Document:

EXECUTION
VERSION

 

 

CITIGROUP
COMMERCIAL MORTGAGE SECURITIES INC.,

as Depositor,

 

KeyBank
National Association,

as Servicer,

 

SITUS
HOLDINGS, LLC,

as Special Servicer,

 

Wilmington
Trust, National Association,

as Trustee,

 

CITIBANK,
N.A.,

as Certificate Administrator,

 

and

 

PENTALPHA
SURVEILLANCE LLC,

as Operating Advisor

 

 

 

TRUST
AND SERVICING AGREEMENT

 

Dated
as of November 6, 2020

 

 

 

Citigroup
Commercial Mortgage Trust 2020-420K,

Commercial Mortgage Pass-Through Certificates, Series 2020-420K

 

     

     

    

TABLE
OF CONTENTS

 

	 	 	 	Page
	1.	DEFINITIONS	5
	 	1.1	Definitions	5
	 	1.2	Interpretation	67
	 	1.3	Certain Calculations
    in Respect of the Mortgage Loan	68
	 	 	 	 
	2.	DECLARATION
    OF TRUST; ORIGINAL ISSUANCE OF CERTIFICATES	72
	 	2.1	Creation and Declaration
    of Trust; Conveyance of the Trust Loan	72
	 	2.2	Acceptance by the
    Trustee and the Certificate Administrator	75
	 	2.3	Representations
    and Warranties of the Trustee	78
	 	2.4	Representations
    and Warranties of the Certificate Administrator	79
	 	2.5	Representations
    and Warranties of the Servicer	81
	 	2.6	Representations
    and Warranties of the Special Servicer	82
	 	2.7	Representations
    and Warranties of the Depositor	84
	 	2.8	Representations
    and Warranties of the Operating Advisor	85
	 	2.9	Representations
    and Warranties Contained in the Trust Loan Purchase Agreement	86
	 	2.10	Execution and Delivery
    of Certificates; Issuance of Uncertificated Lower-Tier Interests	89
	 	2.11	Miscellaneous REMIC
    Provisions	90
	 	 	 	 
	3.	ADMINISTRATION
    AND SERVICING OF THE MORTGAGE LOAN	90
	 	3.1	Servicer to Act
    as the Servicer; Special Servicer to Act as the Special Servicer	90
	 	3.2	Sub-Servicing Agreements	92
	 	3.3	Cash Management
    Account and Reserve Accounts	93
	 	3.4	Collection Account	94
	 	3.5	Distribution Account	101
	 	3.6	Foreclosed Property
    Account	103
	 	3.7	Appraisal Reductions.	103
	 	3.8	Investment of Funds
    in the Collection Account and any Foreclosed Property Account	106
	 	3.9	Payment of Taxes,
    Assessments, etc.	108
	 	3.10	Appointment of Special
    Servicer	109
	 	3.11	Maintenance of Insurance
    and Errors and Omissions and Fidelity Coverage	115
	 	3.12	Procedures with
    Respect to Defaulted Mortgage Loan; Realization upon the Property	118
	 	3.13	Certificate Administrator
    to Cooperate; Release of Items in Mortgage Loan File	120
	 	3.14	Title and Management
    of Foreclosed Property	121
	 	3.15	Sale of Foreclosed
    Property	123

     

     

    

	 	3.16	Sale
    of the Mortgage Loan	125
	 	3.17	Servicing Compensation	127
	 	3.18	Reports to the Certificate
    Administrator; Account Statements	133
	 	3.19	Annual Statement
    as to Compliance	134
	 	3.20	Annual Independent
    Public Accountants’ Servicing Report	136
	 	3.21	Access to Certain
    Documentation Regarding the Mortgage Loan and Other Information	137
	 	3.22	Inspections	138
	 	3.23	Advances	138
	 	3.24	Modifications of
    Mortgage Loan Documents; Due on Sale; Due on Encumbrance	143
	 	3.25	Servicer and Special
    Servicer May Own Certificates	147
	 	3.26	Mezzanine Intercreditor
    Agreement; Notice of Mortgage Loan Event of Default to Companion Loan Holder(s) and Mezzanine Lender	147
	 	3.27	Rating Agency Confirmation	148
	 	3.28	Approval of Annual
    Budget	150
	 	3.29	Non-Consolidation
    Opinion Relating to Letter of Credits delivered by the Borrower	151
	 	3.30	Co-operation with
    Other Asset Reviewer	151
	 	3.31	Consultation with
    Other Operating Advisor	151
	 	3.32	Compensating Interest
    Payments	151
	 	3.33	Resignation Upon
    Prohibited Risk Retention Affiliation	152
	 	 	 	 
	4.	PAYMENTS
    AND STATEMENTS TO CERTIFICATEHOLDERS	152
	 	4.1	Distributions	152
	 	4.2	Withholding Tax	157
	 	4.3	Allocation and Distribution
    of Default Yield Maintenance Premiums	157
	 	4.4	Statements to Certificateholders	158
	 	4.5	Investor Q&A
    Forum; Investor Registry and Rating Agency Q&A Forum	161
	 	 	 	 
	5.	THE
    CERTIFICATES	165
	 	5.1	The Certificates	165
	 	5.2	Form and Registration	165
	 	5.3	Registration of
    Transfer and Exchange of Certificates	169
	 	5.4	Mutilated, Destroyed,
    Lost or Stolen Certificates	177
	 	5.5	Persons Deemed Owners	177
	 	5.6	Access to List of
    Certificateholders’ Names and Addresses; Special Notices	177
	 	5.7	Maintenance of Office
    or Agency	178
	 	 	 	 
	6.	THE
    DEPOSITOR, THE SERVICER, THE SPECIAL SERVICER AND THE OPERATING ADVISOR	178

     2

     

    

	 	6.1	Respective
    Liabilities of the Depositor, the Servicer, the Special Servicer and the Operating Advisor	178
	 	6.2	Merger or Consolidation
    of the Servicer or the Special Servicer	178
	 	6.3	Limitation on Liability
    of the Depositor, the Servicer, the Special Servicer, the Operating Advisor and Others	179
	 	6.4	Servicer and Special
    Servicer Not to Resign; Replacement of Servicer or Special Servicer	180
	 	6.5	Policies and Procedures	182
	 	6.6	Indemnification
    by the Servicer, the Special Servicer, the Operating Advisor and the Depositor	183
	 	 	 	 
	7.	SERVICER
    TERMINATION EVENTS; TERMINATION OF SPECIAL SERVICER WITHOUT CAUSE; TRUSTEE AS MAKER OF ADVANCES	184
	 	7.1	Servicer Termination
    Events; Special Servicer Termination Events	184
	 	7.2	Trustee to Act;
    Appointment of Successor	191
	 	7.3	Notification to
    Certificateholders, the Depositor and the Rating Agencies	194
	 	7.4	Other Remedies of
    Trustee	194
	 	7.5	Waiver of Past Servicer
    Termination Events and Special Servicer Termination Events	195
	 	7.6	Trustee as Maker
    of Advances	195
	 	 	 	 
	8.	THE
    TRUSTEE AND THE CERTIFICATE ADMINISTRATOR	196
	 	8.1	Duties of the Trustee
    and the Certificate Administrator	196
	 	8.2	Certain Matters
    Affecting the Trustee and the Certificate Administrator	198
	 	8.3	Neither the Trustee
    nor the Certificate Administrator is Liable for Certificates or the Mortgage Loan	200
	 	8.4	Trustee and Certificate
    Administrator May Own Certificates	203
	 	8.5	Trustee’s
    and Certificate Administrator’s Fees and Expenses	203
	 	8.6	Eligibility Requirements
    for the Trustee and the Certificate Administrator; Errors and Omissions Insurance	204
	 	8.7	Resignation and
    Removal of the Trustee or the Certificate Administrator	205
	 	8.8	Successor Trustee
    or Successor Certificate Administrator	206
	 	8.9	Merger or Consolidation
    of the Trustee or the Certificate Administrator	207
	 	8.10	Appointment of Co-Trustee
    or Separate Trustee	207
	 	8.11	Appointment of Authenticating
    Agent	209
	 	8.12	Trustee and Certificate
    Administrator Indemnification; Third-Party Claims	210
	 	8.13	Certificate Administrator
    and Servicer Not Responsible for Inconsistent Payment Information	211

     3

     

    

	 	8.14	Access
    to Certain Information	212
	 	8.15	Appointment of Custodian	220
	 	 	 	 
	9.	CERTAIN
    MATTERS RELATING TO THE CONTROLLING CLASS REPRESENTATIVE AND THE OPERATING ADVISOR	221
	 	9.1	Selection and Removal
    of the Controlling Class Representative	221
	 	9.2	Limitation on Liability
    of Controlling Class Representative; Acknowledgements of the Certificateholders	223
	 	9.3	Consent to Various
    Actions; Rights and Powers of the Controlling Class Representative; Consultation Rights of the Consulting Parties	223
	 	9.4	Controlling Class
    Representative and Operating Advisor Contact with Servicer and Special Servicer	226
	 	9.5	Appointment and
    Duties of the Operating Advisor	227
	 	9.6	Merger or Consolidation
    of the Operating Advisor	232
	 	9.7	Resignation of Operating
    Advisor	232
	 	9.8	Termination of the
    Operating Advisor	233
	 	 	 	 
	10.	TERMINATION	235
	 	10.1	Termination	235
	 	10.2	Additional Termination
    Requirements	236
	 	10.3	Trusts Irrevocable	237
	 	 	 	 
	11.	MISCELLANEOUS
    PROVISIONS	237
	 	11.1	Amendment	237
	 	11.2	Recordation of Agreement;
    Counterparts	240
	 	11.3	Governing Law; Submission
    to Jurisdiction; Waiver of Jury Trial	240
	 	11.4	Notices	241
	 	11.5	Notices to the Rating
    Agencies	245
	 	11.6	Severability of
    Provisions	246
	 	11.7	Limitation on Rights
    of Certificateholders	246
	 	11.8	Certificates Nonassessable
    and Fully Paid	247
	 	11.9	Reproduction of
    Documents	247
	 	11.10	No Partnership	247
	 	11.11	Actions of Certificateholders	247
	 	11.12	Successors and Assigns	248
	 	11.13	Acceptance by Authenticating
    Agent, Certificate Registrar	248
	 	11.14	Streit Act	248
	 	11.15	Assumption by Trust
    of Duties and Obligations of the Lender Under the Mortgage Loan Documents	248
	 	11.16	Treatment as a Security
    Agreement	249
	 	11.17	Cooperation With
    the Loan Seller With Respect to Rights Under the Mortgage Loan Agreement	249
	 	11.18	Electronic Signatures	249

     4

     

    

	12.	REMIC
    ADMINISTRATION	250
	 	12.1	REMIC
    Administration	250
	 	12.2	Foreclosed Property	253
	 	12.3	Prohibited Transactions
    and Activities	255
	 	12.4	Indemnification
    with Respect to Certain Taxes and Loss of REMIC Status	255
	 	 	 	 
	13.	EXCHANGE
    ACT REPORTING AND REGULATION AB COMPLIANCE	256
	 	13.1	Intent of the Parties;
    Reasonableness	256
	 	13.2	Succession; Sub-Servicers;
    Subcontractors	257
	 	13.3	Other Securitization
    Trust’s Filing Obligations	259
	 	13.4	Form 10-D Disclosure	259
	 	13.5	Form 10-K Disclosure	259
	 	13.6	Form 8-K Disclosure	260
	 	13.7	Annual Compliance
    Statements	261
	 	13.8	Annual Reports on
    Assessment of Compliance with Servicing Criteria	262
	 	13.9	Annual Independent
    Public Accountants’ Servicing Report	264
	 	13.10	Significant Obligor	265
	 	13.11	Sarbanes-Oxley Backup
    Certification	266
	 	13.12	Indemnification	266
	 	13.13	Amendments	269
	 	13.14	Termination of the
    Certificate Administrator	269
	 	13.15	[Reserved]	269
	 	13.16	Termination of Sub-Servicing
    Agreements	269
	 	13.17	Notification Requirements
    and Deliveries in Connection With Securitization of a Companion Loan	269

 

EXHIBITS

 

	Exhibit A-1	Form of Class A Certificates
	Exhibit A-2	Form of Class X Certificates
	Exhibit A-3	Form of Class B Certificates
	Exhibit A-4	Form of Class C Certificates
	Exhibit A-5	Form of Class D Certificates
	Exhibit A-6	Form of Class E Certificates
	Exhibit A-7	Form of Class HRR Certificates
	Exhibit A-8	Form of Class R Certificate
	Exhibit B	Form of Request for Release
	Exhibit C	Form of Transfer Certificate for Rule 144A Global
    Certificate to Temporary Regulation S Global Certificate
	Exhibit D	Form of Transfer Certificate for Rule 144A Global
    Certificate to Regulation S Global Certificate
	Exhibit E	Form of Transfer Certificate for Temporary Regulation
    S Global Certificate to Rule 144A Global Certificate during Restricted Period

     5

     

    

	Exhibit F	Form of Certification to
    be given by Beneficial Owner of Temporary Regulation S Global Certificate
	Exhibit G-1	Form of Transfer Certificate for Non-Book Entry
    Certificate to Temporary Regulation S Global Certificate
	Exhibit G-2	Form of Transfer Certificate for Non-Book Entry
    Certificate to Regulation S Global Certificate
	Exhibit G-3	Form of Transfer Certificate for Non-Book Entry
    Certificate to Rule 144A Global Certificate
	Exhibit H-1	Form of Transferor Certification for Transfers
    of Definitive Certificates
	Exhibit H-2	Form of Investment Representation Letter for
    Transfers of Definitive Certificates
	Exhibit H-3	[Reserved]
	Exhibit H-4	[Reserved]
	Exhibit H-5	Form of Transferee Certificate for Transfer
    of Class HRR Certificates
	Exhibit H-6	Form of Transferor Certificate for Transfer
    of Class HRR Certificates
	Exhibit I-1	Form of Affidavit Pursuant to Sections 860D(a)(6)(A)
    and 860E(e)(4) of the Internal Revenue Code of 1986, as amended
	Exhibit I-2	Form of Transferor Letter for Transfer of Class
    R Certificates
	Exhibit J	Form of ERISA Representation Letter
	Exhibit K-1	Form of Investor Certification - Access to Information
	Exhibit K-2	Form of Investor Certification - Access Solely
    to Distribution Date Statements
	Exhibit K-3	Form of Investor Certification – Voting
    and Other Rights
	Exhibit L	Applicable Servicing Criteria
	Exhibit M	Form of NRSRO Certification
	Exhibit N	Form of Online Market Data Provider Certification
	Exhibit O	Form of Operating Advisor Annual Report
	Exhibit P	Form of Distribution Date Statement
	Exhibit Q	Form of Recommendation of Special Servicer Termination
	Exhibit R	Form of Certificate Administrator Receipt in
    Respect of the Credit Risk Retention Certificates
	Exhibit S	[Reserved]
	Exhibit T-1	Form of Transferor Certificate for Transfer
    of the Excess Servicing Fee Rights
	Exhibit T-2	Form of Transferee Certificate for Transfer
    of the Excess Servicing Fee Rights
	Exhibit U	Loan Seller Sub-Servicers
	Exhibit V	Additional Form 10-D Disclosures
	Exhibit W	Additional Form 10-K Disclosures
	Exhibit X	Form of Additional Disclosure Notification
	Exhibit Y	Form of 8-K Disclosure
	Exhibit Z-1	Form of Certification to be Provided by the
    Certificate Administrator
	Exhibit Z-2	Form of Certification to be Provided by the
    Servicer
	Exhibit Z-3	Form of Certification to be Provided by the
    Special Servicer
	Exhibit Z-4	Form of Certification to be Provided to Depositor
    by the Custodian
	Exhibit Z-5	Form of Certification to be Provided to Depositor
    by the Trustee
	Exhibit Z-6	Form of Certification to be Provided to Depositor
    by the Operating Advisor
	Exhibit Z-7	Form of Certification to be Provided to Depositor
    by a Sub-Servicer

     6

     

    

This
Trust and Servicing Agreement (“Agreement”), is dated as of November 6, 2020, among Citigroup Commercial Mortgage
Securities Inc., as Depositor, KeyBank National Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wilmington
Trust, National Association, as Trustee, Citibank, N.A., as Certificate Administrator, and Pentalpha Surveillance LLC, as Operating
Advisor.

 

INTRODUCTORY
STATEMENT

 

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

 

Reference
is made to that certain fixed rate loan in the original principal amount of $298,000,000 (the “Mortgage Loan”),
that as of the Closing Date is evidenced by the following promissory notes: (a) that certain Promissory Note A-1, dated October
30, 2020 in the original principal amount of $156,900,000 made by the Borrower (as defined below) in favor of Citi Real Estate
Funding Inc. (together with its successors in interest, “CREFI”) (such promissory note, as the same may hereafter
be amended, restated, replaced, extended, renewed, supplemented, consolidated, severed, split or otherwise modified, “Note
A-1”); (b) that certain Promissory Note A-2, dated October 30, 2020 in the original principal amount of $60,000,000
made by the Borrower in favor of CREFI (such promissory note, as the same may hereafter be amended, restated, replaced, extended,
renewed, supplemented, consolidated, severed, split or otherwise modified, “Note A-2”); and (c) that certain
Promissory Note B-1, dated October 30, 2020 in the original principal amount of $81,100,000 made by the Borrower (as defined below)
in favor of CREFI) (such promissory note, as the same may hereafter be amended, restated, replaced, extended, renewed, supplemented,
consolidated, severed, split or otherwise modified, “Note B-1”). Note A-1, Note A-2, and Note B-1 (including
in each such case any New Notes (as defined in the Co-Lender Agreement referred to below) or other amended and restated or additional
promissory notes issued in replacement thereof) are collectively referred to herein as the “Notes”, and each
as a “Note”. The Mortgage Loan was originated by CREFI pursuant to that certain Loan Agreement, dated as of October
30, 2020 (such loan agreement, as the same may hereafter be amended, restated, supplemented or otherwise modified, the “Mortgage
Loan Agreement”), by and between CREFI, as lender, and 420 Kent Avenue LLC, as borrower (together with its successors
and assigns in such capacity under the Mortgage Loan Agreement and the other Mortgage Loan Documents, the “Borrower”).

 

Note
A-1 is also referred to herein as the “Senior Trust Note”. Note B-1 is also referred to herein as the “Junior
Trust Note”. Each of the Senior Trust Note and the Junior Trust Note is referred to herein as a “Trust Note”
or a “Trust Loan Note” and are collectively referred to herein as the “Trust Notes” or the
“Trust Loan Notes”. The portion of the Mortgage Loan evidenced by the Trust Notes is referred to herein as
the “Trust Loan”. Any Note that is not a Trust Note is referred to herein as a “Companion Loan Note”.
The portion of the Mortgage Loan evidenced by each Companion Loan Note is referred to herein as a “Companion Loan”.
The Senior Trust Note and the Companion Loan Note(s) are collectively referred to herein as the “Senior Notes”
and each as a “Senior Note”. As of the Cut-off Date, the aggregate outstanding principal balance of the Trust
Loan is $238,000,000, the aggregate outstanding principal balance of the Companion Loan is $60,000,000, and the aggregate outstanding
principal amount of the Mortgage Loan is $298,000,000.

 

     

     

    

The
Trust Loan was sold and assigned by CREFI to the Depositor pursuant to that certain Trust Loan Purchase Agreement, dated as of
November 6, 2020 (the “Trust Loan Purchase Agreement”), by and between CREFI and the Depositor.

 

The
respective rights and obligations of the holders of the Notes are governed by the terms and provisions of that certain Agreement
Between Noteholders, dated as of the Closing Date (as the same may hereafter be amended, restated, supplemented or otherwise modified,
the “Co-Lender Agreement”), by and between CREFI, as initial holder of Note A-1, CREFI, as initial holder of
Note A-2, CREFI, as initial holder of Note B-1, and CREFI, as initial agent.

 

The
Depositor has, in turn, transferred the Trust Loan to the Trust pursuant to this Agreement. In exchange for the Trust Loan, the
Trust shall issue to or at the direction of the Depositor the Class A, Class X, Class B, Class C, Class D, Class E, Class HRR
and Class R Certificates, which in the aggregate will evidence the entire beneficial interest in the Trust Fund.

 

As
provided for herein, the Certificate Administrator shall elect or shall cause elections to be made to treat designated portions
of the Trust Fund for federal income tax purposes as two separate real estate mortgage investment conduits (the “Upper-Tier
REMIC” and the “Lower-Tier REMIC”, respectively, and each, a “REMIC”). The Class
A, Class X, Class B, Class C, Class D, Class E and Class HRR Certificates represent “regular interests” in the Upper-Tier
REMIC. The Class LA, Class LB, Class LC, Class LD, Class LE and Class LHRR Uncertificated Interests represent “regular interests”
in the Lower-Tier REMIC. The Class R Certificates will evidence the sole class of “residual interests” in each of
the Upper-Tier REMIC and Lower-Tier REMIC for purposes of the REMIC Provisions under federal income tax law.

 

The
Trust Fund consists principally of the Trust Notes and, insofar as they evidence, secure, guarantee or otherwise relate to the
Trust Loan, the Mortgage and the related Mortgage Loan Documents.

 

The
Depositor intends to sell the Certificates to the Initial Purchasers in an offering exempt from the registration requirements
of the federal securities laws.

 

UPPER-TIER
REMIC

 

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

 

    2 

     

    

	Class
    Designation	 	Approximate
    Initial 

Pass-Through Rate(1)	 	Initial
    Certificate Balance or 

Initial Notional Amount
	 	 	 	 	 
	Class
    A 	 	2.45600%(2)	 	$120,731,000
	Class
    x 	 	0.80131%(3)	 	$139,539,000(4)
	Class
    B 	 	2.86000%(2)	 	$18,808,000
	Class
    C 	 	3.31177%(5)	 	$17,361,000
	Class
    D 	 	3.31177%(5)	 	$28,500,000
	Class
    E 	 	3.31177%(5)	 	$37,150,000
	Class
    HRR 	 	3.31177%(5)	 	$15,450,000
	Class
    UT-R(6) 	 	N/A(6)	 	N/A(6)

 

 

 

		(1)	Interest
                                         will accrue with respect to all of the Regular Certificates on the basis of a 360-day
                                         year consisting of twelve 30-day months (a “30/360 Basis”).

 

		(2)	For
                                         any Distribution Date, the Pass-Through Rate of each Class of the Class A and Class B
                                         Certificates will be fixed at the related rate per annum set forth in the table above
                                         under the heading “Approximate Initial Pass-Through Rate”.

 

		(3)	Represents
                                         the initial Class X Pass-Through Rate. For any Distribution Date, the Pass-Through Rate
                                         of the Class X Certificates (the “Class X Pass-Through Rate”) will
                                         be a per annum rate equal to the weighted average of the Class X Strip Rates for
                                         the Class LA and Class LB Uncertificated Interests (weighted on the basis of their respective
                                         Lower-Tier Principal Amounts, in each case, immediately prior to such Distribution Date).

 

		(4)	The
                                         Class X Certificates will not have a Certificate Balance and will not be entitled to
                                         receive distributions of principal. The Notional Amount of the Class X Certificates will
                                         be equal to the aggregate of the Lower-Tier Principal Amounts of the Class LA and Class
                                         LB Uncertificated Interests from time to time.

 

		(5)	Represents
                                         the initial related Pass-Through Rate. For any Distribution Date, the Pass-Through Rate
                                         on each Class of the Class C, Class D, Class E and Class HRR Certificates will be a per
                                         annum rate equal to the Adjusted Net Mortgage Rate with respect to the Trust Loan for
                                         such Distribution Date. 

 

		(6)	The
                                         Class UT-R Interest (evidenced by the Class R Certificates) will not have a Certificate
                                         Balance or notional amount, will not bear interest and will not be entitled to distributions
                                         of Default Yield Maintenance Premiums. Any Available Funds remaining in the Upper-Tier
                                         Distribution Account on any Distribution Date, after all required distributions under
                                         this Agreement have been made to each other Class of Certificates and the Class LT-R
                                         Interest, will be distributed to the Holders of the Class R Certificates in respect of
                                         the Class UT-R Interest.

 

LOWER-TIER
REMIC

 

The
Class LA, Class LB, Class LC, Class LD, Class LE and Class LHRR Uncertificated Interests will evidence “regular interests”
in the Lower-Tier REMIC created hereunder. The Class LT-R Interest will constitute the sole class of “residual interests”
in the Lower-Tier REMIC created hereunder and will be evidenced by the Class R Certificates. The following table sets forth the
initial Lower-Tier Principal Amounts and Pass-Through Rates for the Uncertificated Lower-Tier Interests and the Class LT-R Interest
comprising the interests in the Lower-Tier REMIC created hereunder:

 

    3 

     

    

	Class
    Designation	 	Pass-Through
    Rate	 	Original
    Lower-Tier

    Principal Amount	 
	Class
    LA 	 	(1)	 	 $120,731,000	 
	Class
    LB 	 	(1)	 	 $18,808,000	 
	Class
    LC 	 	(1)	 	 $17,361,000	 
	Class
    LD 	 	(1)	 	 $28,500,000	 
	Class
    LE 	 	(1)	 	 $37,150,000	 
	Class
    LHRR 	 	(1)	 	 $15,450,000	 
	Class
    LT-R(2) 	 	N/A(2)	 	N/A(2)	 

 

 

 

		(1)	For
                                         any Distribution Date, the Pass-Through Rate of each of the Class LA, Class LB, Class
                                         LC, Class LD, Class LE and Class LHRR Uncertificated Interests will be a per annum rate
                                         equal to the Adjusted Net Mortgage Rate with respect to the Trust Loan for such Distribution
                                         Date.

 

		(2)	The
                                         Class LT-R Interest (evidenced by the Class R Certificates) will not have a Certificate
                                         Balance or notional amount, will not bear interest and will not be entitled to distributions
                                         of Default Yield Maintenance Premiums. Any Available Funds constituting assets remaining
                                         in the Lower-Tier Distribution Account on any Distribution Date, after distributing the
                                         Lower-Tier Distribution Amount, will be distributed to the Holders of the Class R Certificates
                                         in respect of the Class LT-R Interest (but only to the extent of the Available Funds
                                         for such Distribution Date, if any, remaining in the Lower-Tier Distribution Account).

 

CREDIT
RISK RETENTION

 

An
economic interest in the credit risk of the Trust Loan is expected to be retained pursuant to the U.S. Credit Risk Retention Rules
as an “eligible horizontal residual interest” (as defined in the U.S. Credit Risk Retention Rules) in the form of
the Class HRR Certificates. CREFI will act as “retaining sponsor” under, and as defined in, the U.S. Credit Risk Retention
Rules and is expected to satisfy its risk retention requirements through the purchase and retention of the Class HRR Certificates
by a “third party purchaser” under, and as defined in, the U.S. Credit Risk Retention Rules.

 

Consistent
with the foregoing, the Third Party Purchaser is purchasing from the Initial Purchasers on the Closing Date for cash the Class
HRR Certificates in the Initial Certificate Balance of $15,450,000. The Class HRR Certificates that the Third Party Purchaser
is purchasing are collectively referred to in this Agreement as the “HRR Interest”.

 

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

 

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

 

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

 

    4 

     

    

 

1.       DEFINITIONS

 

1.1       Definitions.  Whenever
used in this Agreement, the following words and phrases, unless the context otherwise requires, shall have the following meanings
and such meanings shall be equally applicable to the singular and plural forms of such terms, as the context may require.

 

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

 

“17g-5
Information Provider’s Website”: The internet website of the 17g-5 Information Provider that shall initially be
located within the Certificate Administrator’s Website (https://sf.citidirect.com), under the “NRSRO” tab on
the page relating to this transaction. Such website shall provide means of navigation for each Rating Agency and other NRSRO to
the portion of the Certificate Administrator’s Website available to each applicable type of Privileged Person.

 

“30/360
Basis”: As defined in the Preliminary Statement.

 

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

 

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

 

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

 

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

 

“Actual/360
Basis”: The accrual of interest on the basis of the actual number of days elapsed in the related Interest Accrual Period
in a year assumed to consist of 360 days.

 

“Additional
Servicer”: Each Person other than the Servicer, the Special Servicer and the Certificate Administrator, who Services
the Mortgage Loan as of any date of determination.

 

“Additional
Servicing Compensation”: Default Interest and late payment fees (to the extent remaining after application pursuant
to Section 3.17(b)), assumption fees, assumption application fees, release fees, Modification Fees, Consent Fees, defeasance
fees, loan service

 

    5 

     

    

transaction
fees, insufficient fund fees and similar fees and expenses to which the Servicer and the Special Servicer are entitled (to the
extent not otherwise prohibited by and specifically allocated to such amounts) in accordance with the terms of the Mortgage Loan
Documents or pursuant to this Agreement and any income earned (net of losses (subject to Section 3.8(b)) on the investment
of funds deposited in the Collection Account, any Foreclosed Property Account, the Loss of Value Reserve Fund and, to the extent
interest is not payable to the Borrower, the Cash Management Account and any Reserve Account pursuant to Section 3.8.

 

“Adjusted
Net Mortgage Rate”: With respect to the Trust Loan (even if the Property becomes a Foreclosed Property), for any Distribution
Date, the annualized rate at which interest would have to accrue in respect of the Trust Loan on the basis of a 360-day year consisting
of twelve 30-day months in order to produce the aggregate amount of interest that actually (or, in the absence of any prepayment,
would have) accrued (exclusive of Default Interest) in respect of the Trust Loan at a per annum rate equal to the Net Mortgage
Rate for the Trust Loan during the Mortgage Loan Interest Accrual Period that ends in the calendar month in which such Distribution
Date occurs; provided, that: (i) the Adjusted Net Mortgage Rate for the Distribution Dates in January and February in any year
which is not a leap year and in February in any year which is a leap year (unless, in any such case, such Distribution Date is
the final Distribution Date) will be determined based on the “aggregate amount of interest that actually (or, in the absence
of any prepayment, would have) accrued”, as referred to above in this sentence, being net of the related Withheld Amounts
transferred to the Interest Reserve Account; (ii) the Adjusted Net Mortgage Rate for the Distribution Date in March (or, if it
is the final Distribution Date, the Distribution Date in February) of any year will be determined based on the “aggregate
amount of interest that actually (or, in the absence of any prepayment, would have) accrued”, as referred to above in this
sentence, including any such Withheld Amounts that are part of the related Available Funds; and (iii) in all cases, the Adjusted
Net Mortgage Rate will be determined without regard to (x) any modification, waiver or amendment of the terms of the Trust Loan,
whether agreed to by the Servicer or the Special Servicer in connection with a workout or proposed workout of the Mortgage Loan
or otherwise, or resulting from a bankruptcy, insolvency or similar proceeding involving the Borrower or otherwise, (y) any increase
in the Interest Rate with respect to any Trust Loan Note as a result of a Mortgage Loan Event of Default or (z) the Property becoming
a Foreclosed Property.

 

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

 

“Administrative
Fee Rate”: The sum of the Servicing Fee Rate for the Trust Loan, the Trustee/Certificate Administrator Fee Rate, the
Operating Advisor Fee Rate and the CREFC® Licensing Fee Rate.

 

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

 

“Advance
Interest”: Interest, compounded annually, on the aggregate amount of Advances with respect to the Mortgage Loan and/or
the Property at the Advance Interest Rate.

 

“Advance
Interest Rate”: The “prime rate” published in the “Money Rates” section of The Wall Street
Journal. If The Wall Street Journal ceases to publish the “prime rate”,

 

    6 

     

    

then
the Servicer shall select an equivalent publication that publishes such “prime rate”, and if such “prime rate”
is no longer generally published or is limited, regulated or administered by a governmental or quasi-governmental body, then the
Servicer is required to reasonably select a comparable interest rate index.

 

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

 

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

 

“Affiliated
Manager”: Any Property Manager in which the Borrower, the Borrower Sponsor or the Guarantor controls or has, directly
or indirectly, more than twenty percent (20%) of the legal, beneficial or economic interest therein. For the purposes of this
definition, “control” when used with respect to any specific person means the power to direct the management and policies
of such person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise and the terms
“controlling” and “controlled” have meanings correlative to the foregoing.

 

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

 

“Allocated
Trust Loan Amount”: With respect to either of the buildings comprising the Property as of any date of determination,
an amount equal to the product of (A) a fraction whose numerator is the appraised value of such building set forth in the most
recent Appraisal (or update of such Appraisal) and whose denominator is the appraised value of the entire Property set forth in
the most recent Appraisal (or update of such Appraisal) and (B) the unpaid principal balance of the Trust Loan.

 

“Applicable
DBRS Morningstar Permitted Investment Rating”: (A) In the case of such investments with maturities of 30 days or less,
the short-term obligations (or, if applicable, deposit accounts) of which are rated at least “R-1 (middle)” by DBRS
Morningstar or the long-term obligations (or, if applicable, deposit accounts) of which are rated at least “A” by
DBRS Morningstar, (B) in the case of such investments with maturities of three months or less, but more than 30 days, the short-term
obligations (or, if applicable, deposit accounts) of which are rated at least “R-1 (middle)” by DBRS Morningstar or
the long-term obligations (or, if applicable, deposit accounts) of which are rated at least “AA(low)” by DBRS Morningstar,
(C) in the case of such investments with maturities of six months or less, but more than three months, the short-term

 

    7 

     

    

obligations
(or, if applicable, deposit accounts) of which are rated in the highest short-term rating category by DBRS Morningstar or the
long-term obligations (or, if applicable, deposit accounts) of which are rated at least “AA” by DBRS Morningstar,
(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 in the highest short-term rating category by DBRS Morningstar or the
long-term obligations (or, if applicable, deposit accounts) of which are rated “AAA” by DBRS Morningstar.

 

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

 

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

 

“Applied
Realized Loss Amount”: All amounts applied to reduce the Certificate Balance of a Class of Principal Balance Certificates
or the Lower-Tier Principal Amount of any Uncertificated Lower-Tier Interest, as applicable, in respect of Realized Losses pursuant
to Section 4.1(j).

 

“Appraisal”:
With respect to the Property or Foreclosed Property, an appraisal of the Property or Foreclosed Property, as the case may be,
conducted by an Independent Appraiser in accordance with the standards of the Appraisal Institute by an Independent Appraiser
and certified by such Independent Appraiser as having been prepared in accordance with the requirements of the Standards of Professional
Practice of the Appraisal Institute with an “MAI” designation and the Uniform Standards of Professional Appraisal
Practice of the Appraisal Foundation, as well as the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended;
provided that after an initial “Appraisal” has been obtained pursuant to the terms of this Agreement, an update
of such initial Appraisal shall be considered an “Appraisal” hereunder for all purposes if such original Appraisal
was performed within the previous 18 months. All Appraisals (and updates thereof) obtained pursuant to the terms of this Agreement
shall include a valuation using the “income capitalization – discounted cash flow approach” and set forth the
discount rate and terminal capitalization rate utilized by the Independent Appraiser. All calculations under this Agreement requiring
that a “value” or “appraised value” be used with respect to the Property or Foreclosed Property shall
use the most recently determined appraised value set forth in an Appraisal (or update thereof) unless a different valuation is
specifically required (such as the appraised value of the Property at origination). For purposes of determining an Appraisal Reduction
Amount, the Appraised Value (as determined by an updated Appraisal) of the Property shall be determined on an “as-is”
basis.

 

    8 

     

    

“Appraisal-Reduced
Class”: As defined in Section 3.7(f).

 

“Appraisal
Reduction Amount”: As of any date of determination, subject to Section 3.7(e) of this Agreement, an amount equal
to the excess of (i) the outstanding principal balance of the Mortgage Loan on such date plus the sum of (A) all accrued
and unpaid interest on the Mortgage Loan at the applicable Interest Rate, (B) all related unreimbursed Administrative Advances
and Property Protection Advances and all unpaid interest at the Advance Interest Rate on all Advances in respect of the Mortgage
Loan or the Property, (C) all currently due and unpaid real estate taxes and assessments and Insurance Premiums and all other
amounts, including, if applicable, ground rents, due and unpaid in respect of the Property (which taxes, premiums and other amounts
have not been the subject of an Advance) and (D) to the extent not duplicative of amounts in clauses (B) or (C),
all unpaid Trust Fund Expenses then due under the Mortgage Loan Agreement, over (ii) the sum of (A) either (1) 90% of the appraised
value (as determined by an updated Appraisal that was performed within 9 months prior to the Appraisal Reduction Event if the
Special Servicer is not aware of any material change in the market or condition or value of the Property since the date of such
Appraisal, and otherwise was performed since the date of such material change if the Special Servicer is aware thereof), or (2)
if the events described in clauses (i) through (iii) in the first sentence of Section 3.7(e) occur with respect
to the Property, the Assumed Appraised Value of the Property, in each case, less the amount of any liens (exclusive of Permitted
Encumbrances) on the Property senior to the lien of the Mortgage Loan Documents, plus (B) any escrows or reserve amounts
with respect to the Mortgage Loan, including for taxes, Insurance Premiums and ground rents.

 

“Appraisal
Reduction Event”: The earliest of (i) 60 days after an uncured payment delinquency (other than a delinquency in respect
of the Balloon Payment) occurs in respect of the Mortgage Loan, (ii) 90 days after an uncured delinquency occurs in respect of
the Balloon Payment for the Mortgage Loan unless a refinancing or sale of the Property is anticipated within 120 days after the
Maturity Date of the Mortgage Loan (as evidenced by a written and binding (a) refinancing commitment, (b) letter of intent or
(c) term sheet, in each case, from an acceptable lender, or a signed purchase agreement from an acceptable purchaser, in each
case reasonably satisfactory in form and substance to the Servicer and any applicable Consenting Party, which provides that such
refinancing or sale shall occur within 120 days after the Maturity Date), in which case 120 days after such uncured delinquency,
(iii) 60 days after a reduction in Monthly Debt Service Payment Amount or a material adverse economic change with respect to the
terms of the Mortgage Loan has become effective, (iv) 60 days after an extension of the Maturity Date of the Mortgage Loan (except
for an extension within the time periods described in clause (ii) above), (v) 60 days after a receiver has been appointed
in respect of the Property on behalf of the Trust or any other creditor, (vi) immediately after any Borrower Related Party declares,
or becomes the subject of, bankruptcy, insolvency or similar proceeding, admits in writing the inability to pay its debts as they
come due or makes an assignment for the benefit of creditors unless such action is dismissed within 45 days, or (vii) immediately
after the Property becomes a Foreclosed Property.

 

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

 

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

 

    9 

     

    

“Assignment
of Mortgage”: An assignment of the Mortgage without recourse, notice of transfer or equivalent instrument, in recordable
form, which is sufficient under the laws of the jurisdiction in which the Property is located to reflect of record the assignment
of the Mortgage to the Trustee on behalf of the Trust; provided, however, the Trustee, the Certificate Administrator,
the Servicer and the Special Servicer will not be responsible for determining whether any such assignment is legally sufficient
or in recordable form.

 

“Assumed
Appraised Value”: As defined in Section 3.7(e).

 

“Assumed
Monthly Interest Payment”: With respect to the Trust Loan (including, without limitation, all or any portion thereof
that constitutes an REO Trust Loan), for the Maturity Date in connection with, or for any Assumed Payment Date following, a delinquency
in the payment of the Balloon Payment on the Trust Loan, or for any Assumed Payment Date following the foreclosure, in whole or
in part, of the Mortgage Loan or the acceptance by the Special Servicer on behalf of the Trust and the Companion Loan Holder(s)
of a deed-in-lieu of foreclosure or comparable conversion of the Mortgage Loan or a portion of the Mortgage Loan, the scheduled
monthly payment of interest at the applicable Interest Rate that would have been due in respect of the Trust Loan on its Maturity
Date and each subsequent Payment Date (or Assumed Payment Date) (or on each Payment Date (or Assumed Payment Date) after the occurrence
of a foreclosure, in whole or in part, of the Mortgage Loan or acceptance by the Special Servicer on behalf of the Trust and the
Companion Loan Holder(s) of a deed-in-lieu of foreclosure or comparable conversion of the Mortgage Loan or a portion of the Mortgage
Loan) if the Trust Loan had been required to continue to accrue interest at the applicable Interest Rate in accordance with its
terms, and without regard to the occurrence of the Maturity Date (or the occurrence of such foreclosure or acceptance of a deed-in-lieu
of foreclosure or comparable conversion), in each case as such terms may have been modified, and the Maturity Date may have been
extended, in connection with a bankruptcy or similar proceeding involving the Borrower or its Affiliates or a modification, waiver
or amendment granted or agreed to by the Servicer or the Special Servicer.

 

“Assumed
Payment Date”: With respect to the Mortgage Loan for any calendar month following a delinquency in the payment of the
Balloon Payment or the foreclosure, in whole or in part, of the Mortgage Loan or acceptance on behalf of the Trust and the Companion
Loan Holder(s) of a deed-in-lieu of foreclosure or comparable conversion of the Mortgage Loan (or portion thereof), the date that
would have been the Payment Date in such calendar month if the Maturity Date or the foreclosure of the Mortgage Loan (or portion
thereof) or acceptance on behalf of the Trust and the Companion Loan Holder(s) of a deed-in-lieu of foreclosure or comparable
conversion of the Mortgage Loan (or portion thereof) had not occurred.

 

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

 

“Available
Funds”: With respect to each Distribution Date, an amount equal to: (a) the aggregate (without duplication) of (i) all
amounts (other than any Default Yield Maintenance Premiums) received in respect of the Trust Loan (including, without limitation,
all or any portion thereof that constitutes an REO Trust Loan) during the related Collection Period (including, without limitation,
amounts in the form of payments, any Repurchase Price (or Loss of Value Payments by the Loan Seller in lieu thereof) or any other
purchase price of the Trust Loan received by the Trust, any Liquidation Proceeds and, to the extent not otherwise applied to the

 

    10 

     

    

repair
or restoration of the Property, any Insurance Proceeds and Condemnation Proceeds received by the Trust), (ii) any advance of interest
on the Trust Loan for such Distribution Date, (iii) any Compensating Interest Payment made with respect to the Trust Loan for
the related Remittance Date, (iv) any amounts transferred to the Collection Account from any other account maintained under this
Agreement for distribution on such Distribution Date (provided that the Servicer receives such transfer no later than the close
of business on the Business Day prior to the related Remittance Date), (v) with respect to the Distribution Date occurring in
March (or, if such Distribution Date is the final Distribution Date, in February), of each calendar year (commencing in 2021),
the Withheld Amounts to be transferred from the Interest Reserve Account to the Distribution Account and (vi) any payment of interest
received prior to the related Collection Period but intended to cover interest accrued during the Mortgage Loan Interest Accrual
Period that corresponds to the Payment Date in the related Collection Period; reduced by (b) the aggregate (without duplication)
of (i) the Available Funds Reduction Amount for the related Remittance Date, (ii) with respect to any Distribution Date occurring
in January (except in a leap year) or February of each calendar year (commencing in 2021) (unless, in either case, such Distribution
Date is the final Distribution Date), the related Withheld Amounts transferred or to be transferred from the Distribution Account
to the Interest Reserve Account, (iii) any portion of the amounts described in clause (a)(i) of this definition that represents
escrow payments, reserve funds or amounts received in respect of future accrual periods and (iv) any portion of any Monthly Interest
Payment Advance with respect to such Distribution Date to be applied to pay the Trustee/Certificate Administrator Fee (including
the portion thereof that is the Trustee Fee), the Operating Advisor Fee and/or the CREFC® Licensing Fee. Available
Funds shall not include any amounts allocable to the Companion Loan(s) under the Co-Lender Agreement.

 

“Available
Funds Reduction Amount”: With respect to any Distribution Date, the aggregate of all amounts withdrawn from the Collection
Account pursuant to clauses (i) through (xi) of the first paragraph of Section 3.4(c) of this Agreement with
respect to the related Remittance Date.

 

“Balloon
Payment”: The payment of the outstanding principal balance of the Mortgage Loan, the Trust Loan or any Companion Loan,
as applicable, together with all unpaid interest, due and payable on the Maturity Date.

 

“Base
Interest Fraction”: With respect to any principal prepayment on the Mortgage Loan as to which a Default Yield Maintenance
Premium is collected and allocated to the Trust Loan and with respect to any Class of Principal Balance Certificates, a fraction
(a) whose numerator is the excess, if any, of (i) the Pass-Through Rate on such Class of Certificates, over (ii) the “discount
rate” used in calculating the Default Yield Maintenance Premium with respect to such principal prepayment (the “Discount
Rate”) and (b) whose denominator is the excess, if any, of (i) the Interest Rate on the Trust Loan, over (ii) the Discount
Rate; provided, however, that (1) under no circumstances will the Base Interest Fraction be greater than one or less than zero,
(2) if the Discount Rate is greater than or equal to the Interest Rate on the Trust 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 Interest Rate on the Trust Loan and is less than the Pass-Through Rate on such Class of Certificates, then the
Base Interest Fraction will be one.

 

    11 

     

    

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

 

“Borrower”:
As defined in the Introductory Statement.

 

“Borrower
Party” and “Borrower Parties”: As defined in the Mortgage Loan Agreement.

 

“Borrower
Reimbursable Trust Fund Expenses”: Expenses for which the Borrower is obligated to reimburse the Trust and/or the Companion
Loan Holder(s) pursuant to the Mortgage Loan Agreement (including, without limitation, Sections 6.4, 6.5, 11.5, 12.1, 12.4, 17.6
and 17.7 of the Mortgage Loan Agreement).

 

“Borrower
Related Party”: Individually or collectively, as the context may require, the Borrower, any Mezzanine Borrower, any
Affiliated Manager, the Borrower Sponsor and any Guarantor and any Affiliate of any of the foregoing.

 

“Borrower
Restricted Party”: Individually or collectively, as the context may require, (i) the Borrower, the Borrower Sponsor,
any borrower under a related mezzanine loan, any guarantor under the Mortgage Loan or a related mezzanine loan, any operating
lessee or property manager of the Property, or any of their respective managers, servicers, agents or Affiliates, (ii) a Restricted
Holder, (iii) any Person controlling or controlled by or under common control with the Borrower, the Borrower Sponsor, any borrower
under a related mezzanine loan, any guarantor under the Mortgage Loan or a related mezzanine loan, any operating lessee or property
manager of the Property, or a Restricted Holder, as applicable, or (iv) any shareholder, partner, member or non-member manager,
or any direct or indirect legal or beneficial owner of any interest in the Borrower, the Borrower Sponsor, any borrower under
a related mezzanine loan, any guarantor under the Mortgage Loan or a related mezzanine loan, any operating lessee or property
manager of the Property, or a Restricted Holder (other than any shareholder, partner, member or owner owning less than a 10% non-controlling
direct or indirect legal or beneficial interest in any of the foregoing). For the purposes of this definition, “control”
when used with respect to any specific Person means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise and the terms “controlling”
and “controlled” have meanings correlative to the foregoing.

 

“Borrower
Sponsor”: The “Sponsor” as defined in the Mortgage Loan Agreement.

 

“Business
Day”: Any day other than (a) a Saturday or a Sunday or (b) any other day on which (1) federally insured depository institutions
in the State of New York, (2) the place of business of the Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
or the financial institution that maintains the Collection Account, the Foreclosed Property Account or

 

    12 

     

    

any
Reserve Account for the Mortgage Loan, or (3) the New York Stock Exchange or the Federal Reserve Bank of New York, in each case
are authorized or obligated by law, governmental decree or executive order to be closed.

 

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

 

“Cash
Management Agreement”: That certain Cash Management Agreement, dated as of October 30, 2020, by and between Borrower
and CREFI.

 

“CCR
Consultation Period”: Any period when both: (i) a CCR Control Termination Event has occurred and is continuing; and
(ii) a CCR Consultation Termination Event has not yet occurred or has occurred but is no longer continuing.

 

“CCR
Consultation Termination Event”: The event that occurs when (i) the Class HRR Certificates no longer have a Certificate
Balance (without regard to the application of any Appraisal Reduction Amounts then allocable to such Class of Certificates to
notionally reduce the Certificate Balance of such Class of Certificates) that is equal to or greater than 25% of the Initial Certificate
Balance of such Class of Certificates, or (ii) the Controlling Class Representative or the Majority Controlling Class Certificateholders
are Borrower Restricted Parties.

 

“CCR
Consultation Termination Period”: Any period when a CCR Consultation Termination Event has occurred and is continuing.

 

“CCR
Control Period”: Any period during which a CCR Control Termination Event (i) has not yet occurred or (ii) has occurred
but is no longer continuing.

 

“CCR
Control Termination Event”: The event that occurs when (i) the Class HRR Certificates no longer have a Certificate Balance
(taking into account the application of Appraisal Reduction Amounts to notionally reduce the Certificate Balance of such Class
of Certificates) that is equal to or greater than 25% of the Initial Certificate Balance of such Class of Certificates, or (ii)
the Controlling Class Representative or the Majority Controlling Class Certificateholders are Borrower Restricted Parties.

 

“CERCLA”:
The Comprehensive Environmental Response, Compensation and Liability Act of 1980, 42 U.S.C. §§ 9601 et seq.,
as amended.

 

“Certificate”:
Any Class A, Class X, Class B, Class C, Class D, Class E, Class HRR or Class R Certificate issued, authenticated and delivered
hereunder.

 

“Certificate
Administrator”: Citibank, N.A., in its capacity as certificate administrator, or if any successor Certificate Administrator
is appointed as herein provided, such Certificate Administrator.

 

“Certificate
Administrator’s Website”: The internet website of the Certificate Administrator, initially located at https://sf.citidirect.com.

 

“Certificate
Balance”: With respect to any Class of Principal Balance Certificates at any date of determination, an amount equal
to (1) the Initial Certificate Balance of such Class,

 

    13 

     

    

less
(2) the sum of (a) all amounts distributed to Holders of Certificates of such Class on all previous Distribution Dates and treated
under this Agreement as allocable to principal, and (b) the aggregate amount of Realized Losses allocated to such Class of Certificates,
if any, on all prior Distribution Dates pursuant to Section 4.1(j). With respect to any individual Principal Balance Certificate,
the product of (x) the Percentage Interest represented by such Certificate multiplied by (y) the Certificate Balance of the related
Class of Certificates to which such Certificate belongs.

 

“Certificate
Interest Accrual Period”: With respect to any Class of Regular Certificates and any Uncertificated Lower-Tier Interest
for 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 5.3 of this Agreement.

 

“Certificateholder”
or “Holder”: With respect to any Certificate, the person in whose name a Certificate is registered in the Certificate
Register (including, solely for the purposes of providing, distributing or otherwise making available any reports, statements
or other information pursuant to this Agreement, Beneficial Owners of Certificates or prospective transferees of Certificates
to the extent the Person providing, distributing or making such information available has received an appropriate Investor Certification
from such beneficial owner or prospective transferee), provided, however, that (a) solely for the purpose of giving
any consent, approval or waiver or taking any action pursuant to this Agreement (including voting on an amendment to this Agreement)
that specifically relates to the rights, duties, compensation or termination of, and/or any other matter specifically involving,
the Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor or any Person known to a
Responsible Officer of the Certificate Registrar to be an Affiliate of any such party, any Certificate registered in the name
of or beneficially owned by such party or any Affiliate thereof shall be deemed not to be outstanding and the Voting Rights to
which it is entitled will not be taken into account in determining whether the requisite percentage of Voting Rights necessary
to effect any such consent, approval or waiver or take any such action has been obtained, and (b) solely for the purpose of giving
any consent or taking any action pursuant to this Agreement, any Certificate beneficially owned by a Borrower Restricted 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.
Notwithstanding the foregoing, a Holder or Beneficial Owner of Certificates in the Controlling Class or the Controlling Class
Representative will not be subject to the restrictions contained above in this definition of Certificateholder when exercising,
and will not be prohibited from exercising, any appointment rights, consent rights, consultation rights, Voting Rights or any
other rights it may have, solely in its capacity as a Holder or Beneficial Owner of specifically Certificates in the Controlling
Class (as opposed to a holder or beneficial owner of Certificates in general) or as Controlling Class Representative, under this
Agreement, unless such Holder or Beneficial Owner of Certificates in the Controlling Class or the Controlling Class Representative
is also either (x) a Borrower Restricted Party or a sub-servicer thereof, or (y) the Servicer, the Trustee or the Certificate
Administrator or any person known to a Responsible Officer of the Certificate Registrar to be an Affiliate of any such party.

 

    14 

     

    

“Certificateholder
Quorum”: A quorum that: (a) for purposes of Section 7.1(d) of this Agreement, consists of the Holders of Principal
Balance Certificates evidencing at least 50% of the Voting Rights of the Principal Balance Certificates, on an aggregate basis;
and (b) for purposes of Section 7.1(e) of this Agreement, consists of the Holders or Beneficial Owners of Certificates
evidencing at least 20% of the outstanding principal balance of all Certificates on an aggregate basis, with such quorum including
at least three (3) Holders and/or, where Global Certificates are involved, underlying Beneficial Owners that are not Risk Retention
Affiliated with each other.

 

“Class”:
With respect to the Certificates, all of the Certificates bearing the same alphabetical class designation, and each Uncertificated
Lower-Tier Interest.

 

“Class
A Certificate”: A Certificate executed and authenticated by the Certificate Administrator in substantially the form
set forth in Exhibit A-1 hereto and designated as a Class A Certificate.

 

“Class
B Certificate”: A Certificate executed and authenticated by the Certificate Administrator in substantially the form
set forth in Exhibit A-3 hereto and designated as a Class B Certificate.

 

“Class
C Certificate”: A Certificate executed and authenticated by the Certificate Administrator in substantially the form
set forth in Exhibit A-4 hereto and designated as a Class C Certificate.

 

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

 

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

 

“Class
HRR Certificate”: A Certificate executed and authenticated by the Certificate Administrator in substantially the form
set forth in Exhibit A-7 hereto and designated as a Class HRR Certificate. The Class HRR Certificates collectively constitute
the HRR Interest.

 

“Class
Interest Shortfall”: With respect to any Class of Regular Certificates or any Uncertificated Lower-Tier Interest for
any Distribution Date, the amount, if any, by which the Interest Distribution Amount for such Class of Certificates or such Uncertificated
Lower-Tier Interest, as the case may be, and such Distribution Date exceeds the portion of such amount actually distributed to
such Class of Certificates or deemed distributed to such Uncertificated Lower-Tier Interest, as the case may be, in respect of
interest on such Distribution Date.

 

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

 

    15 

     

    

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

 

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

 

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

 

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

 

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

 

“Class
LT-R Interest”: The residual interest in the Lower-Tier REMIC. The Class LT-R Interest has no Pass-Through Rate or Lower-Tier
Principal Amount or notional amount. The Class LT-R Interest will be represented by the Class R Certificates.

 

“Class
Principal Shortfall”: For any Distribution Date and any Class of Principal Balance Certificates, the amount, if any,
by which (i) the Principal Distribution Amount for such Class and such Distribution Date, exceeds (ii) the amount actually distributed
to such Class of Principal Balance Certificates in respect of principal on such Distribution Date.

 

“Class
R Certificate”: A Certificate executed and authenticated by the Certificate Administrator, in substantially the form
set forth in Exhibit A-8 hereto and designated as a Class R Certificate. The Class R Certificates have neither a Certificate
Balance nor a Pass-Through Rate. The Class R Certificates will represent the Class LT-R Interest and the Class UT-R Interest.

 

“Class
UT-R Interest”: The residual interest in the Upper Tier REMIC. The Class UT-R Interest has no Pass-Through Rate, Certificate
Balance or notional amount. The Class UT-R Interest will be represented by the Class R Certificates.

 

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

 

    16 

     

    

“Class
X Notional Amount”: With respect to the Class X Certificates, an amount equal to the aggregate of the Lower-Tier Principal
Amounts of the Class LA and Class LB Uncertificated Interests from time to time.

 

“Class
X Pass-Through Rate”: As defined in the Introductory Statement.

 

“Class
X Strip Rate”: A per annum rate equal to: (a) for each of the Class LA Uncertificated Interest and the Class A Certificates
for any Distribution Date, the excess, if any, of (i) the Adjusted Net Mortgage Rate with respect to the Trust Loan for such Distribution
Date over (ii) the Pass-Through Rate of the Class A Certificates; and (b) for each of the Class LB Uncertificated Interest and
the Class B Certificates for any Distribution Date, the excess, if any, of (i) the Adjusted Net Mortgage Rate with respect to
the Trust Loan for such Distribution Date over (ii) the Pass-Through Rate of the Class B Certificates.

 

“Clearing
Agency”: An organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act.
The initial Clearing Agency shall be The Depository Trust Company.

 

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

 

“Closing
Date”: November 30, 2020.

 

“CMBS”:
Commercial mortgage-backed securities.

 

“Code”:
The Internal Revenue Code of 1986, as amended, and as it may be further amended from time to time, any successor statutes thereto,
and applicable U.S. Department of the Treasury regulations issued pursuant thereto in temporary or final form and any proposed
regulations thereunder, to the extent that, by reason of their proposed effective date, such proposed regulations would apply
to the Trust Fund.

 

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

 

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

 

“Collateral
Security Documents”: Any document or instrument given to secure or guaranty the Mortgage Loan, including without limitation,
the Mortgage, each as amended, supplemented, assigned, extended or otherwise modified from time to time.

 

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

 

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

 

    17 

     

    

relating
to the immediately preceding Distribution Date and ending on and including the Determination Date relating to the subject Distribution
Date. The Collection Period for any Distribution Date shall also relate to the Remittance Date immediately prior to such Distribution
Date.

 

“Commission”:
The Securities and Exchange Commission.

 

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

 

“Companion
Loan Advance”: With respect to a Companion Loan that is part of an Other Securitization Trust, any advance of delinquent
scheduled payments with respect to such Companion Loan made by the master servicer or trustee with respect to such Other Securitization
Trust.

 

“Companion
Loan Holder”: The holder of a Companion Loan Note and any successor thereto in respect of the corresponding interest
in any Foreclosed Property.

 

“Companion
Loan Note”: As defined in the Preliminary Statement.

 

“Companion
Loan Rating Agency” With respect to any Companion Loan, any rating agency that was engaged by a participant in the securitization
of such Companion Loan to assign a rating to the related Companion Loan Securities.

 

“Companion
Loan Rating Agency Confirmation”: With respect to any matter involving the servicing and administration of a Companion
Loan or REO Companion Loan as to which any Companion Loan Securities exist, confirmation in writing (which may be in electronic
form) by each applicable Companion Loan Rating Agency that a proposed action, failure to act or other event so specified will
not, in and of itself, result in the downgrade, withdrawal or qualification of the then current rating assigned to any class of
such Companion Loan Securities (if then rated by such Companion Loan Rating Agency); provided that upon receipt of a written waiver
or other acknowledgment from a Companion Loan Rating Agency indicating its decision not to review or declining to review the matter
for which the Companion Loan Rating Agency Confirmation is sought (such written notice, a “Companion Loan Rating Agency
Declination”), or as otherwise provided in Section Error! Reference source not found. 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
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).

 

“Compensating
Interest Payment”: A cash payment in an amount, with respect to the Mortgage Loan, equal to the lesser of (i) the amount
of any Prepayment Interest Shortfall incurred in connection with a voluntary Prepayment received in respect of the Mortgage Loan
during the related Collection Period prior to the Payment Date in that Collection Period, and (ii) the aggregate of the Servicer’s
Servicing Fees for the related Distribution Date and, to the extent earned on Prepayments, Net Investment Earnings payable to
the Servicer for the related Mortgage Loan Interest Accrual Period.

 

    18 

     

    

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

 

“Confidential
Information”: With respect to the Trustee, the Certificate Administrator, the Servicer or the Special Servicer, all
material non-public information obtained in the course of and as a result of such Person’s performance of its duties as
Trustee, Certificate Administrator, Servicer or Special Servicer, as applicable with respect to the Mortgage Loan, the Borrower
Related Parties and the Property, unless such information (i) was already in the possession of such Person prior to being disclosed
to such Person, (ii) is or becomes available to such Person from a source other than its activities as Trustee, Certificate Administrator,
Servicer or Special Servicer, (iii) is or becomes generally available to the public other than as a result of a disclosure by
Servicing Personnel or (iv) is required to be disclosed by law or court order, provided such Person shall use reasonable
efforts to obtain confidential treatment thereof. Notwithstanding the foregoing, the Servicer, the Special Servicer, the Trustee
and the Certificate Administrator shall be permitted to comply with its obligations hereunder to make information available to
the extent that such information was received by it in its capacity as Servicer, Special Servicer, Trustee or Certificate Administrator,
as applicable.

 

“Consent
Fees”: Any fees payable in connection with any request by the Borrower for lender consent pursuant to the express terms
of the Mortgage Loan Documents; provided that Consent Fees shall not include fees payable in connection with a consent
to a modification, extension, waiver or amendment of any term of the Mortgage Loan Documents.

 

“Consenting
Party”: Solely during a CCR Control Period, the Controlling Class Representative. For the avoidance of doubt, the Controlling
Class Representative shall not be a Consenting Party (and there shall be no Consenting Party) if and for so long as a CCR Control
Termination Event is in effect. Notwithstanding the foregoing, a Borrower Restricted Party cannot be a Consenting Party.

 

“Consulting
Party”: Each of: (i) solely during a CCR Consultation Period, the Controlling Class Representative; (ii) at any time,
each Companion Loan Holder (to the extent such Companion Loan Holder is entitled to exercise such consultation rights under the
Co-Lender Agreement); and (iii) solely after the occurrence and during the continuance of an Operating Advisor Consultation Trigger
Event, the Operating Advisor. For the avoidance of doubt, (A) the Controlling Class Representative shall not be a Consulting Party
if and for so long as a CCR Consultation Termination Event is in effect, and any consultation rights of the Companion Loan Holder(s)
shall be subject to the terms of the Co-Lender Agreement and (B) the Operating Advisor shall not be a Consulting Party unless
an Operating Advisor Consultation Trigger Event has occurred and is continuing. Further for the avoidance of doubt, if neither
the Controlling Class Representative nor the Operating Advisor is a Consulting Party in accordance with the foregoing definition,
then there will be no Consulting Party. Notwithstanding the foregoing, a Borrower Restricted Party cannot be a Consulting Party.

 

“Controlling
Class”: The Class HRR Certificates. No other Class of Certificates will be eligible to act as the Controlling Class
or appoint a Controlling Class Representative.

 

    19 

     

    

“Controlling
Class Representative”: The Holder of the Controlling Class (or other representative) selected or designated, as applicable,
in accordance with Section 9.1.

 

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

 

“Corporate
Trust Office”: The principal corporate trust office of the Trustee or the Certificate Administrator, as applicable,
at which at any particular time its corporate trust business shall be administered, which office at the date of the execution
of this Agreement is located: (i) with respect to the Trustee: 1100 North Market Street, Wilmington, Delaware 19890, Attention:
CGCMT 2020-420K, or the principal trust office of any successor Trustee qualified and appointed pursuant to Section 8.8,
and (ii) with respect to the Certificate Administrator: (a) for purposes of administration of the Trust, 388 Greenwich Street,
New York, New York 10013, Attention: Global Transaction Services—CGCMT 2020-420K, and (b) for purposes of certificate transfer
and presentment of Certificates for final payment thereon, 480 Washington Boulevard, 30th Floor Jersey City, New Jersey 07310,
Attention: Securities Window, or the principal trust office of any successor Certificate Administrator qualified and appointed
pursuant to Section 8.8.

 

“Credit
Risk Retention Certificate Safekeeping Account”: An account maintained by the Certificate Administrator, which account
shall be deemed to be owned by the Holders of the Class HRR Certificates in proportions equal to their respective Percentage Interests
in the Class HRR Certificates.

 

“Credit
Risk Retention Certificates”: The Class HRR Certificates.

 

“CREFC®”:
The CRE Finance Council, or any association or organization that is a successor thereto. If neither such association nor any successor
remains in existence, “CREFC®” shall be deemed to refer to such other association or organization as
may exist whose principal membership consists of servicers, trustees, issuers, placement agents and underwriters generally involved
in the commercial mortgage loan securitization industry, which is the principal such association or organization in the commercial
mortgage loan securitization industry and one of whose principal purposes is the establishment of industry standards for reporting
transaction-specific information relating to commercial mortgage pass-through certificates and commercial mortgage-backed bonds
and the commercial mortgage loans and foreclosed properties underlying or backing them to investors holding or owning such certificates
or bonds, and any successor to such other association or organization. If an organization or association described in one of the
preceding sentences of this definition does not exist, “CREFC®” shall be deemed to refer to such other
association or organization as shall be reasonably acceptable to the Servicer, the Special Servicer, the Trustee, the Certificate
Administrator and the Operating Advisor.

 

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

 

    20 

     

    

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

 

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

 

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

 

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

 

    21 

     

    

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

 

“CREFC®
Historical Bond/Collateral Realized Loss Reconciliation Template”: A report substantially in the form of, and
containing the information called for in, the downloadable form of the “Historical Bond/Collateral Realized Loss Reconciliation
Template” available 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®
Historical Liquidation Loss Template”: A report substantially in the form of, and containing the information called
for in, the downloadable form of the “Historical Liquidation Loss Template” available as of the Closing Date on the
CREFC® Website, or such other form for the presentation of such information and containing such additional information
as may from time to time be approved by the CREFC® for commercial mortgage securities transactions generally.

 

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

 

“CREFC®
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 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®
Licensing Fee”: The “CREFC® Intellectual Property Royalty License Fee” payable to CREFC®
in connection with the usage of CREFC® trademarks, which shall be equal to, with respect to the Trust Loan
and any Mortgage Loan Interest Accrual Period, the amount of interest accrued during such Mortgage Loan Interest Accrual Period
at the related CREFC® Licensing Fee Rate on the same principal balance, in the same manner, and for the same number
of days as any related interest payment with respect to the Trust Loan (including, without limitation, all or any portion thereof
that constitutes an REO Trust Loan) during such Mortgage Loan Interest Accrual Period is computed. Any payments of the CREFC®
Licensing 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 (2) Business Days prior to the Remittance Date):

 

    22 

     

    

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

Bank
Name: JPMorgan Chase Bank, National Association

Bank
Address: 80 Broadway, New York, NY 10005

Routing
Number: 021000021

Account
Number: 213597397

 

For
the avoidance of doubt, the CREFC® Licensing Fee shall be deemed payable from the Lower-Tier REMIC.

 

“CREFC®
Licensing Fee Rate”: 0.00050% per annum.

 

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

 

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

 

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

 

    23 

     

    

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

 

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

 

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

 

“CREFC®
Reconciliation of Funds Template”: A report substantially in the form of, and containing the information called
for in, the downloadable form of the “Reconciliation of Funds Template” available 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®
REO Liquidation Report Template”: A report substantially in the form of, and containing the information called
for in, the downloadable form of the “REO Liquidation

 

    24 

     

    

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

 

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

 

(a)
       the following eight data files (and any other files as may be, or have been, adopted
and promulgated by CREFC® as part of the CREFC® Investor Reporting Package (IRP) from time to time):
(i) CREFC® Loan Setup File; (ii) CREFC® Loan Periodic Update File; (iii) CREFC® Property
File; (iv) CREFC® Financial File; (v) CREFC® Special Servicer Loan File; (vi) CREFC®
Special Servicer Property File; (vii) CREFC® Bond Level File; and (viii) CREFC® Collateral Summary
File;

 

(b)
       the following ten supplemental reports and methodology (and any other reports as may
be, or have been, adopted and promulgated by CREFC® as part of the CREFC® Investor Reporting Package
(IRP) from time to time): (i) CREFC® Servicer Watch List/Portfolio Review Guidelines; (ii) CREFC®
Delinquent Loan Status Report; (iii) CREFC® REO Status Report; (iv) CREFC® Comparative Financial
Status Report; (v) CREFC® Historical Loan Modification/Forbearance and Corrected Mortgage Loan Report; (vi) CREFC®
Loan Level Reserve/LOC Report; (vii) CREFC® Total Loan Report (to the extent any portion of the Mortgage
Loan is held outside the Trust); (viii) CREFC® Advance Recovery Report; (ix) CREFC® Operating Statement
Analysis Report; (x) CREFC® NOI Adjustment Worksheet;

 

(c)
       the following fifteen templates (and any other templates as may be, or have been, adopted
and promulgated by CREFC® as part of the CREFC® Investor Reporting Package (IRP) from time to time):
(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 Certificate Administrator Template, (viii) CREFC® Significant
Insurance Event Template, (ix) CREFC® Loan Modification Report Template; (x) CREFC® Loan Liquidation
Report Template, (xi) CREFC® REO Liquidation Report Template; (xii) CREFC® Payment Posting Instructions
Template; (xiii) CREFC® Modification Posting Instructions Template;

 

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(xiv) CREFC® Assumption Modification
Posting Instructions Template, and (xv) CREFC® Capitalized Amounts/Non-Recoverable Trust Expense Template; and

 

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

 

“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 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®
Servicer Remittance to Certificate Administrator Template”: A report substantially in the form of, and containing
the information called for in, the downloadable form of the “Servicer Remittance to Certificate Administrator Template”
available 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®
Servicer Watch List/Portfolio Review Guidelines”: For any Determination Date, a report substantially in the form
of, and containing the information called for in, the downloadable form of the “Servicer Watch List/Portfolio Review Guidelines”
available as of the Closing Date on the CREFC® Website, or in such other final form for the presentation of such
information and containing such additional information as may from time to time be promulgated as recommended by the CREFC®
for commercial mortgage securities transactions generally and, insofar as it requires the presentation of information in
addition to that called for by the form of the “Servicer Watch List/Portfolio Review Guidelines” available as of the
Closing Date on the CREFC® Website, is reasonably acceptable to the Servicer.

 

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

 

“CREFC®
Special Servicer Property File”: The monthly report substantially in the form of, and containing the information
called for in, the downloadable form of the “Special Servicer Property File” available as of the Closing Date on the
CREFC® Website, or such other

 

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form
for the presentation of such information and containing such additional information as may from time to time be recommended by
the CREFC® for commercial mortgage securities transactions generally and is reasonably acceptable to the Servicer
and the Special Servicer.

 

“CREFC®
Total Loan Report”: The report in the “Total Loan Report” format substantially in the form of and
containing the information called for therein for the Mortgage 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®
Website”: The CREFC®’s Internet website located at “www.CREFC®.org”
or such other primary Internet website as the CREFC® may establish for dissemination of its report forms.

 

“CREFI”:
As defined in the Introductory Statement hereto.

 

“Current
Interest Accrual Amount”: With respect to any Distribution Date for any Class of Regular Certificates or any Uncertificated
Lower-Tier Interest, the interest accrued during the related Certificate Interest Accrual Period at the Pass-Through Rate applicable
to such Class of Certificates or such Uncertificated Lower-Tier Interest, as the case may be, for such Distribution Date on the
Certificate Balance, Notional Amount or Lower-Tier Principal Amount, as applicable, of such Class of Certificates or such Uncertificated
Lower-Tier Interest, as the case may be, immediately prior to such Distribution Date.

 

“Custodial
Agreement”: The custodial agreement, if any, from time to time in effect between the Custodian named therein and the
Certificate Administrator, as the same may be amended or modified from time to time in accordance with the terms thereof. For
avoidance of doubt, as of the Closing Date, the Custodian is the Certificate Administrator.

 

“Custodian”:
Any Custodian appointed pursuant to Section 8.15 of this Agreement and, unless the Certificate Administrator is Custodian,
named pursuant to any Custodial Agreement. The Custodian may (but need not) be the Certificate Administrator or the Servicer or
any Affiliate or agent of the Certificate Administrator or the Servicer, but may not be (i) the Depositor, the Loan Seller or
any Affiliates thereof or (ii) the Borrower, any Borrower Restricted Party or any Affiliate thereof.

 

“Cut-off
Date”: November 6, 2020.

 

“DBRS
Morningstar”: DBRS, Inc. or its successor in interest. If neither DBRS, Inc. 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 Servicer, the Special
Servicer, the Trustee, the Certificate Administrator and the Operating Advisor and specific ratings of DBRS Morningstar herein
referenced shall be deemed to refer to the equivalent ratings of the party so designated.

 

“Default
Interest”: With respect to any Payment Date, upon the occurrence and during the continuance of a Mortgage Loan Event
of Default, interest accrued on the outstanding principal balance of the Mortgage Loan and, to the extent permitted by law, on
all accrued and

 

    27 

     

    

unpaid
interest and other amounts due in respect of the Mortgage Loan, in each case, at the excess of the Default Rate over the related
Interest Rate.

 

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

 

“Defaulted
Mortgage Loan”: The Mortgage Loan if (i) it is delinquent at least sixty days in respect of its Monthly Debt Service
Payment Amount or delinquent in respect of its Balloon Payment, in either case such delinquency to be determined without giving
effect to any grace period permitted by the related Mortgage Loan Documents and without regard to any acceleration of payments
under the related Mortgage Loan Documents or (ii) the Servicer or Special Servicer has, by written notice to the Borrower, accelerated
the maturity of the Mortgage Loan.

 

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

 

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

 

“Deficient
Exchange Act Deliverable”: With respect to the Servicer, the Special Servicer, the Certificate Administrator, the Custodian,
the Trustee and each Servicing Function Participant and Additional Servicer retained by it (other than a Loan Seller Sub-Servicer),
any item (x) regarding such party, (y) prepared by such party or any registered public accounting firm, attorney or other agent
retained by such party to prepare such item and (z) delivered by or on behalf of such party pursuant to the delivery requirements
under Article 13 of this Agreement, that does not conform to the applicable reporting requirements under the Securities
Act, the Exchange Act, the Sarbanes-Oxley Act and/or the rules and regulations promulgated thereunder.

 

“Definitive
Certificate”: Any Certificate in fully registered certificated form without interest coupons.

 

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

 

“Depositor”:
Citigroup Commercial Mortgage Securities Inc., a Delaware corporation, together with its successors-in-interest.

 

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

 

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

 

“Determination
Date”: The 6th day of each calendar month, but if such 6th day is not a Business Day, then the immediately succeeding
Business Day, beginning in December 2020. A Determination Date relates to the Distribution Date that occurs in the same calendar
month as such Determination Date.

 

“Directly
Operate”: With respect to any Foreclosed Property, the furnishing or rendering of services to the tenants thereof, that
are not customarily provided to tenants in

 

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connection
with the rental of space “for occupancy only” within the meaning of Treasury Regulations Section 1.512(b)-1(c)(5),
the management or operation of such Foreclosed Property, the holding of such Foreclosed Property primarily for sale to customers,
the use of such Foreclosed Property in a trade or business conducted by the Trust or the performance of any construction work
on the Foreclosed Property (other than the completion of a building or improvement, where more than 10% of the construction of
such building or improvement was completed before default became imminent), other than through an Independent Contractor; provided,
however, that a Foreclosed Property will not be considered to be Directly Operated solely because the Trust (or the Special
Servicer on behalf of the Trustee on behalf of the Trust) establishes rental terms, chooses tenants, enters into or renews leases,
deals with taxes and insurance or makes decisions as to repairs or capital expenditures with respect to such Foreclosed Property
or takes other actions consistent with Treasury Regulations Section 1.856-4(b)(5)(ii).

 

“Disclosable
Special Servicer Fees”: With respect to the Mortgage Loan or any Foreclosed Property, any compensation or 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 Property Manager, the Borrower Sponsor, any guarantor in respect of the Mortgage Loan
and any purchaser of the Trust Loan, any Companion Loan or any Foreclosed Property) in connection with the disposition, work-out
or foreclosure of the Mortgage Loan, the management or disposition of such Foreclosed Property and the performance by the Special
Servicer or any such Affiliate of any other special servicing duties under this Agreement, other than (i) Permitted Special Servicer/Affiliate
Fees, and (ii) any special servicing compensation and fees to which the Special Servicer is entitled under this Agreement; provided,
that any compensation and other remuneration that the Servicer (if it is also the Special Servicer or an Affiliate thereof) is
permitted to receive or retain pursuant to this Agreement in connection with its duties as Servicer under this Agreement shall
not constitute Disclosable Special Servicer Fees.

 

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

 

“Disqualified
Non-U.S. Tax Person”: With respect to a Class R Certificate, (x) an entity treated as a U.S. partnership if any of its
partners, directly or indirectly (other than through a U.S. corporation) is (or is permitted to be under the partnership agreement)
a Disqualified Non-U.S. Tax Person; (y) any Non-U.S. Tax Person or agent thereof other than (i) a Non-U.S. Tax Person that holds
such Class R Certificate in connection with the conduct of a trade or business within the United States and has furnished the
transferor and the Certificate Administrator with an effective IRS Form W-8ECI or (ii) a Non-U.S. Tax Person that has delivered
to both the transferor and the Certificate Administrator an Opinion of Counsel of a nationally recognized tax counsel to the effect
that the transfer of such Class R Certificate to it is in accordance with the requirements of the Code and the regulations promulgated
thereunder and that such transfer of such Class R Certificate will not be disregarded for federal income tax purposes under Treasury
Regulations Section 1.860G-3; or (z) a U.S. Tax Person with respect to which income from a 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. Information necessary to compute an applicable excise tax must be furnished to the IRS and to the requesting

 

    29 

     

    

party
within sixty (60) days of the request, and the Certificate Administrator may charge a fee for computing and providing such information.

 

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

 

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

 

“Distribution
Date”: The 4th Business Day following each Determination Date, commencing in December 2020. The first Distribution Date
shall be December 11, 2020.

 

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

 

“Dodd-Frank
Act”: The Dodd-Frank Wall Street Reform and Consumer Protection Act, as it may be amended from time to time.

 

“Eligible
Account”: A separate and identifiable account from all other funds held by the holding institution that is either (a)
an account or accounts maintained with a federal or state chartered depository institution or trust company which complies with
the definition of Eligible Institution, (b) a segregated trust account or accounts maintained with a federal or state chartered
depository institution or trust company acting in its fiduciary capacity, and which, in the case of a state chartered depository
institution or trust company, is subject to regulations substantially similar to 12 C.F.R. § 9.10(b), having in either case
a combined capital and surplus of at least $50,000,000 and is subject to supervision or examination by federal or state authority,
as applicable, and the long term unsecured debt obligations of which are rated at least “A2” by Moody’s and
“A” by DBRS Morningstar or (c) an account maintained with any other insured depository institution that is the subject
of a Rating Agency Confirmation or Companion Loan Rating Agency Confirmation, as applicable, from each Rating Agency and Companion
Loan Rating Agency for which the minimum rating is not met, with respect to any account listed in the clauses above, or from each
Rating Agency and Companion Loan Rating Agency, with respect to any account other than one listed in the clauses above. An Eligible
Account shall not be evidenced by a certificate of deposit, passbook or other instrument. If the holding institution for an account
ceases to meet the requirements of this definition for an “Eligible Account”, then the party

 

    30 

     

    

responsible
for administering such account hereunder shall move such account to a holding institution meeting such requirements within 30
days.

 

“Eligible
Institution”: Means (a) either a depository institution or trust company insured by the Federal Deposit Insurance Corporation,
(i) the short-term unsecured debt obligations, deposit accounts or commercial paper of which are rated at least “P-1”
by Moody’s and “R-1 (low)” by DBRS Morningstar (or, if not rated by DBRS Morningstar, an equivalent rating by
two other NRSROs) in the case of letters of credit and accounts in which funds are held for 30 days or less, or (ii) in the case
of letters of credit and accounts in which funds are held for more than 30 days, the long-term unsecured debt obligations or deposit
accounts of which are rated at least “A2” by Moody’s and “A” by DBRS Morningstar (or, if not rated
by DBRS Morningstar, an equivalent rating by two other NRSROs); (b) an institution that is the subject of a Rating Agency Confirmation
from each Rating Agency; or (c) KeyBank National Association, provided (i) in the case of accounts in which funds are held
for thirty (30) days or less, the short term unsecured debt obligations, deposit accounts or commercial paper of KeyBank National
Association are rated at least “P-1” by Moody’s and “R-1 (low)” by DBRS Morningstar (or, if not
rated by DBRS Morningstar, an equivalent rating by two other NRSROs) and (ii) in the case of accounts in which funds are held
for more than thirty (30) days, the long-term unsecured debt obligations or deposit accounts of KeyBank National Association are
rated at least “A2” by Moody’s and “A” by DBRS Morningstar (or, if not rated by DBRS Morningstar,
an equivalent rating by two other NRSROs).

 

“Eligible
Operating Advisor”: An entity (i) that is the special servicer or operating advisor on a commercial mortgage-backed
securities transaction rated by any of Moody’s, Fitch, KBRA, S&P and/or DBRS Morningstar but has not been the special
servicer or operating advisor on a transaction for which Moody’s, Fitch, KBRA, S&P and/or DBRS Morningstar has qualified,
downgraded or withdrawn its rating or ratings of, one or more classes of certificates for such transaction citing servicing concerns
with the special servicer or operating advisor, as applicable, as the sole or material factor in such rating action, (ii) that
(x) has been regularly engaged in the business of analyzing and advising clients in commercial mortgage-backed securities matters
and has at least five years of experience in collateral analysis and loss projections, and (y) has at least five years of experience
in commercial real estate asset management and experience in the workout and management of distressed commercial real estate assets,
(iii) that can and will make the representations and warranties set forth in Section 2.8(a) of this Agreement, (iv) that
is not (and is not Risk Retention Affiliated with) the Depositor, the Trustee, the Certificate Administrator, the Servicer, the
Special Servicer, the Loan Seller, the Controlling Class Representative, any Borrower Restricted Party, the Third Party Purchaser
or any of their respective Risk Retention Affiliates, (v) that has not been paid any fees, compensation or other remuneration
by any Special Servicer or successor Special Servicer (x) in respect of its obligations under this Agreement or (y) for the recommendation
of the replacement of the Special Servicer or the appointment of a successor special servicer to become the Special Servicer and
(vi) that does not directly or indirectly, through one or more Affiliates or otherwise, own any interest in any Certificates or
the Mortgage Loan, or otherwise have any financial interest in the securitization transaction to which this Agreement relates,
other than in fees from its role as Operating Advisor.

 

“Environmental
Indemnity”: As defined in the Mortgage Loan Agreement.

 

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“Environmental
Law”: Any present or future federal, state or local law, statute, regulation or ordinance, any judicial or administrative
order or judgment thereunder, pertaining to health, industrial hygiene, hazardous substances or the environment, including, but
not limited to, each of the following, as enacted as of the date hereof or as hereafter amended: CERCLA; the Resource Conservation
and Recovery Act of 1976, 42 U.S.C. §§ 6901 et seq.; the Toxic Substance Control Act, 15 U.S.C. §§
2601 et seq.; the Water Pollution Control Act (also known as the Clean Water Act, 22 U.S.C. §§ 1251 et seq.),
the Clean Air Act, 42 U.S.C. §§ 7401 et seq. and the Hazardous Materials Transportation Act, 49 U.S.C. §§
1801 et seq.

 

“Environmental
Report”: With respect to the Property, the “Phase I” and “Phase II,” if any, environmental audit
reports prepared and delivered to the Depositor in connection with the origination of the Mortgage Loan, or any subsequent environmental
report prepared on behalf of the Trust hereunder meeting the requirements of the American Society for Testing and Materials.

 

“ERISA”:
The Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated thereunder.

 

“ERISA
Restricted Certificate”: Any Regular Certificate that, as of the date of a proposed transfer of such Certificate, is
not rated in one of the four highest generic ratings categories by a credit rating agency that meets the requirements of the Underwriter
Exemption.

 

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

 

“Excess
Servicing Fees”: With respect to the Trust Loan (including all or any portion thereof that constitutes an REO Trust
Loan), that portion of the Servicing Fee that accrues at a per annum rate equal to the Excess Servicing Fee Rate.

 

“Excess
Servicing Fee Rate”: With respect to the Trust Loan (including all or any portion thereof that constitutes an REO Trust
Loan), a rate per annum equal to the Servicing Fee Rate minus 0.005%; provided that such rate shall be subject to reduction
at any time following any resignation of the Servicer pursuant to Section 6.4 of this Agreement (if no successor is appointed
in accordance with Section 6.4 of this Agreement) or any termination of the Servicer pursuant to Section 7.1 of
this Agreement, to the extent reasonably necessary (in the sole discretion of the Trustee) for the Trustee to appoint a qualified
successor Servicer (which successor may include the Trustee) that meets the requirements of Section 7.2 of this Agreement.

 

“Excess
Servicing Fee Right”: With respect to the Trust Loan (including all or any portion thereof that constitutes an REO Trust
Loan), the right to receive Excess Servicing Fees. In the absence of any transfer of the Excess Servicing Fee Right, KeyBank National
Association shall be the owner of such Excess Servicing Fee Right.

 

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

 

“FATCA”:
As defined in Section 4.2.

 

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

 

“Final
Asset Status Report”: An Asset Status Report, together with such other data or supporting information provided by the
Special Servicer to any applicable Consenting Party, any applicable Consulting Party and, even if it is not a Consulting Party,
the Operating Advisor, which does not include any communications (other than the Final Asset Status Report) between the Special
Servicer, on the one hand, and either a Consenting Party or a Consulting Party, on the other hand, with respect to the Mortgage
Loan; provided, that no Asset Status Report shall be considered a Final Asset Status Report unless (i) any applicable Consenting
Party has either finally approved of and consented to the actions proposed to be taken in connection therewith, or has exhausted
all of its rights of approval or consent, or has been deemed to approve or consent to such action or (ii) the Asset Status Report
is labeled or otherwise communicated to the parties to which it is to be delivered as being final and is otherwise being implemented
by the Special Servicer in accordance with the terms of this Agreement.

 

“Fitch”:
Fitch Ratings, Inc. or its successor in interest. If neither Fitch Ratings, Inc. 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 Operating Advisor,
the Servicer and the Special Servicer and specific ratings of Fitch herein referenced shall be deemed to refer to the equivalent
ratings of the party so designated.

 

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

 

“Foreclosed
Property”: The Property or other Collateral securing the Mortgage Loan, title to which has been acquired by the Special
Servicer on behalf of the Trust and the Companion Loan Holder(s) through foreclosure, deed in lieu of foreclosure or otherwise
in the name of the Trustee or its nominee.

 

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

 

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

 

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

 

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

 

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

 

“HRR
Interest”: The Class HRR Certificates (as a collective whole), which are purchased for cash by the Third Party Purchaser
from the Initial Purchasers on the Closing Date.

 

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“HRR
Interest Transfer Restriction Period”: With respect to the HRR Interest, the period from the Closing Date to the earliest
of: (i) the date that is latest of (A) the date on which the aggregate unpaid principal balance of the Trust Loan has been reduced
to 33% of the aggregate unpaid principal balance of the Trust Loan as of the Cut-off Date, (B) the date on which the aggregate
outstanding Certificate Balance of the Principal Balance Certificates has been reduced to 33% of the aggregate outstanding Certificate
Balance of the Principal Balance Certificates as of the Closing Date, or (C) two (2) years after the Closing Date; (ii) the date
on which the Mortgage Loan has been defeased in accordance with 12 CFR § 43.7(b)(8)(i); and (iii) the date on which the U.S.
Credit Risk Retention Rules have been officially abolished (and the securitization transaction contemplated by this Agreement
is not subject to any other applicable credit risk retention requirements under the Dodd-Frank Act) or, based on a written opinion
of counsel reasonably acceptable to the Depositor and the Retaining Sponsor, officially determined by the Regulatory Agencies
to be no longer applicable to the securitization transaction contemplated by this Agreement or the HRR Interest.

 

“Impermissible
Risk Retention Affiliate”: As defined in Section 3.33.

 

“Impermissible
TPP Affiliate”: As defined in Section 3.33.

 

“Indemnified
Party”: As defined in Section 6.6(b) or Section 8.12(b), as applicable.

 

“Indemnifying
Party”: As defined in Section 6.6(b) or Section 8.12(b), as applicable.

 

“Independent”:
When used with respect to any specified Person, such a Person who (i) does not have any direct financial interest or any material
indirect financial interest in the Depositor, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
the Operating Advisor, the Controlling Class Representative, the Borrower Related Parties or in any of their respective Affiliates
and (ii) is not connected with the Depositor, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
the Operating Advisor, the Controlling Class Representative, the Borrower Related Parties or any of their respective Affiliates
as an officer, employee, promoter, underwriter, trustee, partner, director or person performing similar functions.

 

“Independent
Appraiser”: An Independent professional real estate appraiser who (i) is a member in good standing of the Appraisal
Institute, (ii) if the state in which the Property or Foreclosed Property is located certifies or licenses appraisers, is certified
or licensed in such state, and (iii) has a minimum of five (5) years’ experience in the appraisal of comparable properties
in the geographic area in which the Property or Foreclosed Property is located.

 

“Independent
Contractor”: Either (i) any Person (other than the Special Servicer or Servicer) that would be an “independent
contractor” with respect to the Lower-Tier REMIC within the meaning of Section 856(d)(3) of the Code if such REMIC were
a real estate investment trust (except that the ownership test set forth in that Section of the Code will be considered to be
met by any Person that owns, directly or indirectly, 35% or more of any Class of Certificates or 35% or more of the aggregate
value of all Classes of Certificates or such other interest in the Certificates as is set forth in an Opinion of Counsel, which
will, at no expense to the Trustee, the Certificate

 

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Administrator,
the Special Servicer, the Servicer or the Trust, be delivered to the Trustee, the Certificate Administrator, the Special Servicer
or the Servicer on behalf of the Trustee); provided that neither the Lower-Tier REMIC nor the Upper-Tier REMIC receives
or derives any income from such Person and the relationship between such Person and such REMIC is at arm’s length, all within
the meaning of Treasury Regulations Section 1.856-4(b)(5), or (ii) any other Person (including the Special Servicer or the Servicer)
if the Trustee and the Certificate Administrator (or the Servicer or the Special Servicer on behalf of the Trustee) has received
an Opinion of Counsel which shall, at no expense to the Trustee, the Certificate Administrator, the Special Servicer, the Servicer
(unless the Special Servicer or the Servicer is providing the Opinion of Counsel with respect to itself) or the Trust, be to the
effect that the taking of any action in respect of any Foreclosed Property by such Person, subject to any conditions therein specified,
that is otherwise herein contemplated to be taken by an Independent Contractor will not cause such Foreclosed Property to cease
to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code (determined without regard
to the exception applicable for purposes of Section 860D(a) of the Code), or cause any income realized in respect of such Foreclosed
Property to fail to qualify as Rents from Real Property.

 

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

 

“Initial
Purchasers”: Citigroup Global Markets Inc., Drexel Hamilton, LLC, and their respective successors-in-interest.

 

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

 

“Institutional
Accredited Investor”: An entity that is, or in which each of the equity owners is, an “accredited investor”
within the meaning of Rule 501(a) (1), (2), (3) or (7) under the Act.

 

“Insurance
Premiums”: As defined in the Mortgage Loan Agreement.

 

“Insurance
Proceeds”: The portion of Net Proceeds paid as a result of a Casualty (as defined in the Mortgage Loan Agreement) other
than amounts to be applied to the restoration, preservation or repair of the Property or to be released to the Borrower Related
Parties each in accordance with the terms of the Mortgage Loan Agreement, or if not required to be so applied or so released under
the terms of the Mortgage Loan Agreement, Accepted Servicing Practices, (b) amounts paid by any insurer pursuant to any insurance
policy required to be maintained by the Servicer pursuant to Section 3.11, to the extent related to this Agreement only
or (c) any other amounts paid by an insurer pursuant to any insurance policy required to be maintained by the Borrower Related
Parties, to the extent allocable to the Mortgage Loan under the Mortgage Loan Documents.

 

“Interest
Accrual Period”: As the context may require, (a) with respect to the Mortgage Loan, the Trust Loan or any Companion
Loan for any Payment Date, the applicable Mortgage Loan Interest Accrual Period, and (b) with respect to each Class of Regular
Certificates for any Distribution Date, the applicable Certificate Interest Accrual Period.

 

“Interest
Distribution Amount”: With respect to any Distribution Date for any Class of Regular Certificates or any Uncertificated
Lower-Tier Interest, the sum of (i) the Current

 

    35 

     

    

Interest
Accrual Amount for such Distribution Date and such Class of Certificates or such Uncertificated Lower-Tier Interest, as the case
may be, and (ii) any Class Interest Shortfall in respect of the immediately preceding Distribution Date for such Class of Certificates
or such Uncertificated Lower-Tier Interest, as the case may be.

 

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

 

“Interest
Reserve Account”: As defined in Section 3.3(b).

 

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

 

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

 

“Investment
Account”: As defined in Section 3.8(a).

 

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

 

“Investment
Personnel”: As defined in Section 6.5.

 

“Investor
Certification”: A certificate representing, among other things, that:

 

(i)
for purposes of access to information, the Person executing the certificate is a Certificateholder, a Beneficial Owner of a Certificate
or a prospective purchaser of a Certificate, the Controlling Class Representative, a Consenting Party, a Consulting Party or any
Companion Loan Holder or its representative, and that either (a) such Person is not a Borrower Restricted Party, in which case
such person will be required to execute and deliver an Investor Certification substantially in the form included hereto as Exhibit
K-1, and will have access to all the reports and information made available to such Privileged Persons under this Agreement,
or (b) such Person is a Borrower Restricted Party, in which case such person will be required to execute and deliver an Investor
Certification substantially in the form included hereto as Exhibit K-2, and will only receive access to the Distribution
Date Statements prepared by the Certificate Administrator; and/or

 

(ii)
for purposes of exercising Voting Rights, the Person executing the certificate is a Certificateholder or a Beneficial Owner of
a Certificate, and that such Person (A) is not either (1) the Depositor, the Servicer, the Special Servicer, the Certificate
Administrator, the Trustee, the Operating Advisor or any of their sub-servicers or respective Affiliates, or (2) a Borrower Restricted
Party, or (B) is

 

    36 

     

    

exercising
such Voting Rights in connection with an amendment to this Agreement or other matter regarding which its Certificates are deemed
outstanding pursuant to the definition of “Certificateholder”.

 

Each
of the Trustee and the Certificate Administrator may conclusively rely on any Investor Certification provided to it by an unrelated
Person and 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 4.5(a).

 

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

 

“IRS”:
The Internal Revenue Service.

 

“Junior
Trust Note”: As defined in the Preliminary Statement.

 

“KBRA”:
Kroll Bond Rating Agency, LLC or its successors in interest. If neither Kroll Bond Rating Agency, LLC 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 Servicer, the Special
Servicer, the Operating Advisor, the Trustee and the Certificate Administrator and specific ratings of KBRA herein referenced
shall be deemed to refer to the equivalent ratings of the party so designated.

 

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

 

“Lender”:
CREFI, as originator and initial holder of the Mortgage Loan, and its successors and assigns in such capacity.

 

“Liquidated
Property”: The Property or Foreclosed Property, if it has been liquidated.

 

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

 

“Liquidation
Fee”: A fee payable to the Special Servicer with respect to each Liquidated Property or the liquidation of the Mortgage
Loan (including, without limitation, all or any portion thereof that constitutes an REO Mortgage Loan), whether through judicial
foreclosure, sale or otherwise, or in connection with the sale, discounted pay-off or other liquidation of the Mortgage Loan or
Foreclosed Property, as to which the Special Servicer receives any Liquidation Proceeds, Insurance Proceeds and Condemnation Proceeds
equal to the product of the Liquidation

 

    37 

     

    

Fee
Rate and the Net Liquidation Proceeds, Insurance Proceeds and Condemnation Proceeds related to such Liquidated Property, liquidated
Mortgage Loan or Foreclosed Property; provided, that in no event shall the Liquidation Fee payable in respect of the Mortgage
Loan or Foreclosed Property exceed $1,000,000. The Special Servicer shall not be entitled to receive a Liquidation Fee in connection
with: (i) a repurchase by the Loan Seller of the Trust Loan (or allocable part thereof) pursuant to the Trust Loan Purchase Agreement
(so long as such repurchase occurs within the cure period required under the Trust Loan Purchase Agreement which cure period will
not exceed 180 days); (ii) a sale of the Trust Loan, any Companion Loan or any Foreclosed Property by the Special Servicer to
itself; (iii) a purchase of the Mortgage Loan by a mezzanine lender pursuant to the purchase option included in the related mezzanine
intercreditor agreement or similar agreement; provided that the Mortgage Loan is purchased within 90 days of the date on
which the applicable purchase option notice was given to the applicable mezzanine lender; provided, that for the avoidance
of doubt, if there are one or more purchase option notices that are delivered subsequent to the initial purchase option notice,
as long as the event that resulted in the first purchase option notice has, within the 90 day period from the date the applicable
purchase option notice was given to the related mezzanine lender, ceased, been cured, been waived by the Servicer or Special Servicer
in writing, or otherwise is no longer in effect, such 90-day period shall commence on the date of any subsequent purchase option
notice given to the related mezzanine lender; (iv) a purchase of the Trust Loan, a Companion Loan or any Foreclosed Property by
the Controlling Class Representative or any affiliate thereof, if such purchase occurs within 90 days after the later of (x) the
date on which the Special Servicer first delivers to the Controlling Class Representative for its approval the initial Asset Status
Report and (y) the date on which the Special Servicing Loan Event that triggered the Asset Status Report occurred; or (v) the
making of a Loss of Value Payment as contemplated by Section 2.9 of this Agreement unless the Loan Seller does not make
the particular Loss of Value Payment with respect to the Trust Loan until after more than 180 days following its receipt of notice
or discovery of the Material Breach or Material Document Defect that gave rise to the payment of the particular Loss of Value
Payment. Further notwithstanding the above, all Liquidation Fees and Work-out Fees payable with respect to the Mortgage Loan or
the Property shall be offset by any Modification Fees collected or earned by the Special Servicer with respect to the Mortgage
Loan in connection with any modification, restructure, extension, waiver, amendment or work-out of the Mortgage Loan, but only
to the extent those fees have not previously been deducted from a Work-out Fee or Liquidation Fee.

 

“Liquidation
Fee Rate”: A rate equal to 0.50% (50 basis points).

 

“Liquidation
Proceeds”: (i) Amounts (other than Insurance Proceeds and Condemnation Proceeds) received by the Special Servicer and/or
the Certificate Administrator in connection with the liquidation of the Property, whether through judicial foreclosure, sale or
otherwise, or in connection with the sale, discounted payoff or other liquidation of the Mortgage Loan (other than amounts required
to be paid to the Borrower Related Parties pursuant to law or the terms of the Mortgage Loan Agreement), including the proceeds
of any full, partial or discounted payoff of the Mortgage Loan (exclusive of any portion of such payoff or proceeds that represents
Default Interest or late payment charges) and (ii) any Loss of Value Payments paid by the Loan Seller pursuant to Section 2.9
of this Agreement, but only upon (and to the extent of) deposit thereof in the Collection Account in accordance with Section
3.4 (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

 

    38 

     

    

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 Loan Seller).

 

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

 

“Loan
Seller”: CREFI, and its successors in interest.

 

“Loan
Seller Sub-Servicer”: A Sub-Servicer required to be retained by the Servicer by the Loan Seller, as listed on Exhibit
U to this Agreement, or any successor thereto.

 

“Loss
of Value Payment”: As defined in Section 2.9(g) 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 3.4(e) of this Agreement. The Loss of Value Reserve Fund will be part of the Trust
Fund but not part of any Trust REMIC.

 

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

 

“Lower-Tier
Distribution Amount”: As defined in Section 4.1(e).

 

“Lower-Tier
Principal Amount”: With respect to any Uncertificated Lower-Tier Interest at any date, an amount equal to (1) the Original
Lower-Tier Principal Amount of such Uncertificated Lower-Tier Interest as specified in the Introductory Statement, less (2) the
sum of (a) all amounts deemed distributed with respect to such Uncertificated Lower-Tier Interest on all previous Distribution
Dates pursuant to Section 4.1(c) that represent deemed distributions of principal, and (b) the aggregate amount of Realized
Losses deemed allocated to such Uncertificated Lower-Tier Interest, if any, on all previous Distribution Dates pursuant to Section
4.1(j). For the avoidance of doubt, the Lower-Tier Principal Amount of any Uncertificated Lower-Tier Interest at any date
shall equal the then Certificate Balance of the Class of Related Certificates.

 

“Lower-Tier
REMIC”: One of two separate REMICs comprising the Trust Fund, the assets of which consist of all of the assets of the
Trust Fund other than (i) the Loss of Value Reserve Fund and (ii) the assets of the Upper-Tier REMIC.

 

“MAI”:
Members of the Appraisal Institute.

 

“Major
Decision”: Any of the following:

 

(i)       any
substitution or release of real property collateral for the Mortgage Loan (other than substitutions or releases of immaterial
and non-income producing real property collateral or in connection with a condemnation action) except as expressly permitted by
the Mortgage Loan Documents;

 

(ii)       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

 

    39 

     

    

or
such exercise is reasonably likely to result in successful legal action by the Borrower);

 

(iii)       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 the lender’s consent under the Mortgage Loan Documents is required, except in each case as expressly permitted
by the Mortgage Loan Documents, or in connection with a pending or threatened condemnation;

 

(iv)       any
consent to incurrence of additional 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 the mortgagee’s approval is required by the Mortgage Loan Documents;

 

(v)       any
Property Manager changes including, without limitation, approval of the termination or replacement of a Property Manager (excluding,
for the avoidance of doubt, replacement of a Property Manager with a Qualified Manager as permitted under the Mortgage Loan Documents)
and/or modification, waiver or amendment of any Management Agreement, subordination, non-disturbance and attornment agreement
or recognition agreement, in each case, to the extent the mortgagee’s approval is required by the Mortgage Loan Documents;

 

(vi)       any
proposed or actual foreclosure upon or comparable conversion (which shall include an acquisition of a Foreclosed Property) of
the ownership of the Property;

 

(vii)       any
amendment, modification or waiver, or any consent to an amendment, 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 pay-offs)
or material non-monetary term of the Mortgage Loan or any extension of the Maturity Date of the Mortgage Loan that is not expressly
permitted pursuant to the terms of the Mortgage Loan Documents without the consent of the Mortgage Lender;

 

(viii)       following
a default with respect to the Mortgage Loan or a Mortgage Loan Event of Default, any exercise of remedies, including the acceleration
of the Mortgage Loan or initiation of judicial, bankruptcy or similar proceedings under the Mortgage Loan Documents or with respect
to the Borrower or the Property;

 

(ix)       any
sale of the Trust Loan for less than the Repurchase Price or any Foreclosed Property for less than the outstanding principal balance
of the Mortgage Loan;

 

    40 

     

    

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

 

(xi)       (A)
any modification, waiver or amendment of any mezzanine intercreditor agreement, co-lender agreement or any other intercreditor
agreement, participation agreement or similar agreement with any mezzanine lender or subordinate debt holder related to the Mortgage
Loan, or (B) an action to enforce rights with respect thereto;

 

(xii)       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 Mortgage Loan and for which there is no material Lender discretion;

 

(xiii)       any
acceptance of an assumption agreement or any other agreement permitting transfers of interests in the Borrower or releasing the
Borrower, Guarantor or other obligor from liability under the Mortgage Loan or the Mortgage Loan Documents other than pursuant
to the specific terms of such Mortgage Loan Documents and for which there is no Lender discretion;

 

(xiv)       any
proposed modification or waiver of any provision of the Mortgage Loan Documents governing the type, nature or amount of insurance
coverage required to be obtained and maintained by the Borrower;

 

(xv)       any
determination of an Acceptable Insurance Default under the Mortgage Loan Documents;

 

(xvi)       the
execution, termination or renewal of any lease or ground lease, to the extent Lender approval is required under the Mortgage Loan
Documents and to the extent such lease constitutes a “major lease” under the Mortgage Loan Documents, including entering
into any subordination, non-disturbance and attornment agreement with respect to such “major lease”;

 

(xvii)       the
execution, termination or modification of any tax incentive documents, the Union Contract or the Waterfront Declaration, in each
case to the extent Lender approval is required under the Mortgage Loan Documents;

 

(xviii)       approval
of casualty or condemnation settlements, any determination to apply casualty or condemnation proceeds or awards to the reduction
of the Mortgage Loan debt rather than to Property restoration;

 

(xix)       any
adoption or implementation of the annual budget, to the extent the mortgagee’s approval is required by the Mortgage Loan
Documents;

 

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

 

    41 

     

    

(xxi)       the
exercise of the rights and powers granted under any mezzanine intercreditor agreement (or any other intercreditor agreement referenced
in clause (xi) above) to the “Senior Lender” or such other similar term as shall be set forth therein and/or
the “Servicer” referred to therein, if and to the extent such rights or powers affect the priority, payments, consent
rights or security interest with respect to the “Senior Lender” or such other similar term;

 

(xxii)       any
determination by the Servicer or the Special Servicer to transfer the Mortgage Loan to the Special Servicer with respect to any
default or Mortgage Loan Event of Default which is anticipated but has not yet occurred;

 

(xxiii)       the
approval of, engagement or retention of any property improvement plan consultant and the approval of any work or reserve estimates
by any property improvement plan consultant;

 

(xxiv)       any
enforcement of any cure right or the exercise of any remedies under any management agreement, subordination and non-disturbance,
comfort letter, recognition agreement or similar agreement related thereto; and

 

(xxv)       to
the extent not already set forth above, solely with respect to the Operating Advisor’s non-binding consultation rights,
(A) any material modification of, or waiver with respect to, any provision of any Mortgage Loan Document (including the Mortgage),
(B) foreclosure upon or comparable conversion of the ownership of the Property; and (C) any acquisition of the Property (provided,
however, that for so long as a CCR Control Termination Event has occurred and is continuing but no CCR Consultation Termination
Event has occurred and is continuing, the Controlling Class Representative will, to the extent not already set forth above, have
consultation rights with respect to the matters specified in this clause (xxv)).

 

“Major
Decision Reporting Package”: With respect to any Major Decision, (i) a written report prepared by the Special Servicer
describing in reasonable detail (1) the background and circumstances requiring action of the Special Servicer, (2) the proposed
course of action recommended, and (3) information regarding any direct or indirect conflict of interest in the subject action,
and (ii) all information in the possession of the Special Servicer that is reasonably requested by the party receiving such Major
Decision Reporting Package in order for such party to exercise any consultation or consent rights available to such party under
this Agreement.

 

“Majority
Controlling Class Certificateholders”: The Holder(s) or Beneficial Owner(s) of Certificates representing more than 50%
of the Certificate Balance of the Controlling Class.

 

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

 

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

 

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

 

    42 

     

    

“Maturity
Date”: As defined in the Mortgage Loan Agreement.

 

“Mezzanine
Borrower”: As defined in the Mortgage Loan Agreement.

 

“Mezzanine
Intercreditor Agreement”: The “Mezzanine Intercreditor” as defined in the Mortgage Loan Agreement.

 

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

 

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

 

“Mezzanine
Loan Agreement”: That certain Mezzanine Loan Agreement, dated as of October 30, 2020, by and between SRA RX 420 Kent
LLC, as lender, and 420 Kent Avenue Holding LLC, as borrower, as the same may hereafter be amended, restated, supplemented or
otherwise modified.

 

“Mezzanine
Loan Documents”: As defined in the Mortgage Loan Agreement.

 

“Modification
Fees”: With respect to the Mortgage Loan, any and all fees collected from the Borrower with respect to a modification,
extension, waiver or amendment that modifies, extends, amends or waives any term of the Mortgage Loan Documents (as evidenced
by a signed writing) agreed to by the Servicer or the Special Servicer, other than (a) any Consent Fees, loan service transaction
fees, defeasance fees, assumption fees or assumption application fees, if any, and (b) any Liquidation Fee, Work-out Fee or Special
Servicing Fee. All Modification Fees collected or earned by the Special Servicer with respect to the Mortgage Loan in connection
with any modification, restructure, extension, waiver, amendment or work-out of the Mortgage Loan shall offset any Work-out Fees
or Liquidation Fees payable with respect to the Mortgage Loan or the Property.

 

“Monthly
Debt Service Payment Amount”: As defined in the Mortgage Loan Agreement.

 

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

 

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

 

    43 

     

    

“Mortgage”:
The “Security Instrument” as defined in the Mortgage Loan Agreement.

 

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

 

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

 

“Mortgage
Loan Documents”: All documents executed or delivered by the Borrower Related Parties evidencing, securing or guarantying
the Mortgage Loan and any amendment thereof or thereafter or subsequently added to the Mortgage Loan File, including without limitation
the Mortgage Loan Agreement.

 

“Mortgage
Loan Event of Default”: An “Event of Default” as defined under the Mortgage Loan Documents.

 

“Mortgage
Loan File”: As defined in Section 2.1(b) and any additional documents required to be added to the Mortgage Loan
File pursuant to this Agreement.

 

“Mortgage
Loan Interest Accrual Period”: The “Interest Accrual Period” as defined in the Mortgage Loan Agreement.

 

“Net
Foreclosure Proceeds”: With respect to each related Foreclosed Property, the Foreclosure Proceeds with respect to such
related Foreclosed Property net of any insurance premiums, taxes, assessments, ground rents and other costs permitted to be paid
therefrom pursuant to Section 3.14.

 

“Net
Investment Earnings”: With respect to any Investment Account for any period from any Distribution Date to the immediately
succeeding 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 3.8.

 

“Net
Liquidation Proceeds”: The excess of Liquidation Proceeds received with respect to the Property or the Mortgage Loan
over the amount of Liquidation Expenses incurred with respect thereto.

 

“Net
Mortgage Rate”: With respect to the Trust Loan (including if the Property becomes a Foreclosed Property) or any particular
Trust Loan Note, a per annum rate equal to the Interest Rate with respect to the Trust Loan or such Trust Loan Note minus
the Administrative Fee Rate.

 

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

 

“New
Non-Consolidation Opinion”: As defined in the Mortgage Loan Agreement.

 

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

 

    44 

     

    

“Nondisqualification
Opinion”: An Opinion of Counsel, prepared at the Trust’s expense and payable from the Collection Account, that
a contemplated action will not cause (i) either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or
(ii) a “prohibited transaction” or “prohibited contributions” tax to be imposed on either the Lower-Tier
REMIC or the Upper-Tier REMIC at any time that any Certificates are outstanding.

 

“Nonrecoverable
Advance”: Any Advance (or portion thereof) previously made and not previously reimbursed, or proposed to be made, including
interest on such Advance (or portion thereof), which, in accordance with Accepted Servicing Practices (in the case of the Servicer
and the Special Servicer) or good faith and reasonable business judgment (in the case of the Trustee) would not be ultimately
recoverable from subsequent payments or collections (including Liquidation Proceeds, Condemnation Proceeds and Insurance Proceeds)
in respect of the Mortgage Loan or the Property (or, in the case of Monthly Interest Payment Advances and Administrative Advances,
the Trust Loan or the Trust’s interest in the Property), or from funds on deposit in the Collection Account. The Trustee
may rely conclusively upon a determination of non-recoverability made by the Servicer or the Special Servicer. In making a non-recoverability
determination, the Servicer, the Special Servicer or the Trustee, as applicable, shall be entitled to consider (among other things)
the items set forth in the second sentence of Section 3.23(e).

 

“Non-Reduced
Certificates”: As of any date of determination, any Class of Principal Balance Certificates then outstanding for which
(a) (1) the Initial Certificate Balance of such Class of Certificates minus (2) the sum (without duplication) of (x) any payments
of principal (whether as principal prepayments or otherwise) previously distributed to the Certificateholders of such Class of
Certificates, (y) any Appraisal Reduction Amount then allocated to such Class of Certificates as of the date of determination
and (z) any Realized Losses previously allocated to such Class of Certificates, is equal to or greater than (b) 25% of the remainder
of (i) the Initial Certificate Balance of such Class of Certificates less (ii) any payments of principal (whether as principal
prepayments or otherwise) previously distributed to the Certificateholders of such Class of Certificates.

 

“Non-Restricted
Privileged Person”: Any Privileged Person other than (i) a Borrower Restricted Party, (ii) an affiliate of a Borrower
Restricted Party, (iii) an agent of one or more of the foregoing individuals or entities, or (iv) any other Person that delivers
an Investor Certification substantially in the form of Exhibit K-2.

 

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

 

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

 

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

 

“Note”:
As defined in the Introductory Statement.

 

“Note
Splitter and Loan Agreement Modification Agreement”: That certain Note Splitter and Loan Agreement Modification Agreement,
dated as of October 30, 2020, by and between Borrower, Guarantor, and CREFI.

 

    45 

     

    

“Notional
Amount”: In the case of the Class X Certificates, the Class X Notional Amount. In the case of any individual Class X
Certificate, the product of (x) the Percentage Interest evidenced by such Certificate, multiplied by (y) the Class X Notional
Amount.

 

“NRSRO”:
Any “nationally recognized statistical rating organization”, as such term is used in Rule 17g-5 of the Exchange Act
including, but not limited to, the Rating Agencies.

 

“NRSRO
Certification”: A certification in the form of Exhibit M executed by a NRSRO (other than any Rating Agency) in
favor of the 17g-5 Information Provider that states that such NRSRO has provided the Depositor with the appropriate certifications
under Exchange Act Rule 17g-5(e) and that such NRSRO will keep any information obtained from the Certificate Administrator’s
Website and the 17g-5 Information Provider’s Website 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 Certificate Administrator’s
Website or the 17g-5 Information Provider’s Website.

 

“Offering
Circular”: The Offering Circular, dated November 18, 2020 for the Certificates.

 

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

 

“Operating
Advisor”: Pentalpha Surveillance LLC, in its capacity as operating advisor, or its successor in interest, or if any
successor Operating Advisor is appointed as herein provided, such successor Operating Advisor.

 

“Operating
Advisor Annual Report”: As defined in Section 9.5(d) of this Agreement.

 

“Operating
Advisor Consulting Fee”: A fee for each Major Decision on which the Operating Advisor has consultation rights equal
to $10,000, or such lesser amount as the Borrower pay, payable pursuant to Section 3.4(c) of this Agreement; provided,
that the Operating Advisor Consulting Fee shall be payable only to the extent such fee is actually received from the Borrower
as a separately identifiable fee; provided, further that the Operating Advisor may in its sole discretion reduce
the Operating Advisor Consulting Fee with respect to any Major Decision; and provided, further that the Servicer
or Special Servicer, as applicable, may waive or reduce the amount of any Operating Advisor Consulting Fee payable by the Borrower
if it determines that such full or partial waiver is in accordance with Accepted Servicing Practices (provided that the
Servicer or the Special Servicer, as applicable, shall consult with the Operating Advisor on a non-binding basis prior to any
such waiver or reduction).

 

    46 

     

    

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

 

“Operating
Advisor Fee”: A fee payable monthly to the Operating Advisor pursuant to Section 9.5, that will accrue at the
Operating Advisor Fee Rate, computed on the basis of the same principal amount, on the same interest accrual basis, and for the
same Interest Accrual Period respecting which any related interest payment on the Trust Loan is computed. For the avoidance of
doubt, the Operating Advisor Fee will be deemed payable from the Lower-Tier REMIC.

 

“Operating
Advisor Fee Rate”: A rate of 0.006050% (0.6050 basis points) per annum.

 

“Operating
Advisor Standard”: As defined in Section 9.5(b) of this Agreement.

 

“Operating
Advisor Termination Event”: As defined in Section 9.8(a).

 

“Opinion
of Counsel”: A written opinion of counsel, who may, without limitation, be counsel for the Depositor, the Servicer,
the Special Servicer or the Operating Advisor, reasonably acceptable to the Trustee and the Certificate Administrator.

 

“Original
Lower-Tier Principal Amount”: With respect to any Class of Uncertificated Lower-Tier Interests, the initial Lower-Tier
Principal Amount thereof as of the Closing Date, in each case as specified in the Introductory Statement.

 

“Origination
Date”: October 30, 2020.

 

“Other
Asset Representations Reviewer”: Any party acting as “asset representations reviewer” (within the meaning
of Item 1101(m) of Regulation AB) under an Other Pooling and Servicing Agreement.

 

“Other
Depositor”: With respect to an 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, 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.

 

    47 

     

    

“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 Companion Loan Securities

 

“Other
Securitization Determination Date”: With respect to any Other Securitization Trust, the “determination date”
(or any term substantially similar thereto) as defined in the related Other Pooling and Servicing Agreement.

 

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

 

“Partial
Repurchase Fraction”: With respect to the Trust Loan, in connection with the repurchase of a Severed Loan, the outstanding
principal balance of the Severed Loan being repurchased, divided by the outstanding principal balance of the Trust Loan (prior
to the severance and repurchase).

 

“Pass-Through
Rate”: With respect to each Class of Regular Certificates and each Uncertificated Lower-Tier Interest, the per annum
rate at which interest accrues on the Certificate Balance, Notional Amount or Lower-Tier Principal Amount, as applicable, of such
Class of Regular Certificates or such Uncertificated Lower-Tier Interest, as the case may be, as set forth in the Introductory
Statement.

 

“Payment
Date”: The “Monthly Payment Date” as defined in the Mortgage Loan Agreement.

 

“Percentage
Interest”: As to any Certificate, the percentage interest evidenced thereby in distributions required to be made with
respect to the related Class. With respect to any Certificate (other than a Class R Certificate), the percentage interest is equal
to the initial certificate balance or notional amount of such Certificate divided by the initial Certificate Balance or Notional
Amount of the related Class. With respect to any Class R Certificates, the percentage specified on the Certificate held by the
Holder of such Certificate.

 

“Performing
Mortgage Loan”: The Mortgage Loan when no Special Servicing Loan Event has occurred and is continuing.

 

“Permitted
Encumbrances”: As defined in the Mortgage Loan Agreement.

