities account only after the
Mortgage Loan has been paid in full, if any such release is permitted, (v) prohibit transfers by the Defeasance Obligor of the
defeasance collateral and subordinate liens against the defeasance collateral, and (vi) provide for payment from sources other
than the defeasance collateral or other assets of the Defeasance Obligor of all fees and expenses of the securities intermediary
for administering the defeasance and the securities account and all fees and expenses of maintaining the existence of the Defeasance
Obligor.

 

(viii)        
The Master Servicer received written confirmation from a firm of independent certified public accountants, who were approved by
the Master Servicer in accordance with the Servicing Standard stating that (i) revenues from the defeasance collateral (without
taking into account any earnings on reinvestment of such revenues) will be sufficient to timely pay each of the Scheduled Payments
after the defeasance including the payment in full of the Mortgage Loan (or the allocated portion thereof in connection with a
partial defeasance) on its Maturity Date (or, in the case of an ARD Loan, on its Anticipated Repayment Date), (ii) the revenues
received in any month from the defeasance collateral will be applied to make Scheduled Payments within four (4) months after the
date of receipt, and (iii) interest income from the defeasance collateral to the Defeasance Obligor in any calendar or fiscal
year will not exceed such Defeasance Obligor’s interest expense for the Mortgage Loan (or the allocated portion thereof
in a partial defeasance) for such year.

 

(ix)            
The Mortgage Loan is not among the ten (10) largest loans in the pool as of the date of the Current Report (as defined below).
The entire principal balance of the Mortgage Loan as of the date of defeasance was less than both $[______] and five percent of
pool balance, which is less than [__]% of the aggregate Certificate Balance of the Certificates as of the date of the most recent
Distribution Date Statement received by us (the “Current Report”).

 

(x)              
The Master Servicer has received opinions of counsel stating that the Trustee on behalf of the Trust possesses a valid, perfected
first priority security interest in the defeasance collateral and that the documents executed in connection with the defeasance
are enforceable in accordance with their respective terms.

 

    Exhibit U-3 

     

    

 

(c)               
Certify that Exhibit B hereto is a list of the material agreements, instruments, organizational documents for the Defeasance
Obligor, and opinions of counsel and independent accountants executed and delivered in connection with the defeasance.

 

(d)              
Certify that the individual under whose hand the Master Servicer has caused this Notice and Certification to be executed did constitute
a Servicing Officer as of the date of the defeasance described above.

 

(e)               
Agree to provide copies of all items listed in Exhibit B to you upon request.

 

    Exhibit U-4 

     

    

 

IN
WITNESS WHEREOF, the Master Servicer has caused this Notice and Certification to be executed as of the date captioned above.

 

	 	Wells fargo Bank, National 

Association
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit U-5 

     

    

 

EXHIBIT
                                        V

FORM
OF OPERATING ADVISOR ANNUAL REPORT1 

 

Report
Date: This report will be delivered annually no later than [INSERT DATE], pursuant to the terms and conditions of the Pooling
and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), among GS Mortgage Securities
Corporation II, as the depositor, Wells Fargo Bank, National Association, as the master servicer, KeyBank National Association,
as the special servicer, Wells Fargo Bank, National Association, as the certificate administrator, Wilmington Trust, National
Association, as the trustee, and Park Bridge Lender Services LLC, as the operating advisor and as the asset representations reviewer.
Transaction:
GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47
Operating Advisor:
Park Bridge Lender Services LLC
Special Servicer as of December 31, 20[__]: KeyBank National Association

Directing
Holder: LD II Holdco X, LLC (or its affiliate)

 

		I.

	Population
                 of Mortgage Loans that Were Considered in Compiling this Report

	 	 	 

		1.

	The
                 Special Servicer has notified the Operating Advisor that [●] Specially Serviced Loans were transferred
                 to special servicing in the prior calendar year [INSERT YEAR].

	 	 	 

		a.

	[●]
                 of those Specially Serviced Loans are still being analyzed by the Special Servicer as part of the development
                 of [a Final] Asset Status Report.

	 	 	 

		b.

	[Final]
                 Asset Status Reports were issued with respect to [●] of such Specially Serviced Loans. This report is
                 based only on the Specially Serviced Loans in respect of which [a Final] Asset Status Report has been issued.
                 The [Final] Asset Status Reports may not yet be fully implemented.

	 	 	 

		II.

	Executive
                 Summary

Based
on the requirements and qualifications set forth in the Pooling 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 Pooling and Servicing
Agreement) has undertaken a limited review of the Special Servicer’s actions under the Pooling and Servicing Agreement
on the loans identified in this report. Based solely on such limited review of the items listed below, and subject to the assumptions,
limitations and qualifications

 

 

1 This
report is an indicative report and does not reflect the final form of annual report to be used in any particular year. The Operating
Advisor will have the ability to modify or alter the organization and content of any particular report, subject to the compliance
with the terms of the Pooling and Servicing Agreement, including, without limitation, provisions relating to Privileged Information.

 

    Exhibit V-1 

     

    

 

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 Pooling and Servicing
Agreement during the prior calendar year on an “asset-level” basis. [The Operating Advisor believes, in its sole discretion
exercised in good faith, that the Special Servicer has failed to comply with the Servicing Standard, as a result of the following
material deviations.]

 

		●	[LIST
                                         OF 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]

 

		III.	List
                                         of Items that Were Considered in Compiling this Report

 

In
rendering our assessment herein, we examined and relied upon the accuracy and completeness of the items listed below:

 

		1.	Any
                                         Major Decision Reporting Package that is delivered or made available to the Operating
                                         Advisor by the Special Servicer pursuant to the Pooling and Servicing Agreement

 

		2.	Reports
                                         by the Special Servicer made available to Privileged Persons that are posted on the certificate
                                         administrator’s website that is relevant to the Operating Advisor’s obligations
                                         under the Pooling and Servicing Agreement, each Asset Status Report (after a Control
                                         Termination Event), and each Final Asset Status Report, in each case, delivered or made
                                         available to the Operating Advisor pursuant to the terms of the Pooling and Servicing
                                         Agreement.

 

		3.	The
                                         Special Servicer’s assessment of compliance report, attestation report by a third
                                         party regarding the Special Servicer’s compliance with its obligations and net
                                         present value calculations and Appraisal Reduction Amount calculations delivered or made
                                         available to the Operating Advisor pursuant to the terms of the Pooling and Servicing
                                         Agreement.

 

		4.	[LIST
                                         OTHER REVIEWED INFORMATION].

 

		5.	[INSERT
                                         IF AFTER A CONTROL TERMINATION EVENT: Consulted with the Special Servicer as provided
                                         under the Pooling and Servicing Agreement on Asset Status Reports for a Specially Serviced
                                         Loan delivered or made available to the Operating Advisor pursuant to the terms of the
                                         Pooling and Servicing Agreement and with respect to Major Decisions processed by the
                                         Special Servicer.]

 

NOTE:
The Operating Advisor’s review of the above materials should be considered a limited review and not be considered a full
or limited audit, legal review or legal conclusion. For instance, we did not review each page of the Special Servicer’s
policy and

 

    Exhibit V-2 

     

    

 

procedure manuals (including amendments and appendices), review underlying lease agreements or similar underlying documents,
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 any borrower. In addition, our review of the net present value calculations and Appraisal
Reduction Amount calculations is limited to the mathematical accuracy of the calculations and the corresponding application of
the non-discretionary portions of the applicable formulas, and as such, does not take into account the reasonableness of the discretionary
portions of such formulas.

 

		IV.	Assumptions,
                                         Qualifications and Disclaimers Related to the Work Product Undertaken and Opinions Related
                                         to this Report

 

		1.	As
                                         provided in the Pooling and Servicing Agreement, the Operating Advisor (i) is not required
                                         to report on instances of non-compliance with, or deviations from, the Servicing Standard
                                         or the special servicer’s obligations under the Pooling and Servicing Agreement
                                         that the Operating Advisor determines, in its sole discretion exercised in good faith,
                                         to be immaterial and (ii) will not be required to provide or obtain a legal opinion,
                                         legal review or legal conclusion.

 

		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 any Major Decision Reporting Package or any Asset Status Report that
                                         is delivered or made available to the Operating Advisor pursuant to the terms of the
                                         Pooling and Servicing Agreement, the Operating Advisor did not participate in, or have
                                         access to, the Special Servicer’s and Directing Holder’s discussion(s) regarding
                                         any Specially Serviced Loan. The Operating Advisor does not have authority to speak with
                                         the Directing Holder 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 any Specially
                                         Serviced Loan pursuant to the Pooling and Servicing Agreement. The Operating Advisor
                                         has no responsibility or authority to alter the standards set forth in the Pooling and
                                         Servicing Agreement or the actions of the Special Servicer.

 

		5.	Confidentiality
                                         and other contractual limitations limit the Operating Advisor’s ability to outline
                                         the details or substance of any communication held between it and the Special Servicer
                                         regarding any Specially Serviced Loan and certain information it reviewed in connection
                                         with its duties under the Pooling and Servicing Agreement. As a result, this report may
                                         not reflect all the relevant information that the Operating Advisor is given access to
                                         by the Special Servicer.

 

    Exhibit V-3 

     

    

 

		6.	The
                                         Operating Advisor is not empowered to speak with any investors directly. If the investors
                                         have questions regarding this report, they should address such questions to the certificate
                                         administrator through the certificate administrator’s website.

 

		7.	This
                                         report does not constitute recommendations to buy, sell or hold any security, nor does
                                         the Operating Advisor take into account market prices of securities or financial markets
                                         generally when performing its limited review of the Special Servicer as described above.

 

Terms
used but not defined in this report have the meaning set forth in the Pooling and Servicing Agreement.

 

    Exhibit V-4 

     

    

 

EXHIBIT
W

 

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

Facsimile:
(302) 630-4140

Email:
CMBSTrustee@wilmingtontrust.com

 

Wells
Fargo Bank, National Association

as Certificate Administrator

9062
Old Annapolis Road

Columbia,
Maryland 21045-1951

Attention:
Corporate Trust Services (CMBS)

GS
Mortgage Securities Trust 2020-GC47

Telecopy
Number: (410) 715-2380

 

KeyBank
National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Alan Williams

Facsimile
number: (877) 379-1625

Email:
keybank_notices@keybank.com

 

		Re:	GS
                                         Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series
                                         2020-GC47, 

                                         Recommendation of Replacement of Special Servicer 

 

Ladies
and Gentlemen:

 

This
letter is delivered pursuant to Section 7.01(d) of the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling
and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, KeyBank National Association, as 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 and as Asset Representations Reviewer, on behalf of the holders of GS Mortgage Securities Trust 2020-GC47, Commercial
Mortgage Pass-Through Certificates, Series 2020-GC47 (the “Certificates”) regarding the replacement of the
Special Servicer. Capitalized terms used and not otherwise

 

    Exhibit W-1 

     

    

 

defined herein shall have the respective meanings ascribed to such
terms in the Pooling 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 Pooling and Servicing Agreement, it is our assessment that KeyBank National Association, in its current capacity as Special
Servicer, is not [performing its duties under the Pooling 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 KeyBank National Association be removed as Special Servicer and that [________]
be appointed its successor in such capacity.

 

	 	Very
truly yours,
	 	 	 
	 	[The Operating Advisor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated:	 	 

  

    Exhibit W-2 

     

    

 

EXHIBIT
X

 

Form
of CONFIDENTIALITY Agreement 

[Wells
Fargo Bank, National Association

Commercial
Mortgage Servicing

MAC-D1050-084

Three
Wells Fargo 

401
South Tryon Street, 8th Floor

Charlotte,
North Carolina 28202

Attention:
GS 2020-GC47 Asset Manager

Telecopy
Number: (704) 715-0036

Email:
commercial.servicing@wellsfargo.com]

 

[KeyBank
National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Alan Williams

Facsimile
number: (877) 379-1625

Email:
keybank_notices@keybank.com]

 

		Re:	Access
                                         to Certain Information Regarding GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage
                                         Pass-Through Certificates, Series 2020-GC47

 

Ladies
and Gentlemen:

 

Reference
is hereby made to that certain Pooling and Servicing Agreement dated as of May 1, 2020 (the “Pooling and Servicing Agreement”),
among the GS Mortgage Securities Corporation II, as Depositor, Wells Fargo Bank, National Association, as Master Servicer, KeyBank
National Association, as 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 and as Asset Representations Reviewer.
Defined terms used herein and not otherwise defined shall have the meanings set forth in the Pooling and Servicing Agreement.

 

[Wells
Fargo Bank, National Association (“Wells Fargo”)][KeyBank National Association (“KeyBank”)]
understands that [____] (the “Company”) is requesting certain confidential or non-public information relating
to the Mortgage Loans to which the Company has continuing rights as a Certificateholder. The Company is requesting such information
for the purpose of analyzing asset performance and evaluating any continuing rights the Company may have under the Trust (the
“Permitted Purpose”). The Company agrees that the Permitted Purpose shall not include the use or disclosure
of the Confidential Information (as defined below) in any manner that violates any applicable law, the Pooling and Servicing Agreement
or the related mortgage loan documents.

 

    Exhibit X-1 

     

    

 

[_____]
[__], 20[__] 

Page 2

 

[Wells
Fargo][KeyBank] will provide the Company with certain confidential, non-public servicing information (the “Confidential
Information”) pertaining to the Mortgage Loans and the related Mortgaged Properties and borrowers. The Company acknowledges
that the Confidential Information (a) includes or may be based upon information provided to [Wells Fargo][KeyBank] by third parties,
(b) may not have been verified by [Wells Fargo][KeyBank], and (c) may be incomplete or contain inaccuracies. The Company agrees
that [Wells Fargo][KeyBank], the [“Master Servicer”] [“Special Servicer”] (as defined in
the Pooling and Servicing Agreement) and its Representatives (as defined below) shall not have any liability to the Company or
its Representatives resulting from (x) any inaccuracies or omissions in the Confidential Information, (y) any use of the Confidential
Information, or (z) [Wells Fargo][KeyBank]’s failure or inability to provide the Confidential Information to the Company
for any reason. Notwithstanding the foregoing, the following will not constitute “Confidential Information”
for purposes of this letter agreement: (a) information that was already in Company’s possession prior to its receipt from
[Wells Fargo][KeyBank]; (b) information that is obtained by Company from a third person who, insofar as is known to Company, is
not prohibited from transmitting the information to Company by a contractual, legal or fiduciary obligation to [Wells Fargo][KeyBank];
(c) information that is or becomes publicly available through no fault of Company; and (d) information that is independently developed
by Company. The term “Representatives” with respect to any entity shall mean the officers, directors, general partners,
employees, agents, affiliates, auditors and legal counsel (which may be internal counsel) of that entity.

 

The
Company may have access to the Confidential Information through (at [Wells Fargo][KeyBank]’s election): (i) responses to
reasonable written inquiries received from the Company, (ii) conference calls conducted on a reasonably scheduled basis with [Wells
Fargo][KeyBank]’s surveillance group, or (iii) direct on-line access (read-only capacity) to the information available on
the applicable [____] system or any successor or replacement system (“System”). [Wells Fargo][KeyBank] may
cease or defer providing the Company with Confidential Information in the event that (a) the Company or its Representatives violate
any provision hereof, or (b) [Wells Fargo][KeyBank] determines (in its sole discretion) that such termination is necessary for
any reason, including its determination that such action is required pursuant to the terms of the Pooling and Servicing Agreement,
the related Mortgage Loan documents, or any applicable law. [Wells Fargo][KeyBank] shall cease to provide the Company with Confidential
Information if [Wells Fargo][KeyBank] has actual knowledge that the Company or its Representatives are affiliates of any borrower
under the Mortgage Loan documents and [Wells Fargo][KeyBank] determines that the provision, notice or access to such Confidential
Information would violate the accepted servicing practices or servicing standards as defined in the Pooling and Servicing Agreement.
The Company’s obligations and the restrictions applicable to the protection of the Confidential Information hereunder shall
survive the termination of the Company’s access to the Confidential Information. [Wells Fargo][KeyBank]’s remedies
hereunder, at law or at equity, are cumulative and may be combined.

 

The
Company agrees that it will not, and it shall not permit its Representatives, to disclose the Confidential Information in any
manner whatsoever to any other person or entity, other than its Representatives (but only to the extent necessary to accomplish
the Permitted Purpose) who have a need to know the information, or as otherwise required by applicable law, court order or any
governmental agency or regulator. The Company acknowledges (i) its obligations under the U.S.

 

    Exhibit X-2 

     

    

 

[_____] [__], 20[__]

 Page 3 

 

federal securities laws, and (ii)
that any disclosure of the Confidential Information by it or its Representatives for any purpose other than a Permitted Purpose,
in addition to being a breach of this letter agreement, may constitute a violation of federal and state securities laws. The Company
will take reasonable measures to ensure that each Representative is advised of this letter agreement and agrees to keep the Confidential
Information confidential. The Company shall be liable for any breach of this letter agreement by its Representatives. Notwithstanding
the foregoing, the Company may subsequently provide all or any part of such Confidential Information to any other person or entity
that holds or is contemplating the purchase of any Certificate or interest therein, but only if such person or entity confirms
such ownership interest or prospective ownership interest and provided that, prior to the delivery of such Confidential
Information, such persons shall have executed and delivered to the Company an agreement that is substantially similar in form
and substance to this agreement.

 

This
letter agreement shall be governed by and construed in accordance with the laws of the State of New York without the application
of conflict of laws principles. Anything herein to the contrary notwithstanding, [Wells Fargo][KeyBank] intends at all times to
comply with the terms and provisions of the Pooling and Servicing Agreement and nothing in this letter agreement should be construed
to limit or qualify any of [Wells Fargo][KeyBank]’s rights or obligations under the Pooling and Servicing Agreement. This
letter agreement may be executed in counterparts and by facsimile/Portable Document Format (PDF); each such counterpart shall
be deemed to be an original instrument, and all such counterparts together shall constitute one agreement.

 

This
agreement shall terminate with respect to the information received by the Company one year after the Company receives such information
or ceases to be a Certificateholder. Company agrees that this letter agreement supersedes and replaces and survives any click-through
agreement regarding confidentiality of Confidential Information agreed to in connection with accessing the System whether agreed
to in accessing the System before or after signing this letter agreement.

 

    Exhibit X-3 

     

    

Please
have an authorized signatory countersign in the space provided below to indicate the Company’s confirmation of, and agreement
to, the matters set forth herein.

  

	 	Very
truly yours,
	 	 
	 	[WELLS
FARGO BANK, NATIONAL ASSOCIATION]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:]

 

	 	[KEYBANK NATIONAL ASSOCIATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:]

 

	CONFIRMED AND AGREED TO:	 
	 	 
	[COMPANY NAME]	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

    Exhibit X-4 

     

    

 

EXHIBIT
Y

 

FORM
CERTIFICATION TO BE PROVIDED WITH FORM 10-K

 

CERTIFICATION

 

 

I,
[identifying the certifying individual], certify that:

 

		1.	I
                                         have reviewed this report on Form 10-K, and all reports on Form 10-D required to be filed
                                         in respect of the period covered by this report on Form 10-K of the GS Mortgage Securities
                                         Trust 2020-GC47 (the “Exchange Act periodic reports”);

 

		2.	Based
                                         on my knowledge, the Exchange Act periodic reports, taken as a whole, do not contain
                                         any untrue statement of a material fact or omit to state a material fact necessary to
                                         make the statements made, in light of the circumstances under which such statements were
                                         made, not misleading with respect to the period covered by this report;

 

		3.	Based
                                         on my knowledge, all of the distribution, servicing and other information required to
                                         be provided under Form 10-D for the period covered by this report is included in the
                                         Exchange Act periodic reports;

 

		4.	Based
                                         on my knowledge and the servicer compliance statements required in this report under
                                         Item 1123 of Regulation AB, and except as disclosed in the Exchange Act periodic reports,
                                         the Master Servicer and the Special Servicer have fulfilled their obligations under the
                                         Pooling and Servicing Agreement in all material respects; and

 

		5.	All
                                         of the reports on assessment of compliance with servicing criteria for asset-backed securities
                                         and their related attestation reports on assessment of compliance with servicing criteria
                                         for asset-backed securities required to be included in this report in accordance with
                                         Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included
                                         as an exhibit to this report, except as otherwise disclosed in this report. Any material
                                         instances of noncompliance described in such reports have been disclosed in this report
                                         on Form 10-K.

 

In
giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties:

 

		(A)	Wells
                                         Fargo Bank, National Association, as Master Servicer, KeyBank National Association, as
                                         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 and as Asset Representations Reviewer;

 

		(B)	KeyBank
                                         National Association, as Master Servicer for the 1633 Broadway Mortgage Loan, Situs Holdings,
                                         LLC, as Special Servicer for the 1633 Broadway Mortgage Loan, Wells Fargo Bank, National
                                         Association, as Trustee, as 

 

    Exhibit Y-1 

     

    

 

	 	 	Certificate
                                         Administrator and as Custodian for the 1633 Broadway Mortgage Loan;

 

		(C)	Wells
                                         Fargo Bank, National Association, as Master Servicer for the Moffett Towers Buildings
                                         A, B & C Mortgage Loan, CWCapital Asset Management LLC, as Special Servicer for the
                                         Moffett Towers Buildings A, B & C Mortgage Loan, Wilmington Trust, National Association,
                                         as Trustee for the Moffett Towers Buildings A, B & C Mortgage Loan, Wells Fargo Bank,
                                         National Association, as Certificate Administrator and as Custodian for the Moffett Towers
                                         Buildings A, B & C Mortgage Loan;

 

		(D)	KeyBank
                                         National Association, as Master Servicer for the 650 Madison Avenue Mortgage Loan, LNR
                                         Partners, LLC, as Special Servicer for the 650 Madison Avenue Mortgage Loan, Wilmington
                                         Trust, National Association, as Trustee for the 650 Madison Avenue Mortgage Loan, and
                                         Citibank, N.A., as Certificate Administrator and as Custodian for the 650 Madison Avenue
                                         Mortgage Loan;

 

		(E)	Midland
                                         Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special
                                         Servicer for the 555 10th Avenue Mortgage Loan, Wilmington Trust, National Association,
                                         as Trustee for the 555 10th Avenue Mortgage Loan, Citibank, N.A., as Certificate Administrator
                                         and as Custodian for the 555 10th Avenue Mortgage Loan;

 

		(F)	Midland
                                         Loan Services, a Division of PNC Bank, National Association, as Master Servicer for the
                                         PCI Pharma Portfolio Mortgage Loan, Rialto Capital Advisors, LLC, as Special Servicer
                                         for the PCI Pharma Portfolio Mortgage Loan, Wells Fargo Bank, National Association, as
                                         Trustee, as Certificate Administrator and Custodian for the PCI Pharma Portfolio Mortgage
                                         Loan, and Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations
                                         Reviewer for the PCI Pharma Portfolio Mortgage Loan;

 

		(G)	Midland
                                         Loan Services, a Division of PNC Bank, National Association, as Master Servicer for the
                                         Midland Atlantic Portfolio Mortgage Loan, CWCapital Asset Management LLC, as Special
                                         Servicer for the Midland Atlantic Portfolio Mortgage Loan, Wilmington Trust, National
                                         Association, as Trustee for the Midland Atlantic Portfolio Mortgage Loan, Citibank, N.A.,
                                         as Certificate Administrator and as Custodian for the Midland Atlantic Portfolio Mortgage
                                         Loan, and Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations
                                         Reviewer for the Midland Atlantic Portfolio Mortgage Loan;

 

		(H)	Wells
                                         Fargo Bank, National Association, as Master Servicer for the 525 Market Street Mortgage
                                         Loan, Situs Holdings, LLC, as Special Servicer for the 525 Market Street Mortgage Loan,
                                         Wilmington Trust, National Association, as Trustee for the 525 Market Street Mortgage
                                         Loan, Wells Fargo Bank, National Association, as Certificate Administrator and as Custodian
                                         for the 525 Market Street Mortgage Loan.