 

“Permitted
Investments”: Any one or more of the following obligations or securities payable on demand or having a scheduled maturity
on or before the Business Day preceding the date upon which such funds are required to be drawn (provided that funds invested
by the Certificate Administrator in Permitted Investments managed or advised by the Certificate Administrator may mature on the
Distribution Date) and a maximum maturity of 365 days, regardless of whether issued by the Depositor, the Servicer, the Trustee,
the Certificate Administrator or any of their respective Affiliates and having at all times the required ratings, if any, provided
for in this definition, unless each Rating Agency and Companion Loan Rating Agency shall have provided a Rating Agency Confirmation
or Companion Loan Rating Agency Confirmation, as applicable, relating to the Certificates and Companion Loan Securities:

 

    48 

     

    

(i)       obligations
of, or obligations fully guaranteed as to payment of principal and interest by, the United States or any agency or instrumentality
thereof; provided such obligations are backed by the full faith and credit of the United States of America including, without
limitation, obligations of: the U.S. Treasury (all direct or fully guaranteed obligations), the Farmers Home Administration (certificates
of beneficial ownership), the General Services Administration (participation certificates), the U.S. Maritime Administration (guaranteed
Title XI financing), the Small Business Administration (guaranteed participation certificates and guaranteed pool certificates),
the U.S. Department of Housing and Urban Development (local authority bonds) and the Washington Metropolitan Area Transit Authority
(guaranteed transit bonds); 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;

 

(ii)       Federal
Housing Administration debentures;

 

(iii)       obligations
of the following United States government sponsored agencies: Federal Home Loan Mortgage Corp. (debt obligations), the Farm Credit
System (consolidated system wide bonds and notes), the Federal Home Loan Banks (consolidated debt obligations), the Federal National
Mortgage Association (debt obligations), the Financing Corp. (debt obligations), and the Resolution Funding Corp. (debt obligations);
provided, however, that the investments described in this clause must (A) have a predetermined fixed dollar amount
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;

 

(iv)       federal
funds, unsecured certificates of deposit, time or similar deposits, bankers’ acceptances and repurchase agreements of any
bank, the obligations of which are rated no less than the Applicable Moody’s Permitted Investment Rating by Moody’s
and the Applicable DBRS Morningstar Permitted Investment Rating by DBRS Morningstar (or, if not so rated by a Rating Agency, otherwise
acceptable to such Rating Agency as confirmed by receipt of a Rating Agency Confirmation from such Rating Agency); provided,
however, that the investments described in this clause must (A) have a predetermined fixed dollar amount 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;

 

(v)       demand
and time deposits in, or certificates of deposit of, or bankers’ acceptances issued by, any bank or trust company, savings
and loan association or savings bank, the obligations of which are rated no less than the Applicable Moody’s

 

    49 

     

    

Permitted
Investment Rating by Moody’s and the Applicable DBRS Morningstar Permitted Investment Rating by DBRS Morningstar (or, if
not so rated by a Rating Agency, otherwise acceptable to such Rating Agency as confirmed by receipt of a Rating Agency Confirmation
from such Rating Agency); provided, however, that the investments described in this clause must (A) have a predetermined
fixed dollar amount 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)       debt
obligations issued by an entity, the obligations of which are rated no less than the Applicable Moody’s Permitted Investment
Rating by Moody’s and the Applicable DBRS Morningstar Permitted Investment Rating by DBRS Morningstar (or, if not so rated
by a Rating Agency, otherwise acceptable to such Rating Agency as confirmed by receipt of a Rating Agency Confirmation from such
Rating Agency); provided, however, that the investments described in this clause must (1) have a predetermined fixed
dollar amount of principal due at maturity that cannot vary or change, (2) 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 (3) such investments must not be subject to liquidation prior to their maturity;

 

(vii)       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) issued by an entity, the obligations of which are rated no less
than the Applicable Moody’s Permitted Investment Rating by Moody’s and the Applicable DBRS Morningstar Permitted Investment
Rating by DBRS Morningstar (or, if not so rated by a Rating Agency, otherwise acceptable to such Rating Agency as confirmed by
receipt of a Rating Agency Confirmation from such Rating Agency); 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;

 

(viii)       units
of money market mutual funds, which funds are regulated investment companies and seek to maintain a constant net asset value per
share, so long as such funds (A) are rated by Moody’s in its highest money market fund ratings category of “Aaa-mf”
and (B) are rated by DBRS Morningstar in its highest money market fund ratings category (or, if not so rated by a Rating Agency,
otherwise acceptable to such Rating Agency as confirmed by receipt of a Rating Agency Confirmation from such Rating Agency);

 

(ix)       such
other demand, money market or time deposit, demand obligation or any other obligation, security or investment 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

 

    50 

     

    

clauses
(i) – (viii) above, with respect to which a Rating Agency Confirmation or Companion Loan Rating Agency Confirmation,
as applicable, has been obtained from each Rating Agency and Companion Loan 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, demand obligation or any
other obligation, security or investment; and

 

(x)       any
other demand, money market or time deposit, demand obligation or any other obligation, security or investment with respect to
which Rating Agency Confirmation or Companion Loan Rating Agency Confirmation, as applicable, has been obtained from each Rating
Agency and Companion Loan Rating Agency;

 

provided,
however, that such instrument continues to qualify as a “cash flow investment” pursuant to Code Section 860G(a)(6)
earning a passive return in the nature of interest and that no instrument or security shall be a Permitted Investment if (i) such
instrument or security evidences a right to receive only interest payments, (ii) the right to receive principal and interest payments
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, (iii) the rating for such instrument or security includes an “r” designation or (iv) if such
instrument may be redeemed at a price below the purchase price; and provided, further, that no amount beneficially
owned by the Upper-Tier REMIC or the Lower-Tier REMIC (even if not yet deposited in the Trust) may be invested in investments
(other than money market funds) treated as equity interests for federal income tax purposes, unless the Servicer receives an Opinion
of Counsel, at the expense of the party directing such Permitted Investment, to the effect that such investment will not adversely
affect the status of the Upper-Tier REMIC or the Lower-Tier REMIC. 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, insurance commissions
and fees, and appraisal fees received or retained by the Special Servicer or any of its Affiliates in connection with any services
performed by such party with respect to the Trust Loan, any Companion Loan or any Foreclosed Property, subject to the terms and
provisions of this Agreement (including Section 3.17).

 

“Permitted
Transferee”: Any Person or agent of such Person other than (a) a Disqualified Organization, (b) any other Person so
designated by the Certificate Registrar based upon 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
may cause the Lower-Tier REMIC or Upper-Tier REMIC to fail to qualify as a REMIC at any time that the Certificates are outstanding,
(c) a 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, limited liability company, partnership, joint venture, estate, trust, unincorporated association,
any federal, state, county or municipal

 

    51 

     

    

government
or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing.

 

“Plan”:
As defined in Section 5.3(n).

 

“Plan
Fiduciary”: As defined in Section 5.3(o).

 

“Prepayment”:
Any payment of principal made by the Borrower with respect to the Mortgage Loan that is received in advance of its scheduled Payment
Date, whether voluntary, by reason of the acceleration of the maturity of the Mortgage Loan or otherwise.

 

“Prepayment
Interest Shortfall”: With respect to any Distribution Date, if the Mortgage Loan was subject to a Prepayment in full
or in part during the related Collection Period, which Prepayment was applied to the Mortgage Loan prior to the Payment Date in
such Collection Period, the amount of interest at the applicable Interest Rate, net of the Servicing Fee and any Default Interest,
to the extent not collected from the Borrower, that would have accrued on the Mortgage Loan on the amount of such Prepayment during
the period commencing on the date as of which such Prepayment was applied to the unpaid principal balance of the Mortgage Loan
and ending on the last day of the Mortgage Loan Interest Accrual Period corresponding to such Payment Date, inclusive.

 

“Principal
Balance Certificates”: The Class A, Class B, Class C, Class D, Class E and Class HRR Certificates, collectively.

 

“Principal
Distribution Amount”: For each Distribution Date and any Class of Principal Balance Certificates, the sum of (i) the
portion of the Total Current Principal Collection Amount for such Distribution Date allocable to such Class in accordance with
the definition of “Total Current Principal Collection Amount”, and (ii) any Class Principal Shortfall for the immediately
preceding Distribution Date and such Class of Certificates.

 

“Privileged
Information”: Any (i) correspondence or other communications between any applicable Consenting Party or Consulting Party,
on the one hand, and the Special Servicer (or the Servicer, Trustee and/or Certificate Administrator), on the other hand, related
to the Mortgage Loan following a Special Servicing Loan Event or the exercise of the consent or consultation rights of such Consenting
Party or Consulting Party, as applicable, under this Agreement, (ii) strategically sensitive information that the Special Servicer
has reasonably determined (and has identified in writing as privileged or confidential information) could compromise the Trust’s
position in any ongoing or future negotiations with the Borrower or other interested party, and (iii) legally privileged information;
provided that the summary of any Final Asset Status Report prepared pursuant to Section 3.10(h) is deemed not to
be Privileged Information (although no such summary shall be made available to any Borrower Restricted Party, the Borrower, any
Property Manager, any Affiliate of the Borrower or Property Manager or any agent of any of the foregoing).

 

“Privileged
Information Exception”: With respect to any Privileged Information, at any time (a) such Privileged Information becomes
generally available and known to the public other than as a result of a disclosure directly or indirectly by the party restricted
from disclosing such Privileged Information (the “Privileged Information Restricted Party”), (b) it is reasonable

 

    52 

     

    

and
necessary for the Privileged Information 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 Privileged Information Restricted Party and not otherwise subject to a confidentiality obligation and/or (d) the
Privileged Information Restricted Party is (in the case of the Servicer, the Special Servicer, the Operating Advisor, the Certificate
Administrator and the Trustee, as evidenced by written advice of counsel (which will be an additional expense of the Trust) delivered
to each of the Servicer, the Special Servicer, the Controlling Class Representative, the Operating Advisor, the Certificate Administrator
and the Trustee) required by law, rule, regulation, order, judgment or decree to disclose such information.

 

“Privileged
Person”: The Depositor and its designees, the Initial Purchasers, the Servicer, the Special Servicer, any applicable
Consenting Party and any applicable Consulting Party, the Trustee, the Certificate Administrator, the Operating Advisor, any Companion
Loan Holder that delivers an Investor Certificates, any person who provides the Certificate Administrator with an Investor Certification
relating to access to information, any Rating Agency and any NRSRO that delivers an NRSRO Certification to the Certificate Administrator.
For purposes of receiving any information or report from the Certificate Administrator’s Website, other than Distribution
Date Statements only, any Borrower Restricted Party shall be deemed to not be a “Privileged Person.”

 

“Property”:
As defined in the Mortgage.

 

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

 

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

 

“PTCE”:
Prohibited Transaction Class Exemption.

 

“Qualified
Bidder”: As defined in Section 7.2.

 

“Qualified
Certificate Administrator”: An institution (i) that is 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, having a combined capital and surplus of at least $100,000,000
and subject to supervision or examination by federal or state authority, (ii) that is insured by the Federal Deposit Insurance
Corporation, (iii) whose long term senior unsecured debt is (a) rated at least “Baa1” by Moody’s and (b) rated
at least “A” by DBRS Morningstar (or, if not rated by DBRS Morningstar, an equivalent rating by 2 other NRSROs) (or
such other rating with respect to which the Rating Agencies have each provided a Rating Agency Confirmation), and (iv) that is
not the Third Party Purchaser or a Risk Retention Affiliate of the Third Party Purchaser.

 

“Qualified
Institutional Buyer” or “QIB”: A “qualified institutional buyer” as defined in Rule 144A
under the Act.

 

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

 

    53 

     

    

 

“Qualified
Mortgage”: A “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code, without regard
to the rule of Treasury Regulation Section 1.860G-2(f)(2) which causes a defective mortgage loan to be treated as a
“qualified mortgage”.

 

“Qualified
Replacement Special Servicer”: A replacement special servicer that (i) satisfies all of the eligibility requirements
applicable to special servicers in this Agreement (including, without limitation, the requirements of Section 6.4(a)),
(ii) is not the Operating Advisor or an Affiliate of the Operating Advisor, (iii) is not obligated to pay the Operating Advisor
or any Affiliate thereof (x) any fees or otherwise compensate the Operating Advisor or any Affiliate thereof in respect of its
obligations under this Agreement (other than any amounts that the Servicer (if it is, or is an Affiliate of, the replacement special
servicer) is required to pay or remit to the Operating Advisor in accordance with this Agreement) or (y) for the appointment of
the successor Special Servicer or the recommendation by the Operating Advisor for the replacement special servicer to become the
Special Servicer, (iv) is not entitled to receive any compensation from the Operating Advisor, (v) does not have an arrangement
with the Operating Advisor providing that the Operating Advisor is entitled to receive any compensation from the special servicer
for such replacement, appointment or recommendation, (vi) is not entitled to receive any fee from the Operating Advisor for its
appointment as successor Special Servicer, in each case, unless expressly approved by 100% of the Certificateholders, (vii) is
not a current or former Operating Advisor or any Affiliate of such current or former Operating Advisor and (viii) is not a Borrower
Restricted Party.

 

“Qualified
Trustee”: An institution (i) that is 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, having a combined capital and surplus of at least $100,000,000 and subject
to supervision or examination by federal or state authority, (ii) that is insured by the Federal Deposit Insurance Corporation,
(iii) that has either (A) a rating on its long term senior unsecured debt of at least “A2” by Moody’s or
(B) a long term counterparty risk assessment of at least “A2(cr)” by Moody’s (or such other rating with respect
to which Moody’s has provided a Rating Agency Confirmation), (iv) that, if rated by DBRS Morningstar, has a rating on its
long term senior unsecured debt of at least “A” by DBRS Morningstar (or such other rating with respect to which DBRS
Morningstar has provided a Rating Agency Confirmation), (v) as to which neither Moody’s nor DBRS Morningstar has withdrawn,
qualified or downgraded its rating of securities in a commercial mortgage loan securitization as a result of the performance by
the Trustee, (vi) that is not an Affiliate of the Servicer or the Special Servicer, and (vii) that is not the Third Party
Purchaser or a Risk Retention Affiliate of the Third Party Purchaser.

 

“Rated
Final Distribution Date”: With respect to the Class A, Class X, Class B, Class C, Class D, Class E and Class
HRR Certificates, the Distribution Date in November 2042. The Class R Certificates do not have a Rated Final Distribution Date.

 

“Rating
Agency”: Each of Moody’s and DBRS Morningstar.

 

“Rating
Agency Confirmation”: With respect to any matter arising under this Agreement, confirmation in writing (which may be
in electronic form) by a Rating Agency that a proposed action, failure to act or other event specified in this Agreement or the
Mortgage Loan

 

    54 

     

    

 

Documents
shall 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 such Rating Agency); provided that if a written waiver or other acknowledgment (which
may be in electronic form) is received from a Rating Agency indicating its decision not to review the matter for which the Rating
Agency Confirmation is sought, then the requirement to obtain Rating Agency Confirmation for such matter at such time shall be
deemed to have been satisfied with respect to such Rating Agency.

 

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

 

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

 

“Realized
Loss”: With respect to any Distribution Date, the amount, if any, by which (a) the aggregate of the Certificate
Balances of the Principal Balance Certificates after giving effect to distributions of principal made on such Distribution Date,
exceeds (b) the outstanding principal balance of the Trust Loan (including, without limitation, all or any portion thereof
that constitutes an REO Mortgage Loan) immediately following the related Determination Date after giving effect to (i) any
payments and other collections of principal received with respect to the Trust Loan during the Collection Period related to such
Distribution Date and (ii) any reduction of the principal balance of the Trust Loan that has been permanently made during
the Collection Period related to such Distribution Date as a result of a bankruptcy proceeding, modification or otherwise.

 

“Record
Date”: With respect to each Certificate for any Distribution Date, the last Business Day of the calendar month immediately
preceding the calendar month in which such Distribution Date occurs; provided, that in the event the Closing Date occurs
in the same month as the first Distribution Date, the first Record Date shall be the Closing Date.

 

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

 

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

 

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

 

“Regulation S”:
Regulation S under the Act.

 

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

 

“Regulatory
Agencies”: The Office of the Comptroller of the Currency; the Board of Governors of the Federal Reserve System; the
Federal Deposit Insurance Corporation; the

 

    55 

     

    

 

Federal
Housing Finance Agency; the Securities and Exchange Commission; and the Department of Housing and Urban Development.

 

“Related
Certificates,” and “Related Uncertificated Lower-Tier Interest”: For each of the following Uncertificated
Lower-Tier Interests, the related Class of Principal Balance Certificates set forth below in the same row, and for each of the
following Classes of Principal Balance Certificates, the related Uncertificated Lower-Tier Interest set forth below in the same
row.

 

	Related
    Certificates	Related
    Uncertificated

    Lower-Tier Interest
	Class A
    Certificates	Class LA
    Uncertificated Interest
	Class B
    Certificates	Class LB
    Uncertificated Interest
	Class
    C Certificates	Class
    LC Uncertificated Interest
	Class
    D Certificates	Class
    LD Uncertificated Interest
	Class
    E Certificates	Class
    LE Uncertificated Interest
	Class
    HRR Certificates	Class LHRR
    Uncertificated Interest

 

“Relevant
Action”: As defined in Section 3.27(b) of this Agreement.

 

“Relevant
Distribution Date”: With respect to any Significant Obligor with respect to an Other Securitization Trust, the “Distribution
Date” (or an analogous concept) under the related Other Pooling and Servicing Agreement.

 

“REMIC”:
A “real estate mortgage investment conduit” within the meaning of Section 860D of the Code.

 

“REMIC
Provisions”: Provisions of the Code relating to “real estate mortgage investment conduits,” including Sections 860A
through 860G of the Code.

 

“Remittance
Date”: With respect to any Distribution Date, the Business Day immediately preceding such Distribution Date; provided
that, solely for purposes of remittances and the delivery of monthly reports (including, without limitation, CREFC®
Reports) with respect to any Companion Loan held by an Other Securitization Trust, the Remittance Date shall be the Business Day
following the later of (A) the related Other Securitization Determination Date and (B) the Payment Date.

 

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

 

    56 

     

    

 

“REO
Companion Loan”: Any Companion Loan if and to the extent that the Property has become a Foreclosed Property, as described
in Section 3.12(g).

 

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

 

“REO
Mortgage Loan”: The Mortgage Loan if and to the extent that the Property has become a Foreclosed Property, as described
in Section 3.12(g).

 

“REO
Trust Loan”: The Trust Loan if and to the extent that the Property has become a Foreclosed Property, as described in
Section 3.12(g).

 

“Reportable
Event”: As defined in Section 13.6 of this Agreement.

 

“Reporting
Servicer”: The Servicer, the Special Servicer or a Servicing Function Participant engaged by any such party, as the
case may be.

 

“Repurchase
Price”: With respect to the Trust Loan (or the Trust’s interest in any Foreclosed Property), an amount (without
duplication) equal to the sum of (i) the unpaid principal balance of the Trust Loan (or, in the case of a repurchase of a
Severed Loan, the Allocated Trust Loan Amount of the related portion of the Property or Foreclosed Property) less any portion
of any Loss of Value Payment then on deposit in the Loss of Value Reserve Fund allocable to pay principal of the Trust Loan (or
REO Trust Loan), (ii) accrued and unpaid interest on the Trust Loan at the Interest Rate for the Trust Loan (without regard
to the Default Rate) to and including the last day of the related Mortgage Loan Interest Accrual Period in which the repurchase
is to occur (or, in the case of a repurchase of a Severed Loan, an amount equal to the aggregate accrued and unpaid interest at
such rate on the portion of the amount in clause (i) being reduced from the principal balance of the Trust Loan as a result of
the application of release of cross-collateralization provisions), (iii) unreimbursed Property Protection Advances and Administrative
Advances together with interest on Advances (or in the case of a repurchase of a Severed Loan, the sum of (1) any unreimbursed
Administrative Advances and Property Protection Advances reasonably attributable to the related portion of the Property or Foreclosed
Property together with interest on such Advances and (2) an amount equal to the product of (x) the Partial Repurchase Fraction
multiplied by (y) any unreimbursed Administrative Advances and Property Protection Advances not reasonably attributable specifically
in respect of any particular portion of the Property or Foreclosed Property together with interest on such Advances), (iv) an
amount equal to all interest on outstanding Monthly Interest Payment Advances (or in the case of a repurchase of a Severed Loan,
an amount equal to the Partial Repurchase Fraction multiplied by the aggregate amount of interest on outstanding Monthly Interest
Payment Advances), (v) any unpaid Trust Fund Expenses (or in the case of a repurchase of a Severed Loan, the sum of (1) any
unpaid Trust Fund Expenses reasonably attributable to the related portion of the Property or Foreclosed Property plus (2) an amount
equal to the product of (x) the Partial Repurchase Fraction multiplied by (y) any unpaid Trust Fund Expenses not reasonably attributable
to any particular portion of the Property or Foreclosed Property) and (vi) any other expenses reasonably incurred or expected
to be incurred by the Servicer, the Special Servicer, the Trustee or the Certificate Administrator arising out of the

 

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enforcement
of the repurchase obligation, including, without limitation, Liquidation Fees to the extent set forth in the definition of “Liquidation
Fee”; provided, that the amounts set forth above shall exclude any amounts not allocable to the Trust Loan in accordance
with the Co-Lender Agreement. No Liquidation Fee shall be paid by the Loan Seller in connection with a repurchase of the Trust
Loan or a Severed Loan due to a Material Breach or a Material Document Defect pursuant to the Trust Loan Purchase Agreement (so
long as such repurchase occurs within the cure period required under the Trust Loan Purchase Agreement, not to exceed 180 days).

 

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

 

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

 

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

 

“Requesting
Party”: As defined in Section Error! Reference source not found..

 

“Required
Advance Amount”: With respect to any Distribution Date, an amount equal to (a) the amount of the Monthly Interest
Payment Advance (taking into account any Appraisal Reduction Amount as of such Distribution Date) that would be required to be
made with respect to the Trust Loan on the related Remittance Date by the Servicer had the Borrower not made any portion of the
Monthly Debt Service Payment Amount (or Assumed Monthly Interest Payment) for the related Payment Date or Assumed Payment Date
less (b) the aggregate compensation payable on such Remittance Date to the Certificate Administrator in respect of
the Trustee/Certificate Administrator Fee (including the portion thereof that is the Trustee Fee), to the Operating Advisor in
respect of the Operating Advisor Fee and to CREFC® in respect of the CREFC® Licensing Fee.

 

“Reserve
Accounts”: One or more accounts required to be established pursuant to the terms of the Mortgage Loan Agreement for
the purposes of holding the Reserve Funds.

 

“Reserve
Funds”: As defined in the Mortgage Loan Agreement.

 

“Residual
Ownership Interest”: Any record or beneficial interest in the Class R Certificates.

 

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

 

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“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, in each case, is a holder of a related mezzanine loan (or any Affiliate,
manager or agent thereof) or an owner of 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 interest in a related mezzanine loan or any securities collateralized by a related mezzanine
loan) (a) as to which an event of default has occurred under such mezzanine loan giving rise to an automatic acceleration of such
mezzanine loan or the right of the lender thereunder to accelerate such mezzanine loan, or (b) as to which foreclosure proceedings
against the related collateral have been initiated.

 

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

 

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

 

“Retained
Servicing Fee Rate”: Subject to Section 7.2, an amount agreed to by the Servicer and any successor Servicer
on a Servicing-Retained Bid.

 

“Retaining
Party”: The Third Party Purchaser, acting as holder of the HRR Interest and any successor holder of all or part of the
HRR Interest.

 

“Retaining
Sponsor”: CREFI, acting as retaining sponsor as such term is defined in 12 C.F.R. §43.2 of the U.S. Credit Risk
Retention Rules.

 

“Reverse
Sequential Order”: With respect to the allocation of Realized Losses to the respective Classes of Principal Balance
Certificates on any Distribution Date, to the Class HRR, Class E, Class D, Class C, Class B and Class A Certificates,
in that order, until such Realized Loss is allocated in full.

 

“Risk
Retention Affiliate” or “Risk Retention Affiliated”: An “affiliate of” or to be “affiliated
with,” as such terms are defined in 12 C.F.R. §43.2 of the U.S. Credit Risk Retention Rules.

 

“RR
Interest”: The HRR Interest.

 

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

 

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

 

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

 

“S&P”:
S&P Global Ratings, a Standard & Poor’s Financial Services LLC business, and its successors in interest.

 

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

 

“Senior
Trust Note”: As defined in the Preliminary Statement.

 

    59 

     

    

 

“Sequential
Order”: (a) When used with respect to the Regular Certificates, and in each case subject to reduction based on any reduction
in Available Funds, the following priorities: (i) with respect to payments in respect of interest on the Classes of Regular Certificates
on any Distribution Date, first, to the Class A and Class X Certificates, pro rata, based on the interest entitlement
of each such Class of Certificates with respect to such Distribution Date, and then, to the Class B, Class C, Class D, Class E
and Class HRR Certificates, in that order, in each case until the interest payable to each such Class is paid in full; and (ii) with
respect to payments in respect of principal on, or any Realized Losses reimbursable to, the Classes of Principal Balance Certificates
on any Distribution Date, to the Class A, Class B, Class C, Class D, Class E and Class HRR Certificates, in that order, in each
case until the principal payable or the Realized Losses reimbursable to each such Class is paid or reimbursed in full; provided,
that the foregoing order in clauses (i) and (ii) above is subject to the priority of payments specified in Section 4.1(a);
and (b) when used with respect to the Trust Loan, the following priorities: (i) with respect to payments of interest allocated
to the Trust Loan on any Payment Date, first, to the Senior Trust Note, and then, to the Junior Trust Note; and (ii) with respect
to payments of principal allocated to the Trust Loan on any Payment Date, first, to the Senior Trust Note, and then to the Junior
Trust Note, in each case under clauses (i) and (ii), until the principal or interest payable to each such Trust Note is paid in
full.

 

“Servicer”:
KeyBank National Association, in its capacity as servicer, or if any successor Servicer is appointed as herein provided, such
successor Servicer.

 

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

 

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

 

“Servicer’s
Website”: The internet website of the Servicer, initially located at www.keybank.com/key2cre.

 

“Service(s)”
or “Servicing”: In accordance with Regulation AB, the act of servicing, managing and administering the
Mortgage Loan or any other assets of the Trust by an entity (other than the Certificate Administrator or 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 industry.

 

“Servicing
Criteria”: The criteria set forth in paragraph (d) of Item 1122 of Regulation AB as such may be amended
from time to time and which as of the Closing Date are listed on Exhibit L hereto.

 

“Servicing
Fee”: With respect to the Trust Loan, the Companion Loan(s) and any REO Trust Loan and REO Companion Loan(s), a fee
payable monthly to the Servicer pursuant to Section 3.17, that will accrue at the Servicing Fee Rate, computed on
the basis of the same principal amount, on the same interest accrual basis, and for the same Interest Accrual Period respecting
which any related interest payment on the Trust Loan, such Companion Loan, such REO Trust Loan or such REO Mortgage Loan, as the
case may be, is, or would have been,

 

    60 

     

    

 

computed.
For the avoidance of doubt, the Servicing Fee will be deemed payable from the Lower-Tier REMIC.

 

“Servicing
Fee Rate”: (i) With respect to the Trust Loan or any REO Trust Loan, 0.010000% (1.0 basis point) per annum and
(ii) with respect to any Companion Loan or REO Companion Loan, 0.005% (0.5 basis points) per annum.

 

“Servicing
Function Participant”: Any Additional Servicer, Sub-Servicer, Subcontractor or any other Person, other than the Trustee,
the Certificate Administrator, the Servicer and the Special Servicer, that is performing activities that address the Applicable
Servicing Criteria as of any date of determination.

 

“Servicing
Officer”: Any officer of the Servicer or the Special Servicer involved in, or responsible for, the administration and
servicing of the Trust Loan whose name and specimen signature appear on a list of servicing officers furnished to the Trustee
and the Certificate Administrator on the Closing Date by the Servicer or the Special Servicer, as applicable, in the form of an
Officer’s Certificate, as such list may from time to time be amended.

 

“Servicing
Personnel”: As defined in Section 6.5.

 

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

 

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

 

“Severed
Loan”: As defined in Section 2.9(d).

 

“Significant
Obligor”: As defined in Section 13.10.

 

“Significant
Obligor NOI Quarterly Filing Deadline”: With respect to each calendar quarter (other than the fourth calendar quarter
of any calendar year) and each Significant Obligor, the date that is fifteen (15) days after the Relevant Distribution Date occurring
on or immediately following the date by which the Borrower is required to deliver quarterly financial statements to the lender
under the Mortgage Loan Agreement in connection with such calendar quarter.

 

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

 

“SPE
Component Entity”: As defined in the Mortgage Loan Agreement.

 

“Special
Notice”: As defined in Section 5.6.

 

“Special
Servicer”: Situs Holdings, LLC, in its capacity as special servicer, or its successor-in-interest, or if any successor
Special Servicer is appointed as herein provided, such successor Special Servicer.

 

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

 

    61 

     

    

 

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

 

“Special
Servicing Fee”: With respect to the Specially Serviced Mortgage Loan or REO Mortgage Loan, a fee payable monthly to
the Special Servicer equal to an amount computed on the basis of the same principal amount, in the same manner and for the same
period respecting which any related interest payment on such Specially Serviced Mortgage Loan is (or would have been) computed,
at a rate of 0.25% (25 basis points) per annum, until all Special Servicing Loan Events no longer exist, subject to a maximum
amount of $250,000 payable in any year. Such fee shall be in addition to, and not in lieu of, any other fee or other sum payable
to the Special Servicer under this Agreement. For the avoidance of doubt, the Special Servicing Fee will be deemed payable from
the Lower-Tier REMIC.

 

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

 

 

    62 

     

    

 

above,
when such circumstances cease to exist in the judgment of the Special Servicer (consistent with Accepted Servicing Practices);
provided, in any case, that at that time no other circumstance exists (as described above) that would constitute a Special
Servicing Loan Event; provided, further that if a Special Servicing Loan Event exists with respect to the Trust Loan or
any Companion Loan, it shall be considered to exist with respect to the entire Mortgage Loan.

 

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

 

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

 

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

 

“Sub-Servicer”:
Any Person that (i) Services the Mortgage Loan on behalf of the Servicer, Special Servicer or any Sub-Servicer and (ii) is
responsible for the performance (whether directly or through Sub-Servicers or Subcontractors) of all or a material portion of
the Servicing functions required to be performed by the Servicer, the Special Servicer or an Additional Servicer, under this Agreement,
with respect to the Mortgage Loan.

 

“Successful
Bidder”: As defined in Section 7.2(b).

 

“Successor
Manager”: Any Independent Contractor as selected or retained by the Special Servicer, on behalf of the Trustee for the
benefit of the Trust and the Companion Loan Holder(s), to serve as manager of a Foreclosed Property, which designation, as evidenced
by written confirmation from each Rating Agency, shall not result in the downgrade, withdrawal or qualification of the ratings
assigned to the Certificates by such Rating Agency.

 

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

 

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

 

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

 

“Third
Party Purchaser”: Any Person that purchases the HRR Interest in accordance with this Agreement and applicable laws and
regulations; provided that if there are multiple Holders of the HRR Interest then “Third Party Purchaser” shall mean,
individually and collectively, those multiple Holders.

 

“Total
Current Principal Collection Amount”: For each Distribution Date, the aggregate of all amounts collected in respect
of, or otherwise allocable to, principal that are received during the related Collection Period with respect to the Trust Loan
(including, without limitation, all or any portion thereof that constitutes an REO Trust Loan), including, without

 

    63 

     

    

 

limitation,
in the form of Prepayments, the principal portion of the Balloon Payment, the principal portion of any Repurchase Price or Loss
of Value Payments, all amounts received in respect of, or allocable to, principal from Net Liquidation Proceeds, Condemnation
Proceeds, Insurance Proceeds or income from a Foreclosed Property or any other amounts received in respect of, or allocable to,
principal on the Trust Loan (including, without limitation, all or any portion thereof that constitutes an REO Trust Loan) during
the related Collection Period. The Total Current Principal Collection Amount for any Distribution Date will be allocable to the
respective Classes of the Principal Balance Certificates in Sequential Order, in each such case up to the amount necessary to
reduce the related Certificate Balance outstanding immediately prior to such Distribution Date to zero (taking into account the
Class Principal Shortfall in respect of the immediately preceding Distribution Date for the subject Class of Certificates).

 

“Transaction
Parties”: As defined in Section 5.3(o).

 

“Transferee
Affidavit”: As defined in Section 5.3(p)(ii)4.3(p)(ii).

 

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

 

“Trust”:
The trust formed pursuant to this Agreement to be designated Citigroup Commercial Mortgage Trust 2020-420K.

 

“Trust
Fund”: The corpus of the Trust created by this Agreement, consisting of (i) the Trust Notes together with (to the
extent that the documents, agreements and instruments therein evidence, secure, guarantee or otherwise relate to the Trust Loan)
the Mortgage Loan File relating thereto (and excluding the original Companion Loan Note(s)); (ii) all scheduled and unscheduled
payments on or collections in respect of the Trust Notes; (iii) any Foreclosed Property; (iv) all revenues received
in respect of any Foreclosed Property (exclusive of any portion thereof payable to the Companion Loan Holder(s)); (v) the
Servicer’s, Special Servicer’s and the Trustee’s rights under the insurance policies with respect to the Property
required to be maintained pursuant to this Agreement and any proceeds thereof (exclusive of any portion thereof payable to the
Companion Loan Holder(s)); (vi) to the extent they secure, guarantee or otherwise relate to the Trust Loan, any Collateral
Security Documents; (vii) to the extent they secure, guarantee or otherwise relate to the Trust Loan, any indemnities or
guaranties given as additional security for the Trust Notes; (viii) all funds (exclusive of any portion thereof payable to
the Companion Loan Holder(s)) deposited in the Collection Account, the Interest Reserve Account, the Distribution Account and
the Default Yield Maintenance Premiums Distribution Account, including any reinvestment income thereon (except as otherwise provided
herein); (ix) to the extent they secure, guarantee or otherwise relate to the Trust Loan, any environmental indemnity agreements
relating to the Property; (x) the rights and remedies of the Depositor under each Trust Loan Purchase Agreement (other than
Sections 7(f), 7(h) and 7(i) thereof); (xi) to the extent they secure, guarantee or otherwise relate
to the Trust Loan, the security interest in the Reserve Accounts granted pursuant to Section 2.1; (xii) all other
assets included or to be included in the Lower-Tier REMIC for the benefit of the Upper-Tier REMIC; (xiii) the Uncertificated
Lower-Tier Interests; (xiv) the Loss of Value Reserve Fund; and (xv) the proceeds of any of the foregoing.

 

“Trust
Fund Expenses”: Any unanticipated expenses and certain other default-related expenses incurred by the Trust and/or the
Trust Fund (including, without limitation, all

 

 

    64 

     

    

 

Advance
Interest and all Borrower Reimbursable Trust Fund Expenses, to the extent not previously reimbursed by any Borrower Related Party)
and all other amounts (such as indemnification payments, but excluding Advances, the Servicing Fee, the Operating Advisor Fee
and the Trustee/Certificate Administrator Fee) permitted to be retained, reimbursed or withdrawn by (or remitted to) the Servicer,
the Special Servicer, the Trustee, the Operating Advisor or the Certificate Administrator, as applicable, from the Collection
Account, a Foreclosed Property Account or the Distribution Account pursuant to this Agreement.

 

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

 

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

 

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

 

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

 

“Trustee”:
Wilmington Trust, National Association, in its capacity as trustee, or if any successor Trustee is appointed as herein provided,
such Trustee.

 

“Trustee/Certificate
Administrator Fee”: With respect to any Distribution Date, will be an amount payable monthly from amounts received or
advanced in respect of the Trust Loan allocable to interest (other than Default Interest) and will accrue at the Trustee/Certificate
Administrator Fee Rate, calculated on the basis of a 360-day year and the actual number of days in the related Interest Accrual
Period and computed on the basis of the same principal amount, in the same manner and for the same period respecting which any
related interest payment on the Trust Loan (including, without limitation, all or any portion thereof that constitutes an REO
Mortgage Loan) is computed, using the same interest accrual basis as the Trust Loan. A portion of the Trustee/Certificate Administrator
Fee, namely the Trustee Fee, will be payable to the Trustee. For the avoidance of doubt, the Trustee/Certificate Administrator
Fee will be deemed to be payable from the Lower-Tier REMIC.

 

“Trustee/Certificate
Administrator Fee Rate”: A rate of 0.020000% (2.0 basis points) per annum, which is inclusive of the Trustee
Fee Rate.

 

“Trustee
Fee”: The portion of the Trustee/Certificate Administrator Fee payable monthly by the Certificate Administrator to the
Trustee pursuant to Section 8.5 in an amount agreed to between the Trustee and Certificate Administrator. The Certificate
Administrator is responsible for the payment of the Trustee Fee.

 

“Trustee
Fee Rate”: The per annum rate at which the Trustee Fee is calculated.

 

“Trust
REMIC”: Each of the Lower-Tier REMIC and the Upper-Tier REMIC.

 

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

 

“Underwriter
Exemption”: Prohibited Transaction Exemption 91-23 (April 18, 1991), granted to a predecessor of Citigroup Global Markets
Inc., as most recently amended by

 

    65 

     

    

 

Prohibited
Transaction Exemption 2013-08 (July 9, 2013), and as may be further amended by the Department of Labor from time to time.

 

“Uninsured
Cause”: Any cause of damage to property of the Borrower Related Parties subject to the Mortgage such that the complete
restoration of such property is not fully reimbursable (but without regard to any applicable deductible provisions) by any insurance
policy required to be maintained with respect thereto pursuant to the terms of the Mortgage Loan Documents or this Agreement.

 

“Union
Contract”: As defined in the Mortgage Loan Agreement.

 

“Unscheduled
Payments”: With respect to any Distribution Date, all payments and collections received with respect to the Mortgage
Loan or upon foreclosure or liquidation of the Property (net of related foreclosure expenses and Liquidation Expenses) during
the related Collection Period including, but not limited to, prepayments due to acceleration of the Mortgage Loan, Net Liquidation
Proceeds, Net Proceeds, Net Foreclosure Proceeds, Condemnation Proceeds, Insurance Proceeds, voluntary prepayments and other payments
and collections on the Mortgage Loan not scheduled to be received, other than Monthly Debt Service Payment Amounts, the Balloon
Payment or Default Yield Maintenance Premiums.

 

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

 

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

 

“U.S.
Credit Risk Retention Rules”: The final credit risk retention rule issued by the Office of the Comptroller of the Currency
(appearing at 12 CFR § 43.1, et seq.) that adopted the joint final rule promulgated by the Regulatory Agencies (appearing
at 79 F.R. 77601; pages 77740-77766) to implement the credit risk retention requirements of Section 15G of the Securities Exchange
Act of 1934, as added by Section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, as such rule may be amended
from time to time, and subject to such clarification and interpretation as have been provided by the Regulatory Agencies in the
adopting release (79 FR 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.

 

“U.S.
Securities Person”: A “U.S. person” within the meaning of Rule 902(k) under the Act.

 

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

 

    66 

     

    

 

Treasury
regulations, certain trusts in existence on August 20, 1996 that have elected to be treated as a U.S. Tax Person) and (v) any
other Person that is disregarded as separate from its owner for U.S. federal income tax purposes and whose owner is described
in clauses (i) through (iv) above.

 

“Voting
Rights”: The portion of the voting rights of all of the Certificates that is allocated to any Certificate or Class of
Certificates. At any time that any Certificates are outstanding, the Voting Rights shall be allocated among the respective Classes
of Regular Certificates as follows: (1)(x) except as described in subclause (y) of this clause (1), 2% to the Class
X Certificates, and (y) 0% to the Class X Certificates if the Notional Amount of such Class has been reduced to zero and also
in the case of votes pertaining to terminating and replacing the Special Servicer as described in Section 7.1 or the Operating
Advisor as described in Section 9.8; and (2) in the case of any Class of Principal Balance Certificates, a percentage equal
to the product of (x) the percentage of Voting Rights remaining after allocations in clause (1) above, and (y) a fraction
(expressed as a percentage), the numerator of which is equal to the Certificate Balance (and in connection with any vote
(including to establish a Certificateholder Quorum) to terminate or replace the Special Servicer (other than upon the recommendation
of the Operating Advisor) or the Operating Advisor under this Agreement, taking into account any notional reductions in the Certificate
Balances for Appraisal Reduction Amounts allocated to the Certificates) of the Class determined as of the prior Distribution Date,
and the denominator of which is equal to the aggregate Certificate Balance (and in connection with any vote (including to establish
a Certificateholder Quorum) to terminate or replace the Special Servicer (other than upon the recommendation of the Operating
Advisor) or the Operating Advisor under this Agreement, taking into account any notional reductions in the Certificate Balances
for Appraisal Reduction Amounts allocated to the Certificates) of all Classes of Principal Balance Certificates, in each case
determined as of the prior Distribution Date. The Voting Rights of any Class of Certificates shall be allocated among Certificateholders
of such Class in proportion to their respective Percentage Interests. The Class R Certificates shall not be entitled to any
Voting Rights.

 

“Waterfront
Declaration”: As defined in the Mortgage Loan Agreement.

 

“Withheld
Amounts”: As defined in Section 3.3(b) of this Agreement.

 

“Work-out
Fee”: A fee payable to the Special Servicer pursuant to Section 3.17 equal to 0.50% of each payment of principal
and interest (other than Default Interest) made on the Mortgage Loan following resolution of a Special Servicing Loan Event by
a written agreement with the Borrower negotiated by the Special Servicer for so long as another Special Servicing Loan Event does
not occur; provided, that in no event shall the Work-out Fee payable in respect of the Mortgage Loan exceed $1,000,000.

 

1.2             
Interpretation. (a) Whenever this Agreement refers to a Distribution Date and a “related” Collection Period,
Interest Accrual Period or Payment Date, such reference shall be to the Collection Period, Interest Accrual Period or Payment
Date, as applicable, most recently ended prior to or immediately preceding, as applicable, such Distribution Date.

 

(b)             
Whenever this Agreement refers to a Distribution Date and an “applicable” Pass-Through Rate, such reference shall
be to the Pass-Through Rate for the applicable Class for such Distribution Date or the related Certificate Interest Accrual Period.

 

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(c)             
The words “hereof”, “herein”, and “hereunder” and words of similar import when used in this
Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section and
Exhibit references contained in this Agreement are references to Sections and Exhibits in or to this Agreement unless otherwise
specified.

 

(d)             
Interest on the Regular Certificates shall be calculated on a 30/360 Basis.

 

(e)              
The terms “include” or “including” shall mean without limitation by reason of enumeration.

 

(f)              
The terms defined in this Agreement include the plural as well as the singular, and the use of any gender herein shall be deemed
to include the other gender.

 

(g)             
For the avoidance of doubt, with respect to any indemnification provisions in this Agreement providing that the Trust is required
to indemnify a party to this Agreement or a party to this Agreement is required to indemnify the Trust or 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.

 

1.3             
Certain Calculations in Respect of the Mortgage Loan. (a) All amounts collected by or on behalf of the Trust in respect
of the Mortgage Loan in the form of payments from or on behalf of the Borrower Related Parties, any Liquidation Proceeds, Condemnation
Proceeds or Insurance Proceeds shall, to the extent not inconsistent with the Mortgage Loan Documents (as modified by the Co-Lender
Agreement to establish prioritization among the Notes), and in any event during the continuance of a Mortgage Loan Event of Default,
be applied in the following order of priority:

 

first,
as a recovery of any related and unreimbursed Property Protection Advances plus interest accrued thereon and, if applicable,
other unreimbursed Trust Fund Expenses (excluding interest on Administrative Advances, Monthly Interest Payment Advances and Companion
Loan Advances);

 

second,
to make (without duplication) payments of interest, principal and reimbursements of any other costs, expenses, advances and losses
on the Trust Notes and the Companion Loan Note(s) in the amounts and order of priority provided in the Co-Lender Agreement; provided,
that for purposes of determining distributions on the Certificates any Liquidation Proceeds, Condemnation Proceeds or Insurance
Proceeds on the Mortgage Loan or Property that would be so allocated as interest and principal on the Trust Notes will be applied
to the Trust Notes in the following amounts and order:

 

(i)
as a recovery of accrued and unpaid interest first, on the Senior Trust Note, and then, on the Junior Trust Note, in that order,
in each case to the extent of the excess, if any, of (1) accrued and unpaid interest at the respective Interest Rates (without
giving effect to any increase in any such interest rates required under the Mortgage Loan Agreement as a result of a default under
the Trust Loan) to, but not including, the date of receipt by or on behalf of the Trust (or, in the case of a full Monthly Debt
Service Payment Amount from or on the behalf of the Borrower Related Parties, for the related Mortgage Loan Interest Accrual Period),
over (2) the

 

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cumulative
amount of the reductions (if any) in the amount of the interest portion of the related Monthly Interest Payment Advances
for the Trust Loan that have theretofore occurred under Section  3.23(a) in connection with Appraisal Reduction Amounts
(to the extent that collections have not been applied as a recovery of accrued and unpaid interest pursuant to subclause (iii)
of this clause second on earlier dates);

 

(ii)
as a recovery of principal of the Trust Loan then due and owing, including by reason of acceleration of the Trust Loan following
a Mortgage Loan Event of Default (or, following the occurrence of a Liquidation Event, as a recovery of principal to the extent
of its entire remaining unpaid principal balance), with any such recovery of principal to be applied, in the following order:
(1) first, to the reduction of the outstanding principal balance of the Senior Trust Note; and (2) second, to the
reduction of the outstanding principal balance of the Junior Trust Note; and

 

(iii)
as a recovery of accrued and unpaid interest first, on the Senior Trust Note, and then, on the Junior Trust Note, in that order,
in each case to the extent of the cumulative amount of the reductions (if any) in the amount of the interest portion of the related
Monthly Interest Payment Advances for the Trust Loan that have theretofore occurred under Section  3.23(a) in connection
with related Appraisal Reduction Amounts (to the extent collections have not been applied as recovery of accrued and unpaid interest
pursuant to this subclause (iii) on earlier dates);

 

third,
as a recovery of amounts to be currently applied to the payment of, or escrowed for the future payment of, real estate taxes,
assessments, ground rent and insurance premiums and similar items;

 

fourth,
as a recovery of any other reserves to the extent then required to be held in escrow;

 

fifth,
to any Default Yield Maintenance Premiums due with respect to the Trust Notes and the Companion Loan Note(s), in the amounts and
order of priority contemplated by the Co-Lender Agreement;

 

sixth,
as a recovery of any assumption fees and Modification Fees then due and owing under the Trust Loan;

 

seventh, as
a recovery of any Default Interest or late charges then due and owing under the Mortgage Loan;

 

eight,
as a recovery of any other amounts (including Operating Advisor Consulting Fees) then due and owing under or with respect to the
Mortgage Loan other than remaining unpaid principal; and

 

ninth,
as a recovery of any remaining principal of the Mortgage Loan to the extent of its entire remaining unpaid principal balance;

 

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provided,
that, to the extent required under the REMIC Provisions, if any payments or proceeds are received with respect to any release
of the Property or any partial release of the Property (including following a condemnation) and if, immediately following such
release, the loan-to-value ratio of the Trust Loan (excluding the value of personal property and going concern value, if any)
exceeds 125%, then such payments or proceeds shall be allocated to reduce the principal balance of the Trust Loan in the manner
permitted by such REMIC Provisions. For the avoidance of doubt, the application of amounts collected above in this paragraph shall
not affect the allocations under the Co-Lender Agreement.

 

In
connection with the foregoing, if the terms of the Mortgage Loan are modified (x) by the Special Servicer in connection with a
work-out or proposed work-out of the Mortgage Loan or (y) otherwise as part of a bankruptcy or other proceeding, such that (i)
the Mortgage Loan principal balance is decreased, (ii) the applicable interest rate on the Mortgage Loan is reduced, (iii) payments
of interest or principal on the Mortgage Loan are waived, reduced or deferred or (iv) any other adjustment is made to any of the
payment terms of the Mortgage Loan, then all payments and other collections with respect to the Trust Loan will be deemed applied
(for purposes of making distributions on the Certificates) as though such work-out did not occur, with the payment terms of the
Trust Loan and each related Trust Note remaining the same as they are on the Closing Date, and (for purposes of making distributions
on the Certificates and allocating Realized Losses to the Principal Balance Certificates) the full economic effect of all waivers,
reductions or deferrals of amounts due on the Mortgage Loan attributable to such work-out shall be borne by the respective Notes
in a manner consistent with the payment priorities set forth in the Co-Lender Agreement.

 

(b)
       Collections by or on behalf of the holders of the Notes in respect of each Foreclosed Property
(exclusive of amounts to be applied to the payment of the costs of operating, managing, leasing, maintaining and disposing of
such Foreclosed Property) shall be applied to the amounts due and owing on the Mortgage Loan (which shall be deemed to remain
outstanding) in the following order of priority (and for the following purposes):

 

first,
as a recovery of any related and unreimbursed Property Protection Advances plus interest accrued thereon and, if applicable,
other unreimbursed Trust Fund Expenses (excluding interest on Administrative Advances, Monthly Interest Payment Advances and Companion
Loan Advances);

 

second,
to make (without duplication) payments of interest, principal and reimbursements of any other costs, expenses, advances and losses
on the Trust Notes and the Companion Loan Note(s) in the amounts and order of priority provided in the Co-Lender Agreement; provided,
that for purposes of determining distributions on the Certificates any Liquidation Proceeds, Condemnation Proceeds or Insurance
Proceeds on the Mortgage Loan or Property that would be so allocated as interest and principal on the Trust Notes will be applied
to the Trust Notes in the following amounts and order:

 

(i)
as a recovery of accrued and unpaid interest first, on the Senior Trust Note, and then, on the Junior Trust Note, in that order,
in each case to the extent of the excess of (1) accrued and unpaid interest at the respective Interest Rates (without giving
effect to any increase in any such interest rates required under the

 

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Mortgage
Loan Agreement as a result of a default under the Trust Loan) through the end of the related Mortgage Loan Interest Accrual Period
corresponding to the Payment Date in the Collection Period in which such collections were received, over (2) the cumulative
amount of the reductions (if any) in the amount of the Monthly Interest Payment Advances for the Trust Loan that have theretofore
occurred under Section  3.23(a) in connection with Appraisal Reduction Amounts (to the extent that collections have
not been applied as a recovery of accrued and unpaid interest pursuant to subclause (iii) of this clause second
or subclause (iii) of clause second of Section 1.3(a) on earlier dates);

 

(ii)
as a recovery of principal of the Trust Loan to the extent of its entire remaining unpaid principal balance, with any such recovery
of principal to be applied, in the following order: (1) first, to the reduction of the outstanding principal balance of
the Senior Trust Note; and (ii) second, to the reduction of the outstanding principal balance of the Junior Trust Note;

 

(iii)
as a recovery of accrued and unpaid interest first, on the Senior Trust Note, and then, on the Junior Trust Note, in that order,
in each case to the extent of the cumulative amount of the reductions (if any) in the amount of the Monthly Interest Payment Advances
for the Trust Loan that have theretofore occurred under Section  3.23(a) in connection with Appraisal Reduction Amounts
(to the extent that collections have not theretofore been applied as a recovery of accrued and unpaid interest pursuant to this
subclause (iii) or subclause (iii) of clause second of Section 1.3(a) on earlier dates);

 

third,
to any Default Yield Maintenance Premiums due with respect to the Trust Notes and the Companion Loan Note(s), in the amounts and
order of priority contemplated by the Co-Lender Agreement;

 

fourth,
as a recovery of any assumption fees and modification fees then due and owing under the Mortgage Loan;

 

fifth,
as a recovery of any Default Interest then deemed to be due and owing under the Mortgage Loan; and

 

sixth,
as a recovery of any other amounts (including Operating Advisor Consulting Fees) deemed to be due and owing in respect of the
Mortgage Loan.

 

(c)
        All net present value calculations and determinations made under this Agreement with
respect to the Mortgage Loan, the Trust Loan, the Companion Loan(s), the Property or Foreclosed Property (including for purposes
of the definition of “Accepted Servicing Practices”) shall be made using a discount rate the Special Servicer determines
in accordance with Accepted Servicing Practices is appropriate for the type of cash flows being discounted; namely (i) for
principal and interest payments on the Mortgage Loan, the Trust Loan or the Companion Loan(s), or the sale of the Mortgage Loan,
the Trust Loan or any Companion Loan if it is a defaulted loan the highest of (1) the rate determined by the Special Servicer
that approximates the market rate that would be obtainable by the Borrower on similar debt of the Borrower as of such

 

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date
of determination, (2) the applicable Interest Rate, and (3) the current yield on 10-year United States treasuries and (ii) for
all other cash flows, including property cash flow, the “discount rate” set forth in the most recent Appraisal (or
update of such Appraisal).

 

2.         DECLARATION
OF TRUST; ORIGINAL ISSUANCE OF CERTIFICATES

 

2.1             
Creation and Declaration of Trust; Conveyance of the Trust Loan.  (a) The Depositor,
concurrently with the execution and delivery hereof, hereby sells, transfers, assigns, delivers, sets over, and otherwise conveys
or causes to be conveyed in trust to the Trustee for the benefit of Certificateholders, without recourse (except to the extent
otherwise provided herein and in the Mortgage Loan Documents), the Depositor’s right, title and interest, whether now owned
or hereafter acquired, now existing or hereafter arising, wherever located, in and to all of the items referred to in the definition
of “Trust Fund”, including without limitation (i) all rights and remedies of the Depositor under the Trust Loan
Purchase Agreement (other than Sections 7(f), 7(h) and 7(i) thereof), (ii) all right, title and interest of the Depositor
in, to and under the Reserve Accounts, (iii) all right, title and interest of the Depositor in and to the Trust Loan as of
the Closing Date, (iv) all right, title and interest of the Depositor in, to and under the Co-Lender Agreement and (v) all
other assets included or to be included in the Lower-Tier REMIC for the benefit of the Upper-Tier REMIC. Such sale, transfer and
assignment include any related escrow accounts and any security interest under the Trust Loan (whether in real or personal property
and whether tangible or intangible) and all related rights to payments made or required to be made to the Depositor by the Borrower
Related Parties or any other party under the Mortgage Loan Documents relating to the Trust Loan. Such sale, transfer and assignment
further include all of the Depositor’s right, title and interest in and to the Mortgage Loan Documents, to the extent evidencing,
securing, guarantying or otherwise relating to the Trust Loan.

 

It
is expressly agreed and understood that, notwithstanding the assignment of the Mortgage Loan Documents pursuant to the immediately
preceding paragraph, it is expressly intended that the Loan Seller will retain the rights under, and receive the benefit of, any
securitization cooperation and indemnification provisions in the Mortgage Loan Documents (and such rights and benefits shall not
constitute part of the Trust) including, without limitation, Sections 11.1 and 11.2 of the Mortgage Loan Agreement.

 

(b)             
The Trust Loan Purchase Agreement provides that the Loan Seller shall deliver to and deposit with, or cause to be delivered to
and deposited with, the Certificate Administrator (or a Custodian on its behalf), in each case, to the extent not already in the
possession of the Certificate Administrator (or a Custodian on its behalf), with copies to the Servicer, (i) on or prior
to the Closing Date, each of the original executed Note A-1 and the original executed Note B-1, endorsed on its face or by allonge
thereto (without recourse, representation or warranty, express or implied) to the order of the Trustee in the following form:
“Wilmington Trust, National Association, as Trustee on behalf of the Holders of Citigroup Commercial Mortgage Trust 2020-420K,
Commercial Mortgage Pass-Through Certificates, Series 2020-420K” or in blank, and further showing a complete, unbroken chain
of endorsement from the originator (if such originator is not the Loan Seller), (ii) on or before the Closing Date, copies of
the Co-Lender Agreement and the Companion Loan Note, and (iii) on or before the date occurring 10 days after the Closing
Date (the “Delivery Date”), the following documents or instruments (each, if not defined in this Agreement,
as defined in the Mortgage Loan Agreement) with respect to the

 

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Mortgage
Loan (collectively with the original Trust Notes required under clause (i) above and the copies of the Co-Lender Agreement
and the Companion Loan Note required under clause (ii) above, the “Mortgage Loan File”), in each case
executed by the parties thereto:

 

(A)             
the original Mortgage Loan Agreement;

 

(B)             
the original or certified copy, as applicable, of the Mortgage, together with originals or copies of any and all intervening assignments
thereof, in each case with evidence of recording thereon (to the extent a recorded copy has been returned to the Loan Seller),
and, if the Mortgage was executed pursuant to a power of attorney, a certified true copy of the power of attorney certified by
the public recorder’s office, with evidence of recording thereon (if recording is customary in the jurisdiction in which
such power of attorney was executed) or certified by a title insurance company or escrow company to be a true copy thereof;

 

(C)             
the original Assignment of Mortgage, in favor of the Trustee, and in a form that is complete and suitable for recording in the
jurisdiction in which the Property is located, to “Wilmington Trust, National Association, as Trustee on behalf of the Holders
of Citigroup Commercial Mortgage Trust 2020-420K, Commercial Mortgage Pass-Through Certificates, Series 2020-420K and the holder(s)
of the Companion Loan(s), as their interests may appear”, without recourse;

 

(D)             
an original of the Note Splitter and Loan Agreement Modification Agreement;

 

(E)             
an original of the Guaranty;

 

(F)             
an original of the Environmental Indemnity;

 

(G)             
an original of the Cash Management Agreement;

 

(H)            
an original of the Restricted Account Agreement;

 

(I)              
where applicable, (1) a copy of each UCC-1 financing statement (the original of which shall have been sent for filing), together
with (2) a fully completed UCC-3 financing statement, in a form that is complete and suitable for filing, disclosing the assignment
from the secured party named in such UCC-1 financing statement to the Trustee of the security interest in the personal property
and other UCC collateral constituting security for repayment of the Mortgage Loan;

 

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

 

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(K)             
a copy of the Mezzanine Loan Agreement for the Mezzanine Loan, including all amendments thereto, and a copy of the Mezzanine Intercreditor
Agreement;

 

(L)             
a copy of each Management Agreement;

 

(M)           
an original of each Assignment of Management Agreement;

 

(N)            
an original assignment of all unrecorded Mortgage Loan Documents, in favor of the Trustee; and

 

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

 

If
the Loan Seller cannot deliver, or cause to be delivered, any of the documents and/or instruments referred to in clauses (iii)(B),
(iii)(C) and (iii)(I) above with evidence of filing or recording thereon (if intended to be recorded or filed),
solely because of a delay caused by the public filing or recording office where such document or instrument has been delivered
for filing or recordation, or because the timing of the Delivery Date is such that it would not be feasible to obtain such documents
from such public filing or recording office in sufficient time to meet the delivery requirements of this Section 2.1(b),
or because the original document was lost after recordation, the delivery requirements of this Section 2.1(b) shall
be deemed to have been satisfied on a provisional basis as of the Delivery Date as to such non-delivered document or instrument,
and such non-delivered document or instrument shall be deemed to have been included in the Mortgage Loan File, if a duplicate
original or a photocopy of such non-delivered document or instrument (certified by the applicable public filing or recording office,
the applicable title insurance company or the Loan Seller to be a true and complete copy of the original thereof submitted for
filing or recording) is delivered to the Certificate Administrator (or any Custodian on its behalf), with copies to the Servicer,
on or before the Delivery Date, and either the original of such non-delivered document or instrument (if available), or a photocopy
thereof (certified by the appropriate public filing or recording office, in the case of the documents and/or instruments referred
to in clauses (iii)(B), (iii)(C) and (iii)(I) above, to be a true and complete copy of the original
thereof submitted for filing or recording), with evidence of filing or recording thereon, is delivered to the Certificate Administrator
(or any Custodian on its behalf), with copies to the Servicer, within 180 days of the Closing Date (or within such longer
period, not to exceed 18 months, after the Closing Date as the Loan Seller shall reasonably require, so long as the Loan
Seller is, as certified in writing to the Certificate Administrator no less often than every 90 days, commencing on the 180th
day from the Closing Date, attempting in good faith to obtain from the appropriate public filing office or county recorder’s
office such original or photocopy).

 

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

 

The
parties hereto acknowledge that the Trust Loan Purchase Agreement provides that (1) the Mortgage, the Assignment of Mortgage,
each other assignment of a Collateral Security

 

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Document
(to the extent such Collateral Security Document is required to be recorded or filed) and UCC financing statements required to
be part of the Mortgage Loan File shall be filed or recorded, as applicable, by the Loan Seller (or a third party on its behalf)
in the appropriate filing offices or record depositories, with instructions to return all such recorded documents, or other evidences
of filing issued by the applicable governmental offices, to the Certificate Administrator (or a Custodian on its behalf), with
a copy to the Servicer, and (2) all recording fees relating to the initial recordation of such documents and/or instruments
shall be paid by the Loan Seller. In the event that any such document is determined to be defective or not to be in compliance
with the requirements of the applicable filing office or recording depository, or if any such document is lost or returned unrecorded
because of a defect therein, the Loan Seller is to promptly prepare a substitute document, and shall cause each such document
to be duly submitted for filing or recording, as applicable. Notwithstanding anything to the contrary contained in this Section 2.1(b),
in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage or other assignment
of a Collateral Security Document, if applicable, after any such document has been recorded, the obligations of the Loan Seller
under the Trust Loan Purchase Agreement shall be deemed to have been satisfied upon delivery to the Certificate Administrator
(or a Custodian on its behalf) of a copy of the Mortgage, Assignment of Mortgage or other assignment of a Collateral Security
Document, if applicable, certified by the public recording office to be a true and complete copy of the recorded original thereof.

 

In
the event that any letter of credit is delivered by the Borrower under the Mortgage Loan Documents, the Loan Seller is required
under the Trust Loan Agreement to deliver, on or before the Delivery Date, the original of such letter of credit to the Servicer,
and the Servicer shall hold the original of such letter of credit on behalf of the Trust and the Companion Loan Holder(s) and
deliver a copy of such letter of credit to the Certificate Administrator (or a Custodian on its behalf).

 

The
ownership of the Trust Notes, the Mortgage, the Collateral Security Documents and all other contents of the Mortgage Loan File
shall be vested in the Trust or the Trustee in trust for the benefit of the Certificateholders and, except for the Trust Notes,
for the benefit of the Companion Loan Holder(s). The Depositor, the Servicer and the Special Servicer agree to take no action
inconsistent with the Trustee’s ownership of the Trust Loan and to promptly indicate to all inquiring parties that the Trust
Loan has been sold and to claim no ownership interest in the Trust Loan. All original documents relating to the Mortgage Loan
that are not delivered to the Certificate Administrator (or a Custodian on its behalf) are and shall be held by the Depositor,
the Servicer or the Special Servicer, as the case may be, in trust for the benefit of the Certificateholders, and the Companion
Loan Holder(s) (except the original Companion Loan Note(s) shall be held by the Companion Loan Holder(s) or their designees).
In the event that any such original document is required pursuant to the terms of this Section 2.1(b) to be a part
of a Mortgage Loan File, such document shall be delivered promptly to the Certificate Administrator (or a Custodian on its behalf).

 

2.2             
Acceptance by the Trustee and the Certificate Administrator. (a) By its execution and delivery of this Agreement,
the Trustee acknowledges the assignment to it of the Trust Loan in good faith without notice of adverse claims and the Certificate
Administrator declares that it holds and shall hold or shall cause to be held such documents as are delivered to it constituting
the Mortgage Loan File (to the extent the documents constituting the Mortgage Loan

 

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File
are actually delivered to it) in trust, upon the conditions herein set forth, for the use and benefit of all present and future
Certificateholders and the Companion Loan Holder(s).

 

(b)              
The execution and delivery of this Agreement by the Certificate Administrator shall constitute certification by the Certificate
Administrator on behalf of the Trustee that (i) each original Trust Note specified in clause (i) of the definition
of “Mortgage Loan File” and all allonges thereto, if any, have been received by the Certificate Administrator or a
Custodian on its behalf; and (ii) such original Trust Note has been reviewed by the Certificate Administrator or a Custodian
on its behalf and (A) appears regular on its face (handwritten additions, changes or corrections shall not constitute irregularities
if initialed by the applicable Borrower Related Party), (B) appears to have been executed and (C) purports to relate
to the Trust Loan. The Certificate Administrator agrees to review or cause a Custodian on its behalf to review the Mortgage Loan
File within 30 days after the Closing Date, and to deliver to the Loan Seller, the Depositor, the Servicer and the Special
Servicer a report certifying, subject to any exceptions found by it in such review, that (A) all documents referred to in
Section 2.1(b) have been received, and (B) all documents appear to have been executed, appear on their face to be
what they purport to be, purport to be recorded or filed (if and as applicable) and have not been torn, mutilated or otherwise
defaced, and appear on their faces to relate to the Trust Loan specifically or to the Mortgage Loan. Neither the Certificate Administrator
nor any Custodian on its behalf shall have any responsibility for reviewing the Mortgage Loan File except as expressly set forth
in this Section 2.2(b). Neither the Certificate Administrator nor any Custodian on its behalf shall be under any duty
or obligation to inspect, review, or examine any such documents, instruments or certificates to independently determine that they
are valid, genuine, enforceable, legally sufficient, duly authorized, or appropriate for the represented purpose, whether the
text of any assignment or endorsement is in proper or recordable form (except to determine if the endorsement conforms to the
requirements of Section 2.1(b)), whether any document has been recorded in accordance with the requirements of any
applicable jurisdiction, to independently determine that any document has actually been filed or recorded in the appropriate office,
that any document is other than what it purports to be on its face, or whether the title insurance policies relate to the Property.

 

(c)               
Upon the first anniversary of the Closing Date, the Certificate Administrator shall deliver to the Depositor, the Loan Seller,
the Servicer and the Special Servicer a final exception report as to any remaining documents that are not in the Mortgage Loan
File, whereupon, within 90 days, the Depositor shall either: (i) cause such document deficiency to be cured; or (ii) use
commercially reasonable efforts to cause the Loan Seller to (1) repurchase the Trust Loan from the Trust or (2) make a Loss
of Value Payment as described in Section 2.9 in respect of the Trust Loan for losses directly related to such document
deficiency, in each case pursuant to the Trust Loan Purchase Agreement if such exception is a Material Document Defect. Notwithstanding
anything to the contrary herein, no Defect (except for (x) a Defect resulting from the failure to deliver the document described
in clause (i) of Section 2.1(b) or any document described in clauses (iii)(B), (iii)(C)
or (iii)(J) of Section 2.1(b), which Defect shall be deemed to be a Material Document Defect, and (y) a
Defect that causes 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 a Defect exists is required in connection with (A) an imminent enforcement of the
mortgagee’s rights or remedies under the Trust Loan; (B) defending any claim asserted by the Borrower or third party
with respect to the Trust Loan; (C) establishing the validity or priority of any lien on any collateral securing the Trust
Loan; or (D) any immediate significant servicing

 

 

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obligations.
The Trust’s sole remedy against the Loan Seller in connection with a Material Document Defect is to enforce the repurchase
claim or Loss of Value Payment, as applicable, in accordance with the provisions of the Trust Loan Purchase Agreement.

 

The
Certificate Administrator and the other parties to this Agreement hereby agree that the scope of the Custodian’s review
of the Mortgage Loan File pursuant to this Section 2.2 by the Certificate Administrator (or a Custodian on its behalf)
is limited solely to confirming that the Mortgage Loan File has been received, the Mortgage Loan Documents comprising the Mortgage
Loan File appear regular on their face and such additional information as will be necessary for delivering the certifications
required by Section 2.2(b) and Section 2.2(c) of this Agreement. In addition, such review is in no way
intended to, nor shall it be used to, verify the content of any collateral descriptions included in any data tapes and shall not
otherwise directly or indirectly be reflected in any offering document. Any review of the Mortgage Loan File by the Certificate
Administrator (or a Custodian on its behalf) and any certification with respect thereto shall not be deemed by the parties to
this Agreement to constitute “due diligence services” or a “third party due diligence report” as such
terms are defined in Rule 17g-10 and 15Ga-2, respectively, under the Exchange Act. Any recipient of the Certificate Administrator’s
certification or a copy thereof by its receipt thereof is deemed to agree, and each party to this Agreement hereby agrees, that
it shall not share such certification with any NRSRO or any party not addressed on such certification. Notwithstanding the foregoing,
nothing in this Section 2.2(c) shall relieve any party to this Agreement from its obligation to deliver information
to the Rating Agencies as required under and in accordance with the terms of this Agreement.

 

(d)              
If the Servicer or the Special Servicer (i) receives or makes any request or demand for repurchase of the Trust Loan (or
the allocable portion thereof) because of a breach of or alleged breach of a representation or warranty or a Defect (any such
request or demand for repurchase or replacement, 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); or (ii) receives any withdrawal of a Repurchase Request by the Person making such Repurchase
Request (or such a Repurchase Request is forwarded to the Servicer or the Special Servicer by another party hereto), then the
Repurchase Request Recipient shall deliver notice of such Repurchase Request or withdrawal of a Repurchase Request (each, a “Rule 15Ga-1
Notice”) to each other and to the Depositor and the Loan Seller, in each case within ten (10) Business Days from such
party’s receipt thereof. Each Rule 15Ga-1 Notice may be delivered by electronic means.

 

Each
Rule 15Ga-1 Notice shall include (i) the identity of the subject Property (or the applicable portion thereof), (ii) the
date the Repurchase Request is received or the date any withdrawal of the Repurchase Request is received, as applicable, (iii) if
known, the basis for the Repurchase Request (as asserted in the Repurchase Request) and (iv) a statement from the Repurchase
Request Recipient as to whether it currently plans to pursue such Repurchase Request.

 

A
Repurchase Request Recipient shall not be required to provide any information in a Rule 15Ga-1 Notice protected by the attorney-client
privilege or attorney work product doctrines. The Trust Loan Purchase Agreement shall provide that (i) any Rule 15Ga-1
Notice provided pursuant to this Section 2.2(d) is so provided only to assist the Loan Seller and Depositor or their
respective Affiliates to comply with Rule 15Ga-1 under the Exchange Act, Items 1104

 

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and 1121
of Regulation AB and any other requirement of law or regulation and (ii)(A) no action taken by, or inaction of, a Repurchase
Request Recipient and (B) no information provided pursuant to this Section 2.2(d)2.1(d) by a Repurchase Request Recipient,
shall be deemed to constitute a waiver or defense to the exercise of any legal right the Repurchase Request Recipient may have
with respect to the Trust Loan Purchase Agreement, including with respect to any Repurchase Request that is the subject of a Rule 15Ga-1
Notice.

 

In
the event that the Depositor, the Trustee or the Certificate Administrator receives a Repurchase Request, such party shall promptly
forward or otherwise provide written notice of such Repurchase Request to the Servicer (or, if relating to the Mortgage Loan while
a Special Servicing Loan Event has occurred and is continuing, to the Special Servicer) and include the following statement in
the related correspondence: “This is a “Repurchase Request” under Section 2.2 of the Trust and Servicing
Agreement relating to the Citigroup Commercial Mortgage Trust 2020-420K, Commercial Mortgage Pass-Through Certificates, Series
2020-420K requiring action by you as the “Repurchase Request Recipient” thereunder.” Upon receipt of such Repurchase
Request by the Servicer or the Special Servicer, as applicable pursuant to the prior sentence, such party shall be deemed to be
the Repurchase Request Recipient in respect of such Repurchase Request, and such party shall comply with the procedures set forth
in this Section 2.2(d) with respect to such Repurchase Request.

 

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

 

2.3             
Representations and Warranties of the Trustee. (a) Wilmington Trust, National
Association, as Trustee hereby represents and warrants to the other parties hereto, and for the benefit of the Certificateholders
and the Companion Loan Holder(s), that as of the Closing Date:

 

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

 

      (ii)               
the execution and delivery of this Agreement by the Trustee and its performance and compliance with the terms of this Agreement
shall not violate the Trustee’s organizational documents or any other material instrument governing its operations, or constitute
a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach
of, any material contract, agreement or other instrument to which the Trustee is a party or which may be applicable to the Trustee
or any of its assets, which default or breach of such material contract, agreement or other instrument would have a material adverse
effect on the Trustee’s performance of its obligations hereunder;

 

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      (iii)             
except to the extent that the laws of any jurisdiction in which a part of the Trust Fund may be located require that a co-trustee
or separate trustee be appointed to act with respect to such property as contemplated by Section 8.10, the Trustee
has the full power and authority to enter into and consummate the transactions contemplated by this Agreement, has duly authorized
the execution, delivery and performance of this Agreement, and has duly executed and delivered this Agreement;

 

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

 

      (v)              
the Trustee is not in violation of, and the execution and delivery of this Agreement by the Trustee and its performance and compliance
with the terms of this Agreement shall not constitute a violation with respect to, any order or decree of any court or any order,
law or regulation of any federal, state, municipal or governmental agency of or in the United States of America having jurisdiction,
which violation would have consequences that would materially and adversely affect the condition (financial or other) or operations
of the Trustee or its properties or might have consequences that would materially affect the performance of its duties hereunder
or thereunder;

 

      (vi)             
no consent, approval, authorization or order of, or registration of filing with, or notice to any court, governmental or regulatory
agency or body, is required for the execution, delivery and performance by the Trustee of this Agreement or if required, such
approval has been obtained prior to the Closing Date;

 

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

 

      (viii)           
the Trustee is covered by errors and omissions insurance and fidelity bond coverage which is in full force and effect or otherwise
complies with the requirements of Section 8.6(b) hereof;

 

      (ix)              
the Trustee is a Qualified Trustee; and

 

      (x)               
to its actual knowledge, the Trustee is not a Risk Retention Affiliate of the Third Party Purchaser.

 

(b)             
The respective representations and warranties of the Trustee set forth in this Section 2.3 shall survive until the
termination of this Agreement, and shall inure to the benefit of the other parties hereto, the Certificateholders and the Companion
Loan Holder(s).

 

2.4             
Representations and Warranties of the Certificate Administrator.  (a) Citibank, N.A., as Certificate Administrator, hereby represents and warrants to the other parties

 

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hereto,
and for the benefit of the Certificateholders and the Companion Loan Holder(s), that as of the Closing Date:

 

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

 

      (ii)              
the execution and delivery of this Agreement by the Certificate Administrator and its performance and compliance with the terms
of this Agreement shall not violate the Certificate Administrator’s organizational documents or any other material instrument
governing its operations, or constitute a default (or an event which, with notice or lapse of time, or both, would constitute
a default) under, or result in the breach of, any material contract, agreement or other instrument to which the Certificate Administrator
is a party or which may be applicable to the Certificate Administrator or any of its assets, which default or breach of such material
contract, agreement or other instrument would have a material adverse effect on the Certificate Administrator’s performance
of its obligations hereunder;

 

      (iii)             
the Certificate Administrator has the full power and authority to enter into and consummate the transactions contemplated by this
Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered
this Agreement;

 

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

 

      (v)              
the Certificate Administrator 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 shall not constitute a violation with respect to, any order
or decree of any court or any order, law or regulation of any federal, state, municipal or governmental agency of or in the United
States of America having jurisdiction, which violation would have consequences that would materially and adversely affect the
condition (financial or other) or operations of the Certificate Administrator or its properties or might have consequences that
would materially affect the performance of its duties hereunder or thereunder;

 

      (vi)             
no consent, approval, authorization or order of, or registration of filing with, or notice to any court, governmental or regulatory
agency or body, is required for the execution, delivery and performance by the Certificate Administrator of this Agreement or
if required, such approval has been obtained prior to the Closing Date;

 

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

 

      (viii)           
the Certificate Administrator is covered by errors and omissions insurance coverage which is in full force and effect or otherwise
complies with the requirements of Section 8.6(b) hereof;

 

      (ix)              
the Certificate Administrator is a Qualified Certificate Administrator; and

 

      (x)               
to its actual knowledge, the Certificate Administrator is not a Risk Retention Affiliate of the Third Party Purchaser.

 

(b)             
The respective representations and warranties of the Certificate Administrator set forth in this Section 2.4 shall
survive until the termination of this Agreement, and shall inure to the benefit of the other parties hereto, the Certificateholders
and the Companion Loan Holder(s).

 

2.5             
Representations and Warranties of the Servicer. (a) KeyBank National Association, as Servicer, hereby represents and warrants
to the other parties hereto, and for the benefit of the Certificateholders and the Companion Loan Holder(s), that as of the Closing
Date:

 

      (i)               
it is a national banking association, duly organized, validly existing, and is in good standing under the laws of the United States;
it is, and throughout the term of this Agreement shall remain, duly authorized and qualified to transact business in the jurisdiction
where the Property is located to the extent required by applicable law and necessary to ensure the enforceability of the Mortgage
Loan in accordance with the terms thereof and hereof; it possesses and shall continue to possess all requisite authority, power,
licenses, permits, franchise, and approvals to conduct its business and to execute, deliver, perform 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 shall not violate its organizational documents or any other material instrument governing its operations, or
any laws, regulations, orders or decrees of any governmental authority applicable to it and shall 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 to realize on the Collateral;

 

      (iii)             
this Agreement constitutes its valid, legal, and binding obligation enforceable against it in accordance with its terms, subject
to (i) applicable bankruptcy, insolvency, reorganization, receivership, conservatorship, moratorium and other laws affecting
the enforcement of creditors’ rights generally, (ii) general principles of equity,

 

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regardless
of whether such enforcement is considered in a proceeding in equity or at law, including those respecting the availability of
specific performance and (iii) public policy regarding the enforceability of indemnification, contribution and exculpation
provisions as to securities law violations;

 

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

 

      (v)              
this Agreement has been duly executed and delivered by it;

 

      (vi)             
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;

 

      (vii)            
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;

 

      (viii)           
it has errors and omissions insurance and fidelity bond coverage which is in full force and effect and complies with the requirements
of Section 3.11 or it self-insures for such fidelity bond and errors and omissions coverage in compliance with the
requirements of Section 3.11 of this Agreement; and

 

      (ix)              
to its actual knowledge, the Servicer is not a Risk Retention Affiliate of the Third Party Purchaser.

 

     (b)             
The representations and warranties of the Servicer set forth in this Section 2.5 shall survive until termination of
this Agreement, and shall inure to the benefit of the parties hereto, the Certificateholders and the Companion Loan Holder(s).

 

2.6             
Representations and Warranties of the Special Servicer. (a) Situs Holdings, LLC hereby
represents and warrants to the other parties hereto, and for the benefit of the Certificateholders and the Companion Loan Holder(s),
that as of the Closing Date:

 

      (i)               
it is a limited liability company, duly organized, validly existing, and is 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 each jurisdiction
where the Property is located to the extent required by applicable law and necessary to ensure the enforceability of the Mortgage
Loan in accordance with the terms thereof and hereof; it possesses and shall continue to possess all requisite authority, power,
licenses, permits, franchise, and approvals to conduct its business and to execute, deliver, and comply with its obligations under
this Agreement; provided, that it may comply with its obligations to possess such licenses in any particular jurisdiction
where the Property is located as are necessary to conduct its business and to execute, deliver, and comply with its obligations
under this Agreement in such jurisdiction if a Sub-Servicer engaged by it in accordance with this Agreement possesses all such
necessary licenses in such jurisdiction, and the Special Servicer’s compliance with its applicable obligations hereunder
through

 

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such
Sub-Servicer would be permissible under applicable law, would be effective to ensure the enforceability of the Mortgage Loan in
accordance with the terms thereof and hereof, and would provide the Special Servicer with all power, licenses (itself or through
its Sub-Servicer), permits, franchise, and approvals to conduct its business and to execute, deliver, and comply with its obligations
under this Agreement;

 

      (ii)              
the execution and delivery of this Agreement and its performance of and compliance with the terms hereof in the manner contemplated
by this Agreement shall not violate its organizational documents or any other material instrument governing its operations, or
any laws, regulations, orders or decrees of any governmental authority applicable to it and shall 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 to realize on the Collateral;

 

      (iii)             
this Agreement constitutes its valid, legal, and binding obligation enforceable against it in accordance with its terms, subject
to (i) applicable bankruptcy, insolvency, reorganization, receivership, conservatorship, moratorium and other laws affecting
the enforcement of creditors’ rights generally and (ii) general principles of equity, regardless of whether such enforcement
is considered in a proceeding in equity or at law, 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;

 

      (v)              
this Agreement has been duly executed and delivered by it;

 

      (vi)             
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;

 

      (vii)            
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

 

      (viii)           
it has errors and omissions insurance and fidelity bond coverage which is in full force and effect and complies with the requirements
of Section 3.11 or it self-insures for such fidelity bond and errors and omissions coverage in compliance with the
requirements of Section 3.11 of this Agreement.

 

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

 

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2.7             
Representations and Warranties of the Depositor. (a) The Depositor hereby represents
and warrants to the other parties hereto, and for the benefit of the Certificateholders, that as of the Closing Date:

 

      (i)               
the Depositor is a Delaware corporation, duly organized, validly existing and in good standing under the laws of the State of
Delaware, with full power and authority to own its property, to carry on its business as presently conducted, to enter into and
perform its obligations under this Agreement, and to create the trust pursuant hereto;

 

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

 

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

 

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

 

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

 

      (vi)             
the Depositor is not in default with respect to any order or decree of any court or any order, regulation or demand of any federal,
state, municipal or governmental agency, which default would materially and adversely affect the ability of the Depositor to perform
its obligations hereunder;

 

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      (vii)            
other than the actions taken pursuant to this Agreement, the Depositor has taken no action to impair or encumber the title to
the Trust Loan or to subject it to any offsets, defenses or counterclaims during the Depositor’s ownership thereof;

 

      (viii)           
the Depositor is accounting for the transfer of the Trust Loan as a sale under generally accepted accounting principles and for
federal income tax purposes;

 

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

 

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

 

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

 

(c)             
Neither the Depositor nor any of its Affiliates shall insure or guarantee distributions on the Certificates. Subject to Section 
2.7(a) and (b), none of the Certificateholders, the Trustee, or the Certificate Administrator on their behalf shall
have any rights or remedies against the Depositor for any losses or other claims in connection with the Certificates or the Mortgage
Loan.

 

2.8             
Representations and Warranties of the Operating Advisor. (a) Pentalpha Surveillance
LLC, as Operating Advisor, hereby represents and warrants to the other parties hereto, and for the benefit of the Certificateholders
and the Companion Loan Holder(s), that as of the Closing Date:

 

      (i)               
The Operating Advisor is a limited liability company, duly organized, validly existing and in good standing under the laws of
Delaware; and the Operating Advisor is in compliance with the laws of each jurisdiction in which the Property is located to the
extent necessary to perform its obligations under this Agreement;

 

      (ii)              
The execution and delivery of this Agreement by the Operating Advisor, and the performance and compliance with the terms of this
Agreement by the Operating Advisor, do not violate the Operating Advisor’s organizational documents or constitute a default
(or an event that, 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, in each case, which does
or is likely to materially and adversely affect the ability of the Operating Advisor to perform its obligations under this Agreement;

 

      (iii)             
The Operating Advisor 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;

 

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      (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 Operating Advisor, enforceable against the Operating Advisor in accordance with the terms hereof,
subject to (A) applicable bankruptcy, receivership, insolvency, liquidation, fraudulent transfer, reorganization, moratorium
and other laws affecting the enforcement of creditors’ rights generally, (B) general principles of equity, regardless
of whether such enforcement is considered in a proceeding in equity or at law, and (C) public policy considerations regarding
the enforceability of provisions providing or purporting to provide indemnification or contribution with respect to violations
of securities laws;

 

      (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 do 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 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;

 

      (vi)             
No litigation is pending or, to the best of the Operating Advisor’s knowledge, threatened against the Operating Advisor
that 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;

 

      (vii)            
The Operating Advisor has errors and omissions insurance coverage that is in full force and effect, which complies with the requirements
of Section 3.11(f) hereof; and

 

      (viii)           
The Operating Advisor is an Eligible Operating Advisor;

 

      (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)               
No consent, approval, authorization or order of, or filing or registration with, any state or federal court or governmental agency
or body is required for the consummation by the Operating Advisor 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 Closing Date, and
which, if not obtained would not have a materially adverse effect on the ability of the Operating Advisor to perform its obligations
hereunder.

 

(b)              
The representations and warranties of the Operating Advisor set forth in this Section 2.8 shall survive until termination
of this Agreement, and shall inure to the benefit of the parties hereto, the Certificateholders and the Companion Loan Holder(s).

 

2.9             
Representations and Warranties Contained in the Trust Loan Purchase Agreement.

 

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(a)               
Upon discovery by the Servicer, the Special Servicer, the Certificate Administrator or the Trustee of (i) a Material Breach
of any representation and warranty set forth in Exhibit A to the Trust Loan Purchase Agreement, which representation and
warranty was made by the Loan Seller in the Trust Loan Purchase Agreement and has been assigned to the Trustee pursuant to Section 2.1
hereof, or (ii) a Material Document Defect under the Trust Loan Purchase Agreement, such Person shall give prompt notice
thereof to the other parties hereto, and upon receipt of such notice the Servicer (if the Mortgage Loan is not a Specially Serviced
Loan) or the Special Servicer (if the Mortgage Loan is a Specially Serviced Loan) shall use commercially reasonable efforts to
cause the Loan Seller, to the extent obligated to do so under the Trust Loan Purchase Agreement, to cure such default or defect,
make a Loss of Value Payment to the Trust or repurchase the Trust Loan (or, if applicable under Section 2.9(d), a Severed
Loan) under the terms of and within the time period specified by the Trust Loan Purchase Agreement, it being understood and agreed
that none of such Persons has an obligation to conduct any investigation with respect to such matters. It is understood and agreed
that the obligations of the Loan Seller referred to in this Section 2.9(a) shall be the sole remedies available to
the Certificateholders and the Trustee on their behalf respecting a Material Breach of any representation and warranty made by
the Loan Seller or a Material Document Defect.

 

(b)              
Upon receipt by the Servicer from the Loan Seller of the Repurchase Price for the Trust Loan (or a Severed Loan): (i) the Servicer
shall deposit such amount in the Collection Account; (ii) the Certificate Administrator (or the Custodian on its behalf) shall,
upon receipt of a certificate of a Servicing Officer certifying as to (1) the receipt by the Servicer of such Repurchase
Price and the deposit of such Repurchase Price into the Collection Account pursuant to this Section 2.9(b) and (2) compliance
with the conditions set forth in subsection (c) below, release or cause to be released to the designee of the Loan
Seller (which designee may be the Loan Seller itself) the Trust Notes (or, in the case of a repurchase of a Severed Loan, the
replacement promissory note evidencing such Severed Loan) (endorsed as requested by the Loan Seller) and release or cause to be
released to the designee of the Loan Seller the other documents constituting the Mortgage Loan File (in addition to the Trust
Notes) (or, in the case of a repurchase of a Severed Loan, only such other documents as relate to the Severed Loan); (iii) the
Trustee shall execute and deliver to the designee of the Loan Seller (which designee may be the Loan Seller itself) such instruments
of transfer or assignment, in each case without recourse, representation or warranty (except that the Trust Loan (or the portion
thereof being repurchased) is owned by the Trust and is being sold free and clear of liens and encumbrances), as shall be prepared
by such designee to vest in such designee the Trust Loan (or the applicable portion thereof) released pursuant hereto, and the
Certificate Administrator, the Trustee, the Servicer and the Special Servicer shall have no further responsibility with regard
to the Mortgage Loan File (or portion thereof) so released (if and to the extent released in accordance with this Section 2.9(b));
and (iv) each of the Servicer, the Special Servicer, the Trustee and the Certificate Administrator shall release or cause to be
released to the designee of the Loan Seller copies of any servicing file, servicing records, escrow payments and reserve funds
held thereby in respect of the Trust Loan (or, in the case of a repurchase of a Severed Loan, the portion of such items allocable
to such Severed Loan).

 

(c)               
If the Servicer continues to service the Mortgage Loan under this Agreement pursuant to the terms of the Co-Lender Agreement following
the Loan Seller’s repurchase of the Trust Loan (or a Severed Loan) in accordance with the terms of the Trust Loan Purchase
Agreement, then the Servicer shall not be required to make any Monthly Interest Payment

 

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Advance
or Administrative Advance with respect to the Trust Loan (or a Severed Loan). To the extent that the Loan Seller repurchases the
Trust Loan as contemplated by Section 8 of the Trust Loan Purchase Agreement, unless otherwise agreed to by the Loan Seller and
the Companion Loan Holder(s), the Mortgage Loan shall continue to be serviced by the Servicer, and if applicable, the Special
Servicer in accordance with the terms of this Agreement, on behalf of the Loan Seller and the Companion Loan Holder(s) as a collective
whole, until the holder of the controlling note under the Co-Lender Agreement has otherwise notified the Servicer, the Special
Servicer, the Custodian, the Certificate Administrator and the Trustee in writing. Unless otherwise agreed by the Loan Seller
and the Companion Loan Holder(s), the Servicer shall be the only Servicer under the Co-Lender Agreement, the Special Servicer
shall be the only Special Servicer under the Co-Lender Agreement and all servicing and other decisions regarding the Mortgage
Loan shall be made by the Loan Seller and the Companion Loan Holder(s) as and to the extent set forth in the Co-Lender Agreement.

 

(d)              
Pursuant to Section 8(c) of the Trust Loan Purchase Agreement, the Loan Seller is permitted to elect a partial repurchase of the
Trust Loan in connection with a Material Breach or a Material Document Defect, if (1) such Material Breach or Material Document
Defect relates to one, but not both, of the buildings comprising the Property, (2) the Mortgage Loan Documents provide for the
Mortgage Loan to be severed such that one or more separate notes, mortgages and other security documents may be created and such
that a portion of the Mortgage Loan (and a corresponding portion of the Trust Loan (the “Severed Loan”)) may
be created that is secured solely by the affected building and (3) the conditions set forth in the Mortgage Loan Documents for
creating such Severed Loan are satisfied. In such event, the Servicer (if the Mortgage Loan is not a Specially Serviced Mortgage
Loan) or Special Servicer (if the Mortgage Loan is a Specially Serviced Mortgage Loan), as applicable, on behalf of the Trust,
shall comply with, and enforce the provisions of Section 10.2(d) of the Mortgage Loan Agreement, provided, however, that
the Loan Seller, at the Loan Seller’s own expense, shall deliver, or cause to be delivered, to the Servicer (if the Mortgage
Loan is not a Specially Serviced Mortgage Loan) or the Special Servicer (if the Mortgage Loan is a Specially Serviced Mortgage
Loan), as applicable, all of the following: (i) a Rating Agency Confirmation with respect to the splitting of the Trust Loan
in connection with such partial repurchase, (ii) an Opinion of Counsel to the effect that such splitting of the Trust Loan
in connection with such repurchase shall not cause (A) either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to continue
to qualify as a REMIC, (B) the Trust Loan to fail to qualify as a “qualified mortgage” within the meaning of Section
860G(a)(3) of the Code, or (C) a tax to be imposed on the Trust, and (iii) such other documents, instruments and opinions
as the Servicer or the Special Servicer, as applicable, may reasonably request. In the event of any repurchase by the Loan Seller
of a Severed Loan pursuant to Section 8(c) of the Trust Loan Purchase Agreement, such Severed Loan shall no longer be serviced
under this Agreement; provided, however, the remainder of the Trust Loan that was not repurchased will continue
to be serviced pursuant to the terms of this Agreement.

 

(e)               
Notwithstanding the foregoing, it is understood and agreed that if there is a Material Breach or Material Document Defect with
respect to one (but not both) of the buildings comprising the Property, the Loan Seller will not be obligated to repurchase the
Trust Loan (or a Severed Loan) if: (i) the affected building may be released pursuant to the terms of any partial release provisions
in the Mortgage Loan Documents (and such building is, in fact, released in accordance with the terms of the Mortgage Loan Documents);
(ii) the building remaining

 

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encumbered
by the lien of the Mortgage Loan satisfy the requirements, if any, set forth in the Mortgage Loan Documents; (iii) the Loan Seller
provide an Opinion of Counsel to the effect that such release would not cause an Adverse REMIC Event to occur; (iv) each Rating
Agency has provided a Rating Agency Confirmation with respect to such release; and (v) the Loan Seller shall reimburse the Servicer,
the Special Servicer and the Trust for any actual out-of-pocket expenses incurred by the Servicer, the Special Servicer and the
Trust, respectively, in connection with such partial release if and to the extent that such expenses are not reimbursed by the
Borrower.

 

(f)                
For the avoidance of doubt, it is understood and agreed that in the event that the Loan Seller is unable to satisfy, in all material
respects, (i) the requirements of a partial repurchase set forth in Section 2.9(d) or (ii) the requirements of a partial
release set forth in Section 2.9(e), then the Loan Seller will be required to repurchase the entire Trust Loan or cure
the related Material Breach or Material Document Defect or make a Loss of Value Payment to the Trust, in each case pursuant to
the related Trust Loan Purchase Agreement.

 

(g)               
Notwithstanding the foregoing provisions of this Section 2.9, in lieu of the Loan Seller performing its obligations with
respect to any Material Breach or Material Document Defect as set forth above, to the extent that the Loan Seller and the Servicer
or the Special Servicer, as applicable, are in any such case able to agree upon a cash payment payable by the Loan Seller to the
Trust that would be deemed sufficient to compensate the Trust for the losses related to such Material Breach or Material Document
Defect (a “Loss of Value Payment”), the Loan Seller may elect, in its sole discretion, to pay such Loss of
Value Payment to the Trust, and 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 3.4(f) of this Agreement; provided that a Material Breach or a Material Document
Defect that causes the Trust Loan to not constitute a Qualified Mortgage may not be cured by a Loss of Value Payment. If the Trust
Loan is not part of a Specially Serviced Mortgage Loan, the Servicer’s agreement with the Loan Seller as to any Loss of
Value Payment shall be subject to the reasonable approval of the Special Servicer (with the consent of any Consenting Party).
In connection with obtaining the Special Servicer’s approval, the Servicer shall upon request promptly provide the Special
Servicer with a copy of the servicing file for the Trust Loan in order to enable the Special Servicer to exercise its approval
right. Any agreement by the Special Servicer with the Loan Seller as to any Loss of Value Payment with respect to the Trust Loan
as part of a Specially Serviced Mortgage Loan shall be subject to the consent of any Consenting Party. 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. Upon
its making such Loss of Value Payment, the Loan Seller shall be deemed to have cured such Material Breach or Material Document
Defect in all respects. Provided that such Loss of Value Payment is made, this paragraph describes the sole remedy available to
the Certificateholders or the Trust against the Loan Seller regarding any such Material Breach or Material Document Defect in
respect of which such Loss of Value Payment is accepted, and the Loan Seller shall not be obligated to repurchase or replace the
Trust Loan or otherwise cure such Material Breach or Material Document Defect.

 

2.10         
Execution and Delivery of Certificates; Issuance of Uncertificated Lower-Tier Interests.
The Trustee acknowledges the assignment in trust by the Depositor to the Trustee of the Trust Notes and other assets comprising
the Trust Fund. Concurrently with such assignment and delivery and in exchange therefor, (i) the Trustee acknowledges the
issuance of (A) the Uncertificated Lower-Tier Interests to the Depositor and (B) the Class LT-R Interest, in

 

 

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exchange
for the Trust Loan, receipt of which is hereby acknowledged, (ii) the Trustee acknowledges the contribution of the Uncertificated
Lower-Tier Interests to the Upper-Tier REMIC, (iii) the Certificate Administrator acknowledges that it (A) has executed and
has authenticated and delivered to or upon the order of the Depositor, the Regular Certificates, and has caused the Trust to issue
the Class UT-R Interest, in exchange for the Uncertificated Lower-Tier Interests, and (B) has executed and has authenticated
and delivered to or upon the order of the Depositor, the Class R Certificates, representing the Class LT-R and Class UT-R
Interests and (iv) the Depositor hereby acknowledges the receipt by it or its designees of the Certificates in authorized
denominations.

 

2.11         
Miscellaneous REMIC Provisions. (a) The Class A, Class X, Class B, Class C, Class D, Class E and Class HRR Certificates
are hereby designated as the “regular interests” in the Upper-Tier REMIC within the meaning of Section 860G(a)(1)
of the Code, and the Class UT-R Interest is hereby designated as the sole class of “residual interests” in the
Upper-Tier REMIC within the meaning of Section 860G(a)(2) of the Code.

 

(b)              
The Class LA, Class LB, Class LC, Class LD, Class LE and LHRR Uncertificated Interests are hereby designated as the
“regular interests” in the Lower-Tier REMIC within the meaning of Section 860G(a)(1) of the Code, and the Class LT-R
Interest is hereby designated as the sole class of “residual interests” in the Lower-Tier REMIC within the meaning
of Section 860G(a)(2) of the Code.

 

3.                 
ADMINISTRATION AND SERVICING OF THE MORTGAGE LOAN

 

3.1             
Servicer to Act as the Servicer; Special Servicer to Act as the Special Servicer. The Servicer and the Special Servicer,
as the case may be, each as an independent contractor, shall service and administer the Mortgage Loan and any Foreclosed Property
solely on behalf of the Trust and the Companion Loan Holder(s), in the best interest of, and for the benefit of, the Certificateholders
and the Companion Loan Holder(s), as a collective whole as if such Certificateholders and such Companion Loan Holder(s) constituted
one lender (as determined by the Servicer or the Special Servicer, as applicable, in the exercise of its good faith and reasonable
judgment), in accordance with applicable law (including the REMIC Provisions), the terms of this Agreement, the Mortgage Loan
Documents, the Co-Lender Agreement, any related mezzanine intercreditor agreement and, to the extent consistent with the foregoing,
the following standards (herein referred to as “Accepted Servicing Practices”): (i) the higher of (a) in
the same manner in which and with the same care, skill, prudence and diligence with which the Servicer or the Special Servicer,
as applicable, services and administers similar loans and administers foreclosed or other similarly situated properties for third-party
portfolios, giving due consideration to customary and usual standards of practice of prudent institutional commercial mortgage
loan servicers in servicing mortgage loans and administering foreclosed properties, and (b) with the same care, skill, prudence
and diligence with which the Servicer or the Special Servicer, as applicable, uses for loans that it owns or for foreclosed or
other similarly situated properties it services and manages, in either case exercising reasonable business judgment, acting in
accordance with applicable laws; (ii) with a view to the timely collection of (a) all scheduled payments of principal
and interest under the Mortgage Loan or, if the Mortgage Loan comes into and continues in default and if, in the reasonable judgment
of the Special Servicer, no satisfactory arrangements can be made for the collection of the delinquent payments, the maximization
of the recovery on the Mortgage Loan to

 

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the
Certificateholders and the Companion Loan Holder(s) (as a collective whole as if the Certificateholders and the Companion Loan
Holder(s) constituted a single lender) on a net present value basis and (b) the Borrower Reimbursable Trust Fund Expenses
and, any other fees or expenses and any other amounts due under the Mortgage Loan; and (iii) without regard to:

 

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

 

(B)         
     the ownership of any Certificate, Companion Loan or any mezzanine loan or any interest in any Companion
Loan or any mezzanine loan by the Servicer or the Special Servicer or by any Affiliate of the Servicer or the Special Servicer;

 

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

 

(D)       
       the right of the Servicer or the Special Servicer or any Affiliate thereof to receive reimbursement
of costs, compensation or other fees (other than Advances), or the sufficiency of any compensation payable to it under this Agreement
or with respect to any particular transaction; or

 

(E)              
the ownership, servicing or management for others of any other loans or property by the Servicer or the Special Servicer.

 

Subject
to Accepted Servicing Practices and the terms of this Agreement and the Mortgage Loan Documents and the Mezzanine Intercreditor
Agreement, the Servicer and the Special Servicer each shall have full power and authority, acting alone and/or through one or
more sub-servicers as provided in Section 3.2, to do or cause to be done any and all things in connection with such
servicing and administration which it may deem necessary or desirable. The Servicer and the Special Servicer shall service and
administer the Mortgage Loan in accordance with applicable state and federal law. At the written request of the Servicer or the
Special Servicer, as applicable, accompanied by the form of power of attorney or other documents being requested, the Trustee
shall furnish to the Servicer or the Special Servicer any powers of attorney and other documents necessary or appropriate to enable
the Servicer or the Special Servicer to carry out its servicing and administrative duties hereunder, and the Trustee shall not
be held responsible (and shall be indemnified by the Servicer or the Special Servicer, as applicable) for any negligence or misuse
by the Servicer or the Special Servicer in its uses of any such powers of attorney or other document. Notwithstanding anything
contained herein to the contrary, the Servicer and the Special Servicer shall not without the Trustee’s or the Certificate
Administrator’s, as applicable, prior written consent: (i) initiate any action, suit or proceeding solely under the
Trustee’s name without indicating the representative capacity of the Servicer or the Special Servicer, as applicable, or
(ii) take any action with the intent to, and which actually does cause, the Trustee to be registered to do business in any
state.

 

The
liability of each of the Servicer and the Special Servicer, as applicable, for actions and omissions in its capacity as the Servicer
and the Special Servicer, respectively, hereunder is limited as provided herein (including, without limitation, pursuant to Section 6.3).

 

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Nothing
contained in this Agreement shall be construed as an express or implied guarantee by the Servicer or the Special Servicer of the
collectability of the Mortgage Loan. No provision of this Agreement shall be construed to impose liability on the Servicer or
the Special Servicer for the reason (unless the Servicer or the Special Servicer did not act in accordance with Accepted Servicing
Practices) that any recovery to the Certificateholders in respect of the Mortgage Loan at any time after a determination of present
value recovery is made by the Servicer or the Special Servicer under this Agreement is less than the amount reflected in such
determination.

 

As
soon as reasonably practicable following the Closing Date, but no later than 30 days following the Closing Date, the Loan
Seller is required, pursuant to the Trust Loan Purchase Agreement, to deliver to the Servicer copies of notices delivered by or
on behalf of the Loan Seller regarding the transfer of the Mortgage Loan to the Trust or the Trustee on its behalf. The parties
hereto acknowledge and agree that the Servicer and the Special Servicer are each acting as independent contractors and not as
agents for the Trustee and/or the Certificate Administrator.

 

3.2             
Sub-Servicing Agreements. (a) The Servicer or Special Servicer, at its own expense without a right of reimbursement under
this Agreement or otherwise, may enter into sub-servicing agreements with sub-servicers for the servicing and administration of
the Mortgage Loan, provided that (i) any such sub-servicing agreement shall be upon such terms and conditions as are
not inconsistent with this Agreement and as the Servicer or Special Servicer, as applicable, and the sub-servicer have agreed,
and (ii) no sub-servicer retained by the Servicer or Special Servicer, as applicable, shall grant any modification, waiver,
or amendment to the Mortgage Loan Documents without the approval of the Servicer or Special Servicer, as applicable. References
in this Agreement to actions taken or to be taken, and limitations on actions permitted to be taken, by the Servicer or Special
Servicer, as applicable, in servicing the Mortgage Loan include actions taken or to be taken by a sub-servicer on behalf of the
Servicer or Special Servicer, as applicable. Each sub-servicer shall be (x) authorized to transact business and licensed
in the applicable state(s), if, and to the extent, required by applicable law to enable the sub-servicer to perform its obligations
under the applicable sub-servicing agreement, and (y) qualified to perform its obligations under the applicable sub-servicing
agreement. For purposes of this Agreement, the Servicer or Special Servicer, as applicable, shall be deemed to have received any
amount when the sub-servicer receives such amount, irrespective of whether such amount is remitted to the Servicer or Special
Servicer, as applicable, for deposit in the Collection Account, any Cash Management Account, any Reserve Account or the Distribution
Account, and actions taken by the sub-servicer shall be deemed to be actions of the Servicer or Special Servicer. The Servicer
or Special Servicer, as applicable, shall notify the Trustee, the Certificate Administrator, the Borrower Parties and the Depositor
in writing promptly upon the appointment of any sub-servicer and promptly furnish the Trustee, upon its request, with a copy of
the sub-servicing agreement. The Servicer or Special Servicer, as applicable, shall cause each sub-servicing agreement to provide
that no sub-servicer shall be permitted to enter into any sub-servicing agreement with other sub-servicers without the prior written
consent of the Servicer or Special Servicer, as applicable.

 

(b)              
Notwithstanding any sub-servicing agreement, the Servicer or Special Servicer shall remain obligated and liable to the Trustee
and the Certificateholders for the servicing and administering of the Mortgage Loan in accordance with the provisions of Section 3.1
without diminution of such obligation or liability by virtue of such sub-servicing agreement, or by virtue of indemnification
from a sub-servicer, and to the same extent and under the same terms and

 

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conditions
as if the Servicer or Special Servicer alone were servicing and administering the Mortgage Loan.

 

(c)               
Any sub-servicing agreement entered into by the Servicer or Special Servicer shall provide that it may be assumed or terminated
by (i) the Trustee if the Trustee has assumed the duties of the Servicer or Special Servicer or if the Servicer or Special
Servicer is otherwise terminated pursuant to the terms of this Agreement, or (ii) a successor Servicer or Special Servicer
if such successor Servicer or Special Servicer has assumed the duties of the Servicer or Special Servicer, in each case without
cost or obligation to the Trustee, the successor Servicer or Special Servicer, the Trust or the Trust Fund.

 

(d)              
Any sub-servicing agreement, and any other transactions or services relating to the Mortgage Loan involving a sub-servicer, shall
be deemed to be between the Servicer or Special Servicer and such sub-servicer alone, and the Trustee, the Certificate Administrator,
the Depositor, the Operating Advisor, the Trust and the Certificateholders shall not be deemed parties thereto and shall have
no claims, rights, obligations, duties or liabilities with respect to the sub-servicer, and no provision herein shall be construed
so as to require the Trust, the Depositor, the Trustee, the Certificate Administrator or the Operating Advisor to indemnify any
such sub-servicer. The Servicer or Special Servicer is permitted, subject to Accepted Servicing Practices and at its own expense,
or to the extent that a particular expense is provided herein to be an Advance or an expense of the Trust, at the expense of the
Trust, to utilize other agents or attorneys typically used by servicers of mortgage loans underlying commercial mortgage-backed
securities in performing its obligations under this Agreement.

 

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

 

(f)                
In addition to the foregoing, any sub-servicer engaged by the Special Servicer with respect to the Mortgage Loan shall fulfill
all of the requirements of the Special Servicer set forth under Sections 6.4(a)(i)(A), 6.4(a)(v), 6.4(a)(vi)
and 6.4(a)(vii) hereof.

 

3.3             
Cash Management Account and Reserve Accounts; Interest Reserve Account.

 

(a)               
A Cash Management Account and the Reserve Accounts shall be established pursuant to the terms of the Mortgage Loan Agreement and/or
the Cash Management Agreement. The Servicer shall exercise and enforce the rights of the Trust and the Companion Loan Holder(s)
with respect to the Cash Management Account and the Reserve Accounts under

 

 

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the
Mortgage Loan Agreement and the Cash Management Agreement, and shall make deposits thereto and withdrawals therefrom, all in accordance
with Accepted Servicing Practices and the other terms of this Agreement and the other Mortgage Loan Documents.

 

(b)              
The Certificate Administrator shall establish and maintain a reserve account (the “Interest Reserve Account”)
in the name of “Citibank, N.A., as Certificate Administrator on behalf of Wilmington Trust, National Association, as Trustee,
for the benefit of the registered holders of Citigroup Commercial Mortgage Trust 2020-420K, Commercial Mortgage Pass-Through Certificates
Series 2020-420K”. The Interest Reserve Account shall be established and maintained as a non-interest bearing Eligible Account,
and may be a sub-account of the Distribution Account. On each Distribution Date occurring in any February and on any Distribution
Date occurring in any January that occurs in a year that is not a leap year (unless, in either case, such Distribution Date is
the final Distribution Date), the Certificate Administrator shall withdraw from the Distribution Account and deposit into the
Interest Reserve Account an amount equal to one day’s net interest on the principal balance of each Trust Loan Note as of
the related Payment Date occurring in the month preceding the month in which such Distribution Date occurs, calculated at the
applicable Net Mortgage Rate with respect to the Trust Loan Notes, to the extent such funds are on deposit on the applicable Payment
Date or an advance is made in respect of the Payment Date (all amounts so deposited in any consecutive January and February, “Withheld
Amounts”). On each Remittance Date occurring in March (or February, if the related Distribution Date is the final Distribution
Date), the Certificate Administrator shall withdraw from the Interest Reserve Account an amount equal to the Withheld Amounts
from the preceding January and February, if any, and deposit such amounts into the Distribution Account for distribution with
respect to the Certificates.

 

3.4             
Collection Account. (a) The Servicer shall establish and maintain or cause to be established and maintained in the name
of “KeyBank National Association, as Servicer on behalf of the Trust, for the benefit of Wilmington Trust, National Association,
as Trustee, for the benefit of the registered holders of Citigroup Commercial Mortgage Trust 2020-420K, Commercial Mortgage Pass-Through
Certificates, Series 2020-420K” and/or “KeyBank National Association, as Servicer on behalf of Wilmington Trust, National
Association, as Trustee, for the benefit of the Companion Loan Holder(s) with respect to Citigroup Commercial Mortgage Trust 2020-420K”
one or more deposit accounts (the “Collection Account”) for the benefit of the Certificateholders and the Companion
Loan Holder(s). The Collection Account shall be an Eligible Account maintained with an Eligible Institution. The Servicer shall
deposit into the Collection Account within one (1) Business Day of receipt of properly identified and available funds the following
amounts representing payments and collections received or made during each Collection Period on or with respect to the Mortgage
Loan (other than amounts required to be deposited into the Reserve Accounts in accordance with the Trust Loan Purchase Agreement
and/or the Mortgage Loan Agreement):

 

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

 

      (ii)              
all payments on account of interest on the Mortgage Loan, including, without limitation, Default Interest;

 

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

 

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

 

      (v)              
any Default Yield Maintenance Premiums;

 

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

 

      (vii)            
all Net Foreclosure Proceeds received from the Special Servicer pursuant to Section 3.14, all Net Liquidation Proceeds,
Insurance Proceeds and Condemnation Proceeds;

 

      (viii)           
any Loss of Value Payments paid by the Loan Seller and transferred to the Collection Account pursuant to Section 3.4(g);
and

 

      (ix)             
any other amounts required by the provisions of this Agreement to be deposited into the Collection Account by the Servicer, including,
without limitation, any (1) proceeds of any repurchase of the Trust Loan (or a Severed Loan) pursuant to Section 2.9
hereof and the Trust Loan Purchase Agreement, (2) proceeds of the sale of the Mortgage Loan by the Special Servicer pursuant
to Section 3.16 hereof or a sale of a Foreclosed Property pursuant to Section 3.15(e), (3) amounts from
any related mezzanine lender representing proceeds of its purchase of the Mortgage Loan or cure payments permitted to be made
by any related mezzanine lender pursuant to the related mezzanine intercreditor agreement, or (4) amounts payable under the
Mortgage Loan Documents by any Person to the extent not specifically excluded;

 

provided,
however, that to the extent any such amounts are received after 2:00 p.m. (New York time) on any given Business Day, the
Servicer shall use commercially reasonable efforts to deposit such amounts into the Collection Account within 1 Business
Day of receipt by the Servicer of any properly identified and available funds but, in any event, the Servicer shall deposit such
amounts into the Collection Account within 2 Business Days of receipt by the Servicer of any properly identified and available
funds.

 

The
foregoing requirements for deposits in the Collection Account by the Servicer shall be exclusive, it being understood and agreed
that, without limiting the generality of the foregoing, payments (if any) in the nature of Additional Servicing Compensation (other
than Default Interest and late payment charges) to which the Servicer or the Special Servicer, as applicable are entitled pursuant
to Section 3.17 and any reimbursement made by the Borrower Related Parties of fees and expenses of the Servicer or
the Special Servicer need not be deposited in the Collection Account by the Servicer or the Special Servicer and, to the extent
permitted by

 

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applicable
law, the Servicer or the Special Servicer, as applicable, shall be entitled to retain any such fees and expense reimbursements
received with respect to the Mortgage Loan.

 

(b)              
Funds in the Collection Account may be invested in Permitted Investments in accordance with the provisions of Section 3.8.
The Servicer shall on the Closing Date give written notice to the Certificate Administrator of the location and account number
of the Collection Account and shall notify the Certificate Administrator in writing prior to any subsequent change thereof.

 

(c)               
On or prior to each Remittance Date (or, in the case of clause (vi) below, on or prior to the Remittance Date specifically applicable
to the related Companion Loan), prior to the remittance of funds to the Certificate Administrator for deposit in the Distribution
Account pursuant to Section 3.5, the Servicer shall make withdrawals from the Collection Account, which withdrawals
shall be the only permitted withdrawals from the Collection Account by the Servicer, as described below (the order set forth below
constituting an order of priority for such withdrawals unless otherwise indicated):

 

(i)               
to withdraw funds deposited in the Collection Account in error;

 

(ii)               
to reimburse the Trustee and the Servicer, in that order, for any Nonrecoverable Advances made by each together with unpaid interest
thereon at the Advance Interest Rate;

 

(iii)               
concurrently, to pay the Servicing Fee to the Servicer (who shall pay the holder of the Excess Servicing Fee Right the portion
of the Servicing Fee that represents Excess Servicing Fees in accordance with Section 3.17 of this Agreement), the
Trustee/Certificate Administrator Fee (including the portion of such Trustee/Certificate Administrator Fee payable to the Trustee
as the Trustee Fee) to the Certificate Administrator (who shall pay the Trustee the portion of the Trustee/Certificate Administrator
Fee that represents the Trustee Fee pursuant to Section 8.5 hereof) and the Operating Advisor Fee to the Operating
Advisor, respectively;

 

(iv)               
to pay to (A) the Servicer, as Additional Servicing Compensation, any income earned (net of losses (subject to Section
3.8(b)) on the investment of funds deposited in the Collection Account; and (B) the Special Servicer, the Special Servicing
Fee, if any, the Work-out Fee, if any, and the Liquidation Fee, if any (with respect to clauses (A) and (B),
in that order);

 

(v)               
to reimburse or pay, as applicable, the Trustee and the Servicer, in that order, for (A) unreimbursed Advances made by each
and not previously reimbursed from amounts received with respect to the Mortgage Loan during the applicable Collection Period
in the form of late payments, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and other collections on the Mortgage
Loan (and other than any Advance that has been determined to be a Nonrecoverable Advance that has been reimbursed pursuant to
clause (ii) above); and (B) unpaid interest on such Advances at the Advance Interest Rate; provided, however,
that, with respect to Advances that are not deemed to be Nonrecoverable Advances, interest on Advances shall be payable (1) prior

 

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to
the final liquidation of the Property or the final payment and release of the Mortgage, only out of Default Interest or late payment
charges (or actual payments by the Borrower to cover such interest on Advances) collected in the related Collection Period, and
(2) after the final liquidation of the Property or the final payment and release of the Mortgage, first out of Default Interest
and late payment charges (or actual payments by the Borrower to cover such interest on Advances) on deposit in the Collection
Account, and then out of all other amounts on deposit in the Collection Account;

 

(vi)               
to remit to each Companion Loan Holder all remaining amounts on deposit in the Collection Account payable to such Companion Loan
Holder pursuant to the Co-Lender Agreement with respect to its Companion Loan(s), exclusive of any amounts reimbursable to the
Servicer, the Special Servicer, the Trustee or the Trust and allocable to such Companion Loan(s) in accordance with the Co-Lender
Agreement, including (A) if a Companion Loan is part of an Other Securitization Trust, to the extent required by the Co-Lender
Agreement, to pay the applicable party to the Other Pooling and Servicing Agreement for any interest accrued on (1) Companion
Loan Advances made thereby and (2) administrative advances, if any, made in respect of the Companion Loan; and (B) to make any
other required payments due under the Co-Lender Agreement to each Companion Loan Holder;

 

(vii)               
to reimburse the Trustee, the Certificate Administrator, the Servicer and the Special Servicer, in that order, for expenses incurred
by them in connection with the liquidation of the Property and not otherwise covered and paid by an insurance policy or deducted
from the proceeds of liquidation or reimbursed as an Advance;

 

(viii)               
to pay (A) to the Servicer and the Special Servicer, as Additional Servicing Compensation, any payments in the nature of those
fees and expenses that constitute Additional Servicing Compensation, to the extent remaining after payments pursuant to clause
(v) above and, in the case of Default Interest and late payment charges, to the extent remaining after application pursuant
to Section 3.17(b) (it being acknowledged that such amounts (other than Default Interest and late payment charges) are
not required to be deposited in the Collection Account and may be retained by the Servicer or the Special Servicer, as applicable,
or paid by the Servicer to the Special Servicer when due to the Special Servicer as set forth in Section 3.17), and
(B) to the Operating Advisor, the Operating Advisor Consulting Fee, in the case of clauses (A) and (B), to
the extent actually received from or on behalf of the Borrower (and permitted by (or not otherwise prohibited by) and allocated
as such pursuant to the terms of the Mortgage Loan Documents or this Agreement) and deposited into the Collection Account by the
Servicer;

 

(ix)               
to pay or reimburse, as applicable, the Trustee, the Certificate Administrator, the Servicer, the Special Servicer and the Operating
Advisor, for any expenses, indemnities and other amounts (including Trust Fund Expenses) then due and payable or reimbursable
to each, and to pay directly any other costs and expenses expressly payable out of the Collection Account or at the expense of
the Trust, in any event pursuant to the terms of this Agreement and not previously paid or reimbursed pursuant to the preceding
clauses;

 

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(x)               
to the extent not previously paid or advanced, to pay to the Certificate Administrator for payment (or to be set aside for eventual
payment) by it of any and all taxes imposed on the Lower-Tier REMIC or Upper-Tier REMIC by federal or state governmental authorities,
as provided in Section 12.1(k); provided, that, if such taxes are the result of the Depositor’s, the Servicer’s,
the Special Servicer’s, the Trustee’s or the Certificate Administrator’s, as applicable, negligence, fraud,
bad faith or willful misconduct, then such party that was negligent, acted in bad faith or engaged in fraud or willful misconduct
will be required to indemnify the Trust for the amount of such taxes pursuant to Sections 6.6 and 8.12,
as applicable;

 

(xi)               
to pay the CREFC® Licensing Fee to CREFC®, to the extent of funds available in the Collection Account
following the withdrawal of the amounts described in clauses (ii) through (x) above, on the related Remittance
Date; and

 

(xii)               
on each Remittance Date, to remit all funds received during or prior to the related Collection Period and remaining after the
withdrawals specified in clauses (i) through (xi) above to the Certificate Administrator for deposit in
(A) in the case of funds other than the Default Yield Maintenance Premiums, the Distribution Account pursuant to Section 3.5
and (B) in the case of amounts representing the Default Yield Maintenance Premiums, the Default Yield Maintenance Premiums
Distribution Account;

 

provided that, subject to the application of Default Interest and late payment charges in accordance with Section 3.17(b),
(A) Monthly Interest Payment Advances (and Advance Interest thereon) and Administrative Advances (and Advance Interest thereon)
are reimbursable solely out of collections allocable to the Trust Loan pursuant to the Co-Lender Agreement, (B) Companion
Loan Advances are reimbursable solely out of collections allocable to the Companion Loan(s) pursuant to the Co-Lender Agreement,
(C) the Trustee/Certificate Administrator Fee (including the portion of such Trustee/Certificate Administrator Fee payable to
the Trustee as the Trustee Fee), the Operating Advisor Fee, the CREFC® Licensing Fee and the items specified above
under clause (x) are payable solely out of collections allocable to the Trust Loan pursuant to the Co-Lender Agreement, (D)
interest on Companion Loan Advances with respect to the Companion Loan Note(s) are reimbursable, first, out of collections allocable
to the Junior Trust Note pursuant to the Co-Lender Agreement, and then, out of collections allocable to the subject Companion
Loan Note(s) as to which such Companion Loan Advance was made, and (E) subject to the foregoing clauses (A), (B), (C) and (D)
of this proviso, any payment or reimbursement of any other items specified above under clauses (ii), (iv)(B), (v),
(vi)(A), (vii) and (ix) of this Section 3.4(c) shall, as and to the extent provided in this Agreement
and the Co-Lender Agreement, be made out of: (1) first, to the maximum extent permitted under the Co-Lender Agreement,
any amounts on deposit in the Collection Account that would otherwise be distributable under the Co-Lender Agreement to the Junior
Trust Note; and (2) second, any remaining amounts on deposit in the Collection Account that would otherwise be distributable
under the Co-Lender Agreement with respect to the Senior Trust Note and the Companion Loan Note(s), on a pro rata and pari
passu basis in accordance with their relative principal balances (except with respect to interest on Monthly Interest Payment
Advances, Administrative Advances and/or Companion Loan Advances which are reimbursable solely from collections on the related
Senior Note), all in accordance with the Co-Lender Agreement, and taking into account the subordination of the Junior Trust Note
to the Senior Trust Note and the Companion Loan Note(s).