 

    Exhibit Y-2 

     

    

 

Date: _________________________

	 	 
	[NAME OF OFFICER]	 
	(Senior officer in charge of securitization
    of the depositor)	 

  

    Exhibit Y-3 

     

    

 

EXHIBIT
Z-1

 

FORM
OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY CERTIFICATE ADMINISTRATOR

 

GS
Mortgage Securities Corporation II

200
West Street

New
York, New York 10282

Attention:
Leah Nivison

 

		Re:	GS
                                         Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series
                                         2020-GC47, issued pursuant to the Pooling and Servicing Agreement dated as of May 1,
                                         2020 (the “Pooling and Servicing Agreement”), among GS Mortgage Securities
                                         Corporation II, as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
                                         KeyBank National Association, as 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 and as Asset Representations Reviewer. 

 

I,
[identity of certifying individual], hereby certify to the Depositor and its 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 to be signed by an officer of the Depositor
and submitted to the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002:

 

1.       I
(or an officer under my supervision) have reviewed the annual report on Form 10-K for the period ended December 31, 20[__] (the
“Form 10-K”) and all reports on Form 10-D and Form 8-K filed in respect of the period covered by the Form 10-K
of the Trust (collectively, with the Form 10-K, the “Reports”);

 

2.       Based
on my knowledge, the Reports, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading
with respect to the period covered by the Form 10-K;

 

3.       Based
on my knowledge, all of the distribution and other information required to be provided by the Certificate Administrator under
the Pooling and Servicing Agreement for inclusion in the Reports for the period covered by the Form 10-K is included in the Reports
and all of the distribution, servicing and other information provided to the Certificate Administrator by the trustee, the custodian,
the master servicer, the special servicer and the Operating Advisor under the Pooling and Servicing Agreement for inclusion in
the Reports for the period covered by the Form 10-K is included in the Reports;

 

    Exhibit Z-1-1 

     

    

 

4.       I
(or an officer under my supervision) am responsible for reviewing the activities performed by the Certificate Administrator under
the Pooling and Servicing Agreement and based on my knowledge and the compliance review conducted in preparing the Certificate
Administrator compliance statement required to be delivered under Article XI of the Pooling and Servicing Agreement for inclusion
in the Form 10-K under Item 1123 of Regulation AB, and except as disclosed in the Reports, the Certificate Administrator has fulfilled
its obligations under the Pooling 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 Pooling and Servicing Agreement.

 

Dated:
____________________________

	 		 
	 	 	Name:
	 	 	Title:

 

    Exhibit Z-1-2 

     

    

 

Exhibit
Z-2

 

FORM
OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY MASTER SERVICER

 

GS
Mortgage Securities Corporation II

200 West Street

New York, New York 10282

Attention: Leah Nivison

 

		Re:	GS
                                         Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series
                                         2020-GC47, issued pursuant to the Pooling and Servicing Agreement dated as of May 1,
                                         2020 (the “Pooling and Servicing Agreement”), among GS Mortgage Securities
                                         Corporation II, as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
                                         KeyBank National Association, as 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 and as Asset Representations Reviewer. 

 

I,
[identity of certifying individual], hereby certify to the Depositor and its 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 to be signed by an officer of the Depositor
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
Master Servicer in accordance with the Pooling 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 Master Servicer
in accordance with the Pooling and Servicing Agreement for inclusion in all reports on Form 10-D and Form 8-K required to be filed
in respect of the period covered by the Form 10-K of the Trust (collectively, with the Form 10-K, the “Reports”)
(such information provided by the Master Servicer, collectively, the “Master Servicer Periodic Information”);

 

2.       Based
on my knowledge, and assuming the accuracy of the statements required to be made by each Special Servicer in the special servicer
backup certificate delivered by each Special Servicer relating to the relevant period, the Master Servicer Periodic Information,
taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by the Form 10-K;

 

    Exhibit Z-2-1 

     

    

 

3.       Based
on my knowledge, and assuming the accuracy of the statements required to be made by each Special Servicer in the special servicer
backup certificate delivered by each Special Servicer relating to the relevant period, all of servicing and other information
required to be provided by the Master Servicer under the Pooling and Servicing Agreement for inclusion in the Reports for the
period covered by the Form 10-K is included in the Master Servicer Periodic Information;

 

4.       I
(or Servicing Officers under my supervision) am responsible for reviewing the activities performed by the Master Servicer under
the Pooling and Servicing Agreement and based on my knowledge and the compliance review conducted in preparing the Master Servicer
compliance statement required to be delivered under Article XI of the Pooling and Servicing Agreement for inclusion in the Form
10-K under Item 1123 of Regulation AB, and except as disclosed in the Master Servicer Periodic Information, the Master Servicer
has fulfilled its obligations under the Pooling 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 Master Servicer with respect to the Trust’s fiscal year _____ have been provided all information relating
to the Master Servicer’s assessment of compliance with the Relevant Servicing Criteria in order to enable them to conduct
a review in compliance with the standards for attestation engagements issued or adopted by the PCAOB; and

 

6.       All
of the reports on assessment of compliance with servicing criteria for asset-backed securities applicable to the Master Servicer
or any Servicing Function Participant retained by the Master Servicer (the “Relevant Servicing Criteria”) and
their related attestation reports on assessment of compliance with the Relevant Servicing Criteria required under the Pooling
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 Pooling 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 Master Servicer responsible for reviewing the activities performed by
the Master Servicer under the Pooling and Servicing Agreement.

 

Dated:
____________________________

	 		 
	 	 	Name:
	 	 	Title:

 

    Exhibit Z-2-2 

     

    

 

Exhibit
Z-3

 

FORM
OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY SPECIAL SERVICER

 

GS
Mortgage Securities Corporation II

200 West Street

New York, New York 10282

Attention: Leah Nivison

 

		Re:	GS
                                         Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series
                                         2020-GC47, issued pursuant to the Pooling and Servicing Agreement dated as of May 1,
                                         2020 (the “Pooling and Servicing Agreement”), among GS Mortgage Securities
                                         Corporation II, as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
                                         KeyBank National Association, as 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 and as Asset Representations Reviewer. 

 

I,
[identity of certifying individual], hereby certify to the Depositor and its 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 to be signed by an officer of the Depositor
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 Pooling 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 Pooling and Servicing Agreement for inclusion in all reports on Form 10-D and Form 8-K required to be filed
in respect of the period covered by the Form 10-K of the Trust (collectively with the Form 10-K, the “Reports”)
(such information provided by the Special Servicer, collectively, the “Special Servicer Periodic Information”);

 

2.       Based
on my knowledge, the Special Servicer Periodic Information, taken as a whole, does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by the Form 10-K;

 

3.       Based
on my knowledge, all servicing and other information required to be provided by the Special Servicer under the Pooling and Servicing
Agreement for inclusion in the

 

    Exhibit Z-3-1 

     

    

 

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 Pooling and Servicing Agreement, and based on my knowledge and the compliance review conducted in preparing the Special Servicer’s
compliance statement required to be delivered under Article XI of the Pooling 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 Pooling 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 Pooling
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 Pooling 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 Pooling and Servicing Agreement.

 

Dated:
____________________________

	 		 
	 	 	Name:
	 	 	Title:

   

    Exhibit Z-3-2 

     

    

 

Exhibit
Z-4

 

Form
of Certification to be Provided

to Depositor by Trustee

 

GS
Mortgage Securities Corporation II

200 West Street

New York, New York 10282

Attention: Leah Nivison
 

		Re:	GS
                                         Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series
                                         2020-GC47, issued pursuant to the Pooling and Servicing Agreement dated as of May 1,
                                         2020 (the “Pooling and Servicing Agreement”), among GS Mortgage Securities
                                         Corporation II, as Depositor, Wells Fargo Bank, National Association, as Master Servicer,
                                         KeyBank National Association, as 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 and as Asset Representations Reviewer. 

 

I,
[identity of certifying individual], hereby certify to the Depositor and its 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 to be signed by an officer of the Depositor
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
Pooling 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 Pooling 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;

 

    Exhibit Z-4-1 

     

    

 

3.       Based
on my knowledge, all information required to be provided by the Trustee under the Pooling and Servicing Agreement for inclusion
in the Reports for the period covered by the Form 10-K is included in the Trustee Periodic Information;

 

4.       I
(or officers under my supervision) am responsible for reviewing the activities performed by the Trustee under the Pooling and
Servicing Agreement, and based on my knowledge and the compliance review conducted in preparing the Trustee’s compliance
statement to be delivered under Article XI of the Pooling 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 Pooling 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 Pooling 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 Pooling 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 Pooling and Servicing Agreement.

 

Dated:
____________________________

	 		 
	 	 	Name:
	 	 	Title:

 

    Exhibit Z-4-2 

     

    

 

Exhibit
Z-5

 

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY OPERATING ADVISOR

 

GS Mortgage Securities Corporation II

200 West Street

New York, New York 10282

Attention: Leah Nivison

 

		Re:	GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates,
Series 2020-GC47, issued pursuant to the Pooling and Servicing Agreement dated as of May 1, 2020 (the “Pooling and Servicing
Agreement”), among GS Mortgage Securities Corporation II, as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, KeyBank National Association, as 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 and as Asset Representations
Reviewer. 

 

 

I, [identity of certifying individual], hereby certify to the
Depositor and its 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 to be signed by an officer of the Depositor 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 Pooling 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 Pooling
and Servicing Agreement for inclusion in all reports on Form 10-D and Form 8-K required to be filed in respect of the period covered
by the Form 10-K of the Trust (collectively with the Form 10-K, the “Reports”) (such information provided by
the 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 Pooling 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;

 

    Exhibit Z-5-1

     

    

 

4.             The
accountants that are to deliver the annual attestation report on assessment of compliance with the Relevant Servicing Criteria
in respect of the Operating Advisor with respect to the Trust’s fiscal year _____ have been provided all information relating
to the Operating Advisor’s assessment of compliance with the Relevant Servicing Criteria in order to enable them to conduct
a review in compliance with the standards for attestation engagements issued or adopted by the PCAOB; and

 

5.             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 Pooling
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 Pooling 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 Pooling
and Servicing Agreement.

 

Dated: ____________________________

 

	 	

Name:

Title:

 

    Exhibit Z-5-2

     

    

 

Exhibit
Z-6

 

Form
of Certification to be Provided

to Depositor by CUSTODIAN

 

GS Mortgage Securities Corporation II

200 West Street

New York, New York 10282

Attention: Leah Nivison

 

		Re:	GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates,
Series 2020-GC47, issued pursuant to the Pooling and Servicing Agreement dated as of May 1, 2020 (the “Pooling and Servicing
Agreement”), among GS Mortgage Securities Corporation II, as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, KeyBank National Association, as 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 and as Asset Representations
Reviewer.  