 

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If
a Monthly Interest Payment Advance is made with respect to the Trust Loan, then that Monthly Interest Payment Advance, together
with interest on such Monthly Debt Service Advance, shall only be reimbursed out of future payments and collections on the Trust
Loan, but not out of payments or other collections on the Companion Loan(s). Likewise, the Trustee/Certificate Administrator Fee
(including the portion that is the Trustee Fee) shall only be paid out of payments and other collections on the Trust Loan, but
not out of payments or other collections on the Companion Loan(s).

 

Notwithstanding
the foregoing, with respect to any Remittance Date, in no event shall the Servicer be permitted to make a withdrawal pursuant
to clauses (iii), (iv)(B), (v), (vii), (ix), (x) or (xi) above of this Section 3.4(c)3.1(c)
if: (1) the item proposed to be withdrawn, if not withdrawn, would be required to be advanced by the Servicer as an Administrative
Advance or covered by a Monthly Interest Payment Advance with respect to such Remittance Date; and (2) as a result of such
withdrawal, the amount on deposit in the Collection Account after giving effect to such withdrawal would be less than the Required
Advance Amount (it being understood that the Servicer shall be permitted to make withdrawals in the order of priority specified
above in this Section 3.4(c) so long as funds allocable to the Trust Loan equaling or exceeding the Required Advance
Amount remain in the Collection Account). Notwithstanding the foregoing, such withdrawal limitations shall not apply (and accrued
amounts previously eligible for withdrawal pursuant to clauses (iii), (iv)(B), (v), (vii), (ix),
(x) or (xi) above of this Section 3.4(c) but which remain unpaid due to the operation of this paragraph may
then be withdrawn and paid) upon (1) the final liquidation of the Trust Loan or the Property, (2) the final payment
of the Trust Loan and release of the Mortgage or (3) the determination that any Advance that would increase the currently
unreimbursed Advances in the aggregate would be a Nonrecoverable Advance.

 

The
Servicer shall pay to the Trustee and the Certificate Administrator (on behalf of itself and the Trustee) and pay to the Special
Servicer and the Operating Advisor, if applicable, from the Collection Account as provided above amounts permitted to be paid
to the Special Servicer, the Trustee, the Certificate Administrator and the Operating Advisor, as applicable, therefrom, promptly
upon receipt on or prior to the Determination Date of certificates of a Servicing Officer of the Special Servicer, an officer
of the Operating Advisor or a Responsible Officer of the Certificate Administrator or the Trustee, as applicable, describing the
item and amount to which the Special Servicer, the Operating Advisor, the Certificate Administrator and/or the Trustee, as applicable,
are entitled, together with any other information reasonably requested by the Servicer; provided, however, that
no certificate shall be required for payment to the Special Servicer of any Special Servicing Fee, Liquidation Fee or Work-out
Fee. The Servicer may rely conclusively on any such certificate, shall have no duty to recalculate the amounts stated therein
and shall have no liability if the amount paid in reliance thereon is an amount to which the Special Servicer, the Operating Advisor,
the Certificate Administrator or the Trustee, as applicable, is not entitled.

 

On
the Remittance Date for each Companion Loan, the Servicer shall remit to the related Companion Loan Holder the amounts contemplated
to be payable thereto on such date as contemplated by clause (vi) of the first paragraph of this Section 3.4(c).

 

(d)              
On each Remittance Date, the Servicer shall withdraw from the Collection Account all funds received during or prior to the related
Collection Period, and remaining after the

 

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withdrawals
specified in clauses (i) through (xi) of the first paragraph of Section 3.4(c), and shall remit
such funds to the Certificate Administrator for deposit in (i) in the case of funds other than Default Yield Maintenance
Premiums, the Distribution Account pursuant to Section 3.5 and (ii) in the case of Default Yield Maintenance
Premiums, the Default Yield Maintenance Premiums Distribution Account.

 

(e)               
If the Servicer makes any reimbursement or payment out of the Collection Account to cover any related Companion Loan Holder’s
share of any cost, expense, indemnity, Property Protection Advance or interest on such Property Protection Advance, or fee with
respect to the Mortgage Loan, then the Servicer (prior to the occurrence of a Special Servicing Loan Event) and the Special Servicer
(following the occurrence of a Special Servicing Loan Event) shall use efforts consistent with Accepted Servicing Practices to
collect such amount out of collections on such Companion Loan or, if and to the extent permitted under the related Co-Lender Agreement,
from such Companion Loan Holder.

 

(f)                
If any Loss of Value Payments are received in connection with a Material Breach or a Material Document Defect, as the case may
be, with respect to the Mortgage Loan pursuant to or as contemplated by Section 2.9 of this Agreement, the Special
Servicer shall establish and maintain one or more accounts (collectively, the “Loss of Value Reserve Fund”)
to be held in trust for the benefit of the Certificateholders, for purposes of holding such Loss of Value Payments. Each account
that constitutes a Loss of Value Reserve Fund shall be an Eligible Account or a sub-account of a related Eligible Account. The
Servicer and the Special Servicer shall, upon receipt, deposit in the Loss of Value Reserve Fund all Loss of Value Payments received
by it. The Loss of Value Reserve Fund shall be accounted for 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 (and any income earned thereon) through the Collection
Account to the Certificateholders (or, in the case of any income earned on the Loss of Value Reserve Fund and paid to the Special
Servicer as additional compensation) as damages paid to and distributed by the Trust REMICs on account of a breach of a representation
or warranty by the Loan Seller and (ii) treat any amounts paid out of the Loss of Value Reserve Fund through the Collection
Account to the Loan Seller as distributions by the Trust Fund to the Loan Seller as a beneficial owner of the Loss of Value Reserve
Fund. The Loan Seller will be the beneficial owner of the related account in the Loss of Value Reserve Fund for all federal income
tax purposes, and shall be taxable on all income earned thereon, based upon the respective Loss of Value Payments made by the
Loan Seller that are on deposit from time to time in the Loss Value Reserve Fund.

 

(g)               
If any Loss of Value Payments are deposited into the Loss of Value Reserve Fund with respect to the Trust Loan or the Trust’s
Interest in any related Foreclosed Property, then the Special Servicer shall, promptly upon written direction from the Servicer
(provided that, with respect to clause (iv) below, the Certificate Administrator shall have provided the Servicer
and the Special Servicer with five (5) Business Days’ prior notice of such final Distribution Date) transfer such Loss
of Value Payments (up to the remaining portion thereof) from the Loss of Value Reserve Fund to the Servicer for deposit into the
Collection Account (or, in the case of clause (iv) below, to the Loan Seller) for the following purposes:

 

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      (i)               
to reimburse the Servicer, the Special Servicer or the Trustee, in accordance with Section 3.4(c) of this Agreement,
for any Nonrecoverable Advance made by such party with respect to the Mortgage Loan or any related Foreclosed Property (together
with any related interest thereon);

 

      (ii)              
to pay, in accordance with Section 3.4(c) of this Agreement, or to reimburse the Trust for the prior payment of, any
expense relating to the Mortgage Loan or any related Foreclosed Property that constitutes or, if not paid out of such Loss of
Value Payments, would constitute a Trust Fund Expense, and to pay, in accordance with Section 3.4(c) of this Agreement,
any unpaid Liquidation Fee due and owing to the Special Servicer in connection with the receipt of such Loss of Value Payment;

 

      (iii)             
to offset any portion of any Realized Loss (or, in connection with a final liquidation of the Mortgage Loan or the Property, any
anticipated Realized Loss) that is attributable to the Mortgage Loan or any related Foreclosed Property (as calculated without
regard to the application of such Loss of Value Payments); and

 

      (iv)             
on the final Distribution Date after all distributions have been made as set forth in clauses (i) through (iii)
above, to the Loan Seller, the amount that it contributed, net of any amount contributed by the Loan Seller that was used
pursuant to clauses (i) through (iii) to offset, pay or reimburse, as applicable, any Realized Losses, Trust
Fund Expenses or Nonrecoverable Advances (together with any related interest thereon) incurred with respect to the Mortgage Loan
or any related Foreclosed Property.

 

Any
Loss of Value Payments transferred to the Collection Account pursuant to clauses (i) through (iii) of the prior
paragraph shall be treated as Liquidation Proceeds received by the Trust in respect of the Mortgage Loan or any related Foreclosed
Property for which such Loss of Value Payments were received.

 

3.5             
Distribution Account. (a) The Certificate Administrator shall establish and maintain in the name of “Citibank, N.A.,
as Certificate Administrator on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered
holders of Citigroup Commercial Mortgage Trust 2020-420K, Commercial Mortgage Pass-Through Certificates Series 2020-420K”,
a deposit account (the “Distribution Account”), which shall be deemed to include the Lower-Tier Distribution
Account and the Upper-Tier Distribution Account, which shall be subaccounts of the Distribution Account for the benefit of the
Certificateholders and the Trustee, as holder of the Uncertificated Lower-Tier Interests. The Distribution Account shall be an
Eligible Account maintained with an Eligible Institution. On each Remittance Date, the Servicer shall transfer from the Collection
Account to the Certificate Administrator for deposit into the Lower-Tier Distribution Account all funds received during or prior
to the related Collection Period and remaining on deposit therein, after giving effect to the withdrawals made pursuant to clauses (i)
through (xi) of the first paragraph of Section 3.4(c). The Certificate Administrator shall credit the funds
remitted by the Servicer from the Collection Account to the Distribution Account. The Certificate Administrator shall make withdrawals
from the Distribution Account to make distributions to the Certificateholders pursuant to Section 4.1.

 

Amounts
held in the Distribution Account shall be uninvested.

 

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The
Certificate Administrator shall make withdrawals from the Distribution Account and the Default Yield Maintenance Premiums Distribution
Account to make distributions to the Holders of the Certificates pursuant to Section 4.1 and Section 4.3,
respectively.

 

(b)             
The Certificate Administrator shall make or be deemed to have made withdrawals from the Lower-Tier Distribution Account in the
following order of priority and only for the following purposes:

 

      (i)               
concurrently, to pay the Trustee/Certificate Administrator Fee (including the portion thereof that is the Trustee Fee) to the
Certificate Administrator (who shall pay the Trustee the portion of the Trustee/Certificate Administrator Fee that represents
the Trustee Fee pursuant to Section 8.5 hereof) and the Operating Advisor Fee to the Operating Advisor, respectively,
but in each such case only from any Monthly Interest Payment Advance and only to the extent that such amounts are not paid out
of the Collection Account pursuant to Section 3.4(c)(iii);

 

      (ii)              
to make or be deemed to make deposits of the Lower-Tier Distribution Amount pursuant to Section 4.1(c) and (d)
and Section 4.3(c) into the Upper-Tier Distribution Account and to make distributions to the Holder of the Class R
Certificates (in respect of the Class LT-R Interest) pursuant to Section 4.1;

 

      (iii)             
to withdraw amounts deposited into the Lower-Tier Distribution Account in error and pay such amounts to the Persons entitled thereto;
and

 

      (iv)             
to clear and terminate the Lower-Tier Distribution Account pursuant to Section 10.1.

 

      (c)             
The Certificate Administrator shall make withdrawals from the Upper-Tier Distribution Account in the following order of priority
and only for the following purposes:

 

      (i)               
to withdraw amounts deposited in error;

 

      (ii)              
to make distributions to Holders of the Regular Certificates and the Class R Certificates (in respect of the Class UT-R
Interest) on each Distribution Date pursuant to Section 4.1, Section 4.3 or Section 10.1 as
applicable; and

 

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

       

(d)            
The Certificate Administrator shall establish and maintain, with respect to the Regular Certificates, an account (the “Default
Yield Maintenance Premiums Distribution Account”) in the name of the “Citibank, N.A., as Certificate Administrator
on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered holders of Citigroup Commercial
Mortgage Trust 2020-420K, Commercial Mortgage Pass Through Certificates Series 2020-420K, Class A, Class X, Class B, Class C,
Class D, Class E and Class HRR – Default Yield Maintenance Premiums Distribution Account”. The Distribution Account
shall be deemed to include the Default Yield Maintenance Premiums Distribution Account, and the Default Yield Maintenance Premiums
Distribution Account shall be an Eligible Account

 

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maintained
with an Eligible Institution, and may be a sub-account of the Distribution Account. The Default Yield Maintenance Premiums Distribution
Account shall be held solely for the benefit of the Holders of the Regular Certificates. With respect to each Distribution Date,
the Certificate Administrator shall make withdrawals from the Default Yield Maintenance Premiums Distribution Account to the extent
required to make the distributions of Default Yield Maintenance Premiums required by Section 4.3(b) of this Agreement.

 

3.6             
Foreclosed Property Account. The Special Servicer shall establish and maintain one or more deposit accounts (each, a “Foreclosed
Property Account”) on behalf of the Trust for the benefit of the Certificateholders in the name of either (A) “Situs
Holdings, LLC, as Special Servicer on behalf of Wilmington Trust, National Association, as Trustee for the benefit of the registered
Holders of Citigroup Commercial Mortgage Trust 2020-420K, Commercial Mortgage Pass-Through Certificates, Series 2020-420K and
the Companion Loan Holder(s), as their interests may appear” related to each Foreclosed Property, if any, held in the name
of the Special Servicer on behalf of the Trustee for the benefit of the Certificateholders and the Companion Loan Holder(s) or
(B) a limited liability company wholly owned by the Trust and which is managed by the Special Servicer as provided in Section 3.14,
related to each Foreclosed Property, if any, held in the name of such limited liability company. Each Foreclosed Property Account
shall be an Eligible Account maintained with an Eligible Institution. The Special Servicer shall deposit into the Foreclosed Property
Account within two (2) Business Days of receipt all properly identified funds collected and received in connection with the
operation or ownership of such Foreclosed Property. On or before the Business Day following the last day of each Collection Period,
the Special Servicer shall withdraw the funds in any Foreclosed Property Account received through the end of such Collection Period,
net of certain expenses and/or reserves (the amount of such reserves determined in the Special Servicer’s reasonable discretion),
and deposit them into the Collection Account in accordance with Section  3.4(a). The Special Servicer shall notify
the Certificate Administrator in writing of the location and account number of each Foreclosed Property Account and shall notify
the Certificate Administrator in writing prior to any subsequent change thereof.

 

3.7             
Appraisal Reductions. (a) Within 30 days after occurrence of an Appraisal Reduction Event, the Special Servicer shall (i)
notify the Servicer, the Trustee, the Certificate Administrator, the Operating Advisor and any applicable Consenting Party and
Consulting Party of such occurrence of an Appraisal Reduction Event; (ii) order, and use efforts consistent with Accepted
Servicing Practices, to obtain an independent Appraisal of the Property unless an Appraisal was performed within 9 months
prior to the Appraisal Reduction Event and the Special Servicer is not aware of any material change in the market or condition
or value of the Property since the date of such Appraisal (in which case, such Appraisal may be used by the Special Servicer);
and (iii) determine (no later than the first Distribution Date on or following either (x) the receipt of such Appraisal
(in final form) (provided, that if such new Appraisal was received less than five (5) Business Days prior to such Distribution
Date, it will determine no later than the second Distribution Date following the receipt of such Appraisal) or (y) the determination
to use any existing Appraisals, as applicable) on the basis of the applicable Appraisals, and receipt of information reasonably
requested by the Special Servicer from the Servicer in the Servicer’s possession and reasonably necessary to calculate the
Appraisal Reduction Amount, whether there exists any Appraisal Reduction Amount and, if an Appraisal Reduction Amount exists,
give notice thereof to the Servicer, the Trustee, the Operating Advisor, the Companion Loan Holder(s) (or, in

 

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the
case of a Companion Loan that is part of an Other Securitization Trust, the master servicer, special servicer and trustee with
respect to such Other Securitization Trust) and the Certificate Administrator. The cost of obtaining any such Appraisal (or updated
Appraisal) shall be paid by the Servicer as a Property Protection Advance or an Administrative Advance unless it would constitute
a Nonrecoverable Advance and, in such case, as an expense of the Trust. Updates of such Appraisals shall be obtained by the Special
Servicer every nine (9) months for so long as an Appraisal Reduction Event exists and shall be paid for by the Servicer as a Property
Protection Advance or an Administrative Advance (or paid for by the Trust if the Servicer or the Special Servicer determines that
such Advance would constitute a Nonrecoverable Advance), and any Appraisal Reduction Amount shall be adjusted accordingly and,
if required in accordance with any such adjustment, each Class of Principal Balance Certificates with a Certificate Balance that
has been notionally reduced as a result of such Appraisal Reduction Amount shall have its related Certificate Balance notionally
restored (or reduced if applicable) to the extent required by such adjustment of the Appraisal Reduction Amount, and there shall
be a redetermination of whether a CCR Control Period, a CCR Consultation Period or a CCR Consultation Termination Period is then
in effect. The Servicer shall provide by electronic means reasonably acceptable to the Special Servicer and the Servicer the information
in its possession or control as reasonably requested in writing by the Special Servicer within two (2) Business Days of any request
to permit the Special Servicer to calculate or to recalculate the Appraisal Reduction Amount. The Mortgage Loan will be treated
as a single loan for purposes of calculating the Appraisal Reduction Amount. Appraisal Reduction Amounts with respect to the Mortgage
Loan shall be allocated first to the Junior Trust Note up to the principal balance of the Junior Trust Note, with any remainder
being allocated to the Senior Notes on a pro rata and pari passu basis (in accordance with the relative principal
balance of such Senior Notes).

 

Any
such Appraisal obtained under this Section 3.7 shall be delivered by the Special Servicer to the Servicer, the Trustee,
the Certificate Administrator, the Operating Advisor, the 17g-5 Information Provider, the Companion Loan Holder(s), any applicable
Consenting Party and Consulting Party in electronic format and the Certificate Administrator shall make such Appraisal available
to Non-Restricted Privileged Persons pursuant to Section 8.14(b), and the 17g-5 Information Provider shall post such
Appraisal on the 17g-5 Information Provider’s Website.

 

(b)              
While an Appraisal Reduction Amount exists and is allocable to the Trust Loan, (i) the amount of any Monthly Interest Payment
Advances shall be reduced as provided in Section  3.23(a) and (ii) the existence thereof shall be taken into
account for purposes of determining (x) the Voting Rights of certain Classes of Certificates as provided in the definition
of “Voting Rights”, (y) whether any Class of Principal Balance Certificates are Non-Reduced Certificates and (z) whether
a CCR Control Period and/or Operating Advisor Consultation Trigger Event is or is not then in effect as provided in the definition
thereof.

 

(c)               
The Certificate Balance of each Class of the Principal Balance Certificates (other than the Class A Certificates) shall be
notionally reduced (solely for purposes of determining (x) to the extent expressly set forth herein, the Voting Rights of
the related Classes, (y) whether any Class of Principal Balance Certificates are Non-Reduced Certificates and (z) whether
a CCR Control Period and/or Operating Advisor Consultation Trigger Event is or is not then in effect) on any Distribution Date
to the extent of any Appraisal Reduction Amount allocated to such Class on such Distribution Date. On each Distribution Date,
any Appraisal

 

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Reduction
Amount allocable to the Trust Loan shall be applied to notionally reduce the Certificate Balances of the respective Classes of
the Principal Balance Certificates in the following order of priority: first, to the Class HRR Certificates; second,
to the Class E Certificates; third, to the Class D Certificates; fourth, to the Class C Certificates; and fifth,
to the Class B Certificates; provided in each case that no Certificate Balance in respect of any such Class may be
notionally reduced below zero. Appraisal Reduction Amounts shall not be applied to notionally reduce the Certificate Balance of
the Class A Certificates.

 

(d)              
With respect to any Appraisal used for purposes of determining an Appraisal Reduction Amount, the appraised value of the Property
or Foreclosed Property, as applicable, will be determined on an “as is” basis.

 

(e)               
If (i) an Appraisal Reduction Event has occurred, (ii) either (A) no Appraisal or update of an Appraisal has been
obtained or conducted with respect to the Property or Foreclosed Property, as the case may be, during the 9-month period prior
to the date of such Appraisal Reduction Event or (B) a material change in the circumstances surrounding the Property or Foreclosed
Property, as the case may be, has occurred since the date of the most recent Appraisal that would materially adversely affect
the value of the Property or Foreclosed Property, as the case may be, and (iii) no new Appraisal has been obtained or conducted
for the Property or Foreclosed Property, as the case may be, referred to in the immediately preceding clause (ii) within
60 days after the Appraisal Reduction Event has occurred, then (x) until a new Appraisal is obtained for the Property
or Foreclosed Property, as the case may be, the appraised value of the Property or Foreclosed Property, as the case may be, for
purposes of determining the Appraisal Reduction Amount shall be deemed to equal 75% of the unpaid principal balance of the Mortgage
Loan (the “Assumed Appraised Value”), and (y) upon receipt or performance of the new Appraisal by the
Special Servicer for the Property or Foreclosed Property, as the case may be, the Appraisal Reduction Amount shall be recalculated
in accordance with the definition of “Appraisal Reduction Amount” taking such Appraisal into account.

 

(f)                
The Special Servicer shall consult with the Controlling Class Representative (if it is a Consenting Party or Consulting Party)
in respect of the determination of any Appraisal Reduction Amount. The determination by the Special Servicer following such consultation
will be binding until such time as a new determination is made based on a new Appraisal obtained as a result of the exercise of
the rights of the Controlling Class Representative discussed below or otherwise in accordance with this Agreement. The Class HRR
Certificates, if and when the Certificate Balance thereof is reduced to less than 25% of its initial Certificate Balance (taking
into account the application of any Appraisal Reduction Amount to notionally reduce the Certificate Balance of such Class) and
provided that a CCR Consultation Termination Event does not exist, is referred to as an “Appraisal-Reduced Class”.
The holders of the majority (by Certificate Balance) of an Appraisal-Reduced Class (such holders, the “Requesting Holders”)
shall have the right, at their sole expense, to require the Special Servicer to order a second Appraisal in respect of the Property
in connection with the related Appraisal Reduction Event that has occurred with respect to the Mortgage Loan, and in connection
therewith the Special Servicer shall use reasonable efforts to cause each such second Appraisal to be delivered within 60 days
from receipt of the Requesting Holders’ written request and shall cause such second Appraisal to be prepared by an Independent
Appraiser. Upon receipt of each such second Appraisal, the Special Servicer shall be required to recalculate such Appraisal Reduction
Amount based upon such

 

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second
Appraisal(s). If required by any such recalculation, a CCR Control Period may be reinstated.

 

(g)               
In addition, if subsequent to the Class HRR Certificates becoming an Appraisal-Reduced Class there is a material change with
respect to the Property, the Requesting Holders of such Class will have the right to request, in writing, that the Special Servicer
obtain an additional Appraisal, which request shall set forth their belief of what constitutes a material change to the Property
(including any related documentation). For the avoidance of doubt, only one such additional Appraisal of the Property may be requested
by the holders of an Appraisal-Reduced Class within the same two-year period. The costs of obtaining such additional Appraisal(s)
shall be paid by the Requesting Holders. Subject to the Special Servicer’s confirmation, determined in accordance with Accepted
Servicing Practices, that there has been a change with respect to the Property designated by the Requesting Holders for an additional
Appraisal and such change was material, the Special Servicer shall order another Appraisal from an Independent Appraiser, the
identity of which shall be determined by the Special Servicer in accordance with Accepted Servicing Practices (provided that
such Independent Appraiser may not be the same Independent Appraiser that provided the Appraisal in respect of which the Requesting
Holders are requesting the Special Servicer to obtain an additional Appraisal), and the Special Servicer shall recalculate the
Appraisal Reduction Amount based upon such additional Appraisal. If required by any such recalculation, a CCR Control Period shall
be reinstated. In each case, Appraisals that are requested by any Appraisal-Reduced Class shall be in addition to any Appraisals
that the Special Servicer may otherwise be required to obtain in accordance with Accepted Servicing Practices upon the occurrence
of a material change at the Property or that the Special Servicer is otherwise required or permitted to order under this Agreement
without regard to any Appraisal requests made by any other party. Absent manifest error in the appraised value contained in an
Appraisal (including a failure to reflect material adverse changes in circumstances affecting property valuations occurring since
the date of such Appraisal), the Special Servicer shall not be permitted to adjust downward the appraised value of the Property
contained in any Appraisal (provided such Appraisal satisfies customary standards for qualified appraisals in CMBS transactions)
delivered to the Special Servicer (including any Appraisal obtained at the request of the Requesting Holders of an Appraisal-Reduced
Class) in making an Appraisal Reduction Amount calculation, to the extent that such downward adjustment would cause the Class
HRR Certificates to become an Appraisal-Reduced Class.

 

(h)               
Upon becoming an Appraisal-Reduced Class and thereafter (including during any period that the Appraisal-Reduced Class is challenging
the determination of the Appraisal Reduction Amount with a second Appraisal or otherwise presenting a new Appraisal as described
above), the Holders and/or Beneficial Owners of the Class HRR Certificates may not exercise any rights of the Controlling
Class solely applicable during a CCR Control Period, and the Controlling Class Representative shall not be a Consenting Party,
until such time, if any, as such CCR Control Period is reinstated.

 

3.8             
Investment of Funds in the Collection Account and any Foreclosed Property Account. (a)  The Servicer and, with respect
to the Foreclosed Property Accounts and the Loss of Value Reserve Fund, the Special Servicer, may direct any depository institution
maintaining the Collection Account, any Foreclosed Property Account, the Loss of Value Reserve Fund, the Cash Management Account
(to the extent interest is not payable to the Borrower Related Parties) and

 

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any
Reserve Account (to the extent interest is not payable to the Borrower Related Parties), respectively (each of the Collection
Account, any Foreclosed Property Account, the Loss of Value Reserve Fund, the Cash Management Account and any Reserve Account,
for purposes of this Section 3.8, an “Investment Account”), to invest the funds in such Investment
Account in one or more Permitted Investments that bear interest or are sold at a discount, and that mature, unless payable on
demand, no later than the Business Day preceding the date on which such funds are required to be withdrawn from such Investment
Account pursuant to this Agreement. Any direction by the Servicer or the Special Servicer, as applicable, to invest funds on deposit
in an Investment Account shall be in writing and shall certify that the requested investment is a Permitted Investment which matures
at or prior to the time required hereby or is payable on demand. All such Permitted Investments shall be held to maturity, unless
payable on demand. Any investment of funds in an Investment Account shall be made in the name of the Trustee (in its capacity
as such) or in the name of a nominee of the Trustee (including, without limitation, the Certificate Administrator on behalf of
the Trustee). The Servicer, acting on behalf of the Trustee, shall have sole control (or the Special Servicer, with respect to
any Foreclosed Property Account) over each such investment and any certificate or other instrument evidencing any such investment
shall be delivered directly to the Trustee or its agent (which shall initially be the Servicer or the Special Servicer, as applicable),
together with any document of transfer, if any, necessary to transfer title to such investment to the Trustee or its nominee.
The Trustee shall have no responsibility or liability with respect to the investment directions of the Servicer or the Special
Servicer or any losses resulting therefrom, whether from Permitted Investments or otherwise. In the event amounts on deposit in
an Investment Account are at any time invested in a Permitted Investment payable on demand, the Servicer and the Special Servicer,
as applicable, shall:

 

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

 

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

 

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

 

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

 

(d)              
Notwithstanding the foregoing, none of the Servicer, the Special Servicer or the Certificate Administrator (each in its capacity
as the Servicer, the Special Servicer or the Certificate Administrator, as the case may be) shall be required to deposit any loss
on an investment of funds in an account described in this Section 3.8 if such loss was incurred solely as a result
of the bankruptcy or insolvency of a depository institution or trust company holding such account, so long as (i) such depository
institution or trust company satisfied the qualifications set forth in the definition of Eligible Institution at the time such
investment or deposit was made and 30 days prior to the date of such loss; (ii) such depository institution or trust
company was not the Servicer, the Special Servicer or the Certificate Administrator, as applicable, or an Affiliate thereof, and
(iii) such loss is not the result of fraud, negligence, bad faith or willful misconduct of the Servicer, the Special Servicer
or the Certificate Administrator, as applicable; provided, however, that none of the Servicer, the Special Servicer,
the Trustee or the Certificate Administrator shall have any responsibility or liability with respect to the investment directions
made by any other party to this Agreement (not involving any investment direction from the party seeking to be absolved from responsibility
and liability) or any losses resulting therefrom, whether from Permitted Investments or otherwise.

 

3.9             
Payment of Taxes, Assessments, etc. The Servicer (other than with respect to a Foreclosed Property) and the Special Servicer
(with respect to any Foreclosed Property) shall maintain accurate records with respect to the Property (or such Foreclosed Property,
as the case may be) reflecting the status of real estate taxes, assessments, charges and other similar items that are or may become
a lien on the Property (or such Foreclosed Property, as the case may be) and the status of insurance premiums payable in respect
of insurance policies required to be maintained pursuant to Section 3.11 hereof. The Servicer shall obtain, from time
to time, all bills for the payment of such items (including renewal premiums). The Servicer shall pay real estate taxes, assessments
and charges, insurance premiums, ground rent, operating expenses and other similar items from funds in the applicable Reserve
Account in accordance with the Mortgage Loan Agreement at such time as may be required by the Mortgage Loan Documents. If the
Borrower Related Parties do not make the necessary payments and/or a Mortgage Loan Event of Default has occurred and amounts in
the applicable Reserve Account are insufficient to make such payments, the Servicer shall make a Property Protection Advance,
subject to the determination of non-recoverability provided in Section 3.23, from its own funds for amounts payable
with respect to all such items related to the Property when and as the same shall become due and payable. The Servicer shall ensure
that the amount of funds in the applicable Reserve Account is increased when and if applicable taxes, assessments, charges and
other similar items, ground rents or insurance premiums are increased, in accordance with the terms of the Mortgage Loan Agreement.

 

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3.10         
Appointment of Special Servicer. (a)  Situs Holdings, LLC is hereby appointed as the initial Special Servicer to service the Mortgage Loan while a Special
Servicing Loan Event has occurred and is continuing and perform the other obligations of the Special Servicer hereunder. The initial
Special Servicer and any of its Affiliates shall not (i) pay, or become obligated, whether by agreement or otherwise, and whether
or not subject to any condition or contingency, to pay the Operating Advisor or any Affiliate thereof any fee, or otherwise compensate
or grant monetary or other consideration to the Operating Advisor or any Affiliate thereof (x) in connection with its obligations
under this Agreement or the performance thereof (other than any amounts that the Servicer (if it is an Affiliate of the Special
Servicer) is required to pay or remit to the Operating Advisor in accordance with Section 3.4(c) of this Agreement) or
(y) in connection with the appointment of such Person as, or any recommendation by the Operating Advisor for such Person to become,
the successor Special Servicer, (ii) become entitled to receive any compensation from the Operating Advisor or any Affiliate thereof
in connection with its obligations under this Agreement or the performance thereof, or (iii) become entitled to receive any fee
from the Operating Advisor or any Affiliate thereof in connection with the appointment of such Person as Special Servicer, unless,
in each of the foregoing clauses (i) through (iii), such transaction has been expressly approved by 100% of the
Certificateholders.

 

(b)              
If there is a Special Servicer Termination Event with respect to any Special Servicer, such Special Servicer may be removed and
replaced pursuant to Sections 7.1 and 7.2. Upon the occurrence of a Special Servicer Termination Event, the
Trustee must upon actual knowledge by a Responsible Officer, promptly notify the Companion Loan Holder(s) and the Certificate
Administrator in writing and the Certificate Administrator shall (i) post such notice on the Certificate Administrator’s
website, (ii) provide such notice to the 17g-5 Information Provider who must post such notice thereof to the 17g-5 Information
Provider’s website and (iii) provide notice to the Certificateholders by mail, to the addresses set forth on the Certificate
Register, unless the related Special Servicer Termination Event has been cured or waived. 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 the initial Special Servicer specified above shall not be liable for any actions or any
inaction of such successor Special Servicer. No termination fee shall be payable to the terminated Special Servicer. No termination
of the Special Servicer and appointment of a successor Special Servicer shall be effective until the successor Special Servicer
has assumed all of its responsibilities, duties and liabilities hereunder in writing and Rating Agency Confirmation with respect
to such appointment has been delivered to the Trustee. Any successor Special Servicer shall be deemed to make the representations
and warranties provided for in Section 2.5(a) mutatis mutandis as of the date of its succession. In addition, the Person
accepting such assignment and delegation shall constitute a Qualified Replacement Special Servicer.

 

The
terminated Special Servicer shall retain all rights accruing to it under this Agreement, including the right to receive fees accrued
prior to its termination and other amounts payable to it (including indemnification payments).

 

(c)               
Upon determining that a Special Servicing Loan Event has occurred and is continuing, the Servicer shall immediately give notice
thereof to the Special Servicer, the Operating Advisor, the Trustee, the Companion Loan Holder(s) and the Certificate Administrator,
and the Servicer shall use its reasonable efforts to provide the Special Servicer with all information,

 

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documents
(but excluding the original documents constituting the Mortgage Loan File) and records (including records stored electronically
on computer tapes, magnetic discs and the like) relating to the Mortgage Loan and reasonably requested by the Special Servicer
to enable it to assume its duties hereunder with respect thereto. The Servicer shall use its reasonable efforts to comply with
the preceding sentence within five (5) Business Days of the date that a Special Servicing Loan Event has occurred. The Servicer
in any event shall continue to act as Servicer and administrator of the Mortgage Loan until the Special Servicer has commenced
the servicing of the Mortgage Loan, upon the occurrence and during the continuation of a Special Servicing Loan Event, which shall
occur, in the case of a Special Servicing Loan Event, upon the receipt by the Special Servicer of the information, documents and
records referred to in the preceding sentence. The Special Servicer shall instruct the Borrower Related Parties to continue to
remit all payments in respect of the Mortgage Loan to the Servicer. The Servicer shall forward any notices it would otherwise
send to the Borrower Related Parties under the Mortgage Loan to the Special Servicer who shall send such notice to the Borrower
Related Parties while a Special Servicing Loan Event has occurred and is continuing. The Servicer (or, while a Special Servicing
Loan Event has occurred and is continuing, the Special Servicer) shall provide any the Mezzanine Lender all default-related notices
required under the Mezzanine Intercreditor Agreement, including, without limitation, in connection with any cure rights or purchase
option. During the continuance of a Special Servicing Loan Event with respect to the Mortgage Loan, the Special Servicer shall
determine the effect on net present value of various courses of action with respect to the Mortgage Loan, including without limitation,
work-out of the Mortgage Loan or foreclosure on the Property and pursue, subject to the terms of this Agreement, the course of
action that it determines would maximize recovery on the Mortgage Loan on a net present value basis. All net present value determinations
shall be made in accordance with Section 1.3(c).

 

(d)              
Upon determining that a Special Servicing Loan Event is no longer continuing, the Special Servicer shall promptly give notice
thereof to the Companion Loan Holder(s), the Servicer, the Operating Advisor, the Trustee and the Certificate Administrator, and
upon giving such notice such Special Servicing Loan Event shall cease, the Special Servicer’s obligation to service the
Mortgage Loan shall terminate and the obligations of the Servicer to service and administer the Mortgage Loan shall resume and
the Special Servicer shall return all of the information and materials furnished to the Special Servicer pursuant to Section 3.10(c)
to the Servicer.

 

(e)               
In making a Major Decision or in servicing the Mortgage Loan during the continuance of a Special Servicing Loan Event, the Special
Servicer shall provide to the Certificate Administrator originals of documents entered into in connection therewith that are required
to be included within the definition of “Mortgage Loan File” for inclusion in the Mortgage Loan File (to the
extent such documents are in the possession of the Special Servicer) and copies of any additional related Mortgage Loan information,
including correspondence with the Borrower Related Parties, and the Special Servicer shall promptly provide copies of all of the
foregoing to the Servicer as well as copies of any analysis or internal review prepared by or for the benefit of the Special Servicer,
provided that, such materials shall not include any Privileged Information.

 

(f)                
During any period in which a Special Servicing Loan Event is continuing with respect to the Mortgage Loan, no later than 2:00
p.m. (New York time) the Business Day following the Determination Date, the Special Servicer shall deliver to the Servicer a written

 

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statement
(or, if applicable, one or more CREFC® Reports that contain(s) the information set forth in clauses (i)
and (ii) below of this Section 3.10(f)) describing (i) the amount of all payments on account of interest
received on the Mortgage Loan, the amount of all payments on account of principal received on the Mortgage Loan, the amount of
Insurance Proceeds, Condemnation Proceeds and Net Liquidation Proceeds received, the amount of any Foreclosure Proceeds received
with respect to the Property, and the amount of net income or net loss, as determined from management of a trade or business on,
the furnishing or rendering of a non-customary service to the tenants of, or the receipt of any rental income that does not constitute
rents from real property with respect to, the Foreclosed Property, in each case in accordance with Section 3.15 and
(ii) such additional information relating to the Mortgage Loan as the Servicer, the Certificate Administrator or the Trustee
reasonably requests to enable it to perform its duties under this Agreement.

 

(g)               
Notwithstanding the provisions of the preceding subsection (c), the Servicer shall maintain ongoing payment records
with respect to the Mortgage Loan and shall provide the Special Servicer with any information reasonably required by the Special
Servicer to perform its duties under this Agreement. Such records shall be maintained on both a whole loan basis and a note by
note basis.

 

(h)               
Within 60 days after a Special Servicing Loan Event occurs, the Special Servicer shall prepare a report (the “Asset
Status Report”) for the Mortgage Loan and deliver such report (in a format reasonably acceptable to the recipients and
the Special Servicer) to any applicable Consenting Party and Consulting Party, the Servicer and any Companion Loan Holder(s) and,
in the case of a Final Asset Status Report, to the Operating Advisor (even if the Operating Advisor is not a Consulting Party),
the Certificate Administrator and the 17g-5 Information Provider (who shall promptly post it to the 17g-5 Information Provider’s
Website pursuant to Section 8.14(b)). 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 Controlling Class Representative 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. Such Asset Status Report shall set
forth the following information to the extent reasonably determinable:

 

      (i)               
summary of the status of the Mortgage Loan and any negotiations with the Borrower and any Borrower Related Party;

 

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

 

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

 

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

 

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

 

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

 

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

 

      (viii)           
a description of any actions taken or proposed actions to be taken;

 

      (ix)              
the alternative courses of action considered by the Special Servicer in connection with any actions taken or proposed actions
to be taken;

 

      (x)               
the action 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 action, including its rejection of the alternatives; and an analysis of whether or
not taking such action is reasonably likely to produce a greater recovery on a present value basis than not taking such action,
setting forth (x) the basis on which the Special Servicer made such determination and (y) the net present value calculation
(including the applicable discount rate used) and all related assumptions;

 

      (xi)             
a summary of the status of any action that was described in the most recent prior Asset Status Report and subsequently effected
by the Special Servicer; and

 

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

 

The
Special Servicer shall: (x) deliver to the Certificate Administrator, in an electronic format reasonably acceptable to the
Certificate Administrator and the Special Servicer, a proposed notice to Certificateholders that shall include a summary of any
Final Asset Status Report (which shall be a brief summary of the current status of the Property and strategy with respect to the
resolution and work-out of the Mortgage Loan), and the Certificate Administrator shall post such summary (but not the Asset Status
Report) on the Certificate Administrator’s Website pursuant to Section 8.14(b); and (y) implement the applicable
Final Asset Status Report in the form delivered to the 17g-5 Information Provider pursuant to the first paragraph of this Section 3.10(h).
If the Special Servicer modifies any Final Asset Status Report that it has previously delivered, then, in connection therewith,
the Special Servicer shall (i) deliver such modified Final Asset Status Report (in a format reasonably acceptable to the
recipients and the Special Servicer) to any applicable Consenting Party, any applicable Consulting Party, the Servicer, any Companion
Loan Holder(s), the Operating Advisor (even if it is not a Consulting Party) and the 17g-5 Information Provider (which the 17g-5
Information Provider shall post on the 17g-5 Information Provider’s Website pursuant to Section 8.14(b)), (ii) deliver
a summary of the

 

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modified
Final Asset Status Report to the Certificate Administrator (in an electronic format reasonably acceptable to the Certificate Administrator),
which the Certificate Administrator shall post on the Certificate Administrator’s Website pursuant Section 8.14(b),
and (iii) implement such modified Final Asset Status Report in the form delivered to the 17g-5 Information Provider.

 

If
any applicable Consenting Party (i) affirmatively approves in writing an Asset Status Report or (ii) does not disapprove
an Asset Status Report within ten Business Days after receipt of such Asset Status Report together with all information in the
possession of the Special Servicer that is reasonably necessary for such Consenting Party to make a decision regarding such Asset
Status Report (in which case, under the circumstances set forth in this clause (ii), such Consenting Party shall be deemed
to have approved such Asset Status Report), then the Special Servicer shall take the recommended actions described in such Asset
Status Report. Within ten Business Days after receipt of an Asset Status Report, together with all information reasonably requested
by any applicable Consenting Party in the possession of the Special Servicer that is reasonably necessary to make a decision regarding
the Asset Status Report, such Consenting Party may object to such Asset Status Report.

 

If
any applicable Consenting Party disapproves an Asset Status Report within the above-referenced ten Business Day period, then the
Special Servicer shall revise such Asset Status Report and deliver such revised Asset Status Report as soon as practicable thereafter,
but in no event later than 30 days after such disapproval of the Asset Status Report by such Consenting Party, to (i) any
applicable Consenting Party, (ii) any applicable Consulting Party, (iii) the Servicer, (iv) any Companion Loan Holder(s),
and (iv) solely in the case of a Final Asset Status Report, the Operating Advisor (even if the Operating Advisor is not a
Consulting Party), the Certificate Administrator and the 17g-5 Information Provider (who shall promptly post it to the 17g-5 Information
Provider’s Website pursuant to Section 8.14(b)). If and for so long as there is an applicable Consenting Party,
the Special Servicer shall revise such Asset Status Report as provided in the prior sentence until the earliest of (a) the
delivery by such Consenting Party of an affirmative approval in writing of such revised Asset Status Report, (b) the Special Servicer’s
determination, consistent with Accepted Servicing Practices, that such objection is not in the best interests of the Certificateholders
and (c) the failure of such Consenting Party to disapprove such revised Asset Status Report in writing within ten Business
Days of its receipt thereof; provided that the Special Servicer may take actions with respect to the Property before the
expiration of such ten Business Day period if the Special Servicer reasonably determines that failure to take such action before
the expiration of such ten Business Day period would violate the Accepted Servicing Practices; and provided, further,
that if such Consenting Party has timely disapproved as required hereunder, but has not approved or been deemed to approve any
revised Asset Status Report within 90 days from the submission of the initial Asset Status Report, then the Special Servicer
and such Consenting Party shall use reasonable efforts to negotiate a mutually agreeable Asset Status Report during the next thirty
(30) days, and if they are unable to reach an agreement within such 30-day period, the Special Servicer shall take the action
recommended in its most recently submitted Asset Status Report, provided, that such action does not violate Accepted Servicing
Practices. The Asset Status Report and all modifications thereto shall be prepared in accordance with the Accepted Servicing Practices.

 

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

 

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report
has been prepared, delivered, reviewed and either approved or not rejected as provided above.

 

If
and for so long as there is an applicable Consulting Party, the Special Servicer shall also consult on a non-binding basis with
such Consulting Party in connection with each Asset Status Report prior to finalizing and executing such Asset Status Report and
such Consulting Party shall be permitted to propose alternative courses of action within 10 Business Days of receipt of each
Asset Status Report. The Special Servicer shall consider any such alternative courses of action and any other feedback provided
by any applicable Consulting Party. The Special Servicer may revise the Asset Status Reports as it deems reasonably necessary
in accordance with Accepted Servicing Practices to take into account any input and/or recommendations of the applicable Consulting
Party. The Special Servicer shall deliver to the Operating Advisor each Final Asset Status Report and, if an Operating Advisor
Consultation Trigger Event exists, each other Asset Status Report.

 

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 Accepted Servicing Practices. During any CCR Control Period or
any CCR Consultation Period or during the continuance of an Operating Advisor Consultation Trigger Event, 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 Operating Advisor and, during any CCR Control Period or any CCR Consultation Period, the Controlling Class
Representative of such inconsistent action and provide a reasonably detailed explanation of the reasons therefor.

 

Notwithstanding
anything herein to the contrary: (i) the Special Servicer shall have no right or obligation to consult with or to seek and/or
obtain consent or approval from any Controlling Class Representative prior to acting (and provisions of this Agreement requiring
such consultation, consent or approval shall be of no effect) during the period following any resignation or removal of a Controlling
Class Representative and before a replacement is selected and/or identified; and (ii) no advice, direction, objection or
consultation from or by a Consenting Party or a Consulting Party, as applicable, pursuant to or as contemplated by any provision
of this Agreement, may (and neither the Special Servicer nor the Servicer shall follow any such advice, direction, objection or
consultation that the Special Servicer or the Servicer, as applicable, has determined, in its reasonable, good faith judgment,
would): (A) require or cause the Special Servicer or the Servicer to violate applicable law, the terms of the Mortgage Loan
Documents, the Co-Lender Agreement or any related mezzanine intercreditor agreement or any Section of this Agreement, including
the Special Servicer’s or the Servicer’s obligation to act in accordance with Accepted Servicing Practices, (B) result
in the imposition of federal income tax on the Trust, or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to
qualify as a REMIC, (C) expose the Trust, any Certificateholder, any Companion Loan Holder, the Depositor, the Servicer,
the Special Servicer, the Trustee, the Certificate Administrator, the 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 or Special Servicer’s responsibilities under this Agreement or the scope of the Trustee’s
or Certificate Administrator’s responsibilities under this Agreement.

 

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(i)                 
During the continuance of a Special Servicing Loan Event, the Special Servicer shall have the authority to meet with the Borrower
Related Parties and, subject to the rights of any applicable Consenting Party and any applicable Consulting Party, take any actions
consistent with Section 3.24, Accepted Servicing Practices and the most recent Asset Status Report.

 

(j)                
Upon request of any Certificateholder (or any Beneficial Owner, if applicable), which constitutes a Non-Restricted Privileged
Person and which shall have provided the Certificate Administrator with an Investor Certification in the form of Exhibit K-1,
the Certificate Administrator shall mail or transmit electronically, without charge, to the address specified in such request
a copy of the summary of any Final Asset Status Report. Notwithstanding anything to the contrary in this Agreement, a Certificateholder
(or any Beneficial Owner, if applicable), which shall have provided the Certificate Administrator with an Investor Certification
in the form of Exhibit K-2, shall only be entitled to receive a copy of the most current Distribution Date Statements
and no other reports from the Certificate Administrator’s Website.

 

(k)              
During the continuance of a Special Servicing Loan Event, on the last day of each Collection Period the Special Servicer shall
prepare and deliver to the Servicer the CREFC® Special Servicer Loan File and, to the extent required under the
then current applicable CREFC® guidelines, CREFC® Special Servicer Property File with respect to
the Mortgage Loan.

 

3.11         
Maintenance of Insurance and Errors and Omissions and Fidelity Coverage. (a) The Servicer shall use efforts consistent
with Accepted Servicing Practices to cause the Borrower to maintain (or if the Borrower fail to maintain such insurance, the Servicer
shall cause to be maintained to the extent such insurance is available at commercially reasonable rates and to the extent the
Trustee, as mortgagee, has an insurable interest) insurance with respect to the Property of the types and in the amounts required
to be maintained by the Borrower under the Mortgage Loan Documents. The Servicer shall require such insurance policies to be issued
by insurers satisfying the requirements of the Mortgage Loan Documents. The cost of any such insurance maintained by the Servicer
shall be advanced by the Servicer, as a Property Protection Advance unless it would be a Nonrecoverable Advance. Neither the Servicer
nor the Special Servicer shall be required to maintain, and shall not cause the Borrower to be in default with respect to the
failure of the Borrower to obtain, all-risk casualty insurance which does not contain any carve-out for terrorist or similar acts,
if and only if the Special Servicer (subject to the consent of any applicable Consenting Party) has determined, in accordance
with Accepted Servicing Practices, that (i) such insurance is not required pursuant to the terms of the Mortgage Loan Documents
as in effect on such date, or (ii) the failure to maintain such insurance would constitute an Acceptable Insurance Default.
Neither the Servicer nor the Special Servicer shall be required to obtain terrorism insurance pursuant to this Agreement to the
extent the Borrower would not be obligated to maintain terrorism insurance under the Mortgage Loan Documents as in effect on the
date thereof, and, accordingly, prior to the Property becoming a Foreclosed Property, neither the Servicer nor the Special Servicer
shall spend more for terrorism insurance premiums than the Borrower shall be obligated to spend. Notwithstanding anything in this
Agreement, neither the Servicer nor the Special Servicer shall be required to maintain or cause to be maintained any insurance
if such insurance would require a Property Protection Advance that would be a Nonrecoverable Advance (provided, that nothing
shall prohibit the Servicer or the Special

 

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Servicer,
as applicable, from maintaining such insurance if the costs of doing so are paid as an expense of the Trust).

 

(b)              
The Special Servicer, consistent with Accepted Servicing Practices and the Mortgage Loan Documents, shall cause to be maintained
such insurance (including environmental insurance) with respect to each Foreclosed Property as the Borrower is required to maintain
with respect to the Property referred to in subsection (a) of this Section 3.11. The cost of any such insurance
with respect to a Foreclosed Property shall be payable out of amounts on deposit in the Foreclosed Property Account or shall be
advanced by the Servicer as a Property Protection Advance unless such advance would be a Nonrecoverable Advance (in which case
the Servicer shall pay such amount from the Collection Account as an expense of the Trust). Any such insurance (other than terrorism
insurance, which shall be maintained to the extent required under subsection (a) of this Section 3.11)
that is required to be maintained with respect to any Foreclosed Property shall only be so required to the extent such insurance
is available at commercially reasonable rates and the Trustee, as prior mortgagee, or other applicable party on behalf of the
Trust and the Companion Loan Holder(s) has an insurable interest. If the Special Servicer requests the Servicer to make a Property
Protection Advance in respect of the premiums due in respect of such insurance, the Servicer shall, as soon as practicable after
receipt of such request, make such Property Protection Advance unless such Advance would be a Nonrecoverable Advance, and if the
Servicer does not make such Advance, the Trustee (within five (5) Business Days of its receipt of notice of the Servicer’s
failure to make such Advance) shall make an Advance of the premiums to maintain such insurance, provided that, in each
such case, such obligations shall be subject to the provisions of this Agreement concerning Nonrecoverable Advances, the Trustee
as mortgagee having an insurable interest and the availability of such insurance at commercially reasonable rates.

 

(c)               
The Servicer or the Special Servicer, as applicable, may satisfy its obligations to cause insurance policies to be maintained
by maintaining a master force placed or blanket insurance policy insuring against losses on the Property or Foreclosed Property,
as the case may be, for which coverage is otherwise required to be maintained as set forth in the preceding subsections of this
Section 3.11. The incremental cost of such insurance allocable to the Property or Foreclosed Property, if not borne
by the Borrower, shall be paid by the Servicer as a Property Protection Advance unless it would be a Nonrecoverable Advance (in
which case it shall be paid from the Collection Account as an expense of the Trust). If such master force placed or blanket insurance
policy contains a deductible clause, the Servicer or the Special Servicer, as applicable, shall be obligated to deposit in the
Collection Account out of its own funds all sums that would have been deposited therein but for such clause to the extent any
such deductible exceeds the deductible limitation that pertained to the Mortgage Loan, or in the absence of any such deductible
limitation, the deductible limitation that is consistent with Accepted Servicing Practices.

 

(d)              
Each of the Servicer and the Special Servicer shall obtain and maintain at its own expense, and keep in full force and effect
throughout the term of this Agreement, a blanket fidelity bond and an errors and omissions insurance policy (from (i) any
insurer that has a claims-paying ability rated at least as follows by at least one of the following credit rating agencies: “A-”
by Fitch, “A-” by S&P, “A3” by Moody’s, “A-” by KBRA, “A(low)” by DBRS
Morningstar or “A-:X” by A.M. Best Company, Inc., or (ii) any other insurance company which does not result in
the downgrade, qualification (if applicable) or withdrawal of the ratings then assigned by any of

 

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the
Rating Agencies to any Class of Certificates, as evidenced by Rating Agency Confirmation provided to each of the Trustee and the
Certificate Administrator) covering the officers and employees of the Servicer or the Special Servicer, as applicable, in connection
with its activities under this Agreement. Each such insurance policy shall protect the Servicer or the Special Servicer, as applicable,
against losses resulting directly from forgery, theft, embezzlement, fraud, errors and omissions of such covered persons. Coverage
of the Servicer or the Special Servicer under a policy or bond obtained by an Affiliate thereof and providing the coverage required
by this Section 3.11(d) shall satisfy the requirements of this Section 3.11(d). The amount of coverage shall
be at least equal to the coverage that is required by applicable governmental authorities having regulatory power over the Servicer
and the Special Servicer. If no such coverage amounts are imposed by such regulatory authorities, the amount of coverage shall
be at least equal to the coverage that would be required by FNMA or FHLMC with respect to the Servicer and the Special Servicer
if each were servicing and administering the Mortgage Loan for FNMA or FHLMC or as otherwise approved by FNMA or FHLMC. In the
event that any such bond or policy ceases to be in effect, the Servicer or the Special Servicer, as applicable, shall obtain a
comparable replacement bond or policy.

 

Both
the Servicer and Special Servicer shall be required to use reasonable efforts to cause each and every sub-servicer, if any, to
maintain a blanket fidelity bond and an errors and omissions insurance policy meeting the requirements set forth above in this
Section3.11(d). In the event that any such bond or policy ceases to be in effect, the Servicer or the Special Servicer,
as applicable, shall be required to obtain a comparable replacement bond or policy.

 

In
lieu of the foregoing, but subject to this Section 3.11(d), the Servicer and Special Servicer shall be entitled to self-insure
directly or through its parent with respect to such risks so long as the rating on its (or its immediate or remote parent’s)
long-term unsecured debt or deposit accounts is at least “A3” by Moody’s and “A(low)” by DBRS Morningstar
or, if not then rated by a particular Rating Agency, either (x) rated no lower than an equivalent rating by at least two
other NRSROs (which may include the other Rating Agency, S&P and/or Fitch) or (y) rated no lower than “A:VIII”
by A.M. Best Company, Inc.

 

(e)               
No provision of this Section 3.11 requiring such fidelity bond and errors and omissions insurance shall diminish or
relieve the Servicer or the Special Servicer from its duties and obligations as set forth in this Agreement. The Certificate Administrator
on the Trustee’s behalf shall be entitled to request, upon receipt of a written request from any Certificateholder, and
the Servicer and the Special Servicer shall each deliver or cause to be delivered to the Certificate Administrator on the Trustee’s
behalf, a certificate of insurance from the surety and insurer certifying that such insurance is in full force and effect. The
Certificate Administrator shall make any such certificate of insurance available to the requesting Certificateholder on a confidential
basis.

 

(f)                
The Operating Advisor shall obtain and maintain at its own expense and keep in full force and effect throughout the term of this
Agreement an “errors and omissions” insurance policy (from (i) any insurer whose claims-paying ability is rated at
least as follows by at least one of the following credit rating agencies: “A” by Fitch, “A-” by S&P,
“A3” by Moody’s, “A(low)” by DBRS Morningstar or “A-:X” by A.M. Best Company, Inc.,
or (ii) any other insurance company which does not result in the downgrade, qualification (if applicable) or

 

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withdrawal
of the ratings then assigned by any of the Rating Agencies to any Class of Certificates, as evidenced by Rating Agency Confirmation
provided to each of the Trustee and the Certificate Administrator) covering losses that may be sustained as a result of an officer’s
or employee’s errors or omissions.

 

3.12         
Procedures with Respect to Defaulted Mortgage Loan; Realization upon the Property.         
(a) Upon a Mortgage Loan Event of Default, the Special Servicer on behalf of the Trust and the Companion Loan Holder(s) (subject
to the consent rights of any applicable Consenting Party and the consultation rights of any applicable Consulting Party), subject
to the terms of the Mortgage Loan Documents and consistent with Accepted Servicing Practices, shall promptly pursue the remedies
set forth in the Mortgage Loan Documents, including foreclosure or otherwise realization on the Property and the other collateral
for the Mortgage Loan. In connection with any foreclosure, enforcement of the applicable Mortgage Loan Documents or other realization
on the collateral for the Mortgage Loan, the Special Servicer shall direct the Servicer to, and the Servicer shall, pay the costs
and expenses in any such proceedings as a Property Protection Advance unless the Servicer or the Special Servicer determines,
in accordance with Accepted Servicing Practices, that such Advance would constitute a Nonrecoverable Advance. If such Advance
is determined to constitute a Nonrecoverable Advance, then such expenses shall be paid from the Collection Account as an expense
of the Trust if consistent with Accepted Servicing Practices.

 

(b)              
Such proposed acceleration of the Mortgage Loan and/or foreclosure on the Property shall be taken unless the Special Servicer
waives such Mortgage Loan Event of Default (or modifies or amends the Mortgage Loan to cure the Mortgage Loan Event of Default),
which the Special Servicer may do if such modification, waiver or amendment is consistent with Accepted Servicing Practices and
does not cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the REMIC Provisions or
constitute a “significant modification” of the Mortgage Loan under Treasury Regulations Section 1.860G-2(b).

 

(c)               
In connection with such foreclosure as described in Section 3.12(a) or other realization on the Property, the Special Servicer
shall follow Accepted Servicing Practices; provided, however, that the Special Servicer shall not be permitted to
direct the Servicer, and neither the Special Servicer nor the Servicer shall be required, to expend its own funds to restore the
Property damaged by an Uninsured Cause unless the Servicer or the Special Servicer, as applicable, permitted the related insurance
policy to lapse in violation of its respective obligations hereunder. If the Servicer does expend its own funds to restore the
Property damaged by an Uninsured Cause (which insurance policy did not lapse in violation of the Servicer’s obligations),
such expense shall be a Property Protection Advance. In connection with any foreclosure, enforcement of the Mortgage Loan Documents
or other realization on the Collateral, the Special Servicer shall direct the Servicer to, and the Servicer shall, pay the costs
and expenses in any such proceedings as a Property Protection Advance unless the Servicer or the Special Servicer determines,
in accordance with Accepted Servicing Practices, that such Advance would constitute a Nonrecoverable Advance. If such Advance
is determined to constitute a Nonrecoverable Advance, then such expenses shall be paid as an expense of the Trust from the Collection
Account if consistent with Accepted Servicing Practices.

 

(d)              
Notwithstanding the foregoing, the Special Servicer may not foreclose on the Property on behalf of the Trust and the Companion
Loan Holder(s) and thereby cause the Trust

 

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to
be the beneficial owner of the Property, or take any other action with respect to the Property that would cause the Trust or the
Certificate Administrator or the Trustee, on behalf of the Trust, or any Companion Loan Holder to be considered to hold title
to, to be a “mortgagee-in-possession” of, or to be an “owner” or “operator” of the Property
within the meaning of CERCLA or any comparable law, unless the Special Servicer has previously determined, based on a report prepared
at the expense of the Trust by an independent person who regularly conducts site assessments for purchasers of comparable properties,
that (i) the Property is in compliance with applicable Environmental Laws or that taking the remedial actions necessary to
comply with such laws is reasonably likely to produce a greater recovery on a present value basis than not taking such actions
and (ii) there are no circumstances known to the Special Servicer relating to the use of hazardous substances or petroleum-based
materials which require investigation or remediation, or that if such circumstances exist taking such remedial actions is reasonably
likely to produce a greater recovery on a net present value basis than not taking such actions. The Special Servicer shall deliver
a copy of any such report to the 17g-5 Information Provider in electronic format and the 17g-5 Information Provider shall make
such report available to the Rating Agencies and NRSROs pursuant to Section 8.14(b).

 

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 and the Companion Loan Holder(s) (as a collective whole, as if the Trust and the
Companion Loan Holder(s) constituted a single lender) (as determined in accordance with Accepted Servicing Practices) to institute
a foreclosure or take any other actions described in the immediately preceding paragraph, then subject to the rights of
any related mezzanine lender, if applicable, and subject to the rights of (i) any applicable Consenting Party to consent
to, and (ii) any applicable Consulting Party to consult in respect of, such action pursuant to the terms hereof, the Special
Servicer shall take such proposed action.

 

The
Special Servicer shall direct the Servicer to, and the Servicer shall, advance the cost of any such compliance, containment, clean
up or remediation as a Property Protection Advance unless the Servicer or the Special Servicer determines that such Advance would
constitute a Nonrecoverable Advance. If such Advance is determined to constitute a Nonrecoverable Advance, then such expenses
shall be paid from the Collection Account as an expense of the Trust if consistent with Accepted Servicing Practices.

 

(e)               
The environmental site assessments contemplated by Section 3.12(d) shall be prepared by any Independent Person who
regularly conducts environmental site assessments for purchasers of comparable properties, as determined by the Servicer in a
manner consistent with Accepted Servicing Practices. The cost of each such environmental site assessment shall qualify as a Property
Protection Advance and shall be advanced by the Servicer unless the Servicer or the Special Servicer determines that such Advance
would constitute a Nonrecoverable Advance.

 

(f)                
Notwithstanding any provision herein to the contrary, the Special Servicer shall not acquire and hold for the benefit of the Trust
any personal property (including any Collateral consisting of franchise agreements, intellectual property or equity interests
in any entity or other non-real property Collateral) pursuant to this Section 3.12 unless:

 

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      (i)               
such personal property is incidental to real property (within the meaning of Section 856(e)(1) of the Code) so acquired by
the Special Servicer; or

 

      (ii)              
the Special Servicer shall have obtained an Opinion of Counsel (the cost of which shall be paid by the Servicer as a Property
Protection Advance) to the effect that the holding of such personal property by the Trust Fund will not cause the imposition of
a tax on the Upper-Tier REMIC or the Lower-Tier REMIC under the REMIC Provisions or cause the Upper-Tier REMIC or the Lower-Tier
REMIC to fail to qualify as a REMIC at any time that any Uncertificated Lower-Tier Interest or Certificate is outstanding.

 

(g)               
Notwithstanding any acquisition of title to the Property following a Mortgage Loan Event of Default and cancellation of the Mortgage
Loan, the Mortgage Loan shall be an REO Mortgage Loan and shall be deemed to remain outstanding and held in the Trust for purposes
of all calculations hereunder, including the application of collections, and shall be reduced only by collections net of expenses.
For purposes of all calculations hereunder, so long as the Mortgage Loan shall be deemed to remain outstanding, (i) it shall
be assumed that the unpaid principal balance of the Mortgage Loan immediately after any discharge is equal to the unpaid principal
balance of the Mortgage Loan immediately prior to such discharge and (ii) Foreclosure Proceeds shall be applied as provided
in Section Error! Reference source not found.(b).

 

(h)               
The Special Servicer shall notify the Servicer if the Property (including any Foreclosed 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 any item in the Trust Fund which 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
1099A and 1099C, all forgiveness of indebtedness and foreclosure and abandonments to the extent such information has been provided
to the Servicer by the Special Servicer. The Special Servicer shall deliver to the Servicer its standard Form 1099 Template Workbook
(as defined in the CREFC 1099 Best Practices publication) for all such items in the Trust Fund on or before January 20 of each
calendar year or, if such date is not a Business Day, on the preceding Business Day. Upon request, the Servicer shall deliver
a copy of any such report to the Trustee and the Certificate Administrator.

 

3.13         
Certificate Administrator to Cooperate; Release of Items in Mortgage Loan File. From time to time and as appropriate for
the servicing of the Mortgage Loan or foreclosure of or realization on the Property, the Certificate Administrator shall, upon
request of the Servicer or the Special Servicer and delivery to the Certificate Administrator of a request for release in the
form of Exhibit B hereto, release or cause its Custodian to release any items from the Mortgage Loan File to the Servicer
or the Special Servicer, as the case may be, within the lesser of (i) seven (7) calendar days and (ii) five (5) Business
Days of its receipt of the related request for release, and the Trustee shall execute such documents furnished to it as shall
be necessary to the prosecution of any such proceedings. Such receipt for release shall obligate the Servicer or the Special Servicer
to (and the Servicer or the Special Servicer, as applicable, shall) return such items to the Certificate Administrator (or a Custodian
on its behalf) when the need therefor by the Servicer or the Special Servicer no longer exists. The Certificate Administrator
shall not have any responsibility or duty with respect to any item in the Mortgage Loan File while not in its (or its Custodian’s)
physical possession (provided that such item in the Mortgage Loan File was properly

 

 

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released
in accordance with this Agreement), it being understood and agreed that possession by the Certificate Administrator of any Collateral
Security Documents shall not be imputed to the Certificate Administrator at any time such Collateral Security Documents have been
properly released pursuant to the terms hereof.

 

3.14         
Title and Management of Foreclosed Property. (a) In the event that title to the Property is acquired for the benefit of
the Certificateholders and the Companion Loan Holder(s) in foreclosure or by deed in lieu of foreclosure or otherwise, the deed,
certificate of sale or other comparable document shall be taken in the name of the Trustee, as trustee for the benefit of the
Holders of Citigroup Commercial Mortgage Trust 2020-420K, or its nominee (which shall not include the Special Servicer), on behalf
of the Trust and the Companion Loan Holder(s) or as otherwise contemplated pursuant to Section 8.10. Title may be
taken in the name of a limited liability company wholly-owned by the Trust and which is managed by the Special Servicer (the costs
of which shall be advanced by the Servicer, provided that such Advance would not be a Nonrecoverable Advance or from the
Collection Account if such Advance is a Nonrecoverable Advance). Promptly after such acquisition of title, the Special Servicer
shall consult with counsel to determine when an Acquisition Date shall be deemed to occur under the REMIC Provisions with respect
to the Property, the expense of such consultation being treated as a reimbursable expense of the Special Servicer related to the
foreclosure. The Special Servicer, on behalf of the Trust and the Companion Loan Holder(s), shall dispose of any Foreclosed Property
held by the Trust as expeditiously as appropriate in accordance with Accepted Servicing Practices, but in any event within the
time period, and subject to the conditions, set forth in Sections 3.15 and Section 12.2. Subject to Sections
12.2 and Section 3.14(d), the Special Servicer shall hire on behalf of the Trust and the Companion Loan Holder(s)
a Successor Manager to manage, conserve, protect and operate such Foreclosed Property for the Certificateholders and the Companion
Loan Holder(s) solely for the purpose of its prompt disposition and sale. In connection with such management and subject to Section 3.4(c)(vi),
the Successor Manager shall be entitled to the REO Management Fee solely from the Foreclosed Property Account or the Collection
Account pursuant to Section 3.4(c)(vi).

 

(b)              
The Special Servicer shall segregate and hold all funds collected and received in connection with the operation of any Foreclosed
Property separate and apart from its own funds and general assets and shall establish and maintain with respect to each Foreclosed
Property a Foreclosed Property Account in the name of the Special Servicer on behalf of the Trustee or in the name of a limited
liability company wholly owned by the Trust that is managed by the Special Servicer for the benefit of the Trust, pursuant to
Section 3.6.

 

(c)               
The Special Servicer shall have full power and authority, subject to Accepted Servicing Practices, the REMIC Provisions and the
specific requirements and prohibitions of this Agreement, to do any and all things in connection with the management and operation
of any Foreclosed Property for the benefit of the Trust and the Companion Loan Holder(s) (as a collective whole as if the Trust
and the Companion Loan Holder(s) constituted a single lender) in accordance with Accepted Servicing Practices, all on such terms
and for such period as the Special Servicer deems to be consistent with Accepted Servicing Practices. The Special Servicer shall
(i) cause, in accordance with Accepted Servicing Practices any Foreclosed Property to be administered so that it constitutes
“foreclosure property” within the meaning of the REMIC Provisions at all times, and (ii) cause, in accordance
with Accepted Servicing Practices,

 

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any
income from the operation or the sale of any Foreclosed Property to not result in the receipt by the Trust of any income from
non-permitted assets as described in Code Section 860F(a)(2)(B).

 

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

 

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

 

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

 

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

 

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

 

(d)             
The Special Servicer, on behalf of the Trust, shall (subject to Section  3.14(a)) contract with any Successor Manager
for the operation and management of any such Foreclosed Property; provided that no such contract shall impose individual liability
on the Trustee or the Trust; provided, further, that:

 

      (i)               
the terms and conditions of any such contract shall not be inconsistent herewith;

 

      (ii)              
any such contract shall require, or shall be administered to require, that the Successor Manager (A) request that the Special
Servicer pay from the Foreclosed Property Account all costs and expenses incurred in connection with the operation and management
of any such Foreclosed Property, and (B) remit all related revenues (net of such costs and expenses) to the Special Servicer,
as soon as practicable but in no event later than the Business Day immediately following receipt, for deposit into the Foreclosed
Property Account; and

 

      (iii)             
none of the provisions of this Section 3.14 relating to any such contract or to actions taken through any such Successor
Manager shall be deemed to relieve the Special Servicer of any of its ordinary and regularly recurring duties and obligations
to the Trust

 

 

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on
behalf of the Certificateholders and the Companion Loan Holder(s) with respect to the operation and management of any such Foreclosed
Property.

 

The
Special Servicer shall be entitled, and to the extent required by the REMIC Provisions, shall be required to enter into an agreement
with any Independent Contractor performing services for it related to its duties and obligations hereunder for indemnification
of the Special Servicer by such Independent Contractor, and nothing in this Agreement shall be deemed to limit or modify such
indemnification. All REO Management Fees shall be an expense of the Trust payable from the Foreclosed Property Account or subject
to reimbursement pursuant to Section 3.4(c)(vi). The Special Servicer agrees to monitor the performance of the Successor
Manager and to enforce the obligations of the Successor Manager on behalf of the Trust and the Companion Loan Holder(s). Expenses
incurred by the Special Servicer in connection herewith shall qualify as Property Protection Advances.

 

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

 

3.15         
Sale of Foreclosed Property. (a) In the event that title to the Property or other collateral securing the Mortgage Loan
is acquired by the Special Servicer in the name of the Trustee or its nominee for the benefit of the Trust for the benefit of
the Certificateholders and the Companion Loan Holder(s) in foreclosure or by deed-in-lieu of foreclosure or otherwise, the deed,
certificate of sale or other comparable document shall be taken in the name of the Trustee, or its nominee (which shall not include
the Special Servicer), on behalf of the Trust and the Companion Loan Holder(s) or as otherwise contemplated pursuant to Section 8.10.
The Special Servicer shall be empowered, subject to the Code and the specific requirements and prohibitions of this Agreement,
to do any and all things in connection with the management and operations of any Foreclosed Property in accordance with Accepted
Servicing Practices and in the best interest of the Certificateholders and the Companion Loan Holder(s), as a collective whole
as if such Certificateholders and the Companion Loan Holder(s) constituted a single lender. The Special Servicer, on behalf of
the Trust and the Companion Loan Holder(s), shall sell any Foreclosed Property as expeditiously as appropriate in accordance with
Accepted Servicing Practices, but in no event later than the time period set forth in Section 12.2 hereof in a manner
provided under this Section 3.15.

 

(b)              
[Reserved.]

 

(c)               
Subject to the consent rights of any applicable Consenting Party and the consultation rights of any applicable Consulting Party,
the Special Servicer shall accept the highest cash offer for a Foreclosed Property received from any person. However, in no event
may such

 

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offer
be less than an amount at least equal to the portion of the Repurchase Price (calculated based on the Mortgage Loan instead of
the Trust Loan) attributable to such Foreclosed Property. In the absence of any such offer, the Special Servicer shall accept
the highest cash offer (other than from an Interested Person) that it determines is a fair price based on Appraisals obtained
within the last nine (9) months. If the highest offeror is an Interested Person or any Certificateholder, then the Trustee shall
determine the fairness of the highest offer based upon an independent appraisal obtained at the expense of the Trust; provided,
that if the Trustee is required to determine whether a cash offer by an Interested Person or any Certificateholder constitutes
a fair price, the Trustee may designate an independent third party expert in real estate or commercial mortgage loan matters with
at least five (5) years’ experience in valuation of or investment in properties similar to the Foreclosed Property,
which such expert shall be selected with reasonable care by the Trustee for the sole purpose of determining whether any such cash
offer constitutes a fair price for the Foreclosed Property; provided, further, that if the Trustee so designates
any such third party to make such determination, the Trustee shall be entitled to rely conclusively upon such third party’s
determination and the reasonable costs of all Appraisals, inspection reports and broker opinions of value incurred by the Trustee
in making such determination shall be reimbursable to it first, by the Servicer as an Advance, subject to the Servicer’s
or the Special Servicer’s determination that such amounts are not Nonrecoverable Advances, and then from the Collection
Account as an expense of the Trust. Notwithstanding the foregoing and subject to any applicable consent rights of any applicable
Consenting Party and any consultation rights of any applicable Consulting Party, the Special Servicer shall not be obligated to
accept the higher cash offer if the Special Servicer determines, in accordance with Accepted Servicing Practices, that rejection
of such offer would be in the best interests of the Certificateholders and the Companion Loan Holder(s) (as a collective whole,
as if such Certificateholders and the Companion Loan Holder(s) 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 accordance with Accepted Servicing
Practices, that acceptance of such offer would be in the best interests of the Certificateholders and the Companion Loan Holder(s)
(as a collective whole, as if such Certificateholders and Companion Loan Holder(s) constituted a single lender).

 

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

 

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

 

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(f)       Within
30 days of the sale of a Foreclosed Property, the Special Servicer shall provide (if not previously included in a CREFC®
Report by the Servicer or the Special Servicer) to the Servicer who shall provide (to the extent received from the Special
Servicer) to the Companion Loan Holder(s), the Trustee and the Certificate Administrator a statement of accounting (or, if applicable,
one or more CREFC® Reports that contain(s) the information set forth in clauses (i) to (v) below
of this Section 3.15(f)) for the Foreclosed Property, including, without limitation, (i) the date the Foreclosed Property
was acquired in foreclosure or by deed in lieu of foreclosure or otherwise, (ii) the date of disposition of such Foreclosed Property,
(iii) the gross sale price and related selling and other expenses, (iv) accrued interest with respect to the outstanding principal
balance of the Mortgage Loan, calculated from the date of acquisition to the disposition date, and (v) such other information
as the Companion Loan Holder(s), the Trustee or the Certificate Administrator may reasonably request.

 

(g)       The
Servicer shall prepare and file on a timely basis the reports of foreclosures and abandonments of the Property required by Section
6050J of the Code and the reports of discharges of indebtedness income in respect of the Mortgage Loan required by Section 6050P
of the Code.

 

3.16       Sale
of the Mortgage Loan.

 

(a)       (i)
Within 60 days after the occurrence of a Special Servicing Loan Event, the Special Servicer shall use reasonable efforts to order
(but shall not be required to be received within that 60-day period) an Appraisal for the Property. The Servicer shall promptly
notify in writing the Special Servicer, the Trustee, the Certificate Administrator, the Companion Loan Holder(s), any applicable
Consenting Party and any applicable Consulting Party of the occurrence of such Special Servicing Loan Event, and the Special Servicer
shall, within the time period specified in any related mezzanine intercreditor agreement, but in any event no later than five
Business Days after receipt of such notice, notify any related mezzanine lender of the occurrence of such Special Servicing Loan
Event, which notice may result in the trigger of such mezzanine lender’s purchase option rights under the related mezzanine
intercreditor agreement. Upon receipt by the Special Servicer of the notice described in the preceding sentence, subject to the
right of any related mezzanine lender to purchase the Mortgage Loan pursuant to the related mezzanine intercreditor agreement,
if any, and provided that the Mortgage Loan is a Defaulted Mortgage Loan, the Special Servicer may offer to sell to any Person
the Mortgage Loan or the Special Servicer (or an affiliate thereof) may offer to purchase the Mortgage Loan, if and when the Special
Servicer determines, consistent with Accepted Servicing Practices, that no satisfactory arrangements can be made for collection
of delinquent payments thereon and such a sale would be in the best economic interests of the Trust and the Companion Loan Holder(s)
(as a collective whole, as if the Trust and the Companion Loan Holder(s) constituted a single lender) on a net present value basis.
The Special Servicer shall provide the Companion Loan Holder(s), the Trustee, the Certificate Administrator, any applicable Consenting
Party and any applicable Consulting Party not less than five (5) Business Days prior written notice of its intention to sell the
Mortgage Loan, in which case the Special Servicer is required to accept the highest cash offer received from any Person (other
than any Interested Person) for the Mortgage Loan in an amount at least equal to the Repurchase Price or, if it has received no
offer at least equal to the Repurchase Price, the Special Servicer may, at its option, purchase the Mortgage Loan at such Repurchase
Price. Any Appraisal obtained pursuant to this Section 3.16 will be delivered by the Special

 

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Servicer
to the Certificate Administrator in electronic format, and the Certificate Administrator shall make such Appraisal available to
Non-Restricted Privileged Persons pursuant to Section 8.14(b) and shall forward a copy thereof to the Trustee. The Companion
Loan(s) shall be sold together with the Trust Loan, subject to this Section 3.16 and any additional requirements set forth
in the Co-Lender Agreement.

 

(ii)       In
the absence of any offer at least equal to the Repurchase Price (calculated based on the Mortgage Loan instead of the Trust Loan)
(or purchase by the Special Servicer for the Repurchase Price (calculated based on the Mortgage Loan instead of the Trust Loan)),
and provided that the Mortgage Loan is in default, the Special Servicer shall accept the highest cash offer received from any
Person that is determined by the Special Servicer to be a fair price for the Mortgage Loan, if the highest offeror is a person
other than the Depositor, the Servicer, the Certificate Administrator, the Special Servicer (or any of its affiliates), the Operating
Advisor, a holder of 50% or more of the Controlling Class, the Controlling Class Representative (or any of its Affiliates), any
Borrower Restricted Party, any Property Manager, any independent contractor engaged by the Special Servicer, a holder of any related
mezzanine loan, any Other Depositor, the master servicer, the special servicer (or any independent contractor engaged by the special
servicer) or the trustee for an Other Securitization Trust, any Companion Loan Holder or representative thereof (except to the
extent described below) or any known affiliate of any of them (any such person, an “Interested Person”). The
Trustee (based upon, among other things, the Appraisals ordered pursuant to the preceding paragraph (the cost of which
shall be paid by the Servicer as a Property Protection Advance) and copied or otherwise delivered to the Trustee) shall determine
if the highest cash offer is a fair price if the highest offeror is an Interested Person, and such determination shall be binding
upon all parties. Notwithstanding anything contained herein to the contrary, if the Trustee is required to determine whether a
cash offer by an Interested Person constitutes a fair price, the Trustee may (at its option and at the expense of the Trust) designate
an independent third party expert in real estate or commercial mortgage loan matters with at least five (5) years’ experience
in valuing or investing in loans similar to the Mortgage Loan, that has been selected with reasonable care by the Trustee to determine
if such cash offer constitutes a fair price for the Mortgage Loan. If the Trustee designates such a third party to make such determination,
the Trustee shall be entitled to rely conclusively upon such third party’s determination. The reasonable costs of all appraisals,
inspection reports and broker opinions of value incurred by any such third party pursuant to this paragraph and all reasonable
costs and fees of the Trustee in making such determination shall be reimbursable to it first, by the Servicer as an Advance, subject
to the Servicer’s or the Special Servicer’s determination that such amounts are not Nonrecoverable Advances, and then
from the Collection Account as an expense of the Trust. Neither the Trustee, in its individual capacity, nor any of its Affiliates
may make an offer for or purchase the Mortgage Loan.

 

(iii)       The
Special Servicer shall not be obligated to accept the highest offer if the Special Servicer determines, in accordance with Accepted
Servicing Practices, that the rejection of such offer would be in the best interests of the Certificateholders and the Companion
Loan Holder(s) (as a collective whole as if such Certificateholders and Companion Loan Holder(s) constituted a single lender).
In addition, the Special Servicer

 

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may
accept a lower offer if it determines, in accordance with Accepted Servicing Practices, that the acceptance of such offer would
be in the best interests of the Certificateholders and the Companion Loan Holder(s) (as a collective whole as if such Certificateholders
and the Companion Loan Holder(s) 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),
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 consistent with Accepted Servicing Practices to sell the Mortgage Loan prior to the Rated Final Distribution
Date.

 

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

 

(b)
       Any sale of the Trust Loan shall be subject to (A) any applicable consent and/or consultation
rights of any applicable Consenting Party and any applicable Consulting Party set forth in Section 9.3 and (B) any applicable
consultation rights of the Operating Advisor set forth in Sections 9.3 and 9.5(f).

 

(c)
       The right of the Special Servicer to purchase or sell the Mortgage Loan after the occurrence
of a Special Servicing Loan Event shall terminate, and shall not be exercisable as set forth in clause (a) above (or if
exercised but the purchase of the Mortgage Loan has not yet occurred, the Special Servicer’s right shall terminate and such
exercise shall be of no further force or effect) if (1) the Mortgage Loan is no longer delinquent because: (i) the Special Servicing
Loan Event has ceased pursuant to the terms of this Agreement, (ii) the Mortgage Loan has become subject to a fully executed agreement
reflecting the terms of the work-out arrangement or (iii) the Mortgage Loan has otherwise been resolved (including by a full or
discounted pay-off) or (2) any related mezzanine lender has exercised its purchase option set forth in the related mezzanine intercreditor
agreement.

 

(d)
       Any sale of the Mortgage Loan shall be for cash only.

 

(e)
       Notwithstanding anything to the contrary herein, the Special Servicer shall not sell
the Mortgage Loan pursuant to Section 3.16(a) without the written consent of each Companion Loan Holder as and to the extent
required under the Co-Lender Agreement. The Controlling Class Representative and each Companion Loan Holder (or its representative)
will be permitted to make offers to purchase, and either such party is permitted to be the purchaser at any sale of, the Mortgage
Loan, unless such person is the Borrower or an agent or an affiliate of the Borrower.

 

3.17       Servicing
Compensation. (a) The Servicer shall be entitled to receive the Servicing Fee with respect to the Trust Loan, the Companion
Loan(s) and any REO Trust Loan and REO Companion Loan(s) payable monthly from the Collection Account or otherwise in accordance
with and subject to Section 3.4(c). The Servicer shall be entitled to retain as compensation any late payment charges (to
the extent remaining after application pursuant to

 

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Section
3.17(b)) and certain other customary charges and fees to the extent described below, as well as reimbursement for all other
costs or expenses incurred by it in performing its duties hereunder other than: (i) fees of any sub-servicer and the expenses
of any sub-servicer that would not be reimbursable to the Servicer if such expenses were incurred by the Servicer; (ii) the cost
of any fidelity bond or errors and omissions policy required by Section 3.11(d); (iii) overhead expenses of the Servicer
including but not limited to those which may properly be allocable under the Servicer’s accounting system or otherwise to
the Servicer’s activities under this Agreement or the income derived by it hereunder including the costs to the Servicer
associated with employees of the Servicer performing services in connection with the obligations of the Servicer hereunder; and
(iv) costs and expenses arising from the negligence, bad faith or willful misconduct of the Servicer (the “Servicer Customary
Expenses”). So long as no Special Servicing Loan Event has occurred and is continuing, the Servicer shall also be entitled
to retain as Additional Servicing Compensation, to the extent actually paid by the Borrower for such purpose, any late payment
fees (including any late payment fees collected after the occurrence of a Special Servicing Loan Event but accrued prior to such
Special Servicing Loan Event) (to the extent remaining after application pursuant to Section 3.17(b)), Default Interest
accrued prior to a Special Servicing Loan Event (to the extent remaining after application pursuant to Section 3.17(b)),
assumption fees, assumption application fees, release fees, Modification Fees, insufficient fund fees, Consent Fees, defeasance
fees, loan service transaction fees and similar fees and expenses to the extent, with respect to any such amounts, collected and
allocated to such amounts as permitted by (or not otherwise prohibited by) the terms of the Mortgage Loan Documents and this Agreement;
provided, that, in the absence of a Special Servicing Loan Event, if consent of the Special Servicer is required,
the Servicer and Special Servicer shall share the related fees, including assumption fees (but not including assumption application
fees), release fees, Modification Fees and Consent Fees, equally; provided, however, that the Servicer shall not
be entitled to apply or retain any Default Interest or any late payment charges with respect to the Mortgage Loan, if a default
thereunder or Mortgage Loan Event of Default is continuing, unless and until such default or Mortgage Loan Event of Default has
been cured and all delinquent amounts (including any Default Interest) due with respect to the Mortgage Loan have been paid, all
interest on Advances and Companion Loan Advances has been paid and all Trust Fund Expenses (including Special Servicing Fees,
Work-out Fees and Liquidation Fees) have been reimbursed. In addition, the Servicer shall be entitled to retain as additional
compensation any income earned (net of losses to the extent provided in this Agreement) on the investment of funds deposited in
the Collection Account, the Cash Management Account (to the extent not payable to the Borrower) and any Reserve Accounts (to the
extent not payable to the Borrower) to the extent provided for in this Agreement.

 

KeyBank
National Association and any successor holder of the Excess Servicing Fee Right shall be entitled, at any time, at its own expense,
to transfer, sell, pledge or otherwise assign such Excess Servicing Fee Right 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 Securities Act and any applicable state securities laws and is otherwise made in accordance
with the Securities Act and such state securities laws, (ii) the prospective transferor shall have delivered to the Depositor
a certificate substantially in the form attached as Exhibit T-1 to this Agreement, and (iii) the prospective transferee
shall have delivered to KeyBank National Association and the Depositor a certificate substantially in the form attached as Exhibit
T-2 to this Agreement. None

 

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of
the Depositor, the Operating Advisor, the Trustee, the Certificate Administrator or the Certificate Registrar is obligated to
register or qualify the Excess Servicing Fee Right under the Securities Act or any other securities law or to take any action
not otherwise required under this Agreement to permit the transfer, sale, pledge or assignment of the Excess Servicing Fee Right
without registration or qualification. KeyBank National Association and each holder of the Excess Servicing Fee Right desiring
to effect a transfer, sale, pledge or other assignment of the Excess Servicing Fee Right shall, and KeyBank National Association
hereby agrees, and each such holder of the Excess Servicing Fee Right by its acceptance of the Excess Servicing Fee Right shall
be deemed to have agreed, in connection with any transfer of the Excess Servicing Fee Right effected by such Person, to indemnify
the Certificateholders, the Trust, the Depositor, the Initial Purchasers, the Operating Advisor, the Certificate Administrator,
the Trustee, the Custodian, 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 Securities Act or other applicable federal and
state securities laws or is not made in accordance with such federal and state laws or in accordance with the foregoing provisions
of this paragraph. By its acceptance of the Excess Servicing Fee Right, the holder thereof shall be deemed to have agreed not
to use or disclose any information received in connection with its acquisition and holding of the Excess Servicing Fee Right in
any manner that could result in a violation of any provision of the Securities Act or other applicable securities laws or that
would require registration of the Excess Servicing Fee Right or any Certificate pursuant to the Securities Act. From time to time
following any transfer, sale, pledge or assignment of the Excess Servicing Fee Right, the Person then acting as the Servicer shall
pay, out of each amount paid to such Servicer as Servicing Fees with respect to the Mortgage Loan (including as an REO Mortgage
Loan), the Excess Servicing Fees to the holder of the Excess Servicing Fee Right within one (1) Business Day following the payment
of such Servicing Fees to the Servicer, in each case in accordance with payment instructions provided by such holder in writing
to the Servicer. The holder of the Excess Servicing Fee Right shall not have any rights under this Agreement except as set forth
in the preceding sentences of this paragraph. None of the Certificate Administrator, the Certificate Registrar, the Depositor,
the Special Servicer, the Trustee or the Custodian shall have any obligation whatsoever regarding payment of the Excess Servicing
Fee or the assignment or transfer of the Excess Servicing Fee Right.

 

If
a Special Servicing Loan Event occurs and is continuing, the Special Servicer shall be entitled to receive a Special Servicing
Fee with respect to the Mortgage Loan or an REO Mortgage Loan for so long as such Special Servicing Loan Event continues (subject
to a maximum amount of $250,000 payable in any year) as well as reimbursement for all other costs or expenses incurred by it in
performing its duties hereunder other than: (i) fees of any sub-servicer and the expenses of any sub-servicer that would not be
reimbursable to the Special Servicer if such expenses were incurred by the Special Servicer; (ii) the cost of any fidelity bond
or errors and omissions policy required by Section 3.11(d); (iii) overhead expenses of the Special Servicer including but
not limited to those which may properly be allocable under the Special Servicer’s accounting system or otherwise to the
Special Servicer’s activities under this Agreement or the income derived by it hereunder including the costs to the Special
Servicer associated with employees of the Special Servicer performing services in connection with the obligations of the Special
Servicer hereunder; and (iv) costs and expenses arising from the negligence, bad faith or willful misconduct of the Special Servicer
(the “Special Servicer Customary Expenses”). If a Special Servicing Loan Event is terminated following resolution
of such Special Servicing Loan Event by a written agreement with the Borrower negotiated by the Special Servicer, the Special

 

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Servicer
shall be entitled to receive the Work-out Fee on all payments of principal and interest (other than Default Interest) made on
the Mortgage Loan following such written agreement for so long as another Special Servicing Loan Event does not occur; provided,
that in no event shall the Work-out Fee payable in respect of the Mortgage Loan exceed $1,000,000.

 

If
the Special Servicer is terminated (other than for cause) or resigns after such written agreement is entered into with respect
to the Specially Serviced Mortgage Loan and before the Special Servicing Loan Event is terminated, the terminated or resigning
Special Servicer shall retain the right to receive any and all Work-out Fees on all payments of principal and interest (other
than Default Interest) made on the Mortgage Loan following such written agreement (negotiated by such Special Servicer prior to
its termination or resignation) for so long as another Special Servicing Loan Event does not occur and the successor Special Servicer
shall have no rights with respect to such Work-out Fee. No Work-out Fee shall be payable to the Special Servicer if any related
mezzanine lender purchases the Mortgage Loan pursuant to the related mezzanine intercreditor agreement or similar agreement or
the Loan Seller repurchases the Trust Loan (or any allocable part thereof) or makes a Loss of Value Payment pursuant to the Trust
Loan Purchase Agreement. However, a Liquidation Fee may be payable with respect to such events subject to the provisions below.

 

In
addition, the Special Servicer shall be entitled to receive a Liquidation Fee with respect to the Liquidated Property or the liquidation
of the Mortgage Loan (including, without limitation, all or any portion thereof that constitutes an REO Mortgage Loan), whether
through judicial foreclosure, sale or otherwise, or in connection with the sale, discounted pay-off or other liquidation of the
Mortgage Loan or any Foreclosed Property, as to which the Special Servicer receives Liquidation Proceeds, Insurance Proceeds and
Condemnation Proceeds; provided, that in no event shall the Liquidation Fee payable in respect of the Mortgage Loan or
Foreclosed Property exceed $1,000,000; and provided, further, that no Liquidation Fee shall be payable in connection
with the circumstances described in clauses (i) through (v) of the definition of “Liquidation Fee.”
The Liquidation Fee shall be payable from, and shall be calculated using the related Net Liquidation Proceeds, Insurance Proceeds
and Condemnation Proceeds.

 

Each
of the foregoing fees shall be payable from funds on deposit in the Collection Account as provided in Section 3.4(a).

 

During
the continuance of a Special Servicing Loan Event, the Special Servicer shall also be entitled to retain as Additional Servicing
Compensation, to the extent actually paid by the Borrower for such purpose, any late payment fees (to the extent remaining after
application pursuant to Section 3.17(b)), Default Interest accrued upon and after such Special Servicing Loan Event (to
the extent remaining after application pursuant to Section 3.17(b)), assumption fees, assumption application fees, Consent
Fees, release fees, Modification Fees, loan service transaction fees and similar fees and expenses to the extent, with respect
to any such amounts, collected (to the extent permitted by (or not otherwise prohibited by) and allocated to such amounts in accordance
with the terms of the Mortgage Loan Documents or this Agreement, and any income earned (net of losses to the extent provided in
this Agreement) on the investment of funds deposited in the Foreclosed Property Account to the extent provided in this Agreement
and if the Special Servicer’s consent is required on any action related to the Mortgage Loan prior to a Special Servicing
Loan Event, then the Servicer and the Special Servicer will equally share the related

 

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fees,
including assumption fees (but not assumption application fees), release fees, Modification Fees and Consent Fees.

 

Notwithstanding
anything herein to the contrary, with respect to any amount collected in a Collection Period, the Special Servicer shall only
be entitled to receive a Work-out Fee or a Liquidation Fee, but not both. Further notwithstanding anything herein to the contrary,
all Liquidation Fees and Work-out Fees payable with respect to the Mortgage Loan or the Property shall be offset by any Modification
Fees collected or earned by the Special Servicer with respect to the Mortgage Loan in connection with any modification, restructure,
extension, waiver, amendment or work-out of the Mortgage Loan, but only to the extent those fees have not previously been deducted
from a Work-out Fee or Liquidation Fee.

 

If
the Special Servicer is terminated without cause, and it commenced the process of liquidation of the Property or Foreclosed Property
or the liquidation of the Mortgage Loan (including, without limitation, all or any portion thereof that constitutes an REO Loan),
the Special Servicer will receive a portion of any Liquidation Fee that becomes payable with respect to the Mortgage Loan or the
Property or Foreclosed Property that was being administered by the Special Servicer at the time of such termination. The terminated
Special Servicer and the successor Special Servicer shall apportion the Liquidation Fee between themselves in a manner that reflects
their relative contributions in earning the Liquidation Fee, provided, that if the terminated Special Servicer and
the successor Special Servicer cannot agree on an apportionment of the Liquidation Fee, the Liquidation Fee will be apportioned
on the basis of the number of months the terminated Special Servicer and the successor Special Servicer administered the Mortgage
Loan over a period commencing on the date of the Special Servicing Loan Event and ending on the date of the final liquidation
of the Mortgage Loan or the Property or Foreclosed Property.

 

For
the avoidance of doubt, with respect to any of the foregoing fees that constitutes Additional Servicing Compensation and is required
to be shared between the Servicer and the Special Servicer pursuant to the terms of this Agreement, the Servicer and the Special
Servicer shall each have the right in their sole discretion, but not any obligation, to reduce or elect not to charge its respective
portion of such fee; provided that (without the consent of the affected party) (A) neither the Servicer nor the Special
Servicer shall have the right to reduce or elect not to charge the portion of any such fee due to the other and (B) to the extent
either the Servicer or the Special Servicer exercises its right to reduce or elect not to charge its respective portion in any
such fee, the party that reduced or elected not to charge its respective portion of such fee shall not have any right to share
in any part of the other party’s portion of such fee. If the Servicer decides not to charge any fee, the Special Servicer
shall nevertheless be entitled to charge its portion of the related fee to which the Special Servicer would have been entitled
if the Servicer had charged a fee and the Servicer shall not be entitled to any of such fee charged by the Special Servicer. The
foregoing provisions of this paragraph shall only apply to the Mortgage Loan so long as it is not a Specially Serviced Mortgage
Loan and, subject to the other terms of this Agreement, shall not prohibit any waiver or reduction by the Special Servicer of
any fee payable by the Borrower with respect to the Specially Serviced Mortgage Loan

 

The
Servicer and the Special Servicer shall use efforts consistent with Accepted Servicing Practices to collect from the Borrower
the amount of any fees and other expenses payable by the Borrower under the Mortgage Loan Documents, including, without limitation,

 

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Borrower
Reimbursable Trust Fund Expenses, including exercising all remedies available under the Mortgage Loan Documents that would be
in accordance with Accepted Servicing Practices.

 

Notwithstanding
any other provision in this Agreement, neither the Servicer nor the Special Servicer, as applicable, shall be entitled to reimbursement
for an expense incurred under this Agreement or in connection with the performance of its duties hereunder unless (i) the amount
of such payment to the Servicer or the Special Servicer, as the case may be, is reimbursed to the Trust by the Borrower Parties
(to the extent the Borrower Parties are required to do so under the Mortgage Loan Agreement); (ii) failure of the Borrower Parties
to reimburse for such payment constitutes a Mortgage Loan Event of Default; (iii) such expense would qualify as an “unanticipated
expense incurred by the REMIC” within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(ii) or is otherwise an
unanticipated expense (it being understood that the Servicer Customary Expenses and the Special Servicer Customary Expenses are
not unanticipated); or (iv) such reimbursement is expressly provided for herein or such expense is expressly described herein
as an expense of the Trust or as an Advance.

 

Except
as otherwise expressly provided herein, no transfer, sale, pledge or other disposition of the Servicer’s right to receive
all or any portion of the servicing compensation (or the Special Servicer’s right to receive all or any portion of the Special
Servicing Fee) or the Servicer’s rights to other servicing compensation provided for herein shall be made, and any such
attempted transfer, sale, pledge or other disposition shall be void, unless such transfer is made to a successor Servicer or successor
Special Servicer, as applicable, in connection with the assumption by such successor of the duties hereunder pursuant to Section
7.2.

 

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 Property Manager, the Borrower Sponsor or any Guarantor
in respect of the Trust Loan or the Companion Loan(s) and any purchaser of the Trust Loan, any Companion Loan or any Foreclosed
Property) in connection with the disposition, work-out or foreclosure of the Mortgage Loan, the management or disposition of any
Foreclosed Property or the performance of any other special servicing duties under this Agreement, other than as expressly provided
in this Section 3.17; provided that such prohibition will not apply to the Permitted Special Servicer/Affiliate Fees.

 

(b)       In
determining the compensation of the Servicer or the Special Servicer, as applicable, with respect to Default Interest and late
payment charges, on any Distribution Date, the aggregate Default Interest and late payment charges actually collected on the Mortgage
Loan during the related Collection Period shall be applied (in such order), subject to the Co-Lender Agreement, to reimburse (i)
the Servicer and the Trustee for all Advances made by each and not previously reimbursed from late payments received during the
applicable period on the Mortgage Loan, Liquidation Proceeds, Condemnation Proceeds (to the extent not needed for the repair or
restoration of the Property), Insurance Proceeds (to the extent not needed for the repair or restoration of the Property) and
other collections on the Mortgage Loan, (ii) the Servicer and the Trustee for unpaid interest on such Advances at the Advance
Interest Rate, and any Other Securitization Trust for any interest on Companion Loan Advances in accordance with the related Other
Pooling and Servicing Agreement, (iii) any Other Securitization Trust for any Companion

 

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Loan
Advances made in accordance with the related Other Pooling and Servicing Agreement and not previously reimbursed from late payments
received during the applicable period on the Mortgage Loan, liquidation proceeds, insurance and condemnation proceeds (to the
extent not needed for the repair or restoration of the Property), and other collections on the Mortgage Loan, and (iv) the Trust
for all other Trust Fund Expenses (including Special Servicing Fees, Work-out Fees and Liquidation Fees). Default Interest and
late payment charges remaining after such reimbursements shall be distributed to the Servicer, if and to the extent accrued on
the Mortgage Loan for so long as no Special Servicing Loan Event is continuing, and to the Special Servicer, if and to the extent
accrued on the Mortgage Loan during a Special Servicing Loan Event. Any Default Interest or late payment charges paid or payable
as Additional Servicing Compensation to the Servicer and the Special Servicer shall be distributed between the Servicer and the
Special Servicer, on a pro rata basis, based on the Servicer’s and the Special Servicer’s respective entitlements
to such compensation described in the previous sentence.

 

3.18       Reports
to the Certificate Administrator; Account Statements. (a) The Servicer shall prepare, or cause to be prepared, and
deliver to the Certificate Administrator, in an electronic format reasonably acceptable to the Certificate Administrator, consistent
with Accepted Servicing Practices, not later than (i) 5:00 p.m. (New York time) two (2) Business Days prior to each Distribution
Date, the CREFC® Loan Periodic Update File and (ii) 2:00 p.m. (New York time) on the Remittance Date, the remaining
CREFC® Reports (except the CREFC® Bond Level File, the CREFC® Collateral Summary
File, the CREFC® Special Servicer Loan File, the CREFC® Special Servicer Property File, the CREFC®
Operating Statement Analysis Report and the CREFC® NOI Adjustment Worksheet). In connection with the preparation
of its CREFC® Reports, the Servicer shall provide the Certificate Administrator with the CREFC®
Licensing Fee Rate and the amount of CREFC® Licensing Fee paid to CREFC® for the related Distribution
Date for inclusion in the Distribution Date Statement.

 

The
CREFC® Operating Statement Analysis Report and the CREFC® NOI Adjustment Worksheet shall be prepared
by the Servicer (with respect to a Performing Mortgage Loan) or the Special Servicer (with respect to a Specially Serviced Mortgage
Loan and any Foreclosed Property) and provided or made available by the Special Servicer to the Servicer (in the case of any CREFC®
Operating Statement Analysis Report and the CREFC® NOI Adjustment Worksheet relating to a Specially Serviced
Mortgage Loan or any Foreclosed Property) and made available to the Certificate Administrator by the Servicer (to the extent prepared
by and received from the Special Servicer in the case of any CREFC® Operating Statement Analysis Report and the
CREFC® NOI Adjustment Worksheet relating to the Specially Serviced Mortgage Loan or any Foreclosed Property) on
the Servicer’s Internet website (www.keybank.com/key2cre), on a quarterly and annual basis (commencing with the quarter
ending March 31, 2021 and year ending December 31, 2021, each within 60 days after receipt by the Servicer or the Special Servicer,
as applicable), within 60 days after receipt by the Servicer or the Special Servicer, as applicable, of the financial statements,
operating statements, rent rolls, or other information required to prepare (or, if previously prepared, update) the CREFC®
Operating Statement Analysis Report and the CREFC® NOI Adjustment Worksheet, but shall not be deemed to have
been received by the Certificate Administrator until such time as it is actually received; provided, however, that,
with respect to each CREFC® Operating Statement Analysis Report only, any analysis or report with respect to the
first calendar quarter of each year shall not be required to the extent provided in the then current applicable CREFC®
guidelines.

 

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The
Servicer shall furnish to the Certificate Administrator in electronic format the CREFC® Reports produced by it
pursuant to this Agreement not later than the time period specified in this Section 3.18(a), and the Certificate Administrator
shall, in turn, deliver such CREFC® Reports to the 17g-5 Information Provider (who shall promptly post the same
to the 17g-5 Information Provider’s Website pursuant to Section 8.14(b)).

 

(b)       The
Servicer shall produce the reports described in this Section 3.18 solely from information provided to the Servicer by the
Borrower Related Parties pursuant to the Mortgage Loan Agreement (without modification, interpretation or analysis) or by the
Special Servicer, Loan Seller or Depositor pursuant to this Agreement. None of the Servicer, the Special Servicer, the Trustee
or the Certificate Administrator shall be responsible for the completeness or accuracy of the information provided by any other
Person (except that the Servicer shall use efforts consistent with Accepted Servicing Practices to correct patent errors).

 

(c)       The
Servicer and the Special Servicer shall each provide to the Certificate Administrator (and, if the Special Servicer is the providing
party, to the Servicer) (and the Servicer and the Certificate Administrator shall make available through the Servicer’s
Website in accordance with Section 8.14(c) and the Certificate Administrator’s Website in accordance with Section
8.14(b), respectively) electronic copies of any and all financial information (including, without limitation, rent rolls,
financial statements, financial reports, operating statements, balance sheets, statements of cash flow, profit and loss statements
and operating budgets) and other periodic Property reports it receives from the Borrower pursuant to the Mortgage Loan Agreement,
in each case in a format reasonably acceptable to the recipient and provider of the information and within a reasonable period
of time after so received and only to the extent so received.

 

(d)       With
respect to the approval of an accounting firm pursuant to Section 4.12(d) of the Mortgage Loan Agreement, the Servicer or Special
Servicer, as applicable, shall request that the applicable financial statements be audited by a nationally recognized accounting
firm.

 

(e)       The
Servicer or Special Servicer, as applicable, shall deliver to each Companion Loan Holder all reports and other information that
it is delivering to the Certificate Administrator pursuant to this Section 3.18, with each such delivery to be made concurrently
with the corresponding delivery to the Certificate Administrator (but, in the case of the CREFC® Reports referenced
in the first paragraph of Section 3.18(a), no later than the Remittance Date for the applicable Companion Loan).

 

(f)       With
respect to each Collection Period, the Special Servicer shall deliver or cause to be delivered to the Certificate Administrator,
without charge and within two (2) Business Days following the related Determination Date, an electronic report that discloses
and contains an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates
during the related Collection Period; provided, that no such report shall be due in any month during which no Disclosable
Special Servicer Fees were received.

 

3.19       Annual
Statement as to Compliance. On or before March 1 of each year, commencing in 2021, the Servicer and the Special Servicer,
each at its own expense, shall furnish (and each such party shall with respect to each Servicing Function Participant with which
it has 

 

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entered
into a servicing relationship with respect to the Mortgage Loan, cause such Servicing Function Participant to furnish) to the
Trustee, the 17g-5 Information Provider (who shall post it to the 17g-5 Information Provider’s Website pursuant to Section
8.14(b)), the Depositor, the Operating Advisor and Certificate Administrator (who shall post it to the Certificate Administrator’s
Website pursuant to Section 8.14(b)) (in each case in an electronic format reasonably acceptable to such person) a report
on an assessment of compliance with the Applicable Servicing Criteria that contains (A) a statement by such Reporting Servicer
of its responsibility for assessing compliance with the Applicable Servicing Criteria, (B) a statement that, to the best of such
Reporting Servicer’s knowledge, such Reporting Servicer used the Servicing Criteria to assess compliance with the Applicable
Servicing Criteria, (C) such Reporting Servicer’s assessment of compliance with the Applicable Servicing Criteria as of
and for the period ending the end of the most recent fiscal year, including, if there has been any material instance of noncompliance
with the Applicable Servicing Criteria, a discussion of each such failure and the nature and status thereof and (D) a statement
that a registered public accounting firm that is a member of the American Institute of Certified Public Accountants has issued
an attestation report on such Reporting Servicer’s assessment of compliance with the Applicable Servicing Criteria as of
and for such period. Copies of all compliance reports delivered pursuant to this Section 3.19 shall be made available to
any Non-Restricted Privileged Person by the Certificate Administrator by posting such Compliance Report to the Certificate Administrator’s
Website pursuant to Section 8.14(b). For the avoidance of doubt, neither the Trustee nor the Certificate Administrator
shall have any obligation or duty to determine whether any such report on assessment of compliance is in form and substance in
compliance with the requirements of Regulation AB.

 

No
later than 30 days after the end of each fiscal year for the Trust, the Servicer and the Special Servicer shall notify the Certificate
Administrator and the Depositor as to the name of each Servicing Function Participant utilized by it, in each case, and each such
notice shall specify what specific Servicing Criteria shall be addressed in the report on assessment of compliance prepared by
such Servicing Function Participant. When the Servicer and the Special Servicer submit their assessments to the Certificate Administrator,
such parties, as applicable, shall also at such time include the assessment (and related attestation pursuant to Section 3.20)
of each Servicing Function Participant engaged by it.

 

In
the event the Servicer or the Special Servicer 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 the Servicer and the
Special Servicer 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 3.19, coupled with an attestation as required in Section 3.20 in respect to the period of time that the
Servicer or the Special Servicer was subject to this Agreement or the period of time that the Servicing Function Participant was
subject to such other servicing agreement.

 

On
or before March 1 of each year, commencing in 2021, each of the Servicer and the Special Servicer, each at its own expense, shall
furnish (and each party shall with respect to each Servicing Function Participant with which it has entered into a servicing relationship
with respect to the Mortgage Loan (to the extent the same would have been required by Item 1108(a)(2)(i)-(iii) of Regulation AB
if the Trust and the securitization transaction

 

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contemplated
by this Agreement were required to comply with Regulation AB), cause such Servicing Function Participant to furnish) to the Trustee,
the 17g-5 Information Provider (who shall post it to the 17g-5 Information Provider’s Website pursuant to Section 8.14(b)),
the Certificate Administrator (who shall post it to the Certificate Administrator’s Website pursuant to Section 8.14(b)),
the Operating Advisor and the Depositor (in electronic format reasonably acceptable to each such Person), an Officer’s Certificate
stating, as to the signer thereof, that (A) a review of such Person’s activities during the preceding calendar year or portion
thereof and of such Person’s performance under this Agreement, or the applicable sub-servicing agreement, has been made
under such officer’s supervision and (B) to the best of such officer’s knowledge, based on such review, such Person
has fulfilled all its obligations under this Agreement, or the applicable sub-servicing agreement, in all material respects throughout
such calendar 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. The obligations of each Person under this
Section apply to each such Person that serviced the Mortgage Loan during the applicable period, whether or not the Person 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 3.19 shall be made available to any Non-Restricted Privileged Person by the Certificate
Administrator posting such Compliance Report to the Certificate Administrator’s Website pursuant to Section 8.14(b).
For the avoidance of doubt, neither the Trustee nor the Certificate Administrator shall have any obligation or duty to determine
whether any such report on assessment of compliance is in form and substance in compliance with the requirements of Regulation
AB.

 

3.20       Annual
Independent Public Accountants’ Servicing Report. On or before March 1 of each year, commencing in 2021, the
Servicer and the Special Servicer, each at its own expense, shall cause (and the Servicer and the Special Servicer shall, with
respect to each Servicing Function Participant with which it has entered into a servicing relationship with respect to the Mortgage
Loan, cause them to cause) a registered public accounting firm (which may also render other services to the Servicer, the Special
Servicer 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 Depositor, the Trustee, the Certificate Administrator (who shall post
it to the Certificate Administrator’s Website pursuant to Section 8.14(b)), the Operating Advisor and the 17g-5 Information
Provider (who shall post it to the 17g-5 Information Provider’s Website pursuant to Section 8.14(b)) (in electronic
format reasonably acceptable to each such Person), to the effect that (i) it has obtained a representation regarding certain matters
from the management of such Reporting Servicer, which includes an assessment from such Reporting Servicer of its compliance with
the Applicable Servicing Criteria and (ii) on the basis of an examination conducted by such firm in accordance with standards
for attestation engagements issued or adopted by the Public Company Accounting Oversight Board, it is expressing an opinion as
to whether such Reporting Servicer’s assessment of compliance with the Servicing Criteria was fairly stated in all material
respects, or it cannot express an overall opinion regarding such party’s assessment of compliance with the Applicable Servicing
Criteria. In the event that an overall opinion cannot be expressed, such registered public accounting firm shall state in such
report why it was unable to express such an opinion. Each accountant’s attestation report required hereunder shall be made
in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Act and the Exchange Act. Such report shall be available
for general use and not contain restricted use language. Copies of all statements delivered pursuant to this Section 3.20
shall be made available

 

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to
any Non-Restricted Privileged Person by the Certificate Administrator posting such statement to the Certificate Administrator’s
Website pursuant to Section 8.14(b).

 

3.21       Access
to Certain Documentation Regarding the Mortgage Loan and Other Information. (a) The Certificate Administrator shall
make or cause to be made available at its applicable Corporate Trust Office, or at the office of a Custodian, upon reasonable
advance notice and during normal business hours, for review by Non-Restricted Privileged Persons (or, solely in the case of the
Distribution Date Statement, all Privileged Persons), originals or copies of, among other things, the following items, to the
extent provided to and in the possession of the Certificate Administrator or the Trustee (or a Custodian on its behalf), as applicable
(except to the extent not permitted by applicable law or under any of the Mortgage Loan Documents), (i) this Agreement, each sub-servicing
agreement delivered to the Certificate Administrator after the Closing Date, the Trust Loan Purchase Agreement and any amendments
and exhibits thereto, (ii) all Distribution Date Statements prepared by, and all CREFC® Reports prepared by or
delivered to, the Certificate Administrator, as applicable, (iii) all annual officers’ certificates and accountant’s
reports required to be delivered by the Borrower to the Servicer and by the Servicer to the Special Servicer, the Trustee and
the Certificate Administrator since the Closing Date regarding compliance with the relevant agreements, (iv) the most recent property
inspection report prepared by or on behalf of the Servicer or Special Servicer, as applicable, in respect of the Property, (v)
the most recent operating statements, if any, collected by or on behalf of the Servicer with respect to the Property, (vi) the
Mortgage Loan Documents and any and all modifications, waivers or amendments of the terms of any of the Mortgage Loan Documents
entered into by the Servicer or Special Servicer, as applicable, and delivered to the Certificate Administrator (or a Custodian
on its behalf), (vii) any and all Officer’s Certificates and other evidence delivered to the Trustee and the Certificate
Administrator to support the determination of the Servicer, the Special Servicer or the Trustee, as applicable, that any Advance
was, or if made would be, a Nonrecoverable Advance, (viii) the reports to be furnished by the Borrower, (ix) any and all notices
and reports delivered to the Certificate Administrator with respect to the Property as to which the environmental testing revealed
environmental issues, (x) the summary of any Final Asset Status Report delivered to the Certificate Administrator, (xi) the annual,
quarterly and monthly operating statements, if any collected by or on behalf of the Servicer or the Special Servicer, as applicable,
and delivered to the Certificate Administrator for the Property, (xii) notices of all Servicer or Special Servicer terminations
or resignations (and appointments of successors to the Servicer or the Special Servicer), and (xiii) the Offering Circular. Copies
of any and all of the foregoing items shall be available (i) on the Certificate Administrator’s Website or (ii) to the extent
not available at the Certificate Administrator’s Website or otherwise made available electronically, at the Corporate Trust
Office of the Certificate Administrator or at the offices of the Custodian, as applicable, upon written request; provided,
however, the Certificate Administrator or the Custodian, as applicable, shall be permitted to require payment of a sum
sufficient to cover reasonable costs and expenses of providing such copies.

 

(b)       Certain
information concerning the Mortgage Loan and the Certificates (such as the Distribution Date Statements and the CREFC®
Reports) shall be provided by the Certificate Administrator to third parties (including, but not limited to, Bloomberg,
L.P., BlackRock Financial Management, Inc., CMBS.com, Inc., Intex Solutions, Inc., Markit Group Limited, Trepp, LLC, KBRA Analytics,
LLC and Moody’s Analytics, Inc.) with the consent of the Depositor and providing such information shall not constitute a
breach of this Agreement by

 

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the
Certificate Administrator. The Depositor hereby consents to such provision of information by the Certificate Administrator.

 

(c)       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 a format acceptable to the 17g-5 Information Provider in accordance with Section
8.14(b). In no event shall the 17g-5 Information Provider disclose on the 17g-5 Information Provider’s Website which
Rating Agency requested such additional information.

 

3.22       Inspections.
The Servicer shall inspect or cause to be inspected the Property not less frequently than once each year commencing in 2021, so
long as a Special Servicing Loan Event is not then continuing. The Special Servicer shall inspect or cause to be inspected the
Property as soon as practicable following the occurrence of a Special Servicing Loan Event and annually for so long as a Special
Servicing Loan Event is continuing. The Servicer or the Special Servicer, as applicable, shall further inspect, or cause to be
inspected, the Property whenever it receives information that the Property has been materially damaged, left vacant, or abandoned,
or if waste is being committed thereto. All such inspections shall be performed in such manner as shall be consistent with Accepted
Servicing Practices. The cost of the annual inspections referred to in the first sentence of this paragraph performed by
the Servicer shall be an expense of the Servicer. The cost of all additional inspections performed by the Servicer and all inspections,
including any annual inspection, performed by the Special Servicer, shall be paid by the Servicer as a Property Protection Advance
or an Administrative Advance unless it would constitute a Nonrecoverable Advance (and, in such case, as an expense of the Trust).
The Servicer or the Special Servicer, as the case may be, shall prepare a written report of inspection and deliver it to the Certificate
Administrator in electronic format reasonably acceptable to the Certificate Administrator and to the Companion Loan Holder(s)
in electronic format reasonably acceptable to the Companion Loan Holder(s). The Certificate Administrator shall post such report
on the Certificate Administrator’s Website pursuant to Section 8.14(b).

 

3.23       Advances.
(a) In the event that all or any portion of a Monthly Debt Service Payment Amount (or an Assumed Monthly Interest Payment, as
applicable) representing interest due or deemed due on the Trust Loan (including, without limitation, all or any portion thereof
that constitutes an REO Trust Loan) during any calendar month has not been received by the close of business on the Determination
Date in such calendar month, then the Servicer, subject to its or the Special Servicer’s determination that such amounts
(together with interest thereon at the Advance Interest Rate compounded annually) are not Nonrecoverable Advances, shall on the
Remittance Date in such calendar month make an advance for remittance to the Certificate Administrator for deposit into the Distribution
Account, in an amount equal to all or such portion of such Monthly Debt Service Payment Amount (or Assumed Monthly Interest Payment,
as applicable) (in each case other than the principal portion of the Balloon Payment and Default Interest, and net of the Servicing
Fee which shall not be paid to the Servicer until funds are available in the Collection Account for payment of such fee) due or
deemed due on the Trust Loan that was delinquent as of the close of business on the Determination Date in such calendar month;
provided, that neither the Servicer nor any other party shall be entitled to interest accrued on the amount of any
Monthly Interest Payment Advance with respect to the Trust Loan if the related Monthly Debt Service

 

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Payment
Amount (or, if applicable, the Assumed Monthly Interest Payment) in respect of the Trust Loan is received by the Servicer or the
Certificate Administrator, as applicable, by 2:00 p.m. (New York time) on the Remittance Date on which the Monthly Interest Payment
Advance is to be made. The Servicer shall advance in respect of each Payment Date (or Assumed Payment Date) following a delinquency
in the payment of the Balloon Payment of the Trust Loan or foreclosure (or acceptance of a deed-in-lieu of foreclosure or comparable
conversion) of the Trust Loan not later than the related Remittance Date, to the Certificate Administrator for deposit in the
Distribution Account, the amount of any Assumed Monthly Interest Payment deemed due with respect to the Trust Loan on such Payment
Date (or Assumed Payment Date) (excluding the principal portion of the Balloon Payment and Default Interest). For the avoidance
of doubt, in the event that the amount of interest on the Trust Loan is reduced as a result of any modification to the Trust Loan,
any Monthly Interest Payment Advance made with respect to such modified Trust Loan shall be in such amounts as may be required
as a result of such reduction. The Servicer shall maintain a record of each Monthly Interest Payment Advance it has made pursuant
to this Section 3.23(a) on the Trust Loan and shall notify the Certificate Administrator thereof in the appropriate CREFC®
Reports in order to permit allocation thereof pursuant to Section 3.4 and Section 3.5. In the event that the
Servicer does not remit any amounts required to be remitted to the Certificate Administrator on each Remittance Date (including
any amounts required to be remitted pursuant to Section 3.5 and any required Monthly Interest Payment Advance) to the Certificate
Administrator for deposit in the Distribution Account on the Remittance Date, the Servicer shall pay to the Certificate Administrator
interest on such amounts at the federal funds rate for the period from and including the Remittance Date to but excluding the
Distribution Date or, if earlier, the actual remittance date. The Servicer shall have no obligation to make any Monthly Interest
Payment Advance for any Companion Loan.

 

At
any time that an Appraisal Reduction Amount exists, the amount that would otherwise be required to be advanced by the Servicer
in respect of delinquent payments of interest on the Trust Loan shall be reduced by multiplying such amount to be advanced by
a fraction, the numerator of which is the then outstanding principal balance of the Trust Loan minus the portion of the Appraisal
Reduction Amount allocable to the Trust Loan, and the denominator of which is the then outstanding principal balance of the Trust
Loan.

 

The
Certificate Administrator shall notify the Servicer and the Trustee by telephone and electronically if as of 3:00 p.m., New York
City time, on the Remittance Date, if the Certificate Administrator has not received the amount of a Monthly Interest Payment
Advance required pursuant to this Section 3.23(a). In addition, the Certificate Administrator shall notify the Trustee
by telephone and electronically if as of 11:00 a.m., New York City time, on any Distribution Date if the Servicer has not made
the Monthly Interest Payment Advance required to have been made on the related Remittance Date pursuant to this Section 3.23(a).

 

Notwithstanding
the foregoing provisions of this Section 3.23(a) or any other contrary provisions of this Agreement, any portion of a Monthly
Interest Payment Advance intended to cover the CREFC® Licensing Fee shall be advanced directly to CREFC®
on the applicable Remittance Date.

 

If
the Servicer and the Trustee do not make a Property Protection Advance because it would be a Nonrecoverable Advance, then the
Servicer may, but is not required to, pay such

 

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amounts
from the Collection Account as Trust Fund Expenses if consistent with Accepted Servicing Practices and, if the Servicer does not
pay such amounts, the Special Servicer shall have no obligation to advance funds from its own funds to pay such Property Protection
Advance or to perform the action requiring such Property Protection Advance.

 

(b)
       Subject to Section 3.23(e), the Servicer shall advance, regarding the Mortgage
Loan for the benefit of the Certificateholders and the Companion Loan Holder(s), to the extent such amount is not determined to
be nonrecoverable (and the Special Servicer has not determined that such Advance would be a Nonrecoverable Advance), all customary
and reasonable out-of-pocket costs and expenses incurred by the Servicer or the Special Servicer in the performance of its servicing
obligations, including, but not limited, to the costs and expenses incurred in connection with (i) the preservation, restoration,
operation and protection of the Property which, in the Servicer’s sole discretion, exercised in accordance with Accepted
Servicing Practices, are necessary to prevent an immediate or material loss to the Trust’s and the Companion Loan Holder(s)’
interest in the Property, (ii) the payment of (A) real estate taxes, assessments, and governmental charges that may be levied
or assessed against any Borrower Related Party or any of its affiliates or the Property or revenues therefrom or which become
liens on the Property, (B) ground lease rents and other amounts required to be paid under ground leases, (C) Insurance Premiums
and (D) the out-of-pocket costs and expenses of the Servicer or the Special Servicer, as applicable (including, without limitation,
reasonable attorneys’ fees and expenses) to the extent not paid by or on behalf of the Borrower that are incurred in connection
with certain Borrower requests pursuant to the Mortgage Loan Agreement, including regarding assumption of the Mortgage Loan or
a release of any portion of the Property from the lien of the Mortgage, (iii) any enforcement or judicial proceedings, including
foreclosures and including, but not limited to, court costs, reasonable attorneys’ fees and expenses and costs for third
party experts, including Independent Appraisers, environmental and engineering consultants, (iv) the out-of-pocket costs and expenses
of the Special Servicer with respect to annual inspections of the Property and (v) the management, operation and liquidation of
the Property if the Property is acquired by the Special Servicer or its affiliate in the name of the Trustee (collectively, “Property
Protection Advances”). In addition, subject to Section 3.23(e), the Servicer shall make certain administrative
advances (collectively, “Administrative Advances”) with respect to the Trust Loan for the benefit of the Certificateholders,
to the extent that (i) the party required to make such advances determines that such advances are not nonrecoverable from collections
on the Trust Loan (provided that the Special Servicer has not determined that such Advance would be a Nonrecoverable Advance),
(ii) the items for which such advances are made would not otherwise be advanced by the Servicer as a Property Protection Advance
pursuant to this Section 3.23(b), and (iii) the items for which such advances are to be made constitute unpaid Borrower
Reimbursable Trust Fund Expenses (other than indemnification payments). For the avoidance of doubt, notwithstanding any other
provision herein, the Servicer shall not be obligated to make any Administrative Advance or Property Protection Advance that it
determines (and shall not be permitted to make any Administrative Advance or Property Protection Advance that the Special Servicer
determines), together with interest thereon at the Advance Interest Rate compounded annually, would constitute a Nonrecoverable
Advance if made. During the continuation of a Special Servicing Loan Event, the Special Servicer shall give the Servicer and the
Trustee not less than five (5) Business Days’ written notice before the date on which the Servicer is requested to make
any Property Protection Advance or Administrative Advance with respect to the Mortgage Loan, the Trust Loan or any Foreclosed
Property, as applicable; provided, however, that only three (3) Business Days’ written

 

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notice
shall be required in respect of Property Protection Advances required to be made on an urgent or emergency basis (which may include,
without limitation, Property Protection Advances required to make tax or insurance payments). In addition, the Special Servicer
shall provide the Servicer with such information in its possession as the Servicer may reasonably request to enable the Servicer
to determine whether a requested Property Protection Advance or Administrative Advance, as the case may be, would constitute a
Nonrecoverable Advance. Subject to Section 6.3, notwithstanding anything herein to the contrary, if the Special Servicer
requests that the Servicer make an Advance, the Servicer may conclusively rely on such request as evidence that such advance is
not a Nonrecoverable Advance. The Servicer shall notify the Trustee in writing promptly upon, and in any event within one Business
Day after, becoming aware that it will be unable to make any Property Protection Advance or Administrative Advance required to
be made pursuant to the terms hereof, and in connection therewith, shall set forth in such notice the amount of such Advance,
the Person to whom it will be paid, and the circumstances and purpose of such Advance, and shall set forth therein information
and instructions for the payment of such Advance. If the Servicer and the Trustee do not make a Property Protection Advance because
it would be a Nonrecoverable Advance, then the Servicer may, but is not required to, pay such amounts from the Collection Account
as Trust Fund Expenses if consistent with Accepted Servicing Practices and, if the Servicer does not pay such amounts, the Special
Servicer shall have no obligation to advance funds from its own funds to pay such Property Protection Advance or to perform the
action requiring such Property Protection Advance.

 

(c)
       To the extent the Servicer fails to make an Advance that it is required to make under
this Agreement and upon knowledge of a Responsible Officer of the Trustee, the Trustee shall be required to make such Advance
pursuant to Section 7.6. It is understood that the obligation of the Servicer and the Trustee (pursuant to Section 7.6)
to make such Advances is mandatory, subject to the limitations set forth in this Agreement, and shall continue to apply after
any modification or amendment of the Mortgage Loan pursuant to Section 3.24 hereof, beyond the Maturity Date of the Mortgage
Loan if a payment default shall have occurred on such date and through any court appointed stay period or similar payment delay
resulting from any insolvency of any Borrower Related Party or related bankruptcy, notwithstanding any other provision of this
Agreement, other than the requirement of recoverability, and shall continue, subject to the requirement of recoverability, until
the earlier of (i) the payment in full of all the Mortgage Loan and (ii) the date on which the Property becomes liquidated.

 

(d)       Subject
to the proviso to the first sentence of Section 3.23(a), interest on each Advance made by the Servicer or the Trustee shall
accrue for each day that such Advance is outstanding at a rate of interest equal to the Advance Interest Rate for each such day
(or the most recent day on which the Advance Interest Rate was reported, if not reported on such day) on the basis of a year of
360-days and the actual number of days elapsed in a month. Interest on the Advances, if unreimbursed, shall compound annually.

 

(e)       Notwithstanding
any other provision in this Agreement, the Servicer or the Trustee, as applicable, shall be obligated to make an Advance only
to the extent that the Servicer or the Special Servicer (each in accordance with Accepted Servicing Practices) or the Trustee
(based on reasonable business judgment), as applicable, has not determined that such Advance, together with interest thereon at
the Advance Interest Rate compounded annually, would constitute a Nonrecoverable Advance if made, and each of the Servicer and
the Trustee may

 

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conclusively
rely on any determination by the Special Servicer (which determination shall be made by the Special Servicer in accordance with
Accepted Servicing Practices) that any proposed Advance would, if made, be a Nonrecoverable Advance. In making such non-recoverability
determination, the Servicer or the Special Servicer (in accordance with Accepted Servicing Practices) or the Trustee (based on
reasonable business judgment), as applicable, shall be entitled to consider (among other things) the obligations of the Borrower
under the terms of the Mortgage Loan as it may have been modified, to consider (among other things) the Property in its “as-is”
or then current conditions and occupancies, as modified by such party’s assumptions regarding the possibility and effects
of future adverse change with respect to the Property, to estimate and consider (among other things) future expenses and to estimate
and consider (among other things) the timing of recoveries. The Trustee and the Servicer, in that order, shall be entitled to
reimbursement for any such Advances from the Collection Account and shall obtain such reimbursement in accordance with Section
3.4(c). If the context requires, each reference to the reimbursement or payment of an Advance shall be deemed to include,
whether or not specifically referred to, payment or reimbursement of interest thereon at the Advance Interest Rate, compounded
annually, through the date of payment or reimbursement. If the Servicer and the Trustee do not make a Property Protection Advance
because it would be a Nonrecoverable Advance, then the Servicer may, but is not required to, pay such amounts from the Collection
Account as Trust Fund Expenses if consistent with Accepted Servicing Practices and, if the Servicer does not pay such amounts,
the Special Servicer shall have no obligation to advance funds from its own funds to pay such Property Protection Advance or to
perform the action requiring such Property Protection Advance.

 

(f)       The
determination by the Servicer or the Trustee, as applicable, that it has made a Nonrecoverable Advance or by the Servicer, the
Special Servicer or the Trustee, as applicable, that any proposed Advance, if made, would constitute a Nonrecoverable Advance,
shall be evidenced by the delivery of an Officer’s Certificate to the Companion Loan Holder(s), the Certificate Administrator,
the Servicer (if such determination is made by the Special Servicer or the Trustee, as applicable), the Trustee (if such determination
is made by the Servicer or the Special Servicer, as applicable) in electronic format, and any applicable Consenting Party and
Consulting Party, detailing the reasons for such determination with supporting documents attached. Such Officer’s Certificate
shall be made available to any Non-Restricted Privileged Person by the Certificate Administrator or the 17g-5 Information Provider
by posting such Officer’s Certificate to the Certificate Administrator’s Website or to the 17g-5 Information Provider’s
Website, as applicable, pursuant to Section 8.14(b). The costs of any appraisals, reports or surveys and other information
requested by the Servicer, the Special Servicer or the Trustee establishing an Advance as a Nonrecoverable Advance shall be treated
as an expense of the Trust, payable from the Collection Account pursuant to Section 3.4(c), and shall constitute a Property
Protection Advance or Administrative Advance, as applicable, if paid by the Servicer or the Trustee from its funds. The Servicer’s
and the Special Servicer’s reasonable determination of nonrecoverability in accordance with the above provisions shall be
conclusive and binding on the Trustee and the Trustee shall be entitled to rely conclusively thereupon. The Trustee, in determining
whether or not a proposed Advance would be a Nonrecoverable Advance, shall make such determination in its reasonable business
judgment. For the avoidance of doubt, the Special Servicer may, but is not obligated to, determine whether any Advance would constitute
a Nonrecoverable Advance if made. If the Servicer and the Trustee do not make a Property Protection Advance because it would be
a Nonrecoverable Advance, then the Servicer may, but is not required to, pay such amounts

 

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from
the Collection Account as Trust Fund Expenses if consistent with Accepted Servicing Practices and, if the Servicer does not pay
such amounts, the Special Servicer shall have no obligation to advance funds from its own funds to pay such Property Protection
Advance or to perform the action requiring such Property Protection Advance.

 

(g)       The
Servicer and the Trustee are not obligated to advance or pay (i) delinquent scheduled payments with respect to any Companion Loan,
(ii) the Balloon Payment with respect to the Trust Loan or any Companion Loan (but are obligated to advance the related Assumed
Monthly Interest Payment in accordance with the terms of this Agreement), (iii) any Default Interest, (iv) amounts required to
cure any damages resulting from Uninsured Causes (except as required pursuant to Section 3.12(c)), any failure of the Property
to comply with any applicable law, including any Environmental Law, or (except in connection with the foreclosure or other acquisition
of the Property in accordance with Section 3.12 upon the occurrence of a Mortgage Loan Event of Default) to investigate,
test, monitor, contain, clean up, or remedy an environmental condition present at the Property, (v) any losses arising with respect
to defects in the title to the Property, (vi) any costs of capital improvements to the Property other than those necessary to
prevent an immediate or material loss to the Trust’s interest in the Property, (vii) Default Yield Maintenance Premiums,
(viii) subordinated obligations, including any related mezzanine loans, or (ix) any cure payments. The Servicer shall have no
obligation to make any Administrative Advances with respect to any Companion Loan.

 

3.24       Modifications
of Mortgage Loan Documents; Due on Sale; Due on Encumbrance. (a) The Servicer (if no Special Servicing Loan Event has
occurred and is continuing) or the Special Servicer (during a Special Servicing Loan Event) each in accordance with Section
9.3 and this Section 3.24, may, subject to (1) the rights of any applicable Consenting Party and any applicable Consulting
Party, (2) the rights of any Companion Loan Holder under the Co-Lender Agreement and (3) the rights of any related mezzanine lender
under a related mezzanine intercreditor agreement, modify, waive or amend any term of the Mortgage Loan if such modification,
waiver or amendment (i) is consistent with Accepted Servicing Practices and (ii) does not either (A) cause either the Lower-Tier
REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code or (B) constitute a “significant modification”
of the Mortgage Loan pursuant to Treasury Regulations Section 1.860G-2(b) (and the Servicer or the Special Servicer, as applicable,
may obtain and be entitled to rely upon an Opinion of Counsel in connection with such determination). Neither the Servicer nor
the Special Servicer shall enter into (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 Mortgage Loan in a manner
that would be inconsistent with the allocation and payment priorities set forth in Section 1.3(a) hereof or in the Co-Lender
Agreement. Notwithstanding anything herein to the contrary, in no event may the Servicer or the Special Servicer permit an extension
of the Maturity Date beyond the date that is seven (7) years prior to the Rated Final Distribution Date. With respect to any action
as to which the Special Servicer’s consent is required under this Agreement (including any Major Decision), the Servicer
shall obtain the consent of the Special Servicer who, in turn, shall obtain the consent of any applicable Consenting Party prior
to granting its approval to the Servicer to take such action. After obtaining such approval, the Servicer shall be responsible
for processing such action (if no Special Servicing Loan Event has occurred and is continuing).

 

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(b)       All
modifications, waivers or amendments of the Mortgage Loan shall be in writing and shall be effected in a manner consistent with
Accepted Servicing Practices and the REMIC Provisions. The Servicer or the Special Servicer, as applicable, shall notify each
other, the Depositor, the Trustee, the Certificate Administrator, any applicable Consenting Party, any applicable Consulting Party,
the Companion Loan Holder(s) and the Controlling Class Representative, in writing, of any modification, waiver or amendment of
any term of the Mortgage Loan and the date thereof, and shall deliver to the Certificate Administrator or a Custodian on its behalf
(with a copy to the Companion Loan Holder(s)) an original recorded counterpart of the agreement relating to such modification,
waiver or amendment within 10 Business Days following the execution and recordation thereof with a copy of such documentation
to the Servicer or the Special Servicer, as applicable. In the event the Servicer or the Special Servicer, or a court of competent
jurisdiction in connection with a work-out or proposed work-out of the Mortgage Loan, modifies the interest rate applicable to
the Mortgage Loan, the adverse aggregate economic effect of the modification shall be applied to the Certificates in reverse order
of seniority.

 

(c)       Any
modification of the Mortgage Loan Documents that requires a Rating Agency Confirmation pursuant to the Mortgage Loan Documents,
or any modification that would eliminate, modify or alter the requirement of obtaining such Rating Agency Confirmation in the
Mortgage Loan Documents, shall not be made without the Servicer’s or the Special Servicer’s, as applicable, first
receipt of such Rating Agency Confirmation. Such Rating Agency Confirmation shall be obtained at the Borrower Related Parties’
expense in accordance with the Mortgage Loan Agreement or, if not so provided in the Mortgage Loan Agreement or if the Borrower
Related Parties do not pay, at the expense of the Trust.

 

(d)       Prior
to implementing any Major Decision under clauses (i) through (v), clause (xi)(A) (to the extent that the
related agreement is modified in a manner materially adverse to the “Senior Lender,” “Mortgage Lender”
or such other similar term as may be set forth therein) and clause (xiii) of the definition of “Major Decision,”
the Servicer or the Special Servicer, as applicable, shall obtain a Rating Agency Confirmation from each Rating Agency.

 

(e)       [Reserved].

 

(f)       Notwithstanding
the foregoing, the Servicer (or, if a Special Servicing Loan Event is continuing, the Special Servicer) may in accordance with
Accepted Servicing Practices (but without any Rating Agency Confirmation or consent of any applicable Consenting Party) grant
the Borrower’s request for consent to subject the Property to an easement, right-of-way or similar agreement for utilities,
access, parking, public improvements or another similar purpose and may consent to subordination of the Mortgage Loan to such
easement, right-of-way or similar agreement.

 

(g)       As
the Mortgage Loan contains provisions in the nature of a “due-on-sale” clause, which by its terms: (i) provides that
the Mortgage Loan shall (or may at the mortgagee’s option) become due and payable upon the sale or other transfer of an
interest in the Property or equity interests in the Borrower or certain principals of the Borrower except when certain conditions
are met; or (ii) provides that, except when certain conditions are met, the Mortgage Loan may not be assumed without the consent
of the mortgagee in connection with any such sale or other transfer, neither the Servicer nor the Special Servicer, on behalf
of the Trustee as the

 

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mortgagee
of record on behalf of the Trust, shall (A) fail to exercise any right it may have with respect to the Mortgage Loan (1) to accelerate
the payments thereon or (2) to withhold its consent to any sale or transfer, consistent with the Accepted Servicing Practices
or (B) waive any right to exercise such rights, unless, (x) with respect to the Mortgage Loan (if no Special Servicing Loan Event
has occurred and is continuing), the Servicer has obtained the prior written consent (or deemed consent) of the Special Servicer,
which consent shall be deemed given five (5) Business Days after the ten Business Day review period of any applicable Consenting
Party (or, with respect to such ten Business Day period, such longer period as required by any related mezzanine intercreditor
agreement for review by any holder of a related mezzanine loan) 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 waiver or exercise of such
right together with such other information reasonably required by the Special Servicer, or (y) prior to the Special Servicer,
with respect to the Mortgage Loan (during the occurrence and continuation of a Special Servicing Loan Event), itself taking such
an action or, with respect to the Mortgage Loan (if no Special Servicing Loan Event has occurred and is continuing), consenting
to such a proposed action of the Servicer, the Special Servicer has obtained, if there is an applicable Consenting Party, the
prior written consent (or deemed consent) of such Consenting Party, which consent shall be deemed given ten Business Days (or,
with respect to such ten Business Day period, such longer period as required by any related mezzanine intercreditor agreement
for review by any holder of a related mezzanine loan) after receipt (unless earlier objected to) by such Consenting Party of the
Servicer’s and/or Special Servicer’s, as applicable, written analysis and recommendation with respect to such waiver
together with such other information reasonably required by such Consenting Party.

 

(h)       As
the Mortgage Loan contains provisions stating that the Mortgage Loan may not be assumed or transferred without the consent of
the mortgagee, unless certain conditions are satisfied, the Special Servicer, with respect to the Mortgage Loan (during the occurrence
and continuation of a Special Servicing Loan Event) or the Servicer with respect to the Mortgage Loan (if no Special Servicing
Loan Event has occurred and is continuing), as applicable, on behalf of the Trustee as the mortgagee of record on behalf of the
Trust, shall determine in accordance with Accepted Servicing Practices whether such conditions have been satisfied.

 

(i)       As
the Mortgage Loan contains provisions in the nature of a “due-on- encumbrance” clause that by its terms: (i) provides
that the Mortgage 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 Property or equity interests in the Borrower or principals of the Borrower; or (ii) requires
the consent of the mortgagee to the creation of any such additional lien or other encumbrance on the Property or equity interests
in the Borrower or principals of the Borrower, neither the Servicer nor the Special Servicer, on behalf of the Trustee as the
mortgagee of record, on behalf of the Trust, shall (A) fail to exercise any right it may have with respect to the Mortgage Loan
(1) to accelerate the payments thereon or (2) to withhold its consent to the creation of any additional lien or other encumbrance,
consistent with the Accepted Servicing Practices or (B) waive its right to exercise such rights, unless, (x) with respect to the
Mortgage Loan (if no Special Servicing Loan Event has occurred and is continuing), the Servicer has obtained the prior written
consent (or deemed consent) of the Special Servicer, which consent shall be deemed given five (5) Business Days after the ten
Business Day review period of any applicable Consenting Party (or, with respect to such ten Business Day period, such longer period
as required by any related mezzanine intercreditor agreement for review by any holder of a related mezzanine loan)

 

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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 waiver or exercise of such right together with such other information reasonably required by the Special
Servicer, and/or (y) prior to the Special Servicer, with respect to the Mortgage Loan (during the occurrence and continuation
of a Special Servicing Loan Event), itself taking such an action or, with respect to the Mortgage Loan (if no Special Servicing
Loan Event has occurred and is continuing), consenting to such a proposed action of the Servicer, the Special Servicer has obtained,
if there is an applicable Consenting Party, the prior written consent (or deemed consent) of such Consenting Party, which consent
shall be deemed given ten Business Days (or, with respect to such ten Business Day period, such longer period as required by any
related mezzanine intercreditor agreement for review by any holder of a related mezzanine loan) after receipt (unless earlier
objected to) by such Consenting Party of the Servicer’s and/or Special Servicer’s, as applicable, written analysis
and recommendation with respect to such waiver together with such other information reasonably required by such Consenting Party.

 

(j)       Notwithstanding
the foregoing, the Servicer shall not permit the substitution of the Property pursuant to the defeasance provisions of the Mortgage
Loan unless such defeasance complies with Treasury Regulations Section 1.860G-2(a)(8)(ii) and the 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 Mortgage Loan Documents, in an amount sufficient to make all scheduled payments under the 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 the Mortgage Loan (or defeased portion thereof) in compliance with the requirements of the terms of the Mortgage
Loan Documents, (iii) one or more Opinions of Counsel (at the expense of the Borrower) to the effect that the Trustee, on behalf
of the Trust Fund, will have a first priority perfected security interest in such substituted Property; provided, however,
that, to the extent consistent with the Mortgage Loan Documents, the Borrower shall pay the cost of any such opinion as a condition
to granting such defeasance, (iv) to the extent consistent with the Mortgage Loan Documents, a single purpose entity shall act
as a successor borrower, if so required by the Rating Agencies, (v) to the extent permissible under the Mortgage Loan Documents,
the Servicer shall use its reasonable efforts to require the Borrower to pay all costs of such defeasance, including but not limited
to the cost of maintaining any successor borrower, and (vi) to the extent permissible under the Mortgage Loan Documents, the Servicer
shall obtain, at the expense of the Borrower, Rating Agency Confirmation from each Rating Agency.

 

(k)       The
parties hereto hereby acknowledge that the Co-Lender Agreement provides that (i) to the extent consistent with Accepted Servicing
Practices (taking into account the extent to which the Junior Trust Note is junior to the Senior Notes pursuant to the Co-Lender
Agreement): (x) no waiver, reduction or deferral of any particular amounts due on any of the Senior Notes (except for REMIC or
grantor trust expenses, if applicable) shall be effected prior to the waiver, reduction or deferral of the entire corresponding
item in respect of the Junior Trust Note; and (y) no reduction of the Interest Rate of any of the Senior Notes shall be effected
prior to the reduction of the Interest Rate of the Junior Trust Note, to the fullest extent possible, and (ii) any of the actions
referred to in the immediately preceding clauses (i) (x) and (i)(y) shall be effected

 

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as
among the Senior Notes, on a pro rata and pari passu basis (based on the relative principal balance of each such
Senior Note) as regards the economic effects thereto.

 

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

 

3.26       Mezzanine
Intercreditor Agreement; Notice of Mortgage Loan Event of Default to Companion Loan Holder(s) and Mezzanine Lender. (a)
The Servicer shall give notice of any Mortgage Loan Event of Default to the Companion Loan Holder(s) and the lender under any
related mezzanine loan promptly (and, in the event of the failure to make a related Monthly Debt Service Payment Amount on its
scheduled Payment Date, such notice shall be given promptly following such related Payment Date) upon a Servicing Officer of the
Servicer gaining actual knowledge of such default or Mortgage Loan Event of Default, as provided in the Co-Lender Agreement and
any related mezzanine intercreditor agreement, whether or not the Servicer is obligated to give notice thereof to the Borrower
Related Parties. The Servicer or the Special Servicer, as applicable, shall exercise the rights of the Trust as (i) the holder
of the Trust Notes under the Co-Lender Agreement and (ii) a senior lender under any related mezzanine intercreditor agreement.
The Servicer or the Special Servicer, as applicable, shall comply with and enforce the rights and perform the obligations of the
Trust under the terms of the Co-Lender Agreement and any related mezzanine intercreditor agreement. The rights of the Trust and
the Certificateholders in and under the Trust Loan and the Mortgage Loan Documents shall be subject to the terms of the Co-Lender
Agreement and any related mezzanine intercreditor agreement.

 

(b)       The
parties hereto acknowledge that the Mortgage Loan is subject to the terms and conditions of the Co-Lender Agreement and recognize
the respective rights and obligations of the Trust, as holder of the Trust Loan, and of the Companion Loan Holder(s) under the
Co-Lender Agreement, including, without limitation: (i) with respect to the allocation of collections on or in respect of the
Mortgage Loan, and making of remittances, to the Trust, as holder of the Trust Loan, and to the Companion Loan Holder(s); (ii)
with respect to the allocation of expenses and losses relating to the Mortgage Loan to the Trust, as holder of the Trust Loan,
and to the Companion Loan Holder(s); and (iii) the consultation, consent and other rights of any Companion Loan Holder or its
representative. The Servicer (if no Special Servicing Loan Event exists) or the Special Servicer (if a Special Servicing Loan
Event exists or the Property has been converted to a Foreclosed Property) shall prepare and provide to any Companion Loan Holder
(or its representative) all notices, reports, statements and communications to be delivered by the holder of the Trust Loan under
the related Co-Lender Agreement, and shall perform all duties and obligations to be performed by a servicer and perform all servicing-related
duties and obligations to be performed by the holder of the Trust Loan pursuant to the related Co-Lender Agreement. Furthermore,
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. In the event of any conflict between this Agreement and the Co-Lender Agreement, the terms of the Co-Lender Agreement
shall control.

 

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(c)       The
Servicer shall maintain the Note register provided for in Section 18 of the Co-Lender Agreement and shall record the names and
addresses of, and wire transfer instructions for, the holders of the Notes from time to time; provided that the Servicer need
not maintain a separate Note register from the Note register, if any, maintained under the Mortgage Loan Agreement if the information
in both registers would otherwise be identical. The Servicer shall, upon request, provide to any other party to this Agreement
the then current information contained in such register.

 

(d)       At
any time after a Companion Loan has become part of an Other Securitization Trust and provided that the applicable parties hereto
have received written notice (which may be by email) thereof including contact information for the master servicer and special
servicer with respect to such Other Securitization Trust, all notices, reports, information or other deliverables required to
be delivered to the related Companion Loan Holder pursuant to this Agreement or the Co-Lender Agreement shall be delivered to
the master servicer and special servicer with respect to such Other Securitization Trust (who then may forward such items to the
party entitled to receive such items as and to the extent provided in the related Other Pooling and Servicing Agreement) and,
when so delivered to such master servicer and special servicer, the party hereto that is obligated under this Agreement or the
Co-Lender Agreement to deliver such notices, reports, information or other deliverables shall be deemed to have satisfied its
delivery obligations with respect to such items hereunder or under the Co-Lender Agreement.

 

3.27       Rating
Agency Confirmation. (a) Notwithstanding the terms of any of the Mortgage Loan Documents or other provisions of
this Agreement, if any action under any Mortgage Loan Documents or this Agreement requires a Rating Agency Confirmation or a written
confirmation from a Rating Agency that any action thereunder or hereunder will not cause a downgrade, withdrawal or qualification
of the then-current ratings on the Certificates as a condition precedent to such action, and if the party (the “Requesting
Party”) required to obtain such Rating Agency Confirmation has (i) made a request to any Rating Agency for such Rating
Agency Confirmation and (ii) within ten (10) Business Days of such request being posted on 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 (x) such Requesting Party shall
be required to promptly request the related Rating Agency Confirmation again, and (y) if there is no response to either such Rating
Agency Confirmation request within five (5) Business Days of such second request, then (1) with respect to any condition in any
Mortgage Loan Document requiring such Rating Agency Confirmation or any other matter under this Agreement relating to the servicing
of the Mortgage Loan, the requirement to obtain Rating Agency Confirmation shall be considered not to apply with respect to such
Rating Agency for such action at such time (as if such requirement did not exist for such matter at such time), other than such
a requirement with respect to the replacement of the Servicer or Special Servicer, (2) with respect to replacement of the Servicer
or Special Servicer, such condition shall be deemed not to apply if (A) in the event Moody’s is the non-responding Rating
Agency, (I) the replacement servicer or special servicer has confirmed in writing that it was appointed to act, and as of the
date of determination is acting, as the servicer or special servicer, as applicable, on a transaction level basis of a CMBS transaction
with respect to which Moody’s rated one or more classes of securities and one or more of such classes of securities are
still outstanding and rated by Moody’s and (II) Moody’s has not cited

 

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servicing
concerns of the applicable replacement servicer or special servicer, as applicable, as the sole or material factor in any qualification,
downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or
withdrawal) of securities in any other CMBS transaction serviced by the applicable servicer prior to the time of determination,
and (B) in the event DBRS Morningstar is the non-responding Rating Agency, the replacement servicer or special servicer, as applicable,
is currently acting as a servicer or special servicer, as applicable, on a transaction-level basis on a CMBS transaction currently
rated by DBRS Morningstar that currently has securities outstanding and for which DBRS Morningstar has not cited servicing concerns
of the replacement servicer or special servicer, as applicable, as the sole or material factor in any qualification, downgrade
or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal)
of securities rated by DBRS Morningstar in a commercial mortgage-backed securitization transaction rated by DBRS Morningstar and
serviced by the applicable replacement servicer or special servicer, as applicable, prior to the time of determination, and (3)
with respect to a replacement of, or successor to, the Operating Advisor, such condition shall be deemed to be waived with respect
to a Rating Agency if it does not respond so long as such Rating Agency has not cited concerns regarding the replacement operating
advisor 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 CMBS transaction with respect
to which the replacement operating advisor acts as operating advisor prior to the time of determination.

 

Any
Rating Agency Confirmation request made by the Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the
Operating Advisor, as applicable, pursuant to this Agreement, shall be made in writing (which may be in electronic form), which
writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up
material the Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Operating Advisor, as applicable,
reasonably deems necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall
be provided (in electronic format reasonably acceptable to the 17g-5 Information Provider) to the 17g-5 Information Provider,
and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with
Section 8.14(b).

 

Promptly
following the Servicer’s or Special Servicer’s determination to take any action discussed in this Section Error!
Reference source not found. following any requirement to obtain a Rating Agency Confirmation being considered satisfied
as described in the first paragraph of this Section 3.27(a), the Servicer or 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 post such notice on the 17g-5 Information Provider’s Website in accordance with Section
8.14(b).

 

(b)       Notwithstanding
the terms of the related Mortgage Loan Documents, the other provisions of this Agreement or the Co-Lender Agreement, with respect
to any Companion Loan as to which there exists Companion Loan Securities, if any action relating to the servicing and administration
of the Mortgage Loan or any Foreclosed Property (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

 

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such
action from each Companion Loan Rating Agency. Each Companion Loan Rating Agency Confirmation shall be sought by the Servicer
or Special Servicer, as applicable, depending on whichever such party is seeking the corresponding Rating Agency Confirmation(s)
in connection with the Relevant Action. The requirement to obtain a Companion Loan Rating Agency Confirmation with respect to
any Companion Loan Securities will be subject to, will be permitted to be waived by the Servicer and the Special Servicer on,
and will be deemed not to apply on, the same terms and conditions applicable to obtaining Rating Agency Confirmations, as set
forth in this Agreement; provided, that the Servicer or Special Servicer, as applicable, depending on which is seeking the subject
Companion Loan Rating Agency Confirmation, shall forward to one or more of its counterpart (i.e., the master servicer or special
servicer, as applicable), the 17g-5 Information Provider’s counterpart, or such other party or parties (as are agreed to
by the Servicer or the Special Servicer, as applicable, and the applicable parties for the related Other Securitization Trust),
at the expense of the Other Securitization Trust to the extent not borne by the Borrower, and in such format as the sender and
recipient may reasonably agree, (i) the request for such Companion Loan Rating Agency Confirmation at approximately the same time
that the request for Rating Agency Confirmation with respect to the applicable Relevant Action is sent to the 17g-5 Information
Provider, (ii) all materials forwarded to the 17g-5 Information Provider under this Agreement in connection with seeking the Rating
Agency Confirmation(s) for the applicable Relevant Action at approximately the same time that such materials are forwarded to
the 17g-5 Information Provider, and (iii) any other materials that the applicable Companion Loan Rating Agency may reasonably
request in connection with such Companion Loan Rating Agency Confirmation promptly following such request. The Servicer or the
Special Servicer, as applicable, may (but is not obligated to) send the request for a Companion Loan Rating Agency Confirmation
(and the related materials sent to the 17g-5 Information Provider’s counterpart in connection therewith) to the applicable
Companion Loan Rating Agency following the earlier of (a) receipt of notification from the 17g-5 Information Provider’s
counterpart that such information, report, notice or other document has been posted to the 17g-5 Information Provider counterpart’s
website and (b) after 12:00 p.m. on the first Business Day following the date it has provided such information, report, notice
or other document to the 17g-5 Information Provider.

 

Each
of the Servicer and the Certificate Administrator shall, promptly following receipt of written request from the Special Servicer,
provide to the Special Servicer the contact information for the master servicer, the special servicer, the trustee, the certificate
administrator and the 17g-5 Information Provider’s counterpart for the Other Securitization Trust, in each case solely to
the extent known to it.

 

(c) To
the extent it is permitted to do so under the Mortgage Loan Agreement, the Servicer (if no Special Servicing Loan Event has occurred
and is continuing) or the Special Servicer (during a Special Servicing Loan Event) shall, or shall require the Borrower to, obtain
a Rating Agency Confirmation from each Rating Agency with respect to the approval of any manager contemplated by clause (b) of
the definition of “Qualified Manager” in the Mortgage Loan Agreement. 

 

3.28       Approval
of Annual Budget. Subject to Section 3.24(a), the Servicer and the Special Servicer each hereby
agree and acknowledge that the Servicer or the Special Servicer, as applicable, shall respond to any request by the Borrower under
Section 4.12(a) of the Mortgage Loan Agreement for written approval of any proposed annual budget.

 

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3.29       Non-Consolidation
Opinion Relating to Letter of Credits delivered by the Borrower. With respect to the Borrower’s delivery
of any Letter of Credit contemplated by the last sentence of the definition of “Letter of Credit” in the Mortgage
Loan Agreement, the Servicer or the Special Servicer, as applicable, shall require the Borrower to deliver a New Non-Consolidation
Opinion relating to such Letter of Credit.

 

3.30       Co-operation
with Other Asset Reviewer. If any Companion Loan becomes the subject of an Other PSA Asset Review pursuant to
the related Other Pooling and Servicing Agreement, the Servicer, the Special Servicer, the Trustee and the Certificate Administrator
shall reasonably cooperate (and the Certificate Administrator shall cause any Custodian appointed by it to reasonably cooperate)
with the related Other Asset Representations Reviewer in connection with such Other PSA Asset Review by providing the related
Other Asset Representations Reviewer with any documents reasonably requested by the related Other Asset Representations Reviewer
(not at its own expense or the expense of the Trust but at the expense of the related Loan Seller or the related Other Asset Representations
Reviewer), but only to the extent that (i) the Other Asset Representations Reviewer has not been able to obtain such documents
from the related Loan Seller and (ii) such documents are in the possession of the Servicer, the Special Servicer, the Trustee,
the Certificate Administrator or any Custodian appointed by the Certificate Administrator, 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
other obligations with respect to any such Other PSA Asset Review nor shall any such party be bound by the results of any such
asset review, or (ii) shall be obligated to provide such documents if providing such documents, in its reasonable determination,
would be a violation of this Agreement or the Co-Lender Agreement.

 

3.31       Consultation
with Other Operating Advisor. With respect to any Other Pooling and Servicing Agreement that satisfies the Credit Risk
Rules in whole or in part through the purchase by a third party purchaser of an eligible horizontal residual interest pursuant
to Rule 7 of the U.S. Credit Risk Retention Rules (a “Regulation RR Other PSA”), at any time that the Special
Servicer has received written notice of such Regulation RR Other PSA and that an Other Operating Advisor Consultation Trigger
Event has occurred under such Regulation RR Other PSA because such eligible horizontal residual interest has been reduced as set
forth under Rule 7(b)(6)(iv) of the U.S. Credit Risk Retention Rules, the Special Servicer shall consult with the related Other
Operating Advisor (as representative of the related Companion Loan Holder) under such Other Pooling and Servicing Agreement with
respect to any decisions that are Major Decisions with respect to the related Companion Loan. Such consultation shall be on a
non-binding basis.

 

3.32       Compensating
Interest Payments. The Servicer shall deliver to the Certificate Administrator for deposit in the Lower Tier Distribution
Account on each Remittance Date, without any right of reimbursement thereafter, a Compensating Interest Payment, in the event
that a Prepayment Interest Shortfall occurs as a result of the Servicer allowing the Borrower to deviate from the terms of the
Mortgage Loan Documents regarding principal prepayments (other than (w) subsequent to a Mortgage Loan Event of Default, (x) pursuant
to applicable law or a court order, (y) in connection with the receipt of Insurance Proceeds or Condemnation Proceeds, or (z)
at the request or with the consent of the Special Servicer). Compensating Interest Payments shall be applied, first, to cover
the portion of the applicable Prepayment Interest Shortfall (adjusted to the Interest Rate, net of the Servicing Fee Rate) attributable
to the Senior Trust Note and the

 

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Companion
Loan Note(s), pro rata based on the respective amounts of such shortfalls for each such Note, and then, to cover the portion
of the applicable Prepayment Interest Shortfall (adjusted to the Interest Rate, net of the Servicing Fee Rate) attributable to
the Junior Trust Note. In no event will the rights of the Certificateholders and Companion Loan Holder(s) to the offset of the
aggregate Prepayment Interest Shortfalls be cumulative.

 

3.33       Resignation
Upon Prohibited Risk Retention Affiliation. Upon the occurrence of (i) a Servicing Officer of the Servicer or a Responsible
Officer of the Certificate Administrator or the Trustee, as applicable, obtaining actual knowledge that the Servicer, the Certificate
Administrator or the Trustee, as applicable, is or has become Risk Retention Affiliated with or a Risk Retention Affiliate of
the Third Party Purchaser (in such case, an “Impermissible TPP Affiliate”), (ii) the Servicer, Certificate
Administrator or the Trustee receiving written notice by any other party to this Agreement, the Third Party Purchaser, the Loan
Seller or any Initial Purchaser that the Servicer, Certificate Administrator or the Trustee, as applicable, is or has become an
Impermissible TPP Affiliate, or (iii) the Operating Advisor obtaining actual knowledge or receiving written notice that it is
or has become a Risk Retention Affiliate of the Third Party Purchaser, the Loan Seller or any other party to this Agreement (together
with an Impermissible TPP Affiliate, an “Impermissible Risk Retention Affiliate”), then, in each case, such
Impermissible Risk Retention Affiliate shall promptly notify the Retaining Sponsor and the other parties to this Agreement and
resign in accordance with Section 6.4, Section 8.7 or Section 9.7, as applicable. The resigning Impermissible
Risk Retention Affiliate shall bear all reasonable out-of-pocket costs and expenses of each other party to this Agreement, the
Trust and each Rating Agency in connection with such resignation as and to the extent required under this Agreement, provided
however, if the affiliation causing an Impermissible Risk Retention Affiliate is the result of Third Party Purchaser acquiring
an interest in such Impermissible Risk Retention Affiliate or an affiliate of such Impermissible Risk Retention Affiliate, then
such costs and expenses shall be an expense of the Trust.

 

4.       PAYMENTS
AND STATEMENTS TO CERTIFICATEHOLDERS

 

4.1       Distributions.
(a) On each Distribution Date, the Certificate Administrator shall withdraw from the Distribution Account the amounts on deposit
therein, to the extent of Available Funds, and distribute such amounts to the respective Classes of Certificates in the amounts
and in the order of priority set forth below:

 

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 and such Distribution Date;

 

Second,
to the Class A Certificates, in reduction of the Certificate Balance of such Class, up to the Principal Distribution Amount for
such Class and such Distribution Date until the Certificate Balance of such Class is reduced to zero;

 

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

 

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Fourth,
to the Class B Certificates in respect of interest, up to the Interest Distribution Amount for such Class and such Distribution
Date;

 

Fifth,
to the Class B Certificates, in reduction of the Certificate Balance of such Class, up to the Principal Distribution Amount for
such Class and such Distribution Date until the Certificate Balance of such Class is reduced to zero;

 

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

 

Seventh,
to the Class C Certificates in respect of interest, up to the Interest Distribution Amount for such Class and such Distribution
Date;

 

Eighth,
to the Class C Certificates, in reduction of the Certificate Balance of such Class, up to the Principal Distribution Amount for
such Class and such Distribution Date until the Certificate Balance of such Class is reduced to zero;

 

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

 

Tenth,
to the Class D Certificates in respect of interest, up to the Interest Distribution Amount for such Class and such Distribution
Date;

 

Eleventh,
to the Class D Certificates, in reduction of the Certificate Balance of such Class, up to the Principal Distribution Amount for
such Class and such Distribution Date until the Certificate Balance of such Class is reduced to zero;

 

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

 

Thirteenth,
to the Class E Certificates in respect of interest, up to the Interest Distribution Amount for such Class and such Distribution
Date;

 

Fourteenth,
to the Class E Certificates, in reduction of the Certificate Balance of such Class, up to the Principal Distribution Amount for
such Class and such Distribution Date until the Certificate Balance of such Class is reduced to zero;

 

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

 

Sixteenth,
to the Class HRR Certificates in respect of interest, up to the Interest Distribution Amount for such Class and such Distribution
Date;

 

Seventeenth,
to the Class HRR Certificates, in reduction of the Certificate Balance of such Class, up to the Principal Distribution Amount
for such Class and such Distribution Date until the Certificate Balance of such Class is reduced to zero;

 

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

 

Nineteenth,
to the Class R Certificates, any remaining amounts.

 

Available
Funds applied on any Distribution Date to pay the Interest Distribution Amount with respect to any Class of Regular Certificates
for such Distribution Date shall be applied first to pay the Current Interest Accrual Amount with respect to such Class of Certificates
for such Distribution Date and then to pay any Class Interest Shortfall in respect of the immediately preceding Distribution Date
for such Class of Certificates.

 

Available
Funds applied on any Distribution Date to pay the Principal Distribution Amount with respect to any Class of Principal Balance
Certificates for such Distribution Date shall be applied first to pay the portion of the Total Current Principal Collection Amount
for such Distribution Date allocable to such Class of Certificates in accordance with the definition of “Total Current Principal
Collection Amount” and then to pay the Class Principal Shortfall for the immediately preceding Distribution Date and such
Class of Certificates.

 

In
no event will any Class of Principal Balance Certificates receive distributions in reduction of its Certificate Balance which
in the aggregate exceed the initial Certificate Balance of such Class.

 

(b)       [Reserved].

 

(c)       On
each Distribution Date, each of the Class LA, Class LB, Class LC, Class LD, Class LE and Class LHRR Uncertificated Interests shall
be deemed to receive distributions in respect of interest, principal or reimbursement of Applied Realized Loss Amounts in an amount
equal to the amount of interest, principal or reimbursement of Applied Realized Loss Amounts, as applicable, actually distributable
to its respective Related Certificates as provided in Section 4.1(a).

 

(d)       On
each Distribution Date, any amounts actually distributed in respect of interest on the Class X Certificates shall be deemed to
have first been distributed in respect of interest among the Class LA and Class LB Uncertificated Interests in proportion to the
amount of such interest distributed on the Class X Certificates that effectively accrued at the applicable Class X Strip Rate
on the Lower-Tier Principal Amount of each such Uncertificated Lower-Tier Interest.

 

(e)       Amounts
deemed distributable in respect of the Uncertificated Lower-Tier Interests on any Distribution Date pursuant to Section 4.1(c)
and Section 4.1(d) are referred to herein collectively as the “Lower-Tier Distribution Amount”,
and shall be deemed to be made by the Certificate Administrator being deemed to deposit such Lower-Tier Distribution Amount into
the Upper-Tier Distribution Account on each Distribution Date.

 

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

 

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Any
Available Funds that remain in the Lower-Tier Distribution Account on each Distribution Date after distribution of the Lower-Tier
Distribution Amount shall be distributed to the Holders of the Class R Certificates (in respect of the Class LT-R Interest, but
only to the extent of the amount remaining in the Lower-Tier Distribution Account, if any).

 

(f)       All
amounts distributable to a Class of Certificates pursuant to Section 4.1(a) and/or Section 4.3(a) on each Distribution
Date shall be allocated pro rata among the outstanding Certificates in each such Class based on their respective Percentage
Interests. All distributions on each Class of Certificates pursuant to this Section 4.1 shall be made on each Distribution
Date to each Certificateholder of record at the close of business on the related Record Date by wire transfer of immediately available
funds to the account of such Certificateholder at a bank or other entity located in the United States and having appropriate facilities
therefor, provided that the Certificate Administrator has received appropriate wire transfer instructions therefrom, or by check
by first class mail to the address set forth therefor in the Certificate Register if wiring instructions have not been received
at least five (5) Business Days prior to the applicable Distribution Date. Notwithstanding the foregoing, the final distribution
on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the location
specified by the Certificate Administrator in the notice to Certificateholders of such final distribution.

 

(g)       The
Certificate Administrator shall, as soon as reasonably possible after notice thereof by the Servicer to the Certificate Administrator
that the final distribution with respect to any Class of Certificates is expected to be made, post a notice on the Certificate
Administrator’s Website pursuant to Section 8.14(b), deliver such notice to the 17g-5 Information Provider (who shall
post such notice on the 17g-5 Information Provider’s Website pursuant to Section 8.14(b)) and mail to each Holder
of such Class of Certificates, on such date a notice to the effect that:

 

(i)       the
Certificate Administrator reasonably expects based upon information previously provided to it that the final distribution with
respect to such Class of Certificates shall be made on such Distribution Date, but only upon presentation and surrender of such
Certificates, at the office of the Certificate Administrator therein specified; and

 

(ii)       if
such final distribution is made on such Distribution Date, no interest shall accrue on such Certificate from and after the Interest
Accrual Period related to such Distribution Date.

 

(h)       Any
funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Holder or Holders to tender their Certificates shall, on such date, be set aside and held in trust for the benefit of
the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been given pursuant to this Section
shall not have been surrendered for cancellation within six (6) months after the time specified in such notice, the Certificate
Administrator shall mail a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for
cancellation to receive the final distribution with respect thereto. If within one 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

 

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Certificateholders
concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting such Certificateholders
shall be paid out of such funds. All such amounts shall be held by the Certificate Administrator in trust in accordance herewith
until the expiration of a two (2) year period following such second notice, notwithstanding any termination of the Trust. If within
two (2) years after the second notice any such Certificates shall not have been surrendered for cancellation, the Certificate
Administrator shall hold all amounts distributable to the Holders thereof for the benefit of such Holders until the earlier of
(i) its termination as Certificate Administrator hereunder and the transfer of such amounts to a successor Certificate Administrator
and (ii) the termination of the Trust, at which time such amounts shall be distributed to the Depositor. No interest shall accrue
or be payable to any Certificateholder on any amount held in trust hereunder or by the Certificate Administrator as a result of
such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with this Section
4.1(h). Any such amounts transferred to the Certificate Administrator may, but need not be, invested in Permitted Investments
and all income and gain realized from investment of such funds shall be for the benefit of the Certificate Administrator. In the
event the Certificate Administrator is permitted or required to invest any amounts in Permitted Investments under this Agreement,
whether in its capacity as Certificate Administrator or in the event of its assumption of the duties of, or becoming the successor
to, the Servicer or the Special Servicer, as applicable, in accordance with the terms of this Agreement, it shall invest such
amounts in Permitted Investments under clause (i) of the definition of Permitted Investments.

 

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

 

(j)       On
each Distribution Date, any Realized Loss for such Distribution Date shall be allocated to the respective Classes of Principal
Balance Certificates in the following order:

 

first,
to the Class HRR Certificates;

 

second,
to the Class E Certificates;

 

third,
to the Class D Certificates;

 

fourth,
to the Class C Certificates;

 

fifth,
to the Class B Certificates; and

 

sixth,
to the Class A Certificates;

 

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

 

Allocations
of Realized Losses to any Class of the Class A, Class B, Class C, Class D, Class E and Class HRR Certificates shall be deemed
to result in a corresponding reduction of the Lower-Tier Principal Amount of the Related Uncertificated Lower-Tier Interest.

 

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4.2       Withholding
Tax. Notwithstanding any other provision of this Agreement, the Certificate Administrator shall comply with all federal
withholding requirements with respect to payments to Certificateholders that the Certificate Administrator reasonably believes
are applicable under the Code. The consent of Certificateholders shall not be required for any such withholding. In the event
the Certificate Administrator withholds any amount from interest payments or advances thereof to any Certificateholder pursuant
to federal withholding requirements, amounts so withheld shall be treated as having been entirely distributed to such Certificateholder,
and the Certificate Administrator shall indicate the amount withheld to such Certificateholder through a report.

 

Each
Beneficial Owner and Certificateholder, by the purchase of a Certificate or its acceptance of a beneficial interest therein, acknowledges
that interest on the Certificates will be treated as United States source interest, and, as such, United States withholding tax
may apply. Each such Beneficial Owner and Certificateholder further agrees, upon request, to provide any certifications that may
be required under applicable law, regulations or procedures to evidence its status for United States withholding tax purposes
and understands that if it ceases to satisfy the foregoing requirements or provide requested documentation, payments to it under
the Certificates may be subject to United States withholding tax (without any corresponding gross-up). Without limiting the foregoing,
if a payment made under this Agreement would be subject to United States federal withholding tax imposed by FATCA if the recipient
of such payment were to fail to comply with FATCA (including the requirements of Code Sections 1471(b) or 1472(b), as applicable),
such recipient shall deliver to the Certificate Administrator, with a copy to the Trustee, at the time or times prescribed by
the Code and at such time or times reasonably requested by the Certificate Administrator or the Trustee, such documentation prescribed
by the Code (including as prescribed by Code Section 1471(b)(3)(C)(i)) and such additional documentation reasonably requested
by the Trustee or the Certificate Administrator to comply with their respective obligations under FATCA, to determine that such
recipient has complied with such recipient’s obligations under FATCA, or to determine the amount to deduct and withhold
from such payment. For these purposes, “FATCA” means Section 1471 through 1474 of the Code and any regulations
or official interpretations thereof (including any revenue ruling, revenue procedure, notice or similar guidance issued by the
U.S. Internal Revenue Service thereunder as a precondition to relief or exemption from taxes under such Sections, regulations
and interpretations), any agreements entered into pursuant to Code Section 1471(b)(1), and including any amendments made to FATCA
after the date of this Agreement.

 

4.3       Allocation
and Distribution of Default Yield Maintenance Premiums.

 

(a)       On
each Distribution Date, the Certificate Administrator shall withdraw from the Default Yield Maintenance Premiums Distribution
Account an amount that represents any Default Yield Maintenance Premium actually collected in respect of the Mortgage Loan during
the related Collection Period and allocable to the Trust Loan pursuant to the Co-Lender Agreement and remitted by the Servicer
pursuant to Section 3.4(d) , and shall distribute such withdrawn amount to the Holders of the following Classes of Regular
Certificates in the following manner: (i) the holders of the Principal Balance Certificates will, in the case of each Class thereof,
be entitled to receive that portion of such Default Yield Maintenance Premium equal to the product of (A) a fraction whose numerator
is the amount of principal distributed to the subject Class of Principal Balance Certificates on such Distribution Date and whose
denominator is the total

 

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amount
of principal distributed to all of the Principal Balance Certificates on such Distribution Date, (B) the Base Interest Fraction
for the related principal prepayment and the subject Class of Principal Balance Certificates, and (C) the amount of such Default
Yield Maintenance Premium allocated to the Trust Loan; and (ii) the holders of the Class X Certificates will be entitled to receive
the excess, if any, of (a) the amount of such Default Yield Maintenance Premium allocated to the Trust Loan, over (b) the amount
thereof distributed with respect to the Principal Balance Certificates on such Distribution Date in accordance with the immediately
preceding clause (i). If there is more than one Class of Principal Balance Certificates entitled to distributions of principal
on any particular Distribution Date on which any Default Yield Maintenance Premium allocated to the Trust Loan is distributable,
then the amount of such Default Yield Maintenance Premium allocated to the Trust Loan 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 thereto
in accordance with the first sentence of this paragraph. Notwithstanding the foregoing, Default Yield Maintenance Premiums shall
be distributed to some or all of the Regular Certificates on any Distribution Date only to the extent such they are received in
respect of the Trust Loan and on deposit in the Collection Account as of the related Determination Date.

 

(b)       [Reserved].

 

(c)       Any
Default Yield Maintenance Premium distributable pursuant to Section 4.3(a) shall be deemed to have first been distributed
from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Class LA Uncertificated Interest, Class LB Uncertificated
Interest, Class LC Uncertificated Interest, Class LD Uncertificated Interest, Class LE Uncertificated Interest and Class LHRR
Uncertificated Interest pro rata in accordance with their respective Lower-Tier Principal Amounts outstanding immediately
prior to the applicable Distribution Date, whether or not any such Uncertificated Lower-Tier Interest, as applicable, has received
all distributions of interest and principal to which it is entitled.

 

(d)       No
Default Yield Maintenance Premiums shall be distributed to the Holders of the Class R Certificates.

 

4.4       Statements
to Certificateholders. (a) On each Distribution Date, based in part on information provided by the Servicer and/or
the Special Servicer, as applicable, the Certificate Administrator shall prepare and provide or make available pursuant to Section
8.14(b) to any Privileged Person a statement in respect of the distributions on such Distribution Date (a “Distribution
Date Statement”) in the form of Exhibit P setting forth:

 

(i)       for
each Class of Regular Certificates the amount of the distributions made on such Distribution Date allocable to interest at the
Pass-Through Rate and the amount allocable to principal (separately identifying the amount of any principal payments (and specifying
the source of such payments)), and the amount of interest paid on Advances from Default Interest and allocable to such Class;

 

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

 

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

 

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

 

(v)       the
principal balance of the Trust Loan (or any REO Trust Loan) and the Mortgage Loan (or any REO Mortgage Loan), respectively, as
of the end of the Collection Period for such Distribution Date;

 

(vi)       the
aggregate amount of Unscheduled Payments (and the source of such payments) made during the related Collection Period;

 

(vii)       identification
of any Mortgage Loan Event of Default, Special Servicing Loan Event, Servicer Termination Event, Special Servicer Termination
Event or Operating Advisor Termination Event under this Agreement, that in any case has been declared as of the close of business
on the second Business Day prior to the end of the immediately preceding calendar month;

 

(viii)       the
amount of the servicing compensation (other than the Servicing Fee) paid to the Servicer and the Special Servicer with respect
to such Distribution Date, separately listing any Liquidation Fees or Work-out Fees and any other Borrower Restricted Party charges
retained by the Servicer or the Special Servicer, and the amount of compensation paid to the Servicer, the Special Servicer, the
Certificate Administrator, the Trustee and the Operating Advisor, separately listing the Trustee/Certificate Administrator Fee
(which includes the Trustee Fee), the Servicing Fee, the Special Servicing Fee and the Operating Advisor Fee;

 

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

 

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

 

(xi)       information
with respect to any declared bankruptcy of any Borrower Related Party;

 

(xii)       as
to any item of collateral for the Mortgage Loan released, liquidated or disposed of during the related Collection Period, the
identity of such item and the amount of proceeds of any liquidation or other amounts, if any, received therefrom during the related
Collection Period;

 

(xiii)       a
list of conveyances or transfers of the Property by the Borrower Related Parties as of the end of the related Collection Period;

 

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(xiv)       the
aggregate amount of all Advances, if any, not yet reimbursed as of the end of the related Collection Period;

 

(xv)       the
amount of any reimbursement of Nonrecoverable Advances paid to the Servicer during the related Collection Period;

 

(xvi)       an
itemized report identifying any Appraisal Reduction Amount and the amount of the Appraisal Reduction Amount allocated to each
Class of Principal Balance Certificates as of such Distribution Date;

 

(xvii)       the
amount of Default Interest, if any, and late payment charges, if any, paid by a Borrower Related Party during the related Collection
Period;

 

(xviii)       the
aggregate amount of Borrower Reimbursable Trust Fund Expenses that were paid by or on behalf of the Borrower during the related
Collection Period and that remain unpaid as of the end of the related Collection Period;

 

(xix)       the
amount of Default Yield Maintenance Premiums, if any, collected during the related Collection Period and distributed on such Distribution
Date to the Holders of the respective Classes of the Regular Certificates entitled thereto;

 

(xx)       the
information required by Rule 15Ga-1(a), as promulgated under the Exchange Act concerning all assets of the Trust that were subject
of a demand to repurchase for breach of the related representations and warranties;

 

(xxi)       the
amount of any CREFC® Licensing Fee payable with respect to such Distribution Date;

 

(xxii)       an
itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its affiliates during the
related Collection Period to the extent provided to the Certificate Administrator pursuant to this Agreement; and

 

(xxiii)       identification
of the commencement of a CCR Consultation Period or a CCR Consultation Termination Period, and of the termination of a CCR Control
Period or CCR Consultation Period.

 

The
Depositor, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the Operating Advisor may agree
to enhance the reporting requirements of the Distribution Date Statement without Certificateholder approval, except that no such
enhancement shall, unless required by applicable law, remove any restriction pertaining to the dissemination of Privileged Information
(including any Final Asset Status Report and communications between the Special Servicer and any applicable Consenting Party)
without the prior written consent of such Consenting Party.

 

Within
a reasonable period of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who
at any time during the calendar year was a Certificateholder upon written request to the Certificate Administrator, a statement
containing the information set forth in clauses (i), (ii), (iv) and (xix) above as to the applicable

 

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Class,
aggregated for such calendar year or applicable portion of such year during which such Person was a Certificateholder, together
with such other information as the Certificate Administrator deems necessary or desirable, or that a Certificateholder or Beneficial
Owner of a Certificate reasonably requests, to enable Certificateholders to prepare their tax returns for such calendar year.
Such obligation of the Certificate Administrator shall be deemed to have been satisfied to the extent that substantially comparable
information shall be provided by the Certificate Administrator pursuant to any requirements of the Code as from time to time are
in force.

 

(b)       The
Certificate Administrator shall make the Distribution Date Statement available to Privileged Persons on each Distribution Date
pursuant to Section 8.14(b). The Certificate Administrator’s obligation to provide such information to the Certificateholders
or any other person shall be contingent on the Certificate Administrator’s receipt of such information from the Servicer
and the Special Servicer, as applicable. The Certificate Administrator shall be entitled to rely on such information provided
to it by the Servicer or the Special Servicer without independent verification. To the extent that the information required to
be furnished by the Servicer is based on information required to be provided by the Borrower Restricted Parties or the Special
Servicer, the Servicer’s obligation to furnish such information to the Certificate Administrator shall be contingent on
its receipt of such information from the Borrower Restricted Parties or the Special Servicer, as applicable. To the extent that
information required to be furnished by the Special Servicer is based on information required to be provided by the Borrower Restricted
Parties, the Special Servicer’s obligation to furnish such information shall be contingent upon receipt of its receipt of
such information from the Borrower Restricted Parties. The Servicer, the Special Servicer, the Trustee and the Certificate Administrator
shall be entitled to rely on information supplied by any Borrower Restricted Parties without independent verification.

 

The
Certificate Administrator shall, to the extent provided to it by the Servicer in electronic format, make available to Non-Restricted
Privileged Persons pursuant to Section 8.14(b) reports or analyses of net operating income from the Property. Such net
operating income reports or analyses shall be prepared pursuant to Section 3.18 hereof by the Servicer in CREFC®
format based on the quarterly, annual and periodic statements and rent rolls with respect to the Property obtained by the
Servicer from the Borrower Restricted Parties.

 

At
the reasonable request and authorization by the Depositor, the Certificate Administrator may make available on the Certificate
Administrator’s Website to any Non-Restricted Privileged Person certain other information with respect to the Mortgage Loan
(subject to the limitations of Section 3.18) and will provide such information to the 17g-5 Information Provider (who shall
post it to the 17g-5 Information Provider’s Website pursuant to Section 8.14(b)).

 

In
addition, the Certificate Administrator shall make available on the Certificate Administrator’s Website such information
as set forth in Section 8.14(b) herein.

 

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

 

(a)       The
Certificate Administrator shall make the Investor Q&A Forum available to Non-Restricted Privileged Persons only. The “Investor
Q&A Forum” shall be a service available on the Certificate Administrator’s Website, where Non-Restricted Privileged

 

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Persons
may (i) submit questions to the Certificate Administrator relating to the Distribution Date Statement, or submit questions to
the Servicer, the Special Servicer or the Operating Advisor, as applicable, relating to the reports being made available pursuant
to Section8.14(b)(ii)(B), the Mortgage Loan or the Property (each an “Inquiry” and collectively, “Inquiries”),
and (ii) view Inquiries that have been previously submitted and answered, together with the answers thereto. Upon receipt of an
Inquiry from a Non-Restricted Privileged Person for the Servicer, the Special Servicer or the Operating Advisor, as applicable,
the Certificate Administrator shall forward such Inquiry to the appropriate person at the Servicer, the Special Servicer or the
Operating Advisor, as applicable (as identified to the Certificate Administrator by the Servicer, the Special Servicer or the
Operating Advisor, as applicable), in each case via email within a commercially reasonable period of time following receipt of
such Inquiry. Following receipt of an Inquiry, the Certificate Administrator, the Servicer, the Special Servicer 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 Servicer, the Special Servicer or the Operating Advisor, as applicable shall be by email to the Certificate
Administrator. The Certificate Administrator shall post (within a commercially reasonable period of time following preparation
or receipt of such answer, as the case may be) such Inquiry and the related answer to the Certificate Administrator’s Website.
If the Certificate Administrator, the Servicer, the Special Servicer or the Operating Advisor, as applicable, determines, in its
respective sole discretion, that (i) any Inquiry is not of a type described above, (ii) answering any Inquiry would not be in
the best interests of the Trust, the Certificateholders and/or any Companion Loan Holder, (iii) answering any Inquiry would be
in violation of applicable law, the Mortgage Loan Documents or this Agreement, (iv) answering the Inquiry would, or is reasonably
expected to, result in the waiver of attorney-client privilege or the disclosure of attorney work product, (v) answering any Inquiry
would materially increase the duties of, or result in significant additional cost or expense to, the Trustee, the Certificate
Administrator, the Servicer, the Special Servicer or the Operating Advisor, as applicable, (vi) answering any Inquiry would or
is reasonably expected to require the disclosure of Privileged Information, or (vii) answering any Inquiry is otherwise, for any
reason, not advisable, it shall not be required to answer such Inquiry and, in the case of the Servicer, the Special Servicer
or the Operating Advisor shall promptly notify the Certificate Administrator of such determination. The Certificate Administrator
shall notify the Person who submitted such Inquiry in the event that the Inquiry shall not be answered. Any notice by the Certificate
Administrator to the Person who submitted an Inquiry that shall not be answered shall include the following statement: “Because
the Trust and Servicing Agreement provides that the Certificate Administrator, the Servicer, the Special Servicer 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 Trust and Servicing Agreement, (ii) answering any Inquiry would not be in the best interests of
the Trust and/or the Certificateholders, (iii) answering any Inquiry would be in violation of applicable law, the Mortgage Loan
Documents or the Trust and Servicing Agreement, (iv) answering any Inquiry that would, or could reasonably be expected to, result
in the waiver of attorney-client privilege or the disclosure of attorney work product, (v) answering any Inquiry would materially
increase the duties of, or result in significant additional cost or expense to, the Certificate Administrator, the Servicer, the
Special Servicer or the Operating Advisor, as applicable, (vi) answering any Inquiry would or is reasonably expected to require
the disclosure of Privileged Information, or (vii) answering any Inquiry is otherwise, for any reason, not advisable, no inference
should or may be drawn from the fact that the Certificate Administrator,

 

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the
Servicer, the Special Servicer or the Operating Advisor has declined to answer the Inquiry.” Answers posted on the Investor
Q&A Forum shall be attributable only to the respondent, and shall not be deemed to be answers from any of the Depositor, the
Initial Purchasers or any of their respective Affiliates. None of the Initial Purchasers, the Depositor, the Servicer, the Special
Servicer, the Trustee, the Certificate Administrator, the Operating Advisor or any of their respective Affiliates shall certify
to any of the information posted in the Investor Q&A Forum and no such party shall have any responsibility or liability for
the content of any such information. The Certificate Administrator shall not be required to post to the Certificate Administrator’s
Website any Inquiry or answer thereto that the Certificate Administrator determines, in its sole discretion, is administrative
or ministerial in nature. No party shall post or otherwise disclose direct communications with any applicable Consenting Party
or Consulting Party 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 any applicable Consenting Party or Consulting Party, 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 shall not reflect questions, answers and other communications that are not submitted
via the Certificate Administrator’s Website. In addition to the Certificate Administrator’s receipt of the Investor
Certification to confirm that such person is a Non-Restricted Privileged Person, the Certificate Administrator may require acceptance
of a waiver and disclaimer for access to the Investor Q&A Forum.

 

(b)       The
Certificate Administrator shall make the Investor Registry available to any Certificateholder and any Beneficial Owner. 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 information with respect to any other Certificateholder or Beneficial
Owner that has so registered. Any person registering to use the Investor Registry shall be required to certify that (a) it is
a Certificateholder or a Beneficial Owner and (b) it grants authorization to the Certificate Administrator to make its name and
contact information available on the Investor Registry for at least 45 days from the date of such certification to other registered
Certificateholders and registered Beneficial Owners. Such Person shall then be asked to enter certain mandatory fields such as
the individual’s name, the company name and email address, as well as certain optional fields such as address, phone, and
Class(es) of Certificates owned. If any Certificateholder or Beneficial Owner notifies the Certificate Administrator that it wishes
to be removed from the Investor Registry (which notice may not be within 45 days of its registration), the Certificate Administrator
shall promptly remove it from the Investor Registry. The Certificate Administrator shall not be responsible for verifying or validating
any information submitted on the Investor Registry, or for monitoring or otherwise maintaining the accuracy of any information
thereon. The Certificate Administrator may require acceptance of a waiver and disclaimer for access to the Investor Registry.

 

(c)       The
Distribution Date Statements, CREFC® Reports and any supplemental notices thereto, shall be provided by the Certificate
Administrator to certain market data providers upon the consent of the Depositor, and upon receipt by the Certificate Administrator
from such person of a certification in the form of Exhibit N hereto, which certification may be submitted electronically.
The Depositor hereby consents to the provision of such information to Bloomberg,

 

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L.P.,
BlackRock Financial Management, Inc., CMBS.com, Inc., Intex Solutions, Inc., Markit Group Limited, Trepp, LLC, KBRA Analytics,
LLC and Moody’s Analytics, Inc., and the provision of such information shall not constitute a breach of this Agreement by
the Certificate Administrator.

 

(d)       The
17g-5 Information Provider shall make available, only to NRSROs (including the Rating Agencies), the Rating Agency Q&A Forum
and Document Request Tool. The “Rating Agency Q&A Forum and Document Request Tool” shall be a service available
on the 17g-5 Information Provider’s Website, where NRSROs may (i) submit inquiries to the Certificate Administrator relating
to the Distribution Date Statement, (ii) submit inquiries to the Servicer or the Special Servicer, as applicable, relating to
the reports prepared by such parties, (iii) submit requests for loan-level reports and information (each such submission, a “Rating
Agency Inquiry”) or (iv) view Rating Agency Inquiries that have been previously submitted and answered, together with
the responses thereto. Upon receipt of a Rating Agency Inquiry for the Servicer, the Special Servicer or the Certificate Administrator,
the 17g-5 Information Provider shall forward the Rating Agency Inquiry to the appropriate person, in each case within a commercially
reasonable period of time following receipt thereof. Following receipt of a Rating Agency Inquiry from the 17g-5 Information Provider,
the Certificate Administrator, the Servicer or the Special Servicer, as applicable, unless it determines not to answer such Rating
Agency Inquiry as provided below, shall reply by email (or other electronic means reasonably acceptable to the 17g-5 Information
Provider and the Servicer or the Special Servicer, as applicable) to the 17g-5 Information Provider. The 17g-5 Information Provider
shall post (within a commercially reasonable period of time following of receipt of such response) such Rating Agency Inquiry
and the related response (or such reports, as applicable) to the Rating Agency Q&A Forum and Document Request Tool. If the
Certificate Administrator, the Servicer or the Special Servicer determines, in its respective sole discretion, that (i) answering
any Rating Agency Inquiry would be in violation of applicable law, the Accepted Servicing Practices, this Agreement or the Mortgage
Loan Documents, (ii) answering any Rating Agency Inquiry would or is reasonably expected to result in a waiver of an attorney-client
privilege with, or the disclosure of attorney work product of, any counsel engaged by the Servicer, the Special Servicer, the
Trustee or the Certificate Administrator, as applicable, or (iii)(A) answering any Rating Agency Inquiry would materially increase
the duties of, or result in significant additional cost or expense to, the Certificate Administrator, the Servicer or the Special
Servicer, as applicable, and (B) the Certificate Administrator, the Servicer or the Special Servicer, as applicable, determines
in accordance with Accepted Servicing Practices (or in good faith, in the case of the Certificate Administrator) that the performance
of such duties or the payment of such costs and expenses is beyond the scope of its duties in its capacity as Certificate Administrator,
Servicer or Special Servicer, as applicable, under this Agreement, it shall not be required to answer such Rating Agency Inquiry
and, in the case of the Certificate Administrator, the Servicer or the Special Servicer, shall promptly notify the 17g-5 Information
Provider by email (or other electronic means reasonably acceptable to the 17g-5 Information Provider and the Servicer or the Special
Servicer, as applicable) 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 shall 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 shall be attributable only

 

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to
the respondent, and shall not be deemed to be answers from any other person. None of the Initial Purchasers, Depositor, or any
of their respective Affiliates shall 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 shall not reflect questions, answers and other communications that are not submitted
via the 17g-5 Information Provider’s Website. In addition to the Certificate Administrator’s receipt of the Investor
Certification to confirm that such person is a Non-Restricted Privileged Person, the Certificate Administrator may require acceptance
of a waiver and disclaimer for access to the Rating Agency Q&A Forum and Document Request Tool.

 

5.       THE
CERTIFICATES

 

5.1       The
Certificates. (a)       The Certificates shall be issued in substantially the
respective forms set forth as Exhibits A-1 through A-8 hereto, with such appropriate insertions, omissions, substitutions
and other variations as are required or permitted by this Agreement or as may, in the reasonable judgment of the Certificate Registrar,
be necessary, appropriate or convenient to comply, or facilitate compliance, with applicable laws, and may have such letters,
numbers or other marks of identification and such legends or endorsements placed thereon as may be required by-law, or as may,
consistently herewith, be determined by the officers executing such Certificates, as evidenced by their execution thereof.

 

(b)       The
Certificates of each Class of Principal Balance Certificates shall be issued in minimum denominations of $100,000 and integral
multiples of $1 in excess of $100,000. The Class X Certificates will be issued, maintained and transferred only in minimum denominations
of authorized initial Notional Amounts of not less than $1,000,000 and in integral multiples of $1 in excess of $1,000,000. The
Class R Certificates shall be issued, maintained and transferred in minimum percentage interests of 10% of such Class R Certificates
and in integral multiples of 1% in excess thereof.

 

(c)       One
authorized signatory shall sign the Certificates for the Certificate Registrar by manual or facsimile signature. If an authorized
signatory whose signature is on a Certificate no longer holds that office at the time the Certificate Registrar countersigns the
Certificate, the Certificate shall be valid nevertheless. A Certificate shall not be valid until an authorized signatory of the
Certificate Registrar (who may be the same officer who executed the Certificate) manually countersigns the Certificate. The signature
shall be conclusive evidence that the Certificate has been executed and countersigned under this Agreement.

 

(d)       [Reserved].

 

5.2       Form
and Registration. (a) The Regular Certificates may be sold to Non-U.S. Securities Persons in offshore transactions
in reliance on Regulation S under the Act. Such Certificates of each Class thereof (other than the Class HRR Certificates) shall
initially be represented by a temporary global certificate in definitive, fully registered form without interest coupons, substantially
in the applicable form set forth as an exhibit hereto (each a “Temporary 

 

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Regulation
S Global Certificate”), which shall be deposited on the Closing Date on behalf of the purchasers of the Certificates
represented thereby with the Certificate Registrar, at its principal trust office, as custodian, for the Depository, and registered
in the name of the Depository or the nominee of the Depository for the account of designated agents holding on behalf of the Euroclear
System (“Euroclear”) and/or Clearstream Banking, société anonyme (“Clearstream”).
Prior to the expiration of the 40-day period commencing on the later of the commencement of the offering of the Certificates and
the Closing Date (the “Restricted Period”), beneficial interests in each Temporary Regulation S Global Certificate
may be held through Euroclear, Clearstream or any other Depository Participant. After the expiration of the Restricted Period,
a beneficial interest in a Temporary Regulation S Global Certificate may be exchanged for an interest in the related permanent
global certificate of the same Class (a “Regulation S Global Certificate”) in the applicable form set forth
as an exhibit hereto in accordance with the procedures set forth in Section 5.3(f). During the Restricted Period, distributions
due in respect of a beneficial interest in a Temporary Regulation S Global Certificate shall only be made upon delivery to the
Certificate Administrator by Euroclear or Clearstream, as applicable, of a Non-U.S. Beneficial Ownership Certification. After
the expiration of the Restricted Period, distributions due in respect of any beneficial interests in a Temporary Regulation S
Global Certificate shall not be made to the holders of such beneficial interests unless exchange for a beneficial interest in
the Regulation S Global Certificate of the same Class is improperly withheld or refused. The aggregate Certificate Balance or
Notional Amount, as applicable, of a Temporary Regulation S Global Certificate or a Regulation S Global Certificate may from time
to time be increased or decreased by adjustments made on the records of the Certificate Registrar, as custodian for the Depository,
as hereinafter provided.

 

On
the Closing Date, the Certificate Administrator shall execute, the Authenticating Agent shall authenticate, and the Certificate
Administrator shall deliver to the Certificate Registrar the Regulation S Global Certificates, which shall be held by the Certificate
Registrar for purposes of effecting the exchanges contemplated by the preceding paragraph.

 

(b)       The
Regular Certificates (other than the Class HRR Certificates) offered and sold to QIBs in reliance on Rule 144A under the Act (“Rule
144A”) shall, in the case of each Class thereof, be represented by a single, global certificate in definitive, fully
registered form without interest coupons, substantially in the applicable form set forth as an exhibit hereto (each, a “Rule
144A Global Certificate” and, together with the Temporary Regulation S Global Certificates and the Regulation S Global
Certificates, the “Global Certificates”), which shall be deposited with the Certificate Registrar or an agent
of the Certificate Registrar, as custodian for the Depository, and registered in the name of the Depository or a nominee of the
Depository. The aggregate Certificate Balance or Notional Amount, as applicable, of a Rule 144A Global Certificate may from time
to time be increased or decreased by adjustments made on the records of the Certificate Registrar, as custodian for the Depository,
as hereinafter provided.

 

(c)       The
Regular Certificates of each Class thereof that are initially offered and sold in the United States to investors that are Institutional
Accredited Investors that are not QIBs, the Credit Risk Retention Certificates (during the HRR Interest Transfer Restriction Period)
and the Class R Certificates (collectively, the “Non-Book Entry Certificates”) shall be in the form of Definitive
Certificates, in each case 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

 

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Registrar
who shall deliver the certificates for such Non-Book Entry Certificates (other than the Credit Risk Retention Certificates) to
the respective beneficial owners or owners.

 

(d)       Owners
of beneficial interests in Global Certificates of any Class shall not be entitled to receive physical delivery of certificated
Certificates unless: (i) the Depositor advises the Certificate Registrar in writing that the Depository is no longer willing or
able to discharge properly its responsibilities or continue as depository with respect to the Global Certificates of such Class
or ceases to be a Clearing Agency, and the Certificate Registrar and the Depositor are unable to locate and appoint a qualified
successor within 90 days of such notice or (ii) the Trustee has instituted or has been directed to institute any judicial proceeding
in a court to enforce the rights of the Certificateholders and the Trustee has been advised by counsel that in connection with
such proceeding it is necessary or appropriate for the Trustee to obtain possession of the related Certificates; provided,
however, that under no circumstances shall Definitive Certificates be issued to beneficial owners of a Temporary Regulation
S Global Certificate. Upon notice of the occurrence of any of the events described in clause (i) or (ii) above with
respect to any Certificates of a Class that are in the form of Global Certificates and upon surrender by the Depository of any
Global Certificate of such Class and receipt from the Depository of instructions for reregistration, the Certificate Registrar
shall issue Certificates of such Class in the form of Definitive Certificates (bearing, in the case of a Definitive Certificate
issued for a Rule 144A Global Certificate, the same legends regarding transfer restrictions borne by such Global Certificate),
and thereafter the Certificate Registrar shall recognize the holders of such Definitive Certificates as Certificateholders under
this Agreement.

 

(e)       If
any Beneficial Owner wishes to transfer its interest in a Rule 144A Global Certificate to an Institutional Accredited Investor
that is not a Qualified Institutional Buyer, or wishes to transfer its interest in a Regulation S Global Certificate to a “U.S.
person” (as that term is defined in Rule 902(k) under the Securities Act) that is an Institutional Accredited Investor but
not a Qualified Institutional Buyer, then the transferee shall take delivery in the form of a Non-Book Entry Certificate, subject
to the restrictions on the transfer of such Non-Book Entry Certificate in Section 5.3(h) of this Agreement. No such transfer
shall be made and the Certificate Registrar shall not register any such transfer unless such transfer complies with the provisions
of Section 5.3(h) of this Agreement applicable to transfers of Non-Book Entry Certificates. Upon acceptance for exchange
or transfer of a beneficial interest in a Global Certificate for a Non-Book Entry Certificate, as provided herein, the Certificate
Registrar shall endorse on the schedule affixed to the related Global Certificate (or on a continuation of such schedule affixed
to such Global Certificate and made a part thereof) an appropriate notation evidencing the date of such exchange or transfer and
a decrease in the denomination of such Global Certificate equal to the denomination of such Non-Book Entry Certificate issued
in exchange therefor or upon transfer thereof.

 

(f)       During
the HRR Interest Transfer Restriction Period, any Credit Risk Retention Certificate shall only be held as a Definitive Certificate
in the Credit Risk Retention Certificate Safekeeping Account by the Certificate Administrator (and each Retaining Party’s
respective interest shall be tracked in the form of an entry in the Certificate Administrator’s trust accounting system
under the Credit Risk Retention Certificate Safekeeping Account), for the benefit of the Holder of the related Certificate. The
Certificate Administrator shall hold each Credit Risk Retention Certificate in safekeeping and shall release the same only upon
receipt of a written direction signed by each of the Retaining Sponsor and the Holder of such Certificate, and

 

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in
accordance with any authentication procedures as may be utilized by the Certificate Administrator and in accordance with this
Agreement. There shall be, and hereby is, established by the Certificate Administrator an account which will be designated the
“Credit Risk Retention Certificate Safekeeping Account” and in which each Credit Risk Retention 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 Credit Risk Retention Certificate Safekeeping Account for each applicable
Retaining Party. Each Credit Risk Retention 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 Credit Risk Retention Certificate in connection
with the initial issuance thereof and, for so long as the Credit Risk Retention Certificates are held in the Credit Risk Retention
Certificate Safekeeping Account by the Certificate Administrator pursuant to this Agreement, upon any transfer or exchange pursuant
to this Article 5 of any Credit Risk Retention Certificate, the Certificate Administrator shall deliver to the related
Retaining Party a receipt in the form set forth in Exhibit R. No amounts distributable with respect to any Credit Risk
Retention Certificate shall be remitted to the Credit Risk Retention Certificate Safekeeping Account, but instead shall be remitted
directly to the applicable 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 such Retaining Party to the Certificate Administrator.
Under no circumstances by virtue of safekeeping any Credit Risk Retention Certificate shall the Certificate Administrator be obligated
to bring legal action or institute proceedings against any Person on behalf of any of the applicable Retaining Parties. During
the HRR Interest Transfer Restriction Period and for such longer time as the related Retaining Party may request, the Certificate
Administrator shall hold each individual Credit Risk Retention Certificate at the below location, or any other location; provided
the Certificate Administrator has given notice to each of the Retaining Parties of such new location:

 

Citibank,
N.A.

Vault Operations Level B

399 Park Avenue

New York, NY 10022

 

As
regards the Credit Risk Retention Certificates held thereby, the Certificate Administrator shall make available to each applicable
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 Credit Risk Retention
Certificate shall be subject to this Article 5. During the HRR Interest Transfer Restriction Period, unless the Retaining
Sponsor and the Depositor otherwise consent in writing, the Certificate Administrator shall not permit any Person to copy (other
than for internal purposes), and shall not itself provide to any Person copies of, the executed Credit Risk Retention Certificates
held by it in the Credit Risk Retention Certificate Safekeeping Account.

 

(g)       To
the extent that the aggregate value of the HRR Interest is in excess of the amount or percentage of risk retention required pursuant
to the U.S. Credit Risk Retention Rules, such excess portion of such HRR Interest shall nevertheless be deemed to be subject to
the requirements of the U.S. Credit Risk Retention Rules and such excess portion of such HRR Interest shall be subject to all
of the provisions in this Agreement applicable to such HRR Interest including, without limitation, the provisions of this Article
5.

 

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5.3             
Registration of Transfer and Exchange of Certificates. (a) The Certificate Administrator shall keep or cause to be
kept at the Corporate Trust Office books (the “Certificate Register”) in which, subject to such reasonable regulations
as it may prescribe, the Certificate Administrator shall provide for the registration of Certificates and of transfers and exchanges
of Certificates as herein provided (the Certificate Administrator, in such capacity, being the “Certificate Registrar”).
In such capacities, the Certificate Administrator shall be responsible for, among other things, (i) maintaining the Certificate
Register and a record of the aggregate holdings of Regular Certificates of each Class thereof represented by a Temporary Regulation S
Global Certificate, a Regulation S Global Certificate and a Rule 144A Global Certificate, respectively, and accepting
Certificates for exchange and registration of transfer and (ii) transmitting to the Trustee, the Depositor, the Servicer and
the Special Servicer any notices from the Certificateholders. In its capacity as Certificate Registrar, the Certificate Administrator
shall be responsible for, among other things, holding each Credit Risk Retention Certificate as a Definitive Certificate on behalf
of the Holder of such Certificate in accordance with Section 5.2(f).

 

(b)              
Subject to the restrictions on transfer set forth in this Article 5, upon surrender for registration of transfer
of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class. No
transfer of any Certificate shall be made unless that transfer is made pursuant to an effective registration statement under the
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.

 

(c)               
Rule 144A Global Certificate to Temporary Regulation S Global Certificate. If a holder of a beneficial
interest in the Rule 144A Global Certificate deposited with the Certificate Registrar as custodian for the Depository wishes
at any time to exchange its interest in such Rule 144A Global Certificate for an interest in the Temporary Regulation S
Global Certificate of the same Class, or to transfer its interest in such Rule 144A Global Certificate to a Person who is
required to take delivery thereof in the form of an interest in the Temporary Regulation S Global Certificate of the same
Class, such holder may, subject to the rules and procedures of the Depository, exchange or cause the exchange of such interest
for an equivalent beneficial interest in such Temporary Regulation S Global Certificate. Upon receipt by the Certificate Registrar,
as registrar, at its office designated in Section 5.7 hereof, of (1) instructions given in accordance with the
Depository’s procedures from a Depository Participant directing the Certificate Administrator to credit, or cause to be credited,
a beneficial interest in the Temporary Regulation S Global Certificate in an amount equal to the beneficial interest in the
Rule 144A Global Certificate to be exchanged, (2) a written order given in accordance with the Depository’s procedures
containing information regarding the Euroclear or Clearstream account to be credited with such increase and the name of such account
and (3) a certificate in the form of Exhibit C hereto given by the holder of such beneficial interest stating
that the transfer of such interest has been made in compliance with the transfer restrictions applicable to the Global Certificates
and pursuant to and in accordance with Regulation S, then the Certificate Registrar shall instruct the Depository to reduce,
or cause to be reduced, the Certificate Balance or Notional Amount, as applicable, of the Rule 144A Global Certificate and
to increase, or cause to be increased, the Certificate Balance or Notional Amount, as applicable, of the Temporary Regulation S
Global Certificate by the aggregate Certificate Balance or Notional Amount, as applicable, of the

 

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beneficial interest in the Rule 144A
Global Certificate to be exchanged, to credit or cause to be credited to the account of the Person specified in such instructions
(who shall be the agent member of Euroclear or Clearstream, or both) a beneficial interest in the Temporary Regulation S Global
Certificate equal to the reduction in the Certificate Balance or Notional Amount, as applicable, of the Rule 144A Global Certificate,
and to debit, or cause to be debited, from the account of the Person making such exchange or transfer the beneficial interest in
the Rule 144A Global Certificate that is being exchanged or transferred.

 

(d)              
Rule 144A Global Certificate to Regulation S Global Certificate. If a holder of a beneficial interest in
the Rule 144A Global Certificate deposited with the Certificate Registrar as custodian for the Depository wishes at any time
to exchange its interest in such Rule 144A Global Certificate for an interest in the Regulation S Global Certificate
of the same Class, or to transfer its interest in such Rule 144A Global Certificate to a Person who is required to take delivery
thereof in the form of an interest in a Regulation S Global Certificate, such holder may, subject to the rules and procedures
of the Depository, exchange, or cause the exchange of, such interest for an equivalent beneficial interest in such Regulation S
Global Certificate. Upon receipt by the Certificate Administrator, as registrar, at its office designated in Section 5.7
hereof, of (1) instructions given in accordance with the Depository’s procedures from a Depository Participant directing
the Certificate Registrar to credit or cause to be credited a beneficial interest in the Regulation S Global Certificate in
an amount equal to the beneficial interest in the Rule 144A Global Certificate to be exchanged, (2) a written order given
in accordance with the Depository’s procedures containing information regarding the participant account of the Depository
to be credited with such increase and (3) a certificate in the form of Exhibit D hereto given by the holder of
such beneficial interest stating (A) that the transfer of such interest has been made in compliance with the transfer restrictions
applicable to the Global Certificates and pursuant to and in accordance with Regulation S, (B) that the Certificate being
transferred is not a “restricted security” as defined in Rule 144 under the Act or (C) that the transferee
is otherwise entitled to hold its interest in the applicable Certificates in the form of an interest in the Regulation S Global
Certificate, without any registration of such Certificates under the Act (in which case such certificate shall enclose an Opinion
of Counsel to such effect and such other documents as the Certificate Registrar may reasonably require), then the Certificate Registrar
shall instruct the Depository to reduce, or cause to be reduced, the Certificate Balance or Notional Amount, as applicable, of
the Rule 144A Global Certificate and to increase, or cause to be increased, the Certificate Balance or Notional Amount, as
applicable, of the Regulation S Global Certificate by the aggregate Certificate Balance or Notional Amount, as applicable,
of the beneficial interest in the Rule 144A Global Certificate to be exchanged, to credit or cause to be credited to the account
of the Person specified in such instructions a beneficial interest in the Regulation S Global Certificate equal to the reduction
in the Certificate Balance or Notional Amount, as applicable, of the Rule 144A Global Certificate, and to debit, or cause
to be debited, from the account of the Person making such exchange or transfer the beneficial interest in the Rule 144A Global
Certificate that is being exchanged or transferred.

 

(e)               
Temporary Regulation S Global Certificate or Regulation S Global Certificate to Rule 144A Global Certificate.
If a holder of a beneficial interest in a Temporary Regulation S Global Certificate or Regulation S Global Certificate
deposited with the Certificate Registrar as custodian for the Depository wishes at any time to exchange its interest in such Temporary
Regulation S Global Certificate or Regulation S Global Certificate for an interest in

 

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the Rule 144A Global Certificate
of the same Class, or to transfer its interest in such Temporary Regulation S Global Certificate or Regulation S Global
Certificate to a Person who is required to take delivery thereof in the form of an interest in the Rule 144A Global Certificate,
such holder may, subject to the rules and procedures of Euroclear or Clearstream, as the case may be, and the Depository, exchange
or cause the exchange of such interest for an equivalent beneficial interest in the Rule 144A Global Certificate of the same
Class. Upon receipt by the Certificate Administrator, as registrar, at its office designated in Section 5.7 hereof,
of (1) instructions from Euroclear or Clearstream, if applicable, and the Depository, directing the Certificate Registrar,
as registrar, to credit or cause to be credited a beneficial interest in the Rule 144A Global Certificate equal to the beneficial
interest in the Temporary Regulation S Global Certificate or Regulation S Global Certificate to be exchanged, such instructions
to contain information regarding the participant account with the Depository to be credited with such increase, (2) with respect
to a transfer of an interest in the Regulation S Global Certificate, information regarding the participant account of the
Depository to be debited with such decrease and (3) with respect to a transfer of an interest in the Temporary Regulation S
Global Certificate (but not the Regulation S Global Certificate) for an interest in the Rule 144A Global Certificate,
a certificate in the form of Exhibit E hereto given by the holder of such beneficial interest and stating that the
Person transferring such interest in the Temporary Regulation S Global Certificate reasonably believes that the Person acquiring
such interest in the Rule 144A Global Certificate is a QIB and is obtaining such beneficial interest in a transaction meeting
the requirements of Rule 144A, then the Certificate Registrar shall instruct the Depository to reduce, or cause to be reduced,
the Certificate Balance or Notional Amount, as applicable, of the Temporary Regulation S Global Certificate or Regulation S
Global Certificate and to increase, or cause to be increased, the Certificate Balance or Notional Amount, as applicable, of the
Rule 144A Global Certificate by the aggregate Certificate Balance or Notional Amount, as applicable, of the beneficial interest
in the Temporary Regulation S Global Certificate or Regulation S Global Certificate to be exchanged, and the Certificate
Registrar shall instruct the Depository, concurrently with such reduction, to credit, or cause to be credited, to the account of
the Person specified in such instructions, a beneficial interest in the Rule 144A Global Certificate equal to the reduction
in the Certificate Balance or Notional Amount, as applicable, of the Temporary Regulation S Global Certificate or Regulation S
Global Certificate and to debit, or cause to be debited, from the account of the Person making such transfer the beneficial interest
in the Temporary Regulation S Global Certificate or Regulation S Global Certificate that is being transferred.

 

(f)               
Temporary Regulation S Global Certificate to Regulation S Global Certificate. Interests in a Temporary
Regulation S Global Certificate as to which the Certificate Registrar has received from Euroclear or Clearstream, as the case
may be, a certificate (a “Non-U.S. Beneficial Ownership Certification”) to the effect that Euroclear or Clearstream,
as applicable, has received a certificate substantially in the form of Exhibit F hereto from the holder of a beneficial
interest in such Temporary Regulation S Global Certificate, shall be exchanged after the Restricted Period, for interests
in the Regulation S Global Certificate of the same Class. The Certificate Registrar shall effect such exchange by delivering
to the Depository for credit to the respective accounts of such holders, a duly executed and authenticated Regulation S Global
Certificate, representing the aggregate Certificate Balance or Notional Amount, as applicable, of interests in the Temporary Regulation S
Global Certificate initially exchanged for interests in the Regulation S Global Certificate. The delivery to the Certificate
Registrar by Euroclear or Clearstream of the certificate or certificates referred to above may be relied upon by the Depositor

 

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and the Certificate Registrar as conclusive evidence that the certificate or certificates referred to therein has or have been
delivered to Euroclear or Clearstream pursuant to the terms of this Agreement and the Temporary Regulation S Global Certificate.
Upon any exchange of interests in the Temporary Regulation S Global Certificate for interests in the Regulation S Global
Certificate, the Certificate Registrar shall endorse the Temporary Regulation S Global Certificate to reflect the reduction
in the Certificate Balance or Notional Amount, as applicable, represented thereby by the amount so exchanged and shall endorse
the Regulation S Global Certificate to reflect the corresponding increase in the amount represented thereby. Until so exchanged
in full and except as provided therein, the Temporary Regulation S Global Certificate, and the Certificates evidenced thereby,
shall in all respects be entitled to the same benefits under this Agreement as the Regulation S Global Certificate and Rule 144A
Global Certificate authenticated and delivered hereunder.

 

(g)              
Non-Book Entry Certificate to Global Certificate. If a Holder of a Non-Book Entry Certificate (other than (a) any
Credit Risk Retention Certificate during the HRR Interest Transfer Restriction Period or (b) a Class R Certificate) wishes
at any time to exchange its interest in such Non-Book Entry Certificate for an interest in a Global Certificate of the same Class,
or to transfer all or part of such Non-Book Entry Certificate to a Person who is entitled to take delivery thereof in the form
of an interest in a Global Certificate, such Holder may, subject to the rules and procedures of Euroclear or Clearstream, if applicable,
and the Depository, cause the exchange of all or part of such Non-Book Entry Certificate for an equivalent beneficial interest
in the appropriate Global Certificate of the same Class. Upon receipt by the Certificate Registrar, as registrar, at its office
designated in Section 5.7 hereof, of (1) such Non-Book Entry Certificate, duly endorsed as provided herein, (2) instructions
from such Holder directing the Certificate Registrar, as registrar, to credit, or cause to be credited, a beneficial interest in
the applicable Global Certificate equal to the portion of the Certificate Balance or Notional Amount, as applicable, of the Non-Book
Entry Certificate to be exchanged, such instructions to contain information regarding the participant account with the Depository
to be credited with such increase and (3) a certificate in the form of Exhibit G-1 hereto (in the event that the
applicable Global Certificate is the Temporary Regulation S Global Certificate), in the form of Exhibit G-2 hereto
(in the event that the applicable Global Certificate is the Regulation S Global Certificate) or in the form of Exhibit G-3
hereto (in the event that the applicable Global Certificate is the Rule 144A Global Certificate), then the Certificate Registrar,
as registrar, shall cancel, or cause to be canceled, all or part of such Non-Book Entry Certificate, shall, if applicable, execute,
authenticate and deliver to the transferor a new Non-Book Entry Certificate equal to the aggregate Certificate Balance or Notional
Amount, as applicable, of the portion retained by such transferor and shall instruct the Depository to increase, or cause to be
increased, such Global Certificate by the aggregate Certificate Balance or Notional Amount, as applicable, of the portion of the
Non-Book Entry Certificate to be exchanged and to credit, or cause to be credited, to the account of the Person specified in such
instructions a beneficial interest in the applicable Global Certificate equal to the Certificate Balance or Notional Amount, as
applicable, of the portion of the Non-Book Entry Certificate so canceled.

 

(h)              
Global Certificate to Non-Book Entry Certificate. If a holder of a Rule 144A Global Certificate or Regulation S Global
Certificate wishes at any time to transfer its interest in such Rule 144A Global Certificate or Regulation S Global Certificate
to a Person who is required to take delivery thereof in the form of a Non Book Entry Certificate, then the Certificate

 

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Registrar
shall refuse to register such transfer unless it receives (and upon receipt, may conclusively rely upon): (i) an investment representation
letter from the proposed transferee substantially in the form attached as Exhibit H-2 to this Agreement; and (ii) if required
by the Certificate Registrar, an opinion of counsel satisfactory to the Certificate Registrar to the effect that such transfer
shall be made without registration under the Securities Act, together with the written certification(s) as to the facts surrounding
such transfer from the Certificateholder desiring to effect such transfer and/or the proposed transferee on which such opinion
of counsel is based (such opinion of counsel shall not be an expense of the Trust or of the Depositor, the Servicer, the Special
Servicer, the Certificate Administrator, the Trustee or the Certificate Registrar in their respective capacities as such).

 

(i)                
Exchanges of Definitive Certificates. Certificates in the form of Definitive Certificates may not be transferred
unless: (i) (x) the Certificate Registrar received (A) other than in connection with the initial issuance of a Non-Book
Entry Certificate or the transfer of any such Non-Book Entry Certificate by the Depositor, an Initial Purchaser or the Retaining
Sponsor in connection with the initial offering of the Certificates, (1) a certificate from the proposed transferor substantially
in the form attached as Exhibit H-1 to this Agreement and (2) an investment representation letter from the proposed
transferee substantially in the form attached as Exhibit H-2 to this Agreement or (B) an opinion of counsel satisfactory
to the Certificate Registrar to the effect that such transfer may be made without registration under the Act, together with the
written certification(s) as to the facts surrounding such transfer from the Certificateholder desiring to effect such transfer
and/or the proposed transferee on which such opinion of counsel is based (which opinion of counsel shall not be an expense of the
Trust or of the Depositor, the Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the Certificate Registrar
in their respective capacities as such) and (y) in the case of a transfer of any Credit Risk Retention Certificate, the conditions
set forth in subsection (j) below are satisfied; or (ii) such transfer is otherwise in accordance with such procedures
as are substantially consistent with the provisions of clause (g) above (including the certification requirements intended
to ensure that such transfers comply with Rule 144A or, except in the case of a transfer of Class R Certificates, Regulation S
under the Act, as the case may be) and such other procedures as may from time to time be adopted by the Certificate Registrar.

 

(j)                
Transfers of Certificates Constituting the HRR Interest. At all times during the HRR Interest Transfer Restriction
Period, if a transfer of any Credit Risk Retention Certificate is to be made (other than in connection with the transfers on the
Closing Date from the Depositor to the Loan Seller or the Initial Purchasers or from the Initial Purchasers to the Third Party
Purchaser), then 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 H-5, which such certification must (1) be countersigned by the applicable Retaining Party and
the Retaining Sponsor (if different than the applicable Retaining Party) and (2) include a medallion stamp guarantee of such
Retaining Party, and (ii) a certification from the Certificateholder desiring to effect such transfer substantially in the
form attached hereto as Exhibit H-6, which such certification must (1) be countersigned by the applicable Retaining
Party (if different than the transferor) and the Retaining Sponsor (if different than the transferor and the applicable Retaining
Party) and (2) include a medallion stamp guarantee of such Retaining Party. Upon receipt of the foregoing certifications,
the Certificate Registrar shall, subject to Section 5.2(f), Section 5.3(a),

 

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Section 5.3(i),
the following provisions of this Section 5.3(j), and Section 5.3(n), reflect such Credit Risk Retention
Certificate in the name of the prospective Transferee. In no event shall a Credit Risk Retention Certificate be held as a Global
Certificate during the HRR Interest Transfer Restriction Period. In connection with each transfer of a Credit Risk Retention Certificate
after the Closing Date, the transferor of such Certificate shall pay to the Certificate Administrator a transfer fee of $5,000
(together with any other expenses related to such transfer (including fees charged by the Depository, if applicable)) and such
fee and expenses must be received by the Certificate Administrator prior to the transfer date or the Certificate Administrator
shall not be required to complete the requested transfer.

 

(k)              
Restricted Period. Prior to the termination of the Restricted Period with respect to the issuance of the Certificates, transfers
of interests in the Temporary Regulation S Global Certificate to U.S. persons (as defined in Regulation S) shall be limited
to transfers made pursuant to the provisions of clause (e) above.

 

(l)                
If Certificates are issued upon the transfer, exchange or replacement of Certificates bearing a restrictive legend relating
to compliance with the Act, or if a request is made to remove such legend on Certificates, the Certificates so issued shall bear
the restrictive legend, or such legend shall not be removed, as the case may be, unless there is delivered to the Certificate Registrar
such satisfactory evidence, which may include an Opinion of Counsel that neither such legend nor the restrictions on transfer set
forth therein are required to ensure that transfers thereof comply with the provisions of Rule 144A, Rule 144 or Regulation S
under the Act, the U.S. Credit Risk Retention Rules or, with respect to Non-Book Entry Certificates, that such Certificates are
not “restricted” within the meaning of Rule 144 under the Act. Upon provision of such satisfactory evidence, the
Certificate Registrar shall authenticate and deliver Certificates that do not bear such legend.

 

(m)            
All Certificates surrendered for registration of transfer and exchange shall be canceled and subsequently destroyed by the
Certificate Registrar in accordance with the Certificate Registrar’s customary procedures.

 

(n)              
No Class R Certificate or any interest therein may be purchased by or transferred to any prospective purchaser or transferee
that is or will be an employee benefit plan or other plan subject to the fiduciary responsibility provisions of ERISA or Section 4975
of the Code (each, a “Plan”), or any person acting on behalf of any such Plan or using the assets of a Plan
to purchase such Certificate. In addition, no ERISA Restricted Certificate or interest therein may be purchased by or transferred
to any prospective purchaser or transferee that is or will be a Plan, or to any Person acting on behalf of any such Plan or using
the assets of a Plan to purchase such ERISA Restricted Certificate or interest therein, unless (i) such purchaser or transferee
is an insurance company, (ii) the source of funds used to acquire or hold such ERISA Restricted Certificate or interest therein
is an “insurance company general account,” as such term is defined in PTCE 95-60, and (iii) the conditions in
Sections I and III of PTCE 95-60 have been satisfied. Furthermore, no Certificate or any interest therein may be purchased
by or transferred to any prospective purchaser or transferee that is or will be 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 Section 406
of ERISA or Code Section 4975 (“Similar Law”), or to any Person acting on behalf of any such plan or using
the assets of such plan to acquire such Certificate

 

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if its acquisition, holding and disposition of such Certificate would constitute
or otherwise result in a non-exempt violation of Similar Law. Except in connection with the initial transfer thereof by the Depositor,
an Initial Purchaser or the Retaining Sponsor (provided that, in the case of the Retaining Sponsor, such exception shall apply
only with respect to the transfer thereof on the Closing Date), each prospective transferee of a Definitive Certificate shall deliver
to the transferor, the Certificate Registrar and the Trustee a representation letter, substantially in the form of Exhibit J.
Each beneficial owner of a Certificate or any interest therein will be deemed to have represented, by virtue of its acquisition
or holding of such Certificate or interest therein, that either (i) it is not a Plan or a Person acting on behalf of or using
assets of a Plan, (ii) in the case of a Certificate other than a Class R Certificate or an ERISA Restricted Certificate,
it has acquired and is holding the Certificates in reliance on the Underwriter Exemption, and that it understands that there are
certain conditions to the availability of the Underwriter Exemption, including that the Certificates must be rated, at the time
of purchase, not lower than “BBB-” (or its equivalent) by a credit rating agency which meets the requirements of the
Underwriter Exemption and that such Certificate is so rated and that it is an “accredited investor” as defined in Rule 501(a)(1)
of Regulation D of the Commission under the Securities Act, or (iii) in the case of an ERISA Restricted Certificate, (1) it
is an insurance company, (2) the source of funds used to acquire or hold the Certificate or interest therein is an “insurance
company general account,” as such term is defined in PTCE 95-60, and (3) the conditions in Sections I and III of PTCE
95-60 have been satisfied. Each beneficial owner of a Certificate or an interest therein which is a governmental plan (as defined
in Section 3(32) of ERISA) or other plan subject to Similar Law shall be deemed to have represented, by virtue of its acquisition
or holding of such Certificate or interest therein that the acquisition, holding and disposition of such Certificate by the purchaser
will not constitute or otherwise result in a non-exempt violation of Similar Law. Any attempted or purported transfer in violation
of these transfer restrictions shall be null and void ab initio and shall vest no rights in any purported transferee and shall
not relieve the transferor of any obligations with respect to the applicable Certificates.

 

(o)              
[Reserved].

 

(p)              
Each Person who has or acquires any Residual Ownership Interest shall be deemed by the acceptance or acquisition of such
Residual Ownership Interest to have agreed to be bound by the following provisions and the rights of each Person acquiring any
Residual Ownership Interest are expressly subject to the following provisions:

 

(i)               
Each Person acquiring or holding any Residual Ownership Interest shall be a Permitted Transferee and shall not acquire or
hold such Residual Ownership Interest as agent (including a broker, nominee or other middleman) on behalf of any Person that is
not a Permitted Transferee. Any such Person shall promptly notify the Certificate Registrar of any change or impending change in
its status (or the status of the beneficial owner of such Residual Ownership Interest) as a Permitted Transferee. Any acquisition
of a Residual Ownership Interest by a Person who is not a Permitted Transferee or by a Person who is 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.

 

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(ii)              No Residual Ownership Interest may be transferred, and no such transfer shall be registered in the Certificate Register,
without the express written consent of the Certificate Registrar, and the Certificate Registrar shall not recognize the transfer,
and such proposed transfer shall not be effective, without such consent with respect thereto. In connection with any proposed transfer
of any Residual Ownership Interest, other than in connection with the initial transfer thereof to the Initial Purchasers and any
subsequent transfer thereof by the Initial Purchasers to any of their Affiliates, the Certificate Registrar shall, as a condition
to such consent, (x) require the proposed transferee to deliver, and the proposed transferee shall deliver to the Certificate
Registrar and to the proposed transferor, an affidavit in substantially the form attached as Exhibit I-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 shall 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 shall
not transfer the Residual Ownership Interest to any Person that does not provide a Transferee Affidavit or as to which the proposed
transferee has actual knowledge that such Person is not a Permitted Transferee or is acting as an agent (including a broker, nominee
or other middleman) for a Person that is not a Permitted Transferee, and (6) the proposed transferee expressly agrees to be
bound by and to abide by the provisions of this Section 5.3(p) 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 I-2 (the “Transferor Letter”), that the proposed transferor has no actual knowledge that the proposed
transferee is not a Permitted Transferee and has no actual knowledge or reason to know that the proposed transferee’s statements
in the preceding clauses (x)(B)(1) or (3) are false.

 

(iii)             Notwithstanding the delivery of a Transferee Affidavit by a proposed transferee under clause (ii) above, if
a Responsible Officer of the Certificate Registrar has actual knowledge that the proposed transferee is not a Permitted Transferee,
no Transfer to such proposed transferee shall be effected and such proposed Transfer shall not be registered on the Certificate
Register; provided, however, the Certificate Registrar shall not be required to conduct any independent investigation
to determine whether a proposed transferee is a Permitted Transferee. Upon notice to the Certificate Registrar that there has occurred
a Transfer to any Person that is a Disqualified Organization or an agent thereof (including a broker, nominee or middleman) in
contravention of the foregoing restrictions, and in any event not later than 60 days after a request for information from
the transferor of such Residual Ownership Interest or such agent, the Certificate Registrar and the Certificate Administrator agree
to furnish to the IRS and the transferor of such Residual Ownership Interest or such agent such information necessary to the application
of Section 860E(e) of the Code as may be required by the Code, including, but not limited to, the present value of the total
anticipated excess inclusions with respect to such Class R Certificate (or portion thereof) for periods after such Transfer.
At the election of the

 

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Certificate Registrar, the Certificate Registrar may charge a reasonable fee for computing and furnishing
such information to the transferor or to such agent referred to above; provided, however, such Persons shall in no
event be excused from furnishing such information.

 

(iv)            
The Class R Certificates may only be issued as Definitive Certificates, and transferred to and owned by QIBs.

 

5.4             
Mutilated, Destroyed, Lost or Stolen Certificates. If (a) any mutilated Certificate is surrendered to the Certificate
Registrar, or the Certificate Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Certificate
and (b) there is delivered to the Certificate Registrar such security or indemnity as may be required by it to save it harmless,
then, in the absence of actual notice to the Certificate Registrar that such Certificate has been acquired by a bona fide purchaser,
the Certificate Registrar shall execute, authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed,
lost or stolen Certificate, a new Certificate of like tenor and interest in the Trust Fund. In connection with the issuance of
any new Certificate under this Section 5.4, the Certificate Registrar may require the payment of a sum sufficient to
cover any expenses (including the fees and expenses of the Certificate Registrar) connected therewith. Any replacement Certificate
issued pursuant to this Section 5.4 shall constitute complete and indefeasible evidence of ownership in the Trust Fund,
as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time.

 

5.5             
Persons Deemed Owners. The Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating
Advisor and the Certificate Registrar, and any agent of any of them, may treat the Person in whose name any Certificate is registered
as the owner of such Certificate for the purpose of receiving distributions as provided in this Agreement and for all other purposes
whatsoever, and none of the Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor,
the Certificate Registrar or any agent of any of them shall be affected by any notice to the contrary; provided, however,
that to the extent that a party to this Agreement responsible for distributing any report, statement or other information required
to be distributed to Certificateholders has been provided with an Investor Certification substantially in the form of Exhibit K-1
from a Non-Restricted Privileged Person (including a Beneficial Owner or prospective transferee), such party to this Agreement
shall distribute such report, statement or other information to such Non-Restricted Privileged Person.

 

5.6             
Access to List of Certificateholders’
Names and Addresses; Special Notices. The Certificate Registrar shall maintain in as current a form as is reasonably
practicable the most recent list available to it of the names and addresses of the Certificateholders. If any Certificateholder
that has provided an Investor Certification substantially in the form of Exhibit K-1 (a) requests in writing from
the Certificate Registrar a list of the names and addresses of Certificateholders, (b) states that such Certificateholder
desires to communicate with other Certificateholders with respect to its rights under this Agreement or under the Certificates
and (c) provides a copy of the communication which such Certificateholder proposes to transmit, then the Certificate Registrar
shall, within ten (10) Business Days after the receipt of such request, afford such Certificateholder access during normal business
hours to a current list of the Certificateholders. Every Certificateholder, by receiving and holding a Certificate, agrees that
the Certificate Registrar and the Certificate Administrator shall not be held accountable by reason of

 

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the disclosure of any such
information as to the list of the Certificateholders hereunder, regardless of the source from which such information was derived.
The Depositor, the Servicer, the Special Servicer, the Operating Advisor and the Trustee shall be entitled to a list of the names
and addresses of Certificateholders from time to time upon request therefor.

 

Upon the written request
of any Certificateholder that (a) has provided an Investor Certification substantially in the form of Exhibit K-1,
(b) states that such Certificateholder desires the Certificate Administrator to transmit a notice to all Certificateholders
stating that such Certificateholder wishes to be contacted by other Certificateholders, setting forth the relevant contact information
and briefly stating the reason for the requested contact (a “Special Notice”) and (c) provides a copy of
the Special Notice which such Certificateholder proposes to transmit, the Certificate Administrator shall post such Special Notice
to the Certificate Administrator’s Website pursuant to Section 8.14(b) and shall mail such Special Notice to
all Certificateholders (other than any Certificateholder that is a Borrower Related Party, an Affiliate of a Borrower Related Party
or a Property Manager or an agent of one or more of the foregoing) at their respective addresses appearing on the Certificate Register.
The costs and expenses of the Certificate Administrator associated with delivering any such Special Notice shall be borne by the
party requesting such Special Notice. Every Certificateholder, by receiving and holding a Certificate, agrees that neither the
Certificate Administrator nor the Certificate Registrar shall be held accountable by reason of the disclosure of any such Special
Notice to Certificateholders, regardless of the information set forth in such Special Notice.

 

5.7             
Maintenance of Office or Agency. The Certificate Registrar shall maintain or cause to be maintained an office or
offices or agency or agencies where Certificates may be surrendered for registration of transfer or exchange and where notices
and demands to or upon the Certificate Registrar in respect of the Certificates and this Agreement may be served. The Certificate
Registrar initially designates its office at 480 Washington Boulevard, 30th Floor, Jersey City, New Jersey 07310, Attention:
Securities Window, as its office for such purposes. The Certificate Registrar shall give prompt written notice to the Certificateholders
and the Borrower Parties of any change in the location of the Certificate Register or any such office or agency.

 

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

 

6.1             
Respective Liabilities of the Depositor, the Servicer, the Special Servicer and the Operating Advisor. The Depositor,
the Servicer, the Special Servicer and the Operating Advisor each shall be liable in accordance herewith only to the extent of
the obligations specifically imposed by this Agreement.

 

6.2             
Merger or Consolidation of the Servicer or the Special Servicer. Each
of the Servicer and the Special Servicer shall keep in full effect its existence and rights as an entity under the laws of the
jurisdiction of its organization, and shall be in compliance with the laws of all jurisdictions to the extent necessary to perform
its duties under this Agreement.

 

Any Person into which
the Servicer or the Special Servicer may be merged or consolidated, or any Person resulting from any merger or consolidation to
which the Servicer or the Special Servicer shall be a party, or any Person succeeding to the servicing business of the

 

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Servicer
or the Special Servicer, shall be the successor of the Servicer or the Special Servicer, as the case may be, hereunder, and shall
be deemed to have assumed all of the liabilities and obligations of such Servicer or Special Servicer hereunder, without the execution
or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding;
provided, however, that such successor or surviving Person would not cause the then current rating on any of the
Certificates to be qualified, downgraded or withdrawn by any of the Rating Agencies, as evidenced by a Rating Agency Confirmation
delivered to the Certificate Administrator and the Trustee.

 

Notwithstanding the foregoing,
if the Servicer or the Special Servicer is the surviving entity of such merger, consolidation or transfer, such Person shall not
be required to comply with any requirement to obtain a Rating Agency Confirmation or similar confirmation from any Rating Agency.