 

 

I, [identity of certifying individual], hereby certify to the
Depositor and its 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 to be signed by an officer of the Depositor 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 Custodian in accordance with the
Pooling 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 Custodian in accordance with the Pooling and Servicing Agreement
for inclusion in all reports on Form 10-D and Form 8-K required to be filed in respect of the period covered by the Form 10-K of
the Trust (collectively with the Form 10-K, the “Reports”) (such information provided by the Custodian, collectively,
the “Custodian Periodic Information”);

 

2.             Based
on my knowledge, the Custodian 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 Custodian under the Pooling and Servicing Agreement for inclusion
in the Reports for the period covered by the Form 10-K is included in the Custodian Periodic Information;

 

    Exhibit Z-6-1

     

    

 

4.             I
(or officers under my supervision) am responsible for reviewing the activities performed by the Custodian under the Pooling and
Servicing Agreement, and based on my knowledge and the compliance review conducted in preparing the Custodian’s compliance
statement to be delivered under Article XI of the Pooling and Servicing Agreement required for inclusion in the Form 10-K under
Item 1123 of Regulation AB, and except as disclosed in the Custodian Periodic Information, the Custodian has fulfilled its obligations
under the Pooling 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 Custodian or any
Servicing Function Participant retained by the Custodian (the “Relevant Servicing Criteria”) and their related
attestation reports on assessment of compliance with the Relevant Servicing Criteria required under the Pooling 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 Pooling 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 Custodian responsible for reviewing the activities performed by the Custodian under the Pooling and Servicing
Agreement.

 

Dated: ____________________________

 

	 	

Name:

Title:

 

    Exhibit Z-6-2

     

    

 

Exhibit
Z-7

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY ASSET REPRESENTATIONS REVIEWER

 

GS Mortgage Securities Corporation II

200 West Street

New York, New York 10282

Attention: Leah Nivison

 

		Re:	GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates,
Series 2020-GC47, issued pursuant to the Pooling and Servicing Agreement dated as of May 1, 2020 (the “Pooling and Servicing
Agreement”), among GS Mortgage Securities Corporation II, as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, KeyBank National Association, as 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 and as Asset Representations
Reviewer. 

  

I, [identity of certifying individual], hereby certify to the
Depositor and its 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 to be signed by an officer of the Depositor 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 Asset Representations Reviewer
in accordance with the Pooling 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 Asset Representations Reviewer in
accordance with the Pooling and Servicing Agreement for inclusion in all reports on Form 10-D and Form 8-K required to be filed
in respect of the period covered by the Form 10-K of the Trust (collectively with the Form 10-K, the “Reports”)
(such information provided by the Asset Representations Reviewer, collectively, the “Asset Representations Reviewer Periodic
Information”);

 

2.             Based
on my knowledge, the Asset Representations Reviewer 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 Asset Representations Reviewer under the Pooling and Servicing
Agreement for inclusion in the

 

    Exhibit Z-7-1

     

    

 

Reports for the period covered by the Form 10-K is included in the Asset Representations Reviewer
Periodic Information;

 

4.             The
accountants that are to deliver the annual attestation report on assessment of compliance with the Relevant Servicing Criteria
in respect of the Asset Representations Reviewer with respect to the Trust’s fiscal year _____ have been provided all information
relating to the Asset Representations Reviewer’s assessment of compliance with the Relevant Servicing Criteria in order to
enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the PCAOB; and

 

5.             All
of the reports on assessment of compliance with servicing criteria for asset-backed securities applicable to the Asset Representations
Reviewer or any Servicing Function Participant retained by the Asset Representations Reviewer (the “Relevant Servicing
Criteria”) and their related attestation reports on assessment of compliance with the Relevant Servicing Criteria required
under the Pooling 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 Pooling 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 Asset Representations Reviewer responsible for reviewing the activities performed by the Asset Representations
Reviewer under the Pooling and Servicing Agreement.

 

Dated: ____________________________

 

	 	

Name:

Title:

 

    Exhibit Z-7-2

     

    

 

EXHIBIT AA

 

Servicing
Criteria

to be Addressed in Assessment of Compliance

 

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). In addition, this Exhibit AA shall not
be construed to impose on any Person any servicing duty that is not otherwise imposed on such Person under the main body of the
Pooling and Servicing Agreement of which this Exhibit AA forms a part or to require an assessment of a criterion that is
not encompassed by the servicing duties of the applicable party that are set forth in the main body of such Pooling and Servicing
Agreement. For the avoidance of doubt, for purposes of this Exhibit AA, other than with respect to Item 1122(d)(2)(iii),
references to Servicer below shall include any Sub-Servicer engaged by a Master 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.	Certificate
                                         Administrator

        Master
        Servicer

        Special Servicer

	1122(d)(1)(ii)	If
    any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third
    party’s performance and compliance with such servicing activities.	Certificate
                                         Administrator

        Master
        Servicer

        Special Servicer

	1122(d)(1)(iii)	Any
    requirements in the transaction agreements to maintain a back-up servicer for the mortgage loans are maintained.	N/A
	1122(d)(1)(iv)	A
    fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout
    the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	Master
                                         Servicer

        Special
        Servicer

        Custodian (as applicable)

	1122(d)(1)(v)	Aggregation
    of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	Master
    Servicer

    Special Servicer

    Certificate Administrator
	 	Cash
    Collection and Administration	 
	1122(d)(2)(i)	Payments
    on mortgage loans are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than
    two business days following receipt, or such other number of days specified in the transaction agreements.	Certificate
                                         Administrator

        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

 

    Exhibit AA-1

     

    

 

 

	APPLICABLE
    Servicing Criteria 	applicable
    

PARTY
	Reference	Criteria	 
	1122(d)(2)(iii)	Advances
    of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such
    advances, are made, reviewed and approved as specified in the transaction agreements.	Master
    Servicer

    Special Servicer

    Trustee (as applicable)2
	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.	Certificate
                                         Administrator

        Master
        Servicer

        Special Servicer

	1122(d)(2)(v)	Each
    custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements.
    For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial
    institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Exchange Act.	Certificate
                                         Administrator

        Master
        Servicer

        Special Servicer

	1122(d)(2)(vi)	Unissued
    checks are safeguarded so as to prevent unauthorized access.	Certificate
                                         Administrator

        Master
        Servicer

        Special Servicer

	1122(d)(2)(vii)	Reconciliations
    are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related
    bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after
    the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved
    by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These
    reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified
    in the transaction agreements.	Certificate
                                         Administrator

        Master
        Servicer

        Special Servicer

	 	Investor
    Remittances and Reporting	 
	1122(d)(3)(i)	Reports
    to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements
    and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other
    terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in
    the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with
    investors’ or the trustee’s records as to the total unpaid principal balance and number of mortgage loans serviced
    by the Reporting Servicer.	Certificate
                                         Administrator

                                         Operating Advisor (with respect to A and B)

         

	1122(d)(3)(ii)	Amounts
    due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth
    in the transaction agreements.	Certificate
    Administrator
	1122(d)(3)(iii)	Disbursements
    made to an investor are posted within two business days to the Servicer’s investor records, or such other number of
    days specified in the transaction agreements.	Certificate
    Administrator
	1122(d)(3)(iv)	Amounts
    remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	Certificate
    Administrator
	 	Pool
    Asset Administration	 
	1122(d)(4)(i)	Collateral
    or security on mortgage loans is maintained as required by the transaction agreements or related mortgage loan documents.	Custodian

    Master Servicer

    Special Servicer
	1122(d)(4)(ii)	Mortgage
    loan and related documents are safeguarded as required by the transaction agreements	Custodian
	1122(d)(4)(iii)	Any
    additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or
    requirements in the transaction agreements.	Certificate
    Administrator

    Master Servicer

    Special Servicer

 

 

 

2
Only to the extent that the Trustee was required to make an Advance pursuant to the Pooling and Servicing Agreement during the
applicable calendar year.

 

    Exhibit AA-2

     

    

 

 

	APPLICABLE
    Servicing Criteria 	applicable
    

PARTY
	Reference	Criteria	 
	1122(d)(4)(iv)	Payments
    on mortgage loans, including any payoffs, made in accordance with the related mortgage loan documents are posted to the 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
    Reporting Servicer’s records regarding the mortgage loans agree with the Reporting 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
	1122(d)(4)(x)	Regarding
    any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s
    mortgage loan documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest
    on such funds is paid, or credited, to obligors in accordance with applicable mortgage loan documents and state laws; and
    (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related mortgage loans, or such
    other number of days specified in the transaction agreements.	Master
    Servicer
	1122(d)(4)(xi)	Payments
    made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates,
    as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer
    at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	Master
    Servicer
	1122(d)(4)(xii)	Any
    late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s
    funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.	Master
    Servicer
	1122(d)(4)(xiii)	Disbursements
    made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer,
    or such other number of days specified in the transaction agreements.	Master
    Servicer
	1122(d)(4)(xiv)	 Delinquencies,
    charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	Master
    Servicer
	1122(d)(4)(xv)	Any
    external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained
    as set forth in the transaction agreements.	N/A

 

At all times that the
Certificate Administrator and the Trustee are the same entity, the Trustee and Certificate Administrator may provide a combined
assessment of compliance in respect of their combined responsibilities under Section 1122 of Regulation AB.

 

    Exhibit AA-3

     

    

 

At all times that the
Master Servicer and the Special Servicer are the same entity, the Master Servicer and the Special Servicer may provide a combined
assessment of compliance in respect of their combined responsibilities under Section 1122 of Regulation AB.

 

    Exhibit AA-4

     

    

 

EXHIBIT
BB

 

ADDITIONAL
FORM 10-D DISCLOSURE

 

The parties identified in the “Party
Responsible” column are obligated pursuant to Section 11.04 of the Pooling and Servicing Agreement to disclose to the Depositor
and the Certificate Administrator (or the Master Servicer, to the extent specified in Section 11.04 of the Pooling and Servicing
Agreement) any information described in the corresponding Form 10-D Item described in the “Item on Form 10-D” column
to the extent such party has knowledge (and in the case of net operating income information, financial statements, annual operating
statements, budgets and/or rent rolls required to be provided in connection with Item 6 below, possession) of such information
(other than information as to itself). Each of the Certificate Administrator, the Trustee, the Master Servicer and the Special
Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Prospectus (other than information with respect
to itself that is set forth in or omitted from the Prospectus), in the absence of specific notice to the contrary from the Depositor
or a Mortgage Loan Seller. Each of the Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer (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 and to assume that no other party or property will constitute a “significant obligor”
after the Cut-off Date. In no event shall the Master 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 Master Servicer or the Special Servicer is not the Master
Servicer or the Special Servicer, as the case may be. For this GS Mortgage Securities Trust 2020-GC47 Pooling and Servicing Agreement,
each of the Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall
be entitled to assume that there is no provider of credit enhancement, liquidity or derivative instruments within the meaning of
Items 1114 or 1115 of Regulation AB.

 

	Item on Form 10-D	Party Responsible
	
        Item 1A: Distribution and Pool Performance Information:

         

        ●     Item
        1121(a)(13) of Regulation AB

         
	●     Certificate Administrator
	
        Item 1B: Distribution and Pool Performance Information:

         

        ●     Item
        1121(a)(14) of Regulation AB

        ●     Item
        1121(d) of Regulation AB

        ●     Item
        1121(e) of Regulation AB

         
	
        ●     Certificate
        Administrator

         

        ●     Depositor

         

        ●     Asset
        Representations Reviewer

	
        Item 2: Legal Proceedings:

         

        ●     Item
        1117 of Regulation AB (it being acknowledged that such Item 1117 
	
        ●     Master
        Servicer (as to itself)

         

        ●     Special
Servicer (as to itself)

 

    Exhibit BB-1

     

    

 

	requires disclosure only of proceedings described therein that are material to security holders)	
        ●     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/Master Servicer/Depositor/Special Servicer as to the Trust (whichever of them is in principal control of the proceedings)

         

        ●     Each
        Mortgage Loan Seller as a 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
	
        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;

         

        (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
	
        ●     Master
        Servicer (excluding information for which the Special Servicer is the “Party Responsible”)

         

        ●     Special
        Servicer (as to REO Properties)

         

 

    Exhibit BB-2

     

    

 

	
        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 3.12(b) of this Pooling 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.