 

6.3             
Limitation on Liability of the Depositor, the Servicer, the Special Servicer, the Operating Advisor and Others. (a)
None of the Depositor, the Servicer, the Special Servicer, the Operating
Advisor or any of their respective directors, officers, members, managers, partners, employees, Affiliates or agents shall be under
any liability to the Trust, the Certificateholders or any Companion Loan Holder for any action taken or for refraining from the
taking of any action in good faith pursuant to this Agreement, actions taken or not taken at the direction of the Certificateholders
and/or any Companion Loan Holder, or for errors in judgment; provided, however, that this provision shall not protect
the Depositor, the Servicer, the Special Servicer, the Operating Advisor or any such other Person against any breach of warranties
or representations made herein or any liability which would otherwise be imposed by reason of negligence, bad faith or willful
misconduct in the performance of its duties or by reason of negligent disregard of its obligations and duties hereunder. The Depositor,
the Servicer, the Special Servicer, the Operating Advisor and any of their respective directors, officers, employees, members,
managers, partners, Affiliates or agents may reasonably rely on any document of any kind prima facie properly executed and submitted
by any Person respecting any matters arising hereunder. The Depositor, the Servicer, the Special Servicer, the Operating Advisor
and any of their respective directors, officers, members, managers, partners, employees, agents, Affiliates or other “controlling
persons” within the meaning of Section 15 of the Act or Section 20 of the Exchange Act (“Controlling Persons”),
shall be indemnified by the Trust and the Companion Loan Holder(s) out of amounts on deposit in the Collection Account, to the
extent provided under the Co-Lender Agreement, and held harmless against any and all claims, losses, damages, penalties, fines,
forfeitures, legal fees and expenses and related costs, judgments or other costs and expenses incurred in connection with any legal
action or other claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments or
other costs and expenses relating to this Agreement, the Mortgage Loan, the Property, or the Certificates (except as any such claims,
losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments or other costs and expenses
shall be otherwise reimbursable and reimbursed pursuant to this Agreement), other than any and all claims, losses, damages, penalties,
fines, forfeitures, legal fees and expenses and related costs, judgments or other costs and expenses incurred by reason of negligence,
bad faith or willful misconduct by it in the performance of its duties hereunder or by reason of its negligent disregard of its
obligations and duties hereunder. Such indemnification shall survive the termination or resignation of the Depositor, the Servicer,
the Special Servicer or the Operating Advisor. None of the Depositor, the Servicer, the Special Servicer or the Operating Advisor
shall be under any

 

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obligation to appear in, prosecute or defend any legal action which is not incidental to its respective duties
under this Agreement and which in its opinion may involve it in any expense or liability; provided, however, that
the Depositor, the Servicer or the Special Servicer may, in its discretion, undertake any such action which it may deem necessary
or desirable in accordance with Accepted Servicing Practices in respect of this Agreement and the rights and duties of the parties
hereto and the interests of the Certificateholders hereunder. In such event, the legal expenses and costs of such action and any
liabilities of the Trust, and the Depositor, the Servicer and the Special Servicer shall be entitled to be reimbursed therefor
pursuant to Section 3.4(c) from funds on deposit in the Collection Account. Neither the Servicer nor the Special Servicer
shall be accountable for the use or application by the Depositor of any of the Certificates or of the proceeds of such Certificates
or for the use or application by the Certificate Administrator of any funds remitted to the Certificate Administrator in respect
of the Mortgage Loan deposited into or withdrawn from the Distribution Account or any account (other than the related Collection
Account and the Foreclosed Property Account and any other account maintained by the Servicer, the Special Servicer or any Sub-Servicer
pursuant to this Agreement) maintained by the Certificate Administrator or otherwise on behalf of the Trustee (except to the extent
that any such account is held by the Servicer or the Special Servicer in its commercial capacity), or for investment of such amounts
(other than investments made with the Servicer or the Special Servicer in its commercial capacity).

 

In addition, neither
the Servicer nor the Special Servicer shall have any liability with respect to, and the Servicer and the Special Servicer shall
be entitled to rely as to the truth of the statements made and the correctness of the opinions expressed therein on, any certificates
or opinions furnished to such Servicer or such Special Servicer, as the case may be, and conforming to the requirements of this
Agreement. To the extent consistent with Accepted Servicing Practices, each of the Servicer and the Special Servicer may rely in
good faith on information provided to it by the other parties hereto (unless the provider and the recipient of such information
are the same Person or Affiliates) and by the Borrower and shall have no duty to investigate or verify the accuracy thereof.

 

(b)              
The Depositor shall not be obligated to monitor or supervise the performance of the Servicer, the Special Servicer, the
Trustee, the Certificate Administrator or the Operating Advisor under this Agreement. The Depositor may, but shall not be obligated
to, enforce the obligations of the Servicer and the Special Servicer, the Trustee, the Certificate Administrator and the Operating
Advisor under this Agreement. 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® Licensing Fee to CREFC® (as described in Section 3.4(c)),
to report any such CREFC® Licensing Fee so paid (as described in Section 4.4(a)) or to make available
any Distribution Date Statement to any person (including, without limitation, CREFC®) (as described in Section 3.21).

 

(c)               
In order to comply with Applicable Laws, the Servicer may be required to obtain, verify and record certain information relating
to individuals and entities that maintain a business relationship with the Servicer. Accordingly, each of the parties hereto agrees
to provide to the Servicer, upon its request from time to time, such identifying information and documentation as may be available
for such party in order to enable the Servicer to comply with Applicable Laws.

 

6.4             
Servicer and Special Servicer Not to Resign; Replacement of Servicer or Special Servicer. (a) In connection with
any resignation permitted pursuant to Section 6.4(b) or

 

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required pursuant to Section 3.33 or in connection with the
sale or transfer of their respective rights and obligations under this Agreement, each of the Servicer and the Special Servicer
may resign and assign its rights and delegate its duties and obligations under this Agreement to any Person or to an entity, provided
that:

 

(i)               
the Person accepting such assignment and delegation (A) shall be an established mortgage finance institution, bank
or mortgage servicing institution having a net worth of not less than $25,000,000, organized and doing business under the laws
of the United States or of any state of the United States or the District of Columbia, and authorized under such laws to perform
the duties of the Servicer or the Special Servicer, as the case may be, of the Mortgage Loan, (B) shall execute and deliver
to the Trustee and the Certificate Administrator an agreement in form and substance reasonably satisfactory to the Trustee, which
contains an assumption by such Person of the due and punctual performance and observance of each covenant and condition to be performed
or observed by the Servicer or the Special Servicer, as the case may be, under this Agreement from and after the date of such agreement,
(C) shall make such representations and warranties of the Servicer or the Special Servicer, as the case may be, as provided
in Section 2.5 or Section 2.6, as applicable, and (D)(x) during any CCR Control Period, with respect to the
Servicer is reasonably acceptable to the Controlling Class Representative or, with respect to the Special Servicer, has been appointed
by the Controlling Class Representative, (y) during any CCR Consultation Period, is reasonably acceptable to the Controlling
Class Representative, the Depositor and the Trustee, and (z) during any CCR Consultation Termination Period, is reasonably
acceptable to the Depositor and the Trustee;

 

(ii)               Rating Agency Confirmation has been received;

 

(iii)              the Servicer or the Special Servicer, as the case may be, shall not be released from its obligations under this Agreement
that arose prior to the effective date of such assignment and delegation under this Section  6.4(a);

 

(iv)              the rate at which any servicing compensation (or any component thereof) is calculated shall not exceed the rate specified
herein;

 

(v)               the Servicer or the Special Servicer, as the case may be, shall reimburse the Trustee and the Certificate Administrator,
the Trust, and the Rating Agencies for any reasonable expenses of such assignment, resignation, sale or transfer;

 

(vi)              the person accepting such assignment and delegation may not (i) pay, or become obligated, whether by agreement or otherwise,
and whether or not subject to any condition or contingency, to pay the Operating Advisor or any affiliate thereof any fee, or otherwise
compensate or grant monetary or other consideration to the Operating Advisor or any affiliate thereof (x) in connection with its
obligations under this Agreement or the performance thereof or (y) in connection with the appointment of such person as, or any
recommendation by the Operating Advisor for such person to become, the successor Special Servicer, (ii) become entitled to receive
any compensation from the Operating Advisor or any Affiliate, or (iii) become entitled to receive any fee from the Operating Advisor
or any affiliate thereof in connection with the appointment of such person as

 

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Special Servicer, unless, in each of the foregoing
clauses (i) through (iii), such transaction has been expressly approved by 100% of the Certificateholders; and

 

(vii)             the Person accepting such assignment and delegation may not be a Borrower Restricted Party.

 

Upon satisfaction of
the foregoing requirements and acceptance of such assignment, such Person shall be the successor Servicer or the Special Servicer,
as the case may be, hereunder.

 

(b)              
Subject to the provisions of Sections 6.2 and 6.4(a), neither the Servicer nor the Special Servicer shall resign
from its obligations and duties hereby imposed on it, except upon determination that performance of its duties hereunder is no
longer permissible under applicable law or are in material conflict by reason of applicable law with any other activities carried
on by it. Any such determination permitting the resignation of the Servicer or the Special Servicer, as the case may be, shall
be evidenced by an Opinion of Counsel delivered to the Depositor, the Trustee, the Certificate Administrator, the Operating Advisor
and, during any CCR Control Period and any CCR Consultation Period, the Controlling Class Representative. No resignation by the
Servicer or the Special Servicer, as applicable, under this Agreement shall become effective until the Trustee or another successor
Servicer or Special Servicer, as applicable, shall have assumed the responsibilities and obligations of the Servicer or the Special
Servicer, as applicable, under this Agreement in accordance with Section 7.2; provided that, during any CCR Control
Period, the Controlling Class Representative may appoint a successor special servicer in accordance with the Section 7.1(d).

 

(c)               
Notwithstanding the foregoing, the Special Servicer may not be a Borrower Restricted Party with respect to the Mortgage
Loan. If the Special Servicer is or becomes a Borrower Restricted Party with respect to the Mortgage Loan, the Special Servicer
shall immediately notify the Depositor, the Servicer, the Trustee, the Certificate Administrator, each applicable Consenting Party
and each applicable Consulting Party of such disqualification and the Special Servicer shall resign from its obligations and duties
hereby imposed on it. No resignation by the Special Servicer under this Section 6.4(c) shall become effective until
the Trustee or another successor Special Servicer shall have assumed the responsibilities and obligations of the Special Servicer
under this Agreement in accordance with Section 7.2; provided that, a Consenting Party (as long as it is not a Borrower
Restricted Party) may appoint a successor Special Servicer in accordance with Section 4.3(d).

 

(d)              
If the Trustee or an Affiliate acts pursuant to this Section 6.4 as successor to the resigning Servicer, it
may reduce the Excess Servicing Fee Rate to the extent that the Trustee’s 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
Servicer other than itself or an Affiliate pursuant to this Section 6.4, it may reduce the Excess Servicing Fee Rate
to the extent reasonably necessary (in the sole discretion of the Trustee) for the Trustee to appoint a qualified successor Servicer
that meets the requirements of this Section 6.4.

 

6.5             
Policies and Procedures. Each of the Servicer and the Special
Servicer shall be required to maintain reasonable policies and procedures, taking into account the nature of its

 

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respective business,
to ensure that divisions and individuals of the Servicer or the Special Servicer, as applicable, making Investment Decisions (such
divisions and individuals, “Investment Personnel”) shall not obtain Confidential Information from the
divisions and individuals of the Servicer or the Special Servicer, as applicable, who are involved in the performance of the duties
of the Servicer or the Special Servicer, as applicable, (such divisions and individuals, “Servicing Personnel”),
under this Agreement, and the Servicing Personnel shall not obtain information regarding investments from Investment Personnel.
Each of the Servicer and the Special Servicer shall represent that policies and procedures restricting the flow of information
exist, and shall be maintained by it, between its Investment Personnel, on the one hand, and its Servicing Personnel, on the other,
and that such barriers operate in both directions so as to include (a) a barrier against the disclosure of Confidential Information
from such Servicing Personnel to such Investment Personnel and (b) policies and procedures against the disclosure of information
regarding investments from Investment Personnel to Servicing Personnel. The senior management each of the Servicer and the Special
Servicer, as applicable, and/or its affiliate (consisting of the person who heads CMBS servicing at it and management personnel
of it and/or its affiliates who report (directly or indirectly) to such person) who have obtained Confidential Information in the
course of their exercise of general managerial responsibilities may not participate in or use that information to influence Investment
Decisions, nor may they pass that information to others for use in such activities; nor may such senior management personnel who
have obtained information regarding investments in the course of their exercise of general managerial responsibilities use that
information to influence servicing decisions or strategies or otherwise affect the manner in which the Servicer and the Special
Servicer, as applicable, performs its servicing duties. Each of the Servicer and the Special Servicer, as applicable, shall be
required to maintain procedures that are designed to result in compliance with such policies. Notwithstanding anything herein to
the contrary, the delivery or provision by the Servicer or the Special Servicer of information or reports as required by, and in
accordance with, this Agreement shall not constitute a violation or default of this Section 6.5.

 

The Servicer and the
Special Servicer shall afford the Trustee (on behalf of the Certificateholders), and the Depositor, upon reasonable notice, during
normal business hours reasonable access to all non-confidential, non-proprietary records, including those in electronic form, documentation,
records or any other information regarding the Mortgage Loan that are in its possession or control hereunder and access to its
officers responsible therefor. The Depositor shall not have any responsibility or liability for any action or failure to act by
the Servicer or the Special Servicer and is not obligated to supervise the performance of the Servicer and the Special Servicer
under this Agreement or otherwise.

 

6.6             
Indemnification by the Servicer, the Special Servicer, the Operating Advisor and the Depositor. (a) Each of the Servicer,
the Special Servicer, the Operating Advisor and the Depositor, severally and not jointly, shall indemnify and hold harmless the
Trust from and against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and expenses and
related costs, judgments and other costs and expenses incurred by the Trust that arise out of or are based upon (i) a breach
of any material representation or warranty by the Servicer, the Special Servicer, the Operating Advisor or the Depositor, as applicable,
or any breach by the Servicer, the Special Servicer, the Operating Advisor or the Depositor, as the case may be, of its obligations
to the Trust or the Certificateholders under this Agreement (other than delays or failures in performance resulting from acts beyond
its control, including, but not limited to acts of

 

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God, strikes, lockouts, riots and acts of war) or (ii) negligence, bad
faith, fraud or willful misconduct on the part of the Servicer, the Special Servicer, the Operating Advisor or the Depositor, as
the case may be, in the performance of such obligations or its negligent disregard of its obligations and duties under this Agreement.

 

(b)              
Each of the Servicer, the Special Servicer, the Operating Advisor and the Depositor (each, in such indemnifying capacity
and for purposes of this Section 6.6(b), an “Indemnifying Party”) agrees severally and not jointly
to indemnify the Trust, each Companion Loan Holder and each of (other than itself) the Depositor, the Servicer, the Special Servicer,
the Operating Advisor, the Trustee, the Certificate Administrator and any director, officer, employee or agent or Controlling Person
of (other than itself) the Depositor, the Servicer, the Special Servicer, the Trustee and the Certificate Administrator (each,
in such indemnified capacity and for purposes of this Section 6.6(b), an “Indemnified Party”), and
hold them harmless against any and all claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses and related
costs, judgments or other costs and expenses (including reasonable attorneys’ fees incurred in connection with any legal
action related to such Indemnifying Party’s negligence, bad faith or willful misconduct) that the applicable Indemnified
Party, may sustain arising from or as a result of the negligence, bad faith or willful misconduct in the performance of duties
hereunder or by reason of negligent disregard of obligations and duties hereunder by such Indemnifying Party other than any claims,
losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments or other costs and expenses
incurred by reason of negligence, bad faith or willful misconduct in the performance of any of such Indemnified Party’s duties
hereunder or by reason of negligent disregard of such obligations and duties hereunder. Such indemnification obligation shall survive
the termination or resignation of the Indemnifying Party hereunder and the termination of this Agreement. Except as provided in
the following sentence (as it may apply to any payments made hereunder to the Trust), the Indemnifying Party shall not be entitled
to reimbursement from the Trust for any payment made by the Indemnifying Party pursuant to this Section 6.6(b); provided,
however, that nothing in this Section 6.6(b) shall deprive the Depositor, the Servicer, the Special Servicer
or the Operating Advisor of any limitation on its liability or right to indemnification from the Trust provided to such party as
and to the extent provided by Section 6.3. Any expenses incurred or indemnification payments made by the Indemnifying
Party shall be reimbursed by the party so paid or which received the benefit of such payment, if a court of competent jurisdiction
makes a final, non-appealable judgment that the Indemnifying Party was not culpable or was found not to have acted with negligence,
bad faith or willful misconduct in connection with the conduct in question.

 

7.           SERVICER TERMINATION EVENTS; TERMINATION OF SPECIAL SERVICER WITHOUT CAUSE; TRUSTEE AS MAKER OF ADVANCES

 

7.1             
Servicer Termination Events; Special Servicer Termination Events.(a) “Servicer Termination Event,”
or “Special Servicer Termination Event” wherever used herein with respect to the Servicer or the Special Servicer,
as the case may be, means any one of the following events whether it shall be voluntary or involuntary or be effected by operation
of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental
body:

 

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(i)               any failure by the Servicer or the Special Servicer, as applicable, to remit any payment required to be made or remitted
by it (other than Advances described under clause (ii) below) when required to be remitted under the terms of this
Agreement unless cured by 11:00 a.m. (New York time) on the first (1st) Business Day following the date on
which such remittance was required to be made;

 

(ii)              any failure of the Servicer (a) to make any Monthly Interest Payment Advance required to be made pursuant to this Agreement
on or prior to the applicable Remittance Date that is not cured by 11:00 a.m. (New York time) on the related Distribution
Date, (b) to make any Administrative Advance required to be made pursuant to this Agreement on or prior to the applicable
Remittance Date that is not cured by 11:00 a.m. (New York time) on the related Distribution Date, or (c) to make any
Property Protection Advance required to be made pursuant to this Agreement when the same is due and such failure continues unremedied
for ten (10) Business Days (or such shorter period (not less than one (1) Business Day) as would prevent a lapse in insurance
or a delinquent payment of real estate taxes or ground rents) following the date on which the Servicer receives notice thereof;

 

(iii)             any failure by the Servicer or the Special Servicer, as applicable, to observe or perform in any material respect any other
of its covenants or agreements or the material breach of its representations or warranties under this Agreement, which failure
shall continue unremedied for a period of 30 days after the date on which written notice of such failure shall have been given
to the Servicer or the Special Servicer, as applicable, by the Trustee or to the Servicer or the Special Servicer, as applicable,
and Trustee by the Holders of Regular Certificates having greater than 25% of the Voting Rights of all then outstanding Regular
Certificates or, if affected thereby, by any Companion Loan Holder; provided, however, that with respect to any such
failure that is not curable within such 30-day period, the Servicer or the Special Servicer, as applicable, shall have an additional
cure period of 30 days to effect such cure so long as the Servicer or the Special Servicer, as applicable, has commenced to
cure such failure within the initial 30-day period and has provided the Trustee with an Officer’s Certificate certifying
that it has diligently pursued, and is continuing to diligently pursue, such cure;

 

(iv)             a decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case
under any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator or receiver
or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the
winding-up or liquidation of its affairs, shall have been entered against the Servicer or the Special Servicer, as applicable,
and such decree or order shall have remained in force undischarged or unstayed for a period of 60 days; provided, however,
with respect to any such decree or order that cannot be discharged, dismissed or stayed within such 60 day period, the Servicer
or the Special Servicer, as applicable, shall have an additional period of 30 days to effect such discharge, dismissal or
stay so long as it has commenced proceedings to have such decree or order dismissed, discharged or stayed within the initial 60 day
period and has diligently pursued, and is continuing to pursue, such discharge, dismissal or stay;

 

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

 

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

 

(vii)            Moody’s has (A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates, or
(B) placed one or more Classes of Certificates on “watch status” in contemplation of rating downgrade or withdrawal
and, in the case of either of clauses (A) or (B), publicly cited servicing concerns with the Servicer or the Special Servicer,
as applicable, as the sole or material factor in such rating action (and such qualification, downgrade, withdrawal or “watch
status” placement has not been withdrawn by Moody’s within 60 days of such event);

 

(viii)           DBRS Morningstar (a) has qualified, downgraded or withdrawn its ratings of any Class of Certificates, or (b) has placed
any Class of Certificates on “watch status” in contemplation of a rating downgrade or withdrawal (and such “watch
status” placement, qualification, downgrade or withdrawal has not been withdrawn by DBRS Morningstar within sixty (60) days)
and, in the case of either of clauses (a) or (b), publicly cited servicing concerns with the Servicer or the Special Servicer,
as the case may be, as the sole or material factor in such action;

 

(ix)              a Companion Loan Rating Agency has (A) qualified, downgraded or withdrawn its rating or ratings of one or more classes of
Companion Loan Securities, or (B) placed one or more classes of Companion Loan Securities on “watch status” in contemplation
of rating downgrade or withdrawal and, in the case of either of clauses (A) or (B), publicly citing servicing concerns with the
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
60 days of such event); or

 

(x)               so long as any Other Securitization Trust is subject to Exchange Act reporting requirements, the Servicer or Special Servicer,
as applicable, or a primary servicer, subservicer or servicing function participant (such entity, the “Sub-Servicing Entity”)
retained by the Servicer or Special Servicer fails 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 timeframe set forth for delivery
in Article 13 (including any applicable notice and cure period) (and any Sub-Servicing Entity that defaults in accordance
with this clause (x) will be terminated at the direction of the Depositor);

 

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provided, however,
that in the event that the Servicer is terminated solely by reason of a Servicer Termination Event described in clauses (vii)
or (viii) or (ix) above, the Servicer shall, subject to the terms and provisions of Section 7.2(b), have
a limited right to receive the proceeds from any cash offer for the servicing rights by a successor Servicer (net of the Trustee’s
“out of pocket” expenses incurred in connection with obtaining such offer and accomplishing the servicing transfer)
so long as a successor Servicer is identified within 45 days of the termination of the Servicer.

 

(b)              
Upon the occurrence of any Servicer Termination Event or Special Servicer Termination Event, the Trustee shall upon actual
knowledge by a Responsible Officer promptly notify the Certificate Administrator in writing and the Certificate Administrator shall
(i) post such notice on the Certificate Administrator’s Website pursuant to Section 8.14(b), (ii) provide
such notice to the 17g-5 Information Provider who shall post written notice thereof to the 17g-5 Information Provider’s Website
pursuant to Section 8.14(b), (iii) provide notice to the Companion Loan Holder(s), and (iv) provide notice to the Certificateholders
by mail, to the addresses set forth on the Certificate Register, unless the related Servicer Termination Event or Special Servicer
Termination Event, as applicable, shall have been cured or waived. For the avoidance of doubt, (i) the occurrence of a Servicer
Termination Event with respect to the Servicer shall not cause there to have occurred a Special Servicer Termination Event with
respect to the Special Servicer unless the relevant event also constitutes a Special Servicer Termination Event and (ii) the
occurrence of a Special Servicer Termination Event with respect to the Special Servicer shall not cause there to have occurred
a Servicer Termination Event with respect to the Servicer unless the relevant event also constitutes a Servicer Termination Event.
In no event will the Trustee or the Certificate Administrator be deemed to have knowledge of or be aware of any Servicer Termination
Event or Special Servicer Termination Event until a Responsible Officer of the Trustee or the Certificate Administrator, as the
case may be, has received written notice of, or has actual knowledge of, such Servicer Termination Event or Special Servicer Termination
Event.

 

(c)               
If a Servicer Termination Event or Special Servicer Termination Event shall occur then, and in each and every such case,
so long as such Servicer Termination Event or Special Servicer Termination Event shall not have been remedied, either (i) the
Trustee may or (ii) upon the written direction of Holders of Regular Certificates having at least 25% of the Voting Rights
of the Regular Certificates or, if affected thereby, any Companion Loan Holder, the Trustee shall terminate all of the rights and
obligations of the Servicer or the Special Servicer, as applicable, under this Agreement, other than rights and obligations accrued
prior to such termination (including the right to receive all amounts accrued and owing to the Servicer or Special Servicer under
this Agreement with respect to periods prior to the date of such termination and the right to indemnification under this Agreement),
and in and to the Mortgage Loan and the proceeds thereof by notice in writing to the Servicer or the Special Servicer, as applicable;
provided that, notwithstanding anything to the contrary, if a Servicer Termination Event or Special Servicer Termination
Event, as applicable, under clauses (i), (ii), (iii), (ix) and/or (x) of Section 7.1(a)
only has an adverse effect on a Companion Loan, a Companion Loan Holder or a rating on any Companion Loan Securities, but has no
adverse effect on the Trust Loan, the Certificateholders or a rating on any of the Certificates, then (A) the Servicer or
the Special Servicer, as applicable, shall not be terminated by the Trustee pursuant to clause (i) above of this sentence
or upon the written direction of the Holders of Certificates pursuant to clause (ii) above of this sentence, and (B) (x)
with respect to a Servicer Termination Event or Special Servicer Termination Event under clause

 

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(x) of Section 7.1(a),
the related Other Depositor or (y) with respect to a Servicer Termination Event or Special Servicer Termination Event under clauses (i),
(ii), (iii) and/or (ix) of Section 7.1(a), the related affected Companion Loan Holder, shall be
able to require termination of the Servicer or Special Servicer, as applicable, pursuant to clause (ii) above of this sentence.
Upon any termination of the Servicer or the Special Servicer, as applicable, and appointment of a successor to the Servicer or
the Special Servicer, as applicable, the Trustee shall notify the Companion Loan Holder(s) and the Certificate Administrator and
the Certificate Administrator shall, as soon as possible, post such notice thereof on the Certificate Administrator’s Website
and provide the same to the 17g-5 Information Provider who shall post notice thereof to the 17g-5 Information Provider’s
Website pursuant to Section 8.14(b), and thereafter, give written notice via email to the Servicer or Special Servicer,
as applicable, the Companion Loan Holder(s), the Depositor and the Certificateholders by mail to the addresses set forth in the
Certificate Registrar. Notwithstanding anything herein to the contrary, the Depositor shall have the right, but not the obligation,
to notify the Trustee of any Servicer Termination Event or Special Servicer Termination Event of which the Depositor becomes aware.
A Consenting Party shall have the right to appoint a successor Special Servicer that is a Qualified Replacement Special Servicer
following any Special Servicer Termination Event.

 

(d)              
Any applicable Consenting Party 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), upon at least ten (10) Business Days’ prior notice, with or without cause,
and such Consenting Party shall have the right to, and shall, appoint a successor Special Servicer that is a Qualified Replacement
Special Servicer who shall execute and deliver to the other parties hereto an agreement, in form and substance reasonably satisfactory
to the Trustee, whereby the successor Special Servicer agrees to assume and perform punctually the duties of the Special Servicer
specified in this Agreement; provided that, prior to the termination of the existing Special Servicer, such Consenting Party (A)
shall have obtained (at no expense to the Trust) a Rating Agency Confirmation from each Rating Agency as to the proposed successor
Special Servicer prior to the termination of the existing Special Servicer and delivered it to the Trustee and provided notice
to the Servicer (including the full new contact information) and (B) shall (at no expense to the Trust or any related Other Securitization
Trust) have obtained and delivered to the certificate administrator (if any) and the trustee for each Other Securitization Trust
(with a copy to the Certificate Administrator and the Trustee) a Companion Loan Rating Agency Confirmation with respect to the
proposed successor Special Servicer. The Special Servicer shall not be terminated pursuant to this paragraph until a successor
Special Servicer that is a Qualified Replacement Special Servicer shall have been appointed. The applicable Consenting Party shall
pay any costs and expenses incurred by the Trust in connection with the removal and appointment of a Special Servicer pursuant
to this paragraph (unless such removal is based on any of the events or circumstances set forth in Section 0). During
any CCR Consultation Period and any CCR Consultation Termination Period, upon (i) the written direction of Holders of Principal
Balance Certificates evidencing not less than 25% of the Voting Rights of the Principal Balance Certificates requesting a vote
to terminate and replace the Special Servicer with a proposed successor Special Servicer that is a Qualified Replacement Special
Servicer, (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, (iii) delivery by such holders to the certificate
administrator (if any) and the trustee for each Other Securitization Trust (with a copy to

 

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the Certificate Administrator and the
Trustee) of a Companion Loan Rating Agency Confirmation with respect to the appointment of such new special servicer (which Companion
Loan Rating Agency Confirmation shall be obtained at the expense of such holders) and (iv) delivery by such Certificateholders
to the Certificate Administrator and the Trustee of a Rating Agency Confirmation from each Rating Agency with respect to the appointment
of such new special servicer (which confirmation shall be obtained at the expense of such holders), the Certificate Administrator
shall promptly provide written notice thereof to all Certificateholders by posting such notice on the Certificate Administrator’s
Website pursuant to Section 8.14(b) and by mailing at their addresses appearing in the Certificate Register. Upon (x)
the affirmative vote to so terminate and replace the Special Servicer on the part of the Holders of Principal Balance Certificates
evidencing (i) at least 51% of the Voting Rights allocable to the applicable Certificateholder Quorum or (ii) more than
50% of the Voting Rights allocable to the Non-Reduced Certificates, and (y) satisfaction of the conditions set forth in clauses
(iii) and (iv) of the immediately preceding sentence, the Certificate Administrator shall notify the Trustee and the
Trustee shall terminate all of the rights and obligations of the Special Servicer under this Agreement and appoint the successor
Special Servicer designated by such Certificateholders (subject to such terminated Special Servicer’s rights to indemnification,
payment of outstanding fees, reimbursement of Advances (and Advance Interest) and other rights set forth in this Agreement which
survive termination); provided, that if such affirmative vote is not achieved within 180 days of the initial request for a
vote to terminate and replace the Special Servicer, then such written direction shall have no force and effect. The Certificate
Administrator shall notify the Servicer via email of any such replacement Special Servicer (including the contact information for
such successor to the extent the Certificate Administrator has received such information). 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. As between the Special Servicer, on the one hand, and the Certificateholders, on the other, the Certificateholders
shall be entitled in their sole discretion to vote for the termination or not vote for the termination of the Special Servicer.
The Holders of the Certificates that initiated the vote to replace the Special Servicer shall pay the costs and expenses incurred
in connection with the removal and replacement of the Special Servicer pursuant to this paragraph. The Certificate Administrator
shall include on each Distribution Date Statement a statement that each Certificateholder may access such notices on the Certificate
Administrator’s Website and that each Certificateholder may register to receive email notifications when such notices are
posted thereon.

 

(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 under this Agreement or has failed to comply with Accepted Servicing Practices, and (ii) a
replacement of the Special Servicer would be in the best interest of the Certificateholders as a collective whole, then the Operating
Advisor shall deliver to the Trustee and the Certificate Administrator, with a copy to the Special Servicer, a written report in
the form of Exhibit Q 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 (along with relevant information
justifying its recommendation)

 

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and recommending a suggested replacement special servicer (which shall be a Qualified Replacement
Special Servicer). In such event, the Certificate Administrator shall promptly post a copy of such recommendation on the Certificate
Administrator’s Website and by mail send notice of such recommendation to all Certificateholders, asking them to vote whether
they wish to remove the Special Servicer. Upon (i) the affirmative vote of the Holders of Principal Balance Certificates evidencing
at least a majority of the Voting Rights allocable to the applicable Certificateholder Quorum (provided that Holders representing
the applicable Certificateholder Quorum vote on the matter within 180 days of the initial request for a vote (which, for the
avoidance of doubt, is the date on the which the aforementioned notice was mailed to the Certificateholders)) and (ii) following
satisfaction of the immediately preceding clause (i), receipt by the Certificate Administrator of Rating Agency Confirmation
from each Rating Agency with respect to the termination of the Special Servicer and the appointment of a successor special servicer
recommended by the Operating Advisor, the Trustee shall (1) terminate all of the rights and obligations of the Special Servicer
under this Agreement and appoint such recommended successor Special Servicer (subject to such terminated Special Servicer’s
rights to indemnification, payment of outstanding fees, reimbursement of Advances (and Advance Interest) and other rights set forth
in this Agreement which survive termination) and (2) promptly notify such outgoing Special Servicer of the effective date of such
termination. The reasonable out of pocket costs and expenses of the Certificate Administrator (including reasonable legal fees
and expenses of outside counsel) associated with obtaining such Rating Agency Confirmations and administering such vote shall be
a Trust Fund Expense. If such affirmative vote of the Holders of the required Certificates contemplated by clause (i) of
the second preceding sentence is not achieved within 180 days of the initial request for such vote (which, for the avoidance of
doubt, is the date on the which the aforementioned notice was mailed to the Certificateholders), then the Trustee shall have no
obligation to remove the Special Servicer and such recommendation shall lapse and have no force or effect. 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. If the Special Servicer is terminated
pursuant to this Section 7.1(e), then (notwithstanding anything herein to the contrary) the terminated party may not subsequently
be re-appointed as the Special Servicer hereunder pursuant to any other subsection of this Section 7.1 or any other section
of this Agreement.

 

(f)               
In the event that the Servicer or the Special Servicer is terminated pursuant to this Section 7.1, 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”) (with a copy to the Borrower Parties), terminate all of its rights and obligations
under this Agreement and in and to the Mortgage Loan and the proceeds thereof, other than any rights the Terminated Party may have
hereunder as a Certificateholder and any rights or obligations that accrued prior to the date of such termination (including the
right to receive all amounts accrued or owing to it under this Agreement with respect to periods prior to the date of such termination
and the right to the benefits of Section 6.3 notwithstanding any such termination). On or after the receipt by the
Terminated Party of such written notice, subject to the foregoing, all of its authority and power under this Agreement, whether
with respect to the Certificates (except that the Terminated Party shall retain its rights as a Certificateholder in the event
and to the extent that it is a Certificateholder) or the Mortgage Loan or otherwise, shall pass to and be vested in the Terminating
Party pursuant to and under this Section 7.1 (absent the appointment of an alternative successor, and such successor’s
assumption of obligations hereunder, including, without limitation, in the case of the Special Servicer, a successor

 

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designated
by the Controlling Class Representative during any CCR Control Period) and, without limitation, the Terminating Party is hereby
authorized and empowered to execute and deliver, on behalf of and at the expense of the Terminated Party, as attorney-in-fact or
otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate
to effect the purposes of such notice of termination, whether to complete the transfer and endorsement or assignment of the Mortgage
Loan and related documents, or otherwise. The Servicer and the Special Servicer, as applicable, each agrees that, in the event
it is terminated pursuant to this Section 7.1, or resigns under Section 6.4(b), to promptly (and in any
event no later than ten (10) Business Days subsequent to such notice) provide, at its own expense, the Terminating Party (which
term shall include for the purposes of the remainder of this Section 7.1(f), the Trustee (or a successor Servicer or
Special Servicer) in connection with a resignation of the Servicer or the Special Servicer under Section 6.4(b)) with
all documents and records in its possession or under its control relating to the Mortgage Loan or the Property necessary or appropriate
to enable the Terminating Party to assume its functions hereunder, and to cooperate with the Terminating Party and the successor
to its responsibilities hereunder in effecting the termination of its responsibilities and rights hereunder, including, without
limitation, the transfer to the successor Servicer or Special Servicer, as applicable, or the Terminating Party, as applicable,
for administration by it of all cash amounts which shall at the time be or should have been credited by the Terminated Party (which
term shall include, for the purposes of the remainder of this Section 7.1(f), the resigning party in connection with
a resignation of the Servicer or the Special Servicer under Section 6.4(b)) to the Collection Account, any Foreclosed
Property Account or shall thereafter be received with respect to the Mortgage Loan, and shall promptly provide the Terminating
Party or such successor Servicer or Special Servicer, as applicable (which may include the Trustee), as applicable, all documents
and records reasonably requested by it, such documents and records to be provided in such form as the Terminating Party or such
successor Servicer or the Special Servicer, as applicable, shall reasonably request (including electronic form), to enable it to
assume the function of the Servicer or the Special Servicer, as applicable, hereunder. All reasonable costs and expenses of the
Terminating Party or the successor Servicer or Special Servicer, as applicable, incurred in connection with transferring the Mortgage
Loan File to the Terminating Party or to the successor Servicer or Special Servicer, as applicable, and amending this Agreement
to reflect such succession pursuant to this Section 7.1 shall be paid by the Terminated Party upon presentation of
reasonable documentation of such costs and expenses. If the Terminated Party has not reimbursed the Terminating Party or such successor
Servicer or Special Servicer, as applicable, for such expenses within 90 days after the presentation of reasonable documentation,
such expense shall be reimbursed by the Trust pursuant to Section 3.4(c); provided that the Terminated Party shall
not thereby be relieved of its liability for such expenses. Notwithstanding the foregoing, in the event that the Special Servicer
is terminated without cause pursuant to Section 7.1(d), all costs and expenses incurred or payable by the terminated
Special Servicer under this Section 7.1 shall be paid by the Controlling Class Representative or the Holders, as applicable,
requesting such termination.

 

7.2             
Trustee to Act; Appointment of Successor. (a) On and after
the time the Servicer or the Special Servicer, as the case may be, receives a notice of termination pursuant to Section 7.1,
or resigns pursuant to Section 6.4(b), the Terminating Party (which term shall include, for the purposes of the remainder
of this Section 7.2, the Trustee (or a successor Servicer or Special Servicer including a successor appointed under
Section  6.4(a)) in connection with a resignation of the Servicer or the Special Servicer under Section 6.4(b))
shall, unless prohibited by-law, be the

 

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successor to the Terminated Party (which term shall include, for the purposes of the remainder
of this Section 7.2, the resigning party in connection with a resignation of the Servicer or the Special Servicer under
Section 6.4(b)) in all respects under this Agreement and the transactions set forth or provided for herein and, except
as provided herein, shall be subject to all the responsibilities, duties, limitations on liability and liabilities relating thereto
and arising thereafter placed on the Terminated Party by the terms and provisions hereof; provided, however, that (i) neither
the Trustee nor the Terminating Party (or any successor Servicer or Special Servicer, as the case may be) shall have responsibilities,
duties, liabilities or obligations with respect to any act or omission of the Terminated Party and (ii) any failure to perform,
or delay in performing, such duties or responsibilities caused by the Terminated Party’s failure to provide, or delay in
providing, records, tapes, disks, information or monies or failure to cooperate as required by this Agreement shall not be considered
a default by the Terminating Party or such successor hereunder. The Trustee, as successor Servicer, and any other successor Servicer
or Special Servicer, as the case may be, shall be indemnified to the full extent provided to the 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 Special Servicer, as the case may be, shall not affect any liability of the Terminated Party that may
have arisen prior to its termination as such. The Terminating Party shall not be liable for any of the representations and warranties
of the Terminated Party herein or in any related document or agreement, for any acts or omissions of the Terminated Party or for
any losses incurred in respect of any Permitted Investment by the Terminated Party nor shall the Terminating Party or any successor
Servicer or Special Servicer be required to purchase the Mortgage Loan hereunder. None of the Trustee, the Terminating Party, the
successor Servicer or the Special Servicer shall have any responsibility nor shall any of them be in default hereunder or incur
any liability for any failure, error, malfunction or any delay in carrying out any of its duties under this Agreement if any such
failure or delay results from the Trustee, the Terminating Party, successor Servicer or successor Special Servicer acting in accordance
with information prepared or supplied by any other Person or the failure of any such Person to prepare or provide such information.
None of the Trustee, the Terminating Party, the successor Servicer or the successor Special Servicer shall have any responsibility,
shall be in default or shall incur any liability (i) for any failure to act by any third party, including the predecessor
Servicer, the predecessor Special Servicer, the current Servicer or Special Servicer (if the successor is not succeeding to such
capacities), the Depositor or the Trustee or for any inaccuracy or omission in a notice or communication received by the successor
from any third party or (ii) which is due to or results from the invalidity, unenforceability of the Mortgage Loan, Mortgage
Loan Agreement or any other agreement under applicable law; provided that nothing herein shall in any way diminish the duty of
the Terminated Party to perform its obligations under Section 7.1(f). As compensation therefor, the Terminating Party
as successor Servicer or Special Servicer, as the case may be, shall be entitled to all compensation with respect to the Mortgage
Loan to which the Terminated Party would have been entitled that accrues after the date of the Terminating Party’s succession
to which the Terminated Party would have been entitled if it had continued to act hereunder and, in the case of a successor Special
Servicer, the Special Servicing Fee. Notwithstanding the above, the Trustee may, if it shall be unwilling to so act, or shall,
if it is unable to so act, or if the Holders of Regular Certificates having greater than 25% of the aggregate Voting Rights of
all then outstanding Regular Certificates so request in writing to the Trustee, or the Trustee is not approved by the Rating Agencies
as a Servicer or Special Servicer, as the case may be, as evidenced by a Rating Agency Confirmation, or if the Rating Agencies
do not provide written confirmation that the

 

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succession of the Trustee as Servicer or Special Servicer, as the case may be, shall
not cause a downgrade, qualification or withdrawal of the then current ratings of the Certificates, promptly appoint, or petition
a court of competent jurisdiction to appoint, any established loan servicing institution reasonably satisfactory to the Trustee
the appointment for which a Rating Agency Confirmation is obtained, as the successor to the Servicer or the Special Servicer, as
applicable, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer or the
Special Servicer, as applicable, hereunder. No appointment of a successor to a Terminated Party hereunder shall be effective until
the assumption by such successor of all the Terminated Party’s responsibilities, duties and liabilities hereunder. Pending
appointment of a successor to a Terminated Party hereunder, unless the Trustee shall be prohibited by-law from so acting, the Trustee
shall act in the applicable capacity as herein above provided, notwithstanding, in the case of the Trustee acting as successor
Servicer, any eligibility requirements for a Servicer as set forth in this Agreement. Any appointment or succession by the Trustee
to the rights and obligations of the Special Servicer hereunder shall be subject to the Controlling Class Representative’s
right to replace the Special Servicer during any CCR Control Period. In connection with such appointment and assumption described
herein, the Trustee may make such arrangements for the compensation of such successor out of payments on the Mortgage Loan as it
and such successor shall agree; provided, however, no such compensation shall be in excess of that permitted the
Terminated Party hereunder, except that if no successor to the Terminated Party can be obtained to perform the obligations of such
Terminated Party hereunder, additional amounts shall be paid to such successor and such amounts in excess of that permitted the
Terminated Party shall be paid pursuant to Section 3.4(c). The Depositor, the Trustee, the Servicer (as applicable),
the Special Servicer (as applicable) and such successor shall take such action, consistent with this Agreement, as shall be necessary
to effectuate any such succession.

 

If the Trustee or an
Affiliate acts pursuant to this Section 7.2 as successor to the resigning Servicer or terminated Servicer, as the case
may be, it may reduce the Excess Servicing Fee Rate to the extent that the Trustee’s 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 Servicer or terminated Servicer, as the case may be, other than itself or an Affiliate pursuant to this Section 7.2,
it may reduce the Excess Servicing Fee Rate to the extent reasonably necessary (in the sole discretion of the Trustee) for the
Trustee to appoint a qualified successor Servicer that meets the requirements of this Section 7.2.

 

(b)              
Notwithstanding Section 7.1(b) of this Agreement, if a Servicer receives a notice of termination solely due
to a Servicer Termination Event under Section 7.1(a)(vii), Section 7.1(a)(viii) or Section 7.1(a)(ix)
and the terminated Servicer provides the Trustee with the appropriate “request for proposal” materials within five
(5) Business Days after such termination, then such Servicer shall continue to serve as Servicer, if requested to do so by the
Trustee, and the Trustee shall promptly thereafter (using such “request for proposal” materials provided by the terminated
Servicer) solicit good faith bids for the rights to be the successor Servicer under this Agreement from at least three (3) Persons
qualified to act as successor Servicer hereunder in accordance with Section 6.4 and this Section 7.2 for
which the Trustee has received a Rating Agency Confirmation (any such Person so qualified, a “Qualified Bidder”)
or, if three (3) Qualified Bidders cannot be located, then from as many Persons as the Trustee can determine are Qualified Bidders;
provided, however, that (i) at the Trustee’s request, the terminated Servicer shall supply the Trustee
with the names of Persons from whom to solicit such bids; and (ii) the Trustee shall

 

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not be responsible if less than three
(3) or no Qualified Bidders submit bids for the right to be the successor Servicer under this Agreement. The Trustee shall have
no obligation and shall have no liability or responsibility for the information in the bid materials. The bid proposal shall require
any Successful Bidder (as defined below), as a condition of such bid, to enter into this Agreement as successor Servicer with respect
to the Mortgage Loan, and to agree to be bound by the terms hereof, within 45 days after the receipt by the terminated Servicer
of a notice of termination. The Trustee shall solicit bids (i) on the basis of such successor Servicer entering into a Sub-Servicing
Agreement with the terminated Servicer to service the Mortgage Loan at a sub-servicing fee rate per annum equal to the Retained
Servicing Fee Rate (each, a “Servicing-Retained Bid”) and (ii) on the basis of having no obligation to
enter into a Sub-Servicing Agreement with the terminated Servicer (each, a “Servicing-Released Bid”). The Trustee
shall select the Qualified Bidder with the highest cash Servicing-Retained Bid (or, if none, the highest cash Servicing Released
Bid) (the “Successful Bidder”) to act as successor Servicer hereunder. The Successful Bidder shall enter into
this Agreement as successor Servicer pursuant to the terms hereof (and, if the successful bid was a Servicing-Retained Bid, to
enter into a Sub-Servicing Agreement with the terminated Servicer as contemplated above), no later than 45 days after the
termination of the terminated Servicer. Upon the assignment and acceptance of the servicing rights hereunder to and by the Successful
Bidder, and upon the payment of the proceeds by the Successful Bidder to the Certificate Administrator, the Certificate Administrator
shall remit or cause to be remitted to the terminated Servicer the amount of such cash bid received from the Successful Bidder
(net of “out of pocket” expenses incurred in connection with obtaining such bid and transferring servicing).

 

(c)               
In order to induce a party other than itself or one of its Affiliates to submit a Servicing-Retained Bid, the Trustee
may reduce the fee paid to a sub-servicer pursuant to Section 7.2(b) above to the extent reasonably necessary to appoint
a successor other than itself or an Affiliate.

 

7.3             
Notification to Certificateholders, the Depositor
and the Rating Agencies.

 

(a)               
Upon any termination of the Servicer or the Special Servicer, as the case may be, pursuant to Section 7.1 or
appointment of a successor to the Servicer or Special Servicer, as the case may be, the Certificate Administrator shall, as soon
as practicable, give written notice thereof to Certificateholders at their respective addresses appearing in the Certificate Register,
the Depositor and the Rating Agencies.

 

(b)              
Within thirty days after the occurrence of any Servicer Termination Event or Special Servicer Termination Event of which
a Responsible Officer of the Certificate Administrator has actual knowledge, the Certificate Administrator shall transmit to the
Depositor, to the 17g-5 Information Provider (who shall post such notice on the 17g-5 Information Provider’s Website) (in
electronic form reasonably acceptable to the 17g-5 Information Provider) and, by mail, to all Certificateholders, notice of such
Servicer Termination Event or Special Servicer Termination Event, as the case may be, unless the Certificate Administrator shall
have received notice that such Servicer Termination Event or Special Servicer Termination Event shall have been cured or waived.

 

7.4             
Other Remedies of Trustee. During the continuance of any
Servicer Termination Event or Special Servicer Termination Event, as the case may be, or so long as such

 

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Servicer Termination Event
or Special Servicer Termination Event shall not have been remedied, the Trustee, in addition to the rights specified in
Section 7.1, shall have the right, in its own name as trustee of an express trust, to take all actions now or hereafter
existing at law, in equity or by statute to enforce its rights and remedies and to protect the interests, and enforce the rights
and remedies, of the Certificateholders and the Companion Loan Holder(s) (including the institution and prosecution of all judicial,
administrative and other proceedings and the filing of proofs of claim and debt in connection therewith). In such event, the legal
fees, expenses and costs of such action and any liability resulting therefrom shall be expenses, costs and liabilities of the Trust,
and the Trustee shall be entitled to be reimbursed therefor pursuant to Section 3.4(c) from the Collection Account.
Except as otherwise expressly provided in this Agreement, no remedy provided for by this Agreement shall be exclusive of any other
remedy, and each and every remedy shall be cumulative and in addition to any other remedy and no delay or omission to exercise
any right or remedy shall impair any such right or remedy or shall be deemed to be a waiver of any Servicer Termination Event or
Special Servicer Termination Event.

 

7.5             
Waiver of Past Servicer Termination Events and Special Servicer Termination Events. The
Holders of Certificates evidencing not less than 66 and 2/3% of the Voting Rights of all then outstanding Certificates (and,
if affected by the related default, the Companion Loan Holder(s))
may, on behalf of all Certificateholders (and the Companion Loan Holder(s))
and upon adequate indemnification of the Trustee by the requesting Holders of Certificates, waive any default by the Servicer or
the Special Servicer in the performance of its obligations hereunder and its consequences, except a default in making any required
deposits (including Monthly Interest Payment Advances) to or payments from the Collection Account, the Distribution Account
or any Foreclosed Property Account or in remitting payments as received, in each case in accordance with this Agreement. Upon any
such waiver of a past default, such default shall cease to exist, and the related Servicer Termination Event or Special Servicer
Termination Event arising therefrom shall be deemed to have been remedied for every purpose under this Agreement. No such waiver
shall extend to any subsequent or other default or impair any right related thereto.

 

7.6             
Trustee as Maker of Advances. In the event that the Servicer
fails to fulfill its obligations hereunder to make any Advances, the Trustee shall, subject to the provisions of Section 3.23
of this Agreement, perform such obligations (w) within five (5) Business Days (or such shorter period (but not less than one
Business Day) as may be required, if applicable, to avoid any lapse in insurance coverage required under the Mortgage Loan Documents
or this Agreement with respect to the Property or to avoid any foreclosure or similar action with respect to the Property by reason
of failure to pay real estate taxes, assessments, ground rents or governmental charges) of a Responsible Officer of the Trustee
obtaining knowledge of such failure by the Servicer with respect to Property Protection Advances and Administrative Advances and
(x) by 12:00 noon (New York time) on the related Distribution Date with respect to Monthly Interest Payment Advances. With
respect to any such Advance made by the Trustee, the Trustee shall succeed to all of the Servicer’s rights with respect to
Advances hereunder, including, without limitation, the rights of reimbursement and interest on each Advance at the Advance Interest
Rate, and rights to determine that a proposed Advance is a Nonrecoverable Advance (without regard to any impairment of any such
rights of reimbursement caused by such Servicer’s default in its obligations hereunder and further subject to the Trustee’s
standard of good faith judgment); provided, however, if Advances made by the Trustee and the Servicer shall at any
time be

 

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outstanding, or any interest on any Advance shall be accrued and unpaid, all amounts available to repay such Advances and
the interest thereon hereunder shall be applied entirely to the Advances outstanding to the Trustee until such Advances shall have
been repaid in full, together with all interest accrued thereon, prior to reimbursement of the Servicer for such Advances and interest
accrued thereon. The Trustee shall be entitled to conclusively rely on any notice given by the Servicer with respect to a Nonrecoverable
Advance hereunder.

 

8.         THE TRUSTEE AND THE CERTIFICATE ADMINISTRATOR

 

8.1             
Duties of the Trustee and the Certificate Administrator.
(a) The Trustee, prior to the occurrence of a Servicer Termination Event or Special Servicer Termination Event, as the case may
be, and after the curing or waiver of any Servicer Termination Event or Special Servicer Termination Event, as the case may be,
that may have occurred, undertakes with respect to the Trust to perform such duties and only such duties as are specifically
set forth in this Agreement. None of the Depositor, the Servicer, the Special Servicer or the Operating Advisor shall be obligated
to monitor or supervise the performance by the Trustee or the Certificate Administrator of its duties hereunder. In case a Servicer
Termination Event or a Special Servicer Termination Event, as the case may be, has occurred (which has not been cured or waived),
the Trustee, subject to the provisions of Sections 7.2 and 7.4, shall exercise such of the rights and powers
vested in it by this Agreement, and shall use the same degree of care and skill in such exercise, as a prudent institution would
exercise or use under the circumstances in the conduct of such institution’s own affairs. Any permissive right of the Trustee
set forth in this Agreement shall not be construed as a duty, and the Trustee shall not be answerable for other than the negligence,
bad faith, fraud or willful misconduct on the part of the Trustee in the exercise of such right. The Certificate Administrator
undertakes to perform at all times such duties and only such duties as are specifically set forth in this Agreement and no permissive
right of the Certificate Administrator shall be construed as a duty and the Certificate Administrator shall not be answerable for
other than the negligence, bad faith, fraud or willful misconduct on the part of the Certificate Administrator in the exercise
of such right. The Trustee (or the Servicer or the Special Servicer on its behalf) shall have the power to exercise all the rights
of a holder of the Mortgage Loan on behalf of the Certificateholders and the Companion Loan Holder(s), subject to the terms of
the Mortgage Loan Documents; provided, however, that the Lender’s obligations under the Mortgage Loan Documents
shall be exercised by the Servicer or Special Servicer, as the case may be, pursuant to this Agreement.

 

(b)              
Subject to Sections  8.2(a) and 8.3, each of the Trustee and the Certificate Administrator, upon receipt
of all resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Trustee
and the Certificate Administrator that are specifically required to be furnished pursuant to any provision of this Agreement, shall
examine, or cause to be examined, such instruments to determine whether they conform on their face to the requirements of this
Agreement to the extent specifically set forth herein; provided, however, neither the Trustee nor the Certificate
Administrator shall be responsible for the legality, ownership, title, validity or enforceability of any such aforementioned document
furnished by any other party hereto, and accepted by the Trustee or the Certificate Administrator, as applicable, in good faith,
pursuant to this Agreement. If any such instrument is found on its face not to conform to the requirements of this Agreement in
a material manner, the Trustee or the Certificate Administrator, as applicable, may take such action as it deems appropriate to
have the instrument

 

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corrected, and if the instrument is not corrected to the Trustee’s or the Certificate Administrator’s,
as applicable, reasonable satisfaction, the Trustee or the Certificate Administrator, as applicable, may or may not act upon same.

 

(c)               
Subject to Section 8.3, no provision of this Agreement shall be construed to relieve the Trustee or the Certificate
Administrator from liability for its own negligent action, its own negligent failure to act, its failure to perform its obligations
in compliance with this Agreement, or its own willful misconduct or bad faith; provided, however:

 

(i)               
no implied covenants or obligations shall be read into this Agreement against the Trustee or the Certificate Administrator,
and each of the Trustee and the Certificate Administrator, as applicable, 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 and/or the Certificate
Administrator and conforming to the requirements of this Agreement which it reasonably believes in good faith to be genuine and
to have been duly executed by the proper authorities respecting any matters arising hereunder;

 

(ii)               neither the Trustee nor the Certificate Administrator shall be liable for an error of judgment made in good faith by a Responsible
Officer of the Trustee or the Certificate Administrator, as applicable, unless it shall be proved that the Trustee, the Certificate
Administrator or such Responsible Officer was negligent in ascertaining the pertinent facts;

 

(iii)              neither the Trustee nor the Certificate Administrator shall be liable with respect to any action taken, suffered or omitted
to be taken by it in good faith in accordance with this Agreement or at the direction of Holders of Certificates evidencing, in
the aggregate, not less than 25% of the Voting Rights of the Certificates, relating to the time, method and place of conducting
any proceeding for any remedy available to the Trustee or the Certificate Administrator, or exercising any trust or power conferred
upon the Trustee or the Certificate Administrator, under this Agreement;

 

(iv)              neither the Trustee nor the Certificate Administrator shall be charged with knowledge of any failure by the Servicer or
the Special Servicer to comply with any of their respective obligations under this Agreement or of the occurrence of any of the
events referred to in Section 7.1 or any other act or circumstance upon the occurrence of which the Trustee or the
Certificate Administrator, as applicable, may be required to take action unless a Responsible Officer of the Trustee or the Certificate
Administrator, as applicable, obtains actual knowledge of such failure, act or circumstance or the Trustee or the Certificate Administrator,
as applicable, receives written notice of such failure from the Servicer, the Special Servicer, the Depositor or Holders of the
Certificates evidencing, in the aggregate, not less than 25% of the Voting Rights of the Regular Certificates;

 

(v)               neither the Trustee nor the Certificate Administrator, as applicable, 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 the Certificate Administrator,
as

 

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applicable, negligence, bad faith or willful misconduct was the primary cause of such insufficiency;

 

(vi)              neither the Trustee nor the Certificate Administrator, as applicable, shall be obligated to investigate whether any information
provided to or received by the Trustee or the Certificate Administrator, as applicable, with respect to the Mortgage Loan or the
Certificates is required to maintained on a confidential basis; and

 

(vii)             for all purposes under this Agreement, neither the Trustee nor the Certificate Administrator shall be required to take any
action with respect to, or be deemed to have notice or knowledge of any Mortgage Loan Event of Default, Servicer Termination Event,
Special Servicer Termination Event or Operating Advisor Termination Event, unless a Responsible Officer of the Trustee or the Certificate
Administrator, as applicable, has actual knowledge thereof or shall have received written notice thereof. In the absence of receipt
of such notice and such actual knowledge otherwise obtained, the Trustee or the Certificate Administrator, as applicable may conclusively
assume that there is no Mortgage Loan Event of Default, Servicer Termination Event, Special Servicer Termination Event or Operating
Advisor Termination Event.

 

(d)              
None of the provisions contained in this Agreement shall in any event require the Trustee or the Certificate Administrator
to (i) expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties
hereunder or in the exercise of any of its rights or powers hereunder if there are reasonable grounds for believing that repayment
of such funds or adequate indemnity against such risk or liability is not reasonably assured to it, or (ii) perform, or be
responsible for the manner of performance of, any of the obligations of the Servicer or the Special Servicer under this Agreement,
except, with respect to the Trustee, during such time, if any, as the Trustee shall be the successor to, and be vested with the
rights, duties, powers and privileges of, the Servicer or the Special Servicer in accordance with the terms of this Agreement.
Notwithstanding anything contained herein, neither the Trustee nor the Certificate Administrator shall be responsible and shall
have liability in connection with the duties assumed by the Authenticating Agent, and the Certificate Registrar hereunder, unless
the Trustee or the Certificate Administrator is acting in any such capacity hereunder; provided, further, that in
any such capacity the Trustee and the Certificate Administrator shall have all of the rights, protections and indemnities provided
to it as Trustee and Certificate Administrator hereunder, as applicable.

 

8.2             
Certain Matters Affecting the Trustee and the Certificate Administrator. (a) Except
as otherwise provided in Section 8.1:

 

(i)              each of the Trustee and the Certificate Administrator may request and rely upon and shall be protected in acting or refraining
from acting upon any resolution, Officer’s Certificate, auditor’s certificate or any other certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document believed by it to be genuine
and to have been signed or presented by the proper party or parties;

 

(ii)              each of the Trustee and the Certificate Administrator may consult with counsel and accountants, and any written advice of
such counsel or any Opinion of Counsel

 

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shall be full and complete authorization and protection in respect of any action taken or
suffered or omitted by it hereunder in good faith and in accordance with such Opinion of Counsel;

 

(iii)             neither the Trustee nor the Certificate Administrator shall be under any obligation to exercise any of the trusts or powers
vested in it by this Agreement or to institute, conduct or defend any litigation hereunder or in relation hereto at the request,
order or direction of any of the Certificateholders, pursuant to the provisions of this Agreement, unless such Certificateholder
shall have offered to the Trustee or the Certificate Administrator, as applicable, security or indemnity reasonably satisfactory
to it against the costs, expenses and liabilities, including reasonable legal fees, which may be incurred therein or thereby; provided,
however, that nothing contained herein shall relieve the Trustee of the obligation, upon the occurrence of a Servicer Termination
Event or Special Servicer Termination Event, as the case may be (which has not been cured or waived), to exercise such of the rights
and powers vested in it by this Agreement, and to use the same degree of care and skill in their exercise as a prudent person would
exercise or use under the circumstances in the conduct of such person’s own affairs;

 

(iv)             neither the Trustee nor the Certificate Administrator shall be liable for any action reasonably taken, suffered or omitted
by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon
it by this Agreement;

 

(v)              prior to the occurrence of a Servicer Termination Event or Special Servicer Termination Event hereunder and after the curing
or waiver of such Servicer Termination Event or Special Servicer Termination Event, as applicable, that may have occurred, neither
the Trustee nor the Certificate Administrator shall be bound to ascertain or inquire as to the performance or observance of any
of the terms, conditions, covenants or agreements herein (except as specifically required by this Agreement) or to make any investigation
into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent,
order, approval, bond or other paper or document, unless requested in writing so to do by Holders of Certificates evidencing, in
the aggregate, not less than 25% of the Voting Rights of the outstanding Certificates; provided, however, if the
payment within a reasonable time to the Trustee or the Certificate Administrator of the costs, expenses or liabilities likely to
be incurred by either party in the making of such investigation is, in the opinion of the Trustee or the Certificate Administrator,
not reasonably assured to the Trustee or the Certificate Administrator by the security afforded to it by the terms of this Agreement,
the Trustee or the Certificate Administrator, as applicable, may require indemnity reasonably satisfactory to it against such costs,
expenses or liabilities as a condition to taking any such action. The reasonable expense of every such investigation shall be paid
by the Trust pursuant to Section 3.4(c) in the event that such investigation relates to a Servicer Termination Event
or Special Servicer Termination Event, if such an event shall have occurred and is continuing, and otherwise by the Certificateholders
requesting the investigation;

 

(vi)             each of the Trustee and the Certificate Administrator may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or

 

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through agents or attorneys selected by it with due care but shall not be relieved of its obligations
by virtue of the use of any such agent or attorney;

 

(vii)            no provision of this Agreement or of the Certificates shall require the Trustee or the Certificate Administrator to expend
or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or thereunder,
or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds
or adequate indemnity against such risk or liability is not reasonably assured to it;

 

(viii)           the Certificate Administrator shall not be liable for any loss on any investment of funds made by it pursuant to the terms
of this Agreement other than as set forth in Section 3.8 (and other than investments made with the Certificate Administrator
as an obligor on such investments in its individual commercial capacity);

 

(ix)              neither the Trustee nor the Certificate Administrator shall be required to post any kind of bond or surety in connection
with the execution and performance of its duties hereunder;

 

(x)               neither the Trustee nor the Certificate Administrator, as applicable, hereunder shall be personally liable hereunder by
reason of any act or failure to act of any predecessor or successor Trustee or Certificate Administrator, as applicable, hereunder.

 

(b)              
Following the Closing Date, neither the Trustee nor the Certificate Administrator shall accept any contribution of assets
to the Trust Fund not specifically contemplated by this Agreement.

 

(c)               
All rights or actions under this Agreement or under any of the Certificates, enforceable by the Trustee or the Certificate
Administrator may be enforced by such party without the possession of any of the Certificates, or the production thereof at the
trial or other proceeding relating thereto, and any such suit, action or proceeding instituted by the Trustee or the Certificate
Administrator, as applicable, shall be brought in its name for the benefit of all the Holders of such Certificates, subject to
the provisions of this Agreement.

 

(d)              
In order to comply with the 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 (“Applicable Laws”), each of the Trustee and the Certificate Administrator
is required to obtain, verify, record and update certain information relating to individuals and entities which maintain a business
relationship with the Trustee or the Certificate Administrator, as applicable. Accordingly, each of the parties agrees to provide
to the Trustee or the Certificate Administrator, as applicable, upon its request from time to time, such identifying information
and documentation as may be available for such party in order to enable the Trustee to comply with Applicable Laws.

 

8.3             
Neither the Trustee nor the Certificate Administrator is Liable for Certificates or the Mortgage Loan. The
recitals contained herein and in the Certificates (other than the signature and authentication of the Certificate Administrator
on the Certificates) shall not be

 

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taken as the statements of the Trustee or the Certificate Administrator and the Trustee
and the Certificate Administrator assume no responsibility for their correctness. The Trustee and the Certificate Administrator
make no representations as to the validity or sufficiency of this Agreement (other than its execution of this Agreement), the Certificates
or of the Mortgage Loan or related documents except as expressly set forth herein. Neither the Trustee nor the Certificate Administrator
shall be liable for any action or failure to take any action by the Loan Seller under the related Trust Loan Purchase Agreement,
including, without limitation, in connection with any failure of the Loan Seller to properly prepare each of the documents and/or
instruments referred to in clauses (iii)(B), (iii)(C) and (iii)(I) of the definition of Mortgage Loan File
in Section 2.1(b), and neither the Trustee nor the Certificate Administrator shall be required to take any action in
connection with such action or failure of the Loan Seller (except to the extent otherwise expressly required pursuant to this Agreement).
The Trustee and the Certificate Administrator shall not be liable for any action or failure of any action by the Depositor, the
Servicer, the Special Servicer or the Operating Advisor hereunder. The Trustee and the Certificate Administrator shall not at any
time have any responsibility or liability for or with respect to the legality, ownership, title, recordability, collectability,
suitability, genuineness, validity or enforceability of the Mortgage or any other Collateral Security Documents or the Mortgage
Loan, or the perfection, sufficiency and priority of the Mortgage or any other Collateral Security Documents or the maintenance
of any such perfection and priority, or for or with respect to the efficacy of the Trust or its ability to generate the payments
to be distributed to Certificateholders under this Agreement, including, without limitation, the existence, condition and ownership
of the Property; the existence and enforceability of any hazard insurance thereon; the validity of the assignment of the Mortgage
Loan to the Trust; the performance or enforcement of the Mortgage Loan (other than with respect to the Servicer or the Special
Servicer, if the Trustee shall assume the duties of the Servicer and/or the Special Servicer, respectively, pursuant to Section 7.2
and then only to the extent of the obligations of the Servicer or the Special Servicer, as applicable, hereunder); the compliance
by the Depositor, the Borrower Related Parties, the Servicer and the Special Servicer with any warranty or representation made
under this Agreement or in any related document or the accuracy of any such warranty or representation made under this Agreement
or in any related document prior to the Trustee’s or the Certificate Administrator’s, as applicable, receipt of notice
or other discovery of any noncompliance therewith or any breach thereof; any investment of monies by or at the direction of the
Servicer or the Special Servicer or any loss resulting therefrom (other than investments made with the Trustee or the Certificate
Administrator in its commercial capacity); the failure of the Servicer, the Special Servicer or any sub-servicer to act or perform
any duties required of it hereunder; or any action by the Trustee or the Certificate Administrator taken at the direction of the
Servicer or the Special Servicer (other than with respect to the Trustee, if the Trustee shall assume the duties of the Servicer
or the Special Servicer); provided, however, the foregoing shall not relieve the Trustee or the Certificate Administrator
of its obligation to perform its duties under this Agreement. Except with respect to a claim based on the Trustee’s or the
Certificate Administrator’s, as applicable, negligent action, negligent failure to act or willful misconduct (or such other
standard of care as may be provided herein with respect to any particular matter), no recourse shall be had for any claim based
on any provisions of this Agreement, the Certificates, the Mortgage, the Property, the Collateral Security Documents or the Mortgage
Loan or assignment thereof against the Trustee or the Certificate Administrator in their individual capacity, the Trustee and the
Certificate Administrator shall not have any personal obligation, liability or duty whatsoever to any Certificateholder or any
other Person with respect to any such

 

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claim, and any such claim shall be asserted solely against the Trust or any indemnitor who
shall furnish indemnity as provided in this Agreement. Neither the Trustee nor the Certificate Administrator shall have any responsibility
for filing any financing or continuation statements in any public office at any time or to otherwise perfect or maintain the perfection
of any security interest or lien granted to it hereunder or to record this Agreement (unless, with respect to the Trustee, the
Trustee shall have become the successor Servicer or Special Servicer). Neither the Trustee nor the Certificate Administrator shall
be accountable for the use or application by the Depositor of any of the Certificates or of the proceeds of such Certificates or
for the use or application of any funds paid to the Depositor in respect of the assignment of the Mortgage Loan to the Trust, or
for the use or application of any funds deposited in or withdrawn from the Collection Account or any account maintained by or on
behalf of the Servicer or the Special Servicer (except to the extent that the Collection Account is held by the Trustee or the
Certificate Administrator in their commercial capacities), or for investment of such amounts (other than investments made with
the Trustee or the Certificate Administrator in their commercial capacities).

 

Neither the Trustee nor
the Certificate Administrator, by reason of the action or inaction of a Responsible Officer or Responsible Officers of the Trustee
or the Certificate Administrator, as applicable, nor any of their respective directors, officers, employees, Affiliates or agents
shall have any liability to the Trust, the Certificateholders or the Companion Loan Holder(s) for any action taken or for refraining
from the taking of any action in good faith pursuant to this Agreement, for actions taken or not taken at the direction of the
Certificateholders or the Companion Loan Holder(s) or for errors in judgment; provided, however, this provision shall
not protect the Trustee, the Certificate Administrator or any such Person against any liability which would otherwise be imposed
by reason of negligence, bad faith or willful misconduct of the Trustee, the Certificate Administrator or any such Person, as applicable.
Except with respect to any fidelity bond required pursuant to Section 8.6, the Trustee and the Certificate Administrator
will not be required to post any kind of bond or surety in connection with the execution and performance of its duties under this
Agreement. In no event will the Trustee or the Certificate Administrator, as applicable, be liable for punitive, special, indirect
or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee or the
Certificate Administrator, as applicable, has been advised of the likelihood of such loss or damage, or be liable for any failure
or delay in the performance of its obligations hereunder due to force majeure or acts of God. Subject to Section 8.12(a),
the Trustee, the Certificate Administrator and any of their respective directors, officers, employees, Affiliates or Controlling
Persons shall be indemnified by the Trust and the Companion Loan Holder(s) pursuant to Section 3.4(c) out of amounts
on deposit in the Collection Account, to the extent provided under the Co-Lender Agreement, and held harmless against any and all
claims, losses, liabilities, demands, foreclosures, damages, penalties, fines, forfeitures, legal fees, liabilities or expenses
and related costs, judgments or other costs, liabilities or expenses incurred in connection with or related to the Trustee’s
or the Certificate Administrator’s performance of their respective powers and duties under this Agreement (including, without
limitation, performance under Section 8.1 hereof); provided, however, this provision shall not protect
the Trustee, the Certificate Administrator or any such Person against, or provide any of them indemnification for, any liability
which would otherwise be imposed by reason of negligence, bad faith or willful misconduct of the Trustee, the Certificate Administrator
or any such Person. The indemnification provided hereunder shall survive the resignation or removal of the Trustee or the Certificate
Administrator, as applicable, and the termination of this Agreement. Anything herein to the contrary notwithstanding, the Trustee
shall

 

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be responsible for its acts or failure to act as Servicer and/or the Special Servicer during the time the Trustee is serving
as such pursuant and subject to the terms of this Agreement.

 

Subject to the terms
of this Agreement, except as otherwise provided herein,, neither the Certificate Administrator nor the Trustee will have any duty
(except, with respect to the Trustee, in the capacity as a successor Servicer or successor Special Servicer) (A) to see to
any recording, filing or depositing of any agreement or any financing statement or continuation statement evidencing a security
interest, or to see to the maintenance of any such recording or filing or depositing or to any re-recording, refiling or redepositing
thereof, (B) to see to any insurance, and (C) to confirm or verify the contents of any reports or certificates of the
Servicer or the Special Servicer delivered to the Trustee or the Certificate Administrator, as the case may be, reasonably believed
by the Trustee or the Certificate Administrator, as the case may be, to be genuine and to have been signed or presented by the
proper party or parties.

 

8.4             
Trustee and Certificate Administrator May Own Certificates. The
Trustee and the Certificate Administrator in their individual or any other capacity may become the owner or pledgee of Certificates
with the same rights, powers, and privileges as it would have if they were not the Trustee or the Certificate Administrator.

 

8.5             
Trustee’s and Certificate Administrator’s Fees and Expenses. As
compensation for its activities hereunder, on each Distribution Date the Certificate Administrator shall be entitled to the Trustee/Certificate
Administrator Fee (including that portion which is payable to the Trustee as the Trustee Fee). Except as otherwise provided herein,
the Trustee/Certificate Administrator Fee includes all routine expenses of the Trustee, the Certificate Administrator and the Authenticating
Agent. As compensation for the performance of its duties hereunder, the Trustee shall be paid the Trustee Fee (which shall be payable
out of the Trustee/Certificate Administrator Fee), which shall cover recurring and otherwise reasonably anticipated expenses of
the Trustee. The Trustee/Certificate Administrator Fee (which shall not be limited to any provision of law in regard to the compensation
of a trustee of an express trust) shall constitute the Certificate Administrator’s and the Trustee’s sole form of compensation
(unless otherwise set forth herein) for all services rendered by each entity in the execution of the trust hereby created
and in the exercise and performance of any of the powers and duties of the Certificate Administrator and the Trustee hereunder.
Each of the Trustee’s and the Certificate Administrator’s rights to the Trustee/Certificate Administrator Fee (including
that portion of the Trustee/Certificate Administrator Fee that represents the Trustee Fee, which is payable to the Trustee) may
not be transferred in whole or in part except in connection with the transfer of all of the Trustee’s or Certificate Administrator’s,
as applicable, responsibilities and obligations under this Agreement. The Trustee and the Certificate Administrator shall be entitled
to be reimbursed for all reasonable expenses, disbursements and advances incurred or made by the Trustee or the Certificate Administrator,
as applicable, in accordance with any of the provisions of this Agreement (including the reasonable fees and expenses of its counsel
and of all Persons not regularly in its employ), provided such cost would qualify as an “unanticipated expense incurred by
the REMIC” within the meaning of the REMIC Provisions, except any such expense, disbursement or advance as may arise from
its negligence, bad faith or willful misconduct or which is expressly the responsibility of a Certificateholder or a group of Certificateholders
hereunder, all of which reimbursements to be paid from amounts on deposit in the Collection Account pursuant to Section 3.4(c);
provided, however, neither the Trustee nor the Certificate Administrator shall

 

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refuse to perform any of their obligations
hereunder solely as a result of the failure to be paid any fees and expenses (a) so long as payment of such fees and expenses
are reasonably assured to it, or (b) to the extent that the Trustee’s or the Certificate Administrator’s, as applicable,
obligations hereunder are expressly contingent upon the receipt of an indemnity from the Certificateholders, that it has received
such indemnity. The Trustee and the Certificate Administrator shall provide the Servicer with an invoice, on or prior to each Payment
Date, setting forth the actual expenses incurred in connection with the performance of its duties hereunder for which it seeks
payment or reimbursement. Notwithstanding any other provision of this Agreement, neither the Trustee nor the Certificate Administrator
shall be entitled to reimbursement from the Trust for an expense incurred under this Agreement in connection with the performance
of its ordinary and regularly recurring duties hereunder unless such reimbursement is expressly provided for herein or otherwise
permitted hereunder.

 

8.6             
Eligibility Requirements for the Trustee and the Certificate Administrator; Errors and Omissions Insurance.
(a) Each of the Trustee and the Certificate Administrator hereunder shall at all times be a Qualified Certificate Administrator
or Qualified Trustee, as applicable, and shall not be an Affiliate of the Borrower, the Loan Seller, any Mezzanine Borrower
or the Depositor or an Affiliate of the Servicer or the Special Servicer (except during any period when the Trustee has assumed
the duties of the Servicer and/or Special Servicer pursuant to Section 7.2). In addition the Trustee shall satisfy
the requirements for a trustee contemplated by clause (a)(4)(i) of Rule 3a-7 under the Investment Company Act of 1940,
as amended. If a corporation, association or trust company publishes reports of condition at least annually, pursuant to law or
to the requirements of the aforesaid supervising or examining authority, then for purposes of this Section 8.6(a) the
combined capital and surplus of such entity shall be deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. In the event that the place of business from which the Trustee or the Certificate Administrator,
as applicable, administers the Trust Fund is a state or local jurisdiction that imposes a tax on the Trust, the Trustee or the
Certificate Administrator, as applicable, shall elect either to (i) resign immediately in the manner and with the effect specified
in Section 8.7, (ii) pay such tax from its own funds and continue as Trustee or Certificate Administrator, as
applicable, or (iii) administer the Trust Fund from a state and local jurisdiction that does not impose such a tax. In case
at any time the Trustee or the Certificate Administrator shall cease to be eligible in accordance with the provisions of this Section 8.6(a),
the Trustee or the Certificate Administrator, as applicable, shall resign immediately in the manner and with the effect specified
in Section 8.7.

 

(b)              
Each of the Certificate Administrator and the Trustee shall obtain and maintain at its own expense, and keep in full force
and effect throughout the term of this Agreement, a blanket fidelity bond and an errors and omissions insurance policy covering
the Trustee’s or the Certificate Administrator’s, as applicable, directors, officers and employees acting on behalf
of the Trustee or the Certificate Administrator, as applicable, in connection with its activities under this Agreement; provided,
that if the unsecured long-term debt of the Trustee or the Certificate Administrator, as applicable, is not rated at least “A3”
by Moody’s and “A” by DBRS Morningstar, then the claims paying ability of the insurer under such applicable error
and omissions insurance policy must be rated at least “A3” by Moody’s and “A” by DBRS Morningstar.
Such insurance policy shall protect the Trustee or the Certificate Administrator, as applicable, against losses, forgery, theft,
embezzlement, fraud, errors and omissions of such covered persons. The amount of coverage shall be at least equal to the coverage
that is required

 

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by applicable governmental authorities having regulatory power over the Trustee or the Certificate Administrator,
as applicable. In the event that any such bond or policy ceases to be in effect, the Trustee or the Certificate Administrator,
as applicable, shall obtain a comparable replacement bond or policy. In lieu of the foregoing, but subject to this Section 8.6(b),
the Trustee and the Certificate Administrator, as applicable, shall be entitled to self-insure with respect to such risks so long
as its (or its immediate or remote parent’s) long-term unsecured debt is rated at least “A3” by Moody’s
and at least “A” by DBRS Morningstar or, if not then rated by a particular Rating Agency, either (x) rated no lower
than an equivalent rating by at least two other NRSROs (which may include the other Rating Agency) or (y) rated no lower than “A-:VIII”
by A.M. Best Company, Inc.

 

8.7             
Resignation and Removal of the Trustee or the Certificate Administrator.
Each of the Trustee and the Certificate Administrator may at any time resign and be discharged from the trusts hereby created (i) by
giving written notice of resignation to the other such party, the Depositor, the Initial Purchasers, the Servicer, the Special
Servicer, the Certificate Registrar (if other than the Trustee), the Operating Advisor, the Companion Loan Holder(s) and the 17g-5
Information Provider, who shall post such notice on the 17g-5 Information Provider’s Website pursuant to Section
8.14(b), and by mailing notice of resignation by first class mail, postage prepaid, to the Certificateholders at their addresses
appearing on the Certificate Register, not less than 60 days before the date specified in such notice when, subject to Section 8.8,
such resignation is to take effect, and (ii) only upon acceptance by a successor Trustee or Certificate Administrator, as
applicable, appointed by the Depositor in accordance with Section 8.8 meeting the qualifications set forth in Section 8.6.
Upon receipt of such notice of resignation, the Depositor shall promptly appoint a successor Trustee or Certificate Administrator,
as applicable, the appointment of which would not, in and of itself, result in a downgrade, qualification or withdrawal by the
Rating Agencies of the then-current ratings assigned to the Certificates, as evidenced by a written confirmation from each Rating
Agency, in triplicate, which written confirmation shall be delivered to the resigning Trustee or Certificate Administrator, and
to the successor Trustee or Certificate Administrator, as applicable. If no successor Trustee or Certificate Administrator shall
have been so appointed and shall have accepted appointment within 90 days after the giving of such notice of resignation,
the resigning Trustee or Certificate Administrator, as applicable, may petition any court of competent jurisdiction for the appointment
of a successor Trustee or Certificate Administrator, as applicable, at the expense of the Trust.

 

If at any time any of
the following occur: (x) the Trustee or the Certificate Administrator shall cease to be eligible in accordance with the provisions
of Section 8.6 or shall be required to resign pursuant to Section 3.33, and shall fail to resign after written
request for the Trustee’s or the Certificate Administrator’s resignation by the Depositor, the Servicer or the Special
Servicer, as applicable; (y) the Trustee or the Certificate Administrator materially defaults in the performance of its obligations
under this Agreement; or (z) if at any time the Trustee or the Certificate Administrator shall become incapable of action,
or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or the Certificate Administrator or of either of their
property shall be appointed, or any public officer shall take charge or control of the Trustee or Certificate Administrator or
of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then in any such case, the Depositor
may remove the Trustee or the Certificate Administrator, as applicable, and appoint a successor Trustee or Certificate Administrator,
as applicable, by written instrument, in duplicate, executed by an authorized officer of the Depositor,

 

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one copy of which instrument
shall be delivered to the Trustee or the Certificate Administrator, as applicable, so removed and one copy to the successor Trustee
or Certificate Administrator, as applicable. Holders of Certificates evidencing, in the aggregate, not less than a majority of
the Voting Rights of the outstanding Certificates, may at any time remove the Trustee or the Certificate Administrator and appoint
a successor Trustee or Certificate Administrator, as applicable, by written instrument or instruments, in triplicate, signed by
such Holders or their attorney-in-fact duly authorized, one complete set of which instrument or instruments shall be delivered
to the Depositor (with a copy to the Servicer and the Special Servicer), one complete set to the Trustee or the Certificate Administrator,
as applicable, so removed and one complete set to the successor(s) so appointed. Notice of any removal of the Trustee or the Certificate
Administrator and acceptance of appointment by the successor Trustee or Certificate Administrator shall be given to the Rating
Agencies (through the successor 17g-5 Information Provider’s Website, as applicable) and the Initial Purchasers by the successor
Trustee or Certificate Administrator, as applicable. No removal of the Trustee or the Certificate Administrator shall be effective
until all reasonable fees, costs, expenses and Advances (including interest thereon) to which it is entitled have been paid to
the Trustee or Certificate Administrator, as applicable, in full; provided that, if the Trustee or the Certificate Administrator
is terminated by the Depositor pursuant to the first sentence of this paragraph, or if the Trustee or the Certificate Administrator
is terminated with cause by the Holders of Certificates evidencing, in the aggregate, more than 50% of the Voting Rights of all
Certificates as provided above in this paragraph, then the terminated party shall be required to pay all reasonable costs and expenses
(including those incurred by the other parties hereto (including, without limitation, the reasonable fees of counsel)) to transfer
the rights and obligations of the terminated party to a successor trustee or certificate administrator, as applicable; and provided,
further, that if the Trustee or the Certificate Administrator is terminated without cause by the Holders of Certificates
evidencing more than 50% of the Voting Rights of all Certificates as provided above in this paragraph, then such Holders will be
required to pay all the reasonable costs and expenses of the terminated party necessary to effect the transfer of the rights and
obligations of the terminated party to a successor trustee or certificate administrator, as applicable.

 

Any resignation or removal
of the Trustee or Certificate Administrator shall not become effective until acceptance of the appointment by the successor Trustee
or Certificate Administrator, as applicable, as provided in Section 8.8.

 

8.8             
Successor Trustee or Successor Certificate Administrator.
Any successor Trustee or Certificate Administrator appointed as provided in Section 8.7 shall execute, acknowledge
and deliver to the Depositor, the Servicer, the Special Servicer, the Operating Advisor and to its predecessor trustee or certificate
administrator an instrument (i) accepting such appointment hereunder and (ii) making the representations and warranties
of the Trustee or the Certificate Administrator, as applicable, as provided in Sections 2.3 and 2.4, respectively,
and thereupon the resignation or removal of the predecessor trustee or certificate administrator shall become effective and such
successor Trustee or Certificate Administrator, as applicable, without any further act, deed or conveyance, shall become fully
vested with all the rights, powers, duties and obligations of its predecessor hereunder, with the like effect as if originally
named as trustee or certificate administrator herein. The predecessor Certificate Administrator shall deliver or cause to be delivered
to the successor Certificate Administrator, as applicable, the Mortgage Loan File and related documents and statements held by
it hereunder, and the Depositor, the Servicer, the Special Servicer, the Operating Advisor and the predecessor trustee or certificate
administrator

 

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shall execute and deliver such instruments and do such other things as may reasonably be required for more fully
and certainly vesting and confirming in the successor Trustee or Certificate Administrator all such rights, powers, duties and
obligations, subject, however, to the payment of all amounts due to the predecessor Trustee or Certificate Administrator, as applicable,
under this Agreement.

 

No successor Trustee
or Certificate Administrator shall accept appointment as provided in this Section unless at the time of such acceptance such
successor Trustee or Certificate Administrator shall be eligible under the provisions of Section 8.6 and its appointment
shall not result in the qualification, downgrading, or withdrawal of the current rating of any Class of the Certificates (prior
to the resignation or termination of the Trustee or Certificate Administrator).

 

Upon acceptance of appointment
by a successor Trustee or Certificate Administrator as provided in this Section, the successor Trustee or Certificate Administrator
shall mail notice of the succession of such successor Trustee or Certificate Administrator hereunder to all Certificateholders
at their addresses as shown in the Certificate Register, the Depositor, the Initial Purchasers, the Servicer, the Special Servicer,
the Operating Advisor, the Companion Loan Holder(s) and the Borrower Parties.

 

No Trustee or Certificate
Administrator hereunder shall be personally liable hereunder by reason of any act or failure to act of any predecessor or successor
Trustee or of any predecessor or successor Trustee certificate administrator, as applicable, hereunder.

 

8.9             
Merger or Consolidation of the Trustee or the Certificate Administrator. Any
Person into which the Trustee or the Certificate Administrator may be merged or converted or with which either may be consolidated
or any Person resulting from any merger, conversion or consolidation to which the Trustee or the Certificate Administrator shall
be a party, or any Person succeeding to all or substantially all of the corporate trust business of the Trustee or the Certificate
Administrator shall be the successor of the Trustee or the Certificate Administrator, as applicable, and shall be deemed to have
assumed all of the liabilities and obligations of the Trustee or the Certificate Administrator, as applicable, hereunder, provided
that (i) such Person shall be eligible under the provisions of Section 8.6, without the execution or filing of
any paper or further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding and (ii) Rating
Agency Confirmation shall have been delivered to such Person.

 

8.10         
Appointment of Co-Trustee or Separate Trustee. (a) At
any time or times, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Property may
at the time be located or in which any action of the Trustee may be required to be performed or taken, the Trustee, the Depositor
or the Holders of Certificates evidencing, in the aggregate, a majority of the Voting Rights of the outstanding Certificates,
by an instrument in writing signed by it or them, may appoint one or more individuals or corporations approved by the Trustee to
act as separate trustee or separate trustees or co-trustees, acting jointly with the Trustee, of all or any part of the Property,
to the full extent that local law makes it necessary for such separate trustee or separate trustees or co-trustee acting jointly
with the Trustee to act. The fees and expenses of any separate trustee or co-trustee shall be paid by the Trust pursuant to Section 3.4(c).

 

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(b)              
The Trustee shall execute, acknowledge and deliver all such instruments as may be required by the legal requirements of
any jurisdiction or by any such separate trustee or separate trustees or co-trustee for the purpose of more fully conferring such
title, rights or duties to such separate trustee or separate trustees or co-trustee, it, he, she or they shall be vested with such
title to the Property or any part thereof, and with such rights, powers, duties and obligations as shall be specified in the instrument
of appointment, and such rights, powers, duties and obligations shall be conferred or imposed upon and exercised or performed by
the Trustee, or the Trustee and such separate trustee or separate trustees or co-trustees jointly with the Trustee subject to all
the terms of this Agreement, except to the extent that under any law of any jurisdiction in which any particular act or acts are
to be performed shall be exercised and performed by such separate trustee or separate trustees or co-trustee, as the case may be.
Any separate trustee or separate trustees or co-trustee may, at any time by an instrument in writing, constitute the Trustee, its
attorney-in-fact and agent with full power and authority to do all acts and things and to exercise all discretion on its behalf
and in its, her or his name. In the event that any such separate trustee or co-trustee shall die, become incapable of acting, resign
or be removed, the title to the Property and all assets, property, rights, powers, duties and obligations of such separate trustee
or co-trustee shall, so far as permitted by-law, vest in and be exercised by the Trustee, without the appointment of a successor
to such separate trustee or co-trustee unless and until a successor is appointed.

 

(c)               
All provisions of this Agreement which are for the benefit of the Trustee or the Certificate Administrator shall extend
to and apply to (in the case of the Trustee) each separate trustee or co-trustee appointed pursuant to the foregoing provisions
of this Section 8.10, and to the Trustee or the Certificate Administrator, as applicable, in each capacity that it
may assume hereunder, including, without limitation, its capacity as Certificate Registrar, Authenticating Agent, Custodian and
17g-5 Information Provider, as applicable.

 

(d)              
Every co-trustee and separate trustee hereunder shall, to the extent permitted by-law, be appointed and act and the Trustee
shall act, subject to the following provisions and conditions: (i) all powers, duties, obligations and rights conferred upon
the Trustee in respect of the receipt, custody, investment and payment of monies shall be exercised solely by the Trustee; (ii) all
other rights, powers, duties and obligations conferred or imposed upon the Trustee shall be conferred or imposed and exercised
or performed by the Trustee and such co-trustee or trustees and separate trustee or trustees jointly except to the extent that
under any law of any jurisdiction in which any particular act or acts are to be performed, the Trustee shall be incompetent or
unqualified to perform such act or acts, in which event such rights, powers, duties and obligations shall be exercised and performed
by such co-trustee or trustees; (iii) no power hereby given to, or exercisable by, any such co-trustee or separate trustee
shall be exercised hereunder by such co-trustee or separate trustees except jointly with, or with the consent of, the Trustee;
and (iv) no trustee hereunder shall be personally liable by reason of any act or omission of any other trustees hereunder.

 

If, at any time, the
Trustee shall deem it no longer necessary or prudent in order to conform to any such law, the Trustee shall execute and deliver
all instruments and agreements necessary or proper to remove any co-trustee or separate trustee. Notwithstanding the foregoing,
the appointment of a co-trustee or separate trustee by the Trustee shall not relieve the Trustee of its obligations, duties, or
responsibilities in any way or to any degree.

 

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(e)               
Any request, approval or consent in writing by the Trustee to any co-trustee or separate trustee shall be sufficient warrant
to such co-trustee or separate trustee, as the case may be, to take such action as may be so required, approved or consented to.

 

(f)               
Notwithstanding any other provision of this Section 8.10, the powers of any co-trustee or separate trustee shall
not exceed those of the Trustee hereunder, and such co-trustee or separate trustee shall meet the eligibility requirements set
forth in Section 8.6.

 

8.11            
Appointment of Authenticating Agent. (a) The Certificate
Administrator may appoint an agent or agents which shall be authorized to act on behalf of the Certificate Administrator to authenticate
Certificates (each such agent, an “Authenticating Agent”), and Certificates so authenticated shall be
entitled to the benefits of this Agreement and shall be valid and obligatory for all purposes as if authenticated by the Certificate
Administrator hereunder. Wherever a reference is made in this Agreement to the authentication and delivery of Certificates by the
Certificate Administrator or the Certificate Administrator’s certificate of authentication, such reference shall be deemed
to include authentication and delivery on behalf of the Certificate Administrator by an Authenticating Agent and a certificate
of authentication executed on behalf of the Certificate Administrator by an Authenticating Agent. Each Authenticating Agent shall,
at all times, be a corporation or association organized and doing business under the laws of the United States of America,
any State thereof or the District of Columbia, authorized under such law to act as Authenticating Agent, having a combined capital
and surplus of not less than $15,000,000, authorized under such laws to do trust business and subject to supervision or examination
by federal or state authorities. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law
or to the requirements of said supervising or examining authority, then for the purposes of this Section 8.11 the combined
capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. If, at any time, an Authenticating Agent shall cease to be eligible in accordance with
the provisions of this Section 8.11, such Authenticating Agent shall resign immediately in the manner and with the
effect specified in this Section 8.11. The initial Authenticating Agent shall be the Certificate Administrator.

 

(b)              
Any Person into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any Person
resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any Person succeeding
to the corporate agency business of an Authenticating Agent, shall continue to be an Authenticating Agent, without the execution
or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent, provided such Person shall be
otherwise eligible under this Section 8.11.

 

(c)               
An Authenticating Agent may resign at any time by giving at least 30 days’ advance written notice thereof to
the Servicer or the Special Servicer, as applicable, and the Depositor and the Certificate Administrator. The Certificate Administrator
may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent,
the Servicer or the Special Servicer, as applicable, and the Depositor and the Certificate Administrator. Upon receiving such a
notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in
accordance with the provisions of this Section 8.11, the Certificate Administrator may appoint a

 

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successor Authenticating
Agent and shall mail written notice of such appointment by first class mail, postage prepaid to all Certificateholders as their
names and addresses appear in the Certificate Register. Any successor Authenticating Agent upon acceptance of its appointment hereunder
shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named
as an Authenticating Agent herein. No successor Authenticating Agent shall be appointed unless eligible under the provisions of
this Section.

 

8.12         
Trustee and Certificate Administrator Indemnification; Third-Party Claims. (a) Each
of the Trustee and the Certificate Administrator and any director, officer, employee or agent of the Trustee or the Certificate
Administrator, as applicable, shall be indemnified and held harmless by the Trust and the Companion Loan Holder(s), out of the
proceeds of the Mortgage Loan against any and all claims, losses, penalties, fines, forfeitures, legal fees and related
costs, judgments and any other costs, liabilities, fees and expenses incurred in connection with any legal action relating to this
Agreement, other than any loss, liability or expense (i) specifically required to be borne by the party seeking indemnification,
without right of reimbursement pursuant to the terms of this Agreement; (ii) incurred in connection with any legal action
or claim against the party seeking indemnification, resulting from any breach on the part of that party of a representation or
warranty made in this Agreement; or (iii) incurred in connection with any legal action or claim against the party seeking
indemnification, resulting from any negligence, bad faith or willful misconduct on the part of that party in the performance of
its obligations or duties under this Agreement or negligent disregard of such obligations or duties. The Trust shall pay, from
amounts on deposit in the Collection Account pursuant to Section 3.4, 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. The indemnification provided herein shall survive the termination of this Agreement and the termination or resignation
of the Trustee and/or the Certificate Administrator, as applicable.

 

(b)              
Each of the Trustee and the Certificate Administrator (each, in such indemnifying capacity and for purposes of this Section 8.12(b),
an “Indemnifying Party”) agrees severally and not jointly to indemnify the Trust and each of (other than itself)
the Depositor, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor and any director,
officer, employee or agent or Controlling Person of any of the foregoing Persons (each, in such indemnified capacity and for purposes
of this Section 8.12(b), an “Indemnified Party”), and hold them harmless against any and all claims,
losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments or other costs and expenses
(including reasonable attorneys’ fees incurred in connection with any legal action related to such Indemnifying Party’s
negligence, bad faith or willful misconduct) that the applicable Indemnified Party, may sustain arising from or as a result of
the negligence, bad faith or willful misconduct in the performance of duties hereunder or by reason of negligent disregard of obligations
and duties hereunder by such Indemnifying Party other than any claims, losses, damages, penalties, fines, forfeitures, legal fees
and expenses and related costs, judgments or other costs and expenses incurred by reason of negligence, bad faith or willful misconduct
in the performance of any of such Indemnified Party’s duties hereunder or by reason of negligent disregard of such obligations
and duties hereunder. Such indemnification obligation shall survive the termination or resignation of the Indemnifying Party hereunder
and the termination of this Agreement. Except as provided in the following sentence (as it may apply to any payments made hereunder
to the Trust), the Indemnifying Party shall not be entitled to reimbursement from the Trust for any payment made

 

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by the Indemnifying
Party pursuant to this Section 8.12(b); provided, however, that nothing in this Section 8.12(b)
shall deprive (i) the Trustee or the Certificate Administrator of any limitation on its liability or right to indemnification
from the Trust provided to such party as and to the extent provided by Section 8.12(a), or (ii) the Depositor,
the Servicer, the Special Servicer or the Operating Advisor of any limitation on its liability or right to indemnification from
the Trust provided to such party as and to the extent provided by Section 6.3. Any expenses incurred or indemnification
payments made by the Indemnifying Party shall be reimbursed by the party so paid or which received the benefit of such payment,
if a court of competent jurisdiction makes a final, non-appealable judgment that the Indemnifying Party was not culpable or was
found not to have acted with negligence, bad faith or willful misconduct in connection with the conduct in question.

 

The 17g-5 Information
Provider shall indemnify and hold harmless the Depositor from and against any claims, losses, damages, penalties, fines, forfeitures,
legal fees and expenses and related costs, judgments and other costs and expenses incurred by the Depositor or its Affiliates that
arise out of or are based upon (i) a breach by the 17g-5 Information Provider of its obligations under this Agreement or (ii) negligence,
bad faith or willful misconduct on the part of the 17g-5 Information Provider in the performance of such obligations or its negligent
disregard of its obligations and duties under this Agreement.

 

Each of the Authenticating
Agent, the Certificate Registrar and the Certificate Administrator shall indemnify the Depositor, the Loan Seller, any employee,
director or officer of the Depositor or the Loan Seller, and the Trust for, and hold each of them harmless against, any and all
claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments or other costs and
expenses (including reasonable attorneys’ fees) incurred by such parties as a result of or relating to a violation of the
Exchange Act or the U.S. Credit Risk Retention Rules if such violation, in whole or in part, results from or arises out of a breach
by the Authenticating Agent, the Certificate Registrar or the Certificate Administrator, as the case may be, of any of its obligations
under Section 5.2(f) and Section 5.3(j) of this Agreement.

 

8.13         
Certificate Administrator and Servicer Not Responsible for Inconsistent Payment Information. In
connection with any Distribution Date and a voluntary prepayment or the payment at maturity by the Borrower Related Parties of
the Mortgage Loan or any portion thereof, the Certificate Administrator shall report the amount of such prepayment or payment to
the Depository based on information received from the Servicer or the Special Servicer in reliance on notices received from the
Borrower Related Parties. In the event of any inconsistencies in payments or prepayments made by the Borrower Related Parties
with the previously delivered notices by the Borrower Related Parties, all costs and expenses incurred as a result of a failure
by the Borrower Related Parties to make any such payments or prepayment, shall be paid by the Borrower Related Parties in accordance
with the Mortgage Loan Agreement provided that the amount of payment reported to the Depository by the Certificate Administrator
was consistent with the information received from the Servicer or the Special Servicer. If the Borrower Related Parties fail to
do so, such costs and expenses shall be reimbursed to the Certificate Administrator and to the Servicer or the Special Servicer,
as applicable, by the Trust pursuant to Section 3.4(c) from funds on deposit in the Collection Account. None of the
Certificate Administrator, the Servicer or the Special Servicer shall be liable for any inability or delay of the Depository to
make a distribution as a result of such inconsistencies. Notwithstanding the foregoing, the Certificate

 

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Administrator shall notify
the Depository on the Remittance Date or as soon as reasonably possible of any such inconsistencies.

 

8.14            
Access to Certain Information. (a) The Certificate
Administrator shall afford or cause to be afforded to any Non-Restricted Privileged Person (other than the Rating Agencies) and
to the Office of Thrift Supervision, the FDIC and any other banking or insurance regulatory authority that may exercise
authority over any Certificateholder, access to any documentation regarding the Mortgage Loan or the other assets of the Trust
that are in its possession or within its control, including without limitation:

 

(i)               the Mortgage Loan File, including any and all modifications, waivers and amendments to the terms of the Mortgage Loan entered
into or consented to by the Servicer or the Special Servicer and delivered to the Certificate Administrator (or a Custodian on
its behalf);

 

(ii)              the annual, quarterly and monthly operating statements, if any, collected by or on behalf of the Servicer or the Special
Servicer, as applicable, and delivered to the Certificate Administrator for the Property, and

 

(iii)             all notices and reports delivered to the Certificate Administrator with respect to the Property as to which environmental
testing revealed any failure of the Property to comply with any applicable law, including any Environmental Law, or which revealed
an environmental condition present at the Property requiring further investigation, testing, monitoring, containment, clean up,
or remediation.

 

Such access shall be
afforded without charge but only upon reasonable prior written request and during normal business hours at the offices of the Certificate
Administrator, the Trustee or the Custodian, as applicable.

 

The Certificate Administrator
(or a Custodian on its behalf) shall provide copies of the items described in this Section  8.14(a) above upon reasonable
written request to the Certificateholders. The Certificate Administrator (or a Custodian on its behalf) may require payment for
the reasonable costs and expenses of providing the copies and may also require a confirmation executed by the requesting Person,
in a form reasonably acceptable to the Certificate Administrator (or a Custodian on its behalf) to the effect that the Person making
the request is a Beneficial Owner or prospective purchaser of Certificates, is requesting the information solely for use in evaluating
its investment in the Certificates and shall otherwise keep the information confidential. Certificateholders, by the acceptance
of their Certificates, shall be deemed to have agreed to keep this information confidential.

 

(b)              
The Certificate Administrator shall make available to Non-Restricted Privileged Persons (or, solely in the case of the Distribution
Date Statements, all Privileged Persons), via the Certificate Administrator’s Website, the following items (to the extent
such items were prepared by or delivered to the Certificate Administrator in electronic format to cgcmtcmbs@citi.com):

 

(i)               
The following “deal documents”:

 

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(A)            the Offering Circular and any other disclosure document relating to the Certificates, in the form most recently provided
to the Certificate Administrator by the Depositor or by any Person designated by the Depositor;

 

(B)             this Agreement, each sub-servicing agreement delivered to the Certificate Administrator since the Closing Date (if any),
the Trust Loan Purchase Agreement and any amendments and exhibits hereto or thereto; and

 

(C)             the CREFC® loan setup file, delivered to the Certificate Administrator by the Servicer.

 

(ii)              The following “periodic reports”:

 

(A)             all Distribution Date Statements prepared by the Certificate Administrator pursuant to Section 4.4(b);

 

(B)             all CREFC® Reports (other than the CREFC® loan setup file) prepared by, or delivered to, the
Certificate Administrator pursuant to Section 3.18(a); and

 

(C)             financial information (including, without limitation, rent rolls, financial statements, financial reports, operating statements,
balance sheets, statements of cash flow, profit and loss statements and operating budgets) and other periodic Property reports
provided pursuant to Section 3.18(c) (provided they are received by the Certificate Administrator).

 

(iii)             The following “additional documents”:

 

(A)             summaries of any Final Asset Status Report delivered to the Certificate Administrator pursuant to Section 3.10;

 

(B)             all inspection reports delivered to the Certificate Administrator pursuant to Section 3.22; and

 

(C)             all Appraisals delivered to the Certificate Administrator pursuant to Section  3.7(a);

 

(iv)             The following “special notices”:

 

(A)             any notice of final payment on the Certificates delivered to the Certificate Administrator pursuant to Section 4.1(g);

 

(B)             any notice of termination of the Servicer or the Special Servicer delivered to the Certificate Administrator pursuant to
Section 7.1(c);

 

(C)             any notice of a Servicer Termination Event or Special Servicer Termination Event received by the Certificate Administrator
pursuant to Section 7.1(b);

 

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(D)            
notice of any request by the Certificateholders representing at least 25% of the Voting Rights for a vote to terminate and
replace the Special Servicer pursuant to Section 7.1(d);

 

(E)             any notice of resignation or removal 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 8.7;

 

(F)             any notice of an Operating Advisor Termination Event required to be posted by the Certificate Administrator pursuant to
Section 9.8(a);

 

(G)            
notice of any request by the Certificateholders representing at least 15% of the Voting Rights of the Non-Reduced Certificates
for a vote to terminate and replace the Operating Advisor pursuant to Section 9.8(b);

 

(H)             any notice of any resignation or termination of the Operating Advisor delivered to the Certificate Administrator;

 

(I)              any and all Officer’s Certificates and other evidence delivered to the Certificate Administrator to support the Trustee’s,
the Servicer’s or the Special Servicer’s, as the case may be, determination that any Advance was (or, if made, would
be) a Nonrecoverable Advance, pursuant to Section 3.23(f);

 

(J)              any Special Notice delivered to the Certificate Administrator pursuant to Section 5.6;

 

(K)            
any amendment to this Agreement pursuant to Section 11.1;

 

(L)             
any Annual Statements as to Compliance and related Officer’s Certificates delivered under Section 3.19;

 

(M)           
all Officers’ Certificates and accountants’ reports delivered to the Certificate Administrator since the Closing
Date;

 

(N)            
any Annual Independent Public Accountants’ Servicing Reports delivered pursuant to Section 3.20;

 

(O)            
any reports delivered to the Certificate Administrator by the Operating Advisor in connection with its review of the Special
Servicer’s Appraisal Reduction Amount and net present value calculations;

 

(P)              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, and any direction of the requisite percentage
of the Certificateholders to terminate the Special Servicer in response to such recommendation; and

 

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(Q)              identification of the commencement of a CCR Consultation Period, a CCR Consultation Termination Period or an Operating Advisor
Consultation Trigger Event, and of the termination of a CCR Control Period, CCR Consultation Period or Operating Advisor Consultation
Trigger Event;

 

(v)             the “Investor Q&A Forum” pursuant to Section 4.5(a);

 

(vi)            solely to Certificateholders and Beneficial Owners of Certificates, the “Investor Registry” pursuant to Section 4.5(b);
and

 

(vii)           the “Risk Retention” tab (which shall include, without limitation, any notice from the Depositor or the Retaining
Sponsor regarding any matter related to the U.S. Credit Risk Retention Rules.

 

The foregoing information
shall be made available by the Certificate Administrator on the Certificate Administrator’s Website promptly following receipt.

 

The 17g-5 Information
Provider shall make available solely to the Rating Agencies and to NRSROs the following items to the extent such items are delivered
to it via email at ratingagencynotice@citi.com, specifically with a subject reference of “Citigroup Commercial Mortgage Trust
2020-420K” and an identification of the type of information being provided in the body of the email, or via any alternate
email address following notice to the parties hereto or any other delivery method established or approved by the 17g-5 Information
Provider if or as may be necessary or beneficial:

 

(i)              any Asset Status Report delivered by the Special Servicer pursuant to Section 3.10(h);

 

(ii)             any Environmental Reports delivered by the Special Servicer under Section 3.12(d);

 

(iii)            any Annual Statements as to Compliance and related Officer’s Certificates delivered under Section 3.19;

 

(iv)            any Annual Independent Public Accountants’ Servicing Reports delivered pursuant to Section 3.20;

 

(v)             any Appraisals delivered to the 17g-5 Information Provider pursuant to Section 3.7(a);

 

(vi)            any information requested by the Depositor or the Rating Agencies pursuant to Section 3.21(c) (it being understood
the 17g-5 Information Provider shall not disclose on the 17g-5 Information Provider’s Website which Rating Agency requested
such information as provided in Section 3.21(c));

 

(vii)           any notices to the Rating Agencies relating to the Servicer’s or Special Servicer’s determination to take action
without receiving a Rating Agency Confirmation as set forth in Section 3.27(a);

 

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(viii)          any requests for a Rating Agency Confirmation that are delivered to the 17g-5 Information Provider pursuant to Section 3.27(a);

 

(ix)             any Operating Advisor Annual Reports received by the 17g-5 Information Provider;

 

(x)              [Reserved];

 

(xi)             all notices of termination, resignation or assignment of rights and duties of the Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator or the Trustee (and appointments of successors to the Servicer, the Special Servicer, the
Operating Advisor, the Certificate Administrator or the Trustee) received by the 17g-5 Information Provider;

 

(xii)            any transaction documents relating to this transaction delivered to the 17g-5 Information Provider by the Depositor;

 

(xiii)           any other information delivered to the 17g-5 Information Provider pursuant to this Agreement;

 

(xiv)           any summary of oral communications with the Rating Agencies that are delivered to the 17g-5 Information Provider pursuant
to Section 8.14(d); provided that the summary of such oral communications shall not attribute which Rating Agency the
communication was with;

 

(xv)            any amendment to this Agreement pursuant to Section 11.1;

 

(xvi)           notice of final payments on the Certificates;

 

(xvii)          the Rating Agency Q&A Forum and Document Request Tool pursuant to Section 4.5(d);

 

(xviii)         any notice of amendment of a Trust Loan Purchase Agreement delivered to the 17g-5 Information Provider pursuant to Section 19
of such Trust Loan Purchase Agreement; and

 

(xix)            any notice of a Servicer Termination Event or Special Servicer Termination Event delivered to the 17g-5 Information Provider
pursuant to Section 7.1(b).

 

The foregoing information
shall be made available by the 17g-5 Information Provider on the 17g-5 Information Provider’s Website. The 17g-5 Information
Provider shall post the foregoing information on the 17g-5 Information Provider’s Website on the same Business Day of receipt
of such information if 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, and shall, promptly following the posting of such information to the 17g-5 Information
Provider’s Website, notify, or cause the notification of, (i) each registered Rating Agency and other NRSRO and (ii) upon
request, the party that delivered such item to the 17g-5 Information Provider for posting on the 17g-5 Information Provider’s
Website, in each case by electronic mail of the posting

 

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of such information on the 17g-5 Information Provider’s Website (provided
that if the Servicer or Special Servicer has registered for access to the 17g-5 Information Provider’s Website, such party
will automatically receive notification when such item has been posted and no request shall be required).

 

Neither the Certificate
Administrator nor the 17g-5 Information Provider shall have any obligation or duty to verify, confirm or otherwise determine whether
the information being delivered is accurate, complete, conforms to the transaction, or otherwise is or is not anything other than
what it purports to be. In the event that any information is delivered or posted in error, the Certificate Administrator or the
17g-5 Information Provider, as applicable, may remove it from the Certificate Administrator’s Website or the 17g-5 Information
Provider’s Website, as applicable. None of the Trustee, the Certificate Administrator or the 17g-5 Information Provider have
obtained nor shall any of them be deemed to have obtained actual knowledge of any information posted to the 17g-5 Information Provider’s
Website to the extent such information was not produced by the Trustee or the Certificate Administrator, as applicable. The Certificate
Administrator has not obtained and shall not be deemed to have obtained actual knowledge of any information posted to the Certificate
Administrator’s Website to the extent such information was not produced by the Certificate Administrator. Access to the 17g-5
Information Provider’s Website will be provided by the 17g-5 Information Provider to (i) the Rating Agencies upon registration
at the 17g-5 Information Provider’s Website as a user thereof and (ii) other NRSROs upon registration at the 17g-5 Information
Provider’s Website as a user thereof and upon receipt by the 17g-5 Information Provider of an NRSRO Certification. If a NRSRO
(including any Rating Agency) requests access to the 17g-5 Information Provider’s Website, access will be granted by the
17g-5 Information Provider on the same Business Day provided such request is made (and, in the case of a NRSRO that is not a Rating
Agency, a NRSRO Certification is submitted to the 17g-5 Information Provider) prior to 2:00 p.m., New York time on such Business
Day, or if received after 2:00 p.m., New York City time, on the following Business Day. The 17g-5 Information Provider shall permit
each Rating Agency to submit multiple email addresses for receipt of notices, including a general email address; provided,
that each email address so provided shall be associated with a registered user of the 17g-5 Information Provider’s Website.

 

The Certificate Administrator
and the 17g-5 Information Provider shall provide a mechanism to promptly notify each Person that has signed-up for access to the
Certificate Administrator’s Website or the 17g-5 Information Provider’s Website, as applicable, in respect of the transaction
governed by this Agreement each time an additional document is posted thereto. In connection with providing access to the Certificate
Administrator’s Website or the 17g-5 Information Provider’s Website, the Certificate Administrator and the 17g-5 Information
Provider may require registration and the acceptance of a disclaimer. The Certificate Administrator and the 17g-5 Information Provider
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. The 17g-5 Information Provider shall not be liable for making any information available to the Rating Agencies or
NRSROs unless same was delivered to it at its email address set forth above (or by any other form of electronic delivery reasonably
acceptable to the 17g-5 Information Provider pursuant to the terms of this Agreement), with the proper subject heading.

 

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As of the Closing Date,
assistance in using or delivering information to the Certificate Administrator’s Website or the 17g-5 Information Provider’s
Website can be obtained by calling 888-855-9695.

 

(c)               
Each of the Servicer and the Special Servicer may, in accordance with such reasonable rules and procedures as it may adopt,
also make available through its website or otherwise, all information necessary to enable the Certificate Administrator to comply
with Section 8.14(b) and any additional information relating to the Mortgage Loan, the Property or the Borrower Related
Parties (and the Servicer shall make available through its website the information set forth in Section 3.18(c)), for
review by the Depositor, the Initial Purchasers, the Trustee, the Certificate Administrator, the Operating Advisor, the Companion
Loan Holder(s) or any other Persons who deliver an Investor Certification in the form of Exhibit K-1 in accordance
with this Section 8.14(c), and the Rating Agencies (only to the extent such additional information is simultaneously
delivered to the 17g-5 Information Provider in accordance with the provisions of Section 8.14(b), who shall post such
additional information on the 17g-5 Information Provider’s Website in accordance with the provisions of Section 8.14(b))
(collectively, the “Disclosure Parties”), in each case, except to the extent doing so is prohibited by this Agreement
(including, without limitation, pursuant to the confidentiality provisions of this Agreement related to Privileged Information),
applicable law or by the Mortgage Loan Documents. Each of the Servicer and the Special Servicer shall be entitled to (i) indicate
the source of such information and affix thereto any disclaimer it deems appropriate in its discretion and/or (ii) require
that the recipient of such information (A) except for the Depositor, the Certificate Administrator, the Trustee and the Operating
Advisor, provide 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 8.14(c) to current or prospective Certificateholders,
the form of confidentiality agreement used by the Servicer or the Special Servicer, as applicable, shall be: (i) in the case
of a Certificateholder or a licensed or registered investment advisor acting on behalf of such Certificateholder, an Investor Certification
in the form of Exhibit K-1 executed by the requesting Person indicating that such Person is a Certificateholder and
shall keep such information confidential (except that such Certificateholder may provide such information (x) to its auditors,
legal counsel and regulators and (y) to any other Person that holds or is contemplating the purchase of any Certificate or
interest therein (provided that such other Person confirms in writing such ownership interest or prospective ownership interest
and agrees to keep such information confidential)); and (ii) in the case of a prospective purchaser of Certificates or interests
therein, an Investor Certification in the form of Exhibit K-1 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 shall otherwise keep such information confidential. In the case of a licensed or registered investment advisor acting on behalf
of a current or prospective Certificateholder, the Investor Certification shall be executed and delivered by both the investment
advisor and such current or prospective Certificateholder.

 

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Neither the Servicer
nor the Special Servicer shall be liable for the dissemination of information in accordance with this Agreement. Neither the Servicer
nor the Special Servicer shall be responsible or have any liability for the completeness or accuracy of the information delivered,
produced or otherwise made available pursuant to this Section 8.14(c) unless such information was produced by the Servicer
or the Special Servicer, as applicable.

 

In connection with the
delivery by the Servicer or the Special Servicer, as applicable, to the 17g-5 Information Provider of any information, report,
notice or document for posting to the 17g-5 Information Provider’s Website, the 17g-5 Information Provider shall notify the
Servicer or the Special Servicer, as applicable, of when such information, report, notice or other document has been posted to
the 17g-5 Information Provider’s Website. The Servicer or the Special Servicer, as applicable, may, but is not obligated
to, send such information, report, notice or other document to the applicable Rating Agency or Rating Agencies following the earlier
of (i) receipt of notification from the 17g-5 Information Provider that such information, report, notice or other document
has been posted to the 17g-5 Information Provider’s Website and (ii) after 12:00 p.m. on the first Business Day
following the date it has provided such information, report, notice or other document to the 17g-5 Information Provider.

 

None of the foregoing
restrictions in this Section 8.14(c) or otherwise in this Agreement shall prohibit or restrict oral or written communications,
or providing information, between the Servicer or the Special Servicer, the Trustee and the Certificate Administrator, 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 Trustee, the Certificate Administrator, the Servicer or the Special Servicer, as applicable, (ii) such
Rating Agency’s or NRSRO’s approval of the Trustee, the Certificate Administrator, the Servicer or the Special Servicer,
as applicable, as a trustee, certificate administrator, commercial mortgage master, special or primary servicer or (iii) such
Rating Agency’s or NRSRO’s evaluation of the corporate trust or securities administration operations of the Trustee
or the Certificate Administrator or of the servicing operations in general of the Servicer or the Special Servicer, the Trustee
and the Certificate Administrator, as applicable; provided, however, that the Servicer, the Special Servicer, the
Trustee or the Certificate Administrator, as applicable, shall not provide any information relating to the Certificates or the
Mortgage Loan to any Rating Agency or NRSRO in connection with such review and evaluation by such Rating Agency or NRSRO unless
(x) the Borrower, the Property and other deal specific identifiers are redacted; (y) such information has already been
provided to the 17g-5 Information Provider (electronically in a format reasonably acceptable to the 17g-5 Information Provider)
and has been uploaded on to the 17g-5 Information Provider’s Website; or (z) such Rating Agency has confirmed in writing
to the Servicer or the Special Servicer, as applicable, that it does not intend to use such information in undertaking credit rating
surveillance for any Class of Certificates (and the party providing such information to a Rating Agency shall, upon written request,
certify to the Depositor that it received the confirmation described in this clause (z)).

 

(d)              
The Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor shall be permitted
(but are not required) to orally communicate with the Rating Agencies, provided that such party summarizes the information provided
to the Rating Agencies in such communication in writing and electronically and provides the 17g-5 Information Provider with such
summary in accordance with the procedures set forth in

 

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Section 8.14(b) on the same day such communication takes place;
provided that the summary of such oral communications shall not be attributed to the Rating Agency the communication was with.
The 17g-5 Information Provider shall post such summary on the 17g-5 Information Provider’s Website in accordance with the
procedures set forth in Section 8.14(b).

 

(e)               
The Servicer or the Special Servicer may, but shall not be obligated to, provide information to the 17g-5 Information Provider
that is neither specifically required hereunder nor requested by any Rating Agency. Any such information shall be posted by the
17g-5 Information Provider in accordance with the timeframe provided in Section 8.14(b).