         
	 
	
        Item 7: Change in a Sponsor’s Interest in the Securities:

        

        Item 1124 of Regulation AB.

         
	Each Mortgage Loan Seller (as a sponsor (as defined in Regulation AB))
	
        Item 8: Significant Enhancement Provider Information:

         

        ●     Item
        1114(b)(2) and Item 1115(b) of Regulation AB

         
	●     Depositor
	Item 9: 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 DD, (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, Master 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 DD.

        ●     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)

        ●     Master
Servicer (with respect to the balances of each REO Account (to the

 

    Exhibit BB-3

     

    

 

 

	 	
        extent the related information has been received
        from the Special Servicer within the time period specified in Section 11.04 of the Pooling 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 10: 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 10: 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 Pooling 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 10: Exhibits (no. 10):

         

        Material contracts (Exhibit No. 10 of Item 601 of Regulation
        S-K)
	●     Certificate Administrator, Trustee, Master 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 10: Exhibits (no. 22):	●     The applicable party that is the “Party 	 

 

    Exhibit BB-4

     

    

 

	
         

        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.
	Responsible” with respect to Item 5 as set forth above.
	
        Item 10: 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 10: 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 10: Exhibits (no. 99)

         

        Additional exhibits (Exhibit No. 99 of Item 601 of Regulation
        S-K)
	●     Not Applicable.
	
        Item 10: Exhibits (no. 100)

         

        XBRL-Related Documents (Exhibit No. 100 of Item 601 of
        Regulation S-K).
	●     Not Applicable.
	Item 10: 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 DD, (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 	●     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 DD (it being acknowledged that none of the Master Servicer or the Special Servicer constitutes a “Party Responsible” under Exhibit DD with respect to any exhibits to a Form 10-K); provided, in each case, that in the event any reportable agreement is 

 

    Exhibit BB-5

     

    

 

	reported as “Additional Form 8-K Disclosure”.	executed by the Depositor and the Trustee or Certificate Administrator, then the Depositor shall be the responsible party for this Item 10.

 

    Exhibit BB-6

     

    

 

EXHIBIT
CC

 

ADDITIONAL
FORM 10-K DISCLOSURE

 

The parties identified in the “Party
Responsible” column are obligated pursuant to Section 11.05 of the Pooling and Servicing Agreement to disclose to the Depositor
and the Certificate Administrator any information described in the corresponding Form 10-K Item described in the “Item on
Form 10-K” column to the extent such party has knowledge (and in the case of net operating income information, financial
statements, annual operating statements, budgets and/or rent rolls required to be provided in connection with 1112(b) below, possession)
of such information (other than information as to itself). Each of the Certificate Administrator, the Trustee, the Master Servicer
and the Special Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Prospectus (other than information
with respect to itself that is set forth in or omitted from the Prospectus), in the absence of specific notice to the contrary
from the Depositor or a Mortgage Loan Seller. Each of the Certificate Administrator, the Trustee, the Master Servicer and the Special
Servicer (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 and to assume that no other party or property will constitute a “significant
obligor” after the Cut-off Date. In no event shall the Master 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 Master Servicer or the Special Servicer
is not the applicable Master Servicer or Special Servicer, as the case may be. For this GS Mortgage Securities Trust 2020-GC47
Pooling and Servicing Agreement, each of the Certificate Administrator, the Trustee, the Master Servicer and the Special Servicer
(in its capacity as such) shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative
instruments within the meaning of Items 1114 or 1115 of Regulation AB.

 

	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:

         

        (a) such information constitutes “Additional Form
        8-K Disclosure” pursuant to Exhibit DD,

         

        (b) such information is required to be reported as “Additional
        Form 8-K Disclosure” during the period to which the Form 10-K relates, and

         

        (c) such information was not previously reported as “Additional
        Form 8-K Disclosure” or as “Additional Form 10-D Disclosure”
	●     Certificate Administrator, Trustee, Master 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 DD. 

 

    Exhibit CC-1

     

    

 

	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,
        (ii) such information was not so set forth and (iii) the applicable Master Servicer has not previously reported such information
        as “Additional Form 10-D Information”.

         
	
        ●     The
        applicable Mortgage 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 and (ii) the applicable
        Master Servicer has not previously reported such information or updated versions thereof as “Additional Form 10-D Information”.

         
	●     The Depositor

 

    Exhibit CC-2

     

    

 

 

	
        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;

         

        (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 3.12(b) of this Pooling 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”.

         
	
        ●     Master
        Servicer (excluding information for which the Special Servicer is the “Party Responsible”)

         

        ●     Special
        Servicer (as to REO Properties)

	
        Instruction J(2)(c) (Significant Enhancement Provider Information):

         

        ●     Items
        1114(b)(2) and 1115(b) of Regulation AB

         
	●     Depositor

 

    Exhibit CC-3

     

    

 

	
        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)
	
        ●     Master
        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 /Master Servicer/Depositor/Special Servicer as to the Trust (whichever of them is in principal control of the proceedings)

         

        ●     Each
        Mortgage Loan Seller as a 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) any Mortgage 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 disclosed for purposes of the applicable Form 10-K if it was disclosed in the Prospectus or if it was previously reported
        as “Additional Form 10-K Disclosure”.

         

        and

         

        ●     1119(b)
of Regulation AB,
	
        ●     Master
        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

        ●     Asset
        Representations Reviewer

        ●     Each
        party (other than a Mortgage Loan Seller), if any, that is identified in the Prospectus as an “originator” of one or
        more Mortgage Loans, if the Prospectus specifically states that the applicable Mortgage Loans were 10% or more of the assets of
        the Trust at the date of the Prospectus (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

         

 

    Exhibit CC-4

     

    

 

 

	
        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 2020-GC47 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) any Mortgage 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 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 2020-GC47
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) any Mortgage 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 or if
	
        no longer constitutes an originator of 10% or
        more of the assets of the Trust).

        ●     Each
        party (other than a Mortgage 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 Pooling 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 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 Pooling and Servicing 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 written notice delivered by the Depositor
        to the parties to this Pooling and Servicing Agreement, which notice is delivered not later than February 15 of the year in which
        the Form 10-K is due.

 

    Exhibit CC-5

     

    

 

 

	
        it was previously reported as “Additional Form 10-K
        Disclosure”.

         
	 
	
        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 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 2020-GC47 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
        or if it was
	
        ●     The
        Depositor

        ●     Each
        Mortgage Loan Seller

 

    Exhibit CC-6

     

    

 

	
        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 2020-GC47 transaction
        or the Mortgage Loans between itself (that is, the particular “Party Responsible”) or any of its affiliates, on the
        one hand, and any one or more of the parties listed under the preceding item as a “Party Responsible”, on the
        other; provided, however, that a relationship (A) must be reported only if it then exists or existed within the two
        prior years, (B) need not be reported if it is not material to an investor’s understanding of the Certificates and (C) need
        not be disclosed for purposes of the applicable Form 10-K if it was disclosed in the Prospectus 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

 

    Exhibit CC-7

     

    

 

	
        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 Pooling 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, Master Servicer and/or Special Servicer, in each case to the extent of any contract that satisfies all the following conditions: (a) such contract relates to the Trust or one or more Mortgage Loans or REO Mortgage Loans, and (b) such contract is a contract to which such party (or a subcontractor or vendor engaged by such party) is a party or that such party (or a subcontractor or vendor engaged by such party) has caused to have been executed on behalf of the Trust.	 
	
        Item 15: Exhibits (no. 11):

         

        Statement regarding computation of per share earnings (Exhibit
        No. 11 of Item 601 of Regulation S-K)
	●     Not Applicable	 
	
        Item 15: Exhibits (no. 12):

         

        Statement regarding computation of ratios (Exhibit No.
        12 of Item 601 of Regulation S-K)
	●     Not Applicable.	 
	
        Item 15: Exhibits (no. 13):

         

        Annual report to security holders, Form 10-Q and Form 10-QSB,
        or quarterly report to security holders (Exhibit No. 13 of Item 601 of Regulation S-K)
	●     Not Applicable	 
	
        Item 15: Exhibits (no. 14):

         

        Code of Ethics (Exhibit No. 14 of Item 601 of Regulation
        S-K)
	●     Not Applicable.	 
	
        Item 15: Exhibits (no. 16):

         

        Letter re change in certifying accountant (Exhibit No.
        16 of Item 601 of Regulation S-K)
	●     Not Applicable	 

 

    Exhibit CC-8

     

    

 

	
        Item 15: Exhibits (no. 18):

         

        Letter re change in accounting principles (Exhibit No.
        18 of Item 601 of Regulation S-K)
	●     Not Applicable.	 
	
        Item 15: Exhibits (no. 21):

         

        Subsidiaries of registrant (Exhibit No. 18 of Item 601
        of Regulation S-K)
	●     Depositor.	 
	
        Item 15: Exhibits (no. 22):

         

        Published Report Regarding Matters Submitted to a Vote
        of Security Holders (Exhibit No. 22 of Item 601 of Regulation S-K).
	●     Not applicable.	 
	
        Item 15: Exhibits (no. 23) – Part 1 of 2 Parts:

         

        Consents of Experts and Counsel (Exhibit No. 23(ii) of
        Item 601 of Regulation S-K), where (a) the filing of a written consent is required with respect to material (in the Form 10-D)
        that is incorporated by reference in the Depositor’s registration statement and (b) the consent is not the consent of a registered
        public accounting firm in connection with an attestation delivered pursuant to Section 11.13 of this Pooling 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 11.13 of
        this Pooling and Servicing Agreement.
	
        ●     Master
        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 	 

 

    Exhibit CC-9

     

    

 

	
        Item 15: Exhibits (no. 31(i))

         

        Rule 13a-14(a)/15d-14(a) Certifications (Exhibit No. 31(i)
        of Item 601 of Regulation S-K).
	●     Not Applicable
	
        Item 15: Exhibits (no. 31(ii))

         

        Rule 13a-14(d)/15d-14(d) Certifications (Exhibit No. 31(ii)
        of Item 601 of Regulation S-K).
	●     Delivery of this exhibit (Sarbanes-Oxley certification and backup certifications) is governed by Section 11.08 (and Section 11.07) of this Pooling 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 11.10 (and Section 11.07) of this Pooling 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 11.11 (and Section 11.07) of this Pooling 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 11.09 (and Section 11.07) of this Pooling and Servicing Agreement.
	
        Item 15: Exhibit (no. 36)

         

        Certification For Shelf Offerings of Asset-Backed Securities
        (Exhibit No. 36 of Item 601 of Regulation S-K).
	Depositor
	
        Item 15: Exhibits (no. 99)

         

        Additional exhibits (Exhibit No. 99 of Item 601 of Regulation
        S-K)
	●     Not Applicable.
	
        Item 15: Exhibits (no. 100)

         

        XBRL-Related Documents (Exhibit No. 100 of Item 601 of
        Regulation S-K).
	●     Not Applicable.