 

(f)               
Based on information in its possession, the Certificate Administrator shall provide written notice to the Servicer, the
Special Servicer and the Operating Advisor regarding (i) the commencement of a CCR Consultation Period, a CCR Consultation
Termination Period or an Operating Advisor Consultation Trigger Event and (ii) the end of any CCR Control Period, CCR Consultation
Period or Operating Advisor Consultation Trigger Event. Any party hereto may at any time request from the Certificate Administrator
written confirmation of whether there existed a CCR Consultation Period, a CCR Consultation Termination Period or an Operating
Advisor Consultation Trigger Event during the preceding calendar year and the Certificate Administrator shall deliver such confirmation
to such party within ten (10) days of such request. Further, the Certificate Administrator shall post a “special notice”
on the Certificate Administrator’s Website within ten (10) days of its determination (or its receipt of notice) of the commencement
or cessation of any CCR Consultation Period, CCR Consultation Termination Event, CCR Control Period or Operating Advisor Consultation
Trigger Event.

 

8.15         
Appointment of Custodian. The Certificate Administrator
may, at its own expense, appoint one or more Custodians to hold all or a portion of the Mortgage Loan File as agent for the Certificate
Administrator, by entering into a Custodial Agreement (in the event the Certificate Administrator is not the Custodian)
that is consistent in all material respects with this Agreement. The Certificate Administrator agrees to comply with the terms
of the Custodial Agreement and to enforce the terms and provisions thereof against the Custodian for the benefit of the Certificateholders.
Each Custodian shall be a depository institution subject to supervision by federal or state authority, shall have a combined capital
and surplus of at least $10,000,000, shall have a long-term debt rating of at least “A2” from Moody’s and at
least “A” from DBRS Morningstar (or, if not rated by DBRS Morningstar, an equivalent rating by 2 other NRSROs), and
shall be qualified to do business in the jurisdiction in which it holds the Mortgage Loan File. Any compensation paid to the Custodian
shall be an unreimbursable expense of the Certificate Administrator. The Certificate Administrator shall serve as the initial Custodian
and shall be deemed appointed as Custodian at all times that no other party is so appointed in accordance with this Section 8.15.
The Custodian, if the Custodian is not the Certificate Administrator, shall maintain a fidelity bond in the form and amount that
are customary for securitizations similar to the securitization evidenced by this Agreement, with the Certificate Administrator
named as loss payee. The Custodian shall be deemed to have complied with this provision if one of its respective 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 

 

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this Agreement, with the Certificate Administrator
named as loss payee. All fidelity bonds and policies of errors and omissions insurance obtained under this Section 8.15
shall be issued by 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 “A3” by Moody’s, or by any other insurer with
respect to which the Rating Agencies have provided to the Certificate Administrator a Rating Agency Confirmation. 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 Loan File directly by the Certificate Administrator. The appointment of a Custodian
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 the Custodian.

 

9.         CERTAIN MATTERS RELATING TO THE CONTROLLING CLASS REPRESENTATIVE AND THE OPERATING ADVISOR

 

9.1             
Selection and Removal of the Controlling Class
Representative.  (a) The Majority Controlling Class Certificateholders may
elect the Controlling Class Representative.

 

(b)              
The Controlling Class Representative shall be the representative of the Controlling Class selected by the Majority Controlling
Class Certificateholders, as determined by the Certificate Registrar from time to time; provided that such Majority Controlling
Class Certificateholders making the selection may not include Borrower Restricted Parties; and provided, further,
that the Controlling Class Representative cannot be any Borrower Restricted Party. In connection with the appointment of a Controlling
Class Representative, the party so appointed and the Majority Controlling Class Certificateholders that made the selection
shall all provide written certifications (substantially in the form of Exhibit K-3 to this Agreement) to the Servicer,
the Special Servicer, the Trustee, the Certificate Administrator and the Operating Advisor confirming that neither the prospective
Controlling Class Representative nor any of the Majority Controlling Class Certificateholders that appointed such prospective
Controlling Class Representative is a Borrower Restricted Party; and no designation of a Controlling Class Representative shall
be deemed effective until such certifications are so delivered. Each of the Servicer, the Special Servicer, the Trustee, the Certificate
Administrator and the Operating Advisor may conclusively rely on any Investor Certification provided to it in connection with the
foregoing and may require that Investor Certifications are resubmitted from time to time in accordance with its policies and procedures.

 

(c)               
The Majority Controlling Class Certificateholders shall give written notice to the Servicer, the Special Servicer,
the Trustee, the Certificate Administrator and the Operating Advisor of the appointment of any Controlling Class Representative
(in order to receive notices hereunder).

 

(d)              
The Controlling Class Representative may be removed, with or without cause, at any time by the written vote of the Majority
Controlling Class Certificateholders, which holders may not include Borrower Restricted Parties, and a copy of the results
of such vote shall be delivered to the Certificate Administrator, the Trustee, the Servicer, the Special Servicer and the Operating
Advisor, and such parties may conclusively rely on such notice. Absent such notice,

 

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the Certificate Administrator, the Trustee,
the Servicer, the Special Servicer and the Operating Advisor may rely on the prior designation.

 

(e)               
Each Holder and Beneficial Owner of a Certificate in the Controlling Class is hereby deemed to have agreed by virtue
of its purchase of such Certificate in the Controlling Class or an interest therein to provide its name and address to the Certificate
Administrator and the Trustee, to notify the Certificate Administrator, the Trustee, the Servicer, the Special Servicer and the
Operating Advisor of the transfer of such Certificate in the Controlling Class or interest therein, the selection of a Controlling
Class Representative or the resignation or removal thereof and (by way of a certification substantially in the form of Exhibit K-3
to this Agreement) whether it or, to its knowledge, a Controlling Class Representative is or has become a Borrower Restricted Party.
Any Certificateholder or Beneficial Owner that is at any time appointed Controlling Class Representative is hereby deemed to have
agreed by virtue of its purchase of a Certificate or an interest therein to notify the Certificate Administrator, the Trustee,
the Servicer, the Special Servicer and the Operating Advisor when such Certificateholder or Beneficial Owner is appointed Controlling
Class Representative, when it is removed or resigns and (by way of a certification substantially in the form of Exhibit K-3
to this Agreement) whether it is or has become a Borrower Restricted Party and further to resign if it becomes a Borrower Restricted
Party. Upon receipt of such notice, the Certificate Administrator shall notify the Special Servicer, the Servicer and the Operating
Advisor of the identity of the Controlling Class Representative and any resignation or removal thereof. In addition, upon the request
of the Servicer, the Special Servicer or the Operating Advisor, as applicable, the Certificate Administrator shall provide the
name of the then-current Controlling Class and a list of the Certificateholders of the Controlling Class to such requesting party.
By virtue of their acquisition of Certificates or interests therein, each Holder and Beneficial Owner of the Certificates in the
Controlling Class agrees to remove any Controlling Class Representative known to be a Borrower Restricted Party or to cause such
Controlling Class Representative to resign.

 

(f)               
Once a Controlling Class Representative has been selected, each of the Depositor, the Servicer, the Special Servicer, the
Trustee, the Certificate Administrator, the Operating Advisor and each other Certificateholder (or Beneficial Owner, if applicable)
shall be entitled to rely on such selection unless the Majority Controlling Class Certificateholders shall have notified each
other party to this Agreement and each other Certificateholder of the Controlling Class, in writing, of the resignation of such
Controlling Class Representative or the selection of a new Controlling Class Representative.

 

(g)              
Until it receives notice to the contrary, each party to this Agreement shall be entitled to rely on the most recent notification
with respect to the identity of the Certificateholders of the Controlling Class and the Controlling Class Representative.

 

(h)              
The Controlling Class Representative shall be responsible for its own expenses.

 

(i)                
Notwithstanding any other provision to this Agreement, in the event that no Controlling Class Representative has been appointed
or identified to the Servicer or the Special Servicer, as applicable, and the Servicer or Special Servicer, as applicable, has
attempted to obtain such information from the Certificate Administrator and no such entity has been identified to the

 

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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 Controlling Class Representative until such time as a Controlling
Class Representative meeting the definition thereof is so appointed or identified. Upon request, the Certificate Administrator
shall provide such information as is then in its possession to identify the Controlling Class Representative to the Servicer and
the Special Servicer.

 

9.2             
Limitation on Liability of Controlling Class
Representative; Acknowledgements of the Certificateholders.  (a) Each Certificateholder, by its acceptance of its Certificates,
acknowledges and agrees that: (i) the Controlling Class Representative and/or any Holder of a Certificate in the Controlling
Class may each have relationships and interests that conflict with those of Holders of one or more other Classes of
Certificates, including owning all or any portion of any Companion Loan or mezzanine loan, owning certificates backed by any Companion
Loan or mezzanine loan or being an Affiliate of the Special Servicer; (ii) the Controlling Class Representative and/or any
Holder of Certificates in the Controlling Class may act solely in the interests of the Holders of the Controlling Class; (iii) the
Controlling Class Representative and the Holders of Certificates in the Controlling Class do not have any duties to the Trust or
to the Holders of any other Class of Certificates; (iv) the Controlling Class Representative and/or any Holder of Certificates
in the Controlling Class may take actions that favor interests of the Holders of Certificates in the Controlling Class over the
interests of the Holders of one or more other Classes of Certificates; (v) neither the Controlling Class Representative nor
the Holders of Certificates in the Controlling Class shall have any liability whatsoever to the Trust, the other parties to this
Agreement, the Certificateholders or any other Person (including any Borrower Related Party) for having acted in accordance with
or as permitted under the terms of this Agreement; and (vi) the Certificateholders may not take any action whatsoever against
the Controlling Class Representative or any Holder of Certificates in the Controlling Class or any of the respective affiliates,
directors, officers, shareholders, members, partners, agents or principals thereof as a result of the Controlling Class Representative
or the Holders of Certificates in the Controlling Class having acted in accordance with the terms of and as permitted under this
Agreement.

 

(b)              
[Reserved].

 

(c)               
The Controlling Class Representative shall have no liability to the Trust or Certificateholders for having acted in accordance
with or as permitted by this Agreement, or for refraining from the taking of any action.

 

(d)              
[Reserved].

 

9.3             
Consent to Various Actions; Rights and Powers of the Controlling Class Representative; Consultation Rights of the Consulting
Parties. (a) Notwithstanding anything herein to the contrary, except
as set forth in, and in any event subject to, Section 3.24, Section 9.3(b) and the last paragraph
of this Section 9.3(a), (i) neither the Servicer nor the Special Servicer shall take any action described in clauses
(i) through (v), clause (xi)(A) (to the extent that the related agreement is modified in a manner materially
adverse to the “Senior Lender,” “Mortgage Lender” or such other similar term as may be set forth therein)
and clause (xiii) of the definition of “Major Decision” without first obtaining a Rating Agency Confirmation
with respect

 

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to such proposed action, (ii) the Servicer shall not take any action 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
15 Business Days (or, in the case of a determination of an Acceptable Insurance Default, 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) (or with respect to such 15 Business Day period (or such 90-day period in
the case of a determination of an Acceptable Insurance Default), such longer period as required by any related mezzanine intercreditor
agreement for review by any holder of a mezzanine loan), and (iii) if there is an applicable Consenting Party, the Special
Servicer shall not consent to the Servicer’s taking any action constituting a Major Decision, nor shall the Special Servicer
itself take any action constituting a Major Decision, as to which such Consenting Party has objected in writing within 10 Business
Days (or, in the case of a determination of an Acceptable Insurance Default, 30 days) after receipt of the Major Decision
Reporting Package from the Special Servicer (provided that if such written objection has not been received by the Special Servicer
within such 10 Business Day period (or, in the case of a determination of an Acceptable Insurance Default, 30-day period)
after receipt of such information, then such Consenting Party shall be deemed to have approved such action); provided, that
the Special Servicer shall also consult, solely on a non-binding basis, with (and shall consider alternative actions recommended
by) any applicable Consulting Party with respect to any of the Major Decisions and any other matter as to which consent of any
Consenting Party is required (or, if there is no longer an applicable Consenting Party, would have been required if a Consenting
Party existed) (provided, that any such consultation is not binding on the Special Servicer); and provided, further,
that if the Special Servicer or the Servicer (whichever is authorized by this Agreement to take the subject action), as applicable,
determines that immediate action with respect to a Major Decision or with respect to any other matter requiring consent of a Consenting
Party or consultation with a Consulting Party, is necessary to protect the interests of the Certificateholders and the Companion
Loan Holder(s), the Special Servicer or the Servicer, as applicable, may take any such action without waiting for the response
of such Consenting Party or Consulting Party, as applicable, so long as the Special Servicer or the Servicer, as applicable, has
made a reasonable effort to contact such Consenting Party or Consulting Party, as applicable, to inform it of such need; and provided,
further, that no Consenting Party or Consulting Party shall have any rights under clause (xi) or clause (xxi)
of the definition of “Major Decision” if such Consenting Party or Consulting Party, as applicable, or an Affiliate
thereof is a holder of any interest in the Mezzanine Loan or any other related mezzanine loan.

 

With respect to each
Major Decision as to which the Controlling Class Representative has consent or consultation rights pursuant to this Section 9.3,
the Special Servicer shall provide the related Major Decision Reporting Package to the Controlling Class Representative, simultaneously
with the Special Servicer’s request for the Controlling Class Representative’s consent or input regarding the related
Major Decision. The Special Servicer shall provide each Major Decision Reporting Package to the Operating Advisor: (i) prior to
the occurrence and continuance of an Operating Advisor Consultation Trigger Event, simultaneously upon providing such Major Decision
Reporting Package to the Controlling Class Representative; and (ii) following the occurrence and during the continuance of an Operating
Advisor Consultation Trigger Event, simultaneously with the Special Servicer’s written request for the Operating Advisor’s
input regarding the related Major Decision. With respect to any particular Major Decision and related Major Decision Reporting
Package provided to the Operating Advisor

 

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pursuant to this Section 9.3(a) and any Asset Status Report provided to the Operating
Advisor pursuant to Section 3.10(h), the Special Servicer shall make available to the Operating Advisor Servicing Officers
with relevant knowledge regarding the Mortgage Loan and such Major Decision and/or Asset Status Report in order to address reasonable
questions that the Operating Advisor may have relating to, among other things, such Major Decision and/or Asset Status Report and
potential conflicts of interest and compensation with respect to such Major Decision and/or Asset Status Report.

 

In addition, subject
to Section 9.3(b) and the immediately following paragraph, any applicable Consenting Party may direct the Special Servicer
to take, or to refrain from taking, such other actions with respect to the Mortgage Loan as such Consenting Party may deem advisable
or as to which provision is otherwise made herein. Notwithstanding anything herein to the contrary, no direction, advice, objection
or consultation by any applicable Consenting Party or Consulting Party may (and neither the Servicer nor the Special Servicer shall
follow any such advice, direction, objection or consultation that the Servicer or the Special Servicer, as applicable, has determined,
in its reasonable, good faith judgment, would): (A) require or cause the Servicer or the Special Servicer to violate any provision
of the Mortgage Loan Documents, the Co-Lender Agreement or any related mezzanine intercreditor agreement, applicable law or this
Agreement, including without limitation the Servicer’s or the Special Servicer’s, as applicable, obligation to act
in accordance with Accepted Servicing Practices, (B) result in the imposition of federal income tax on the Trust, cause either
the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC, (C) expose the Trust, any Certificateholder, the
Depositor, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, any Companion
Loan Holder or any of their respective Affiliates, members, managers, officers, directors, employees or agents, to any claim, suit
or liability or (D) materially expand the scope of the Servicer’s or Special Servicer’s responsibilities hereunder.
Furthermore, in addition to the rights of consent of an applicable Consenting Party and the rights of consultation of an applicable
Consulting Party as set forth in this Section 9.3(a) above, it is understood and agreed that to the extent any other
provision of this Agreement requires the provision of notice to, the obtaining of consent of, and/or consultation with, any applicable
Consenting Party or Consulting Party, or otherwise provides for any right of any applicable Consenting Party or Consulting Party
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 such Consenting Party or Consulting Party,
as applicable, contained in such provision; provided, that this sentence is not intended to in any way (i) expand the rights
of such Consenting Party or Consulting Party, as applicable, (ii) limit the application of the immediately preceding sentence,
(iii) remove any limitations on the exercise of such rights set forth in the immediately preceding sentence or elsewhere herein,
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 Consenting Party or Consulting Party, as applicable, 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 9.3, then the exercise of such
rights shall be subject to Section 9.3(b) and the immediately following paragraph.

 

If the Special Servicer
or Servicer, as applicable, determines that a refusal to consent by, or any direction, objection or advice from, any applicable
Consenting Party or

 

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Consulting Party, as applicable, would require or otherwise cause the Special Servicer or Servicer, as applicable,
to violate the terms of the Mortgage Loan Documents, the Co-Lender Agreement, any related mezzanine intercreditor agreement, applicable
law, provisions of the Code, or this Agreement, including without limitation, the Accepted Servicing Practices, or expose any Certificateholder,
the Trust, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator, any Companion Loan Holder or their affiliates,
officers, directors or agent to any claim, suit or liability, or result in the imposition of a tax upon the Trust, or cause either
the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC, or materially expand the scope of the Servicer’s
or Special Servicer’s responsibilities hereunder, then the Special Servicer or Servicer, as applicable, shall disregard such
refusal to consent, direction, objection or advice and notify such Consenting Party or Consulting Party, as applicable, 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 any applicable Consenting Party or the recommendation of any applicable Consulting Party (in any
event, given in accordance with this Agreement) that does not violate the Mortgage Loan Documents, the Co-Lender Agreement, any
related mezzanine intercreditor agreement, any applicable law, provisions of the Code (resulting in the imposition of federal income
tax on the Trust, causing either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC) or Accepted Servicing
Practices or any other provisions of this Agreement, shall not result in any liability on the part of the Servicer or the Special
Servicer.

 

(b)              
During any CCR Consultation Termination Period, the Controlling Class Representative shall have no consent or consultation
rights under this Agreement and shall have no right to receive any notices, reports or information (other than notices, reports
or information required to be delivered to all Certificateholders) or any other rights as Controlling Class Representative; provided,
that the Controlling Class Representative (if and to the extent that it is a Certificateholder) shall maintain the right to exercise
its Voting Rights for the same purposes as any other Certificateholder under this Agreement.

 

9.4             
Controlling Class Representative 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 Controlling Class Representative (during any CCR Control Period and any CCR Consultation Period) and
the Operating Advisor regarding the performance and servicing of the Mortgage Loan (or, in the case of the Special Servicer, the
Special Servicer’s operational activities on a platform level basis related to the servicing of the Mortgage Loan
after a Special Servicing Loan Event and the servicing of any Foreclosed Property) for which the Servicer or the Special Servicer,
as the case may be, is responsible (but the Servicer and the Special Servicer shall not respond to questions of the Operating Advisor
with any information regarding communications between a Consenting Party, on the one hand, and the Servicer or Special Servicer,
on the other hand).

 

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 Accepted Servicing Practices,
that such disclosure would constitute a waiver

 

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of the attorney-client privilege on behalf of the Trust or the Trust Fund or otherwise
materially harm the Trust or the Trust Fund.

 

9.5             
Appointment and Duties of the Operating Advisor (a) Pentalpha Surveillance LLC is hereby appointed to serve as the
initial Operating Advisor. The Operating Advisor shall at all times be an Eligible Operating Advisor.

 

(b)              
The Operating Advisor, as an independent contractor, shall (i) review the Special Servicer’s actions and decisions
with respect to the Mortgage Loan (1) after a Special Servicing Loan Event and (2) with respect to Major Decisions (as provided
in Section 3.10(h) and Section 9.3(a) and in accordance with the provisions of this Section 9.5), in light
of Accepted Servicing Practices and the requirements of this Agreement, (ii) after the occurrence and during the continuance of
an Operating Advisor Consultation Trigger Event, consult with the Special Servicer regarding Major Decisions (as provided in Section
9.3(a) and in accordance with the provisions of this Section 9.5), Asset Status Reports (as provided in Section 3.10(h)
and in accordance with the provisions of this Section 9.5) and such other matters as to which the Special Servicer
is to consult with the Operating Advisor as a Consulting Party pursuant to Sections 3.10(i), 3.12(a), 3.12(d), 3.15(c),
3.16(b) and 3.24(a) of this Agreement and (iii) perform each other obligation of the Operating Advisor as set forth
in this Agreement, in each such case solely on behalf of the Trust and in the best interest of, and for the benefit of, all of
the Certificateholders (as a collective whole as if such Certificateholders constituted a single lender), and not 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 Restricted Parties, the Property Managers, the Guarantor, the Loan Seller, the Depositor, the Servicer,
the Special Servicer, the Controlling Class Representative or any of their respective Affiliates (the “Operating Advisor
Standard”). The Operating Advisor shall act solely as a contracting party to the extent set forth in this Agreement and
shall not owe any fiduciary duty to any party to this Agreement or any other Person in connection with this Agreement. The Operating
Advisor’s duties shall be limited to its specific obligations under this Agreement, and the Operating Advisor shall have
no duty or liability to any particular Class of Certificates or any Certificateholder. The Operating Advisor is not a servicer
or a sub-servicer and will not be charged with changing the outcome on the Mortgage Loan or with respect to any Major Decision
on which it consults for the Mortgage Loan. By its acceptance of a Certificate, each Certificateholder acknowledges and agrees
that there could be multiple strategies to resolve the Mortgage Loan and a variety of actions or decisions made with respect to
any Major Decision and that the goal of the Operating Advisor’s participation is to provide additional input relating to
the Special Servicer’s compliance with Accepted Servicing Practices in making its determinations as to which strategy to
execute.

 

(c)               
The Operating Advisor shall promptly review (i) all information available to Privileged Persons on the Certificate
Administrator’s Website with respect to the Special Servicer, assets on the CREFC® Servicer Watch List, the
Mortgage Loan following a Special Servicing Loan Event and Major Decisions with respect to the Mortgage Loan, (ii) each Final
Asset Status Report delivered by the Special Servicer to the Operating Advisor, (iii) if an Operating Advisor Consultation Trigger
Event exists, each other Asset Status Report delivered by the Special Servicer to the Operating Advisor, (iv) each Major Decision
Reporting Package delivered by the

 

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Special Servicer to the Operating Advisor pursuant to Section 9.3(a), and (v) if specifically
required to be delivered to the Operating Advisor under this Agreement, such other reports, documents, certificates and other information
received by the Operating Advisor from the Special Servicer (whether directly or through the Servicer) as relate to the actions
and decisions of the Special Servicer in respect of the Mortgage Loan (A) in connection with Major Decisions and (B) following
a Special Servicing Loan Event. To the extent not otherwise deliverable by the Special Servicer to the Operating Advisor hereunder
or available to the Operating Advisor on the Certificate Administrator’s Website, the Special Servicer shall: (i) concurrently
deliver to the Operating Advisor any and all reports provided by the Special Servicer to any of the other parties to this Agreement
or to any Certificateholder or Beneficial Owner, in each case, to the extent that such reports relate to the Mortgage Loan following
a Special Servicing Loan Event or any Major Decision with respect to which the Operating Advisor has consultation rights pursuant
to Section 9.5(f) of this Agreement; and (ii) grant the Operating Advisor adequate and timely access to information and
reports prepared by or otherwise in the possession of the Special Servicer necessary for the Operating Advisor to fulfill its duties
under this Agreement.

 

(d)              
Based on the Operating Advisor’s review of the following information (to the extent delivered to the Operating Advisor
or made available to the Operating Advisor on the Certificate Administrator’s Website): any annual compliance statement and
any assessment of compliance delivered to the Operating Advisor pursuant to Section 3.19 of this Agreement, as applicable;
any attestation report delivered to the Operating Advisor pursuant to Section 3.20 of this Agreement; any Major Decision
Reporting Package; any Final Asset Status Report and, during the continuance of an Operating Advisor Consultation Trigger Event,
any other Asset Status Report; any other reports made available to Privileged Persons on the Certificate Administrator’s
Website during the prior calendar year that the Operating Advisor is required to review pursuant to Section 9.5(c); and
any other information delivered to the Operating Advisor by the Special Servicer (whether directly or through the Servicer) (other
than any communications between the Controlling Class Representative and the Special Servicer that would be Privileged Information),
the Operating Advisor shall (if, during the prior calendar year, (i) a Special Servicing Loan Event has occurred or (ii) there
existed an Operating Advisor Consultation Trigger Event), and the Operating Advisor may (but will not be obligated) if, with respect
to the prior calendar year, the Operating Advisor deems it appropriate in its sole discretion exercised in good faith, prepare
and deliver to the Depositor, the 17g-5 Information Provider (who shall promptly post such Operating Advisor Annual Report on the
17g-5 Information Provider’s Website), the Trustee and the Certificate Administrator (who shall promptly post such Operating
Advisor Annual Report on the Certificate Administrator’s Website), within 120 days of the end of the prior calendar
year an annual report (the “Operating Advisor Annual Report”). The Operating Advisor Annual Report shall be
substantially in the form of Exhibit O of this Agreement (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; provided,
that in no event shall the information or any other content included in the Operating Advisor Annual Report contravene any provision
of this Agreement). The Operating Advisor Annual Report shall set forth the Operating Advisor’s assessment of the Special
Servicer’s performance of its duties under this Agreement during the prior calendar year. Subject to the restrictions in
this Agreement, including, without limitation, Section 9.5(b) of this Agreement, each such Operating Advisor Annual Report
shall (A) state whether the Operating Advisor believes, in its sole discretion exercised in good faith, that the Special Servicer
is performing its duties in compliance with (1) Accepted Servicing Practices

 

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and (2) the Special Servicer’s obligations under
this Agreement, and (B) identify any material deviations with respect to such matters from (i) Accepted Servicing Practices or
(ii) the Special Servicer’s obligations under this Agreement, and (C) comply with all of the confidentiality requirements
applicable to the Operating Advisor with respect to Privileged Information provided for in this Agreement (subject to any permitted
exceptions set forth in this Agreement). In the event a lack of access to Privileged Information limits 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. The Operating Advisor shall be entitled, absent manifest error, to conclusively rely on the accuracy
and completeness of any information it is provided without liability for any such reliance thereunder. Such Operating Advisor Annual
Report shall be delivered to the Trustee, the Certificate Administrator, the 17g-5 Information Provider and the Depositor, and
the Certificate Administrator and the 17g-5 Information Provider shall promptly, upon receipt, post such Operating Advisor Annual
Report on the Certificate Administrator’s Website and the 17g-5 Information Provider’s Website, respectively; provided,
however, that the Operating Advisor shall deliver any Operating Advisor Annual Report to the Special Servicer and any applicable
Consenting Party or Consulting Party at least ten (10) calendar days prior to the delivery of such Operating Advisor Annual Report
to the Depositor, the Trustee and the Certificate Administrator. The Operating Advisor may, but shall not be obligated to, revise
the Operating Advisor Annual Report based on any comments received from the Special Servicer or any applicable Consenting Party
or Consulting Party. In the event the Special Servicer is replaced during the prior calendar year, the Operating Advisor shall
only be required to prepare an Operating Advisor Annual Report relating to each entity that was acting as Special Servicer as of
December 31 of the prior calendar year and is continuing in such capacity through the date of such Operating Advisor Annual Report.
In preparing the Operating Advisor Annual Report, the Operating Advisor shall not be required to report on instances of non-compliance
with, or deviations from, Accepted Servicing Practices or the Special Servicer’s obligations under this Agreement that the
Operating Advisor determines, in its sole discretion exercised in good faith, to be immaterial.

 

(e)               
After the calculation but prior to the utilization by the Special Servicer of any of the calculations with respect to the
Mortgage Loan following a Special Servicing Loan Event related to Appraisal Reduction Amounts or net present value used in the
Special Servicer’s determination of the course of action to be taken in connection with the workout or liquidation of the
Mortgage Loan, the Special Servicer shall forward such calculations, together with any supporting material or additional information
necessary in support thereof (including such additional information reasonably requested by the Operating Advisor to confirm the
mathematical accuracy of such calculations, but not including any Privileged Information), to the Operating Advisor promptly, but
in any event no later than 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, recalculate
the accuracy of the mathematical calculations and the corresponding application of the non-discretionary portion of the applicable
formulas required to be utilized in connection with any such calculation. In connection with this Section 9.5, in the event
the Operating Advisor does not agree with the mathematical calculations in any material respect or does not agree with the application
of the non-discretionary portions of the applicable formulas required to be utilized for such calculation, the Operating Advisor
and the Special Servicer shall consult with each other in order to resolve any inaccuracy in the mathematical calculations or the
application of the

 

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non-discretionary portions of the applicable formulas in arriving at those mathematical calculations or any
disagreement within five (5) Business Days of delivery of such calculations to the Operating Advisor. In the event the Operating
Advisor and Special Servicer are not able to resolve such inaccuracies or disagreement prior to the end of such five (5) Business
Day period, the Operating Advisor shall promptly notify the Certificate Administrator of such disagreement and the Certificate
Administrator shall determine which calculation is to apply. 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 Fund.

 

(f)               
After the occurrence and during the continuance of an Operating Advisor Consultation Trigger Event, the Operating Advisor
shall consult (on a non-binding basis) with the Special Servicer in connection with (i) any Major Decision in accordance with Section
9.3 and this Section 9.5, (ii) each Asset Status Report in accordance with Section 3.10(h) and (iii) such other
matters as to which the Special Servicer is to consult with the Operating Advisor as a Consulting Party pursuant to Sections
3.10(i), 3.12(a), 3.12(d), 3.15(c), 3.16(b) and 3.24(a) of this Agreement, and, in each
case, the Special Servicer shall consider any alternative courses of action and any other feedback provided by the Operating Advisor.
Prior to the occurrence and continuance of an Operating Advisor Consultation Trigger Event, the Operating Advisor shall have no
specific involvement with respect to collateral substitutions, assignments, workouts, modifications, consents, waivers, lockbox
management, insurance policies, borrower substitutions, lease changes, additional borrower debt, property management changes, releases
from escrow, assumptions and other similar actions that the Special Servicer may perform under this Agreement.

 

(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 relating to the Operating Advisor Annual Reports
or actions by the Special Servicer as to which the Operating Advisor has consultation rights, whether or not referenced in any
Operating Advisor Annual Report and made by Non-Restricted Privileged Persons from time to time in accordance with the terms of
Section 4.5(a) of this Agreement.

 

(h)              
Subject to the Privileged Information Exception, the Operating Advisor shall keep confidential any appropriately labeled
Privileged Information received from the Special Servicer or the Controlling Class Representative in connection with the exercise
of the rights of the Controlling Class Representative under this Agreement (including, without limitation, in connection with the
review and/or approval of any Asset Status Report), subject to any law, rule, regulation, order, judgment or decree requiring the
disclosure of such Privileged Information.

 

(i)                
The Operating Advisor shall keep all appropriately labeled Privileged Information confidential and shall not disclose such
Privileged Information to any Person (including Certificateholders other than the Controlling Class Representative), other than
(1) to the extent expressly required by this Agreement, to the other parties to this Agreement with a notice indicating that such
information is Privileged Information, (2) pursuant to a Privileged Information Exception or (3) where necessary to support specific
findings or conclusions (i) in the Operating Advisor Annual Report or (ii) in connection with the recommendation by the Operating
Advisor to replace the Special Servicer. Notwithstanding the foregoing, the Operating Advisor, solely to the extent required in
connection with its duties under this Agreement, will be permitted to share Privileged Information with its Affiliates and any
subcontractors of the Operating Advisor

 

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provided such Affiliates and subcontractors of the Operating Advisor agree in writing prior
to their receipt of such Privileged Information to be bound by the same confidentiality provisions applicable to the Operating
Advisor described in this Agreement and a copy of such agreement is provided to the parties hereto. 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 CCR Consultation Termination Event has occurred and is continuing, the Controlling Class Representative other than pursuant to
a Privileged Information Exception.

 

(j)                
On each Remittance Date, the Operating Advisor shall be paid the applicable Operating Advisor Fee from amounts on deposit
in the Collection Account, pursuant to Section 3.4 of this Agreement. In addition, the Operating Advisor Consulting Fee
shall be payable to the Operating Advisor (but only to the extent such fee is actually received from the Borrower as a separately
identifiable fee) with respect to each Major Decision for which the Operating Advisor has consultation rights. Each of the Operating
Advisor Fee and the Operating Advisor Consulting Fee shall be payable from funds on deposit in the Collection Account as provided
in Section 3.4 of this Agreement, but with respect to the Operating Advisor Consulting Fee only to the extent such Operating
Advisor Consulting Fee is actually received from the Borrower. If the Operating Advisor has consultation rights with respect to
a Major Decision under this Agreement, the Servicer or the Special Servicer, as applicable, shall use efforts to collect the applicable
Operating Advisor Consulting Fee from the Borrower in connection with any Major Decision that are consistent with the efforts that
the Servicer or the Special Servicer, as applicable, would use to collect any Borrower paid fees not specified in the Mortgage
Loan Agreement owed to it in accordance with Accepted Servicing Practices, but only to the extent not prohibited by the Mortgage
Loan Documents, and shall deposit any Operating Advisor Consulting Fee so collected from the Borrower into the Collection Account.
The Servicer or Special Servicer, as applicable, may waive or reduce the amount of any Operating Advisor Consulting Fee payable
by the Borrower if it determines that such full or partial waiver is in accordance with Accepted Servicing Practices, but 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.

 

(k)              
In no event shall the Operating Advisor have the power to compel any transaction party to take or refrain from taking any
action.

 

(l)                
The Operating Advisor may delegate its duties to agents or subcontractors to the extent such agents or subcontractors satisfy
clauses (iii), (iv) and (vi) 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 Sections 9.5,
9.6, 9.7 and 9.8 of this Agreement. Notwithstanding the foregoing sentence, the Operating Advisor shall remain
obligated and primarily liable for any actions required to be performed hereunder in accordance with the provisions of this Agreement
without diminution of such obligation or liability or related obligation or liability by virtue of such delegation or arrangements
or by virtue of indemnification from any Person acting as its agents or subcontractor to the same extent and under the same terms

 

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and conditions as if the Operating Advisor alone were performing its obligations under this Agreement

 

9.6             
Merger or Consolidation of the Operating Advisor. Any Person
into which the Operating Advisor may be merged or consolidated, or any Person resulting from any merger, conversion, other change
in form or consolidation to which the Operating Advisor shall be a party, or any Person succeeding to all or substantially all
of the mortgage surveillance business of the Operating Advisor, shall be the successor of the Operating Advisor hereunder,
and shall be deemed to have assumed all of the liabilities and obligations of the Operating Advisor hereunder, without the execution
or filing of any paper or any further act on the part of any of the parties hereto; provided, however, that such
successor or surviving Person would not cause the then current rating on any of the Certificates to be qualified, downgraded or
withdrawn by any of the Rating Agencies, as evidenced by a Rating Agency Confirmation delivered to the Certificate Administrator
and the Trustee. The successor or surviving Person shall provide prompt written notice of the merger or consolidation to the Trustee,
the Servicer and the Special Servicer, the Certificate Administrator and the 17g-5 Information Provider. If a Responsible Officer
of the Trustee has received written notice of, or otherwise has actual knowledge that, any such successor or surviving Person
is not an Eligible Operating Advisor, the Trustee shall terminate the successor or surviving Person as Operating Advisor and appoint
a successor Operating Advisor, such termination and replacement to be effected in the manner set forth in Section 9.8;
provided, however, that in no event shall the Trustee incur any liability or expense in connection with such termination
of the prior Operating Advisor or the appointment of a successor Operating Advisor. Notwithstanding the foregoing, if the Trustee
is unable to find a successor Operating Advisor within 30 days of the termination of the successor or surviving Person as Operating
Advisor, the Trustee shall provide written notice thereof to the Depositor, and the Depositor shall be permitted, but not required,
to find a replacement Operating Advisor meeting the requirements of this Agreement.

 

9.7              Resignation
of Operating Advisor The Operating Advisor may resign from its
obligations and duties under this Agreement upon (a) thirty (30) days’ prior written notice to the Depositor, the
Servicer, the Special Servicer, the Trustee and the Certificate Administrator and (b) 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 a replacement Operating Advisor shall have assumed the resigning Operating Advisor’s responsibilities
and obligations under this Agreement. The successor entity assuming the obligations of the Operating Advisor under this
Agreement shall be entitled to the compensation to which the Operating Advisor would have been entitled hereunder after the
date of assumption of such obligations. If no successor Operating Advisor can be obtained to perform such obligations for
such compensation, additional amounts payable to such successor Operating Advisor shall be paid by the resigning Operating
Advisor. If no successor Operating Advisor has been appointed and accepted such appointment within 60 days after the
resigning Operating Advisor’s giving of notice of resignation, the resigning Operating Advisor may petition any court
of competent jurisdiction for appointment of a successor. The resigning Operating Advisor shall pay all costs and expenses
associated with its resignation and the transfer of its duties (including costs and expenses incurred by each other party to
this Agreement, the Trust and the Rating Agencies) pursuant to this Section 9.7. Upon being required to resign
pursuant to Section 3.33, the Operating Advisor shall promptly resign in accordance with this Section 9.7.

 

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9.8              
Termination of the Operating Advisor. (a) An “Operating
Advisor 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 Operating Advisor to observe or perform in any material respect any of its covenants or agreements or
the material breach of its representations or warranties under this Agreement, which failure shall continue unremedied for a period
of 30 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given
to the Operating Advisor by the Trustee or to the Operating Advisor, the Certificate Administrator and the Trustee by the Holders
of Certificates having greater than 25% of the aggregate Voting Rights of all then outstanding Certificates; provided, however,
that with respect to any such failure which is not curable within such 30-day period, the Operating Advisor shall have an additional
cure period of thirty (30) days to effect such cure so long as it has commenced to cure such failure with the initial 30-day period
and has provided the Trustee and the Certificate Administrator with an Officer’s Certificate certifying that it has diligently
pursued, and is continuing to pursue, such cure;

 

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

 

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

 

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

 

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

 

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

 

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Upon receipt by the Certificate
Administrator of notice of the occurrence of any Operating Advisor Termination Event, the Certificate Administrator shall promptly
provide written notice to all Certificateholders by posting such notice on its internet website, unless the Certificate Administrator
has received notice that it has been remedied.

 

If an Operating Advisor
Termination Event shall occur then, and in each and every such case, so long as such Operating Advisor Termination Event shall
not have been remedied, either (i) the Trustee may or (ii) upon the written direction of Holders of Certificates evidencing
not less than 25% of the Voting Rights of each Class of Non-Reduced Certificates, the Trustee shall, terminate all of the rights
and obligations of the Operating Advisor under this Agreement, other than rights and obligations accrued prior to such termination
(including the right to receive all amounts accrued and owing to it under this Agreement) and other than indemnification rights
(arising out of events occurring prior to such termination), by notice in writing to the Operating Advisor. Notwithstanding anything
herein to the contrary, the Depositor shall have the right, but not the obligation, to notify the Certificate Administrator and
the Trustee of any Operating Advisor Termination Event of which the Depositor becomes aware.

 

(b)              
Upon (i) the written direction of Holders of Non-Reduced Certificates evidencing not less than 15% of the Voting Rights
of the Non-Reduced Certificates requesting a vote to terminate and replace the existing Operating Advisor with a proposed successor
Operating Advisor that is an Eligible Operating Advisor and (ii) payment by such Holders to the Trust, the Certificate Administrator
and the Operating Advisor, as applicable, of the reasonable fees and expenses incurred or to be incurred by the Trust, the Certificate
Administrator and/or the Operating Advisor, as applicable, in connection with such vote (and such fees and expenses shall not constitute
Borrower Reimbursable Trust Fund Expenses or Trust Fund Expenses), the Certificate Administrator shall promptly provide notice
of the requested vote described in clause (i) above to all Certificateholders by posting such notice on the Certificate
Administrator’s Website and including in the next Distribution Date Statement a statement that such request was received.
Upon the written direction of Holders of Non-Reduced Certificates evidencing more than 50% of all the Voting Rights of the Non-Reduced
Certificates, the Trustee shall terminate all of the rights (other than the right to receive accrued and unpaid fees and expense
reimbursements and the right to indemnification hereunder) and obligations of the Operating Advisor under this Agreement by notice
in writing to the Operating Advisor; provided, that if that written direction is not provided within 180 days of the initial
request for a vote to terminate and replace the Operating Advisor, then that written direction shall have no force or effect. The
provisions set forth in the foregoing sentences of this Section 9.8(b) shall be binding upon and inure solely to the benefit
of the Certificateholders and the Trustee as between each other. The Operating Advisor shall not have any cause of action based
upon or arising from any breach or alleged breach of such provisions; provided that this sentence shall not affect the Operating
Advisor’s right to receive accrued and unpaid fees and expense reimbursements and the right to indemnification hereunder.
As between the Operating Advisor, on the one hand, and the Certificateholders, on the other, the Certificateholders shall be entitled
in their sole discretion to vote for the termination or not vote for the termination of the Operating Advisor.

 

(c)               
On or after the receipt by the Operating Advisor of written notice of termination pursuant to Section 9.6, Section
9.8(a), or Section 9.8(b), or the effectiveness of any resignation by the Operating Advisor pursuant to Section 9.7,
all of its authority and power under

 

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this Agreement shall be terminated and, without limitation, the terminated Operating Advisor
shall execute any and all documents and other instruments, and do or accomplish all other acts or things necessary or appropriate
to effect the purposes of such notice of termination. If (i) the Operating Advisor resigns pursuant to Section 9.7
or (ii) the Trustee delivers written notice of termination to the Operating Advisor pursuant to Section 9.6, Section
9.8(a) or Section 9.8(b), the Trustee shall appoint a successor Operating Advisor that is an Eligible Operating Advisor
(such appointment to be made as soon as practicable, but in no event later than 15 Business Days after such termination in the
case of clause (ii)), which successor Operating Advisor may be an Affiliate of the Trustee and shall be the recommended
or proposed successor Operating Advisor in the case of a resignation pursuant to Section 9.7 or a termination pursuant
to Section 9.8(b). The Trustee may rely on a certification accepted by it in good faith from the replacement Operating
Advisor as to the status of the replacement Operating Advisor as an Eligible Operating Advisor. If the Trustee is the successor
Servicer or successor Special Servicer, neither the Trustee nor any of its Affiliates shall be the successor Operating Advisor.
The Trustee will not have any liability for any failure to find a suitable Eligible Operating Advisor to serve as a successor Operating
Advisor. Notwithstanding the foregoing, if the Trustee is unable to find a successor Operating Advisor within 30 days of the termination
of the Operating Advisor, the Trustee shall provide written notice thereof to the Depositor, and the Depositor shall be permitted
to find a replacement Operating Advisor meeting the requirements of this Agreement.

 

Except as contemplated
by Section 9.7 and Section 9.8(b), and except for any consent rights of the Controlling Class Representative
expressly set forth in this Article 9, the appointment of the Operating Advisor shall not be subject to the vote, consent
or approval of the Holder of any Class of Certificates. The Operating Advisor shall not at any time be the Depositor, the Servicer,
the Special Servicer, the Loan Seller or an Affiliate of any of them. If any of such entities becomes the Operating Advisor, including
by means of an affiliation arising after the date hereof, the Operating Advisor shall immediately resign, and the Trustee shall
appoint a successor Operating Advisor subject to and in accordance with this Section 9.8(c).

 

Upon any resignation
or termination of the Operating Advisor or appointment of a successor Operating Advisor, the Trustee shall, as soon as possible,
give written notice thereof to the Special Servicer, the Servicer, the Certificate Administrator (who shall promptly post such
notice to the Certificate Administrator’s Website pursuant to Section 8.14), the 17g-5 Information Provider (who
shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 8.14), the Depositor,
the Certificateholders and, during any CCR Control Period and any CCR Consultation Period, the Controlling Class Representative.
If the Operating Advisor resigns or is terminated for any reason, it will remain entitled to receive all amounts accrued and owing
to it under this Agreement (which shall be payable in accordance with the priorities and subject to the limitations set forth herein)
and any rights to indemnification (arising out of events occurring prior to such termination.

 

10.         TERMINATION

 

10.1         
Termination. (a) The respective obligations and responsibilities
of the Depositor, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the Operating Advisor created
hereby (other than (x) the obligation to make certain remittances to the Companion Loan Holder(s) to the extent of any remaining
funds and in accordance with the Co-

 

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Lender Agreement, (y) the obligation of the Certificate Administrator to make certain payments
to Certificateholders after the final Distribution Date and to comply with all federal income tax reporting requirements and maintenance
of books and records, and (z) the indemnification rights and obligations of the parties hereto) shall terminate upon the last action
required to be taken by the Certificate Administrator on the final Distribution Date pursuant to this Article 10 following
the later of (i) the final payment on the Certificates and the Uncertificated Lower-Tier Interests or (ii) the liquidation
of the Trust Loan (including, without limitation, in connection with the sale of the Trust Loan pursuant to the Mezzanine Intercreditor
Agreement or this Agreement, as applicable) or the liquidation or abandonment of the Property and all other Collateral for the
Trust Loan, provided, however, in no event shall the trust created hereby continue beyond the expiration of twenty-one
years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United
States to the United Kingdom, living on the date hereof.

 

(b)               
On the final Distribution Date, all amounts on deposit in the Collection Account and not otherwise payable to a person other
than the Certificateholders, shall be applied as described in Section 4.1.

 

(c)               
Notice of any termination, specifying the final Distribution Date (which shall be a date that would otherwise be a Distribution
Date) upon which the Certificateholders of any Class may surrender their Certificates to the Certificate Administrator for payment
of the final distribution and cancellation, shall be given promptly by the Certificate Administrator by letter to Certificateholders
mailed as soon as practicable specifying (A) the final Distribution Date upon which final payment of the Certificates shall
be made (upon presentation and surrender of Certificates at the office or agency of the Certificate Administrator therein designated),
(B) the amount of any such final payment and (C) that the Record Date otherwise applicable to such Distribution Date
is not applicable, payments being made only upon presentation and surrender of the Certificates at the office or agency of the
Certificate Administrator therein specified.

 

10.2         
   Additional Termination Requirements. In connection with
any termination pursuant to Section 10.1 other than final payment on the Mortgage Loan, the Trust shall be terminated
in accordance with the following additional requirements, unless the Certificate Administrator has obtained at the expense of the
Trust, an Opinion of Counsel that any other manner of terminating either the Lower-Tier REMIC or the Upper-Tier REMIC shall not
subject the Trust, the Lower-Tier REMIC or the Upper-Tier REMIC to federal income tax:

 

(i)               
within 89 days prior to the final Distribution Date, the Certificate Administrator shall designate the first day of
the 90 day liquidation period of the Lower-Tier REMIC and the Upper-Tier REMIC which shall be specified in a notice from the
Certificate Administrator to the Certificateholders as soon as practicable prior to such final Distribution Date, and shall specify
such date in the final tax return of each such REMIC;

 

(ii)               at or after the time of adoption of such plan of complete liquidation and at or prior to the final Distribution Date, the
Servicer shall sell any remaining assets (other than cash) of the Trust and credit the proceeds thereof to the Trust; and

 

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(iii)             at or after such time as the proceeds from the disposition of the remaining assets of the Trust shall have been credited
to the Trust, the Certificate Administrator shall cause all remaining amounts held (A) as part of the Lower-Tier REMIC to
be distributed to the Certificate Administrator as holder of the Uncertificated Lower-Tier Interests and to the Holders of the
Class R Certificates (in respect of the Class LT-R Interest in accordance with Sections 4.1(c), 4.1(d),
4.1(e) and 4.3(c), and (B) as part of the Upper-Tier REMIC to be distributed to the Holders of the Regular Certificates
and the Class R Certificates (in respect of the Class UT-R Interest) in accordance with Section 4.1(a) and
Section 4.3(a).

 

10.3             Trusts Irrevocable. Except as expressly provided herein, all trusts created hereby are irrevocable.

 

11.         MISCELLANEOUS PROVISIONS

 

11.1            
Amendment. (a) This Agreement may be amended from time
to time by the parties hereto, without the consent of any of the Certificateholders or any Companion Loan Holder:

 

(i)               to correct any inconsistency, defect or ambiguity in this Agreement or to correct any manifest error in any provision of
this Agreement;

 

(ii)              to cause the provisions of this Agreement to conform or be consistent with or in furtherance of the statements made in the
Offering Circular with respect to the Certificates, the Trust or this Agreement or to correct or supplement any of its provisions
which may be inconsistent with any other provisions herein or to correct any error;

 

(iii)             to change the timing and/or nature of deposits in the Collection Account, the Distribution Account or the Foreclosed Property
Account, provided, that (A) the Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (B) either (1) the change would not adversely affect in any material respect the interests of any Certificateholder
not consenting thereto, as evidenced by an Opinion of Counsel (at the expense of the party requesting the amendment or at the expense
of the Trust (which amounts may be paid out of the Collection Account) if the requesting party is the Trustee or the Certificate
Administrator) or (2) Rating Agency Confirmation is obtained;

 

(iv)             to modify, eliminate or add to any of its provisions to the extent necessary to maintain the qualification of either the
Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, at all times that any Certificate is outstanding, or to avoid or minimize
the risk of imposition of any tax on the Lower-Tier REMIC or the Upper-Tier REMIC that would be a claim against the Lower-Tier
REMIC or the Upper-Tier REMIC; provided, that the Trustee and the Certificate Administrator received an Opinion of Counsel (at
the expense of the party requesting the amendment) to the effect that (1) the action is necessary or desirable to maintain
such qualification or to avoid or minimize the risk of imposition of any such tax and (2) the action shall not adversely affect
in any material respect the interests of any Certificateholder;

 

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(v)              to modify, eliminate or add to any of its provisions to restrict (or to remove any existing restrictions with respect to)
the transfer of the Class R Certificates; provided, that the Depositor has determined that the amendment shall not give rise
to any tax with respect to the transfer of the Class R Certificates to a non-Permitted Transferee; provided, that the Depositor
may conclusively rely upon an Opinion of Counsel to such effect (a copy of which will be delivered to the Trustee and the Certificate
Administrator);

 

(vi)             to make any other provisions with respect to matters or questions arising under this Agreement or any other change, provided
that either (A) the required action shall not adversely affect in any material respect the interests of any Certificateholder
not consenting thereto, as evidenced by an Opinion of Counsel, or (B) Rating Agency Confirmation is obtained, and provided,
further, that any amendment pursuant to this clause (vi) that would adversely affect the rights of the Controlling
Class or the Controlling Class Representative shall be subject to the consent of the Holders of the Controlling Class or the Controlling
Class Representative, as applicable;

 

(vii)            to amend or supplement any provision of this Agreement to the extent necessary to maintain the then-current ratings assigned
to each Class of Certificates by each Rating Agency, as evidenced by Rating Agency Confirmation, provided, that any amendment pursuant
to this clause (vii) that would adversely affect the rights of the Controlling Class or the Controlling Class Representative
shall be subject to the consent of the Holders of the Controlling Class or the Controlling Class Representative, as applicable;

 

(viii)           to modify the provisions of this Agreement with respect to reimbursement of Nonrecoverable Advances if (A) the Depositor,
the Servicer, and the Trustee, determine that the commercial mortgage-backed securities industry standard for such provisions has
changed, in order to conform to such industry standard, (B) such modification does not adversely affect the status of the
Upper-Tier REMIC or the Lower-Tier REMIC as a REMIC, as evidenced by an Opinion of Counsel, (C) Rating Agency Confirmation
is obtained and (D) any applicable Consenting Party consents to such modification;

 

(ix)              to modify, eliminate or add to any of its provisions (A) to the extent necessary to comply with the U.S. Credit Risk
Retention Rules and/or any related regulatory actions and/or interpretations or (B) in the event that the U.S. Credit Risk
Retention Rules (or any portion thereof) 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 any risk
retention requirements no longer applicable to this securitization transaction in light of such repeal; and

 

(x)               to modify the provisions set forth in this Agreement relating to Exchange Act Rule 17g-5 or Rule 15Ga-1; provided,
that such amendment would not materially increase the obligations of any of the Servicer, the Special Servicer, the Certificate
Administrator, the 17g-5 Information Provider or the Trustee (unless consented to by such party);

 

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provided, further that no
amendment pursuant to any of clauses (i) through (x) above may be made that would: (A) change in any manner
the obligations or rights of the Loan Seller under this Agreement or the Trust Loan Purchase Agreement without the consent of the
Loan Seller, (B) change in any manner the obligations or rights of any Initial Purchaser without the consent of the affected
Initial Purchaser, or (C) adversely affect any Companion Loan Holder in its capacity as such without its consent.

 

(b)              
This Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Trustee, the Certificate
Administrator and the Operating Advisor with the written consent of the Holders of Certificates evidencing, in the aggregate, not
less than 51% of the Percentage Interests of each Class of Certificates adversely affected thereby (as evidenced by an Opinion
of Counsel) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this
Agreement or of modifying in any manner the rights of the Holders of the Certificates; provided, however, no such
amendment shall (i) reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loan which
are required to be distributed on any Certificate or to any Companion Loan Holder, (ii) alter in any manner the liens on any
Collateral securing payments on the Mortgage Loan; (iii) alter the obligations of the Servicer or the Trustee to make an Advance
or alter the Accepted Servicing Practices set forth herein, (iv) change the percentages of Voting Rights or Percentage Interests
of Certificateholders which are required to consent to any action or inaction under this Agreement; (v) change in any manner
the obligations or rights of the Loan Seller under this Agreement or the Trust Loan Purchase Agreement without the consent of the
Loan Seller; (vi) amend this Section 11.1; (vii) change in any manner the obligations or rights of any Initial Purchaser
without the consent of the affected Initial Purchaser; or (viii) adversely affect any Companion Loan Holder in its capacity as
such without its consent.

 

It shall not be necessary
for the consent of Certificateholders under this Section 11.1 to approve the particular form of any proposed amendment,
but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents and of evidencing
the authorization of the execution thereof by Certificateholders shall be subject to such reasonable regulations as the Certificate
Administrator or the Trustee may prescribe.

 

Notwithstanding any contrary
provisions of this Agreement, (i) neither the Trustee nor the Certificate Administrator shall consent to any amendment to
this Agreement unless it shall have first been furnished with an Opinion of Counsel to the effect that such amendment is authorized
or permitted hereunder and all conditions precedent to such amendment have been satisfied, and (ii) no amendment shall be
made to this Agreement without the Trustee and the Certificate Administrator first receiving in writing an Opinion of Counsel (at
the expense of the party requesting the amendment) that the amendment will not result in the imposition of federal income tax on
the Trust, or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC.

 

(c)               
Promptly after the execution of any amendment to this Agreement, the Certificate Administrator shall post a copy of the
same to the Certificate Administrator’s Website, deliver a copy of the same to the 17g-5 Information Provider who shall post
a copy of the same on the 17g-5 Information Provider’s Website pursuant to Section 8.14(b), and thereafter, the

 

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Certificate Administrator shall furnish written notification of the substance of such amendment to each of the other parties to
this Agreement, the Initial Purchasers and the Rating Agencies.

 

(d)            In the event that neither the Depositor nor any successor thereto is in existence, any amendment under this Section 11.1
shall be effected with the consent of the Trustee, the Certificate Administrator and the Servicer or the Special Servicer, as applicable,
and, to the extent required by this Section 11.1, the required Certificateholders and/or the Companion Loan Holder(s),
as applicable.

 

(e)            The costs and expenses associated with any such amendment, including without limitation, Opinions of Counsel and Rating
Agency Confirmations, shall be borne by the party requesting such amendment (or, if such amendment is required by any of the Rating
Agencies to maintain the rating issued by it or requested by the Trustee or the Certificate Administrator (which do not modify
or otherwise relate solely to the obligations, duties or rights of the Trustee or the Certificate Administrator), then at the expense
of the Depositor and, if neither the Depositor nor any successor thereto is in existence, the Trust (which amounts may be paid
out of the Collection Account)).

 

(f)             Any party requesting an amendment to this Agreement shall provide (x) notice of such amendment no later than three (3) Business
Days prior to the anticipated date of execution, and (y) a copy of the executed amendment no later than the date of execution,
to each Other Depositor and Other Exchange Act Reporting Party under each Other Pooling and Servicing Agreement (which may be by
email) in order for each Companion Loan Holder to timely comply with its obligations under the Exchange Act.

 

11.2         
Recordation of Agreement; Counterparts. (a) This Agreement
or an abstract hereof, if acceptable by the applicable recording office, is subject to recordation in all appropriate public offices
for real property records in the county in which the Property subject to the Mortgages is situated, and in any other appropriate
public recording office or elsewhere, such recordation to be effected by the Trustee or the Certificate Administrator at
the expense of the Trust upon its receipt of an Opinion of Counsel to the effect that such recordation materially and beneficially
affects the interests of the Certificateholders of the Trust.

 

(b)            For the purpose of facilitating the recordation of this Agreement as herein provided and for other purposes, this Agreement
may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and
such counterparts shall constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of
this Agreement (and, to the extent permitted under applicable law, each officer’s certificate, receipt or similar closing
document delivered in connection with the closing of the transaction contemplated by this Agreement) in Portable Document Format
(PDF), Tagged Image File Format (TIF or TIFF), .JPG or .JPEG file format, or by facsimile transmission shall be as effective as
delivery of a manually executed original counterpart of this Agreement.

 

11.3         
Governing Law; Submission to Jurisdiction; Waiver
of Jury Trial.

 

THIS AGREEMENT AND
ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES

 

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TO THIS AGREEMENT,
AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF.
THE PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL
APPLY TO THIS AGREEMENT.

 

EACH OF THE PARTIES HERETO
IRREVOCABLY (I) SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK LOCATED IN NEW YORK COUNTY
AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK FOR THE PURPOSE OF ANY ACTION
OR PROCEEDING RELATING TO THIS AGREEMENT; (II) WAIVES, TO THE FULLEST EXTENT PERMITTED BY-LAW, THE DEFENSE OF AN INCONVENIENT
FORUM IN ANY ACTION OR PROCEEDING IN ANY SUCH COURT; (III) AGREES THAT A FINAL JUDGMENT IN ANY ACTION OR PROCEEDING IN ANY
SUCH COURT SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN ANY OTHER JURISDICTION BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED
BY-LAW; AND (IV) CONSENTS TO SERVICE OF PROCESS UPON IT BY MAILING A COPY THEREOF BY CERTIFIED MAIL ADDRESSED TO IT AS PROVIDED
FOR NOTICES HEREUNDER.

 

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.

 

11.4         
Notices.

 

Unless otherwise specifically
provided in this Agreement, 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 (a) personally delivered, (b) mailed by registered mail, postage prepaid
(except for notices to the Trustee or the Certificate Administrator which shall be deemed to have been duly given only when received),
(c) sent by nationally recognized express courier delivery service and received by the addressee, (d) transmitted by facsimile
transmission (or any other type of electronic transmission agreed upon by the parties) and received by the addressee or (e) only
with respect to any addressee of any party for which an electronic mail address is set forth below, sent by electronic mail (provided,
however, any notice provided by electronic mail shall not be considered delivered until receipt of such electronic mail is confirmed
by the addressee), to the applicable party at the following address(es), or as to each such Person such other address or e-mail
address as may hereafter be furnished by such Person to the parties hereto in writing:

 

If to the Depositor, to:

Citigroup Commercial Mortgage Securities Inc.

 

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388 Greenwich Street, 6th Floor

New York, New York 10013

Attention:  Richard Simpson

Facsimile: (646) 328-2943 

 

and:

Citigroup Commercial Mortgage Securities Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention:  Raul Orozco

Facsimile: (347) 394-0898

and: 

Citigroup Commercial Mortgage Securities Inc.

388 Greenwich Street, 17th Floor

New York, New York 10013

Attention:  Ryan M. O’Connor

Facsimile: (646) 862-8988

 

with electronic copies to:

 

Richard Simpson at richard.simpson@citi.com

and to:

 

Ryan M. O’Connor at ryan.m.oconnor@citi.com

 

If to the Servicer, to:

 

KeyBank National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Michael A. Tilden

Facsimile number: (877) 379-1625

Email: michael_a_tilden@keybank.com

 

with copies to:

Polsinelli

900 West 48th Place, Suite 900

Kansas City, Missouri 64112

Attention: Kraig Kohring

Facsimile number: (816) 753-1536

Email: kkohring@polsinelli.com

  

If to the Special Servicer, to:

  

Situs Holdings, LLC

 

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101 Montgomery Street, Suite 2250 

San Francisco, California 94104 

Attention: Stacey Ciarlanti 

email: staceyciarlanti@situsamc.com

 

with a copy to: 

 

Situs Holdings, LLC 

5065 Westheimer, Suite 700E 

Houston, Texas 77056 

Attention: Legal Department 

email: legal@situsamc.com

 

If to the Trustee, to: 

 

Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee – CGCMT 2020-420K

  

If to the Certificate Administrator, to:

  

Citibank, N.A.

388 Greenwich Street

New York, New York 10013

Attention: Global Transaction Services- CGCMT 2020-420K

Fax number: (212) 816- 5527 

and with respect to e-mail pursuant to this Agreement,
at ratingagencynotice@citi.com

 

or, for certificate transfers:

 

Citibank, N.A.

480 Washington Boulevard, 30th Floor

Jersey City, New Jersey 07310

Attention: Securities Window

 

If to the Operating Advisor, to:

 

Pentalpha Surveillance LLC 

375 N. French Road, Suite 100 

Amherst, New York 14228 

Attention: CGCMT 2020-420K —Transaction Manager

  

with copies sent contemporaneously via email to:

  

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notices@pentalphasurveillance.com (with CGCMT 2020-420K
in the subject line)

 

with a copy to:

 

Bass, Berry & Sims PLC 

150 Third Avenue South 

Suite 2800 

Nashville, Tennessee 37201 

Email: jknight@bassberry.com

  

If to the Initial Purchasers, to:

  

(i) in the case of Citigroup Global Markets Inc.: 

Citigroup Global Markets Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Raul Orozco

Facsimile: (347) 394-0898

 

and: 

Citigroup Global Markets Inc.

388 Greenwich Street, 6th Floor

New York, New York 10013

Attention: Richard Simpson

Facsimile: (646) 328-2943

 

and: 

Citigroup Global Markets Inc.

388 Greenwich Street, 17th Floor

New York, New York 10013

Attention: Ryan M. O’Connor

Facsimile: (646) 862-8988

 

with electronic copies to:

  

Richard Simpson at richard.simpson@citi.com

 

and to:

 

Ryan M. O’Connor at ryan.m.oconnor@citi.com

 

(ii) in the case of Drexel Hamilton, LLC:

  

Drexel Hamilton, LLC 

77 Water Street, Suite 201 

 

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New York, New York 10005 

Attention: Alex Kim

 

If to any Certificateholder, to:

 

the address set forth in the Certificate Register

 

If to the Borrower Related Parties: at the respective
addresses therefor set forth in the Mortgage Loan Agreement and the other Mortgage Loan Documents

 

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.

 

Notwithstanding anything
to the contrary herein, any and all communications (both text and attachments, excluding any notice to the Servicer or the Special
Servicer under Section 7.1(a)) by or from the Certificate Administrator, in any of its capacities, that the Certificate
Administrator in its sole discretion deems to contain confidential, proprietary, and/or sensitive information and sent by electronic
mail will be encrypted. The recipient of the email communication will be required to complete a one-time registration process.
Information and assistance on registering and using the email encryption technology can be found within the first secure email
sent by the Certificate Administrator or by calling 1-888-855-9695.

 

11.5         
Notices to the Rating Agencies. The
Servicer or the Special Servicer, as applicable, and Certificate Administrator 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 8.14(b); 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 or Special Servicer Termination Event,
as the case may be, under this Agreement. Any confirmation of the rating by the Rating Agencies required hereunder shall be in
writing.

 

Any notices and Rating
Agency Confirmation requests shall be sent to the Rating Agencies shall be sent to the following addresses:

 

Moody’s Investors Service, Inc. 

7 World Trade Center 

New York, New York 10007

Attention: Commercial Mortgage Surveillance Group

Fax number: (212) 553-0300 

Email: CMBSSurveillance@Moodys.com 

 

DBRS, Inc.

140 Broadway, 43rd Floor

New York, New York 10005

 

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Attention: CMBS Surveillance

Email: CMBS.surveillance@morningstar.com

 

11.6         
Severability of Provisions. If any one or more of the covenants,
agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then, to the extent permitted
by applicable law, such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this
Agreement, of the Certificates or the rights of the Holders thereof.

 

11.7         
Limitation on Rights of Certificateholders. The death or
incapacity of any Certificateholder shall not operate to terminate this Agreement or the Trust, nor entitle such Certificateholder’s
legal representative or heirs to claim an accounting or to take any action or to commence any proceeding in any court for a petition
or winding up of the Trust, or otherwise affect the rights, obligations and liabilities of the parties hereto or any of them.

 

No Certificateholder,
solely by virtue of its status as a Certificateholder, shall have any right to vote (except as provided herein) or in any manner
otherwise control the operation and management of the Trust, or the obligations of the parties hereto, nor shall anything herein
set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time to time
as partners or members of an association; nor shall any Certificateholders be under any liability to any third party by reason
of any action by the parties to this Agreement pursuant to any provision hereof.

 

No Certificateholder,
solely by virtue of its status as a Certificateholder, shall have any right by virtue or by availing itself of any provisions of
this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement,
unless such Holder previously shall have given to the Trustee a written notice of a Servicer Termination Event or Special Servicer
Termination Event, as the case may be, and of the continuance thereof, as herein before provided, and unless the Holders of Certificates
aggregating not less than 25% of the Voting Rights of the Certificates shall also have made written request upon the Trustee to
institute such action, suit or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee such reasonable
indemnity as it may require against the costs, expenses, and liabilities to be incurred therein or thereby, and the Trustee, for
60 days after its receipt of such notice, request and offer of indemnity, shall have neglected or refused to institute any
such action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with
every other Certificateholder and the Trustee, that no one or more Certificateholder shall have any right in any manner whatever
by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of
the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder
except as provided herein with respect to entitlement to payments or to enforce any right under this Agreement, except in the manner
herein provided and for the common benefit of all Certificateholders. For the protection and enforcement of the provisions of this
Section, each and every Certificateholder and the Trustee shall be entitled to such relief as can be given either at law or in
equity.

 

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11.8         
Certificates Nonassessable and Fully Paid. The Certificateholders
shall not be personally liable for obligations of the Trust, that the interests in the Trust Fund represented by the Certificates
shall be nonassessable for any reason whatsoever, and the Certificates, upon due authentication thereof by the Certificate
Administrator pursuant to this Agreement, are and shall be deemed fully paid.

 

11.9         
Reproduction of Documents. This Agreement and all documents
relating thereto, including, without limitation, (i) consents, waivers and modifications which may hereafter be executed,
(ii) documents received by any party at the closing, and (iii) financial statements, certificates and other information
previously or hereafter furnished, may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic
or other similar process. The parties agree that any such reproduction shall be admissible in evidence as the original itself in
any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was
made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction
shall likewise be admissible in evidence.

 

11.10     
No Partnership. Nothing herein contained shall be deemed
or construed to create a partnership or joint venture between the parties hereto and the Services of the Servicer and the Special
Servicer shall be rendered as an independent contractor and not as agent for the Trustee or the Depositor.

 

11.11     
Actions of Certificateholders. (a) Any request, demand,
authorization, direction, notice, consent, waiver or other action provided by this Agreement to be given or taken by Certificateholders
may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Certificateholder
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, where required, to the Depositor, the Servicer,
the Special Servicer, the Operating Advisor and/or the Trustee. 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 Depositor, the Servicer, the
Special Servicer, the Trustee, the Operating Advisor and the Certificate Administrator if made in the manner provided in this Section.

 

(b)              
The fact and date of the execution of any Certificateholder of any such instrument or writing may be proved in any reasonable
manner which the Certificate Administrator deems sufficient.

 

(c)               
The Certificate Administrator may require additional proof of any matter referred to in this Section as it shall deem
reasonably necessary.

 

(d)              
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 Depositor, the Servicer, the Special Servicer, the Operating Advisor, the Trustee
or the Certificate Administrator in reliance thereon, whether or not notation of such action is made upon such Certificate.

 

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11.12     
Successors and Assigns. The rights and obligations of any
party hereto shall not be assigned (except as expressly permitted hereunder, including pursuant to Section 6.2,
6.4, 8.7, 8.9, 9.6 or 9.7 hereof) by such party without the prior written consent of the other
parties hereto. This Agreement shall inure to the benefit of and be binding upon the Depositor, the Servicer, the Special Servicer,
the Operating Advisor, the Trustee, the Certificate Administrator and their respective permitted successors and assigns. No Person
other than a party to this Agreement, a designated third-party beneficiary and any Certificateholder shall have any rights with
respect to the enforcement of any of the rights or obligations hereunder. Without limiting the foregoing, the parties to this Agreement
specifically agree that (i) the Loan Seller, each Companion Loan Holder and each Initial Purchaser shall be a third-party
beneficiary of this Agreement with respect to any of its respective rights specifically set forth hereunder, (ii) the Retaining
Sponsor shall be a third-party beneficiary of this Agreement with respect to its rights under Section 5.2(f) and Section 5.3(j),
(iii) each Other Depositor and Other Exchange Act Reporting Party shall be third-party beneficiary of this Agreement with respect
to its rights under Article 13, and (iv) no Borrower Related Party, Property Manager or, except as contemplated by
the immediately preceding clause (i), other party to the Mortgage Loan is an intended third-party beneficiary of this
Agreement.

 

11.13     
Acceptance by Authenticating Agent, Certificate Registrar.
The Certificate Administrator hereby accepts its appointment as Authenticating Agent and Certificate Registrar and agrees to perform
the obligations required to be performed by it in each such capacity pursuant to the terms of this Agreement.

 

11.14     
Streit Act. Any provisions required to be contained in this
Agreement by Section 126 and/or Section 130-k or Article 4-A of the New York Real Property Law are hereby incorporated
herein, and such provisions shall be in addition to those conferred or imposed by this Agreement; provided, however,
to the extent that such Section 126 and/or 130-k shall not have any effect, and if said Section 126 and/or Section 130-k
should at any time be repealed or cease to apply to this Agreement or be construed by judicial decision to be inapplicable, said
Section 126 and/or Section 130-k shall cease to have any further effect upon the provisions of this Agreement. In a case
of a conflict between the provisions of this Agreement and any mandatory provisions of Article 4-A of the New York Real
Property Law, such mandatory provisions of said Article 4-A shall prevail, provided that if said Article 4-A shall not
apply to this Agreement, should at any time be repealed, or cease to apply to this Agreement or be construed by judicial decision
to be inapplicable, such mandatory provisions of such Article 4-A shall cease to have any further effect upon the provisions
of this Agreement.

 

11.15     
Assumption by Trust of Duties and Obligations of the Lender Under the Mortgage Loan Documents. The
Trustee on behalf of the Trust as assignee of the Mortgage Loan and the Servicer and the Special Servicer hereby acknowledge that
the Trust assumes all of the rights and obligations of the Lender as lender under the Mortgage Loan Documents and agrees
to be bound thereby, and in accordance with the terms thereof. Such acknowledgement on behalf of the Trust is made by the Trustee
in the exercise of the powers and authority conferred and vested in it and is intended for the purpose of binding only the Trust.
Nothing contained in this Section shall be construed as creating any liability on the part of the Trustee, individually or
personally, it being agreed that all liabilities and obligations being acknowledged as assumed are solely those of the Trust, and
under no circumstances shall the Trustee be liable personally for the

 

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breach or failure of any obligation, representation, warranty
or covenant made or undertaken by the Trust under this Agreement, any Mortgage Loan Document or any related document.

 

11.16     
Treatment as a Security Agreement. The Depositor, concurrently
with the execution and delivery hereof, has conveyed to the Trust, all of its right, title and interest in and to the Mortgage
Loan. The parties intend that such conveyance of the Depositor’s right, title and interest in and to the Mortgage
Loan pursuant to this Agreement shall constitute a purchase and sale and not a loan. If such conveyance is deemed to be a pledge
and not a sale, then the parties also intend and agree that the Depositor shall be deemed to have granted, and in such event does
hereby grant, to the Trustee, in trust for the registered holders of Holders of Citigroup Commercial Mortgage Trust 2020-420K,
Commercial Mortgage Pass-Through Certificates, Series 2020-420K, a first priority security interest in all of its right, title
and interest, whether now owned or existing or hereafter acquired or arising, in, to and under the Mortgage Loan, all payments
of principal or interest with respect to the Mortgage Loan on or after the Closing Date and all proceeds thereof that may come
due with respect to the Mortgage Loan and that this Agreement shall constitute a security agreement under applicable law.

 

11.17     
Cooperation With the Loan Seller With Respect to Rights Under the Mortgage Loan Agreement.
It is expressly agreed and understood that, notwithstanding the assignment of the Mortgage Loan Documents, it is expressly intended
that the Loan Seller is entitled to the benefit of any securitization indemnification provisions that specifically run to the benefit
of the Lender in the Mortgage Loan Documents. Therefore, the Depositor, Servicer, Special Servicer and Trustee hereby agree
to reasonably cooperate with the Loan Seller, at the sole expense of the Loan Seller, with respect to obtaining the benefits of
the provisions of any section of the Mortgage Loan Agreement providing for indemnification of the Lender and/or its loan seller
affiliates with respect to the current securitization of the Mortgage Loan, including, without limitation, executing any documents
as are necessary to permit the Loan Seller to enforce such provisions for its benefit; provided, that none of the Depositor,
Servicer, Special Servicer or Trustee shall be required to take any action that is inconsistent with Accepted Servicing Practices,
would violate applicable law, the terms and provisions of this Agreement, any related mezzanine intercreditor agreement or the
Mortgage Loan Documents, would adversely affect any Certificateholder, would cause either 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 the above rights of the Loan
Seller under this Section 11.17, such document shall be in form and substance reasonably acceptable to the Trustee.

 

11.18     
Electronic Signatures. Each
of the parties hereto agrees that the transaction consisting of this Agreement (and, to the extent permitted under applicable law,
each officer’s certificate, receipt or similar closing document delivered in connection with the closing of this transaction)
may be conducted by electronic means. Each party agrees, and acknowledges that it is such party’s intent, that if such party
signs this Agreement (or, if applicable, such closing document) using an electronic signature, it is signing, adopting, and accepting
this Agreement or such closing document and that signing this Agreement or such closing document using an electronic signature
is the legal equivalent of having placed its handwritten signature on this Agreement or such closing document on paper. The use
of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated,
sent,

 

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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.

 

12.       REMIC ADMINISTRATION

 

12.1         
REMIC Administration. (a) The Depositor intends that
each of the Lower-Tier REMIC and the Upper-Tier REMIC shall constitute, and that the affairs of each of the Lower-Tier REMIC and
the Upper-Tier REMIC shall be conducted so as to qualify it as, a REMIC, and the provisions hereof shall be interpreted consistently
with this intention.

 

(b)              
The Certificate Administrator shall make or cause to be made an election on behalf of each of the Lower-Tier REMIC and the
Upper-Tier REMIC to treat the segregated pool of assets constituting such REMIC as a REMIC under the Code. Each such election shall
be made on IRS Form 1066 or other appropriate federal tax or information return for the taxable year ending on the last day
of the calendar year in which the Certificates are issued.

 

(c)               
The Closing Date is hereby designated as the “Startup Day” of each of the Lower-Tier REMIC and the Upper-Tier
REMIC within the meaning of Section 860G(a)(9) of the Code. The “latest possible maturity date” of the Regular
Certificates and the Uncertificated Lower-Tier Interests is the Rated Final Distribution Date for the purposes of Section 860G(a)(1)
of the Code.

 

(d)              
The Certificate Administrator shall prepare or cause to be prepared and file or cause to be filed with the IRS, on behalf
of each of the Lower-Tier REMIC and the Upper-Tier REMIC, an application for a taxpayer identification number for such REMIC on
IRS Form SS-4 or obtain such number by other permissible means. Within thirty days of the Closing Date, the Certificate Administrator
shall furnish or cause to be furnished to the IRS, on IRS Form 8811 or as otherwise may be required by the Code, the name,
title and address of the Persons that Certificateholders may contact for tax information relating thereto (and the Certificate
Administrator shall act as the representative of each of the Lower-Tier REMIC and the Upper-Tier REMIC for this purpose), together
with such additional information as may be required by such Form, and shall update such information at the time or times and in
the manner required by the Code (and the Depositor agrees within ten (10) Business Days of the Closing Date to provide any information
reasonably requested by the Servicer or the Certificate Administrator and necessary to make such filing).

 

(e)               
The Certificate Administrator shall pay without any right of reimbursement the ordinary and usual expenses in connection
with the preparation, filing and mailing of tax information reports and returns that are incurred by it in the ordinary course
of its business, but extraordinary or unusual expenses, costs or liabilities incurred in connection with its tax related duties
under this Agreement, including without limitation any expenses, costs or liabilities associated with audits or any administrative
or judicial proceedings with respect to the Lower-Tier

 

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REMIC or the Upper-Tier REMIC that involve the IRS or state tax authorities,
shall be reimbursable from the Trust.

 

(f)               
The Certificate Administrator shall prepare or cause to be prepared, timely furnish or cause to be furnished to the Trustee
to sign (and the Trustee shall timely sign), and the Certificate Administrator shall file or cause to be filed all federal, state
and local income or franchise or other tax and information returns for each of the Lower-Tier REMIC and the Upper-Tier REMIC as
the direct representative for such REMIC. Except as provided in Section 12.1(e), the expenses of preparing and filing
such returns shall be borne by the Certificate Administrator. The Depositor shall provide on a timely basis to the Certificate
Administrator or its designee such information with respect to each of the Lower-Tier REMIC and the Upper-Tier REMIC as is in its
possession, and is reasonably requested by the Certificate Administrator to enable it to perform its obligations under this subsection,
and the Certificate Administrator shall be entitled to rely on such information in the performance of its obligations hereunder.

 

(g)              
The Certificate Administrator shall perform on behalf of each of the Lower-Tier REMIC and the Upper-Tier REMIC all reporting
and other tax compliance duties that are the responsibility of such REMIC under the Code, the REMIC Provisions, or other compliance
guidance issued by the IRS or any state or local taxing authority. Among its other duties, the Certificate Administrator shall
provide (i) to the IRS or other Persons (including, but not limited to, the transferor of a Class R Certificate to a
Disqualified Organization or to an agent that has acquired a Class R Certificate on behalf of a Disqualified Organization)
such information as is necessary for the application of any tax relating to the transfer of a Class R Certificate to any Disqualified
Organization and (ii) to the Certificateholders such information or reports as are required by the Code or REMIC Provisions.
The Depositor shall provide on a timely basis (and in no event later than 30 days after the Certificate Administrator’s
request) to the Certificate Administrator or its designee such information with respect to each of the Lower-Tier REMIC and the
Upper-Tier REMIC as is in its possession and is reasonably requested in writing by the Certificate Administrator to enable it to
perform its obligations under this subsection.

 

(h)              
The Class R Certificateholders, by acceptance of the Class R Certificates, agree, on behalf of themselves and
all successor holders of such Class R Certificates, to the irrevocable designation of the Certificate Administrator as the
“partnership representative” of each Trust REMIC within the meaning of Section 6223 of the Code (to the extent
such provision is applicable to the Trust REMICs). The Certificate Administrator shall make any elections allowed under the Code
(i) to avoid the application of Section 6221 of the Code (or successor provision) to any Trust REMIC and (ii) to
avoid payment by any Trust REMIC under Section 6225 of the Code of any tax, penalty, interest or other amount imposed under
the Code that would otherwise be imposed on any holder of any residual interest of any Trust REMIC, past or present. Each Holder
of a Percentage Interest in the Class R Certificates, by acceptance thereof, is deemed to agree to any such elections.

 

(i)                
The Trustee, the Certificate Administrator, the Holders of the Class R Certificates, the Servicer and the Special Servicer
shall perform their obligations under this Agreement and the REMIC Provisions in a manner consistent with the status of each of
the Lower-Tier REMIC and the Upper-Tier REMIC as a REMIC.

 

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(j)                
The Trustee, the Certificate Administrator, any Holder of the Class R Certificates, the Servicer and the Special Servicer
shall not take any action or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to take any action, within their respective
control and the scope of their specific respective duties under this Agreement that, under the REMIC Provisions, could reasonably
be expected to (i) endanger the status of either the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC or (ii) unless
permitted under Section  12.2(a), result in the imposition of a tax upon either the Lower-Tier REMIC or the Upper-Tier
REMIC (including but not limited to the tax on prohibited transactions as defined in Code Section 860F(a)(2) and the tax on
prohibited contributions as defined in Code Section 860G(d)) (any such result in clause (i) or (ii),
an “Adverse REMIC Event”) unless (A) the Trustee, the Certificate Administrator and the Servicer have received
a Nondisqualification Opinion (at the expense of the party seeking to take such action or of the Trust if taken for the benefit
of the Certificateholders) with respect to such action or (B) the Trustee, the Certificate Administrator and the Servicer
have received an opinion (at the expense of the party seeking to take such action or of the Trust if taken for the benefit of the
Certificateholders) to the effect that such action shall not cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail
to qualify as a REMIC and that no tax shall actually be imposed.

 

(k)              
Any and all federal, state and local taxes imposed on the Upper-Tier REMIC or the Lower-Tier REMIC or its assets or transactions,
including, without limitation, “prohibited transaction” taxes as defined in Section 860F of the Code, and any
tax on contributions imposed by Section 860G(d) of the Code, shall be paid from the Collection Account; provided that
the Servicer, upon two (2) days prior written notice, shall remit from the Collection Account to the Certificate Administrator
the amount of any such tax that the Certificate Administrator notifies the Servicer is due; provided, further, if
such taxes shall have been imposed on account of the negligence, bad faith, fraud or willful misconduct of any party hereto, or
in connection with the breach of any representation or warranty made by any party hereto in this Agreement, then such taxes shall
be paid by such party.

 

(l)                
The Certificate Administrator shall, for federal income tax purposes, maintain books and records with respect to the Lower-Tier
REMIC and the Upper-Tier REMIC on a calendar year and on an accrual basis. Notwithstanding anything to the contrary contained herein
or in the Mortgage Loan Documents (but subject to Section Error! Reference source not found.), all amounts collected
on the Mortgage Loan shall, for federal income tax purposes, be allocated first to interest due and payable on the Mortgage Loan
(including interest on overdue interest) other than Default Interest. The books and records shall be sufficient concerning the
nature and amount of the investments of the Lower-Tier REMIC and the Upper-Tier REMIC to show that such REMIC has complied with
the REMIC Provisions.

 

(m)            
None of the Certificate Administrator, the Trustee, the Servicer or the Special Servicer shall enter into any arrangement
by which either the Lower-Tier REMIC or the Upper-Tier REMIC shall receive a fee or other compensation for services.

 

(n)              
In order to enable the Certificate Administrator to perform its duties as set forth herein, the Depositor shall provide,
or cause to be provided, to the Certificate Administrator within ten (10) days after the Closing Date, all information or data
that the Certificate Administrator reasonably determines to be relevant for tax purposes on the valuations and offering

 

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prices
of the Certificates, including, without limitation, the yield, issue prices, pricing prepayment assumption and projected cash flows
of the Certificates and the projected cash flows on the Mortgage Loan. Thereafter, the Depositor, the Trustee, the Servicer and
the Special Servicer shall provide to the Certificate Administrator, promptly upon request therefor, any such additional information
or data that the Certificate Administrator may, from time to time, reasonably request in order to enable the Certificate Administrator
to perform its duties as set forth herein. The Certificate Administrator is hereby directed to use any and all such information
or data provided by the Trustee, the Depositor, the Servicer and the Special Servicer in the preparation of all federal, state
or local income, franchise or other tax and information returns and reports for each of the Lower-Tier REMIC and the Upper-Tier
REMIC to Certificateholders as required herein. The Depositor hereby indemnifies the Certificate Administrator for any and all
claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments or other costs and
expenses of the Certificate Administrator arising from any errors or miscalculations of the Certificate Administrator pursuant
to this Section 12.1 that result from any failure of the Depositor to provide or to cause to be provided, accurate
information or data to the Certificate Administrator (but not resulting from the methodology employed by the Certificate Administrator)
on a timely basis and such indemnifications shall survive the termination of this Agreement and the termination of the Certificate
Administrator.

 

The Certificate Administrator
agrees that all such information or data so obtained by it shall be regarded as confidential information and agrees that it shall
use its best reasonable efforts to retain in confidence, and shall ensure that its officers, employees and representatives retain
in confidence, and shall not disclose, without the prior written consent of the Depositor, any or all of such information or data,
or make any use whatsoever (other than for the purposes contemplated by this Agreement) of any such information or data without
the prior written consent of the Depositor, unless such information is generally available to the public (other than as a result
of a breach of this Section) or is required by law or applicable regulations to be disclosed.

 

12.2         
Foreclosed Property. (a) The parties hereto acknowledge
and understand that if the Trust were to acquire the Property as Foreclosed Property and were to own and operate the Property in
a manner consistent with the manner in which the Property is currently owned and operated by the Borrower Related Parties, through
a Successor Manager, some portion or all of the income derived in the Lower-Tier REMIC from such Foreclosed Property may be considered
“net income from foreclosure property” for purposes of Section 860G(c) of the Code and subject to tax at
normal corporate income tax rates.

 

In determining whether
to acquire and hold any Foreclosed Property, the Special Servicer, acting on behalf of the Trustee hereunder, shall take these
circumstances into account and shall only acquire or hold such Foreclosed Property if it determines, in its reasonable judgment
(after, consultation with counsel, at the expense of the Trust), that either (i) there is a commercially feasible alternative
method of administering such Foreclosed Property that would not result in such tax, e.g., a net lease that results in Rents from
Real Property or (ii) the likely recovery with respect to operating the Foreclosed Property on behalf of the Trust, after
taking into account any such taxes that might be imposed on either the Lower-Tier REMIC or the Upper-Tier REMIC, shall exceed the
likely recovery to the Trust if the Trust were to net lease the Foreclosed Property or were not to acquire and hold the Foreclosed
Property. If the Trust acquires any Foreclosed Property, the Special Servicer, acting on behalf of the Trustee, if a Property Manager
would not

 

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be considered an Independent Contractor, shall either renegotiate the applicable Management Agreement or replace such
Property Manager with a Successor Manager (as appropriate and to the extent permitted under such Management Agreement) so that
the Foreclosed Property would be considered to be operated by an Independent Contractor. If, after making the foregoing reasonable
efforts, the Special Servicer determines that it is in the best interests of the Certificateholders on a net after tax basis to
operate the Foreclosed Property in a manner such that the Lower-Tier REMIC or Upper-Tier REMIC shall receive, based upon an Opinion
of Counsel, “net income from foreclosure property” under the REMIC Provisions, the Special Servicer shall maintain
or cause to be maintained such records of income and expense as to enable such amounts to be computed accurately, and shall pay
or retain or cause to be paid or retained from Foreclosure Proceeds such amounts as are necessary to pay such tax or, to the extent
such amounts are insufficient, from the Collection Account pursuant to Section 3.4(c)(ix).

 

Without limiting the
generality of the foregoing, the Special Servicer shall not, to the extent within its power:

 

(i)               
permit the Trust to enter into, renew or extend any new lease with respect to any Foreclosed Property, if the new lease
by its terms shall 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 shall constitute Rents from Real
Property;

 

(iii)              authorize or permit any construction any Foreclosed Property, other than the completion of a building or other improvement
thereon, and then only if more than ten percent of the construction of such building or other improvements was completed before
default on the Mortgage Loan became imminent, all within the meaning of Section 856(e)(4)(B) of the Code; or

 

(iv)              Directly Operate, other than through an Independent Contractor, or allow any other Person to Directly Operate, other than
through a Property Manager or an Independent Contractor, any Foreclosed Property on any date more than 90 days after its acquisition
date.

 

(b)              
The Special Servicer, acting on behalf of the Trust hereunder, shall make reasonable efforts to sell any Foreclosed Property
for its fair market value in accordance with Section 3.16. In any event, however, the Special Servicer, acting on behalf
of the Trustee hereunder, shall dispose of any Foreclosed Property as soon as is practicable but in no event later than the close
of the third calendar year following the year in which the Acquisition Date occurs unless (1) the Special Servicer, on behalf
of the Trustee, has received (or has not been denied) an extension of time (an “Extension”) by the IRS to sell
such Foreclosed Property or (2) the Trustee, the Certificate Administrator and the Servicer have received an opinion of independent
counsel to the effect that the holding by the Trust of such Foreclosed Property for an additional specified period shall neither
result in the imposition of taxes on “prohibited transactions” of the Trust as defined in Section 860F of the
Code, nor cause the Upper-Tier REMIC or the Lower-Tier REMIC to fail to qualify as a REMIC at any time that the Certificates are
outstanding, in which event such period shall be extended by such additional specified period, with the expenses of obtaining any

 

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such extension of time being an expense of the Trust. If the Special Servicer, on behalf of the Trust, has received (or has not
been denied) such Extension, then the Special Servicer, acting on behalf of the Trust hereunder, shall continue to attempt to sell
such Foreclosed Property for its fair market value for such longer period as such Extension permits (the “Extended Period”).
If the Special Servicer, acting on behalf of the Trustee, has not received such an Extension and the Special Servicer, acting on
behalf of the Trustee hereunder, is unable to sell such Foreclosed Property, within the foregoing period or if the Special Servicer,
acting on behalf of the Trustee hereunder, has received such an Extension, and the Special Servicer, acting on behalf of the Trustee
hereunder, is unable to sell such Foreclosed Property within the Extended Period, the Special Servicer shall, before the end of
the above referenced period or the Extended Period, as the case may be, auction such Foreclosed Property to the highest offeror
(which may be the Special Servicer) in accordance with Accepted Servicing Practices.

 

(c)               
Within 30 days of the sale of a Foreclosed Property, the Special Servicer shall provide to each of the Certificate
Administrator and the Trustee a statement of accounting for such Foreclosed Property, including, without limitation, (i) the
date the Property was acquired in foreclosure or by deed in lieu of foreclosure, (ii) the date of disposition of such Foreclosed
Property, (iii) the gross sale price and related selling and other expenses, (iv) accrued interest calculated from the
date of acquisition to the disposition date, and (v) such other information as the Certificate Administrator and/or Trustee
may reasonably request.

 

12.3         
Prohibited Transactions and Activities. The Special Servicer,
on behalf of the Trust, shall not permit the sale or disposition of the Mortgage Loan unless the Mortgage Loan is the subject of
a Material Breach or Material Document Defect or is in default or default with respect thereto is reasonably foreseeable
(except in a disposition pursuant to (i) the bankruptcy or insolvency of the Lower-Tier REMIC or (ii) the termination
of the Lower-Tier REMIC in a “qualified liquidation” as defined in Section 860F(a)(4) of the Code), nor acquire
any assets for either the Lower-Tier REMIC or the Upper-Tier REMIC (other than Foreclosed Property), nor sell or dispose of any
investments in the Collection Account or Distribution Account for gain, nor receive any amount representing a fee or other compensation
for services, nor accept any contributions to either the Lower-Tier REMIC or the Upper-Tier REMIC (other than a cash contribution
during the three (3) month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at the expense of
the Person requesting it to take such action) to the effect that such disposition, acquisition, substitution or acceptance shall
not (a) affect adversely the status of either the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC, or of the Certificates
as representing regular interests therein, (b) affect the distribution of interest or principal on the Certificates, (c) result
in the encumbrance of the assets transferred or assigned to either the Lower-Tier REMIC or the Upper-Tier REMIC (except pursuant
to the provisions of this Agreement), or (d) cause either the Lower-Tier REMIC or the Upper-Tier REMIC to be subject to a
tax on “prohibited transactions” or “prohibited contributions” pursuant to the REMIC Provisions.

 

12.4         
Indemnification with Respect to Certain Taxes and Loss of REMIC Status.
(a) If either the Lower-Tier REMIC or the Upper-Tier REMIC fails to qualify as a REMIC, loses its status as a REMIC, or incurs
state or local taxes, or a tax as a result of a prohibited transaction or contribution subject to taxation under the REMIC Provisions
due to the negligence, bad faith or willful misconduct by the Certificate Administrator of its duties and obligations specifically
set forth herein, or by reason of the Certificate Administrator’s negligent disregard of its obligations

 

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and duties thereunder,
the Certificate Administrator shall indemnify the Trust against any and all claims, losses, damages, penalties, fines, forfeitures,
legal fees and expenses and related costs, judgments or other costs and expenses (“Losses”) resulting therefrom;
provided, however, the Certificate Administrator shall not be liable for any such Losses attributable to the action
or inaction of the Depositor, the Servicer, the Special Servicer, the Trustee or the Holders of the Class R Certificates nor
for any such Losses resulting from misinformation provided by the Holders of the Class R Certificates, the Servicer, the Special
Servicer, the Trustee, or the Depositor, on which the Certificate Administrator has relied. The foregoing shall not be deemed to
limit or restrict the rights and remedies of successor Holders of the Class R Certificates at law or in equity.

 

(b)              
If either the Lower-Tier REMIC or the Upper-Tier REMIC fails to qualify as a REMIC, loses its status as a REMIC, or incurs
state or local taxes, or a tax as a result of a prohibited transaction or contribution subject to taxation under the REMIC Provisions
due to the negligence, bad faith or willful misconduct of the Servicer or the Special Servicer in the performance of its duties
and obligations set forth herein, or by reason of the Servicer’s or Special Servicer’s negligent disregard of its obligations
and duties thereunder, the Servicer or the Special Servicer, as the case may be, shall indemnify the Trust against any and all
Losses resulting therefrom; provided, however, the Servicer or the Special Servicer, as the case may be, shall not
be liable for any such losses attributable to the action or inaction of the Certificate Administrator, the Depositor, the Holders
of the Class R Certificates nor for any such losses resulting from misinformation provided by the Certificate Administrator,
the Depositor or the Holders of the Class R Certificates on which the Servicer or the Special Servicer, as the case may be,
has relied. The foregoing shall not be deemed to limit or restrict the rights and remedies of any successor Holders of the Class R
Certificates at law or in equity.

 

13.         EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE

 

13.1         
Intent of the Parties; Reasonableness. The parties hereto
acknowledge and agree that the purpose of Article 13 of this Agreement is, among other things, to facilitate compliance by
any Other Depositor with the provisions of Regulation AB and the related rules and regulations of the Commission. Except as expressly
required by Sections 13.7, 13.8 and 13.9, the Depositor shall not, and no Other Depositor may, exercise its rights to request delivery
of information or other performance under these provisions other than in good faith, or for purposes other than compliance with
the Act, the Exchange Act and the Sarbanes-Oxley Act. The parties hereto acknowledge that interpretations of the requirements
of Regulation AB may change over time due to interpretive guidance provided by the Commission or its staff, and agree to comply
with reasonable requests made by the Depositor, or any Other Depositor, in good faith for delivery of information under these provisions
on the basis of such evolving interpretations of Regulation AB. In connection with the Citigroup Commercial Mortgage Trust, Commercial
Mortgage Pass-Through Certificates, Series 2020-420K, 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

 

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applicable, to permit any Other Depositor to comply with the provisions of Regulation
AB, together with such disclosures relating to the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator,
the Custodian and the Trustee, as applicable, and any Sub-Servicer, or the servicing of the Mortgage Loan, reasonably believed
by the Depositor or any Other Depositor, as applicable, to be necessary in order to effect such compliance.

 

13.2         
Succession; Sub-Servicers; Subcontractors. (a)  For
so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act (in addition to any requirements
contained in Section 13.7 of this Agreement), in connection with the succession to the Servicer, the Special Servicer or any Sub-Servicer
as servicer or sub-servicer (to the extent such Sub-Servicer is a “servicer” as contemplated by Item 1108(a)(2) of
Regulation AB) under this Agreement by any Person (i) into which the Servicer, Special Servicer or such Sub-Servicer
may be merged or consolidated, or (ii) which may be appointed as a successor to the Servicer, the Special Servicer or any
such Sub-Servicer, the Servicer or Special Servicer, as applicable (depending on whether such succession involves it or one of
its Sub-Servicers), shall provide (other than in the case of a succession pursuant to an appointment under Section 7.1 or
7.2, in which case the successor servicer or successor special servicer, as applicable, shall provide) to any Other Depositor as
to which the applicable Companion Loan is affected, at least five (5) Business Days prior to the effective date of such succession
or appointment as long as such disclosure prior to such effective date would not be violative of any applicable law or confidentiality
agreement (and as long as such notice is not given by a successor servicer or successor special servicer appointed under Section 7.1
or 7.2), and otherwise no later than one (1) Business Day after such effective date of succession, (x) written notice to the
Depositor and each such Other Depositor of such succession or appointment and (y) in writing and in form and substance reasonably
satisfactory to each such Other Depositor, all information relating to such successor servicer reasonably requested by any such
Other Depositor in order to comply with its reporting obligation under Item 6.02 of Form 8-K pursuant to the Exchange Act (if such
reports under the Exchange Act are required to be filed under the Exchange Act). The Certificate Administrator (or the Trustee,
if applicable) shall provide similar notice to the Depositor and each such Other Depositor in connection with any resignation or
termination of the Servicer, the Special Servicer, any Sub-Servicer or the Certificate Administrator. In addition, with respect
to each Companion Loan, the Certificate Administrator shall comply with the Trust’s obligations under the Co-Lender Agreement
(including with respect to the provision of any required notices) in connection with any resignation, termination, replacement
or appointment of the Servicer, the Special Servicer, any Sub-Servicer or the Certificate Administrator or any successor thereto.

 

(b)              
For so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, if the Servicer,
the Special Servicer, any Sub-Servicer, the Custodian, the Trustee and the Certificate Administrator (each of the Servicer, the
Special Servicer, the Custodian, the Trustee and the Certificate Administrator and each Sub-Servicer, for purposes of this Section
13.2(b) and Sections 13.2(c), 13.2(d) and 13.16, 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 the Depositor, as well as any Other Depositor as to which the applicable Companion Loan is affected, a written
description (in form and substance satisfactory to each such Other Depositor) of the role and function of each Subcontractor that
is a Servicing Function Participant utilized by such Servicing Party during the preceding calendar year, specifying (i) the
identity of such Subcontractor, and (ii) which elements

 

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of the Servicing Criteria will be addressed in assessments of compliance
provided by each such Subcontractor. Each Servicing Party shall cause any Subcontractor utilized by such Servicing Party that is
determined to be a Servicing Function Participant to comply with the provisions of Section 13.8 and Section 13.9
of this Agreement to the same extent as if such Subcontractor were such Servicing Party. Such Servicing Party shall obtain from
each such Subcontractor (or, in the case of each Sub-Servicer set forth on Exhibit N, shall use commercially reasonable
efforts to obtain from such Sub-Servicer) and deliver to the applicable Persons any assessment of compliance report and related
accountant’s attestation required to be delivered by such Subcontractor under Section 13.8 and Section 13.9
of this Agreement, in each case, as and when required to be delivered.

 

(c)               
For so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, notwithstanding
the foregoing, if a Servicing Party engages a Subcontractor in connection with the performance of any of its duties under this
Agreement, such Servicing Party shall be responsible for determining whether such Subcontractor is a “servicer” within
the meaning of Item 1101 of Regulation AB and whether such Subcontractor meets the criteria in Item 1108(a)(2)(i), (ii) or
(iii) of Regulation AB. If a Servicing Party determines, pursuant to the preceding sentence, that such Subcontractor is a “servicer”
within the meaning of Item 1101 of Regulation AB and meets the criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regulation
AB, the engagement of such Subcontractor shall not be effective unless and until notice is given to the Depositor and the Certificate
Administrator, as well as any Other Depositor as to which the applicable Companion Loan is affected, of any such Subcontractor
and sub-servicing agreement and, if such Subcontractor is engaged by the Servicer or the Special Servicer, such Subcontractor shall
be deemed to be a Sub-Servicer for purposes of this Agreement. Written notice of the engagement of such Subcontractor and the related
Sub-Servicing Agreement (other than such agreements set forth on Exhibit U hereto) (with respect to the Servicer or the
Special Servicer) or sub-servicing agreement (with respect to any other Servicing Party) shall be delivered to the Depositor, the
Certificate Administrator and each such Other Depositor at least five (5) Business Days prior to the effective date of such engagement.
Such notice shall contain all information reasonably necessary, and in such form as may be necessary, to enable each Other Exchange
Act Reporting Party as to which the applicable Companion Loan is affected, to accurately and timely report the event under Item
6.02 of Form 8-K pursuant to the related Other Pooling and Servicing Agreement or otherwise (if such reports under the Exchange
Act are required to be filed under the Exchange Act).

 

(d)              
For so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, in connection
with the succession to the Trustee or Certificate Administrator under this Agreement by any Person (i) into which the Trustee
or Certificate Administrator may be merged or consolidated, or (ii) which may be appointed as a successor to the Trustee or
Certificate Administrator, the Trustee or Certificate Administrator, as applicable, shall notify the Depositor and each Other Depositor,
at least ten 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 13.6 of this
Agreement) and shall furnish pursuant to Section 13.6 of this Agreement to each Other Depositor in writing and in form and
substance reasonably satisfactory to the Depositor and each Other Depositor, all information reasonably necessary for each Other
Exchange Act Reporting Party to accurately and timely report the event under Item 6.02 of Form 8-K pursuant

 

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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).

 

13.3         
Other Securitization Trust’s Filing Obligations. For
so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee shall (and shall cause (or,
in the case of each Loan Seller Sub-Servicer, 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.

 

13.4         
Form 10-D Disclosure. For so long as any Other Securitization
Trust is subject to the reporting requirements of the Exchange Act, within one Business Day after the related Distribution Date
(using commercially reasonable efforts), but in no event later than noon (New York City time) on the third Business Day
after the related Distribution Date, (i) the parties as set forth on Exhibit V to this Agreement, shall be required
to provide to each Other Exchange Act Reporting Party and each Other Depositor to which the particular Additional Form 10-D Disclosure
is relevant for Exchange Act reporting purposes, to the extent a Servicing Officer or Responsible Officer thereof has knowledge
thereof (other than information required by Item 1117 of Regulation AB as to such party which shall be reported if actually
known by any Servicing Officer or Responsible Officer, as the case may be, or any lawyer in the in-house legal department of such
party), in EDGAR-compatible format (to the extent available to such party in such format), or in such other format as otherwise
agreed upon by each such Other Exchange Act Reporting Party, each such Other Depositor and such parties, the form and substance
of the Additional Form 10-D Disclosure, if applicable, and (ii) the parties listed on Exhibit V to this Agreement
shall include with such Additional Form 10-D Disclosure applicable to such party and shall cause each Sub-Servicer (or, in
the case of each Sub-Servicer set forth on Exhibit U, 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 X to this Agreement. The Certificate Administrator has no duty
under this Agreement to monitor or enforce the performance by the parties listed on Exhibit V to this Agreement of
their duties under this paragraph or proactively solicit or procure from such parties any Additional Form 10-D Disclosure information.

 

13.5         
Form 10-K Disclosure. For so long as any Other Securitization
Trust is subject to the reporting requirements of the Exchange Act, no later than March 1, commencing in March 2021, (i) the
parties listed on Exhibit W to this Agreement shall be required to provide (and (i) with respect to any Servicing Function
Participant of such party that is a Loan Seller Sub-Servicer, 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 the Depositor, 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

 

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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 W to this Agreement applicable to such party, and (ii) the parties listed
on Exhibit W 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 U, 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 X 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-K Disclosure information.

 

13.6         
Form 8-K Disclosure. For so long as any Other Securitization
Trust is subject to the reporting requirements of the Exchange Act, to the extent a Servicing Officer or Responsible Officer thereof
has actual knowledge of such event (other than Item 1117 of Regulation AB as to such party which shall be reported
if actually known by any Servicing Officer or Responsible Officer, as the case may be, or any lawyer in the in-house legal department
of such party), within one Business Day after the occurrence of an event requiring disclosure on Form 8-K (each such event, a “Reportable
Event”) (using commercially reasonable efforts), but in no event later than 1:00 p.m. (New York City time) on the second
(2nd) Business Day after the occurrence of a Reportable Event, (i) the parties set forth on Exhibit Y to this Agreement
shall be required to provide (and (i) with respect to any Servicing Function Participant of such party that is a Loan Seller
Sub-Servicer, shall use commercially reasonable efforts to cause such Servicing Function Participant to provide, and (ii) with
respect to any other Servicing Function Participant of such party (other than any party to this Agreement), shall cause such Servicing
Function Participant to provide) to each Other Depositor and each Other Exchange Act Reporting Party to which the particular Form
8-K Disclosure Information is relevant for Exchange Act reporting purposes, in EDGAR-compatible format (to the extent available
to such party in such format) or in such other format as otherwise agreed upon by each such Other Depositor, each such Other Exchange
Act Reporting Party and such providing parties, any Form 8-K Disclosure Information described on Exhibit Y to this Agreement
as applicable to such party, if applicable, and (ii) the parties listed on Exhibit Y to this Agreement shall include
with such Form 8-K Disclosure Information applicable to such party and shall cause each Sub-Servicer (or, in the case of each Sub-Servicer
set forth on Exhibit U, 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 X. 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.

 

In the case of a Form
8-K that is filed by or on behalf any Other Securitization Trust as a result of the termination, removal, resignation or any other
replacement of the Servicer, the Special Servicer, the Trustee, the Certificate Administrator or any Sub-Servicer or Subcontractor
of any of the foregoing parties (to the extent such Sub-Servicer or Subcontractor is a “servicer” as contemplated by
Item 1108(a)(2) of Regulation AB) under this Agreement, the proposed successor

 

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Servicer, Special Servicer,
Trustee, Certificate Administrator, Sub-Servicer or Subcontractor, as applicable, shall, as a condition to such succession and
at the reasonable expense of the same party or parties required to pay the costs and expenses relating to such termination, removal,
resignation or other replacement pursuant to this Agreement, provide to the Other Depositor and Other Exchange Act Reporting Party
of such Other Securitization Trust on or before the date of such proposed succession the following: (i) any information (including,
but not limited to, disclosure information) required for such Other Securitization Trust to comply in a timely manner with applicable
filing requirements under Items 1.01 and 6.02 of Form 8-K and (ii) such opinion(s) of counsel, certifications and/or indemnification
agreement(s) with respect to such information that are substantially similar to those delivered by the initial Servicer, the initial
Special Servicer, the initial Trustee, the initial Certificate Administrator or the initial Sub-Servicer, as the case may be,
or their respective counsel, in connection with the information concerning such party in the Offering Circular and/or any other
disclosure materials relating to this Trust. 

 

13.7         
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 Mortgage 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 and the Trustee (if it has made, or is required to make, an Advance
during the applicable calendar year), 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 W with which it has entered into a servicing relationship
with respect to the Mortgage Loan, shall use commercially reasonable efforts to cause such Servicing Function Participant to furnish,
and (ii) with respect to any other Servicing Function Participant of such party (other than any party to this Agreement),
shall cause such Servicing Function Participant to furnish) (each such Servicing Function Participant and each of the Servicer,
Special Servicer, the Custodian, the Certificate Administrator and the Trustee (if it has made, or is required to make, an Advance
during the applicable calendar year), a “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, pursuant to Section 8.14(b)), the Trustee, the Operating Advisor (only in the case of an Officer’s Certificate
furnished by the Special Servicer), the Depositor and the Companion Loan Holder(s) (or, in the case of a Companion Loan that is
part of an Other Securitization Trust, the applicable Other Depositor and Other Exchange Act Reporting Party), an Officer’s
Certificate stating, as to the signer thereof, that (A) a review of such Person’s activities during the preceding calendar
year or portion thereof and of such Person’s performance under this Agreement or the applicable sub-servicing agreement,
as applicable, has been made under such officer’s supervision and (B) to the best of such officer’s knowledge,
based on such review, such Person has fulfilled all its obligations under this Agreement or the applicable sub-servicing agreement,
as applicable, in all material respects throughout such year or portion thereof, or, if there has been a failure to fulfill any
such obligation in any material respect, specifying each such failure known to such officer and the nature and status thereof.
For so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, promptly after receipt
of each such Officer’s Certificate, the Depositor (and, in the case of a Companion Loan that is part of an Other Securitization
Trust, the applicable Other Depositor and Other Exchange Act Reporting Party) may review each such Officer’s Certificate
and, if

 

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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 such Certifying Servicer has entered into a servicing relationship
with respect to the Trust Loan or the Companion Loan(s) in the fulfillment of any Certifying Servicer’s obligations hereunder
or under the applicable sub-servicing or primary servicing agreement. The obligations of each Certifying Servicer under this Section
apply to each such Certifying Servicer that serviced the Trust Loan or a Companion Loan during the applicable period, whether or
not the Certifying Servicer is acting in such capacity at the time such Officer’s Certificate is required to be delivered.
Copies of all Officer’s Certificates delivered pursuant to this Section 13.7 shall be made available to any Privileged
Person by the Certificate Administrator by posting such Compliance Report to the Certificate Administrator’s Website pursuant
to Section 8.14(b).

 

13.8         
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 Mortgage Loan) and, for so long as any Other Securitization Trust is subject
to the reporting requirements of the Exchange Act, the Operating Advisor, the Custodian, the Certificate Administrator and the
Trustee (if it has made, or is required to make, an Advance during the applicable calendar year), 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 W with which it has entered into a servicing relationship with respect to the Mortgage Loan, shall use commercially
reasonable efforts to cause such Servicing Function Participant to furnish, and (ii) with respect to any other Servicing Function
Participant of such party (other than any party to this Agreement), shall cause such Servicing Function Participant to furnish)
(each of the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Custodian, any Servicing
Function Participant and, if it has made (or is required to make) an Advance during the applicable calendar year, the Trustee,
as the case may be, a “Reporting Servicer”) to the Certificate Administrator and the 17g-5 Information Provider
(who shall post it to the Certificate Administrator’s Website and the 17g-5 Information Provider’s Website, as applicable,
pursuant to Section 8.14(b)), the Trustee, the Operating Advisor (only in the case of a report furnished by the Special Servicer),
Depositor and the Companion Loan Holder(s) (or, in the case of a Companion Loan that is part of an Other Securitization Trust,
the applicable Other Depositor and Other Exchange Act Reporting Party), a report on an assessment of compliance with the Applicable
Servicing Criteria that complies in all material respects with the requirements of Item 1122 of Regulation AB and contains (A) a
statement by such Reporting Servicer of its responsibility for assessing compliance with the Applicable Servicing Criteria, (B) a
statement that such Reporting Servicer used the Servicing Criteria to assess compliance with the Applicable Servicing Criteria,
(C) such Reporting Servicer’s assessment of compliance with the Applicable Servicing Criteria as of the end of and for
the preceding calendar year, including, if there has been any material instance of noncompliance with the Applicable Servicing
Criteria, a discussion of each such failure and the nature and status thereof (including whether such instance of noncompliance
involved the servicing of the assets backing the Certificates issued pursuant to this Agreement and any steps taken to remedy such
instance of noncompliance) and (D) a statement that a registered public accounting firm that is a member of the American Institute
of Certified Public Accountants has issued an attestation report on such Reporting Servicer’s assessment of compliance with
the Applicable Servicing Criteria as of and for such period. Copies of all compliance reports delivered pursuant to this Section 13.8
shall be

 

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provided to any Certificateholder, upon the written request therefor, by the Certificate Administrator.

 

Each such report shall
be addressed to the Depositor and each Other Depositor (if addressed) and signed by an authorized officer of the applicable company,
and shall address each of the Applicable Servicing Criteria. For so long as any Other Securitization Trust is subject to the reporting
requirements of the Exchange Act, promptly after receipt of each such report, the Depositor and each Other Depositor may review
each such report and, if applicable, consult with each Reporting Servicer as to the nature of any material instance of noncompliance
with the Relevant Servicing Criteria.

 

(b)              
On the Closing Date, the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Custodian
and the Trustee each acknowledge and agree that Exhibit L to this Agreement sets forth the Relevant Servicing Criteria for
such party.

 

(c)               
No later than 30 days after the end of each fiscal year for the Trust, the Servicer, the Special Servicer and, for so long
as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the Operating Advisor, the Certificate
Administrator, the Custodian and, if it has made (or is required to make) an Advance during such fiscal year, the Trustee 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 Operating Advisor, the Certificate Administrator, the Custodian, the Trustee (if it has made, or is required
to make, an Advance during the applicable calendar year) and any Servicing Function Participant submit their assessments pursuant
to Section 13.8(a) of this Agreement, such parties, as applicable, will also at such time include the assessment (and related
attestation pursuant to Section 13.9) of each Servicing Function Participant engaged by it. The fiscal year for the Trust
shall be January 1 through and including December 31 of each calendar year.

 

(d)              
In the event the Servicer, the Special Servicer or, for so long as any Other Securitization Trust is subject to the reporting
requirements of the Exchange Act, the Operating Advisor, the Certificate Administrator, the Custodian or the Trustee (if it has
made, or is required to make, an Advance during the applicable period) 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 Loan Seller Sub-Servicer,
shall use commercially reasonable efforts to cause) any Servicing Function Participant engaged by it to provide (and the Servicer,
the Special Servicer, the Operating Advisor, Certificate Administrator, the Custodian and the Trustee shall, with respect to any
Servicing Function Participant that resigns or is terminated under any applicable servicing agreement, cause such Servicing Function
Participant to provide) an annual assessment of compliance pursuant to this Section 13.8, coupled with an attestation as
required in Section 13.9 in respect of the period of time that the Servicer, the Special Servicer or, for so long as any
Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the Operating Advisor, the Certificate
Administrator, the Custodian, or the Trustee (if it has made, or is required to make, an Advance during such period of time) was
subject to this Agreement or the

 

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period of time that the applicable Servicing Function Participant was subject to such other servicing
agreement.

 

13.9         
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 Operating Advisor, the Certificate Administrator,
the Custodian and the Trustee (if it has made, or is required to make, an Advance during the applicable calendar year), each at
its own expense, shall cause (and each such party, (i) with respect to each Servicing Function Participant that is a Loan
Seller Sub-Servicer, shall use commercially reasonable efforts to cause such Servicing Function Participant to cause, and (ii) with
respect to any other Servicing Function Participant of such party (other than any party to this Agreement), shall cause such Servicing
Function Participant to cause) a registered public accounting firm (which may also render other services to the Servicer, the Special
Servicer, the Operating Advisor, the Certificate Administrator, the Custodian, the Trustee, or the applicable Servicing Function
Participant, as the case may be) and that is a member of the American Institute of Certified Public Accountants to furnish a report
to the Certificate Administrator (who shall post it to the Certificate Administrator’s Website pursuant to Section 8.14(b)),
the Operating Advisor (only in the case of a report furnished on behalf of the Special Servicer), the Depositor, the Companion
Loan Holder(s) (or, in the case of a Companion Loan that is part of an Other Securitization Trust, the applicable Other Depositor
and Other Exchange Act Reporting Party) and the 17g-5 Information Provider (who shall post it to the 17g-5 Information Provider’s
Website pursuant to Section 8.14(b)), to the effect that (i) it has obtained a representation regarding certain matters from
the management of such Reporting Servicer, which includes an assessment from such Reporting Servicer of its compliance with the
Applicable Servicing Criteria and (ii) on the basis of an examination conducted by such firm in accordance with standards
for attestation engagements issued or adopted by the Public Company Accounting Oversight Board, it is expressing an opinion as
to whether such Reporting Servicer’s assessment of compliance with the Servicing Criteria was fairly stated in all material
respects, or it cannot express an overall opinion regarding such party’s assessment of compliance with the Applicable Servicing
Criteria. In the event that an overall opinion cannot be expressed, such registered public accounting firm shall state in such
report why it was unable to express such an opinion. Each accountant’s attestation report required hereunder shall be made
in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Act and the Exchange Act. Such report must be available
for general use and not contain restricted use language. Copies of all statements delivered pursuant to this Section 13.9 shall
be made available to any Privileged Person by the Certificate Administrator posting such statement on the Certificate Administrator’s
Website pursuant to Section 8.14(b).

 

For so long as any Other
Securitization Trust is subject to the reporting requirements of the Exchange Act, promptly after receipt of such report from the
Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Custodian, the Trustee (if it has made,
or is required to make, an Advance during the applicable calendar year) 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 Operating Advisor, the Certificate
Administrator, the Custodian or the Trustee (if it has made, or is required to make, an Advance during the applicable calendar
year) as to the nature of any defaults by the

 

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Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator,
the Custodian, the Trustee (if it has made, or is required to make, an Advance during the applicable calendar year) or any Servicing
Function Participant with which it has entered into a servicing relationship with respect to the Trust Loan or any Companion Loan,
as the case may be, in the fulfillment of any of the Servicer’s, the Special Servicer’s, the Operating Advisor’s,
the Certificate Administrator’s, the Custodian’s, the Trustee’s (if it has made, or is required to make, an Advance
during the applicable calendar year) or the applicable Servicing Function Participants’ obligations hereunder or under the
applicable sub-servicing agreement.

 

13.10     
Significant Obligor. With respect to any Companion Loan
that the applicable Other Depositor has notified the Servicer in writing that the Property constitutes a “significant obligor”
(within the meaning of Item 1101(k) of Regulation AB) (a “Significant Obligor”) with respect to an Other
Securitization Trust that includes such Companion Loan, to the extent that the Servicer is in receipt of the updated financial
statements of such Significant Obligor for any calendar quarter (other than the fourth calendar quarter of any calendar year),
beginning with the first calendar quarter following receipt of notice from the Other Depositor that such Significant Obligor with
respect to such Other Securitization Trust exists, or the updated financial statements of such Significant Obligor for any calendar
year, beginning for the calendar year following such notice from the Other Depositor, as applicable, the Servicer shall deliver
to the Other Depositor and the Other Exchange Act Reporting Party of such Other Securitization Trust, on or prior to the day that
occurs two (2) Business Days prior to the related Significant Obligor NOI Quarterly Filing Deadline or four (4) 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 fourteen (14) or more Business
Days prior to the related Significant Obligor NOI Yearly Filing Deadline, as applicable, such financial statements of such Significant
Obligor, together with the net operating income of such Significant Obligor for the applicable period as calculated by the Servicer
in accordance with CREFC® guidelines 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 fourteen (14) Business Days prior to the
related Significant Obligor NOI Yearly Filing Deadline, as applicable, such financial statements of such Significant Obligor, together
with the net operating income of such Significant Obligor for the applicable period as reported by the related Mortgagor 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 any Significant Obligor with respect to an Other Securitization Trust by the date on which such financial information
is required to be delivered under the related Mortgage Loan Documents, the Servicer (i) shall use efforts consistent with Accepted
Servicing Practice (taking into account, in addition, the ongoing reporting obligations of the related Other Depositor under the
Exchange Act) to obtain the periodic financial statements of the Borrower under the Mortgage Loan Documents, (ii) 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 (iii) if unsuccessful,
shall, no later than five (5) Business Days prior to the related Significant Obligor NOI Quarterly Filing Deadline or the related
Significant Obligor NOI Yearly Filing Deadline, as applicable, forward an Officer’s

 

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Certificate evidencing its attempts to
obtain this information to the Other Exchange Act Reporting Party and Other Depositor related to such Other Securitization Trust.

 

13.11     
Sarbanes-Oxley Backup Certification. For so long as any
Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the Certificate Administrator, the Servicer,
the Special Servicer, the Custodian, the Trustee and the Operating
Advisor shall provide (and with respect to any other Servicing Function Participant of such party, shall cause such Servicing
Function Participant to provide) to the Person who signs the Sarbanes-Oxley Certification with respect to such Other Securitization
Trust (the “Certifying Person”) no later than March 1 of the year following the year to which the Form 10-K
of such Other Securitization Trust relates or, if March 1 is not a Business Day, on the immediately following Business Day, a certification
in the form attached to this Agreement as Exhibit Z-1, Exhibit Z-2, Exhibit Z-3, Exhibit Z-4,
Exhibit Z-5, Exhibit Z-6 and Exhibit Z-7, as applicable, on which the Certifying Person, the entity for which
the Certifying Person acts as an officer, and such entity’s officers, directors and Affiliates (collectively with the Certifying
Person, “Certification Parties”) can reasonably rely. In the event any Reporting Servicer is terminated or resigns
pursuant to the terms of this Agreement, or any applicable sub-servicing agreement or primary servicing agreement, as the case
may be, such Reporting Servicer shall provide a certification to the Certifying Person pursuant to this Section 13.11 with respect
to the period of time it was subject to this Agreement or the applicable sub-servicing or primary servicing agreement, as the case
may be.

 

13.12     
Indemnification. Each of the Servicer, the Special Servicer,
the Operating Advisor, the Certificate Administrator, the Custodian and the Trustee (each an “Indemnifying Party”)
shall indemnify and hold harmless, the Depositor, each Other Depositor, any employee, director or officer of the Depositor or any
Other Depositor, and each other person, if any, who controls the Depositor or any Other Depositor within the meaning of either
Section 15 of the Securities Act or Section 20 of the Exchange Act from and against any claims, losses, damages, penalties, fines,
forfeitures, legal fees and expenses and related costs, judgments and other costs and expenses (including without limitation reasonable
attorney’s fees and expenses related to the enforcement of this indemnity and the costs of investigation, legal defense and
any amounts paid in settlement of any claim or litigation) incurred by such indemnified party arising out of: (i) the failure
of any Indemnifying Party to perform its obligations under this Article 13; (ii) the failure of any Servicing Function Participant
or Additional Servicer retained by it (other than a Loan Seller Sub-Servicer) to perform its obligations under this Article 13;
(iii) any untrue statement of a material fact contained in any information (x) regarding the Indemnifying Party or any Servicing
Function Participant, Additional Servicer or Subcontractor engaged by it (other than any Loan Seller Sub-Servicer), (y) prepared
by any such party described in clause (x) or any registered public accounting firm, attorney or other agent retained by such party
to prepare such information and (z) delivered by or on behalf of such Indemnifying Party in connection with the performance of
such Indemnifying Party’s obligations described in this Article 13, or the omission to state in any such information a material
fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided,
that such Indemnifying Party shall be entitled to participate at its own expense in any action arising out of the foregoing and
the Depositor shall consult with such Indemnifying Party with respect to any litigation or audit strategy, as applicable, in connection
with the foregoing and any potential settlement terms related thereto (provided that any such consultation shall be nonbinding);
(iv) negligence, bad faith or

 

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willful misconduct on the part of the Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, the Custodian or the Trustee, as applicable, in the performance of such obligations; or (v) any
Deficient Exchange Act Deliverable with respect to such Indemnifying Party.

 

In addition, each of
the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Custodian and the Trustee shall cooperate
(and (i) with respect to each Servicing Function Participant and Additional Servicer of such party that is a Loan Seller Sub-Servicer,
shall use commercially reasonable efforts to cause such Servicing Function Participant or Additional Servicer to cooperate, and
(ii) with respect to any other Servicing Function Participant or Additional Servicer of such party, shall cause such Servicing
Function Participant or Additional Servicer to cooperate) with the Depositor or any Other Depositor as necessary for the Depositor
or any 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 (x) information delivered by the Servicer, the Special
Servicer, the Certificate Administrator, the Operating Advisor, the Custodian, the Trustee, a Servicing Function Participant or
an Additional Servicer, as applicable (“Affected Reporting Party”), (y) information regarding such Affected
Reporting Party, and/or (z) information 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 any Other Depositor under the Reporting Requirements and which comments are received subsequent to the Depositor's or any Other
Depositor’s filing of such report, the Depositor or any 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 any Other Depositor’s response to
the Commission, unless such Affected Reporting Party elects, with the consent of the Depositor or any 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 (i) such Affected Reporting Party shall use reasonable
efforts to keep the Depositor or any Other Depositor informed of its progress with the Commission and copy the Depositor or any
Other Depositor on all correspondence with the Commission and provide the Depositor or any Other Depositor with the opportunity
to participate (at the Depositor’s or Other Depositor’s expense) in any telephone conferences and meetings with the
Commission and (ii) the Depositor or any Other Depositor shall cooperate with such Affected Reporting Party in order to authorize
such Affected Reporting Party and its representatives to respond to and negotiate directly with the Commission with respect to
any comments from the Commission relating to such Affected Reporting Party and to notify the Commission of such authorization.
The Depositor (or any Other

 

    267 

     

    

 

Depositor) and the applicable 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 any Other Depositor (including reasonable legal fees and
expenses of outside counsel to the Depositor or any 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 any Other Depositor’s expense as set forth above)
and any amendments to any reports filed with the Commission related to the foregoing shall be promptly paid by the applicable Affected
Reporting Party upon receipt of an itemized invoice from the Depositor or any Other Depositor, as the case may be. Each of the
Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Custodian 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 (or by inclusion of a reference to, and an obligation to comply with, this paragraph) in the
related sub-servicing or similar agreement.

 

The Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Trustee and the Certificate Administrator shall cause each Servicing Function
Participant of such party that is not a Loan Seller Sub-Servicer (and with respect to any Servicing Function Participant of such
party that is a Loan Seller Sub-Servicer, shall use commercially reasonable efforts to cause such Servicing Function Participant)
to indemnify and hold harmless each Certification Party, the Depositor, each Other Depositor, any employee, director or officer
of the Depositor or any Other Depositor, and each other person, if any, who controls the Depositor or any Other Depositor within
the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act 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
(including without limitation reasonable attorney’s fees and expenses related to the enforcement of this indemnity and the
costs of investigation, legal defense and any amounts paid in settlement of any claim or litigation) incurred by such indemnified
party arising out of (i) a breach of its obligations to provide any of the annual compliance statements or annual servicing
criteria compliance reports or attestation reports pursuant to the applicable sub-servicing or primary servicing agreement, (ii) negligence,
bad faith or willful misconduct on its part in the performance of such obligations, (iii) other than in the case of the Operating
Advisor, any failure by a Servicing Party (as defined in Section 13.2(b) to identify a Servicing Function Participant pursuant
to Section 13.8(c), or (iv) any Deficient Exchange Act Deliverable with respect to such Servicing Function Participant.

 

If the indemnification
provided for in, or contemplated by, any of the preceding paragraphs of this Section 10.12 is unavailable or insufficient
to hold harmless the Depositor, any Other Depositor, any employee, director or officer of the Depositor or any Other Depositor,
or any other person who controls the Depositor or any Other Depositor within the meaning of either Section 15 of the Securities
Act or Section 20 of the Exchange Act, then the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator,
the Trustee, the Additional Servicer or other Servicing Function Participant (the “Performing Party”) shall
contribute to the amount paid or payable to the indemnified party as a result of the losses, claims, damages or liabilities of
the indemnified party in such proportion as is appropriate to reflect the relative fault of the indemnified party on the one hand
and the Performing Party on the other in connection with a breach of the Performing Party’s obligations pursuant to this
Article 13 (or breach of its obligations under the applicable sub-servicing or primary servicing agreement to provide any
of the annual

 

    268 

     

    

 

compliance statements or annual servicing criteria compliance reports or attestation reports) or the Performing Party’s
negligence, bad faith or willful misconduct in connection therewith. The Servicer, the Special Servicer, the Operating Advisor,
the Trustee and the Certificate Administrator shall cause each Servicing Function Participant of such party that is not a Loan
Seller Sub-Servicer (and with respect to any Servicing Function Participant of such party that is a Loan Seller Sub-Servicer, shall
use commercially reasonable efforts to cause such Servicing Function Participant) to agree to the foregoing indemnification and
contribution obligations. This Section 13.12 shall survive the termination of this Agreement or the earlier resignation or removal
of the Servicer, the Special Servicer, the Operating Advisor, the Trustee or the Certificate Administrator.

 

13.13     
Amendments. This Article 13 may be amended by the parties hereto pursuant to Section 10.1 of this Agreement
for purposes of complying with Regulation AB, the Act or the Exchange Act and/or to conform to standards developed within the commercial
mortgage-backed securities market and the Sarbanes-Oxley Act without any Opinions of Counsel, Officer’s Certificates, Rating
Agency Confirmations or the consent of any Certificateholder, notwithstanding anything to the contrary contained in this Agreement.

 

13.14     
Termination of the Certificate Administrator. Notwithstanding anything to the contrary contained in this Agreement,
the Depositor or any Other Depositor may terminate the Certificate Administrator upon five (5) Business Days’ notice if the
Certificate Administrator fails to comply with any of its obligations under this Article 13 provided that such termination shall
not be effective until a successor Certificate Administrator shall have accepted the appointment.

 

13.15     
[Reserved].

 

13.16     
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 Special Servicer, the Custodian, the Certificate Administrator and
the Trustee, as applicable, shall (i) cause each Sub-Servicing Agreement (with respect to the Servicer or the Special Servicer)
or sub-servicing agreement (with respect to any other Servicer) to which it is a party to entitle the 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 or sub-servicer, as applicable, to deliver any Exchange Act reporting items that such Sub-Servicer or sub-servicer,
as applicable, is required to deliver under Regulation AB or as otherwise contemplated by this Article 13 and (ii) promptly
notify the Depositor following any failure of the applicable Sub-Servicer or sub-servicer, as applicable, to deliver any Exchange
Act reporting items that such Sub-Servicer or sub-servicer, as applicable, is required to deliver under Regulation AB or as otherwise
contemplated by this Article 13. The Depositor is hereby authorized to exercise the rights described in clause (i) of the
preceding sentence in its sole discretion. The rights of the Depositor to terminate a Sub-Servicing Agreement (with respect to
the Servicer or the Special Servicer) or sub-servicing agreement (with respect to any other Servicer) as aforesaid shall not limit
any right Servicer, the Special Servicer, the Custodian, the Certificate Administrator or the Trustee, as applicable, may have
to terminate such Sub-Servicing Agreement or sub-servicing agreement, as applicable.

 

13.17     
Notification Requirements and Deliveries in
Connection With Securitization of a Companion Loan.  (a) Any other provision of this Article 13 to the
contrary

 

    269 

     

    

 

notwithstanding, including, without limitation, any deadlines for delivery set forth in this Article 13, in connection
with the requirements contained in this Article 13 that provide for the delivery of information and other items to, and
the cooperation with, the Other Depositor and Other Exchange Act Reporting Party of any Other Securitization Trust that includes
a Companion Loan, no party hereunder shall be obligated to provide any such items to or cooperate with such Other Depositor or
Other Exchange Act Reporting Party until the Other Depositor or Other Exchange Act Reporting Party of such Other Securitization
Trust has provided each party hereto with not less than 30 days written notice (or, in each case, such shorter period as required
for such Other Depositor or Other Exchange Act Reporting Party to comply with related filing obligations, provided that (i) such
Other Depositor or Other Exchange Act Reporting Party, as applicable, has provided written notice as soon as reasonably practicable
and, concurrently with such written notice, obtained verbal confirmation of receipt of such written notice, in each case, in accordance
with Section 11.04 of this Agreement and (ii) such period shall not be less than 3 Business Days) (which shall only be required
to be delivered once), (i) setting forth the contact information for such Person(s) and, except as regards the deliveries
and cooperation contemplated by Section 13.7, Section 13.8 and Section 13.9 of this Agreement, stating that
such Other Securitization Trust is subject to the 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; provided further, that this notice requirement does not apply to any
Companion Loan that is included in any Other Securitization Trust as of the Closing Date. Any reasonable cost and expense of the
Servicer, Special Servicer, Operating Advisor, Custodian, Trustee and Certificate Administrator in cooperating with such Other
Depositor or Other Exchange Act Reporting Party of such Other Securitization Trust (above and beyond their expressed duties hereunder)
shall be the responsibility of such Other Depositor or Other Securitization Trust. The parties hereto shall have the right to confirm
in good faith with the Other Depositor of such Other Securitization Trust as to whether applicable law requires the delivery of
the items identified in this Article 13 to such Other Depositor and Other Exchange Act Reporting Party of such Other Securitization
Trust prior to providing any of the reports or other information required to be delivered under this Article 13 in connection
therewith and (i) upon such confirmation, the parties shall comply with the deadlines for delivery set forth in this Article
13 with respect to such Other Securitization Trust or (ii) in the absence of such confirmation, the parties shall not be required
to deliver such items; provided that no such confirmation will be required in connection with any delivery of the items
contemplated by Section 13.7, Section 13.8 and Section 13.9 of this Agreement. Such confirmation shall be
deemed given if the Other Depositor or Other Exchange Act Reporting Party for the Other Securitization Trust provides a written
statement to the effect that the Other Securitization Trust is subject to the reporting requirements of the Exchange Act and the
appropriate party hereto receives such written statement. The parties hereunder shall also have the right to require that such
Other Depositor provide them with the contact details of such Other Depositor, Other Exchange Act Reporting Party and any other
parties to the Other Pooling and Servicing Agreement relating to such Other Securitization Trust.

 

(b)              
Each of the Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall, upon reasonable prior written
request given in accordance with the terms of Section 13.17(a) above, and subject to a right of the Servicer, Special Servicer,
the Certificate Administrator or Trustee, as the case may be, to review and approve such disclosure materials,

 

    270 

     

    

 

permit a holder
of a Companion Loan to use such party’s description contained in the Offering Circular (updated as appropriate by the Servicer,
the Special Servicer, Certificate Administrator or Trustee, as applicable, at the reasonable cost of the Other Depositor or the
holder of such Companion Loan) for inclusion in the disclosure materials relating to any securitization of a Companion Loan.

 

(c)               
The Servicer, the Special Servicer, the Certificate Administrator and the Trustee, upon reasonable prior written request
given in accordance with the terms of Section 13.17(a) above, shall each timely provide (to the extent the reasonable cost thereof
is paid or caused to be paid by the Other Depositor or the holder of the related Companion Loan) 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 to in Section 13.17(b) with respect
to such party, substantially identical to those, if any, delivered by the Servicer, the Special Servicer, the Trustee or the Certificate
Administrator, as the case may be, or their respective counsel, in connection with the information concerning such party in the
Offering Circular and/or any other disclosure materials relating to this Trust (updated as deemed appropriate by the Servicer,
the Special Servicer, the Trustee or the Certificate Administrator, or their respective legal counsel, as the case may be). None
of the Servicer, the Special Servicer, the Trustee or the Certificate Administrator shall be obligated to deliver any such item
with respect to the securitization of a Companion Loan if it did not deliver a corresponding item with respect to this Trust.

 

(d)              
Each of the Servicer, the Special Servicer, the Trustee and the Certificate Administrator, upon reasonable prior written
request given in accordance with the terms of Section 13.17(a) above, shall provide (to the extent the reasonable cost thereof
is paid or caused to be paid by the applicable party set forth below in this Section 13.17(d)) to the Other Depositor and
the trustee under the Other Pooling and Servicing Agreement related to any Other Securitization Trust the following: (i) any information
(including, but not limited to, disclosure information) required for such Other Securitization Trust to comply in a timely manner
with applicable filing requirements under Items 1.01 and 6.02 of Form 8-K and (ii) such opinion(s) of counsel, certifications and/or
indemnification agreement(s) with respect to such information that are substantially similar to those delivered by the Servicer,
the Special Servicer, the Trustee or the Certificate Administrator, as the case may be, or their respective counsel, in connection
with the information concerning such party in the Offering Circular and/or any other disclosure materials relating to this Trust.

 

(e)               
In the case of a Form 8-K that is filed by or on behalf of an Other Securitization Trust in connection with the closing
of this Series 2020-420K securitization transaction, the reasonable cost of the information, opinion(s) of counsel, certifications
and indemnification agreement(s) provided by or on behalf of the Servicer, the Special Servicer, the Custodian, the Certificate
Administrator or the Trustee, as the case may be, pursuant to this Section 13.17(e) shall be paid or caused to be paid by
the related Other Depositor or the applicable Companion Loan Holder that transferred the related Companion Loan to the related
Other Depositor for inclusion in such Other Securitization Trust.

 

In the case of a Form
8-K that is filed by or on behalf of an Other Securitization Trust as a result of the termination, removal, resignation or any
other replacement

 

    271 

     

    

 

of the Servicer, the Special
Servicer, the Trustee or the Certificate Administrator under this Agreement, the reasonable cost of the information, opinion(s)
of counsel, certifications and indemnification agreement(s) provided by or on behalf of the Servicer, the Special Servicer, the
Certificate Administrator or the Trustee, as the case may be, pursuant to this Section 13.17(e) shall be paid or caused
to be paid by the same party or parties required to pay the costs and expenses relating to such termination, removal, resignation
or other replacement pursuant to this Agreement. 

 

[SIGNATURE PAGE FOLLOWS]

 

    272 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused their names to be signed hereto by their respective officers thereunto duly authorized
as of the day and year first above written. 

 

	 	CITIGROUP COMMERCIAL MORTGAGE SECURITIES INC., as Depositor
	 	 	 
	 	By:  	/s/ Richard Simpson
	 	 	Name: Richard Simpson
	 	 	Title: President 
	 	 	 
	 	KEYBANK NATIONAL ASSOCIATION, as Servicer
	 	 	 
	 	By:	/s/
    Bryan Nitcher
	 	  	Name: Bryan Nitcher
	 	 	Title: Executive 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/
    Beverly D. Capers
	 	 	Name: Beverly D. Capers
	 	 	Title: Assistant Vice President
	 	 	 
	 	CITIBANK, N.A., as Certificate Administrator
	 	 	 
	 	By:	/s/
    James Polcari
	 	  	Name: James Polcari
	 	 	Title: Senior Trust Officer

 

CGCMT
2020-420K - Trust and Servicing Agreement

 

     

     

    

 

	 	 	 
	 	PENTALPHA SURVEILLANCE LLC, as Operating Advisor
	 	 	 
	 	By:  	/s/
    James Callahan
	 	   	Name: James Callahan
	 	 	Title:  Executive Director and Solely as an Authorized Signatory for Pentalpha Surveillance LLC

 

CGCMT
2020-420K - Trust and Servicing Agreement

 

     

     

    

 

EXHIBIT
A-1

 

FORM
OF CLASS A CERTIFICATES

 

CLASS A

 

[THIS
CERTIFICATE IS A TEMPORARY REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY
INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL
OWNERS OF THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON
UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]1

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]2

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS
CERTIFICATE DOES NOT REPRESENT ANY INTEREST IN OR OBLIGATION OF THE DEPOSITOR, ANY INITIAL PURCHASER, THE LOAN SELLER, THE ORIGINATOR,
THE SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE BORROWER,

 

 

 

1
       Temporary Regulation S Global Certificate
legend.

 

2
       Legend required as long as DTC is the Depository
under the Trust and Servicing Agreement.

 

3
       Global Certificate legend.

 

     Exhibit A-1-1

     

    

 

THE BORROWER
SPONSOR OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING TRUST LOAN IS INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY, PRIVATE INSURER OR BY ANY OTHER PERSON.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.
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 “QUALIFIED INSTITUTIONAL BUYER”), THAT IS PURCHASING FOR ITS OWN ACCOUNT OR IS PURCHASING FOR
THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTIONAL INVESTOR 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, OR (3) TO ANOTHER INSTITUTIONAL INVESTOR THAT IS, OR IN WHICH EACH OF THE EQUITY OWNER IS AN “ACCREDITED
INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED
INSTITUTIONAL BUYER, AND (B) IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE FEDERAL SECURITIES LAWS AND 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 SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”),
OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A) SUCH
PERSON IS AN INSTITUTIONAL “ACCREDITED

 

     Exhibit A-1-2

     

    

 

INVESTOR” AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND
EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE BY
SUCH PERSON WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE
CODE (OR A NON-EXEMPT VIOLATION OF SIMILAR LAW).

 

TRANSFERS
OF THIS CERTIFICATE OR ANY INTEREST HEREIN ARE SUBJECT TO SUCH RESTRICTIONS, AND TO THE DELIVERY BY THE TRANSFEROR AND/OR THE
TRANSFEREE OF SUCH OPINIONS, CERTIFICATIONS AND/OR OTHER EVIDENCE OF COMPLIANCE WITH APPLICABLE LAW, AS ARE SET FORTH IN THE TRUST
AND SERVICING AGREEMENT REFERRED TO 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.

 

     Exhibit A-1-3

     

    

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2020-420K

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2020-420K, CLASS A

 

	Pass-Through Rate:  2.45600%
    per annum	 
	 	 
	First Distribution
    Date:  December 11, 2020	 
	 	 
	Aggregate Initial Certificate
    Balance of the Class A Certificates:  $120,731,000	Rated Final Distribution
    Date:

    November 2042
	 	 
	CUSIP:  17328Q
    AA9

    ISIN:  US17328QAA941	Initial Certificate
    Balance of this

    Certificate:  $[_________]
	 	 
	CUSIP: U1747Q AA3

ISIN: USU1747QAA322 

         

        CUSIP: 17328Q AB7

ISIN: US17328QAB773

No.: A-[ ] 
	 

 

This
certifies that [Cede & Co.][_________] is the registered owner of the Percentage Interest evidenced by this Certificate in
the distributions to be made from a Trust Fund with respect to the Class A Certificates. The Trust Fund consists primarily of
2 promissory notes evidencing a fixed rate interest-only commercial mortgage loan (the “Trust Loan”) that is
secured by certain Collateral held in trust by the Trustee (or the Custodian on its behalf). The Collateral also secures the Companion
Loan which is not an asset of the Trust Fund. The Trust Loan and the Companion Loan are collectively referred to as the “Mortgage
Loan”. The Trust Fund was created, and the Mortgage Loan is to be serviced, pursuant to the Trust and Servicing Agreement
(as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions
of the Trust and Servicing Agreement and is bound thereby. Also issued under the Trust and Servicing Agreement are the Class X,
Class B, Class C, Class D, Class E, Class HRR and Class R Certificates (collectively, with the Class A Certificates,
the “Certificates”; the Holders of Certificates issued under the Trust and Servicing Agreement are collectively
referred to herein as “Certificateholders”).

 

This
Certificate is issued pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of November
6, 2020 (the “Trust and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc.,
as Depositor, KeyBank National Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wilmington Trust, National
Association, as Trustee, Citibank, N.A., as Certificate Administrator, and Pentalpha Surveillance

 

 

 

1
       For Certificate sold in reliance on Rule
144A only.

 

2
       For Regulation S Global Certificate only.

 

3
       For IAI Certificate only.

 

     Exhibit A-1-4

     

    

 

LLC, as Operating Advisor. To
the extent not defined herein, capitalized terms used herein shall have the respective meanings assigned thereto in the Trust
and Servicing Agreement.

 

Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day following
each Determination Date, commencing in December 2020 (each such date, a “Distribution Date”), to the Person
in whose name this Certificate is registered as of the close of business on the related Record Date, which will be the last Business
Day of the calendar month immediately preceding the calendar month in which such Distribution Date occurs (provided that, in the
event the Closing Date occurs in the same month as the first Distribution Date, the first Record Date shall be the Closing 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 and any Default Yield Maintenance Premium then distributable,
if any, with respect to the Class A Certificates for such Distribution Date, all as more fully described in the Trust and Servicing
Agreement. With respect to each Distribution Date, the Determination Date is the 6th day of the calendar month in which such Distribution
Date occurs, but if such 6th day is not a Business Day, the immediately succeeding Business Day, commencing in December 2020.

 

All
distributions will be made to the Persons entitled thereto by wire transfer of immediately available funds to the account of such
Certificateholder at a bank or other entity located in the United States and having appropriate facilities therefor provided
that the Certificate Administrator has received appropriate wire transfer instructions therefrom, or by check by first class
mail to the address set forth therefor in the Certificate Register if wiring instructions have not been received at least five
Business Days prior to the applicable Distribution Date. Notwithstanding the foregoing, the final distribution on each Certificate
shall be made in like manner, but only upon presentment and surrender of such Certificate at the location that is specified in
the notice to Certificateholders of such final distribution.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Notes,
as more specifically set forth herein and in the Trust and Servicing Agreement.

 

This
Certificate does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Trustee and the Certificate Administrator.

 

In
the event of a conflict or inconsistency between the terms of this Certificate and the Trust and Servicing Agreement, the terms
and conditions of the Trust and Servicing Agreement shall govern.

 

As
provided in the Trust and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for
registration of transfer of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of
the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest
and of the same Class.

 

     Exhibit A-1-5

     

    

 

Prior
to due presentation of this Certificate for registration of transfer, the Servicer, the Special Servicer, the Trustee, the Certificate
Administrator, the Operating Advisor, the Certificate Registrar, and any agent of the Trustee, the Certificate Administrator,
the Operating Advisor, the Servicer, the Special Servicer or the Certificate Registrar may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Trust
and Servicing Agreement and for all other purposes whatsoever, and none of the Servicer, the Special Servicer, the Trustee, the
Certificate Administrator, the Operating Advisor, the Certificate Registrar, or any agent of the Servicer, the Special Servicer,
the Trustee, the Certificate Administrator, the Operating Advisor or the Certificate Registrar shall be affected by any notice
to the contrary.

 

The
Trust and Servicing Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Trustee,
the Certificate Administrator and the Operating Advisor, without the consent of any of the Certificateholders, in certain circumstances
specified in the Trust and Servicing Agreement. The Trust and Servicing Agreement may also be amended from time to time by the
Depositor, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the Operating Advisor with the written
consent of the Holders of Certificates representing not less than 51% of the Percentage Interests of each Class of Certificates
adversely affected by the amendment (as evidenced by an Opinion of Counsel) for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of the Trust and Servicing Agreement or of modifying in any manner the rights
of the Certificateholders; provided, however, no such amendment shall (i) reduce in any manner the amount of,
or delay the timing of, payments received on the Mortgage Loan which are required to be distributed on any Certificate or to any
Companion Loan Holder, (ii) alter in any manner the liens on any Collateral securing payments on the Mortgage Loan; (iii) alter
the obligations of the Servicer or the Trustee to make an Advance or alter the Accepted Servicing Practices set forth in the Trust
and Servicing Agreement, (iv) change the percentages of Voting Rights or Percentage Interests of Certificateholders which
are required to consent to any action or inaction under the Trust and Servicing Agreement; (v) change in any manner the obligations
or rights of the Loan Seller under the Trust and Servicing Agreement or the Trust Loan Purchase Agreement without the consent
of the Loan Seller; (vi) amend Section 11.1 of the Trust and Servicing Agreement; (vii) change in any manner
the obligations or rights of any Initial Purchaser without the consent of the affected Initial Purchaser; or (viii) adversely
affect any Companion Loan Holder in its capacity as such without its consent. In addition, the Trust and Servicing Agreement provides
that (i) neither the Trustee nor the Certificate Administrator shall consent to any amendment to the Trust and Servicing
Agreement unless it shall have first been furnished with an Opinion of Counsel to the effect that such amendment is authorized
or permitted under the Trust and Servicing Agreement and all conditions precedent to such amendment have been satisfied and (ii) no
amendment shall be made to the Trust and Servicing Agreement without the Trustee and the Certificate Administrator first receiving
in writing an Opinion of Counsel (at the expense of the party requesting the amendment) that the amendment will not result in
the imposition of federal income tax on the Trust or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify
as a REMIC.

 

The
Trust and Servicing Agreement provides that the respective obligations and responsibilities of the Depositor, the Servicer, the
Special Servicer, the Trustee, the Certificate Administrator and the Operating Advisor created thereby (other than (x) the obligation
to make

 

     Exhibit A-1-6

     

    

 

certain remittances to the Companion Loan Holder(s) to the extent of any remaining funds and in accordance with the Co-Lender
Agreement, (y) the obligation of the Certificate Administrator to make certain payments to Certificateholders after the final
Distribution Date and to comply with all federal income tax reporting requirements and maintenance of books and records, and (z)
the indemnification rights and obligations of the parties thereto) shall terminate upon the last action required to be taken by
the Certificate Administrator on the final Distribution Date pursuant to Article 10 of the Trust and Servicing Agreement upon
the later of (i) the final payment on the Certificates and the Uncertificated Lower-Tier Interests or (ii) the liquidation
of the Trust Loan (including, without limitation, in connection with the sale of the Trust Loan pursuant to the Mezzanine Intercreditor
Agreement or the Trust and Servicing Agreement, as applicable) or the liquidation or abandonment of the Property and all other
Collateral for the Trust Loan, provided, however, that in no event shall the trust created by the Trust and Servicing
Agreement continue beyond the expiration of twenty-one years from the death of the last survivor of the descendants of Joseph
P. Kennedy, the late ambassador of the United States to the United Kingdom, living on the date of the Trust and Servicing Agreement.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing
Agreement or be valid for any purpose.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loan and has executed this Certificate in its limited capacity as Certificate
Administrator under the Trust and Servicing Agreement. 

 

     Exhibit A-1-7

     

    

 

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

 

Dated: November
30, 2020

	 	 
	 	CITIBANK,
                    N.A., 

                    not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	By:	
	 	 	Authorized Officer

 

Certificate
of Authentication

 

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

 

Dated: November
30, 2020

	 	 
	 	CITIBANK,
                    N.A., 

                    not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	By:	
	 	 	Authorized Officer

 

     Exhibit A-1-8

     

    

 

SCHEDULE
A

 

SCHEDULE
OF EXCHANGES

 

The following
payments of principal and exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global Certificate]
[Regulation S Global Certificate] have been made:

 

	Date of
 Exchange or
 Payment of
 Principal	 	 	 	Certificate
 Balance Prior
    

to Exchange or
 Payment	 	 	 	Certificate
 Balance

    Exchanged or 

Principal
 Payment Made	 	 	 	Type of
 Certificate

    Exchanged for	 	 	 	Remaining
 Certificate

    Balance
 Following Such
 Exchange or
 Payment	 	 	 	Notation Made 

by	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

  

     Exhibit A-1-9

     

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.

 

I
(we) further direct the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the
within Certificate to the above-named Assignee(s) and to deliver such Certificate to the following address:

 

	 
	 
	 
	 
	Date: __________________

	 	 	 
	 	Signature by or on behalf of
	 	Assignor(s):
	 	 
	 	 	 
	 	 
	 	Taxpayer Identification Number:
    _________

  

     Exhibit A-1-10

     

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: _____________________________________________________________.

 

Distributions,
if being made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.

 

This
information is provided by _____________________________________________________ the Assignee(s) named above, or ________________________________________________
as its (their) agent.

 

	 	By:	 
	 	 	[Please print or type
    name(s)]

 

	 	Title:	           
	 	 
	 	Taxpayer
    Identification Number:

 

     Exhibit A-1-11

     

    

 

EXHIBIT
A-2

 

FORM
OF CLASS X CERTIFICATES

 

CLASS X

 

[THIS
CERTIFICATE IS A TEMPORARY REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY
INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL
OWNERS OF THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON
UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]1

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]2

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS
CERTIFICATE DOES NOT REPRESENT ANY INTEREST IN OR OBLIGATION OF THE DEPOSITOR, ANY INITIAL PURCHASER, THE LOAN SELLER, THE ORIGINATOR,
THE SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE BORROWER,

 

 

 

1
       Temporary Regulation S Global Certificate
legend.

 

2
       Legend required as long as DTC is the Depository
under the Trust and Servicing Agreement.

 

3
       Global Certificate legend.

 

     Exhibit A-2-1

     

    

 

THE BORROWER
SPONSOR OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING TRUST LOAN IS INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY, PRIVATE INSURER OR BY ANY OTHER PERSON. 

 

THE NOTIONAL
AMOUNT OF THIS CERTIFICATE WILL BE REDUCED AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE
NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL AMOUNT SET FORTH BELOW. 

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QUALIFIED INSTITUTIONAL BUYER”), THAT IS PURCHASING FOR ITS OWN ACCOUNT OR IS PURCHASING FOR
THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTIONAL INVESTOR 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, OR (3) TO ANOTHER INSTITUTIONAL INVESTOR THAT IS, OR IN WHICH EACH OF THE EQUITY OWNER IS AN “ACCREDITED
INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT that
is not a qualified institutional buyer, AND (B) IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE FEDERAL SECURITIES LAWS
AND 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 SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”),
OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A) SUCH
PERSON IS AN INSTITUTIONAL “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE

 

     Exhibit A-2-2

     

    

 

SECURITIES AND
EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE BY
SUCH PERSON WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE
CODE (OR A NON-EXEMPT VIOLATION OF SIMILAR LAW).

 

TRANSFERS
OF THIS CERTIFICATE OR ANY INTEREST HEREIN ARE SUBJECT TO SUCH RESTRICTIONS, AND TO THE DELIVERY BY THE TRANSFEROR AND/OR THE
TRANSFEREE OF SUCH OPINIONS, CERTIFICATIONS AND/OR OTHER EVIDENCE OF COMPLIANCE WITH APPLICABLE LAW, AS ARE SET FORTH IN THE TRUST
AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS
CLASS X CERTIFICATE WILL NOT BE ENTITLED TO RECEIVE DISTRIBUTIONS OF PRINCIPAL.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT”, AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE CODE.

 

     Exhibit A-2-3

     

    

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2020-420K

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2020-420K, CLASS X

 

	Pass-Through Rate: Variable
    IO1  	 
	 	 
	First Distribution
    Date:  December 11, 2020	 
	 	 
	Aggregate Initial Notional
    Amount of the Class X Certificates:  $139,539,000	Rated Final Distribution
    Date:

    November 2042
	 	 
	CUSIP:  17328Q
    AN1

    ISIN:  US17328QAN162	Initial Notional Amount
    of this

    Certificate:  $[_________]
	 	 
	CUSIP: U1747Q AG0

ISIN: USU1747QAG023

         

        CUSIP: 17328Q AP6

ISIN: US17328QAP634

No.: X-[ ] 
	 

 

This
certifies that [Cede & Co.][_________] is the registered owner of the Percentage Interest evidenced by this Certificate in
the distributions to be made from a Trust Fund with respect to the Class X Certificates. The Trust Fund consists primarily of
2 promissory notes evidencing a fixed rate interest-only commercial mortgage loan (the “Trust Loan”) that is
secured by certain Collateral held in trust by the Trustee (or the Custodian on its behalf). The Collateral also secures the Companion
Loan which is not an asset of the Trust Fund. The Trust Loan and the Companion Loan are collectively referred to as the “Mortgage
Loan”. The Trust Fund was created, and the Mortgage Loan is to be serviced, pursuant to the Trust and Servicing Agreement
(as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions
of the Trust and Servicing Agreement and is bound thereby. Also issued under the Trust and Servicing Agreement are the Class A,
Class B, Class C, Class D, Class E, Class HRR and Class R Certificates (collectively, with the Class X Certificates, the
“Certificates”; the Holders of Certificates issued under the Trust and Servicing Agreement are collectively
referred to herein as “Certificateholders”).

 

This
Certificate is issued pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of November
6, 2020 (the “Trust and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc.,
as Depositor, KeyBank National Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wilmington Trust, National

 

 

 

1
       The initial approximate Pass-Through Rate
as of the Closing Date is 0.80131% per annum.

 

2
       For Certificate sold in reliance on Rule
144A only.

 

3
       For Regulation S Global Certificate only.

 

4
       For IAI Certificate only.

 

     Exhibit A-2-4

     

    

 

Association, as Trustee, Citibank, N.A., as Certificate Administrator, and Pentalpha Surveillance LLC, as Operating Advisor. To
the extent not defined herein, capitalized terms used herein shall have the respective meanings assigned thereto in the Trust
and Servicing Agreement.

 

Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day following
each Determination Date, commencing in December 2020 (each such date, a “Distribution Date”), to the Person
in whose name this Certificate is registered as of the close of business on the related Record Date, which will be the last Business
Day of the calendar month immediately preceding the calendar month in which such Distribution Date occurs (provided that, in the
event the Closing Date occurs in the same month as the first Distribution Date, the first Record Date shall be the Closing 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 and any Default Yield Maintenance Premium then distributable, if any, with
respect to the Class X Certificates for such Distribution Date, all as more fully described in the Trust and Servicing Agreement.
With respect to each Distribution Date, the Determination Date is the 6th day of the calendar month in which such Distribution
Date occurs, but if such 6th day is not a Business Day, the immediately succeeding Business Day, commencing in December 2020.

 

All
distributions will be made to the Persons entitled thereto by wire transfer of immediately available funds to the account of such
Certificateholder at a bank or other entity located in the United States and having appropriate facilities therefor provided
that the Certificate Administrator has received appropriate wire transfer instructions therefrom, or by check by first class
mail to the address set forth therefor in the Certificate Register if wiring instructions have not been received at least five
Business Days prior to the applicable Distribution Date. Notwithstanding the foregoing, the final distribution on each Certificate
shall be made in like manner, but only upon presentment and surrender of such Certificate at the location that is specified in
the notice to Certificateholders of such final distribution.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Notes,
as more specifically set forth herein and in the Trust and Servicing Agreement.

 

This
Certificate does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Trustee and the Certificate Administrator.

 

In
the event of a conflict or inconsistency between the terms of this Certificate and the Trust and Servicing Agreement, the terms
and conditions of the Trust and Servicing Agreement shall govern.

 

As
provided in the Trust and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for
registration of transfer of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of
the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest
and of the same Class.

 

     Exhibit A-2-5

     

    

 

Prior
to due presentation of this Certificate for registration of transfer, the Servicer, the Special Servicer, the Trustee, the Certificate
Administrator, the Operating Advisor, the Certificate Registrar, and any agent of the Trustee, the Certificate Administrator,
the Operating Advisor, the Servicer, the Special Servicer or the Certificate Registrar may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Trust
and Servicing Agreement and for all other purposes whatsoever, and none of the Servicer, the Special Servicer, the Trustee, the
Certificate Administrator, the Operating Advisor, the Certificate Registrar, or any agent of the Servicer, the Special Servicer,
the Trustee, the Certificate Administrator, the Operating Advisor or the Certificate Registrar shall be affected by any notice
to the contrary.

 

The
Trust and Servicing Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Trustee,
the Certificate Administrator and the Operating Advisor, without the consent of any of the Certificateholders, in certain circumstances
specified in the Trust and Servicing Agreement. The Trust and Servicing Agreement may also be amended from time to time by the
Depositor, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the Operating Advisor with the written
consent of the Holders of Certificates representing not less than 51% of the Percentage Interests of each Class of Certificates
adversely affected by the amendment (as evidenced by an Opinion of Counsel) for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of the Trust and Servicing Agreement or of modifying in any manner the rights
of the Certificateholders; provided, however, no such amendment shall (i) reduce in any manner the amount of,
or delay the timing of, payments received on the Mortgage Loan which are required to be distributed on any Certificate or to any
Companion Loan Holder, (ii) alter in any manner the liens on any Collateral securing payments on the Mortgage Loan; (iii) alter
the obligations of the Servicer or the Trustee to make an Advance or alter the Accepted Servicing Practices set forth in the Trust
and Servicing Agreement, (iv) change the percentages of Voting Rights or Percentage Interests of Certificateholders which
are required to consent to any action or inaction under the Trust and Servicing Agreement; (v) change in any manner the obligations
or rights of the Loan Seller under the Trust and Servicing Agreement or the Trust Loan Purchase Agreement without the consent
of the Loan Seller; (vi) amend Section 11.1 of the Trust and Servicing Agreement; (vii) change in any manner the obligations
or rights of any Initial Purchaser without the consent of the affected Initial Purchaser; or (viii) adversely affect any Companion
Loan Holder in its capacity as such without its consent. In addition, the Trust and Servicing Agreement provides that (i) neither
the Trustee nor the Certificate Administrator shall consent to any amendment to the Trust and Servicing Agreement unless it shall
have first been furnished with an Opinion of Counsel to the effect that such amendment is authorized or permitted under the Trust
and Servicing Agreement and all conditions precedent to such amendment have been satisfied and (ii) no amendment shall be
made to the Trust and Servicing Agreement without the Trustee and the Certificate Administrator first receiving in writing an
Opinion of Counsel (at the expense of the party requesting the amendment) that the amendment will not result in the imposition
of federal income tax on the Trust or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC.

 

The
Trust and Servicing Agreement provides that the respective obligations and responsibilities of the Depositor, the Servicer, the
Special Servicer, the Trustee, the Certificate Administrator and the Operating Advisor created thereby (other than (x) the obligation
to make

 

     Exhibit A-2-6

     

    

 

certain remittances to the Companion Loan Holder(s) to the extent of any remaining funds and in accordance with the Co-Lender
Agreement, (y) the obligation of the Certificate Administrator to make certain payments to Certificateholders after the final
Distribution Date and to comply with all federal income tax reporting requirements and maintenance of books and records, and (z)
the indemnification rights and obligations of the parties thereto) shall terminate upon the last action required to be taken by
the Certificate Administrator on the final Distribution Date pursuant to Article 10 of the Trust and Servicing Agreement upon
the later of (i) the final payment on the Certificates and the Uncertificated Lower-Tier Interests or (ii) the liquidation
of the Trust Loan (including, without limitation, in connection with the sale of the Trust Loan pursuant to the Mezzanine Intercreditor
Agreement or the Trust and Servicing Agreement, as applicable) or the liquidation or abandonment of the Property and all other
Collateral for the Trust Loan, provided, however, that in no event shall the trust created by the Trust and Servicing
Agreement continue beyond the expiration of twenty-one years from the death of the last survivor of the descendants of Joseph
P. Kennedy, the late ambassador of the United States to the United Kingdom, living on the date of the Trust and Servicing Agreement.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing
Agreement or be valid for any purpose.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loan and has executed this Certificate in its limited capacity as Certificate
Administrator under the Trust and Servicing Agreement.

 

     Exhibit A-2-7

     

    

 

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

 

Dated: November
30, 2020

	 	 
	 	CITIBANK,
                    N.A., 

                    not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	By:	
	 	 	Authorized Officer

 

Certificate
of Authentication

 

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

 

Dated: November
30, 2020

	 	 
	 	CITIBANK,
                    N.A., 

                    not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	By:	
	 	 	Authorized Officer

 

     Exhibit A-2-8

     

    

SCHEDULE
A

 

SCHEDULE
OF EXCHANGES

 

The following
payments of principal and exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global Certificate]
[Regulation S Global Certificate] have been made:

 

	Date of
 Exchange or
 Payment of
 Principal	 	 	 	Certificate
 Balance Prior
    

to Exchange or
 Payment	 	 	 	Certificate
 Balance

    Exchanged or 

Principal
 Payment Made	 	 	 	Type of
 Certificate

    Exchanged for	 	 	 	Remaining
 Certificate

    Balance
 Following Such
 Exchange or
 Payment	 	 	 	Notation Made 

by	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

     Exhibit A-2-9

     

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.

 

I
(we) further direct the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the
within Certificate to the above-named Assignee(s) and to deliver such Certificate to the following address:

	 
	 
	 
	 
	Date: __________________

	 	 	 
	 	Signature by or on behalf of
	 	Assignor(s):
	 	 
	 	 	 
	 	 
	 	Taxpayer Identification Number:
    _________

 

     Exhibit A-2-10

     

    

 

DISTRIBUTION INSTRUCTIONS

 

The Assignee(s)
should include the following for purposes of distribution:

 

Address of the Assignee(s) for the purpose
of receiving notices and distributions:
_____________________________________________________________.

 

Distributions, if being
made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.

 

This information is provided
by _____________________________________________________ the Assignee(s) named above, or ________________________________________________ as
its (their) agent.

 

	 	By:	 
	 	 	[Please print or type name(s)]

 

	 	Title:	            
	 	 
	 	Taxpayer Identification Number:

  

     Exhibit A-2-11

     

    

 

EXHIBIT
A-3

 

FORM
OF CLASS B CERTIFICATES

 

CLASS B

 

[THIS
CERTIFICATE IS A TEMPORARY REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY
INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL
OWNERS OF THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON
UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]1

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]2

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS
CERTIFICATE DOES NOT REPRESENT ANY INTEREST IN OR OBLIGATION OF THE DEPOSITOR, ANY INITIAL PURCHASER, THE LOAN SELLER, THE ORIGINATOR,
THE SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE BORROWER,

 

 

 

1
       Temporary Regulation S Global Certificate
legend.

 

2
       Legend required as long as DTC is the Depository
under the Trust and Servicing Agreement.

 

3
       Global Certificate legend.

  

     Exhibit A-3-1

     

    

 

THE BORROWER
SPONSOR OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING TRUST LOAN IS INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY, PRIVATE INSURER OR BY ANY OTHER PERSON.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.
ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE
SET FORTH BELOW.

 

THIS
CLASS B CERTIFICATE IS SUBORDINATED TO ONE OR MORE OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES AS AND TO THE EXTENT SET FORTH
IN THE TRUST AND SERVICING AGREEMENT REFERRED TO 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 “QUALIFIED INSTITUTIONAL BUYER”), THAT IS PURCHASING FOR ITS OWN ACCOUNT OR IS PURCHASING FOR
THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTIONAL INVESTOR 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, OR (3) TO ANOTHER INSTITUTIONAL INVESTOR THAT IS, OR IN WHICH EACH OF THE EQUITY OWNER IS AN “ACCREDITED
INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED
INSTITUTIONAL BUYER, AND (B) IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE FEDERAL SECURITIES LAWS AND 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

 

     Exhibit A-3-2

     

    

 

A MATERIAL EXTENT, SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”),
OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A) SUCH
PERSON IS AN INSTITUTIONAL “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND
EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE BY
SUCH PERSON WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE
CODE (OR A NON-EXEMPT VIOLATION OF SIMILAR LAW).

 

TRANSFERS
OF THIS CERTIFICATE OR ANY INTEREST HEREIN ARE SUBJECT TO SUCH RESTRICTIONS, AND TO THE DELIVERY BY THE TRANSFEROR AND/OR THE
TRANSFEREE OF SUCH OPINIONS, CERTIFICATIONS AND/OR OTHER EVIDENCE OF COMPLIANCE WITH APPLICABLE LAW, AS ARE SET FORTH IN THE TRUST
AND SERVICING AGREEMENT REFERRED TO 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.

 

     Exhibit A-3-3

     

    

 

CITIGROUP
COMMERCIAL MORTGAGE TRUST 2020-420K

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2020-420K, CLASS B

 

	Pass-Through Rate:  2.86000%
    per annum	 
	 	 
	First Distribution
    Date:  December 11, 2020	 
	 	 
	Aggregate Initial Certificate
    Balance of the Class B Certificates:  $18,808,000	Rated Final Distribution
    Date:

    November 2042
	 	 
	CUSIP:  17328Q
    AC5

    ISIN:  US17328QAC501	Initial Certificate
    Balance of this

    Certificate:  $[_________]
	 	 
	CUSIP: U1747Q AB1

        ISIN: USU1747QAB152

         

        CUSIP: 17328Q AD3

ISIN: US17328QAD343

No.: B-[ ] 
	 

 

This
certifies that [Cede & Co.][_________] is the registered owner of the Percentage Interest evidenced by this Certificate in
the distributions to be made from a Trust Fund with respect to the Class B Certificates. The Trust Fund consists primarily of
2 promissory notes evidencing a fixed rate interest-only commercial mortgage loan (the “Trust Loan”) that is
secured by certain Collateral held in trust by the Trustee (or the Custodian on its behalf). The Collateral also secures the Companion
Loan which is not an asset of the Trust Fund. The Trust Loan and the Companion Loan are collectively referred to as the “Mortgage
Loan”. The Trust Fund was created, and the Mortgage Loan is to be serviced, pursuant to the Trust and Servicing Agreement
(as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions
of the Trust and Servicing Agreement and is bound thereby. Also issued under the Trust and Servicing Agreement are the Class A,
Class X, Class C, Class D, Class E, Class HRR and Class R Certificates (collectively, with the Class B Certificates,
the “Certificates”; the Holders of Certificates issued under the Trust and Servicing Agreement are collectively
referred to herein as “Certificateholders”).

 

This
Certificate is issued pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of November
6, 2020 (the “Trust and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc.,
as Depositor, KeyBank National Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wilmington Trust, National
Association, as Trustee, Citibank, N.A., as Certificate Administrator, and Pentalpha Surveillance

 

 

 

		1	For Certificate sold in reliance on Rule 144A only.

 

		2	For Regulation S Global Certificate only.

 

		3	For IAI Certificate only.

 

     Exhibit A-3-4

     

    

 

LLC, as Operating Advisor. To
the extent not defined herein, capitalized terms used herein shall have the respective meanings assigned thereto in the Trust
and Servicing Agreement.

 

Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day following
each Determination Date, commencing in December 2020 (each such date, a “Distribution Date”), to the Person
in whose name this Certificate is registered as of the close of business on the related Record Date, which will be the last Business
Day of the calendar month immediately preceding the calendar month in which such Distribution Date occurs (provided that, in the
event the Closing Date occurs in the same month as the first Distribution Date, the first Record Date shall be the Closing 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 and any Default Yield Maintenance Premium then distributable,
if any, with respect to the Class B Certificates for such Distribution Date, all as more fully described in the Trust and Servicing
Agreement. With respect to each Distribution Date, the Determination Date is the 6th day of the calendar month in which such Distribution
Date occurs, but if such 6th day is not a Business Day, the immediately succeeding Business Day, commencing in December 2020.

 

All
distributions will be made to the Persons entitled thereto by wire transfer of immediately available funds to the account of such
Certificateholder at a bank or other entity located in the United States and having appropriate facilities therefor provided
that the Certificate Administrator has received appropriate wire transfer instructions therefrom, or by check by first class
mail to the address set forth therefor in the Certificate Register if wiring instructions have not been received at least five
Business Days prior to the applicable Distribution Date. Notwithstanding the foregoing, the final distribution on each Certificate
shall be made in like manner, but only upon presentment and surrender of such Certificate at the location that is specified in
the notice to Certificateholders of such final distribution.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Notes,
as more specifically set forth herein and in the Trust and Servicing Agreement.

 

This
Certificate does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Trustee and the Certificate Administrator.

 

In
the event of a conflict or inconsistency between the terms of this Certificate and the Trust and Servicing Agreement, the terms
and conditions of the Trust and Servicing Agreement shall govern.

 

As
provided in the Trust and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for
registration of transfer of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of
the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate interest
and of the same Class.

 

     Exhibit A-3-5

     

    

 

Prior
to due presentation of this Certificate for registration of transfer, the Servicer, the Special Servicer, the Trustee, the Certificate
Administrator, the Operating Advisor, the Certificate Registrar, and any agent of the Trustee, the Certificate Administrator,
the Operating Advisor, the Servicer, the Special Servicer or the Certificate Registrar may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of receiving distributions as provided in the Trust
and Servicing Agreement and for all other purposes whatsoever, and none of the Servicer, the Special Servicer, the Trustee, the
Certificate Administrator, the Operating Advisor, the Certificate Registrar, or any agent of the Servicer, the Special Servicer,
the Trustee, the Certificate Administrator, the Operating Advisor or the Certificate Registrar shall be affected by any notice
to the contrary.

 

The
Trust and Servicing Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Trustee,
the Certificate Administrator and the Operating Advisor, without the consent of any of the Certificateholders, in certain circumstances
specified in the Trust and Servicing Agreement. The Trust and Servicing Agreement may also be amended from time to time by the
Depositor, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the Operating Advisor with the written
consent of the Holders of Certificates representing not less than 51% of the Percentage Interests of each Class of Certificates
adversely affected by the amendment (as evidenced by an Opinion of Counsel) for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of the Trust and Servicing Agreement or of modifying in any manner the rights
of the Certificateholders; provided, however, no such amendment shall (i) reduce in any manner the amount of,
or delay the timing of, payments received on the Mortgage Loan which are required to be distributed on any Certificate or to any
Companion Loan Holder, (ii) alter in any manner the liens on any Collateral securing payments on the Mortgage Loan; (iii) alter
the obligations of the Servicer or the Trustee to make an Advance or alter the Accepted Servicing Practices set forth in the Trust
and Servicing Agreement, (iv) change the percentages of Voting Rights or Percentage Interests of Certificateholders which
are required to consent to any action or inaction under the Trust and Servicing Agreement; (v) change in any manner the obligations
or rights of the Loan Seller under the Trust and Servicing Agreement or the Trust Loan Purchase Agreement without the consent
of the Loan Seller; (vi) amend Section 11.1 of the Trust and Servicing Agreement; (vii) change in any manner
the obligations or rights of any Initial Purchaser without the consent of the affected Initial Purchaser; or (viii) adversely
affect any Companion Loan Holder in its capacity as such without its consent. In addition, the Trust and Servicing Agreement provides
that (i) neither the Trustee nor the Certificate Administrator shall consent to any amendment to the Trust and Servicing
Agreement unless it shall have first been furnished with an Opinion of Counsel to the effect that such amendment is authorized
or permitted under the Trust and Servicing Agreement and all conditions precedent to such amendment have been satisfied and (ii) no
amendment shall be made to the Trust and Servicing Agreement without the Trustee and the Certificate Administrator first receiving
in writing an Opinion of Counsel (at the expense of the party requesting the amendment) that the amendment will not result in
the imposition of federal income tax on the Trust or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify
as a REMIC.

 

The
Trust and Servicing Agreement provides that the respective obligations and responsibilities of the Depositor, the Servicer, the
Special Servicer, the Trustee, the Certificate Administrator and the Operating Advisor created thereby (other than (x) the obligation
to make

 

     Exhibit A-3-6

     

    

 

certain remittances to the Companion Loan Holder(s) to the extent of any remaining funds and in accordance with the Co-Lender
Agreement, (y) the obligation of the Certificate Administrator to make certain payments to Certificateholders after the final
Distribution Date and to comply with all federal income tax reporting requirements and maintenance of books and records, and (z)
the indemnification rights and obligations of the parties thereto) shall terminate upon the last action required to be taken by
the Certificate Administrator on the final Distribution Date pursuant to Article 10 of the Trust and Servicing Agreement upon
the later of (i) the final payment on the Certificates and the Uncertificated Lower-Tier Interests or (ii) the liquidation
of the Trust Loan (including, without limitation, in connection with the sale of the Trust Loan pursuant to the Mezzanine Intercreditor
Agreement or the Trust and Servicing Agreement, as applicable) or the liquidation or abandonment of the Property and all other
Collateral for the Trust Loan, provided, however, that in no event shall the trust created by the Trust and Servicing
Agreement continue beyond the expiration of twenty-one years from the death of the last survivor of the descendants of Joseph
P. Kennedy, the late ambassador of the United States to the United Kingdom, living on the date of the Trust and Servicing Agreement.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing
Agreement or be valid for any purpose.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loan and has executed this Certificate in its limited capacity as Certificate
Administrator under the Trust and Servicing Agreement. 

 

     Exhibit A-3-7

     

    

 

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

 

Dated: November
30, 2020

	 	 
	 	CITIBANK,
                    N.A., 

                    not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	By:	
	 	 	Authorized Officer

 

Certificate
of Authentication

 

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

 

Dated: November
30, 2020 

	 	 
	 	CITIBANK,
                    N.A., 

                    not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	By:	
	 	 	Authorized Officer

 

     Exhibit A-3-8

     

    

 

SCHEDULE
A

 

SCHEDULE
OF EXCHANGES

 

The following
payments of principal and exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global Certificate]
[Regulation S Global Certificate] have been made:

 

	Date of
 Exchange or
 Payment of
 Principal	 	 	 	Certificate
 Balance Prior
    

to Exchange or
 Payment	 	 	 	Certificate
 Balance

    Exchanged or 

Principal
 Payment Made	 	 	 	Type of
 Certificate

    Exchanged for	 	 	 	Remaining
 Certificate

    Balance
 Following Such
 Exchange or
 Payment	 	 	 	Notation Made 

by	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

     Exhibit A-3-9

     

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.

 

I
(we) further direct the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the
within Certificate to the above-named Assignee(s) and to deliver such Certificate to the following address:

	 
	 
	 
	 
	Date: __________________

	 	 	 
	 	Signature by or on behalf of
	 	Assignor(s):
	 	 
	 	 	 
	 	 
	 	Taxpayer Identification Number:
    _________

 

     Exhibit A-3-10

     

    

 

DISTRIBUTION INSTRUCTIONS

 

The Assignee(s) should include the following for purposes of distribution:

 

Address of the Assignee(s) for the purpose
of receiving notices and distributions:
_____________________________________________________________.

 

Distributions, if being
made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.

 

This information is provided
by _____________________________________________________ the Assignee(s) named above, or ________________________________________________ as
its (their) agent.

 

	 	By:	 
	 	 	[Please print or type name(s)]

 

	 	Title:	            
	 	 
	 	Taxpayer Identification Number:

 

     Exhibit A-3-11

     

    

 

EXHIBIT
A-4

 

FORM OF CLASS C CERTIFICATES

 

CLASS C

 

[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL OWNERS OF THIS TEMPORARY
REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]1

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]2

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS CERTIFICATE DOES NOT REPRESENT
ANY INTEREST IN OR OBLIGATION OF THE DEPOSITOR, ANY INITIAL PURCHASER, THE LOAN SELLER, THE ORIGINATOR, THE SERVICER, THE SPECIAL
SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE BORROWER,

 

 

 

 

		1	Temporary Regulation S Global Certificate legend.

 

		2	Legend required as long as DTC is the Depository under
the Trust and Servicing Agreement.

 

		3	Global Certificate legend.

 

    Exhibit A-4-1 

     

    

 

THE BORROWER SPONSOR OR ANY OF THEIR
RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING TRUST LOAN IS INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY
OR INSTRUMENTALITY, PRIVATE INSURER OR BY ANY OTHER PERSON.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS
CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING
CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS CLASS C CERTIFICATE IS SUBORDINATED
TO CERTAIN OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING AGREEMENT
REFERRED TO 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
“QUALIFIED INSTITUTIONAL BUYER”), THAT IS PURCHASING FOR ITS OWN ACCOUNT OR IS PURCHASING FOR THE ACCOUNT OF
ANOTHER QUALIFIED INSTITUTIONAL BUYER, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS
BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTIONAL INVESTOR 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, OR (3) TO ANOTHER INSTITUTIONAL INVESTOR THAT IS, OR IN WHICH EACH OF THE EQUITY OWNER IS AN “ACCREDITED INVESTOR”
WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL
BUYER, AND (B) IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE FEDERAL SECURITIES LAWS AND 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

 

    Exhibit A-4-2 

     

    

 

A MATERIAL EXTENT, SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”),
OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A) SUCH PERSON
IS AN INSTITUTIONAL “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE
COMMISSION UNDER THE SECURITIES ACT OF 1933, AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE BY SUCH PERSON
WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE (OR A NON-EXEMPT
VIOLATION OF SIMILAR LAW).

 

TRANSFERS OF THIS CERTIFICATE OR ANY
INTEREST HEREIN ARE SUBJECT TO SUCH RESTRICTIONS, AND TO THE DELIVERY BY THE TRANSFEROR AND/OR THE TRANSFEREE OF SUCH OPINIONS,
CERTIFICATIONS AND/OR OTHER EVIDENCE OF COMPLIANCE WITH APPLICABLE LAW, AS ARE SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED
TO 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.

 

    Exhibit A-4-3 

     

    

 

CITIGROUP COMMERCIAL
MORTGAGE TRUST 2020-420K

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2020-420K, CLASS C

 

	Pass-Through Rate:  The Adjusted Net Mortgage Rate with respect to the Trust Loan1	 
	 	 
	First Distribution Date:  December 11, 2020	 
	 	 
	Aggregate Initial Certificate Balance of the Class C Certificates:  $17,361,000	Rated Final Distribution Date:

November 2042
	 	 
	CUSIP:  17328Q AE1

ISIN:    US17328QAE172	Initial Certificate Balance of this

Certificate:  $[_________]
	 	 
	
        CUSIP: U1747Q AC9

ISIN: USU1747QAC973 

         

        CUSIP: 17328Q AF8

ISIN: US17328QAF814

No.: C-[ ] 
	 

 

This certifies that [Cede
& Co.][_________] is the registered owner of the Percentage Interest evidenced by this Certificate in the distributions to
be made from a Trust Fund with respect to the Class C Certificates. The Trust Fund consists primarily of 2 promissory notes evidencing
a fixed rate interest-only commercial mortgage loan (the “Trust Loan”) that is secured by certain Collateral
held in trust by the Trustee (or the Custodian on its behalf). The Collateral also secures the Companion Loan which is not an asset
of the Trust Fund. The Trust Loan and the Companion Loan are collectively referred to as the “Mortgage Loan”.
The Trust Fund was created, and the Mortgage Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Trust and Servicing Agreement and is bound thereby. Also issued under the Trust and Servicing Agreement are the Class A, Class
X, Class B, Class D, Class E, Class HRR and Class R Certificates (collectively, with the Class C Certificates, the “Certificates”;
the Holders of Certificates issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).

 

 

 

 

		1	The approximate initial Pass-Through
                                         Rate as of the Closing Date is 3.31177% per annum.

 

		2	For Certificate sold in reliance on Rule 144A only.

 

		3	For Regulation S Global Certificate only.

 

		4	For IAI Certificate only.

 

    Exhibit A-4-4 

     

    

 

This Certificate is issued
pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of November 6, 2020 (the “Trust
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National
Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, Citibank,
N.A., as Certificate Administrator, and Pentalpha Surveillance LLC, as Operating Advisor. To the extent not defined herein, capitalized
terms used herein shall have the respective meanings assigned thereto in the Trust and Servicing Agreement.

 

Pursuant to the terms
of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day following each Determination
Date, commencing in December 2020 (each such date, a “Distribution Date”), to the Person in whose name this
Certificate is registered as of the close of business on the related Record Date, which will be the last Business Day of the calendar
month immediately preceding the calendar month in which such Distribution Date occurs (provided that, in the event the Closing
Date occurs in the same month as the first Distribution Date, the first Record Date shall be the Closing 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 and any Default Yield Maintenance Premium then distributable, if any, with respect
to the Class C Certificates for such Distribution Date, all as more fully described in the Trust and Servicing Agreement. With
respect to each Distribution Date, the Determination Date is the 6th day of the calendar month in which such Distribution Date
occurs, but if such 6th day is not a Business Day, the immediately succeeding Business Day, commencing in December 2020.

 

All distributions will
be made to the Persons entitled thereto by wire transfer of immediately available funds to the account of such Certificateholder
at a bank or other entity located in the United States and having appropriate facilities therefor provided that the Certificate
Administrator has received appropriate wire transfer instructions therefrom, or by check by first class mail to the address set
forth therefor in the Certificate Register if wiring instructions have not been received at least five Business Days prior to the
applicable Distribution Date. Notwithstanding the foregoing, the final distribution on each Certificate shall be made in like manner,
but only upon presentment and surrender of such Certificate at the location that is specified in the notice to Certificateholders
of such final distribution.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Notes, as more specifically set
forth herein and in the Trust and Servicing Agreement.

 

This Certificate does
not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for the
interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities
of the Trustee and the Certificate Administrator.

 

In the event of a conflict
or inconsistency between the terms of this Certificate and the Trust and Servicing Agreement, the terms and conditions of the Trust
and Servicing Agreement shall govern.

 

    Exhibit A-4-5 

     

    

 

As provided in the Trust
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
the Operating Advisor, the Certificate Registrar, and any agent of the Trustee, the Certificate Administrator, the Operating Advisor,
the Servicer, the Special Servicer or the Certificate Registrar may treat the Person in whose name any Certificate is registered
as the owner of such Certificate for the purpose of receiving distributions as provided in the Trust and Servicing Agreement and
for all other purposes whatsoever, and none of the Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
the Operating Advisor, the Certificate Registrar, or any agent of the Servicer, the Special Servicer, the Trustee, the Certificate
Administrator, the Operating Advisor or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Trust and Servicing
Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator
and the Operating Advisor, without the consent of any of the Certificateholders, in certain circumstances specified in the Trust
and Servicing Agreement. The Trust and Servicing Agreement may also be amended from time to time by the Depositor, the Servicer,
the Special Servicer, the Trustee, the Certificate Administrator and the Operating Advisor with the written consent of the Holders
of Certificates representing not less than 51% of the Percentage Interests of each Class of Certificates adversely affected by
the amendment (as evidenced by an Opinion of Counsel) for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of the Trust and Servicing Agreement or of modifying in any manner the rights of the Certificateholders;
provided, however, no such amendment shall (i) reduce in any manner the amount of, or delay the timing of, payments
received on the Mortgage Loan which are required to be distributed on any Certificate or to any Companion Loan Holder, (ii) alter
in any manner the liens on any Collateral securing payments on the Mortgage Loan; (iii) alter the obligations of the Servicer
or the Trustee to make an Advance or alter the Accepted Servicing Practices set forth in the Trust and Servicing Agreement, (iv) change
the percentages of Voting Rights or Percentage Interests of Certificateholders which are required to consent to any action or inaction
under the Trust and Servicing Agreement; (v) change in any manner the obligations or rights of the Loan Seller under the Trust
and Servicing Agreement or the Trust Loan Purchase Agreement without the consent of the Loan Seller; (vi) amend Section
11.1 of the Trust and Servicing Agreement; (vii) change in any manner the obligations or rights of any Initial Purchaser
without the consent of the affected Initial Purchaser; or (viii) adversely affect any Companion Loan Holder in its capacity as
such without its consent. In addition, the Trust and Servicing Agreement provides that (i) neither the Trustee nor the Certificate
Administrator shall consent to any amendment to the Trust and Servicing Agreement unless it shall have first been furnished with
an Opinion of Counsel to the effect that such amendment is authorized or permitted under the Trust and Servicing Agreement and
all conditions precedent to such amendment have been satisfied and (ii) no amendment shall be made to the Trust and Servicing
Agreement without the Trustee and the Certificate Administrator first receiving in writing an Opinion of Counsel (at the expense
of the party requesting the amendment) that the amendment will not result in the imposition of federal income

 

    Exhibit A-4-6 

     

    

 

tax on the Trust
or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC.

 

The Trust and Servicing
Agreement provides that the respective obligations and responsibilities of the Depositor, the Servicer, the Special Servicer, the
Trustee, the Certificate Administrator and the Operating Advisor created thereby (other than (x) the obligation to make certain
remittances to the Companion Loan Holder(s) to the extent of any remaining funds and in accordance with the Co-Lender Agreement,
(y) the obligation of the Certificate Administrator to make certain payments to Certificateholders after the final Distribution
Date and to comply with all federal income tax reporting requirements and maintenance of books and records, and (z) the indemnification
rights and obligations of the parties thereto) shall terminate upon the last action required to be taken by the Certificate Administrator
on the final Distribution Date pursuant to Article 10 of the Trust and Servicing Agreement upon the later of (i) the final
payment on the Certificates and the Uncertificated Lower-Tier Interests or (ii) the liquidation of the Trust Loan (including,
without limitation, in connection with the sale of the Trust Loan pursuant to the Mezzanine Intercreditor Agreement or the Trust
and Servicing Agreement, as applicable) or the liquidation or abandonment of the Property and all other Collateral for the Trust
Loan, provided, however, that in no event shall the trust created by the Trust and Servicing Agreement continue beyond
the expiration of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador
of the United States to the United Kingdom, living on the date of the Trust and Servicing Agreement.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and
Servicing Agreement.

 

    Exhibit A-4-7 

     

    

 

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

 

Dated: November 30, 2020 

 

	 	CITIBANK, N.A.,

not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
			Authorized Officer

 

Certificate of Authentication

 

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

 

Dated: November 30, 2020

 

	 	CITIBANK, N.A.,

not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
			Authorized Officer

 

    Exhibit A-4-8 

     

    

 

SCHEDULE A

 

SCHEDULE OF EXCHANGES

 

The following payments of principal and
exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global Certificate] [Regulation S Global Certificate]
have been made:

 

	Date of
 Exchange or
 Payment of
 Principal	 	 	 	Certificate
 Balance Prior
    

to Exchange or
 Payment	 	 	 	Certificate
 Balance

    Exchanged or 

Principal
 Payment Made	 	 	 	Type of
 Certificate

    Exchanged for	 	 	 	Remaining
 Certificate

    Balance
 Following Such
 Exchange or
 Payment	 	 	 	Notation Made 

by	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Exhibit A-4-9 

     

    

 

ASSIGNMENT

 

FOR VALUE RECEIVED, the
undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.

 

I (we) further direct
the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the within Certificate to
the above-named Assignee(s) and to deliver such Certificate to the following address:

 

________________________________

 

________________________________

 

________________________________

 

Date: __________________

 

	 	Signature by or on behalf of

Assignor(s):
	 	 
	 	 	 
	 	 
	 	Taxpayer Identification Number: _________
	 	 	 

 

    Exhibit A-4-10 

     

    

 

DISTRIBUTION INSTRUCTIONS

 

The Assignee(s) should
include the following for purposes of distribution:

 

Address of the Assignee(s) for the
purpose of receiving notices and distributions:
____________________________________________________________.

 

Distributions, if being
made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.

 

This information is provided
by _______________________________________ the Assignee(s) named above, or ________________________________________________ as
its (their) agent.

 

	 	By:	 
			[Please print or type name(s)]
	 	 	 
	 	Title:	 
	 	 	 
	 	Taxpayer Identification Number:

 

    Exhibit A-4-11 

     

    

 

EXHIBIT
A-5

 

FORM OF CLASS D CERTIFICATES

 

CLASS D

 

[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL OWNERS OF THIS TEMPORARY
REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]1

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]2

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS CERTIFICATE DOES NOT REPRESENT
ANY INTEREST IN OR OBLIGATION OF THE DEPOSITOR, ANY INITIAL PURCHASER, THE LOAN SELLER, THE ORIGINATOR, THE SERVICER, THE SPECIAL
SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE BORROWER,

 

 

 

		1	Temporary Regulation S Global Certificate legend.

 

		2	Legend required as long as DTC is the Depository under
the Trust and Servicing Agreement.

 

		3	Global Certificate legend.

 

 

    Exhibit A-5-1 

     

    

 

THE BORROWER SPONSOR OR ANY OF THEIR
RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING TRUST LOAN IS INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY
OR INSTRUMENTALITY, PRIVATE INSURER OR BY ANY OTHER PERSON.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS
CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING
CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS CLASS D CERTIFICATE
IS SUBORDINATED TO CERTAIN OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING
AGREEMENT REFERRED TO 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
“QUALIFIED INSTITUTIONAL BUYER”), THAT IS PURCHASING FOR ITS OWN ACCOUNT OR IS PURCHASING FOR THE ACCOUNT OF
ANOTHER QUALIFIED INSTITUTIONAL BUYER, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS
BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTIONAL INVESTOR 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, OR (3) TO ANOTHER INSTITUTIONAL INVESTOR THAT IS, OR IN WHICH EACH OF THE EQUITY OWNER IS AN “ACCREDITED INVESTOR”
WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL
BUYER, AND (B) IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE FEDERAL SECURITIES LAWS AND 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

 

    Exhibit A-5-2 

     

    

 

A MATERIAL EXTENT,
SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”), OR ANY PERSON ACTING ON BEHALF
OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A) SUCH PERSON IS AN INSTITUTIONAL “ACCREDITED
INVESTOR” AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT
OF 1933, AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE BY SUCH PERSON WILL NOT CONSTITUTE OR OTHERWISE RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE (OR A NON-EXEMPT VIOLATION OF SIMILAR LAW).

 

TRANSFERS OF THIS CERTIFICATE OR ANY
INTEREST HEREIN ARE SUBJECT TO SUCH RESTRICTIONS, AND TO THE DELIVERY BY THE TRANSFEROR AND/OR THE TRANSFEREE OF SUCH OPINIONS,
CERTIFICATIONS AND/OR OTHER EVIDENCE OF COMPLIANCE WITH APPLICABLE LAW, AS ARE SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED
TO 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.

 

    Exhibit A-5-3 

     

    

 

CITIGROUP COMMERCIAL
MORTGAGE TRUST 2020-420K

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2020-420K, CLASS D

 

	Pass-Through Rate:  The Adjusted Net Mortgage Rate with respect to the Trust Loan1	 
	 	 
	First Distribution Date:  December 11, 2020	 
	 	 
	Aggregate Initial Certificate Balance of the Class D Certificates:  $28,500,000	Rated Final Distribution Date:

November 2042
	 	 
	CUSIP:  17328Q AG6

ISIN:  US17328QAG642	Initial Certificate Balance of this

Certificate:  $[_________]
	 	 
	
        CUSIP: U1747Q AD7

ISIN: USU1747QAD703

         

        CUSIP: 17328Q AH4

ISIN: US17328QAH484

No.: D-[ ] 
	 

 

This certifies that [Cede
& Co.][_________] is the registered owner of the Percentage Interest evidenced by this Certificate in the distributions to
be made from a Trust Fund with respect to the Class D Certificates. The Trust Fund consists primarily of 2 promissory notes evidencing
a fixed rate interest-only commercial mortgage loan (the “Trust Loan”) that is secured by certain Collateral
held in trust by the Trustee (or the Custodian on its behalf). The Collateral also secures the Companion Loan which is not an asset
of the Trust Fund. The Trust Loan and the Companion Loan are collectively referred to as the “Mortgage Loan”.
The Trust Fund was created, and the Mortgage Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Trust and Servicing Agreement and is bound thereby. Also issued under the Trust and Servicing Agreement are the Class A, Class
X, Class B, Class C, Class E, Class HRR and Class R Certificates (collectively, with the Class D Certificates, the “Certificates”;
the Holders of Certificates issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).

 

This Certificate is issued
pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of November 6, 2020 (the “Trust
and Servicing Agreement”),

 

 

 

		1	The approximate initial Pass-Through
                                         Rate as of the Closing Date is 3.31177% per annum.

 

		2	For Certificate sold in reliance on Rule 144A only.

 

		3	For Regulation S Global Certificate only.

 

		4	For IAI Certificate only.

 

    Exhibit A-5-4 

     

    

 

by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National
Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, Citibank,
N.A., as Certificate Administrator, and Pentalpha Surveillance LLC, as Operating Advisor. To the extent not defined herein, capitalized
terms used herein shall have the respective meanings assigned thereto in the Trust and Servicing Agreement.

 

Pursuant to the terms
of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day following each Determination
Date, commencing in December 2020 (each such date, a “Distribution Date”), to the Person in whose name this
Certificate is registered as of the close of business on the related Record Date, which will be the last Business Day of the calendar
month immediately preceding the calendar month in which such Distribution Date occurs (provided that, in the event the Closing
Date occurs in the same month as the first Distribution Date, the first Record Date shall be the Closing 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 and any Default Yield Maintenance Premium then distributable, if any, with respect
to the Class D Certificates for such Distribution Date, all as more fully described in the Trust and Servicing Agreement. With
respect to each Distribution Date, the Determination Date is the 6th day of the calendar month in which such Distribution Date
occurs, but if such 6th day is not a Business Day, the immediately succeeding Business Day, commencing in December 2020.

 

All distributions will
be made to the Persons entitled thereto by wire transfer of immediately available funds to the account of such Certificateholder
at a bank or other entity located in the United States and having appropriate facilities therefor provided that the Certificate
Administrator has received appropriate wire transfer instructions therefrom, or by check by first class mail to the address set
forth therefor in the Certificate Register if wiring instructions have not been received at least five Business Days prior to the
applicable Distribution Date. Notwithstanding the foregoing, the final distribution on each Certificate shall be made in like manner,
but only upon presentment and surrender of such Certificate at the location that is specified in the notice to Certificateholders
of such final distribution.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Notes, as more specifically set
forth herein and in the Trust and Servicing Agreement.

 

This Certificate does
not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for the
interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities
of the Trustee and the Certificate Administrator.

 

In the event of a conflict
or inconsistency between the terms of this Certificate and the Trust and Servicing Agreement, the terms and conditions of the Trust
and Servicing Agreement shall govern.

 

As provided in the Trust
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated

 

    Exhibit A-5-5 

     

    

 

transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
the Operating Advisor, the Certificate Registrar, and any agent of the Trustee, the Certificate Administrator, the Operating Advisor,
the Servicer, the Special Servicer or the Certificate Registrar may treat the Person in whose name any Certificate is registered
as the owner of such Certificate for the purpose of receiving distributions as provided in the Trust and Servicing Agreement and
for all other purposes whatsoever, and none of the Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
the Operating Advisor, the Certificate Registrar, or any agent of the Servicer, the Special Servicer, the Trustee, the Certificate
Administrator, the Operating Advisor or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Trust and Servicing
Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator
and the Operating Advisor, without the consent of any of the Certificateholders, in certain circumstances specified in the Trust
and Servicing Agreement. The Trust and Servicing Agreement may also be amended from time to time by the Depositor, the Servicer,
the Special Servicer, the Trustee, the Certificate Administrator and the Operating Advisor with the written consent of the Holders
of Certificates representing not less than 51% of the Percentage Interests of each Class of Certificates adversely affected by
the amendment (as evidenced by an Opinion of Counsel) for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of the Trust and Servicing Agreement or of modifying in any manner the rights of the Certificateholders;
provided, however, no such amendment shall (i) reduce in any manner the amount of, or delay the timing of, payments
received on the Mortgage Loan which are required to be distributed on any Certificate or to any Companion Loan Holder, (ii) alter
in any manner the liens on any Collateral securing payments on the Mortgage Loan; (iii) alter the obligations of the Servicer
or the Trustee to make an Advance or alter the Accepted Servicing Practices set forth in the Trust and Servicing Agreement, (iv) change
the percentages of Voting Rights or Percentage Interests of Certificateholders which are required to consent to any action or inaction
under the Trust and Servicing Agreement; (v) change in any manner the obligations or rights of the Loan Seller under the Trust
and Servicing Agreement or the Trust Loan Purchase Agreement without the consent of the Loan Seller; (vi) amend Section
11.1 of the Trust and Servicing Agreement; (vii) change in any manner the obligations or rights of any Initial Purchaser
without the consent of the affected Initial Purchaser; or (viii) adversely affect any Companion Loan Holder in its capacity as
such without its consent. In addition, the Trust and Servicing Agreement provides that (i) neither the Trustee nor the Certificate
Administrator shall consent to any amendment to the Trust and Servicing Agreement unless it shall have first been furnished with
an Opinion of Counsel to the effect that such amendment is authorized or permitted under the Trust and Servicing Agreement and
all conditions precedent to such amendment have been satisfied and (ii) no amendment shall be made to the Trust and Servicing
Agreement without the Trustee and the Certificate Administrator first receiving in writing an Opinion of Counsel (at the expense
of the party requesting the amendment) that the amendment will not result in the imposition of federal income tax on the Trust
or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC.

 

    Exhibit A-5-6 

     

    

 

The Trust and Servicing
Agreement provides that the respective obligations and responsibilities of the Depositor, the Servicer, the Special Servicer, the
Trustee, the Certificate Administrator and the Operating Advisor created thereby (other than (x) the obligation to make certain
remittances to the Companion Loan Holder(s) to the extent of any remaining funds and in accordance with the Co-Lender Agreement,
(y) the obligation of the Certificate Administrator to make certain payments to Certificateholders after the final Distribution
Date and to comply with all federal income tax reporting requirements and maintenance of books and records, and (z) the indemnification
rights and obligations of the parties thereto) shall terminate upon the last action required to be taken by the Certificate Administrator
on the final Distribution Date pursuant to Article 10 of the Trust and Servicing Agreement upon the later of (i) the final
payment on the Certificates and the Uncertificated Lower-Tier Interests or (ii) the liquidation of the Trust Loan (including,
without limitation, in connection with the sale of the Trust Loan pursuant to the Mezzanine Intercreditor Agreement or the Trust
and Servicing Agreement, as applicable) or the liquidation or abandonment of the Property and all other Collateral for the Trust
Loan, provided, however, that in no event shall the trust created by the Trust and Servicing Agreement continue beyond
the expiration of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador
of the United States to the United Kingdom, living on the date of the Trust and Servicing Agreement.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and
Servicing Agreement.

 

    Exhibit A-5-7 

     

    

 

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

 

Dated: November 30, 2020 

 

	 	CITIBANK, N.A.,

not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
			Authorized Officer

 

Certificate of Authentication

 

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

 

Dated: November 30, 2020

 

	 	CITIBANK, N.A.,

not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
			Authorized Officer

 

    Exhibit A-5-8 

     

    

 

SCHEDULE A

 

SCHEDULE OF EXCHANGES

 

The following payments of principal and
exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global Certificate] [Regulation S Global Certificate]
have been made:

 

	Date of
 Exchange or
 Payment of
 Principal	 	 	 	Certificate
 Balance Prior
    

to Exchange or
 Payment	 	 	 	Certificate
 Balance

    Exchanged or 

Principal
 Payment Made	 	 	 	Type of
 Certificate

    Exchanged for	 	 	 	Remaining
 Certificate

    Balance
 Following Such
 Exchange or
 Payment	 	 	 	Notation Made 

by	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Exhibit A-5-9 

     

    

 

ASSIGNMENT

 

FOR VALUE RECEIVED, the
undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.

 

I (we) further direct
the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the within Certificate to
the above-named Assignee(s) and to deliver such Certificate to the following address:

 

________________________________

 

________________________________

 

________________________________

 

Date: __________________

 

	 	Signature by or on behalf of

Assignor(s):
	 	 
	 	 	 
	 	 
	 	Taxpayer Identification Number: _________
	 	 	 

 

    Exhibit A-5-10 

     

    

 

DISTRIBUTION INSTRUCTIONS

 

The Assignee(s) should
include the following for purposes of distribution:

 

Address of the Assignee(s) for the
purpose of receiving notices and distributions:
______________________________________________________.

 

Distributions, if being
made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.

 

This information is provided
by _______________________________________ the Assignee(s) named above, or ________________________________________________ as
its (their) agent.

 

	 	By:	 
			[Please print or type name(s)]
	 	 	 
	 	Title:	 
	 	Taxpayer Identification Number:

  

    Exhibit A-5-11 

     

    

 

EXHIBIT
A-6

 

FORM OF CLASS E CERTIFICATES

 

CLASS E

 

[THIS CERTIFICATE IS A TEMPORARY REGULATION
S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED,
EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL OWNERS OF THIS TEMPORARY
REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS
HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]1

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]2

 

[TRANSFERS OF THIS GLOBAL CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS CERTIFICATE DOES NOT REPRESENT
ANY INTEREST IN OR OBLIGATION OF THE DEPOSITOR, ANY INITIAL PURCHASER, THE LOAN SELLER, THE ORIGINATOR, THE SERVICER, THE SPECIAL
SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE BORROWER,

 

 

 

		1	Temporary Regulation S Global Certificate legend.

 

		2	Legend required as long as DTC is the Depository under
the Trust and Servicing Agreement.

 

		3	Global Certificate legend.

 

    Exhibit A-6-1

     

    

 

THE BORROWER SPONSOR OR ANY OF THEIR
RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING TRUST LOAN IS INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY
OR INSTRUMENTALITY, PRIVATE INSURER OR BY ANY OTHER PERSON.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS
CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING
CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS CLASS E CERTIFICATE
IS SUBORDINATED TO CERTAIN OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING
AGREEMENT REFERRED TO 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
“QUALIFIED INSTITUTIONAL BUYER”), THAT IS PURCHASING FOR ITS OWN ACCOUNT OR IS PURCHASING FOR THE ACCOUNT OF
ANOTHER QUALIFIED INSTITUTIONAL BUYER, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS
BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTIONAL INVESTOR 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, OR (3) TO ANOTHER INSTITUTIONAL INVESTOR THAT IS, OR IN WHICH EACH OF THE EQUITY OWNER IS AN “ACCREDITED INVESTOR”
WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL
BUYER, AND (B) IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE FEDERAL SECURITIES LAWS AND 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

 

    Exhibit A-6-2

     

    

 

A MATERIAL EXTENT,
SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”), OR ANY PERSON ACTING ON BEHALF
OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A) SUCH PERSON IS AN INSTITUTIONAL “ACCREDITED
INVESTOR” AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT
OF 1933, AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE BY SUCH PERSON WILL NOT CONSTITUTE OR OTHERWISE RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE (OR A NON-EXEMPT VIOLATION OF SIMILAR LAW).

 

TRANSFERS OF THIS CERTIFICATE OR ANY
INTEREST HEREIN ARE SUBJECT TO SUCH RESTRICTIONS, AND TO THE DELIVERY BY THE TRANSFEROR AND/OR THE TRANSFEREE OF SUCH OPINIONS,
CERTIFICATIONS AND/OR OTHER EVIDENCE OF COMPLIANCE WITH APPLICABLE LAW, AS ARE SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED
TO 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.

 

    Exhibit A-6-3

     

    

 

CITIGROUP COMMERCIAL
MORTGAGE TRUST 2020-420K

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2020-420K, CLASS E

 

	Pass-Through Rate:  The Adjusted Net Mortgage Rate with respect to the Trust Loan1	 
	 	 
	First Distribution Date:  December 11, 2020	 
	 	 
	Aggregate Initial Certificate Balance of the Class E Certificates:  $37,150,000	Rated Final Distribution Date:

November 2042
	 	 
	CUSIP:  17328Q AJ0

ISIN:  US17328QAJ042	Initial Certificate Balance of this

Certificate:  $[_________]
	 	 
	
        CUSIP: U1747Q AE5

ISIN: USU1747QAE533 

         

        CUSIP: 17328Q AK7

ISIN: US17328QAK764

No.: E-[ ] 
	 

 

This certifies that [Cede
& Co.][_________] is the registered owner of the Percentage Interest evidenced by this Certificate in the distributions to
be made from a Trust Fund with respect to the Class E Certificates. The Trust Fund consists primarily of 2 promissory notes evidencing
a fixed rate interest-only commercial mortgage loan (the “Trust Loan”) that is secured by certain Collateral
held in trust by the Trustee (or the Custodian on its behalf). The Collateral also secures the Companion Loan which is not an asset
of the Trust Fund. The Trust Loan and the Companion Loan are collectively referred to as the “Mortgage Loan”.
The Trust Fund was created, and the Mortgage Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Trust and Servicing Agreement and is bound thereby. Also issued under the Trust and Servicing Agreement are the Class A, Class
X, Class B, Class C, Class D, Class HRR and Class R Certificates (collectively, with the Class E Certificates, the “Certificates”;
the Holders of Certificates issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).

 

This Certificate is issued
pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of November 6, 2020 (the “Trust
and Servicing Agreement”),

 

 

 

		1	The approximate initial Pass-Through
                                         Rate as of the Closing Date is 3.31177% per annum.

 

		2	For Certificate sold in reliance on Rule 144A only.

 

		3	For Regulation S Global Certificate only.

 

		4	For IAI Certificate only.

 

    Exhibit A-6-4

     

    

 

by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National
Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, Citibank,
N.A., as Certificate Administrator, and Pentalpha Surveillance LLC, as Operating Advisor. To the extent not defined herein, capitalized
terms used herein shall have the respective meanings assigned thereto in the Trust and Servicing Agreement.

 

Pursuant to the terms
of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day following each Determination
Date, commencing in December 2020 (each such date, a “Distribution Date”), to the Person in whose name this
Certificate is registered as of the close of business on the related Record Date, which will be the last Business Day of the calendar
month immediately preceding the calendar month in which such Distribution Date occurs (provided that, in the event the Closing
Date occurs in the same month as the first Distribution Date, the first Record Date shall be the Closing 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 and any Default Yield Maintenance Premium then distributable, if any, with respect
to the Class E Certificates for such Distribution Date, all as more fully described in the Trust and Servicing Agreement. With
respect to each Distribution Date, the Determination Date is the 6th day of the calendar month in which such Distribution Date
occurs, but if such 6th day is not a Business Day, the immediately succeeding Business Day, commencing in December 2020.

 

All distributions will
be made to the Persons entitled thereto by wire transfer of immediately available funds to the account of such Certificateholder
at a bank or other entity located in the United States and having appropriate facilities therefor provided that the Certificate
Administrator has received appropriate wire transfer instructions therefrom, or by check by first class mail to the address set
forth therefor in the Certificate Register if wiring instructions have not been received at least five Business Days prior to the
applicable Distribution Date. Notwithstanding the foregoing, the final distribution on each Certificate shall be made in like manner,
but only upon presentment and surrender of such Certificate at the location that is specified in the notice to Certificateholders
of such final distribution.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Notes, as more specifically set
forth herein and in the Trust and Servicing Agreement.

 

This Certificate does
not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for the
interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities
of the Trustee and the Certificate Administrator.

 

In the event of a conflict
or inconsistency between the terms of this Certificate and the Trust and Servicing Agreement, the terms and conditions of the Trust
and Servicing Agreement shall govern.

 

As provided in the Trust
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated

 

    Exhibit A-6-5

     

    

 

transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
the Operating Advisor, the Certificate Registrar, and any agent of the Trustee, the Certificate Administrator, the Operating Advisor,
the Servicer, the Special Servicer or the Certificate Registrar may treat the Person in whose name any Certificate is registered
as the owner of such Certificate for the purpose of receiving distributions as provided in the Trust and Servicing Agreement and
for all other purposes whatsoever, and none of the Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
the Operating Advisor, the Certificate Registrar, or any agent of the Servicer, the Special Servicer, the Trustee, the Certificate
Administrator, the Operating Advisor or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Trust and Servicing
Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator
and the Operating Advisor, without the consent of any of the Certificateholders, in certain circumstances specified in the Trust
and Servicing Agreement. The Trust and Servicing Agreement may also be amended from time to time by the Depositor, the Servicer,
the Special Servicer, the Trustee, the Certificate Administrator and the Operating Advisor with the written consent of the Holders
of Certificates representing not less than 51% of the Percentage Interests of each Class of Certificates adversely affected by
the amendment (as evidenced by an Opinion of Counsel) for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of the Trust and Servicing Agreement or of modifying in any manner the rights of the Certificateholders;
provided, however, no such amendment shall (i) reduce in any manner the amount of, or delay the timing of, payments
received on the Mortgage Loan which are required to be distributed on any Certificate or to any Companion Loan Holder, (ii) alter
in any manner the liens on any Collateral securing payments on the Mortgage Loan; (iii) alter the obligations of the Servicer
or the Trustee to make an Advance or alter the Accepted Servicing Practices set forth in the Trust and Servicing Agreement, (iv) change
the percentages of Voting Rights or Percentage Interests of Certificateholders which are required to consent to any action or inaction
under the Trust and Servicing Agreement; (v) change in any manner the obligations or rights of the Loan Seller under the Trust
and Servicing Agreement or the Trust Loan Purchase Agreement without the consent of the Loan Seller; (vi) amend Section
11.1 of the Trust and Servicing Agreement; (vii) change in any manner the obligations or rights of any Initial Purchaser
without the consent of the affected Initial Purchaser; or (viii) adversely affect any Companion Loan Holder in its capacity as
such without its consent. In addition, the Trust and Servicing Agreement provides that (i) neither the Trustee nor the Certificate
Administrator shall consent to any amendment to the Trust and Servicing Agreement unless it shall have first been furnished with
an Opinion of Counsel to the effect that such amendment is authorized or permitted under the Trust and Servicing Agreement and
all conditions precedent to such amendment have been satisfied and (ii) no amendment shall be made to the Trust and Servicing
Agreement without the Trustee and the Certificate Administrator first receiving in writing an Opinion of Counsel (at the expense
of the party requesting the amendment) that the amendment will not result in the imposition of federal income tax on the Trust
or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC.

 

    Exhibit A-6-6

     

    

 

The Trust and Servicing
Agreement provides that the respective obligations and responsibilities of the Depositor, the Servicer, the Special Servicer, the
Trustee, the Certificate Administrator and the Operating Advisor created thereby (other than (x) the obligation to make certain
remittances to the Companion Loan Holder(s) to the extent of any remaining funds and in accordance with the Co-Lender Agreement,
(y) the obligation of the Certificate Administrator to make certain payments to Certificateholders after the final Distribution
Date and to comply with all federal income tax reporting requirements and maintenance of books and records, and (z) the indemnification
rights and obligations of the parties thereto) shall terminate upon the last action required to be taken by the Certificate Administrator
on the final Distribution Date pursuant to Article 10 of the Trust and Servicing Agreement upon the later of (i) the final
payment on the Certificates and the Uncertificated Lower-Tier Interests or (ii) the liquidation of the Trust Loan (including,
without limitation, in connection with the sale of the Trust Loan pursuant to the Mezzanine Intercreditor Agreement or the Trust
and Servicing Agreement, as applicable) or the liquidation or abandonment of the Property and all other Collateral for the Trust
Loan, provided, however, that in no event shall the trust created by the Trust and Servicing Agreement continue beyond
the expiration of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador
of the United States to the United Kingdom, living on the date of the Trust and Servicing Agreement.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and
Servicing Agreement.

 

    Exhibit A-6-7

     

    

 

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

 

Dated: November 30, 2020

	 	 
	 	CITIBANK,
                    N.A., 

                    not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	By:	
	 	 	Authorized Officer

 

 

Certificate of Authentication

 

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

 

Dated: November 30, 2020

	 	 
	 	CITIBANK,
                    N.A., 

                    not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	By:	
	 	 	Authorized Officer

 

 

    Exhibit A-6-8

     

    

SCHEDULE A

 

SCHEDULE OF EXCHANGES

 

The following payments of principal and
exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global Certificate] [Regulation S Global Certificate]
have been made:

 

	Date of
 Exchange or
 Payment of
 Principal	 	 	 	Certificate
 Balance
 Prior to
 Exchange or
 Payment	 	 	 	Certificate
 Balance
 Exchanged
 or Principal
 Payment
 Made	 	 	 	Type of
 Certificate
 Exchanged
 for	 	 	 	Remaining
 Certificate
 Balance
 Following
 Such
 Exchange or
 Payment	 	 	 	Notation
 Made by	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Exhibit A-6-9

     

    

 

ASSIGNMENT

 

FOR VALUE RECEIVED, the
undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.

 

I (we) further direct
the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the within Certificate to
the above-named Assignee(s) and to deliver such Certificate to the following address:

 

________________________________

 

________________________________

 

________________________________

 

Date: __________________

 

	 	Signature by or on behalf of

Assignor(s):
	 	 
	 	 	 
	 	 
	 	Taxpayer Identification Number: _________
	 	 	 

 

    Exhibit A-6-10

     

    

 

DISTRIBUTION INSTRUCTIONS

 

The Assignee(s) should
include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: _____________________________________________________________.

 

Distributions, if being
made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.

 

This information is provided
by _______________________________________ the Assignee(s) named above, or ________________________________________________ as
its (their) agent.

 

	 	By:	 
			[Please print or type name(s)]
	 	 	 
	 	Title:	 
	 	Taxpayer Identification Number:

 

    Exhibit A-6-11

     

    

EXHIBIT
A-7

 

FORM OF CLASS HRR CERTIFICATES

 

CLASS HRR

 

[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 GLOBAL CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE,
AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]2

 

THIS CERTIFICATE DOES NOT REPRESENT
ANY INTEREST IN OR OBLIGATION OF THE DEPOSITOR, ANY INITIAL PURCHASER, THE LOAN SELLER, THE ORIGINATOR, THE SERVICER, THE SPECIAL
SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE BORROWER, THE BORROWER SPONSOR OR ANY OF THEIR
RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING TRUST LOAN IS INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY
OR INSTRUMENTALITY, PRIVATE INSURER OR BY ANY OTHER PERSON.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS
CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING
CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS CLASS HRR CERTIFICATE
IS SUBORDINATED TO CERTAIN OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING
AGREEMENT REFERRED TO BELOW.

 

 

 

		1	Legend required as long as DTC is the Depository under
the Trust and Servicing Agreement.

 

		2	Global Certificate legend.

 

    Exhibit A-7-1

     

    

 

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
“QUALIFIED INSTITUTIONAL BUYER”), THAT IS PURCHASING FOR ITS OWN ACCOUNT OR IS PURCHASING FOR THE ACCOUNT OF
ANOTHER QUALIFIED INSTITUTIONAL BUYER, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS
BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTIONAL INVESTOR 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, OR (3) TO ANOTHER INSTITUTIONAL INVESTOR THAT IS, OR IN WHICH EACH OF THE EQUITY OWNER IS AN “ACCREDITED INVESTOR”
WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL
BUYER, AND (B) IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE FEDERAL SECURITIES LAWS AND 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 SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”),
OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, 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.

 

    Exhibit A-7-2

     

    

 

TRANSFERS OF THIS CERTIFICATE OR ANY
INTEREST HEREIN ARE SUBJECT TO SUCH RESTRICTIONS, AND TO THE DELIVERY BY THE TRANSFEROR AND/OR THE TRANSFEREE OF SUCH OPINIONS,
CERTIFICATIONS AND/OR OTHER EVIDENCE OF COMPLIANCE WITH APPLICABLE LAW, AS ARE SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED
TO 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.

 

THIS CERTIFICATE IS INTENDED TO CONSTITUTE
PART OF AN “ELIGIBLE HORIZONTAL RESIDUAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS RESTRICTIONS ON HEDGING, TRANSFER AND FINANCING
SET FORTH IN REGULATION RR. 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.

 

    Exhibit A-7-3

     

    

 

CITIGROUP COMMERCIAL
MORTGAGE TRUST 2020-420K

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2020-420K, CLASS HRR

 

	Pass-Through Rate:  The Adjusted Net Mortgage Rate with respect to the Trust Loan1	 
	 	 
	First Distribution Date:  December 11, 2020	 
	 	 
	Aggregate Initial Certificate Balance of the Class HRR Certificates:  $15,450,000	Rated Final Distribution Date:

November 2042
	 	 
	CUSIP:  17328Q AL5

ISIN:  US17328QAL592	Initial Certificate Balance of this

Certificate:  $[_________]
	 	 
	
        CUSIP: U1747Q AF2

        ISIN: USU1747QAF293

         

        CUSIP: 17328Q AM3

ISIN: US17328QAM334

No.: HRR-[ ]
	 

 

This certifies that [Cede
& Co.][_________] is the registered owner of the Percentage Interest evidenced by this Certificate in the distributions to
be made from a Trust Fund with respect to the Class HRR Certificates. The Trust Fund consists primarily of 2 promissory notes evidencing
a fixed rate interest-only commercial mortgage loan (the “Trust Loan”) that is secured by certain Collateral
held in trust by the Trustee (or the Custodian on its behalf). The Collateral also secures the Companion Loan which is not an asset
of the Trust Fund. The Trust Loan and the Companion Loan are collectively referred to as the “Mortgage Loan”.
The Trust Fund was created, and the Mortgage Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Trust and Servicing Agreement and is bound thereby. Also issued under the Trust and Servicing Agreement are the Class A, Class
X, Class B, Class C, Class D, Class E and Class R Certificates (collectively, with the Class HRR Certificates, the “Certificates”;
the Holders of Certificates issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).

 

This Certificate is issued
pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of November 6, 2020 (the “Trust
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National

 

 

 

		1	The approximate
                                         initial Pass-Through Rate as of the Closing Date is 3.31177% per annum.

 

		2	For Certificate sold in reliance on Rule 144A only.

 

		3	For Regulation S Global Certificate only.

 

		4	For IAI Certificate only.

 

    Exhibit A-7-4

     

    

 

Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, Citibank,
N.A., as Certificate Administrator, and Pentalpha Surveillance LLC, as Operating Advisor. To the extent not defined herein, capitalized
terms used herein shall have the respective meanings assigned thereto in the Trust and Servicing Agreement.

 

Pursuant to the terms
of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day following each Determination
Date, commencing in December 2020 (each such date, a “Distribution Date”), to the Person in whose name this
Certificate is registered as of the close of business on the related Record Date, which will be the last Business Day of the calendar
month immediately preceding the calendar month in which such Distribution Date occurs (provided that, in the event the Closing
Date occurs in the same month as the first Distribution Date, the first Record Date shall be the Closing 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 and any Default Yield Maintenance Premium then distributable, if any, with respect
to the Class HRR Certificates for such Distribution Date, all as more fully described in the Trust and Servicing Agreement. With
respect to each Distribution Date, the Determination Date is the 6th day of the calendar month in which such Distribution Date
occurs, but if such 6th day is not a Business Day, the immediately succeeding Business Day, commencing in December 2020.

 

All distributions will
be made to the Persons entitled thereto by wire transfer of immediately available funds to the account of such Certificateholder
at a bank or other entity located in the United States and having appropriate facilities therefor provided that the Certificate
Administrator has received appropriate wire transfer instructions therefrom, or by check by first class mail to the address set
forth therefor in the Certificate Register if wiring instructions have not been received at least five Business Days prior to the
applicable Distribution Date. Notwithstanding the foregoing, the final distribution on each Certificate shall be made in like manner,
but only upon presentment and surrender of such Certificate at the location that is specified in the notice to Certificateholders
of such final distribution.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Notes, as more specifically set
forth herein and in the Trust and Servicing Agreement.

 

This Certificate does
not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for the
interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities
of the Trustee and the Certificate Administrator.

 

In the event of a conflict
or inconsistency between the terms of this Certificate and the Trust and Servicing Agreement, the terms and conditions of the Trust
and Servicing Agreement shall govern.

 

As provided in the Trust
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated

 

    Exhibit A-7-5

     

    

 

transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
the Operating Advisor, the Certificate Registrar, and any agent of the Trustee, the Certificate Administrator, the Operating Advisor,
the Servicer, the Special Servicer or the Certificate Registrar may treat the Person in whose name any Certificate is registered
as the owner of such Certificate for the purpose of receiving distributions as provided in the Trust and Servicing Agreement and
for all other purposes whatsoever, and none of the Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
the Operating Advisor, the Certificate Registrar, or any agent of the Servicer, the Special Servicer, the Trustee, the Certificate
Administrator, the Operating Advisor or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Trust and Servicing
Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator
and the Operating Advisor, without the consent of any of the Certificateholders, in certain circumstances specified in the Trust
and Servicing Agreement. The Trust and Servicing Agreement may also be amended from time to time by the Depositor, the Servicer,
the Special Servicer, the Trustee, the Certificate Administrator and the Operating Advisor with the written consent of the Holders
of Certificates representing not less than 51% of the Percentage Interests of each Class of Certificates adversely affected by
the amendment (as evidenced by an Opinion of Counsel) for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of the Trust and Servicing Agreement or of modifying in any manner the rights of the Certificateholders;
provided, however, no such amendment shall (i) reduce in any manner the amount of, or delay the timing of, payments
received on the Mortgage Loan which are required to be distributed on any Certificate or to any Companion Loan Holder, (ii) alter
in any manner the liens on any Collateral securing payments on the Mortgage Loan; (iii) alter the obligations of the Servicer
or the Trustee to make an Advance or alter the Accepted Servicing Practices set forth in the Trust and Servicing Agreement, (iv) change
the percentages of Voting Rights or Percentage Interests of Certificateholders which are required to consent to any action or inaction
under the Trust and Servicing Agreement; (v) change in any manner the obligations or rights of the Loan Seller under the Trust
and Servicing Agreement or the Trust Loan Purchase Agreement without the consent of the Loan Seller; (vi) amend Section
11.1 of the Trust and Servicing Agreement; (vii) change in any manner the obligations or rights of any Initial Purchaser
without the consent of the affected Initial Purchaser; or (viii) adversely affect any Companion Loan Holder in its capacity as
such without its consent. In addition, the Trust and Servicing Agreement provides that (i) neither the Trustee nor the Certificate
Administrator shall consent to any amendment to the Trust and Servicing Agreement unless it shall have first been furnished with
an Opinion of Counsel to the effect that such amendment is authorized or permitted under the Trust and Servicing Agreement and
all conditions precedent to such amendment have been satisfied and (ii) no amendment shall be made to the Trust and Servicing
Agreement without the Trustee and the Certificate Administrator first receiving in writing an Opinion of Counsel (at the expense
of the party requesting the amendment) that the amendment will not result in the imposition of federal income tax on the Trust
or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC.

 

    Exhibit A-7-6

     

    

 

The Trust and Servicing
Agreement provides that the respective obligations and responsibilities of the Depositor, the Servicer, the Special Servicer, the
Trustee, the Certificate Administrator and the Operating Advisor created thereby (other than (x) the obligation to make certain
remittances to the Companion Loan Holder(s) to the extent of any remaining funds and in accordance with the Co-Lender Agreement,
(y) the obligation of the Certificate Administrator to make certain payments to Certificateholders after the final Distribution
Date and to comply with all federal income tax reporting requirements and maintenance of books and records, and (z) the indemnification
rights and obligations of the parties thereto) shall terminate upon the last action required to be taken by the Certificate Administrator
on the final Distribution Date pursuant to Article 10 of the Trust and Servicing Agreement upon the later of (i) the final
payment on the Certificates and the Uncertificated Lower-Tier Interests or (ii) the liquidation of the Trust Loan (including,
without limitation, in connection with the sale of the Trust Loan pursuant to the Mezzanine Intercreditor Agreement or the Trust
and Servicing Agreement, as applicable) or the liquidation or abandonment of the Property and all other Collateral for the Trust
Loan, provided, however, that in no event shall the trust created by the Trust and Servicing Agreement continue beyond
the expiration of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador
of the United States to the United Kingdom, living on the date of the Trust and Servicing Agreement.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and
Servicing Agreement.

 

    Exhibit A-7-7

     

    

 

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

 

Dated: November 30, 2020

	 	 
	 	CITIBANK, N.A.,

not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	By:	
	 	 	Authorized Officer

 

Certificate of Authentication

 

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

 

Dated: November 30, 2020

	 	 
	 	CITIBANK, N.A.,

not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	By:	
	 	 	Authorized Officer

 

    Exhibit A-7-8

     

    

 

SCHEDULE A

 

SCHEDULE OF EXCHANGES

 

[ONLY FOR USE AFTER HHR INTEREST TRANSFER
RESTRICTION PERIOD IF CLASS HRR CERTIFICATE BECOMES A GLOBAL CERTIFICATE] The following payments of principal and exchanges of
a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global Certificate] [Regulation S Global Certificate] have
been made:

 

	Date of
 Exchange or
 Payment of
 Principal	 	 	 	Certificate
 Balance
 Prior to
 Exchange or
 Payment	 	 	 	Certificate
 Balance
 Exchanged
 or Principal
 Payment
 Made	 	 	 	Type of
 Certificate
 Exchanged
 for	 	 	 	Remaining
 Certificate
 Balance
 Following
 Such
 Exchange or
 Payment	 	 	 	Notation
 Made by	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Exhibit A-7-9

     

    

 

ASSIGNMENT

 

FOR VALUE RECEIVED, the
undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.

 

I (we) further direct
the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the within Certificate to
the above-named Assignee(s) and to deliver such Certificate to the following address:

 

	 
	 
	 
	 
	Date: __________________

	 	 	 
	 	Signature by or on behalf of
	 	Assignor(s):
	 	 
	 	 	 
	 	 
	 	Taxpayer Identification Number:
    _________

 

    Exhibit A-7-10

     

    

 

DISTRIBUTION INSTRUCTIONS

 

The Assignee(s) should include the following for purposes of distribution:

 

Address of the Assignee(s) for the purpose
of receiving notices and distributions:
_____________________________________________.

 

Distributions, if being
made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.

 

This information is provided
by _____________________________________________________ the Assignee(s) named above, or ________________________________________________ as
its (their) agent.

 

	 	By:	 
	 	 	[Please print or type name(s)]

 

	 	Title:	 
	 	Taxpayer Identification Number:

 

    Exhibit A-7-11

     

    

 

EXHIBIT
A-8

 

FORM OF CLASS R CERTIFICATES

 

CLASS R

 

THIS CERTIFICATE DOES NOT REPRESENT
ANY INTEREST IN OR OBLIGATION OF THE DEPOSITOR, ANY INITIAL PURCHASER, THE LOAN SELLER, THE ORIGINATOR, THE SERVICER, THE SPECIAL
SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE BORROWER, THE BORROWER SPONSOR OR ANY OF THEIR
RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING TRUST LOAN IS INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY
OR INSTRUMENTALITY, PRIVATE INSURER OR BY ANY OTHER PERSON.

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A
PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A
“QUALIFIED INSTITUTIONAL BUYER”), THAT IS PURCHASING FOR ITS OWN ACCOUNT OR IS PURCHASING FOR THE ACCOUNT OF
ANOTHER QUALIFIED INSTITUTIONAL BUYER, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS
BEING MADE IN RELIANCE ON RULE 144A, AND (B) IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE FEDERAL SECURITIES LAWS AND 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 SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS
OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE.

 

TRANSFERS OF THIS CERTIFICATE OR ANY
INTEREST HEREIN ARE SUBJECT TO SUCH RESTRICTIONS, AND TO THE DELIVERY BY THE TRANSFEROR AND/OR THE TRANSFEREE OF SUCH OPINIONS,
CERTIFICATIONS AND/OR

 

    Exhibit A-8-1

     

    

 

OTHER EVIDENCE OF COMPLIANCE WITH APPLICABLE LAW, AS ARE SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

THIS CERTIFICATE EVIDENCES ALL OR A
PORTION OF THE SOLE CLASS OF “RESIDUAL INTERESTS” IN EACH OF TWO “REAL ESTATE MORTGAGE INVESTMENT CONDUITS”
AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(2) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. EACH
TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS
ON TRANSFERABILITY TO DISQUALIFIED ORGANIZATIONS, NON-U.S. TAX PERSONS OR AGENTS OF EITHER, AS SET FORTH IN THE TRUST AND SERVICING
AGREEMENT, AND SHALL BE REQUIRED TO FURNISH AN AFFIDAVIT IN THE FORM ATTACHED AS AN EXHIBIT TO THE TRUST AND SERVICING AGREEMENT
TO THE TRANSFEROR AND THE CERTIFICATE ADMINISTRATOR TO THE EFFECT THAT, AMONG OTHER THINGS, (A) IT IS NOT A DISQUALIFIED ORGANIZATION,
AS SUCH TERM IS DEFINED IN CODE SECTION 860E(e)(5), OR AN AGENT (INCLUDING A BROKER, NOMINEE OR OTHER MIDDLEMAN) FOR SUCH DISQUALIFIED
ORGANIZATION AND IS OTHERWISE A PERMITTED TRANSFEREE, (B) IT HAS HISTORICALLY PAID ITS DEBTS AS THEY HAVE COME DUE AND INTENDS
TO PAY ITS DEBTS AS THEY COME DUE IN THE FUTURE, (C) IT UNDERSTANDS THAT IT MAY INCUR TAX LIABILITIES WITH RESPECT TO THIS CERTIFICATE
IN EXCESS OF CASH FLOWS GENERATED HEREBY, (D) IT INTENDS TO PAY ANY TAXES ASSOCIATED WITH HOLDING THIS CERTIFICATE AS THEY BECOME
DUE, (E) IT WILL NOT CAUSE INCOME WITH RESPECT TO THIS CERTIFICATE TO BE ATTRIBUTABLE TO A FOREIGN PERMANENT ESTABLISHMENT OR FIXED
BASE, WITHIN THE MEANING OF AN APPLICABLE INCOME TAX TREATY, OF SUCH PERSON OR ANY OTHER U.S. TAX PERSON AND (F) IT WILL NOT TRANSFER
THIS CERTIFICATE TO ANY PERSON OR ENTITY THAT DOES NOT PROVIDE A SIMILAR AFFIDAVIT. ANY PURPORTED TRANSFER TO A DISQUALIFIED ORGANIZATION
OR OTHER PERSON THAT IS NOT A PERMITTED TRANSFEREE OR OTHERWISE IN VIOLATION OF THESE RESTRICTIONS SHALL BE ABSOLUTELY NULL AND
VOID AND SHALL VEST NO RIGHTS IN ANY PURPORTED TRANSFEREE. THIS CERTIFICATE REPRESENTS ONE OR MORE “NON-ECONOMIC RESIDUAL
INTERESTS”, AS DEFINED IN TREASURY REGULATIONS SECTION 1.860E-1(c), AND THEREFORE, TRANSFERS OF THIS CERTIFICATE MAY BE DISREGARDED
FOR FEDERAL INCOME TAX PURPOSES. IN ORDER TO SATISFY A REGULATORY SAFE HARBOR UNDER WHICH SUCH TRANSFERS WILL NOT BE DISREGARDED,
THE TRANSFEROR MAY BE REQUIRED, AMONG OTHER THINGS, TO SATISFY ITSELF AS TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE
AND EITHER TO TRANSFER AT A MINIMUM PRICE OR TO AN ELIGIBLE TRANSFEREE AS SPECIFIED IN TREASURY REGULATIONS.

 

    Exhibit A-8-2

     

    

 

CITIGROUP COMMERCIAL
MORTGAGE TRUST 2020-420K

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2020-420K, CLASS R

 

	Percentage Interest of this Class R

                            Certificates:  [     ]%

	 
	CUSIP:  17328Q AQ4

ISIN:  US17328QAQ47

No.:  R-[ ]

 

This certifies that [_____________]
is the registered owner of the Percentage Interest evidenced by this Certificate in the distributions to be made from a Trust Fund
with respect to the Class R Certificates. The Trust Fund consists primarily of 2 promissory notes evidencing a fixed rate interest-only
commercial mortgage loan (the “Trust Loan”) that is secured by certain Collateral held in trust by the Trustee
(or the Custodian on its behalf). The Collateral also secures the Companion Loan which is not an asset of the Trust Fund. The Trust
Loan and the Companion Loan are collectively referred to as the “Mortgage Loan”. The Trust Fund was created,
and the Mortgage Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The Holder of this Certificate,
by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Trust and Servicing Agreement and is
bound thereby. Also issued under the Trust and Servicing Agreement are the Class A, Class X, Class B, Class C, Class D, Class
E and Class HRR Certificates (collectively, with the Class R Certificates, the “Certificates”; the Holders
of Certificates issued under the Trust and Servicing Agreement are collectively referred to herein as “Certificateholders”).

 

This Certificate is issued
pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of November 6, 2020 (the “Trust
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National
Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, Citibank,
N.A., as Certificate Administrator, and Pentalpha Surveillance LLC, as Operating Advisor. To the extent not defined herein, capitalized
terms used herein shall have the respective meanings assigned thereto in the Trust and Servicing Agreement.

 

Pursuant to the terms
of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day following each Determination
Date, commencing in December 2020 (each such date, a “Distribution Date”), to the Person in whose name this
Certificate is registered as of the close of business on the related Record Date, which will be the last Business Day of the calendar
month immediately preceding the calendar month in which such Distribution Date occurs (provided that, in the event the Closing
Date occurs in the same month as the first Distribution Date, the first Record Date shall be the Closing Date), an amount equal
to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of any amounts
distributable with respect to the Class R Certificates for such Distribution Date, all as more fully described in the Trust and
Servicing Agreement. With respect to each Distribution Date, the Determination Date is the 6th day of the calendar month in which
such Distribution Date occurs, but if such 6th day is not a Business Day, the immediately succeeding Business Day, commencing in
December 2020.

 

    Exhibit A-8-3

     

    

 

All distributions will
be made to the Persons entitled thereto by wire transfer of immediately available funds to the account of such Certificateholder
at a bank or other entity located in the United States and having appropriate facilities therefor provided that the Certificate
Administrator has received appropriate wire transfer instructions therefrom, or by check by first class mail to the address set
forth therefor in the Certificate Register if wiring instructions have not been received at least five Business Days prior to the
applicable Distribution Date. Notwithstanding the foregoing, the final distribution on each Certificate shall be made in like manner,
but only upon presentment and surrender of such Certificate at the location that is specified in the notice to Certificateholders
of such final distribution.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Notes, as more specifically set
forth herein and in the Trust and Servicing Agreement.

 

This Certificate does
not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for the
interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities
of the Trustee and the Certificate Administrator.

 

In the event of a conflict
or inconsistency between the terms of this Certificate and the Trust and Servicing Agreement, the terms and conditions of the Trust
and Servicing Agreement shall govern.