 

    Exhibit CC-10

     

    

 

 

	Item 15: Exhibits (By Operation of Item 9B Above), but only to the extent of any document that meets all the following conditions: (a) such document constitutes “Additional Form 8-K Disclosure” pursuant to Item 9.01(d) of Exhibit DD, (b) such document is required to be reported as “Additional Form 8-K Disclosure” during the period to which the Form 10-K relates, and (c) such document was not previously reported as “Additional Form 8-K Disclosure”.	●     Certificate Administrator, Depositor and Trustee, in each case only to the extent that such party is the “Party Responsible” for the exhibit pursuant to Item 9(d) of Exhibit DD (it being acknowledged that none of the Master Servicer or the Special Servicer constitutes a “Party Responsible” under Exhibit DD with respect to any exhibits to a Form 10-K).
	Item 15: Exhibit (no. 101)

Interactive Data File (Exhibit No. 101 of Item 601 of Regulation S-K).	Not Applicable
	Item 15: Exhibit (no. 102)

Asset Data File (Exhibit No. 102 of Item 601 of Regulation S-K).	
        [Certificate Administrator]

        [Depositor]

	Item 15: Exhibit (no. 103)

Asset Related Document (Exhibit No, 103 of Item 601 of Regulation S-K).	
        [Certificate Administrator]

        [Depositor]

 

 

    Exhibit CC-11

     

    

 

EXHIBIT
                                        DD

 

FORM
8-K DISCLOSURE INFORMATION

 

The
parties identified in the “Party Responsible” column are obligated pursuant to Section 11.07 of the Pooling and
Servicing Agreement to report to the Depositor and the Certificate Administrator the occurrence of any event described in the
corresponding Form 8-K Item described in the “Item on Form 8-K” column to the extent such party has knowledge of
such information (other than information as to itself). Each of the Certificate Administrator, the Trustee, the Master Servicer
and the Special Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Prospectus (other than information
with respect to itself that is set forth in or omitted from the Prospectus), in the absence of specific notice to the contrary
from the Depositor or a Mortgage Loan Seller. Each of the Certificate Administrator, the Trustee, the Master Servicer and the
Special Servicer (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 and to assume that no other party or property will constitute a
“significant obligor” after the Cut-off Date. In no event shall the Master 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 Master Servicer or the
Special Servicer is not the applicable Master Servicer or Special Servicer, as the case may be. For this GS Mortgage Securities
Trust 2020-GC47 Pooling and Servicing Agreement, each of the Certificate Administrator, the Trustee, the Master Servicer and the
Special Servicer (in its capacity as such) shall be entitled to assume that there is no provider of credit enhancement, liquidity
or derivative instruments within the meaning of Items 1114 or 1115 of Regulation AB.

 

	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, Master 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 

	 

Exhibit DD-12

 

	 

	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 Pooling
                                         and Servicing Agreement.

	 
	Item
                                         1.02: Termination of a Material Definitive Agreement– Part 1 of 2 Parts

	●    Certificate
                                         Administrator, Trustee, Master 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 Pooling 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

	 

Exhibit DD-13

 

	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

	Item
                                         6.02 (Part 2 of 3 Parts): Change of Servicer or Trustee, but only to the extent related
                                         to a change in Master Servicer or Special Servicer

	●    Certificate
                                         Administrator

●    Master
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 Pooling and Servicing Agreement) appointed by
                                         the particular “Party Responsible”.

	●    Master
                                         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

	Item
                                         9.01(d): Exhibits (no. 4):

 

With
respect to instruments defining the rights of security holders (Exhibit No. 4 of

	●    Certificate
                                         Administrator

 

provided,
in each case, that this shall in no 

Exhibit DD-14

 

	Item
                                         601 of Regulation S-K)

	event
                                         be construed to make such party responsible for the initial filing of this Pooling 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

	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)

	●    Not
                                         Applicable.

Exhibit DD-15

 

	 

Additional
exhibits (Exhibit No. 99 of Item 601 of Regulation S-K)

	 

	Item
                                         15: Exhibits (no. 100)

 

XBRL-Related
Documents (Exhibit No. 100 of Item 601 of Regulation S-K).

	●    Not
                                         Applicable.

 

 

Exhibit DD-16

 

 

 

EXHIBIT
EE

 

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 20145-1951

Attn:
Corporate Trust Services (CMBS) GS Mortgage Securities Trust 2020-GC47

 

RE:
**Additional Form [10-D][10-K][8-K] Disclosure** Required

 

Ladies
and Gentlemen:

 

In
accordance with Section [11.04] [11.05] [11.07] of the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling
and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor (the “Depositor”),
Wells Fargo Bank, National Association, as Master Servicer, KeyBank National Association, as 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 and as Asset Representations Reviewer, 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 EE-1

     

    

 

 

EXHIBIT
FF

 

INITIAL
SUB-SERVICERS

 

	Mortgage
                                         Loan Seller

	Mortgage
                                         Loan Name

	Sub-Servicer
                                         Name

	Sub-Servicer’s
                                         Duties

	CREFI

	Chicagoland
                                         Industrial Portfolio

	Berkadia
                                         Commercial Mortgage LLC

	Full

	GSMC

	Shoppes
                                         at Haydens Crossing

	Bernard
                                         Financial Corporation

	Full

	CREFI

	Fisher
                                         Trails

	Berkadia
                                         Commercial Mortgage LLC

	Full

	CREFI

	Stratford
                                         Square Apartments

	Berkadia
                                         Commercial Mortgage LLC

	Full

 

 

    Exhibit FF-1

     

    

 

EXHIBIT
GG

 

SERVICING
FUNCTION PARTICIPANTS

 

Berkadia
Commercial Mortgage LLC

 

    Exhibit GG-1

     

    

 

EXHIBIT
HH

 

FORM
OF ANNUAL COMPLIANCE STATEMENT

 

CERTIFICATION

GS
Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47 (the “Trust”)

 

I,
[identifying the certifying individual], on behalf of [Wells Fargo Bank, National Association, as Master Servicer] [KeyBank National
Association, as Special Servicer] [Wilmington Trust, National Association, as Trustee] [Wells Fargo Bank, National Association,
as Certificate Administrator] (the “Certifying Servicer”), certify to GS
Mortgage Securities Corporation II 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
                 Pooling 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 Pooling 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 Pooling and
                 Servicing Agreement: [SPECIFY EACH SUCH FAILURE AND THE NATURE AND STATUS THEREOF]].

 

	Date:

	 

	 

 

[Wells
Fargo Bank, National Association, as Master Servicer]
[KeyBank National Association, as Special Servicer]
[Wells Fargo Bank,
National Association, as Certificate Administrator]
[Wilmington Trust, National Association, as Trustee] 

	 

	 

	 

	By:

	 

	 

	 

	Name:

	 

	 

	Title:

	 

 

 

    Exhibit HH-1

     

    

 

 

EXHIBIT
II

 

FORM
OF REPORT ON ASSESSMENT OF
COMPLIANCE WITH SERVICING CRITERIA

 

	1.

	[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 Pooling and Servicing Agreement. The transactions
                 covered by this report include asset-backed securities transactions for which the Reporting Servicer acted as
                 [a master servicer, special servicer, trustee, certificate administrator, operating advisor] involving commercial
                 mortgage loans [other than __________________1] (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

 

[____],
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.

 

    Exhibit II-1

     

    

 

1
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.

 

[Date
of Certification] 

	 

	 

	 

	 

	[NAME
                                         OF REPORTING SERVICER]

	 

	 

	 

	By:

	 

	 

	 

	Name:

	 

	 

	Title:

 

 

    Exhibit II-2

     

    

 

EXHIBIT
JJ

 

CREFC®
PAYMENT INFORMATION

 

Payments
shall be made to “CRE Finance Council” and sent to:

Commercial
Real Estate Finance Council, Inc.

28
West 44th Street, Suite 815

New
York, NY 10036

Attn:
Executive Director

 

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 JJ-1

     

    

 

EXHIBIT
KK

 

FORM
OF NOTICE OF ADDITIONAL SECURED 

INDEBTEDNESS
NOTIFICATION

 

VIA
E-MAIL: 

To:
Wells Fargo Bank, National Association, as Certificate Administrator; cts.sec.notifications@wellsfargo.com; trustadministrationgroup@wellsfargo.com

 

Ref:
GSMS 2020-GC47, Additional Secured Debt Notice for From 10-D

 

The
following information is being furnished to you for inclusion on Form 10-D pursuant to Section 3.18(g) of the Pooling and Servicing
Agreement

 

	 

	Portfolio
                                         Name

	Mortgage
                                         Loan

	Position
                                         in Debt Stack

	Additional
                                         Secured Debt

	OPB

	OPB
                                         Date

	Appraised
                                         Value

	Appraised
                                         Value Date

	Aggregate
                                         LTV

	Aggregate
                                         NCF DSCR

	Aggregate
                                         NCF DSCR Date

	Primary
                                         Servicer

	Master
                                         Servicer

	Lead
                                         Servicer

	Prospectus
                                         ID

	1

	GSMS
                                         2020-GC47

	 

	 

	 $

	 

	 

	$

	 

	%

	 

	 

	 

	 

	 

	 

	 

	Outside
                                         the Trust

	 

	 

	 $

	 

	 

	$

	 

	%

	 

	 

	 

	 

	 

	 

	 

	Outside
                                         the Trust

	 

	 

	 $ 

	 

	 

	$

	 

	%

	 

	 

	 

	 

	 

	 

	 

	           Total

	 

	 

	    $

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	2

	GSMS
                                         2020-GC47

	 

	 

	 $

	 

	 

	$

	 

	%

	 

	 

	 

	 

	 

	 

	 

	Outside
                                         the Trust

	 

	 

	 $

	 

	 

	$

	 

	%

	 

	 

	 

	 

	 

	 

	 

	Outside
                                         the Trust

	 

	 

	 $ 

	 

	 

	$

	 

	%

	 

	 

	 

	 

	 

	 

	 

	     
                                              Total

	 

	 

	   
                                         $

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	3

	GSMS
                                         2020-GC47

	 

	 

	 $

	 

	 

	$

	 

	%

	 

	 

	 

	 

	 

	 

	 

	Outside
                                         the Trust

	 

	 

	 $

	 

	 

	$

	 

	%

	 

	 

	 

	 

	 

	 

	 

	Outside
                                         the Trust

	 

	 

	 $ 

	 

	 

	$

	 

	%

	 

	 

	 

	 

	 

	 

	 

	          Total

	 

	 

	    $

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

 

    Exhibit KK-1

     

    

 

 

EXHIBIT
LL

 

ADDITIONAL
DISCLOSURE NOTIFICATION (ACCOUNTS)

 

INSTRUCTIONS:

 

FOR
ACCOUNT BALANCE REPORTING: SEND VIA EMAIL TO: 

           
CTS.SEC.NOTIFICATIONS@WELLSFARGO.COM

 

FOR
ALL OTHER NOTIFICATIONS: SEND VIA FAX, EMAIL AND OVERNIGHT MAIL TO THE ADDRESS IMMEDIATELY BELOW**

 

Wells
Fargo Bank, National Association, as Certificate Administrator

600
South 4th Street, 7th Floor, MAC: N9300-070
Minneapolis,
Minnesota 55479

Attention:
Corporate Trust Services (CMBS)

GS
Mortgage Securities Trust 2020-GC47

E-Mail:
cts.sec.notifications@wellsfargo.com

 

RE:
**Additional Form [10-D][10-K][8-K] Disclosure** Required

 

Ladies
and Gentlemen:

 

In
accordance with Section 11.04 of the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing
Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor (the “Depositor”),
Wells Fargo Bank, National Association, as Master Servicer, KeyBank National Association, as 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 and as Asset Representations Reviewer, the undersigned, as [           ], hereby notifies you that certain
events have come to our attention that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

 

Description
of Additional Form [10-D][10-K][8-K] Disclosure:

 

[With
respect to the Collection Account and REO Account balance information:

 

	Account
                                         Name

	Beginning
                                         Balance as of 

MM/DD/YYYY

	Ending
                                         Balance as of 

MM/DD/YYYY

	Collection
                                         Account

	 

	 

	REO
                                         Account

	 

	 

 

 

 

    Exhibit LL-1

     

    

 

List
of any Attachments hereto to be included in the Additional Form [10-D][10-K][8-K] Disclosure:

 

Any
inquiries related to this notification should be directed to [                    ],
phone number: [                    ];
email address: [          ]. 

	 

	 

	 

	 

	[NAME
                                         OF PARTY],

	 

	as
                                         [role]

	 

	 

	 

	By:

	 

	 

	 

	Name:

	 

	 

	Title:

 

cc:
Depositor

 

    Exhibit LL-2

     

    

 

 

EXHIBIT
MM

 

FORM
OF NOTICE OF PURCHASE OF CONTROLLING CLASS CERTIFICATE

 

[Date]

 

Wells
Fargo Bank, National Association
 as Certificate Administrator
9062 Old Annapolis Road

Columbia,
Maryland 20145-1951

Attention:
Corporate Trust Services (CMBS)

GS
Mortgage Securities Trust 2020-GC47

 

Wells
Fargo Bank, National Association

Commercial
Mortgage Servicing

MAC-D1050-084
Three
Wells Fargo

401
South Tryon Street, 8th Floor

Charlotte,
North Carolina 28202

Attention:
GS 2020-GC47 Asset Manager

Email:
commercial.servicing@wellsfargo.com

 

KeyBank
National Association
11501 Outlook
Street, Suite 300
Overland Park, Kansas 66211
 Attention:
Alan Williams 

Facsimile
number: (877) 379-1625 

Email:
keybank_notices@keybank.com

 

Park
Bridge Lender Services LLC
600 Third Avenue, 40th Floor

New
York, New York 10016

Attention:
GS 2020-GC47 Surveillance Manager

(with
a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com)

 

		Re:	GS
Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47 (the “Certificates”)
issued pursuant to the Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”),
dated as of May 1, 2020, by and among GS Mortgage Securities Corporation II, as Depositor, Wells Fargo Bank, National Association,
as Master Servicer, KeyBank National Association, as 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 and
as Asset Representations Reviewer

 

 

    Exhibit MM-1

     

    

 

This
letter is delivered to you, pursuant to Section 3.23(a) of the Pooling and Servicing Agreement in connection with the transfer
by ____________ (the “Transferor”) to us (the “Transferee”)
of $__________________ original principal balance in the Class [__] Certificates, representing [_____]% of the Class [__] Certificates.
The Certificates were issued pursuant to the Pooling and Servicing Agreement.

 

	 

	1.

	Our
                                name and address is as follows:

	 

	 

	 

	 

	 

	 

	 

	 

	 

	 

	Contact
                                         Info: [Tel/Email]

	 

 

	 

	2.

	[IF
                 APPLICABLE] We hereby certify, represent and warrant to you, as Certificate Administrator, that we are purchasing
                 a majority interest in the Class [__] Certificates, and that we are not affiliated with the Transferor. To the
                 extent that any Control Termination Event or Consultation Termination Event has occurred due to a waiver of a
                 prior Class [__] Certificateholder of its rights under the Pooling and Servicing Agreement, we hereby request
                 that you reinstate such rights and post a “special notice” on your website to the following effect:

 

“A
Consultation Termination Event or a Control Termination Event has been terminated and is no longer in effect due to a transfer
of a majority interest of the Controlling Class to an unaffiliated third party which has terminated any waiver by the prior Holder.

 

All
capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing
Agreement. 

	 

	 

	 

	Very
                                         truly yours,

	 

	 

	 

	 

	 

	(Transferee)

	 

	 

	 

	 

	By:

	 

	 

	 

	Name:

	 

	 

	Title:

 

    Exhibit MM-2

     

    

 

 

EXHIBIT
NN

 

FORM
OF ASSET REVIEW REPORT

 

BY
THE ASSET REPRESENTATIONS REVIEWER1

 

To:
[Addresses of Recipients]

 

Re:   
GS Mortgage Securities Trust 2020-GC47

 

Ladies
and Gentlemen:

 

           
In accordance with Section 12.01 of the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing
Agreement”), the undersigned Asset Representations Reviewer (“ARR”) has performed an Asset Review
on each Delinquent Mortgage Loan identified in accordance with the terms of the Pooling and Servicing Agreement, and is hereby
issuing the following Asset Review Report.

 

		1.

	As
                                         described in the detailed scorecard attached hereto as Exhibit A, we have performed an
                                         Asset Review on each Delinquent Mortgage Loan identified in accordance with the terms
                                         of the Pooling and Servicing Agreement and our conclusion is that there is [no evidence
                                         of a Test failure/evidence of [●] Test failures] with respect to the Delinquent
                                         Mortgage Loans.

 

	 

	2.

	A
                                         conclusion by the ARR of a Test pass or a Test failure shall not constitute a determination
                                         by the ARR of (i) the existence or nonexistence of a Material Defect, or (ii) whether
                                         the Trust should enforce any rights it may have against the applicable Mortgage Loan
                                         Seller. In addition, the Tests may not be sufficient to determine every instance of noncompliance.

 

	 

	3.

	The
                                         ARR, other than forwarding this report to the persons listed above, will not be required
                                         to take or participate in any other or further action with respect to the aforementioned
                                         Asset Review Report.

 

	 

	4.

	Capitalized
                                         words and phrases used herein shall have the respective meanings assigned to them in
                                         the above-captioned Pooling and Servicing Agreement.

 

 

1 This
report is an indicative report, and the Asset Representations Reviewer will have the ability to modify or alter the organization
and content of this report, subject to compliance with the terms of the Pooling and Servicing Agreement, including without limitation,
provisions relating to Privileged Information.

 

 

    Exhibit NN-1

     

    

 

	 

	Park
                                         Bridge Lender Services LLC, as Asset Representations Reviewer

	 

	 

	 

	 

	By:

	 

	 

	 

	Name:

	 

	 

	Title:

 

 

    Exhibit NN-2

     

    

 

Exhibit
A

 

Detailed
Scorecard 

[Template
Example Below]

 

	Test
                                         failures

 

	Loan
                                         #

	Loan
                                         Name

	R&W
                                         #

	R&W
                                         Name

	Test
                                         #

	Test
                                         Description

	Findings

	[Insert
                                         Loan Number]

	[Insert
                                         Loan Name]

	[__]

	Lease
                                         Estoppels

	[__]

	[Insert
                                         Test Description]

	[Insert
                                         Test findings]

	[__]

	Due
                                         on Sale or Encumbrance

	[__]

	 

	 

 

 

    Exhibit NN-3

     

    

 

EXHIBIT
OO

 

FORM
OF ASSET REVIEW REPORT SUMMARY1

 

To:
[Addresses of Recipients]

 

Re:   
GS Mortgage Securities Trust 2020-GC47

 

Ladies
and Gentlemen:

 

           
In accordance with Section 12.01 of the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing
Agreement”), the undersigned Asset Representations Reviewer (“ARR”) has performed an Asset Review
on each Delinquent Mortgage Loan identified in accordance with the terms of the Pooling and Servicing Agreement, and is hereby
issuing the following Asset Review Report Summary.

 

	 

	1.

	As
                                         described in the summary scorecard attached hereto as Exhibit A, we have performed an
                                         Asset Review on each Delinquent Mortgage Loan identified in accordance with the terms
                                         of the Pooling and Servicing Agreement and our conclusion is that there is [no evidence
                                         of a Test failure/evidence of [●] Test failures] with respect to the Delinquent
                                         Mortgage Loans.

 

	 

	2.

	A
                                         conclusion by the ARR of a Test pass or a Test failure shall not constitute a determination
                                         by the ARR of (i) the existence or nonexistence of a Material Defect, or (ii) whether
                                         the Trust should enforce any rights it may have against the applicable Mortgage Loan
                                         Seller. In addition, the Tests may not be sufficient to determine every instance of noncompliance.

 

	 

	3.

	The
                                         ARR, other than forwarding this Asset Review Report Summary to the parties listed above,
                                         will not be required to take or participate in any other or further action with respect
                                         to the aforementioned Asset Review Report Summary.

 

	 

	4.

	Capitalized
                                         words and phrases used herein shall have the respective meanings assigned to them in
                                         the above-captioned Pooling and Servicing Agreement.

 

 

1 This
report is an indicative report, and the Asset Representations Reviewer will have the ability to modify or alter the organization
and content of this report, subject to compliance with the terms of the Pooling and Servicing Agreement, including without limitation,
provisions relating to Privileged Information.

 

    Exhibit OO-1 

     

    

 

	 

	Park
                                         Bridge Lender Services LLC, as Asset Representations Reviewer

	 

	 

	 

	 

	By:

	 

	 

	 

	Name:

	 

	 

	Title:

 

 

    Exhibit OO-2 

     

    

 

Exhibit
A

 

Summary
Scorecard

 

[Template
Example Below]

 

	Test
                                         failures

	 

	 

	 

	 

	Loan
                                         #

	Loan
                                         Name

	Representations
                                         and Warranty #

	Representation
                                         and Warranty Name

	Test
                                         #

	[Insert
                                         Loan #]

	[Insert
                                         Loan Name]

	[__]

	Lease
                                         Estoppels

	[__]

	[__]

	Due
                                         on Sale or Encumbrance

	[__]

 

 

    Exhibit OO-3 

     

    

 

EXHIBIT
PP

 

ASSET
REVIEW PROCEDURES

 

Subject
to the Pooling and Servicing Agreement, this Exhibit sets forth Asset Representations Reviewer’s review procedures for
each Subject Loan based on the information provided for an Asset Review. Capitalized terms used herein and not defined herein
shall have the meanings ascribed to them in the Pooling and Servicing Agreement. In the event of any conflict between this Exhibit
PP and the terms of the Pooling and Servicing Agreement, the Pooling and Servicing Agreement shall control and govern the
Asset Representations Reviewer’s responsibilities and duties with respect to Asset Reviews.

 

Call
for Review and Collection and Inventory of Review Materials

 

	Step 1	Asset
                                         Representations Reviewer (“ARR”) receives the following items before
                                         beginning its review:

 

	 

	■

	CREFC®
                 Delinquent Mortgage Loan Status Report

 

	 

	■

	Notice
                 of Asset Review Trigger (with attachments)

 

	 

	■

	Notice
                 of Asset Review Vote Election

 

	 

	■

	Notice
                 of Affirmative Asset Review Vote

 

	 

	■

	Asset
                 Review Notice

 

	 

	■

	List
                 of all Subject Loans

 

	 

	■

	Review
                 Materials for each Subject Loan via Secure Data Room access, including the Diligence File

 

	 

	■

	Any
                 Unsolicited Information (if applicable)

 

Step
2  For each Subject Loan, ARR inventories all Review Materials to which ARR is provided access in the Secure
Data Room to determine what, if any, Review Materials for such Subject Loan are missing, using the list of documents provided
in the definition of “Mortgage File” of this Agreement, any comparable lists included in the related Mortgage Loan
Purchase Agreement, and any closing checklist from the origination of such Subject Loan, to guide its review and determination.

 

Step
3  If ARR determines that the information made available to it in the Secure Data Room with respect to any Subject
Loan is missing any documents required to complete an Asset Review of such Subject Loan, ARR prepares list of such missing documents
and, within the time

 

    Exhibit PP-1 

     

    

 

periods
specified in Section 12.01 of this Agreement, (i) notifies the Master Servicer (with respect to Non-Specially Serviced
Loans) and the Special Servicer (with respect to Specially Serviced Loans) of such missing documents, and request that the Master
Servicer or the Special Servicer, as the case may be, deliver to the ARR such missing document(s) to the extent in its possession
and (ii) in the event any missing documents are not provided by the Master Servicer or the Special Servicer, as the case may be,
the ARR shall request such documents from the related Mortgage Loan Seller.

 

Analysis
and Testing of Representations and Warranties

 

	Step 4	For
                                         each Subject Loan for which ARR has received all Review Materials required to complete
                                         an Asset Review of such Subject Loan, ARR tests such Subject Loan for compliance with
                                         each representation and warranty made by the related Mortgage Loan Seller with respect
                                         to such Subject Loan as follows:

 

	 

	■

	ARR
                 reviews each representation and warranty and each item included in the Review Materials applicable or related
                 to such representation or warranty to determine whether there is any evidence that such representation or warranty
                 was not true when made by the related Mortgage Loan Seller.

 

	 

	■

	For
                 each representation and warranty, ARR lists

 

	 

	●

	all
                 items from the Review Materials reviewed or used in its testing of such representation and warranty;

 

	 

	●

	whether
                 ARR has determined that there is any evidence that such representation or warranty was not true when made by
                 the related Mortgage Loan Seller; and

 

	 

	○

	if
                 so, stating the aspect of the applicable representation or warranty that does not appear to have been true when
                 made by the related Mortgage Loan Seller and ARR’s basis for its conclusion;

 

	 

	○

	completing
                 the Asset Review Report by setting forth, for each [Subject Loan], the information contemplated herein with respect
                 to each representation and warranty.

 

ARR
will not attempt (and has no obligation) to determine the materiality of any potential breach of a representation or warranty
that it discovers evidence of during its review as contemplated herein.

 

 

    Exhibit PP-2 

     

    

 

EXHIBIT
QQ

 

FORM
OF CERTIFICATION TO CERTIFICATE ADMINISTRATOR REQUESTING ACCESS TO SECURE DATA ROOM

 

Wells
Fargo Bank, National Association
600 South 4th Street, 7th
Floor, MAC: N9300-070
Minneapolis, Minnesota 55479
Attention:
Corporate Trust Services (CMBS)
GS Mortgage Securities Trust
2020-GC47 

Email:
trustadministrationgroup@wellsfargo.com

 

Attention:         
GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47

 

In
accordance with the requirements for obtaining access to the Secure Data Room pursuant to the Pooling and Servicing Agreement,
dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), by and among GS Mortgage Securities Corporation
II, as Depositor, Wells Fargo Bank, National Association, as Master Servicer, KeyBank National Association, as 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 and as Asset Representations Reviewer, with respect to the certificates
(the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

	 

	1.

	The
                 undersigned is an authorized representative of the [Depositor][Asset Representations Reviewer].

 

	 

	2.

	The
                 undersigned acknowledges and agrees that (a) access to the Secure Data Room is being granted to it solely for
                 purposes of the undersigned carrying out its obligations under the Pooling and Servicing Agreement (b) it will
                 not disseminate or otherwise make information contained on the Secure Data Room available to any other person
                 except in accordance with the Pooling and Servicing Agreement or otherwise with the written consent of the Depositor
                 and (c) it will only access information relating to the Mortgage Loans to which the Asset Review relates.

 

	 

	3.

	The
                 undersigned agrees that each time it accesses the Secure Data Room, the undersigned is deemed to have recertified
                 that the representations above remains true and correct.

 

	 

	4.

	[The
                 undersigned is not a Certificateholder, a beneficial owner or a prospective purchaser of any Certificate.]

 

 

    Exhibit QQ-1 

     

    

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

	 

	[NAME
                                         OF PARTY],

	 

	as
                                         [role]

	 

	 

	 

	 

	By:

	 

	 

	 

	Name: 

	 

	 

	Title: 

	 

	 

	 

	Dated:
                                       _______

	 

	 

 

	[GS
                                         Mortgage Securities Corporation II,

as
Depositor]

	 

	 

	 

	 

	By:

	 

	 

	 

	[Name]

	 

	 

	[Title]

	 

 

 

    Exhibit QQ-2 

     

    

 

EXHIBIT
RR

 

FORM
OF NOTICE OF [ADDITIONAL DELINQUENT MORTGAGE LOAN][CESSATION OF DELINQUENT MORTGAGE LOAN][CESSATION OF ASSET REVIEW TRIGGER]

 

[Date]

 

	Wells
                                         Fargo Bank, National Association

Commercial
Mortgage Servicing

MAC-D1050-084

Three
Wells Fargo

401
South Tryon Street, 8th Floor

Charlotte,
North Carolina 28202

Attention:
GS 2020-GC47 Asset Manager

Email:
commercial.servicing@wellsfargo.com

	 

 

	 

	 

	KeyBank
                                         National Association
11501
                                         Outlook Street, Suite 300
Overland Park, Kansas
                                         66211
 Attention: Alan Williams

Facsimile
number: (877) 379-1625

Email:
keybank_notices@keybank.com

	 

 

Attention:         
GS Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series 2020-GC47

 

In
accordance with Section 12.01(a) of the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing
Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, Wells Fargo Bank, National Association,
as Master Servicer, KeyBank National Association, as 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 and
as Asset Representations Reviewer, the Certificate Administrator hereby notifies you that as of [RELATED DISTRIBUTION DATE]:

 

	 

	5.

	_____ An
                 additional Mortgage Loan has become a Delinquent Mortgage Loan.

 

	 

	6.

	_____ A
                 Mortgage Loan has ceased to be a Delinquent Mortgage Loan.

 

	 

	7.

	_____ An
                 Asset Review Trigger has ceased to exist.

(check
all that apply)

 

Capitalized
terms used but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

 

    Exhibit RR-1 

     

    

 

	 

	 

	Wells
                                         Fargo Bank, National Association, as Certificate Administrator for the Holders of the
                                         GS Mortgage Securities Trust 2020- GC47, Commercial Mortgage Pass-Through Certificates,
                                         Series 2020-GC47

	 

	 

	 

	 

	By:

	 

	 

	 

	[Name]

	 

	 

	[Title]

 

 

    Exhibit RR-2 

     

    

 

EXHIBIT
SS

 

[Reserved]

 

 

    Exhibit SS-1 

     

    

 

EXHIBIT
TT

 

FORM
OF CERTIFICATE ADMINISTRATOR RECEIPT OF THE CLASS RR CERTIFICATES UPON TRANSFER 

[DATE]

 

	GS
                                         Mortgage Securities Corporation II
200 West Street
New York, New York 10282
Attention:
                                         Leah Nivison

	Goldman
                                         Sachs Mortgage Company
200 West Street
New York, New York 10282
Attention: Leah
                                         Nivison

 

	 

	Re:

	GS
                                         Mortgage Securities Trust 2020-GC47, Commercial Mortgage Pass-Through Certificates, Series
                                         2020-GC47

 

In
accordance with Section 5.03(p) of the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Agreement”),
the Certificate Administrator hereby acknowledges receipt and possession of and further agrees that it will hereafter hold in
the Retained Interest Safekeeping Account $[____] of the Class RR Certificates in the form of Definitive Certificates (CUSIP No.
[______]), for the benefit of [______________], the registered holder of such Certificate. A copy of such Certificates is attached
as Exhibit A-17. Payments on the Certificates will be made to the registered holder in accordance with the Pooling and Servicing
Agreement.

 

Capitalized
terms used but not defined herein shall the respective meanings set forth in the Agreement.

 

	 

	Wells
                                         Fargo Bank, National Association,
not in its individual capacity but solely as Certificate
                                         Administrator

	 

	 

	 

	 

	By:

	 

	 

	Name:

	 

	 

	Title:

	 

 

    Exhibit TT-1 

     

    

 

 

EXHIBIT
UU

 

Form
of Certificate Administrator Receipt in Respect of Certificates Evidencing Some or All of the CLASS RR CERTIFICATES

 

[Date]

 

[Retaining
Party]

 

	 

	Re:

	GSMS
                                         2020-GC47 Mortgage Trust Commercial Mortgage Pass-Through Certificates

 

In
accordance with Section 5.01(c) of the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Agreement”),
pursuant to which the captioned series of commercial mortgage pass-through certificates (the “Certificates”)
were issued, the undersigned, as Certificate Administrator, hereby acknowledges receipt and possession of, and further agrees
that it will hereafter hold in the Retained Interest Safekeeping Account, the Certificates identified on Schedule I attached hereto
(the “Subject Certificates”), which constitute some or all of the Class RR Certificates, for the benefit
of [Retaining Party], the registered holder of the Subject Certificates, pursuant to the Agreement. Payments on the Subject Certificates
will be made to the registered holder thereof in accordance with the Agreement, including pursuant to any written wiring instructions
provided in accordance with the Agreement.

 

This
receipt is solely for the benefit of the addressee and is non-transferable. Possession of this receipt by any other Person will
not entitle such Person to delivery of, or any rights in respect of, the Subject Certificates. The Subject Certificates are subject
to the restrictions on transfer set forth in, and may not be released from the Retained Interest Safekeeping Account except in
accordance with, the Agreement.

 

 

    Exhibit UU-1 

     

    

 

Capitalized
terms used but not defined herein shall have the respective meanings set forth in the Agreement.

 

	 

	Wells
                                         Fargo Bank, National Association,
not
                                         in its individual capacity but solely as Certificate Administrator

	 

	 

	 

	 

	By:

	 

	 

	 

	Name:

	 

	 

	Title:

 

 

    Exhibit UU-2 

     

    

 

EXHIBIT
VV

 

RETAINED
DEFEASANCE RIGHTS AND OBLIGATIONS MORTGAGE LOANS

 

	Mortgage
                                         Loan Seller

	Mortgage
                                         Loan / Property Name

	GSMC

	711
                                         Fifth Avenue

	CREFI

	Chicagoland
                                         Industrial Portfolio

	CREFI

	297
                                         North 7th & 257 15th Street

	GSMC

	1427
                                         7th Street

	CREFI

	Grand
                                         Street Plaza

	CREFI

	630
                                         Roseville

	GSMC

	Hawthorne
                                         Gate

	GSMC

	Lakeside
                                         Flats

	GSMC

	PCI
                                         Pharma Portfolio

	GSMC

	Trails
                                         of Hudson II

	GSMC

	Midland
                                         Atlantic Portfolio

	CREFI

	45
                                         Newel Street

	GSMC

	525
                                         Market Street

	GSMC

	Shoppes
                                         at Haydens Crossing

	GSMC

	United
                                         Market Street

	GSMC

	Savannah
                                         Ridge II

	GSMC

	Harvard
                                         Oaks Apartments

	CREFI

	910
                                         81st Street

	CREFI

	Stratford
                                         Square Apartments

	CREFI

	Arbor
                                         Apartments

	GSMC

	Werner
                                         Industrial

 

 

    Exhibit VV-1 

     

    

 

SCHEDULE
1

 

MORTGAGE
LOANS WITH ADDITIONAL SECURED DEBT

 

	 

	1.

	1633
                 Broadway

 

	 

	2.

	Moffett
                 Towers Buildings A, B & C

 

	 

	3.

	711
                 Fifth Avenue

 

	 

	4.

	650
                 Madison Avenue

 

	 

	5.

	City
                 National Plaza

 

	 

	6.

	555
                 10th Avenue

 

	 

	7.

	PCI
                 Pharma Portfolio

 

	 

	8.

	Midland
                 Atlantic Portfolio

 

	 

	9.

	525
                 Market Street

 

    Schedule 1-1 

     

    

 

 

SCHEDULE
2

 

CLASS
A-AB SCHEDULED PRINCIPAL BALANCE SCHEDULE 

See
Annex F to the Prospectus.

 

 

    Schedule 2-1 

     

    

 

SCHEDULE
3

 

MORTGAGE
LOANS WITH “PERFORMANCE”, “EARN-OUT” OR “HOLDBACK” ESCROWS OR RESERVES

 

	Loan
                                         No.

	Loan
                                         Name

	Reserve

	Amount

	26

	910
                                         81st Street

	Tenant
                                         Reopening

	$75,000

 

 

    Schedule 3-1

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