 

As provided in the Trust
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
the Operating Advisor, the Certificate Registrar, and any agent of the Trustee, the Certificate Administrator, the Operating Advisor,
the Servicer, the Special Servicer or the Certificate Registrar may treat the Person in whose name any Certificate is registered
as the owner of such Certificate for the purpose of receiving distributions as provided in the Trust and Servicing Agreement and
for all other purposes whatsoever, and none of the Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
the Operating Advisor, the Certificate Registrar, or any agent of the Servicer, the Special Servicer, the Trustee, the Certificate
Administrator, the Operating Advisor or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Trust and Servicing
Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator
and the Operating Advisor, without the consent of any of the Certificateholders, in certain circumstances specified in the Trust
and Servicing Agreement. The Trust and Servicing Agreement may also be amended from time to time by the Depositor, the Servicer,
the Special Servicer, the Trustee, the Certificate Administrator and the Operating Advisor with the written consent of the Holders
of Certificates representing not less than 51% of the Percentage Interests of each Class of Certificates

 

    Exhibit A-8-4

     

    

 

adversely affected by
the amendment (as evidenced by an Opinion of Counsel) for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of the Trust and Servicing Agreement or of modifying in any manner the rights of the Certificateholders;
provided, however, no such amendment shall (i) reduce in any manner the amount of, or delay the timing of, payments
received on the Mortgage Loan which are required to be distributed on any Certificate or to any Companion Loan Holder, (ii) alter
in any manner the liens on any Collateral securing payments on the Mortgage Loan; (iii) alter the obligations of the Servicer
or the Trustee to make an Advance or alter the Accepted Servicing Practices set forth in the Trust and Servicing Agreement, (iv) change
the percentages of Voting Rights or Percentage Interests of Certificateholders which are required to consent to any action or inaction
under the Trust and Servicing Agreement; (v) change in any manner the obligations or rights of the Loan Seller under the Trust
and Servicing Agreement or the Trust Loan Purchase Agreement without the consent of the Loan Seller; (vi) amend Section
11.1 of the Trust and Servicing Agreement; (vii) change in any manner the obligations or rights of any Initial Purchaser
without the consent of the affected Initial Purchaser; or (viii) adversely affect any Companion Loan Holder in its capacity as
such without its consent. In addition, the Trust and Servicing Agreement provides that (i) neither the Trustee nor the Certificate
Administrator shall consent to any amendment to the Trust and Servicing Agreement unless it shall have first been furnished with
an Opinion of Counsel to the effect that such amendment is authorized or permitted under the Trust and Servicing Agreement and
all conditions precedent to such amendment have been satisfied and (ii) no amendment shall be made to the Trust and Servicing
Agreement without the Trustee and the Certificate Administrator first receiving in writing an Opinion of Counsel (at the expense
of the party requesting the amendment) that the amendment will not result in the imposition of federal income tax on the Trust
or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC.

 

The Trust and Servicing
Agreement provides that the respective obligations and responsibilities of the Depositor, the Servicer, the Special Servicer, the
Trustee, the Certificate Administrator and the Operating Advisor created thereby (other than (x) the obligation to make certain
remittances to the Companion Loan Holder(s) to the extent of any remaining funds and in accordance with the Co-Lender Agreement,
(y) the obligation of the Certificate Administrator to make certain payments to Certificateholders after the final Distribution
Date and to comply with all federal income tax reporting requirements and maintenance of books and records, and (z) the indemnification
rights and obligations of the parties thereto) shall terminate upon the last action required to be taken by the Certificate Administrator
on the final Distribution Date pursuant to Article 10 of the Trust and Servicing Agreement upon the later of (i) the final
payment on the Certificates and the Uncertificated Lower-Tier Interests or (ii) the liquidation of the Trust Loan (including,
without limitation, in connection with the sale of the Trust Loan pursuant to the Mezzanine Intercreditor Agreement or the Trust
and Servicing Agreement, as applicable) or the liquidation or abandonment of the Property and all other Collateral for the Trust
Loan, provided, however, that in no event shall the trust created by the Trust and Servicing Agreement continue beyond
the expiration of twenty-one years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador
of the United States to the United Kingdom, living on the date of the Trust and Servicing Agreement.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature,

 

    Exhibit A-8-5

     

    

 

this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and
Servicing Agreement.

 

The Class R Certificateholders,
by acceptance of the Class R Certificates, agree, on behalf of themselves and all successor holders of such Class R Certificates,
to the irrevocable designation of the Certificate Administrator as the “partnership representative” of each Trust REMIC
within the meaning of Section 6223 of the Code (to the extent such provision is applicable to the Trust REMICs).

 

Each Person who has or
acquires any Residual Ownership Interest shall be deemed by the acceptance or acquisition of such Residual Ownership Interest to
have agreed to be bound by the following provisions and the rights of each Person acquiring any Residual Ownership Interest are
expressly subject to the following provisions:

 

(i)       
Each Person acquiring or holding any Residual Ownership Interest shall be a Permitted Transferee and shall not acquire or
hold such Residual Ownership Interest as agent (including a broker, nominee or other middleman) on behalf of any Person that is
not a Permitted Transferee. Any such Person shall promptly notify the Certificate Registrar of any change or impending change in
its status (or the status of the beneficial owner of such Residual Ownership Interest) as a Permitted Transferee. Any acquisition
of a Residual Ownership Interest by a Person who is not a Permitted Transferee or by a Person who is acting as an agent of a Person
who is not a Permitted Transferee shall be void ab initio and of no effect, and the immediately preceding owner who was
a Permitted Transferee shall be restored to registered and beneficial ownership of the Residual Ownership Interest as soon and
as fully as possible.

 

(ii)     
No Residual Ownership Interest may be Transferred, and no such Transfer shall be registered in the Certificate Register,
without the express written consent of the Certificate Registrar, and the Certificate Registrar shall not recognize the Transfer,
and such proposed Transfer shall not be effective, without such consent with respect thereto. In connection with any proposed Transfer
of any Residual Ownership Interest, other than in connection with the initial Transfer thereof to an Initial Purchaser and any
subsequent transfer thereof by an Initial Purchaser to any of its Affiliates, the Certificate Registrar shall, as a condition to
such consent, (x) require the proposed transferee to deliver, and the proposed transferee shall deliver to the Certificate Registrar
and to the proposed transferor, an affidavit in substantially the form attached as Exhibit I-1 to the Trust and Servicing
Agreement (a “Transferee Affidavit”) of the proposed
transferee (A) that such proposed transferee is a Permitted Transferee and (B) stating that (1) the proposed transferee historically
has paid its debts as they have come due and intends to do so in the future, (2) the proposed transferee understands that, as the
holder of a Residual Ownership Interest, it may incur liabilities in excess of cash flows generated by the residual interest, (3)
the proposed transferee intends to pay taxes associated with holding the Residual Ownership

 

    Exhibit A-8-6

     

    

 

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 Section 5.3(p) of the Trust
and Servicing Agreement and (y) other than in connection with the initial issuance of a Class R Certificate, require a statement
from the proposed transferor substantially in the form attached as Exhibit I-2 to the Trust and Servicing Agreement (the
“Transferor Letter”), that the proposed transferor
has no actual knowledge that the proposed transferee is not a Permitted Transferee and has no actual knowledge or reason to know
that the proposed transferee’s statements in the preceding clauses (x)(B)(1) or (3) are false.

 

(iii)   
Notwithstanding the delivery of a Transferee Affidavit by a proposed transferee under clause (ii) above, if a Responsible
Officer of the Certificate Registrar has actual knowledge that the proposed transferee is not a Permitted Transferee, no Transfer
to such proposed transferee shall be effected and such proposed Transfer shall not be registered on the Certificate Register; provided,
however, the Certificate Registrar shall not be required to conduct any independent investigation to determine whether a
proposed transferee is a Permitted Transferee. Upon notice to the Certificate Registrar that there has occurred a Transfer to any
Person that is a Disqualified Organization or an agent thereof (including a broker, nominee or middleman) in contravention of the
foregoing restrictions, and in any event not later than 60 days after a request for information from the transferor of such Residual
Ownership Interest or such agent, the Certificate Registrar and the Certificate Administrator agree 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, such Persons shall in no event be excused
from furnishing such information.

 

(iv)   
The Class R Certificates may only be issued as Definitive Certificates, and transferred to and owned by QIBs.

 

    Exhibit A-8-7

     

    

 

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

 

Dated: November 30, 2020

	 	 
	 	CITIBANK, N.A.,

not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	By:	
	 	 	Authorized Officer

 

Certificate of Authentication

 

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

 

Dated: November 30, 2020

	 	 
	 	CITIBANK, N.A.,

not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	By:	
	 	 	Authorized Officer

 

    Exhibit A-8-8

     

    

 

ASSIGNMENT

 

FOR VALUE RECEIVED, the
undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.

 

I (we) further direct
the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the within Certificate to
the above-named Assignee(s) and to deliver such Certificate to the following address:

 

	 
	 
	 
	 
	Date: __________________

	 	 	 
	 	Signature by or on behalf of
	 	Assignor(s):
	 	 
	 	 	 
	 	 
	 	Taxpayer Identification Number:
    _________

 

    Exhibit A-8-9

     

    

 

DISTRIBUTION INSTRUCTIONS

 

The Assignee(s)
should include the following for purposes of distribution:

 

Address of the Assignee(s) for the purpose
of receiving notices and distributions:
_________________________________________.

 

Distributions, if being
made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.

 

This information is provided
by _____________________________________________________ the Assignee(s) named above, or ________________________________________________ as
its (their) agent.

 

	 	By:	 
	 	 	[Please print or type name(s)]

 

	 	Title:	 
	 	Taxpayer Identification Number:

 

    Exhibit A-8-10

     

    

 

EXHIBIT
B

 

FORM OF REQUEST FOR RELEASE

(for Custodian/Certificate Administrator)

 

	Loan Information
	 
	 	Name of Mortgagor:	

	 	 	 
	 	[Servicer] [Special 

Servicer] Loan No.:	

	 
	Custodian/Certificate Administrator
	 
	 	Name:	Citibank, N.A.
	 	 	 
	 	Address:	
        388 Greenwich Street 

        New York, New York 10013 

        Attention: Global Transaction Services—CGCMT
2020-420K 

	 	 	 
	 	
        Custodian 

        Mortgage File No.: 
	
 
	 
	Depositor
	 
	 	Name:	Citigroup Commercial Mortgage Securities Inc.
	 	 	 
	 	Address:	388 Greenwich Street, 6th Floor

New York, New York 10013

Attention:  Richard Simpson
	 	 	 
	 	Certificates:	Citigroup Commercial Mortgage Trust 2020-420K, Commercial Mortgage Pass-Through Certificates, Series 2020-420K

 

The undersigned [Servicer]
[Special Servicer] hereby requests delivery from Citibank, N.A., as custodian (the “Custodian”), for the Holders
of Citigroup Commercial Mortgage Trust 2020-420K, Commercial Mortgage Pass-Through Certificates, Series 2020-420K, the documents
referred to below (the “Documents”). All capitalized terms not otherwise defined in this Request for Release
shall have the meanings given them in the Trust and Servicing Agreement, dated as of November 6, 2020 (the “Trust and
Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association,
as Servicer, Situs Holdings, LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, Citibank, N.A., as Certificate
Administrator, and Pentalpha Surveillance LLC, as Operating Advisor.

 

     

     

    

 

( )                          Note dated
[_____] [__], 202[_], in the original principal sum of $______, made by _______, payable to, or endorsed to the order of, the Trustee
for the benefit of Certificateholders.

 

( )                          Mortgage(s)
recorded on ____________ as instrument no. ________ in the County Recorder’s Office of the County of _________, State of
___________ in book/reel/docket ___________ of official records at page/image ________.

 

( )                          Deed of
Trust(s) recorded on __________ as instrument no. ________ in the County Recorder’s Office of the County of ___________,
State of _______ in book/reel/docket ____________ of official records at page/image.

 

( )                          Deed to
Secure Debt recorded on __________ as instrument no. ________ in the County Recorder’s Office of the County of ___________,
State of _______ in book/reel/docket ____________ of official records at page/image.

 

( )                          Other
documents, including any amendments, assignments or other assumptions of the Note or Mortgages.

 

( )               ___________________________

 

( )               ___________________________

 

( )               ___________________________

 

( )               ___________________________

 

The undersigned [Servicer]
[Special Servicer] hereby acknowledges and agrees as follows:

 

(1)       The
[Servicer] [Special Servicer] shall hold and retain possession of the Documents in trust for the benefit of the Trustee for the
benefit of Certificateholders, solely for the purposes provided in the Trust and Servicing Agreement.

 

(2)       The
[Servicer] [Special Servicer] shall not cause or permit the Documents to become subject to, or encumbered by, any claims, liens,
security interests, charges, writs of attachment or other impositions nor shall the [Servicer] [Special Servicer] assert or seek
to assert any claims or rights of set-off to or against the Documents or any proceeds thereof except as otherwise provided in the
Trust and Servicing Agreement.

 

(3)       The
[Servicer] [Special Servicer] shall return the Documents to the Custodian when the need therefor no longer exists, unless the Mortgage
Loan has been liquidated or the Mortgage Loan has been paid in full and the proceeds thereof have been remitted to the Collection
Account except as expressly provided in the Trust and Servicing Agreement.

 

(4)       The
Documents coming into the possession or control of the [Servicer] [Special Servicer] shall at all times be earmarked for the account
of the Trustee (or the Custodian on its behalf) for the benefit of the Certificateholders, and the [Servicer] [Special Servicer]
shall

 

     Exhibit B-2

     

    

 

keep the Documents separate and distinct from all other property in the [Servicer’s] [Special Servicer’s] possession,
custody or control.

  

	 	[KEYBANK NATIONAL ASSOCIATION,
as Servicer]
	 	 	 
	 	[SITUS HOLDINGS, LLC,
as Special Servicer]
	 	 	 
	 	By:	 
			Name:

Title:

 

Date: _________

  

     Exhibit B-3

     

    

 

EXHIBIT
C

 

FORM OF TRANSFER CERTIFICATE

FOR RULE 144A GLOBAL CERTIFICATE

TO TEMPORARY REGULATION S GLOBAL CERTIFICATE

 

(Exchanges or transfers pursuant to

Section 5.3(c) of the Trust and Servicing Agreement)

 

Citibank, N.A.

as Certificate Registrar 

480 Washington
Boulevard, 30th Floor 

Jersey
City, New Jersey 07310 

Attention:
Securities Window

 

		Re:	Citigroup
                                         Commercial Mortgage Trust 2020-420K,

                                         Commercial Mortgage Pass-Through Certificates, Series 2020-420K,

                                         Class [__] 

 

Reference is hereby made
to the Trust and Servicing Agreement, dated as of November 6, 2020 (the “Trust and Servicing Agreement”), by
and among Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association, as Servicer, Situs Holdings,
LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, Citibank, N.A., as Certificate Administrator, and
Pentalpha Surveillance LLC, as Operating Advisor. Capitalized terms used but not defined herein shall have the meanings given to
them in the Trust and Servicing Agreement.

 

This letter relates to
US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Rule 144A Global Certificate of such Class (CUSIP No. [______])
with the Depository in the name of [insert name of Transferor] (the “Transferor”). The Transferor has requested
an exchange or transfer of such beneficial interest for a beneficial interest in the Temporary Regulation S Global Certificate
of such Class (CINS No. [______] and ISIN No. [______]) to be held with the Depository in the name of [Euroclear] [Clearstream]*
(Common Code No. [______]).

 

In connection with such
request and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in
compliance with the transfer restrictions set forth in the Trust and Servicing Agreement and pursuant to and in accordance with
Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities
Act”), and accordingly the Transferor does hereby certify that:

 

(1)       the
offer of the Certificates was not made to a person in the “United States” (as defined in Regulation S);

 

 

 

*
     Select appropriate depository.

 

    Exhibit C-1 

     

    

 

[(2) at the time the
buy order was originated, the transferee was outside the United States or the Transferor and any person acting on its behalf reasonably
believed and believes that the transferee was outside the United States;]**

 

[(2) the transaction
was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor nor any person
acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;]**

 

(3)       no
directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable;
and

 

(4)       the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

We understand that this
certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, the Initial Purchasers, the Trustee, the Certificate Administrator,
the Servicer and the Special Servicer.

 

	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
			Name:

Title:

 

Dated: _______

 

cc: Citigroup Commercial
Mortgage Securities Inc.

 

 

 

**      Insert one of these two provisions, which
come from the definition of “offshore transaction” in Regulation S.

 

    Exhibit C-2 

     

    

 

EXHIBIT
D

 

FORM OF TRANSFER CERTIFICATE

FOR RULE 144A GLOBAL CERTIFICATE

TO REGULATION S GLOBAL CERTIFICATE

 

(Exchange or transfers pursuant to

Section 5.3(d) of the Trust and Servicing Agreement)

 

Citibank, N.A.

as Certificate Registrar 

480 Washington
Boulevard, 30th Floor 

Jersey
City, New Jersey 07310 

Attention:
Securities Window

 

		Re:	Citigroup Commercial
                                         Mortgage Trust 2020-420K,

                                         Commercial Mortgage Pass-Through Certificates, Series 2020-420K,

                                         Class [__] 

 

Reference is hereby made
to the Trust and Servicing Agreement, dated as of November 6, 2020 (the “Trust and Servicing Agreement”), by
and among Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association, as Servicer, Situs Holdings,
LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, Citibank, N.A., as Certificate Administrator, and
Pentalpha Surveillance LLC, as Operating Advisor. Capitalized terms used but not defined herein shall have the meanings given to
them in the Trust and Servicing Agreement.

 

This letter relates to
US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Rule 144A Global Certificate of such Class (CUSIP No. [______])
with the Depository in the name of [insert name of Transferor] (the “Transferor”). The Transferor has requested
an exchange or transfer of such beneficial interest for a beneficial interest in the Regulation S Global Certificate of such
Class (CINS No. [______], ISIN No. [______], and Common Code No. [______]).

 

In connection with such
request and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in
compliance with the transfer restrictions set forth in the Trust and Servicing Agreement and, with respect to transfers made in
reliance on Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities
Act”), the Transferor does hereby certify that:

 

(1)       the
offer of the Certificates was not made to a person in the “United States” (as defined in Regulation S),

 

    Exhibit D-1 

     

    

 

[(2) at the time the
buy order was originated, the transferee was outside the United States or the Transferor and any person acting on its behalf reasonably
believed and believes that the transferee was outside the United States,]*

 

[(2) the transaction
was executed in, on or through the facilities of a “designated offshore securities market” (as defined in Regulation
S) 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” (as defined in 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 Initial Purchasers, the Trustee, the Certificate Administrator,
the Servicer and the Special Servicer.

  

	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
			Name:

Title:

 

Dated: ________

 

cc: Citigroup Commercial Mortgage Securities Inc.

 

 

 

*     Insert one of these two provisions,
which come from the definition of “offshore transaction” in Regulation S.

 

    Exhibit D-2 

     

    

 

EXHIBIT
E

 

FORM OF TRANSFER CERTIFICATE

FOR TEMPORARY REGULATION S GLOBAL CERTIFICATE

TO RULE 144A GLOBAL CERTIFICATE DURING RESTRICTED PERIOD

 

(Exchange or transfers pursuant to

Section 5.3(e) of the Trust and Servicing Agreement)

 

Citibank, N.A.

as Certificate Registrar 

480 Washington
Boulevard, 30th Floor 

Jersey
City, New Jersey 07310 

Attention:
Securities Window

 

		Re:	Citigroup Commercial
                                         Mortgage Trust 2020-420K,

                                         Commercial Mortgage Pass-Through Certificates, Series 2020-420K,

                                         Class [__] 

 

Reference is hereby made
to the Trust and Servicing Agreement, dated as of November 6, 2020 (the “Trust and Servicing Agreement”), by
and among Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association, as Servicer, Situs Holdings,
LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, Citibank, N.A., as Certificate Administrator, and
Pentalpha Surveillance LLC, as Operating Advisor. Capitalized terms used but not defined herein shall have the meanings given to
them in the Trust and Servicing Agreement.

 

This letter relates to
US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of a beneficial interest in the Temporary Regulation S Global Certificate of such Class (CINS No.
[______] and ISIN No. [______]) with [Euroclear] [Clearstream]* (Common Code [______])
through the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested
an exchange or transfer of such beneficial interest for a beneficial interest in the Rule 144A Global Certificate of such
Class (CUSIP No. [______]).

 

In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are being exchanged or
transferred in accordance with Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended
(the “Securities Act”), to a transferee that the Transferor reasonably believes is purchasing the Certificates
for its own account, or for one or more accounts with respect to which the transferee exercises sole investment discretion, which
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 are being exchanged or transferred in accordance with any
applicable securities laws of any state of the United States or other applicable jurisdiction.

 

 

 

*
    Select appropriate depository.

 

    Exhibit E-1 

     

    

 

We understand that this
certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, the Initial Purchasers, the Trustee, the Certificate Administrator,
the Servicer and the Special Servicer. 

 

	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
			Name:

Title:

 

Dated: _______

 

cc: Citigroup Commercial Mortgage Securities Inc.

 

    Exhibit E-2 

     

    

 

EXHIBIT
F

 

FORM OF CERTIFICATION
TO BE GIVEN BY

BENEFICIAL OWNER OF TEMPORARY

REGULATION S GLOBAL CERTIFICATE

 

(Exchanges pursuant to

Section 5.3(f) of the Trust and Servicing Agreement)

 

Citibank, N.A.

as Certificate Registrar 

480 Washington
Boulevard, 30th Floor 

Jersey
City, New Jersey 07310 

Attention:
Securities Window

 

		Re:	Citigroup Commercial
                                         Mortgage Trust 2020-420K,

                                         Commercial Mortgage Pass-Through Certificates, Series 2020-420K,

                                         Class [__] 

 

Reference is hereby made
to the Trust and Servicing Agreement, dated as of November 6, 2020 (the “Trust and Servicing Agreement”), by
and among Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association, as Servicer, Situs Holdings,
LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, Citibank, N.A., as Certificate Administrator, and
Pentalpha Surveillance LLC, as Operating Advisor. Capitalized terms used but not defined herein shall have the meanings given to
them in the Trust and Servicing Agreement.

 

[For purposes of acquiring
a beneficial interest in a Regulation S Global Certificate of the Class specified above after the expiration of the Restricted
Period,] [For purposes of receiving payments under a Temporary Regulation S Global Certificate of the Class specified above,]*
the undersigned holder of a beneficial interest in a Temporary Regulation S Global Certificate of the Class specified above
issued under the Trust and Servicing Agreement certifies that it is not a “U.S. Person” as defined 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 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.

 

 

 

*     Select,
as applicable.

 

    Exhibit F-1 

     

    

 

This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, the Initial Purchasers, the Trustee, the Certificate Administrator,
the Servicer and the Special Servicer.

 

		Dated:______________	

 

	 	By:	 	 
			as, or as agent for, the holder of a beneficial interest in the Certificates to which this certificate relates.

 

    Exhibit F-2 

     

    

 

EXHIBIT
G-1

 

FORM OF TRANSFER CERTIFICATE

FOR NON-BOOK ENTRY CERTIFICATE

TO TEMPORARY REGULATION S GLOBAL CERTIFICATE

 

(Exchanges or transfers pursuant to

Section 5.3(g) of the Trust and Servicing Agreement)

 

Citibank, N.A.

as Certificate Registrar 

480 Washington
Boulevard, 30th Floor 

Jersey
City, New Jersey 07310 

Attention:
Securities Window

 

		Re:	Citigroup Commercial
                                         Mortgage Trust 2020-420K

                                         Commercial Mortgage Pass-Through Certificates, Series 2020-420K,

                                         Class [__] 

 

Reference is hereby made
to the Trust and Servicing Agreement, dated as of November 6, 2020 (the “Trust and Servicing Agreement”), by
and among Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association, as Servicer, Situs Holdings,
LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, Citibank, N.A., as Certificate Administrator, and
Pentalpha Surveillance LLC, as Operating Advisor. Capitalized terms used but not defined herein shall have the meanings given to
them in the Trust and Servicing Agreement.

 

This letter relates to
US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of Transferor]
(the “Transferor”). The Transferor has requested an exchange or transfer of such Non-Book Entry Certificates
for a beneficial interest in the Temporary Regulation S Global Certificate of such Class (CINS No. [______] and ISIN No. [______])
to be held with [Euroclear] [Clearstream]* (Common Code [______]) through the Depository.

 

In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in
compliance with the transfer restrictions set forth in the Trust and Servicing Agreement and pursuant to and in accordance with
Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities
Act”), and accordingly the Transferor does hereby certify that:

 

(1)       the
offer of the Certificates was not made to a person in the “United States” (as defined in Regulation S);

 

 

 

 

*
     Select appropriate depository.

 

    Exhibit G-1-1 

     

    

 

[(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” (as defined in Regulation
S) 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” (as defined in 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 Initial Purchasers, the Trustee, the Certificate Administrator,
the Servicer and the Special Servicer.

 

	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
			Name:

Title:

 

Dated: ________

 

cc: Citigroup Commercial Mortgage Securities Inc.

 

 

 

**     Insert one of these two provisions,
which come from the definition of “offshore transaction” in Regulation S.

 

    Exhibit G-1-2 

     

    

 

EXHIBIT
G-2

 

FORM OF TRANSFER CERTIFICATE

FOR NON-BOOK ENTRY CERTIFICATE

TO REGULATION S GLOBAL CERTIFICATE

 

(Exchange or transfers pursuant to

Section 5.3(g) of the Trust and Servicing Agreement)

 

Citibank, N.A.

as Certificate Registrar 

480 Washington
Boulevard, 30th Floor 

Jersey
City, New Jersey 07310 

Attention:
Securities Window

 

		Re:	Citigroup Commercial
                                         Mortgage Trust 2020-420K,

                                         Commercial Mortgage Pass-Through Certificates, Series 2020-420K,

                                         Class [__] 

 

Reference is hereby made
to the Trust and Servicing Agreement, dated as of November 6, 2020 (the “Trust and Servicing Agreement”), by
and among Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association, as Servicer, Situs Holdings,
LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, Citibank, N.A., as Certificate Administrator, and
Pentalpha Surveillance LLC, as Operating Advisor. Capitalized terms used but not defined herein shall have the meanings given to
them in the Trust and Servicing Agreement.

 

This letter relates to
US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of Transferor]
(the “Transferor”). The Transferor has requested an exchange or transfer of such Non-Book Entry Certificates
for a beneficial interest in the Regulation S Global Certificate (CINS No. [______], ISIN No. [______], and Common Code No. [______]).

 

In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made in
compliance with the transfer restrictions set forth in the Trust and Servicing Agreement and, with respect to transfers made in
reliance on Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities
Act”), the Transferor does hereby certify that:

 

(1)       the
offer of the Certificates was not made to a person in the “United States” (as defined in Regulation S),

 

    Exhibit G-2-1 

     

    

 

[(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” (as defined in Regulation
S) 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” (as defined in 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 Initial Purchasers, the Trustee, the Certificate Administrator,
the Servicer and the Special Servicer.

 

 

	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
			Name:

Title:

 

Dated: _______

 

cc: Citigroup Commercial Mortgage Securities Inc.

 

 

 

*     Insert
one of these two provisions, which come from the definition of “offshore transaction” in Regulation S. 

 

    Exhibit G-2-2 

     

    

 

EXHIBIT
G-3

 

FORM OF TRANSFER CERTIFICATE

FOR NON-BOOK ENTRY CERTIFICATE

TO RULE 144A GLOBAL CERTIFICATE

 

(Exchange or transfers pursuant to

Section 5.3(g) of the Trust and Servicing Agreement)

 

Citibank, N.A.

as Certificate Registrar 

480 Washington
Boulevard, 30th Floor 

Jersey
City, New Jersey 07310 

Attention:
Securities Window

 

		Re:	Citigroup Commercial
                                         Mortgage Trust 2020-420K,

                                         Commercial Mortgage Pass-Through Certificates, Series 2020-420K,

                                         Class [__] 

 

Reference is hereby made
to the Trust and Servicing Agreement, dated as of November 6, 2020 (the “Trust and Servicing Agreement”), by
and among Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association, as Servicer, Situs Holdings,
LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, Citibank, N.A., as Certificate Administrator, and
Pentalpha Surveillance LLC, as Operating Advisor. Capitalized terms used but not defined herein shall have the meanings given to
them in the Trust and Servicing Agreement.

 

This letter relates to
US $[______] aggregate [Certificate Balance] [Notional Amount] of the Class [__] Certificates (the “Certificates”)
which are held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [______]) in the name of [insert name of transferor]
(the “Transferor”). The Transferor has requested an exchange or transfer of such beneficial interest for a beneficial
interest in the Rule 144A Global Certificate of such Class (CUSIP No. [______]).

 

In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are being exchanged or
transferred in accordance with Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended
(the “Securities Act”), to a transferee that the Transferor reasonably believes is purchasing the Certificates
for its own account, or for one or more accounts with respect to which the transferee exercises sole investment discretion, which
transferee and any such account is a “qualified institutional buyer” within the meaning of Rule 144A, in each
case in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws of any state
of the United States or other applicable jurisdiction.

 

We understand that this
certificate is required in connection with certain securities laws of the United States. In connection therewith, if administrative
or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding.

 

    Exhibit G-3-1 

     

    

 

This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, the Initial Purchasers, the Trustee, the Certificate Administrator,
the Servicer and the Special Servicer.

 

	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
			Name:

Title:

 

Dated: _______

 

cc: Citigroup Commercial Mortgage Securities Inc. 

 

    Exhibit G-3-2 

     

    

 

EXHIBIT
H-1

 

FORM OF TRANSFEROR CERTIFICATION
FOR

TRANSFERS OF DEFINITIVE CERTIFICATES

  

Citibank, N.A.

as Certificate Registrar 

480 Washington
Boulevard, 30th Floor 

Jersey
City, New Jersey 07310 

Attention:
Securities Window

 

		Re:	Citigroup Commercial
                                         Mortgage Trust 2020-420K,

                                         Commercial Mortgage Pass-Through Certificates, Series 2020-420K,

                                         Class [__] 

 

Ladies and Gentlemen:

 

This letter is delivered
to you in connection with the transfer by [______] (the “Transferor”)
to [______] (the “Transferee”) of a Class [___]
Certificate [having an initial Certificate Balance or Notional Amount as of [________] (the “Settlement Date”)
of $[__________]][evidencing a [__]% Percentage Interest in such Class] (the “Transferred Certificate”).
The Certificates, including the Transferred Certificate, were issued pursuant to the Trust and Servicing Agreement, dated as of
November 6, 2020 (the “Trust and Servicing Agreement”),
by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association, as Servicer, Situs Holdings,
LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, Citibank, N.A., as Certificate Administrator, and
Pentalpha Surveillance LLC, as Operating Advisor. All capitalized terms used but not otherwise defined herein shall have the respective
meanings set forth in the Trust and Servicing Agreement.

 

The Transferor hereby
certifies, represents and warrants to you, as Certificate Registrar, that:

 

(1)       The
Transferor is the lawful owner of the Transferred Certificate with the full right to transfer such Certificate 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 any Certificate,
any interest in any Certificate 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 any Certificate, any interest in any Certificate or any other similar security
from any person in any manner, (c) otherwise approached or negotiated with respect to any Certificate, any interest in any
Certificate or any other similar security with any person in any manner, (d) made any general solicitation 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 any Certificate under the Securities Act of 1933, as amended (the “Securities
Act”), or would render the disposition of any Certificate a violation of Section 5 of the Securities Act or any state
securities laws, or would

 

    Exhibit H-1-1 

     

    

 

require registration or qualification of any Certificate, or any offer or sale thereof, pursuant to the
Securities Act or any state securities laws.

 

	 	Very truly yours,
	 	 
	 	 	(Transferor)
	 	 	 
	 	By:	 
			Name:

Title:

 

    Exhibit H-1-2 

     

    

 

EXHIBIT
H-2

 

FORM OF INVESTMENT REPRESENTATION
LETTER FOR TRANSFERS OF DEFINITIVE CERTIFICATES

 

Citibank, N.A.

as Certificate Registrar 

480 Washington
Boulevard, 30th Floor 

Jersey
City, New Jersey 07310 

Attention:
Securities Window 

 

[Seller] 

[______] 

[______] 

Attention: [______]

 

		Re:	Citigroup Commercial
                                         Mortgage Trust 2020-420K,

                                         Commercial Mortgage Pass-Through Certificates, Series 2020-420K,

                                         Class [__] 

 

Ladies and Gentlemen:

 

This letter is delivered
to you pursuant to Section 5.3(i) of the Trust and Servicing Agreement, dated as of November 6, 2020 (the “Trust
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National
Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, Citibank,
N.A., as Certificate Administrator, and Pentalpha Surveillance LLC, as Operating Advisor, in connection with the transfer by [_______]
(the “Seller”) to the undersigned (the “Purchaser”) [of $[______] aggregate] [Certificate
Balance] [Notional Amount] of Class [__] Certificates [representing a [__]% Percentage Interest in the related Class], in certificated
fully registered form (such registered interest, the “Transferred Certificate”). Capitalized terms used but
not defined herein shall have the meanings ascribed thereto in the Trust and Servicing Agreement.

 

In connection with such
transfer, the undersigned hereby represents and warrants to you as follows as of the date hereof:

 

1.       Check
one of the following:1

 

☐       The
Purchaser is an “institutional accredited investor” (an “Institutional Accredited Investor”) (i.e.
an entity meeting, or 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

 

 

 

1     Any
Purchaser of Class R Certificates must check the box that it is a QIB. Only QIBs may acquire a Class R Certificate.

 

    Exhibit H-2-1 

     

    

 

Act of 1933, as amended (the “Securities Act”)), and has such knowledge and
experience in financial and business matters as to be capable of evaluating the merits and risks of the investment in the Transferred
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 Transferred 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.

 

☐        The
Purchaser is a “qualified institutional buyer” (a “QIB”) within the meaning of Rule 144A (“Rule
144A”) under the Securities Act, and has completed one of the forms of certification to that effect attached hereto as
Annex 1 and Annex 2. The Purchaser is acquiring the Transferred Certificate for its own account, or for the account of another
QIB. 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. The Purchaser hereby undertakes
to reimburse the Trust for any costs incurred by it in connection with this transfer.

 

2.       The
Purchaser’s intention is to acquire the Transferred Certificate (a) for investment for the Purchaser’s own account
or (b) for resale to [(i)] “qualified institutional buyers” in transactions complying with Rule 144A[, FOR TRANSFERS
OF ANY CERTIFICATES OTHER THAN CLASS R: or (ii) Institutional Accredited Investors under the Securities Act, pursuant to any other
exemption from the registration requirements of the Securities Act, subject in the case of this clause (ii) to (a) the receipt
by the Certificate Registrar of a letter substantially in the form hereof, (b) the receipt by the Certificate Registrar of
an opinion of counsel acceptable to the Certificate Registrar that such reoffer, resale, pledge or transfer is in compliance with
the Securities Act, (c) the receipt by the Certificate Registrar of such other evidence acceptable to the Certificate Registrar
that such reoffer, resale, pledge or transfer is in compliance with the Securities Act and other applicable laws (including applicable
state and foreign securities laws), and (d) a written undertaking to reimburse the Trust for any costs incurred by it in connection
with the proposed transfer]. It understands that the Transferred Certificate (and any subsequent Non-Book Entry Certificate) has
not been registered under the Securities Act, by reason of a specified exemption from the registration provisions of the Securities
Act which depends upon, among other things, the bona fide nature of the Purchaser’s investment intent (or intent to resell
to only certain investors in certain exempted transactions) as expressed herein.

 

3.       The
Purchaser acknowledges that the Transferred 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 Transferred
Certificate cannot be reoffered, resold, pledged or otherwise transferred unless it is registered or qualified thereunder or unless
an exemption from such registration or qualification is available.

 

4.       The
Purchaser has reviewed the applicable 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

 

    Exhibit H-2-2 

     

    

 

answers concerning the terms and conditions of the transactions contemplated by the Offering Circular.

 

5.       The
Purchaser hereby undertakes to be bound by the terms and conditions of the Trust and Servicing Agreement in its capacity as an
owner of a Non-Book Entry Certificate or Certificates, as the case may be (each, a “Certificateholder”), in
all respects as if it were a signatory thereto. This undertaking is made for the benefit of the Trust, the Certificate Registrar
and all Certificateholders present and future.

 

6.       The
Purchaser will not sell or otherwise transfer any portion of the Transferred Certificate, except in compliance with Section 5.3
of the Trust and Servicing Agreement.

 

7.       Check
one of the following:

 

☐       The
Purchaser is a “U.S. Tax Person” 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 Administrator (or its agent) with respect to Distributions to be made on the Transferred Certificate(s).
The Purchaser has attached hereto (i) a duly executed IRS Form W-8BEN or W-8 BEN-E, as applicable (or successor form), which identifies
such Purchaser as the beneficial owner of the Transferred Certificate(s) and states that such Purchaser is not a U.S. Person, (ii)
two duly executed copies of IRS Form W-8IMY (and all appropriate attachment) or (iii) two duly executed copies of IRS Form
W-8ECI (or successor form), which identify such Purchaser as the beneficial owner of the Transferred Certificate(s) and state that
interest and original issue discount on the Transferred Certificate(s) is, or is expected to be, effectively connected with a U.S.
trade or business. The Purchaser agrees to provide to the Certificate Administrator an updated IRS Form W-8BEN, IRS Form W-8 BEN-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 Administrator 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 Administrator.

 

For the purposes of this
paragraph 7, “U.S. Tax Person” means (i) a citizen or resident alien of the United States, (ii) a corporation,
partnership (except as provided in applicable Treasury regulations) or other entity created or organized in or under the laws of
the United States, any State or the District of Columbia, including any entity treated as a corporation or partnership for federal
income tax purposes, (iii) an estate whose income is subject to United States federal income tax regardless of the source of its
income, (iv) a trust if a court within the United States is able to exercise primary supervision over the administration of such
trust, and one or more such U.S. 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 a U.S. Tax Person) and (v) any other Person that is disregarded as separate from its owner for U.S. federal income tax purposes
and whose owner is described in clauses (i) through (iv) above.

 

    Exhibit H-2-3 

     

    

 

Please make all payments
due on the Transferred 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: 

_________________________________________________

_________________________________________________

_________________________________________________

 

[The Class [__] Certificates
registered in the name of the Purchaser should be delivered to:

_________________________________________________

       

_________________________________________________
 

_________________________________________________]

 

The mailing address of
the Purchaser is:

 

_________________________________________________

 

_________________________________________________

 

________________________________________________

 

 

	 	Very truly yours,
	 	 
	 	[Insert Name of Purchaser]
	 	 	 
	 	By:	 
			Name:

Title:

 

Dated: ________________, 20__

 

 

 

**     Please select (a)
or (b).

 

    Exhibit H-2-4 

     

    

ANNEX 1

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

 

[for Purchasers other than Registered
Investment Companies]

 

The undersigned hereby certifies as follows
to [name of Seller] (the “Seller”) and Citibank, N.A., as Certificate Registrar, with respect to the commercial
mortgage pass-through certificate being transferred (the “Transferred Certificate”) as described in the Investment
Representation Letter to which this certification relates and to which this certification is an Annex:

 

1.           As
indicated below, the undersigned is the chief financial officer, a person fulfilling an equivalent function, or other executive
officer of the entity purchasing the Transferred Certificate (the “Purchaser”).

 

2.           The
Purchaser is a “qualified institutional buyer” as that term is defined in Rule 144A under the Securities Act of 1933,
as amended (“Rule 144A”) because (i) the Purchaser owned and/or invested on a discretionary basis $______________________1
in securities (other than the excluded securities referred to below) as of [[_____] (specific date since the close of the Purchaser’s
most recent fiscal year)][the end of the Purchaser’s most recent fiscal year] (such amount being calculated in accordance
with Rule 144A) and (ii) the Purchaser satisfies the criteria in the category marked below.

 

		☐	Corporation, etc. The Purchaser is a corporation (other than a bank, savings and loan association or similar institution),
Massachusetts or similar business trust, partnership, or any organization described in Section 501(c)(3) of the Internal Revenue
Code of 1986, as amended.

 

		☐	Bank. The Purchaser (a) is a national bank or a banking institution organized under the laws of any State, U.S.
territory or the District of Columbia, the business of which is substantially confined to banking and is supervised by the State
or territorial banking commission or similar official or is a foreign bank or equivalent institution, and (b) has an audited
net worth of at least $25,000,000 as demonstrated in its latest annual financial statements, a copy of which is attached hereto,
as of a date not more than 16 months preceding the date of sale of the Transferred Certificate in the case of a U.S. bank, and
not more than 18 months preceding such date of sale for a foreign bank or equivalent institution.

 

		☐	Savings and Loan. The Purchaser (a) is a savings and loan association, building and loan association, cooperative
bank, homestead association or similar institution, which is supervised and examined by a State or Federal authority having supervision
over any such institutions or is a foreign savings and loan association or equivalent institution and (b) has an 

 

 

1
Purchaser must own and/or invest on a discretionary basis at least $100,000,000 in securities unless Purchaser is a dealer, and,
in that case, Purchaser must own and/or invest on a discretionary basis at least $10,000,000 in securities.

 

    Exhibit H-2-Annex 1-1

     

    

 

	 	 	audited net
worth of at least $25,000,000 as demonstrated in its latest annual financial statements, a copy of which is attached hereto, as
of a date not more than 16 months preceding the date of sale of the Transferred Certificate in the case of a U.S. savings and loan
association, and not more than 18 months preceding such date of sale for a foreign savings and loan association or equivalent institution.

 

		☐	Broker-dealer. The Purchaser is a dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934,
as amended.

 

		☐	Insurance Company. The Purchaser is an insurance company whose primary and predominant business activity is the writing
of insurance or the reinsuring of risks underwritten by insurance companies and which is subject to supervision by the insurance
commissioner or a similar official or agency of a State, U.S. territory or the District of Columbia.

 

		☐	State or Local Plan. The Purchaser is a plan established and maintained by a State, its political subdivisions, or any
agency or instrumentality of the State or its political subdivisions, for the benefit of its employees.

 

		☐	ERISA Plan. The Purchaser is an employee benefit plan within the meaning of Title I of the Employee Retirement Income
Security Act of 1974, as amended.

 

		☐	Investment Advisor. The Purchaser is an investment advisor registered under the Investment Advisers Act of 1940, as
amended.

 

		☐	Other. (Please supply a brief description of the entity and a cross-reference to the paragraph and subparagraph under
subsection (a) (1) of Rule 144A pursuant to which it qualifies. Note that registered investment companies should complete
Annex 2 rather than this Annex 1.)

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

  

3.            The
term “securities” as used herein does not include (i) securities of issuers that are affiliated with the Purchaser,
(ii) securities that are part of an unsold allotment to or subscription by the Purchaser, if the Purchaser is a dealer, (iii) bank
deposit notes and certificates of deposit, (iv) loan participations, (v) repurchase agreements, (vi) securities owned
but subject to a repurchase agreement and (vii) currency, interest rate and commodity swaps. For purposes of determining the aggregate
amount of securities owned and/or invested on a discretionary basis by the Purchaser, the Purchaser did not include any of the
securities referred to in this paragraph.

 

    Exhibit H-2-Annex 1-2

     

    

 

4.            For
purposes of determining the aggregate amount of securities owned and/or invested on a discretionary basis by the Purchaser, the
Purchaser used the cost of such securities to the Purchaser, unless the Purchaser reports its securities holdings in its financial
statements on the basis of their market value, and no current information with respect to the cost of those securities has been
published, in which case the securities were valued at market. Further, in determining such aggregate amount, the Purchaser may
have included securities owned by subsidiaries of the Purchaser, but only if such subsidiaries are consolidated with the Purchaser
in its financial statements prepared in accordance with generally accepted accounting principles and if the investments of such
subsidiaries are managed under the Purchaser’s direction. However, such securities were not included if the Purchaser is
a majority-owned, consolidated subsidiary of another enterprise and the Purchaser is not itself a reporting company under the Securities
Exchange Act of 1934, as amended.

 

5.            The
Purchaser acknowledges that it is familiar with Rule 144A and understands that the Seller and other parties related to the Transferred
Certificates are relying and will continue to rely on the statements made herein because one or more sales to the Purchaser may
be in reliance on Rule 144A.

 

	☐

Yes	☐

No	 	Will the Purchaser be purchasing the
Transferred Certificate only for the Purchaser’s own account

 

6.            If
the answer to the foregoing question is “no”, then in each case where the Purchaser is purchasing for an account other
than its own, such account belongs to a third party that is itself a “qualified institutional buyer” within the meaning
of Rule 144A, and the “qualified institutional buyer” status of such third party has been established by the Purchaser
through one or more of the appropriate methods contemplated by Rule 144A.

 

7.            The
Purchaser will notify each of the parties to which this certification is made of any changes in the information and conclusions
herein. Until such notice is given, the Purchaser’s purchase of the Transferred Certificate will constitute a reaffirmation
of this certification as of the date of such purchase. In addition, if the Purchaser is a bank or savings and loan as provided
above, the Purchaser agrees that it will furnish to such parties any updated annual financial statements that become available
on or before the date of such purchase, promptly after they become available.

 

8.            Capitalized
terms used but not defined herein have the respective meanings ascribed thereto in the Trust and Servicing Agreement pursuant
to which the Transferred Certificate was issued.

	 	 	 	 	 
	 	 
	 	Print Name of Purchaser
	 	 	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	Date:	 

 

    Exhibit H-2-Annex 1-3

     

    

 

ANNEX
2

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

 

[for Purchasers that are Registered Investment
Companies]

 

The undersigned hereby certifies as follows
to [name of Seller] (the “Seller”) and Citibank, N.A., as Certificate Registrar, with respect to the mortgage
pass-through certificate being transferred (the “Transferred Certificate”) as described in the Investment Representation
Letter to which this certification relates and to which this certification is an Annex:

 

1.       As
indicated below, the undersigned is the chief financial officer, a person fulfilling an equivalent function, or other executive
officer of the entity purchasing the Transferred Certificate (the “Purchaser”) or, if the Purchaser is a “qualified
institutional buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as amended (“Rule 144A”)
because the Purchaser is part of a Family of Investment Companies (as defined below), is an executive officer of the investment
adviser (the “Adviser”).

 

2.       The
Purchaser is a “qualified institutional buyer” as defined in Rule 144A because (i) the Purchaser is an investment
company registered under the Investment Company Act of 1940, as amended, and (ii) as marked below, the Purchaser alone owned
and/or invested on a discretionary basis, or the Purchaser’s Family of Investment Companies owned, at least $100,000,000
in securities (other than the excluded securities referred to below) as of [[_____] (specific date since the close of the Purchaser’s
most recent fiscal year)][the end of the Purchaser’s most recent fiscal year]. For purposes of determining the amount of
securities owned by the Purchaser or the Purchaser’s Family of Investment Companies, the cost of such securities was used,
unless the Purchaser or any member of the Purchaser’s Family of Investment Companies, as the case may be, reports its securities
holdings in its financial statements on the basis of their market value, and no current information with respect to the cost of
those securities has been published, in which case the securities of such entity were valued at market.

 

		☐	The Purchaser owned and/or invested on a discretionary basis $___________________ in securities (other than the excluded securities
referred to below) as of the end of the Purchaser’s most recent fiscal year (such amount being calculated in accordance with
Rule 144A).

 

		☐	The Purchaser is part of a Family of Investment Companies which owned in the aggregate $______________ in securities (other
than the excluded securities referred to below) as of the end of the Purchaser’s most recent fiscal year (such amount being
calculated in accordance with Rule 144A).

 

3.       The
term “Family of Investment Companies” as used herein means two or more registered investment companies (or series thereof)
that have the same investment adviser or investment advisers that are affiliated (by virtue of being majority owned subsidiaries
of the same parent or because one investment adviser is a majority owned subsidiary of the other).

 

4.       The
term “securities” as used herein does not include (i) securities of issuers that are affiliated with the Purchaser
or are part of the Purchaser’s Family of Investment

 

    Exhibit H-2-Annex 2-1

     

    

 

Companies, (ii) bank deposit notes and certificates of deposit,
(iii) loan participations, (iv) repurchase agreements, (v) securities owned but subject to a repurchase agreement
and (vi) currency, interest rate and commodity swaps. For purposes of determining the aggregate amount of securities owned
and/or invested on a discretionary basis by the Purchaser, or owned by the Purchaser’s Family of Investment Companies, the
securities referred to in this paragraph were excluded.

 

5.       The
Purchaser is familiar with Rule 144A and understands that the parties to which this certification is being made are relying
and will continue to rely on the statements made herein because one or more sales to the Purchaser will be in reliance on Rule 144A.

 

	☐

Yes	☐

No	 	Will the Purchaser be purchasing the
Transferred Certificate only for the Purchaser’s own account

 

6.       If
the answer to the foregoing question is “no”, then in each case where the Purchaser is purchasing for an account other
than its own, such account belongs to a third party that is itself a “qualified institutional buyer” within the meaning
of Rule 144A, and the “qualified institutional buyer” status of such third party has been established by the Purchaser
through one or more of the appropriate methods contemplated by Rule 144A.

 

7.       The
undersigned will notify the parties to which this certification is made of any changes in the information and conclusions herein.
Until such notice, the Purchaser’s purchase of the Transferred Certificate will constitute a reaffirmation of this certification
by the undersigned as of the date of such purchase.

 

8.       Capitalized
terms used but not defined herein have the respective meanings ascribed thereto in the Trust and Servicing Agreement pursuant
to which the Transferred Certificate was issued.

	 	 	 	 	 
	 	 
	 	Print Name of Purchaser or Adviser
	 	 	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

IF AN ADVISER:

 

	 	 
	Print Name of Purchaser	 

 

Date:

 

    Exhibit H-2-Annex 2-2

     

    

 

EXHIBIT
H-3

 

[reserved]

 

    Exhibit H-3-1

     

    

 

EXHIBIT
H-4

 

[RESERVED]

 

    Exhibit H-4-1

     

    

 

EXHIBIT
H-5

 

FORM
OF TRANSFEREE Certificate for Transfer of

Class HRR Certificates

 

[Date]

 

	
        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 electronic copies e-mailed to:

         

        Richard Simpson at richard.simpson@citi.com

        and

        Ryan M. O’Connor at ryan.m.oconnor@citi.com

        	
        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 6th Floor

        New York, New York 10013

        Attention: Richard Simpson

        Fax number: (646) 328-2943

         

        with a copy to:

         

        Citigroup Commercial Mortgage Securities Inc.

        390 Greenwich Street, 5th Floor

        New York, New York 10013

        Attention: Raul Orozco

        Fax number: (347) 394-0898

         

        with a copy to:

         

        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 17th Floor

        New York, New York 10013

        Attention: Ryan M. O’Connor

        Fax number: (646) 862-8988 

         

        with electronic copies e-mailed to:

         

        Richard Simpson at richard.simpson@citi.com

        and

        Ryan M. O’Connor at ryan.m.oconnor@citi.com

        
	 	 
	
        Citibank, N.A.,

        as Certificate Registrar

        480 Washington Boulevard, 30th Floor

        Jersey City, New Jersey 07310

        Attention:  Securities Window

        	 

 

		Re:	Citigroup Commercial Mortgage Trust 2020-420K, Commercial
Mortgage Pass-Through Certificates, Series 2020-420K (the “Certificates”)

 

    Exhibit H-5-1

     

    

 

Ladies and Gentlemen:

 

This letter is delivered
to you in connection with the transfer by [______] (the “Transferor”)
to [______] (the “Transferee”) of $[_____] principal
balance of the Class HRR Certificates (the “Transferred Interest”):

 

The Certificates were
issued pursuant to the Trust and Servicing Agreement, dated as of November 6, 2020 (the “Trust and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association, as Servicer, Situs Holdings,
LLC, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor, Citibank, N.A., as Certificate Administrator, and Wilmington
Trust, National Association, as Trustee. 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, in your
respective capacities as Certificate Registrar, Retaining Sponsor and Depositor, that:

 

		1.	The Transferee is acquiring from [__________] (the “Transferor”) $[_____] principal
balance of the Class HRR Certificates (the “Transferred Interest”).

 

		2.	The Transferee is aware that, following its acquisition of the Transferred Interest, the Certificate
Registrar will not register any transfer of the Transferred Interest by the Transferee unless the transferee, or such transferee’s
agent, delivers to the Certificate Registrar, among other things, a certificate in substantially the same form as this certificate.
The 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.

 

		3.	[If the Transferee is an insurance company general account relying on PTCE 95-60 to cover its acquisition
of the Transferred Interest, (a) all of the conditions of Parts I and III of PTCE 95-60 will be satisfied with respect to the acquisition
of the Transferred Interest and (b) the acquisition of the Transferred Interest will be effected through Citigroup Global Markets
Inc. or an affiliate thereof.]1

 

		4.	Check one of the following:

 

		☐	The Transferee agrees with, and certifies, represents and warrants to, you, in your respective
capacities as Certificate Registrar, Retaining Sponsor and Depositor, that the transfer will occur during the HRR Interest Transfer
Restriction Period and that:

 

		A.	The Transferee is a “majority-owned affiliate”,
as such term is defined in the U.S. Credit Risk Retention Rules, of the Transferor (a “Majority-Owned Affiliate”).

 

		B.	The Transferee is not acquiring the Transferred Interest
as a nominee, trustee or agent for any person that is not a Majority-Owned Affiliate, and that for so 

 

 

1 Applicable if the
Transferee is an insurance company general account.

 

    Exhibit H-5-2

     

    

 

	 	 	long as it retains its interest
in the Transferred Interest, it will remain a Majority-Owned Affiliate for so long as it is required to remain a Majority-Owned
Affiliate under the TPP Risk Retention Agreement (as defined below) or a Subsequent RR Agreement (as defined in the TPP Risk Retention
Agreement), as applicable, or under any joinder agreement to the TPP Risk Retention Agreement or such Subsequent RR Agreement,
as applicable.

 

		C.	The Transferee has executed and delivered a joinder agreement,
dated as of the date of the transfer, substantially in the form attached as Exhibit A to the TPP Risk Retention Agreement, dated
and effective as of November 18, 2020 (the “TPP Risk Retention Agreement”), between Citigroup Commercial Mortgage
Securities Inc., Citi Real Estate Funding Inc. and PCSD PR Cap IV NR Reten Private Limited, pursuant to which the Transferee has
agreed to be bound by the terms of the TPP Risk Retention Agreement to the same extent as if the Transferee was the Transferor
itself.

 

		☐	The Transferee agrees with, and certifies, represents and warrants to, you, in your respective
capacities as Certificate Registrar, Retaining Sponsor and Depositor, that the transfer will occur after the termination of the
HRR Interest Transfer Restriction Period.

 

		☐	The Transferee certifies, represents and warrants to you, in your respective capacities as Certificate
Registrar, Retaining Sponsor and Depositor, that the transfer will occur on or after the fifth anniversary of the Closing Date
(or such earlier date that such transfer is first permitted under the TPP Applicable Risk Retention Requirements (as such term
is defined in the TPP Risk Retention Agreement) then in effect as reasonably agreed to by the Retaining Sponsor) and that:

 

		A.	The Transferee is a “Subsequent Retaining B Buyer”, as such term is defined in the
TPP Risk Retention Agreement, dated and effective as of November 18, 2020 (the “TPP Risk Retention Agreement”),
between Citigroup Commercial Mortgage Securities Inc., Citi Real Estate Funding Inc. and PCSD PR Cap IV NR Reten Private Limited.

 

		B.	The Transferee has executed and delivered to the Retaining Sponsor a Subsequent RR Agreement (as
such term is defined in the TPP Risk Retention Agreement) dated as of the date of the transfer, as required pursuant to Section
3(d) of the TPP Risk Retention Agreement.

 

		C.	The transfer will be made in accordance with Section 3(d) of the TPP Risk Retention Agreement,
and the Transferee has complied with all the provisions, and has satisfied all the requirements, set forth in Section 3(d) of the
TPP Risk Retention Agreement.

 

		☐	The Transferee is otherwise permitted to purchase the Transferred Interest under the terms of the
TPP Risk Retention Agreement or a Subsequent RR Agreement (as defined in the TPP Risk Retention Agreement), as applicable, or under
the 

 

    Exhibit H-5-3

     

    

 

	 	 	terms of any joinder agreement to the TPP Risk Retention Agreement or such Subsequent RR Agreement, as applicable. Please provide
additional information in the space below to explain:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

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:

 

The foregoing certificate is hereby confirmed,
and the transfer is accepted, as of the date first above written:

 

	[APPLICABLE RETAINING PARTY]	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	[Medallion Stamp Guarantee]	 
	 	 	 
	[CITI REAL ESTATE FUNDING INC.]2	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

 

2 Signature of Retaining Sponsor
is required if the Retaining Sponsor is different than the applicable Retaining Party

 

    Exhibit H-5-4

     

    

 

EXHIBIT
H-6

 

FORM
OF TRANSFEROR Certificate for Transfer of

Class HRR Certificates

 

[Date]

 

	
        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 electronic copies e-mailed to:

         

        Richard Simpson at richard.simpson@citi.com

        and

        Ryan M. O’Connor at ryan.m.oconnor@citi.com

        	
        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 6th Floor

        New York, New York 10013

        Attention: Richard Simpson

        Fax number: (646) 328-2943

         

        with a copy to:

         

        Citigroup Commercial Mortgage Securities Inc.

        390 Greenwich Street, 5th Floor

        New York, New York 10013

        Attention: Raul Orozco

        Fax number: (347) 394-0898

         

        with a copy to:

         

        Citigroup Commercial Mortgage Securities Inc.

        388 Greenwich Street, 17th Floor

        New York, New York 10013

        Attention: Ryan M. O’Connor

        Fax number: (646) 862-8988 

         

        with electronic copies e-mailed to:

         

        Richard Simpson at richard.simpson@citi.com

        and

        Ryan M. O’Connor at ryan.m.oconnor@citi.com

        
	 	 
	
        Citibank, N.A.,

        as Certificate Registrar

        480 Washington Boulevard, 30th Floor

        Jersey City, New Jersey 07310

        Attention:  Securities Window

        	 

 

    Exhibit H-6-1

     

    

 

		Re:	Citigroup Commercial
                                         Mortgage Trust 2020-420K, Commercial Mortgage Pass-Through Certificates, Series 2020-420K
                                         (the “Certificates”)

 

Ladies and Gentlemen:

 

This letter is delivered
to you in connection with the transfer by [______] (the “Transferor”)
to [______] (the “Transferee”) of $[_____] principal
balance of the Class HRR Certificates (the “Transferred Interest”):

 

The Certificates were
issued pursuant to the Trust and Servicing Agreement, dated as of November 6, 2020 (the “Trust and Servicing Agreement”),
between Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association, as Servicer, Situs Holdings,
LLC, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor, Citibank, N.A., as Certificate Administrator, and Wilmington
Trust, National Association, as Trustee. 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, in your
respective capacities as Certificate Registrar, Retaining Sponsor and Depositor, that:

 

		1.	The transfer is in compliance with Sections 5.2 and 5.3 of the Trust and Servicing Agreement.

 

		2.	Check one of the following:

 

		☐	The Transferor certifies, represents and warrants to you, in your respective capacities as Certificate
Registrar, Retaining Sponsor and Depositor, that the transfer will occur during the HRR Interest Transfer Restriction Period and
that:

 

		A.	The transfer is in compliance with the TPP Risk Retention
Agreement, between Citi Real Estate Funding Inc., Citigroup Commercial Mortgage Securities Inc. and PCSD PR Cap IV NR Reten Private
Limited, dated and effective as of November 18, 2020 (the “TPP Risk Retention Agreement”).

 

		B.	The Transferee is a “majority-owned affiliate”,
as such term is defined in the U.S. Credit Risk Retention Rules, of the Transferor.

 

		C.	The Transferor has complied with all of the covenants
in the TPP Risk Retention Agreement during the period from the date of the TPP Risk Retention Agreement through and including
the date of this transfer.

 

		D.	All of the representations and warranties made by the
Transferor in the TPP Risk Retention Agreement are true and correct as of the date of the transfer as if made on such date.

 

		E.	All of the requirements set forth in Section 3(b) of
the TPP Risk Retention Agreement have been complied with through and including the date of the transfer.

 

    Exhibit H-6-2

     

    

 

		☐	The Transferor certifies, represents and warrants to you, in your respective capacities as Certificate
Registrar, Retaining Sponsor and Depositor, that the transfer will occur after the termination of the HRR Interest Transfer Restriction
Period.

 

		☐	The Transferor certifies, represents and warrants to you, in your respective capacities as Certificate
Registrar, Retaining Sponsor and Depositor, that the transfer will occur on or after the fifth anniversary of the Closing Date
(or such earlier date that such transfer is first permitted under the TPP Applicable Risk Retention Requirements (as such term
is defined in the TPP Risk Retention Agreement) then in effect as reasonably agreed to by the Retaining Sponsor) and that:

 

		A.	The transfer will be made in accordance with Section 3(d) of the TPP Risk Retention Agreement,
between Citi Real Estate Funding Inc., Citigroup Commercial Mortgage Securities Inc. and PCSD PR Cap IV NR Reten Private Limited,
dated and effective as of November 18, 2020 (the “TPP Risk Retention Agreement”), and the Transferor has complied
with all the provisions, and has satisfied all the requirements, set forth in Section 3(d) of the TPP Risk Retention Agreement.

 

		B.	The Transferee is a “Subsequent Retaining B Buyer”, as such term is defined in the
TPP Risk Retention Agreement.

 

		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 H-5. The Transferor
does not know or believe that any representation contained therein is false.

 

IN WITNESS WHEREOF, the
Transferor has caused this instrument to be duly executed on its behalf by its duly authorized senior officer this ___day of _________,
20__.

 

	 	 	[TRANSFEROR]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

The foregoing certificate is hereby confirmed,
and the transfer is accepted, as of the date first above written:

 

    Exhibit H-6-3

     

    

 

	[APPLICABLE RETAINING PARTY]1	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	[Medallion
Stamp Guarantee]	 
	 	 	 
	[CITI REAL ESTATE FUNDING INC.]2	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

 

 

1 Signature of applicable Retaining Party is required
if the applicable Retaining Party is different than the Transferor.

 

2 Signature of Retaining Sponsor is required if
the Retaining Sponsor is different than the Transferor and the applicable Retaining Party

 

    Exhibit H-6-4

     

    

 

EXHIBIT
I-1

 

FORM OF AFFIDAVIT PURSUANT
TO

SECTIONS 860D(a)(6)(A) AND 860E(e)(4) OF

THE INTERNAL REVENUE CODE OF 1986, AS AMENDED

 

Citibank, N.A.

as Certificate Registrar

480 Washington
Boulevard, 30th Floor

Jersey
City, New Jersey 07310

Attention: Securities Window

 

[Transferor]

[______]

 [______]

 

		Re:	Citigroup
                                         Commercial Mortgage Trust 2020-420K, Commercial Mortgage Pass-Through Certificates, Series
                                         2020-420K (the “Certificates”)
                                         issued pursuant to the Trust and Servicing Agreement, dated as of November 6, 2020 (the
                                         “Trust and Servicing Agreement”), by and among Citigroup Commercial
                                         Mortgage Securities Inc., as Depositor, KeyBank National Association, as Servicer, Situs
                                         Holdings, LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee,
                                         Citibank, N.A., as Certificate Administrator, and Pentalpha Surveillance LLC, as Operating
                                         Advisor.

 

	STATE OF	)	 
	 	)	ss.:
	COUNTY OF	)	 

 

I, [______], under penalties
of perjury, declare that, to the best of my knowledge and belief, the following representations are true, correct and complete,
and being first sworn, depose and say that:

 

1.       I
am a [______] of [______] (the “Purchaser”),
on behalf of which I have the authority to make this affidavit.

 

2.       The
Purchaser is acquiring Class R Certificates representing [__]% of the residual interest in each of the real estate mortgage investment
conduits (each, a “REMIC”) designated as the
(i)  “Lower-Tier REMIC” and (ii) “Upper-Tier
REMIC”, respectively, relating to the Certificates for which an election is to be made under Section 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: (a) the United States, a State, or any agency or
instrumentality of any of

 

    Exhibit I-1-1

     

    

 

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

 

4.       The
Purchaser acknowledges that Section 860E(e) of the Code would impose a substantial tax on the transferor or, in certain circumstances,
on an agent for the transferee, with respect to any transfer of any interest in any Class R Certificates to a Disqualified Organization.

 

5.       The
Purchaser is a Permitted Transferee (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 U.S. Tax 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.

 

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 (as in effect for tax years beginning on or before December
31, 2017) may be used in lieu of the highest rate specified in Section 11(b) of the Code if the

 

    Exhibit I-1-2

     

    

 

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 U.S. Treasury
Regulations Section 1.860E-1(c)(6)(i), in a transaction that satisfies the requirements of U.S. Treasury Regulations Sections
1.860E-1(c)(4)(i), (ii) and (iii) and U.S. 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 transfer the Class
R Certificates to any Person that does not provide such affidavit and agreement or as to which the Purchaser has actual knowledge
that such Person is not a Permitted Transferee or is acting as an agent (including a broker, nominee or other middleman) for a
Person that is not a Permitted Transferee.

 

    Exhibit I-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 5.3 of the Trust and Servicing Agreement, a description of which provisions
is set forth in the Class R Certificates; and the Purchaser expressly agrees to be bound by and to comply with such provisions.

 

15.       The
Purchaser consents (a) to the designation of the Certificate Administrator as the “partnership representative” within
the meaning of Code Section 6223 (to the extent such provision is applicable to the Trust REMICs) of each Trust REMIC pursuant
to Section 12.1 of the Trust and Servicing Agreement and (b) to the Certificate Administrator making any elections allowed to avoid
(i) the application of Code Section 6221 to the Trust REMIC and (ii) payment by the Trust REMIC under Code Section 6225 of any
tax, penalty, interest or other amount imposed under the Code that would otherwise be imposed on the holders of the Class R Certificates.

 

Capitalized terms used
but not defined herein have the meanings assigned thereto in the Trust and Servicing Agreement.

 

    Exhibit I-1-4

     

    

 

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:

 

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 I-1-5

     

    

 

EXHIBIT
I-2

 

FORM OF TRANSFEROR LETTER
FOR TRANSFER OF CLASS R CERTIFICATES

 

[Date]

 

Citibank, N.A.

as Certificate Registrar 

480 Washington
Boulevard, 30th Floor

Jersey
City, New Jersey 07310

Attention:
Securities Window

 

		Re:	Citigroup Commercial
                                         Mortgage Trust 2020-420K,

                                         Commercial Mortgage Pass-Through Certificates, Series 2020-420K,

                                         Class R

 

Ladies and Gentlemen:

 

This letter is delivered
to you in connection with the transfer by [______] (the “Transferor”)
to [______] (the “Transferee”) of Class R Certificates
evidencing a [__]% Percentage Interest in such Class (the “Residual
Certificates”). The Certificates, including the Residual Certificates, were issued pursuant to the Trust and Servicing
Agreement, dated as of November 6, 2020 (the “Trust and Servicing
Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association,
as Servicer, Situs Holdings, LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, Citibank, N.A., as Certificate
Administrator, and Pentalpha Surveillance LLC, as Operating Advisor. All capitalized terms used but not otherwise defined herein
shall have the respective meanings set forth in the Trust and Servicing Agreement. The Transferor hereby certifies, represents
and warrants to you, as Certificate Registrar, that:

 

(1)       The
Transferor is the lawful owner of the Residual Certificates with the full right to transfer such Certificate free from any and
all claims and encumbrances whatsoever.

 

(2)       In
connection with such request, and in respect of such Residual Certificates, the Transferor does hereby certify that such Residual
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 Residual 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.

 

(3)       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.

 

    Exhibit I-2-1

     

    

 

(4)       The
Transferor understands that the Transferee has delivered to you a Transferee Affidavit in the form attached to the Trust and Servicing
Agreement as Exhibit I-1. The Transferor has no actual knowledge that the Transferee is not a Permitted Transferee and has no actual
knowledge or reason to know that the Transferee’s representations in clause (9) of such Transferee Affidavit are false.

 

(5)       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 for United States income taxes associated therewith) unless the Transferor has conducted such an investigation.

 

	 	Very
    truly yours,
	 	 	 
	 	 	(Transferor)
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit I-2-2

     

    

 

EXHIBIT
J

 

FORM OF ERISA REPRESENTATION LETTER

 

[Date]

 

Citibank, N.A.,

as Certificate Registrar 

480 Washington
Boulevard, 30th Floor

Jersey
City, New Jersey 07310

Attention: Securities Window

 

Citibank, N.A.,

as Certificate Administrator

388 Greenwich
Street

New York,
New York 10013

Attention: Global Transaction Services – CGCMT 2020-420K

 

[Transferor]

[______]

[______]

Attention: [______]

 

		Re:	Citigroup Commercial Mortgage Trust 2020-420K, 

Commercial
Mortgage Pass-Through Certificates, Series 2020-420K

 

Ladies and Gentlemen:

 

The undersigned (the
“Purchaser”) proposes to purchase [$[__] initial [principal][notional] amount of] [a [__]% percentage interest
in] the Citigroup Commercial Mortgage Trust 2020-420K, Commercial Mortgage Pass-Through Certificates, Series 2020-420K, Class [A]
[X] [B] [C] [D] [E] [HRR] [R] (the “Subject Certificates”) issued pursuant to that certain Trust and Servicing
Agreement, dated as of November 6, 2020 (the “Trust and Servicing Agreement”), by and among Citigroup Commercial
Mortgage Securities Inc., as Depositor, KeyBank National Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wilmington
Trust, National Association, as Trustee, Citibank, N.A., as Certificate Administrator, and Pentalpha Surveillance LLC, as Operating
Advisor. Capitalized terms used and not otherwise defined herein have the respective meanings ascribed to such terms in the Trust
and Servicing Agreement.

 

[FOR TRANSFERS OF CLASS
R CERTIFICATES: In connection with such transfer, the undersigned hereby represents and warrants to you that, with respect to the
Subject Certificates, the Purchaser is not 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 Section 406 of ERISA
or Section

 

    Exhibit J-1

     

    

 

4975 of the Code (“Similar Law”) (each, a “Plan”), or any person acting on behalf
of any such Plan or using the assets of a Plan to purchase the Subject Certificates.]

 

[FOR TRANSFERS OF REGULAR
CERTIFICATES IN THE FORM OF DEFINITIVE CERTIFICATES: In connection with such transfer, the undersigned hereby represents and warrants
to you as of the date hereof that, with respect to the Subject Certificates, the statement marked below is true and correct (check
one of the following):

 

☐ the Purchaser is
not 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 Section 406 of ERISA or Section 4975 of the Code (“Similar
Law”) (each, a “Plan”), or any person acting on behalf of any such Plan or using the assets of a Plan
to purchase the Subject Certificates; or

 

[DELETE THE FOLLOWING
PARAGRAPH FOR TRANSFERS OF ERISA RESTRICTED CERTIFICATES:

 

☐ (1) the Purchaser
has acquired and is holding the Subject Certificates in reliance on the Underwriter Exemption, (2) the Purchaser understands that
there are certain conditions to the availability of the Underwriter Exemption, including that the Subject Certificates must be
rated, at the time of purchase, not lower than “BBB-” (or its equivalent) by a credit rating agency that meets the
requirements of the Underwriter Exemption, (3) the Subject Certificates are so rated and (4) the Purchaser is an “accredited
investor” as defined in Rule 501(a)(1) of Regulation D of the Commission under the Securities Act; or]

 

☐ (1) the Purchaser
is an insurance company, (2) the source of funds used to acquire or hold the Subject Certificates or interest therein is an “insurance
company general account,” as such term is defined in Prohibited Transaction Class Exemption (“PTCE”) 95-60,
and (3) all of the conditions in Sections I and III of PTCE 95-60 have been satisfied; or

 

☐ the Purchaser is
a Plan subject to Similar Law and none of the acquisition, holding or disposition of the Subject Certificates by the Purchaser
will constitute or result in a non-exempt violation of Similar Law.]

 

[FOR TRANSFERS OF CLASS
R CERTIFICATES: The Purchaser hereby represents and warrants to you that the Purchaser is a “qualified institutional buyer”
within the meaning of Rule 144A under the Securities Act of 1933, as amended.]

 

IN WITNESS WHEREOF, the
Purchaser hereby executes this ERISA Representation Letter on the ___ day of _____, ____.

 

    Exhibit J-2

     

    

 

	 	Very
    truly yours,
	 	 	 
	 	[The Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit J-3

     

    

 

EXHIBIT
K-1

 

FORM OF INVESTOR CERTIFICATION
- ACCESS TO INFORMATION

 

[Date]

 

Citibank, N.A.

388 Greenwich
Street

New York,
New York 10013

Attention: Global Transaction Services – CGCMT 2020-420K 

Fax number: (212) 816- 5527

 

KeyBank National Association,
as Servicer

11501 Outlook Street, Suite
300

Overland Park, Kansas 66211

Attention: Michael A. Tilden

Facsimile number: (877) 379-1625

Email: michael_a_tilden@keybank.com

 

with a copy to:

 

Polsinelli

900 West 48th Place, Suite
900

Kansas City, Missouri 64112

Attention: Kraig Kohring 

Facsimile number: (816) 753-1536 

Email: kkohring@polsinelli.com

 

Situs Holdings, LLC, as Special
Servicer

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

 

		Attention:	Citigroup Commercial
                                         Mortgage Trust 2020-420K

                                         Commercial Mortgage Pass-Through Certificates, Series 2020-420K

 

    Exhibit K-1-1

     

    

 

In accordance with
the Trust and Servicing Agreement, dated as of November 6, 2020 (the “Agreement”), by and among Citigroup Commercial
Mortgage Securities Inc., as Depositor, KeyBank National Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wilmington
Trust, National Association, as Trustee, Citibank, N.A., as Certificate Administrator, and Pentalpha Surveillance LLC, as Operating
Advisor, with respect to the above-referenced certificates (the “Certificates”), the undersigned hereby certifies
and agrees as follows:

 

1.       The
undersigned is [a [Certificateholder][Beneficial Owner][prospective purchaser] of the Class [__] Certificates] [the Controlling
Class Representative] [a Consenting Party] [a Consulting Party] [a Companion Loan Holder] [the representative of a Companion Loan
Holder].

 

2.       The
undersigned is not (i) a Borrower Restricted Party, (ii) an affiliate of a Borrower Restricted Party or (iii) an agent of
one or more of the foregoing individuals or entities.

 

3.       The
undersigned is requesting access pursuant to the Agreement to certain information (the “Information”) on the
Certificate Administrator’s Website and/or the Servicer’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 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 Certificate Administrator (with respect to
any Information obtained from the Certificate Administrator), the Servicer (with respect to any Information obtained from the Servicer)
or the Special Servicer (with respect to any Information obtained from the Special Servicer), as applicable, 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 shall be fully liable for any breach of this certificate by itself or any of its Representatives and shall indemnify
and hold harmless the Depositor, the Certificate Administrator, the Trustee, the Servicer, the Special Servicer, the Operating
Advisor and the Trust Fund for any loss, liability or expense incurred thereby with respect to any such breach by the undersigned
or any of its Representatives.

 

5.       The undersigned
agrees to promptly notify the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee
by delivery thereto of a certification substantially in the form of Exhibit K-3 to the Agreement if the undersigned becomes a Borrower
Restricted Party, an affiliate of a Borrower Restricted Party or an agent of one or more of the foregoing individuals or entities.

 

    Exhibit K-1-2

     

    

 

6.       The
undersigned agrees that each time it accesses the Certificate Administrator’s Website or the Servicer’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.

 

    Exhibit K-1-3

     

    

 

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.

 

	 	[CERTIFICATEHOLDER] [BENEFICIAL
OWNER] [PROSPECTIVE PURCHASER] [CONTROLLING CLASS REPRESENTATIVE] [CONSENTING PARTY] [CONSULTING PARTY] [COMPANION LOAN HOLDER]
[REPRESENTATIVE OF A COMPANION LOAN HOLDER]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit K-1-4

     

    

 

EXHIBIT
K-2

 

FORM OF INVESTOR CERTIFICATION
-

ACCESS SOLELY TO DISTRIBUTION DATE STATEMENTS

 

[Date]

 

Citibank, N.A.

388 Greenwich
Street

New York,
New York 10013

Attention: Global Transaction Services – CGCMT 2020-420K

 

KeyBank National Association,
as Servicer

11501 Outlook Street, Suite
300

Overland Park, Kansas 66211

Attention: Michael A. Tilden

Facsimile number: (877) 379-1625

Email: michael_a_tilden@keybank.com

 

with a copy to:

 

Polsinelli

900 West 48th Place, Suite
900 

Kansas City, Missouri 64112

Attention: Kraig Kohring

Facsimile number: (816) 753-1536

Email: kkohring@polsinelli.com

 

Situs Holdings, LLC, as Special
Servicer 

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

 

		Attention:	Citigroup Commercial
                                         Mortgage Trust 2020-420K

                                         Commercial Mortgage Pass-Through Certificates, Series 2020-420K

 

    Exhibit K-2-1

     

    

 

In accordance with
the Trust and Servicing Agreement, dated as of November 6, 2020 (the “Agreement”), by and among Citigroup Commercial
Mortgage Securities Inc., as Depositor, KeyBank National Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wilmington
Trust, National Association, as Trustee, Citibank, N.A., as Certificate Administrator, and Pentalpha Surveillance LLC, as Operating
Advisor, with respect to the above-referenced certificates (the “Certificates”), the undersigned hereby certifies
and agrees as follows:

 

1.       The
undersigned is [a [Certificateholder][Beneficial Owner][prospective purchaser] of the Class [__] Certificates] [the Controlling
Class Representative] [a Consenting Party] [a Consulting Party] [a Companion Loan Holder] [the representative of a Companion Loan
Holder].

 

2.       The
undersigned is (i) a Borrower Restricted Party, (ii) an affiliate of a Borrower Restricted Party or (iii) an agent of one or more
of the foregoing individuals or entities.

 

3.       The
undersigned is requesting access solely to the Distribution Date Statement (the “Information”) and agrees to
keep the Information confidential (except from such outside persons as are assisting it in making an evaluation in connection with
purchasing the related Certificates, from its accountants and attorneys, and otherwise from such governmental or banking authorities
or agencies to which the undersigned is subject), and such Information shall not, without the prior written consent of the Certificate
Administrator, be otherwise disclosed by the undersigned or by its officers, directors, partners, employees, agents or representatives
(collectively, the “Representatives”) in any manner whatsoever, in whole or in part. The undersigned shall not
use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

4.       The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
and hold harmless the Depositor, the Certificate Administrator, the Trustee, the Servicer, the Special Servicer, the Operating
Advisor and the Trust Fund for any loss, liability or expense incurred thereby with respect to any such breach by the undersigned
or any of its Representatives.

 

5.        The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations and covenants contained herein remain true and correct.

 

6.       Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

    Exhibit K-2-2

     

    

 

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.

 

	 	[CERTIFICATEHOLDER] [BENEFICIAL
OWNER] [PROSPECTIVE PURCHASER] [CONTROLLING CLASS REPRESENTATIVE] [CONSENTING PARTY] [CONSULTING PARTY] [COMPANION LOAN HOLDER]
[REPRESENTATIVE OF A COMPANION LOAN HOLDER]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit K-2-3

     

    

 

EXHIBIT
K-3

 

FORM OF INVESTOR CERTIFICATION
– VOTING AND OTHER RIGHTS

 

[Date]

 

Citibank,
N.A.

388 Greenwich
Street

New York,
New York 10013

Attention: Global Transaction Services – CGCMT 2020-420K

 

[Wilmington Trust, National Association, as Trustee

1100 North Market Street

Wilmington, Delaware 19890 

Attention: CMBS Trustee – CGCMT 2020-420K]1

 

[KeyBank National Association,
as Servicer

11501 Outlook Street, Suite
300

Overland Park, Kansas 66211 

Attention: Michael A. Tilden

Facsimile number: (877) 379-1625

Email: michael_a_tilden@keybank.com

 

with a copy to:

 

Polsinelli

900 West 48th Place, Suite
900

Kansas City, Missouri 64112

Attention: Kraig Kohring

Facsimile number: (816) 753-1536

Email: kkohring@polsinelli.com]1

 

[Situs Holdings, LLC, as Special
Servicer

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

 

 

 

1 Include for certifications of the Controlling
Class Representative, the Majority Controlling Class Certificateholder(s) or the Holder or Beneficial Owner of a Certificate in
the Controlling Class pursuant to Section 9.1 of the Agreement.

 

    Exhibit K-3-1

     

    

 

Houston, Texas 77056

Attention: Legal Department

Email: legal@situsamc.com]1

 

[Pentalpha Surveillance LLC

375 N. French Road, Suite 100 

Amherst, New York 14228

Attention: CGCMT 2020-420K – Transaction Manager

 

with copies sent contemporaneously via email to:

 

notices@pentalphasurveillance.com (with CGCMT 2020-420K in the
subject line)

 

with a copy to:

 

Bass, Berry & Sims PLC

150 Third Avenue South

Suite 2800

Nashville, Tennessee 37201

Email: jknight@bassberry.com]1

 

		Attention:	Citigroup Commercial
                                         Mortgage Trust 2020-420K

                                         Commercial Mortgage Pass-Through Certificates, Series 2020-420K

 

In accordance with
the Trust and Servicing Agreement, dated as of November 6, 2020 (the “Agreement”), by and among Citigroup Commercial
Mortgage Securities Inc., as Depositor, KeyBank National Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wilmington
Trust, National Association, as Trustee, Citibank, N.A., as Certificate Administrator, and Pentalpha Surveillance LLC, as Operating
Advisor, with respect to the above-referenced certificates (the “Certificates”), the undersigned hereby certifies
as of the date hereof and agrees as follows:

 

1.           The
undersigned [is a [Certificateholder][Beneficial Owner] of the Class [__] Certificates] [[is] [has been designated to become] the
Controlling Class Representative].

 

2.           [FOR
EXERCISE OF VOTING AND OTHER RIGHTS: The undersigned [[intends to exercise] [is prohibited from exercising]] [[Voting Rights] [rights
as [a Holder or Beneficial Owner of Certificates in the Controlling Class][the Controlling Class Representative]] under the Agreement
[or, if the undersigned is not a U.S. Person, the undersigned has irrevocably appointed [______], a U.S. Person, to vote on its
behalf, and to have full discretion as to such vote,] and the undersigned (please check each of the following that is applicable):

 

		☐	is not either (1) the Depositor, the Servicer, the Special Servicer, the Trustee, the Certificate
Administrator, the Operating Advisor or any of their sub-servicers or respective Affiliates or (2) a Borrower Restricted Party.

 

    Exhibit K-3-2

     

    

 

		☐	is the Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating
Advisor or any of their sub-servicers or an Affiliate of one of the foregoing (in which case the undersigned is prohibited from
exercising Voting Rights or, if applicable, any other rights as a Holder or Beneficial Owner of the Controlling Class of Certificates,
other than as expressly authorized in the definition of “Certificateholder”).

 

		☐	is a Borrower Restricted Party (in which case the undersigned is prohibited from exercising Voting
Rights or, if applicable, any other rights as a Holder or Beneficial Owner of Certificates in the Controlling Class).]

 

3.            [for
controlling class representative: The undersigned [is not a Borrower Restricted Party] [has become a Borrower Restricted
Party and is required to resign as Controlling Class Representative in accordance with Section 9.1 of the Agreement]2.]

 

3.            [FOR
NOTICE BY MAJORITY CONTROLLING CLASS CERTIFICATEHOLDER(S) OF APPOINTMENT OF CONTROLLING CLASS REPRESENTATIVE: The undersigned [is][are]
the Majority Controlling Class Certificateholder[s] that [is][are] appointing the Controlling Class Representative and the undersigned
[is][are] not a Borrower Restricted Party. The undersigned hereby appoint[s] [NAME OF CONTROLLING CLASS REPRESENTATIVE] as the
Controlling Class Representative.]

 

3.            [notice
that controlling class representative is a borrower restricted party: The undersigned is a [Holder] [Beneficial Owner] of
Certificates of the Controlling Class and has gained actual knowledge that [specify name
of applicable individual or entity], the acting Controlling Class Representative, is a Borrower Restricted Party.]2

 

4.            The
undersigned agrees that, if it has not otherwise identified itself as a Borrower Restricted Party, then it shall promptly notify
the Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor by delivery of a certification
substantially in the form of Exhibit K-3 to the Agreement if the undersigned becomes a Borrower Restricted Party. Furthermore,
if the undersigned is a Holder or Beneficial Owner of Certificates of the Controlling Class, and if the undersigned gains actual
knowledge that the Controlling Class Representative is a Borrower Restricted Party, then it shall promptly so notify the Servicer,
the Special Servicer, the Certificate Administrator, the Trustee and the Operating Advisor by delivery of a certification substantially
in the form of Exhibit K-3 to the Agreement.

 

5.            The
undersigned shall be fully liable for any breach of this certificate by itself or any of its officers, directors, partners, employees,
agents or representatives (collectively, the “Representatives”) and shall indemnify and hold harmless the Depositor,
the Certificate Administrator, the Trustee, the Servicer, the Special Servicer, the Operating Advisor and the

 

 

2 Paragraphs
2, 4 and 5 may be omitted if the sole purpose of this certification is to provide this notice.

 

    Exhibit K-3-3

     

    

 

Trust Fund for any
loss, liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

6.            The
undersigned agrees that each time it exercises any Voting Rights or other rights as a Certificateholder, a Beneficial Owner of
Certificates or a Controlling Class Representative under the Agreement, the undersigned is deemed to have recertified that the
representations and covenants contained herein remain true and correct.

 

7.            [FOR
CONTROLLING CLASS REPRESENTATIVE: Any notice to the Controlling Class Representative shall be directed to

 

________________________________________

 

________________________________________

 

________________________________________]

 

8.            Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

    Exhibit K-3-4

     

    

 

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.

 

	 	[CERTIFICATEHOLDER] [BENEFICIAL
OWNER] [PROSPECTIVE PURCHASER] [CONTROLLING CLASS REPRESENTATIVE] [MAJORITY CONTROLLING CLASS CERTIFICATEHOLDER(S)]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit K-3-5

     

    

 

 

EXHIBIT
L

 

APPLICABLE
SERVICING CRITERIA

 

The
assessment of compliance to be delivered by the referenced party shall address, at a minimum, the criteria identified below as
“Applicable Servicing Criteria” applicable to such party, as such criteria may be updated or limited by the Commission
or its staff (including, without limitation, not requiring the delivery of certain of the items set forth on this Exhibit based
on interpretive guidance provided by the Commission or its staff relating to Item 1122 of Regulation AB). For the avoidance of
doubt, for purposes of this Exhibit L, other than with respect to Item 1122(d)(2)(iii), references to Servicer or Special Servicer,
as the case may be, below shall include any Sub-Servicer engaged by a Servicer or Special Servicer, as applicable.

 

	APPLICABLE
    Servicing Criteria 	applicable
    Party
	Reference	Criteria	 
	 	General
    Servicing Considerations	 
	1122(d)(1)(i)	Policies
    and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction
    agreements.	Servicer

                                         Special Servicer

        

        Certificate
        Administrator

        

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

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

        

        Special
        Servicer

        

        Custodian
        (in the case of the Custodian, if such entity is not also the Certificate Administrator)

        

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

        

        Special
        Servicer

        

        Certificate
        Administrator

        

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

        

        Special
        Servicer

        

        Certificate
        Administrator

        

	1122(d)(2)(ii)	Disbursements
    made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	Certificate
    Administrator

     

 

    Exhibit L-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.	Servicer 

        Special
        Servicer

        Trustee (in the case of the Trustee, to the extent the Trustee was required to make an advance during the applicable calendar
        year)

        
	1122(d)(2)(iv)	The
                                         related accounts for the transaction, such as cash reserve accounts or accounts established
                                         as a form of overcollateralization, are separately maintained (e.g., with respect to
                                         commingling of cash) as set forth in the transaction agreements.	Servicer

                                         Special Servicer

        

        Certificate
        Administrator

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

                                         Special Servicer

        

        Certificate
        Administrator

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

                                         Special Servicer

        

        Certificate
        Administrator

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

                                         Special Servicer

        

        Certificate
        Administrator

	 	Investor
                                         Remittances and Reporting	 
	1122(d)(3)(i)	Reports
                                         to investors, including those to be filed with the Commission, are maintained in accordance
                                         with the transaction agreements and applicable Commission requirements.  Specifically,
                                         such reports (A) are prepared in accordance with timeframes and other terms set
                                         forth in the transaction agreements; (B) provide information calculated in accordance
                                         with the terms specified in the transaction agreements; (C) are filed with the Commission
                                         as required by its rules and regulations; and (D) agree with investors’ or
                                         the trustee’s records as to the total unpaid principal balance and number of mortgage
                                         loans serviced by the Reporting Servicer.	Certificate
                                         Administrator

                                         Operating Advisor (excluding clauses (C) and (D) in the case of the Operating Advisor)
	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 Reporting Servicer’s
                                         investor records, or such other number of days specified in the transaction agreements.	Certificate
                                         Administrator
	1122(d)(3)(iv)	Amounts
                                         remitted to investors per the investor reports agree with cancelled checks, or other
                                         form of payment, or custodial bank statements.	Certificate
                                         Administrator
	 	Pool
                                         Asset Administration	 
	1122(d)(4)(i)	Collateral
                                         or security on mortgage loans is maintained as required by the transaction agreements
                                         or related mortgage loan documents.	Servicer

                                         Special Servicer

        

        Custodian

        

 

 

    Exhibit L-2 

     

    

 

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

                                         Special Servicer

        

        Certificate
        Administrator

        
	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

        
	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

 

 

    Exhibit L-3 

     

    

 

	APPLICABLE
    Servicing Criteria 	applicable
    Party
	Reference	Criteria	 
	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

 

    Exhibit L-4 

     

    

EXHIBIT
M

 

FORM
OF NRSRO CERTIFICATION

 

[Date]

 

Citibank,
N.A.

388
Greenwich Street

New
York, New York 10013

Attention:
Global Transaction Services – CGCMT 2020-420K

 

		Attention:	Citigroup
                                         Commercial Mortgage Trust 2020-420K,

                                         Commercial Mortgage Pass-Through Certificates, Series 2020-420K

 

In
accordance with the Trust and Servicing Agreement, dated as of November 6, 2020 (the “Agreement”), by and among
Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association, as Servicer, Situs Holdings, LLC, as
Special Servicer, Wilmington Trust, National Association, as Trustee, Citibank, N.A., as Certificate Administrator, and Pentalpha
Surveillance LLC, as Operating Advisor, with respect to the above-referenced certificates, the undersigned hereby certifies and
agrees as follows:

 

		1.	The
                                         undersigned, a nationally recognized statistical rating organization (“NRSRO”),
                                         as such term is used in Rule 17g-5 under the Exchange Act, (a) has provided the Depositor
                                         with the appropriate certifications pursuant to paragraph (e) of Rule 17g-5 under the
                                         Exchange Act, and (b) agrees to keep any information obtained from the Certificate Administrator’s
                                         Website and the 17g-5 Information Provider’s Website (the “Information”)
                                         confidential (except to the extent such information has been made available to the general
                                         public), and such Information shall not, without the prior written consent of the Certificate
                                         Administrator, be otherwise disclosed by the undersigned or by its officers, directors,
                                         partners, employees, agents, or representatives in any manner whatsoever, in whole or
                                         in part.

 

		2.	The
                                         undersigned agrees that each time it accesses the Certificate Administrator’s Website
                                         or 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 Agreement.

 

    Exhibit M-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.

 

	 	[NRSRO]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

    Exhibit M-2 

     

    

 

EXHIBIT
N

 

FORM
OF ONLINE MARKET DATA PROVIDER CERTIFICATION

 

Citibank,
N.A.

388
Greenwich Street

New
York, New York 10013

Attention:
Global Transaction Services – CGCMT 2020-420K

 

		Attention:	Citigroup
                                         Commercial Mortgage Trust 2020-420K

                                         Commercial Mortgage Pass-Through Certificates, Series 2020-420K

 

In
connection with the Trust and Servicing Agreement, dated as of November 6, 2020 (the “Trust and Servicing Agreement”),
by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association, as Servicer, Situs Holdings,
LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, Citibank, N.A., as Certificate Administrator (the
“Certificate Administrator”), and Pentalpha Surveillance LLC, as Operating Advisor, the undersigned hereby
certifies and agrees as follows:

 

		1.	The
                                         undersigned is an employee or agent of [Bloomberg, L.P.] [BlackRock Financial Management,
                                         Inc.] [CMBS.com, Inc.] [Intex Solutions, Inc.] [KBRA Analytics, LLC] [Markit Group
                                         Limited] [Moody’s Analytics, Inc.] [Trepp, LLC], a market data provider that has
                                         been given access to the Distribution Date Statements, CREFC® Reports
                                         and supplemental notices on the Certificate Administrator’s Website by request
                                         of the Depositor.

 

		2.	The
                                         undersigned agrees that each time it accesses Certificate Administrator’s Website,
                                         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 Certificate Administrator’s Website is for its own use only, and agrees that
                                         it shall 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 by any
                                         of its officers, directors, partners, employees, agents or representatives (collectively,
                                         the “Representatives”) and shall indemnify and hold harmless the Depositor,
                                         the Trustee, the Certificate Administrator, the Servicer, the Special Servicer, the Operating
                                         Advisor 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.

 

    Exhibit N-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.

 

	 	[MARKET DATA PROVIDER]
	 	 	 
	 	By:	       
	 	 	Name:
	 	 	Title:

 

    Exhibit N-2 

     

    

EXHIBIT
O

 

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 6, 2020 (the “Trust and Servicing Agreement”),
among KeyBank National Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Citibank, N.A., as certificate administrator,
Wilmington Trust, National Association, as trustee, and Pentalpha Surveillance LLC, as Operating Advisor.

 

Transaction:
Citigroup Commercial Mortgage Trust 2020-420K, Commercial Mortgage Pass-Through Certificates, Series 2020-420K

Operating Advisor: Pentalpha Surveillance LLC

Special Servicer: Situs Holdings, LLC 

Controlling
Class Representative: [                    ]

 

		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 requirements set forth in the Trust and Servicing Agreement) has undertaken a review
of the Special Servicer’s actions and decisions with respect to the Mortgage Loan (i) after a Special Servicing Loan Event
(as provided in Sections 3.10(h), 9.3(a) and 9.5 of the Trust and Servicing Agreement) and (ii) with respect to Major Decisions,
in each case in light of Accepted Servicing Practices and the requirements of 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/ does not believe] in its sole discretion exercised in good faith, that the Special Servicer is
performing its duties in compliance with (1) Accepted Servicing Practices and (2) the Special Servicer’s obligations under
the Trust and Servicing Agreement during the prior calendar year.

 

		●	[LIST
                                         OF ANY MATERIAL DEVIATIONS FROM (1) ACCEPTED SERVICING PRACTICES AND/OR (2) THE SPECIAL
                                         SERVICER’S OBLIGATIONS UNDER THE TRUST AND SERVICING AGREEMENT]

 

In
addition, the Operating Advisor notes the following: [PROVIDE SUMMARY OF ANY ADDITIONAL MATERIAL INFORMATION].

 

[ADD
RECOMMENDATION OF REPLACEMENT OF SPECIAL SERVICER, IF APPLICABLE]

 

 

 

1
     This report is an indicative report and does not reflect the final form of annual report to be used in any particular year.
The Operating Advisor will have the ability to modify or alter the organization and content of any particular report, subject
to the compliance with the terms of the Trust and Servicing Agreement, including, without limitation, provisions relating to Privileged
Information.

 

    Exhibit O-1 

     

    

 

		II.	List
of Items that Were Considered in Compiling this Report

 

In
rendering our assessment herein, we examined and (with the exception of the items listed in paragraph no. 4 below) relied upon
the accuracy and completeness of the items listed below:

 

		1.	Each
                                         Major Decision Reporting Package that is delivered or made available to the Operating
                                         Advisor by the Special Servicer pursuant to the Trust and Servicing Agreement.

 

		2.	Reports
                                         by the Special Servicer made available to Privileged Persons that are posted on the Certificate
                                         Administrator’s Website that are relevant to the Operating Advisor’s obligations
                                         under the Trust and Servicing Agreement and certain information it has reasonably requested
                                         from the Special Servicer, each Final Asset Status Report [AFTER AN OPERATING ADVISOR
                                         CONSULTATION TRIGGER EVENT: and each other Asset Status Report], in each case, delivered
                                         or made available to the Operating Advisor pursuant to the terms of the Trust and Servicing
                                         Agreement.

 

		3.	The
                                         Special Servicer’s annual compliance statement, assessment of compliance report
                                         and attestation report by a third party regarding the Special Servicer’s compliance
                                         with its obligations delivered or made available to the Operating Advisor pursuant to
                                         the Trust and Servicing Agreement.

 

		4.	Net
                                         present value calculations and Appraisal Reduction Amount calculations delivered or made
                                         available to the Operating Advisor by the Special Servicer pursuant to the Trust and
                                         Servicing Agreement.

 

		5.	[LIST
                                         OTHER REVIEWED INFORMATION]

 

		6.	[INSERT
                                         IF AFTER AN OPERATING ADVISOR CONSULTATION TRIGGER EVENT]: Consulted with the Special
                                         Servicer as provided under the Trust and Servicing Agreement on Asset Status Reports
                                         delivered or made available to the Operating Advisor pursuant to the terms of the Trust
                                         and Servicing Agreement and with respect to Major Decisions and such other matters as
                                         to which the Special Servicer is to consult with the Operating Advisor as a Consulting
                                         Party pursuant to the Trust and Servicing Agreement.]

 

		7.	[INSERT
                                         IF AFTER AN OPERATING ADVISOR CONSULTATION TRIGGER EVENT:] During the prior year, the
                                         Operating Advisor consulted with the Special Servicer regarding its strategy plan for
                                         a limited number of issues related to the Mortgage Loan: [LIST]. The Operating Advisor
                                         participated in discussions and made strategic observations and recommended alternative
                                         courses of action to the extent it deemed such observations and recommendations appropriate.

 

NOTE:
The Operating Advisor’s review of the above materials should be considered a limited review and not be considered a full
or limited audit. For instance, we did not review each page of the Special Servicer’s policy and procedure manuals (including
amendments and appendices), review underlying lease agreements or similar underlying documents (other than documents that the
Operating Advisor is required to review pursuant to Section 9.5 of the Trust and Servicing Agreement), re-engineer the quantitative
aspects of their net present value calculations, visit any related property, visit the Special Servicer, visit the Controlling
Class Representative or interact

 

    Exhibit O-2 

     

    

 

with the Borrower. In addition, our review of the net present value calculations and Appraisal
Reduction Amount calculations is limited to the mathematical accuracy of the calculations and the corresponding application of
the non-discretionary portions of the applicable formulas, and as such, does not take into account the reasonableness of the discretionary
portions of such formulas.

 

		III.	Assumptions,
                                         Qualifications and Disclaimers Related to the Work Product Undertaken and Opinions Related
                                         to this Report

 

		1.	As
                                         provided in the Trust and Servicing Agreement, the Operating Advisor is not required
                                         to report on instances of non-compliance with, or deviations from, Accepted Servicing
                                         Practices or the Special Servicer’s obligations under the Trust and Servicing Agreement
                                         that the Operating Advisor determines, in its sole discretion exercised in good faith,
                                         to be immaterial.

 

		2.	In
                                         rendering our assessment herein, we have assumed that all executed factual statements,
                                         instruments, and other documents that we have relied upon in rendering this assessment
                                         have been executed by persons with legal capacity to execute such documents.

 

		3.	Other
                                         than the receipt of the Major Decision Reporting Package or any Asset Status Report that
                                         is delivered or made available to the Operating Advisor pursuant to the terms of the
                                         Trust and Servicing Agreement, the Operating Advisor did not participate in, or have
                                         access to, the Special Servicer’s and Controlling Class Representative’s
                                         discussion(s) regarding the Mortgage Loan. The Operating Advisor does not have authority
                                         to speak with the Controlling Class Representative or the Borrower directly. As such,
                                         the Operating Advisor relied solely upon the information delivered to it by the Special
                                         Servicer or otherwise available to it under the Trust and Servicing Agreement as well
                                         as its interaction with the Special Servicer, if any, in gathering the relevant information
                                         to generate this report. The services that we perform are not designed and cannot be
                                         relied upon to detect fraud or illegal acts should any exist.

 

		4.	The
                                         Special Servicer has the legal authority and responsibility to service the Mortgage Loan
                                         pursuant to the Trust and Servicing Agreement. The Operating Advisor has no responsibility
                                         or authority to alter the standards set forth therein or the actions of the Special Servicer.

 

		5.	Confidentiality
                                         and other contractual limitations limit the Operating Advisor’s ability to outline
                                         the details or substance of any communication held between it and the Special Servicer
                                         regarding the Mortgage Loan and certain information it reviewed in connection with its
                                         duties under the Trust and Servicing Agreement. As a result, this report may not reflect
                                         all the relevant information that the Operating Advisor is given access to by the Special
                                         Servicer.

 

		6.	The
                                         Operating Advisor is not empowered to speak with any investors directly. If the investors
                                         have questions regarding this report, they should address such questions to the Certificate
                                         Administrator through the Certificate Administrator’s Website.

 

		7.	This
                                         report does not constitute recommendations to buy, sell or hold any security, nor does
                                         the Operating Advisor take into account market prices of securities or financial 

 

    Exhibit O-3 

     

    

 

			 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.

 

[THE
OPERATING ADVISOR]

 

	By:	 	 

Name:

 

Title: 

    Exhibit O-4 

     

    

EXHIBIT
P

 

FORM
OF DISTRIBUTION DATE STATEMENT

 

    Exhibit P-1 

     

    

	 	 	 
	Distribution Date:

    Determination Date:	

    

    	

	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	CONTACT
    INFORMATION	 	 	CONTENTS	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Distribution Summary	2	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Distribution Summary
    (Factors)	3	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Interest Distribution
    Detail	4	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Principal Distribution
    Detail	5	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Reconciliation
    Detail	6	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Stratification
    Detail	7	 	 
	 	 	 	 	 	 	 	 
	 	 	 	Mortgage
    Loan Detail	11	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	NOI
    Detail	12	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Delinquency
    Loan Detail	13	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Appraisal
    Reduction Detail	15	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Loan
    Modification Detail	17	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Specially
    Serviced Loan Detail	19	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Unscheduled
    Principal Detail	21	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Liquidated Loan
    Detail	23	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

	 	 	 	 	 
	 	 	 	 	 
	 	Deal Contact:	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

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	Distribution Date:

    Determination Date:	

	

 

Distribution
Summary

	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	DISTRIBUTION
    IN DOLLARS
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Prior	Pass-	Accrual	 	 	 	Yield	Prepayment	 	 	 	Current
	 	Original	Principal	Through	Day Count	Accrual	Interest	Principal	Maintenance	Penalties	Total	Deferred	Realized	Principal
	Class	Balance	Balance	Rate	Fraction	Dates	Distributed	Distributed	Distributed	Distributed	Distributed	Interest	Loss	Balance
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)=(7+8+9+10)	(12)	(13)	(14)=(3-8+12-13)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Notional Classes	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

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	Distribution Date:

    Determination Date:	

    

    	

	 	 	 	 	 	 	 	 	 	 	 	 
	PER
    $1,000 OF ORIGINAL BALANCE	 	 	 	 	 	 	 
	Class	CUSIP	Record

    Date	Prior

    Principal

    Balance

    (3/2 x 1000)	Interest

    Distributed

    (7/2 x 1000)	Principal

    Distributed

    (8/2 x 1000)	Yield

    Maintenance

    Distributed

    (9)/(2) x 1000	Prepayment

    Penalties

    Distributed

    (10)/(2) x 1000	Total

    Distributed

    (11/2 x 1000)	Deferred

    Interest

    (12/2 x 1000)	Realized

    Loss

    (13/2 x 1000)	Current

    Principal

    Balance

    (142 x 1000)
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

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	Distribution Date:

    Determination Date:	

    

    	

Interest Distribution
Detail

	 	 	 	 	 	 	 	 	 	 	 	 
	DISTRIBUTION IN DOLLARS	 	 	 	 	 	 	 
	 	Prior	Pass-	Next Pass-	Accrual	Optimal	Prior	Interest on	Non-Recov.	 	 	 	Current
	 	Principal	Through	Through	Day Count	Accrued	Unpaid	Prior Unpaid	Interest	Interest	Deferred	Interest	Unpaid
	Class	Balance	Rate	Rate	Fraction	Interest	Interest	Interest	Shortfall	Due	Interest	Distributed	Interest
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)=(6)+(7)+(8)-(9)	(11)	(12)	(13)=(10)-(11)-(12)
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Notional
    Classes	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 

 

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	Distribution Date:

    Determination Date:	

    

    	

Principal Distribution
Detail

	 	 	 	 	 	 	 	 	 	 	 	 	 
	DISTRIBUTION
    IN DOLLARS 
	 	 	Prior	Scheduled	Unscheduled	 	Current	Current	Current	Cumulative	Original	Current	Original	Current
	 	Original	Principal	Principal	Principal	Accreted	Realized	Principal	Principal	Realized	Class	Class	Credit	Credit
	Class	Balance	Balance	Distribution	Distribution	Principal	Loss	Recoveries	Balance	Loss	(%)	(%)	Support	Support
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)=(3)-(4)-(5)+(6)-(7)+(8)	(10)	(11)	(12)	(13)	(14)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
		 	 	 	 	 	 	 	 	 	 	 	 	 

 

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	Distribution Date:

    Determination Date:	

Reconciliation Detail	

	 	 	 	 	 	 	 	 	 
	 	 	 	 
	SOURCE
    OF FUNDS	 	ALLOCATION
    OF FUNDS	 
	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	Interest Funds Available	 	 	 	 	Scheduled Fees	 	 	 
	 	Scheduled Interest	 	 	 	 	Servicing Fee / Sub-Servicing Fee	 	 	 
	 	Prepayment Interest
    Shortfall	 	 	 	 	CREFC®
    Intellectual Property Royalty License Fee	 	 	 
	 	Interest Adjustments	 	 	 	 	Trustee Fee / Certificate Administrator Fee	 	 	 
	 	Realized Loss
    in Excess of Principal Balance	 	 	 	 	Operating Advisor Fee	 	 	 
	 	Total Interest
    Funds Available:	 	 	 	 	Total Scheduled Fees:	 	 	 
	 	 	 	 	 	 	Additional Fees, Expenses, etc.	 	 	 
	 	Principal Funds Available	 	 	 	 	Special Servicing Fee	 	 	 
	 	Scheduled Principal	 	 	 	 	Workout Fee	 	 	 
	 	Curtailments	 	 	 	 	Liquidation Fee	 	 	 
	 	Principal Prepayments	 	 	 	 	Additional Trust
    Fund Expenses	 	 	 
	 	Net Liquidation
    Proceeds	 	 	 	 	Reimbursement
    for Interest on Advances	 	 	 
	 	Repurchased Principal	 	 	 	 	Additional Servicing Fee	 	 	 
	 	Substitution Principal	 	 	 	 	Total Additional Fees, Expenses, etc.:	 	 	 
	 	Other Principal	 	 	 	 	Distribution to Certificateholders	 	 	 
	 	Total Principal
    Funds Available:	 	 	 	 	Interest Distribution	 	 	 
	 	Other Funds Available	 	 	 	 	Principal Distribution	 	 	 
	 	Yield Maintenance
    Charges	 	 	 	 	Yield Maintenance
    Charges Distribution	 	 	 
	 	Prepayment Premiums	 	 	 	 	Prepayment Premiums
    Distribution	 	 	 
	 	Other Charges	 	 	 	 	Total Distribution
    to Certificateholders:	 	 	 
	 	Total Other Funds
    Available:	 	 	 	 	Total Funds Allocated	 	 	 
	 	Total Funds Available	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

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	Distribution Date:		
	Determination Date:	
	 	
	 	Stratification
    Detail

 

	Ending
    Scheduled Balance	 	 	 	State
	

    Ending Scheduled

    Balance	#
    of

    Loans	Ending
    Scheduled

    Balance	%
    of Agg. End.

    Sched. Bal.	WAC	WART	WA

    DSCR	 	State	#
    of

    Properties	Ending
    Scheduled

    Balance	%
    of Agg. End.

    Sched. Bal.	WAC	WART	WA

    DSCR
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	Totals	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

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	Distribution Date:		
	Determination Date:	
	 	
	 	Stratification
    Detail

	Seasoning	 	Property
    Type
	Seasoning	#
    of

    Loans	Ending
    Scheduled

    Balance	%
    of Agg. End.

    Sched. Bal.	WAC	WART	WA

    DSCR	 	Property
    Type	#
    of

    Properties	Ending
    Scheduled

    Balance	%
    of Agg. End.

    Sched. Bal.	WAC	WART	WA

    DSCR
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	Totals	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 

 

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	Distribution Date:		
	Determination Date:	
	 	
	 	Stratification
    Detail

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Debt
    Service Coverage Ratio	 	Loan
    Rate
	Debt
    Service

    Coverage Ratio	#
    of

    Loans	Ending
    Scheduled

    Balance	%
    of Agg. End.

    Sched. Bal.	WAC	WART	WA

    DSCR	 	Loan
    Rate	#
    of

    Loans	Ending
    Scheduled

    Balance	%
    of Agg. End.

    Sched. Bal.	WAC	WART	WA

    DSCR
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	Totals	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

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	Distribution Date:		
	Determination Date:	
	 	
	 	Stratification
    Detail

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Anticipated
    Remaining Term	 	Remaining
    Amortization Term
	Anticipated

    Remaining Term	#
    of

    Loans	Ending
    Scheduled

    Balance	%
    of Agg. End.

    Sched. Bal.	WAC	WART	WA

    DSCR	 	Remaining

    Amortization Term	#
    of

    Loans	Ending
    Scheduled

    Balance	%
    of Agg. End.

    Sched. Bal.	WAC	WART	WA

    DSCR
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	Totals
	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 

 

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	Distribution Date:		
	Determination Date:	
	 	

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Mortgage
    Loan Detail
	Loan	OMCR	Property

    Type	City	State	Interest

    Payment	Principal

    Payment	Gross

    Coupon	Maturity

    Date	Neg

    Am

    Flag	Beginning

    Scheduled

    Balance	Ending

    Scheduled

    Balance	Paid

    Through

    Date	Apprasial

    Reduction

    Date	Apprasial

    Reduction

    Amount	Payment

    Status of

    Loan (1)	Workout

    Strategy

    (2)	Mod.

    Code

    (3)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	Payment Status of Loan (1)	 	Workout Strategy (2)	 	Mod. Code (3)	 
	 	 	 	 	 	 	 
	A. In Grace Period	3. 90+ Days Delinquent	1. Modification	7. REO	13. Other or TBD	1. Maturity Date Extension	7. Capitalization of Taxes
	B. Late, but less than 30 Days	4. Performing Matured Balloon	2. Foreclosure	8. Resolved	98. Not Provided By Servicer	2. Amortization Change	8. Other
	0. Current	5. Non Performing Matured Balloon	3. Bankruptcy	9. Pending Return to Master Servicer	 	3. Principal Write-Off	9. Combination
	1. 30-59 Days Delinquent	7. Foreclosure	4. Extension	10. Deed In Lieu of Foreclosure	 	4. Blank (formerly Combination)	 
	2. 60-89 Days Delinquent	9. REO	5. Note Sale	11. Full Payoff	 	5. Temporary Rate Reduction	 
	 	 	6. DPO	12. Reps and Warranties	 	6. Capitalization of Interest	 

 

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	Distribution Date:		
	Determination Date:	
	 	

NOI
Detail

	 	 	 	 	 	 	 	 	 	 
	 
	Loan

    Number	OMCR	Property
    Type	City	State	Ending

    Scheduled

    Balance	Most

    Recent

    Fiscal NOI	Most

    Recent

    NOI	Most Recent

    NOI

    Start Date	Most
    Recent

    NOI

    End Date
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 

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	Distribution Date:		 
	Determination Date:	
	 	
	 	 
	 	Delinquency
    Loan Detail

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Actual	Paid	Current P & I	Total P & I	Cumulative	Other Expense	Payment	Workout	Most Recent	 	 	 
	Loan	 	# of Months	Principal	Through	Advances (Net	Advances	Accrued Unpaid	Advance	Status of	Strategy	Special Serv	Foreclosure	Bankruptcy	REO
	Number	OMCR	Delinq	Balance	Date	of ASER)	Outstanding	Advance Interest	Outstanding	Loan (1)	(2)	Transfer Date	Date	Date	Date
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	There
    is no Delinquency Loan Detail for the current distribution period.
	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 
	Payment Status of Loan (1)	 	Workout Strategy (2)	 
	 	 	 	 	 
	A. In Grace Period	3. 90+ Days Delinquent	1. Modification	7. REO	13. Other or TBD
	B. Late, but less than 30 Days	4. Performing Matured Balloon	2. Foreclosure	8. Resolved	98. Not Provided By Servicer
	0. Current	5. Non Performing Matured Balloon	3. Bankruptcy	9. Pending Return to Master Servicer	 
	1. 30-59 Days Delinquent	7. Foreclosure	4. Extension	10. Deed In Lieu of Foreclosure	 
	2. 60-89 Days Delinquent	9. REO	5. Note Sale	11. Full Payoff	 
	 	 	6. DPO	12. Reps and Warranties	 

 

 

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	Distribution Date:		 
	Determination Date:	
	 	
	 	 
	 	Historical
    Delinquency Information

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Distribution	Less Than 1 Month	1 Month	2 Month	3+ Month	Bankruptcy	Foreclosure	REO
	Date	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	End. Sched.
    Bal.	#  	End. Sched.
    Bal.	#  	End. Sched.
    Bal.	#  	End. Sched.
    Bal.	#  	End. Sched.
    Bal.	#  	End. Sched.
    Bal.	#  	End. Sched.
    Bal.	#  
	 	   0.00	0  	   0.00	0  	   0.00	0  	   0.00	0  	   0.00	0  	   0.00	0  	   0.00	0  
	 	0.000%	0.0%  	0.000%	0.0%  	0.000%	0.0%  	0.000%	0.0%  	0.000%	0.0%  	0.000%	0.0%  	0.000%	0.0%  

 

 

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	Distribution Date:		 
	Determination Date:	
	 	
	 	 
	 	Appraisal
    Reduction Detail

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	Appraisal	Appraisal	Most Recent	Cumulative
	Loan Number	OMCR	Property Name	Reduction Amount	Reduction Date	ASER Amount	ASER Amount
	 	 	 	 	 	 	 
	There
    is no Appraisal Reduction activity for the current distribution period.
	 
	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 

 

 

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	Distribution Date:		 
	Determination Date:	
	 	
	 	 
	 	Historical
    Appraisal Reduction Detail

	 	 	 	 	 	 	 	 
	Distribution	 	 	 	Appraisal	Appraisal	Most Recent	Cumulative
	Date	Loan Number	OMCR	Property
    Name	Reduction
    Amount	Reduction
    Date	ASER Amount	ASER
    Amount
	 	 	 	 	There
    is no historical Appraisal Reduction activity.	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 

 

 

    	Reports Available at sf.citidirect.com	 Page 16 of 24	 

     

    

 

	 	 	 
	Distribution Date:		 
	Determination Date:	
	 	
	 	 
	 	Loan
    Modification Detail

	 	 	 	 	 	 
	 	 	 	Modification	Modification	Modification
	Loan Number	OMCR	Property Name	Date	Code (1)	Description
	 	 	 	 	 	 
	There
    is no Loan Modification activity for the current distribution period.
	 	 	 	 	 	 
	 	 	 	 	 	 
	Totals	 	 	 	 	 

	 	 
	Modification Code (1)	 
	 	 
	1. Maturity Date Extension	7. Capitalization of Taxes
	2. Amortization Change	8. Other
	3. Principal Write-Off	9. Combination
	4. Blank (formerly Combination)	 
	5. Temporary Rate Reduction	 
	6. Capitalization of Interest	 

 

 

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	Distribution Date:		 
	Determination Date:	
	 	
	 	 
	 	Historical
    Loan Modification Detail

	 	 	 	 	 	 	 
	Distribution	 	 	 	Modification	Modification	Modification
	Date	Loan	OMCR	Property
    Name	Date	Code (1)	Description
	There
    is no historical Loan Modification activity.
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 

	 	 
	Modification Code (1)	 
	 	 
	1. Maturity Date Extension	7. Capitalization of Taxes
	2. Amortization Change	8. Other
	3. Principal Write-Off	9. Combination
	4. Blank (formerly Combination)	 
	5. Temporary Rate Reduction	 
	6. Capitalization of Interest	 

 

 

    	Reports Available at sf.citidirect.com	 Page 18 of 24	 

     

    

 

	Distribution Date:		
	Determination Date:	

    

     Specially Serviced Loan
    Detail

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan	 	OMCR	 	Workout

Strategy

(1)	 	Most Recent

Inspection

Date	 	Most Recent

Specially Serviced

Transfer Date	 	Most Recent

Appraisal Date	 	Most Recent

Appraisal Value	 	Other REO

Property Value	 	Comment from Special Servicer
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	There
    is no Specially Serviced Loan activity for the current distribution period.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 
	 	Workout Strategy (1)	 	 
	 	 	 	 
	 	1. Modification	 	7. REO	 	13. Other or TBD
	 	2. Foreclosure	 	8. Resolved	 	98. Not Provided By Servicer
	 	3. Bankruptcy	 	9. Pending Return to Master Servicer	 	 
	 	4. Extension	 	10. Deed In Lieu of Foreclosure	 	 
	 	5. Note Sale	 	11. Full Payoff	 	 
	 	6. DPO	 	12. Reps and Warranties	 	 

    	Reports Available at sf.citidirect.com	 Page 19 of 24	 

     

    

 

	Distribution Date:		
	Determination Date:	

    

    Historical Specially Serviced
    Loan Detail

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Distribution

Date	 	Loan

Number	 	OMCR	 	Spec.

Serviced

Transfer Date	 	Workout

Strategy

(1)	 	Spec.

Serviced

Loan to MS	 	Scheduled

Balance	 	Actual

Balance	 	Property

Type

(2)	 	State	 	Interest

Rate	 	Note

Date	 	Net

Operating

Income	 	Net

Operating

Income Date	 	DSC

Ratio	 	DSC

Date	 	Maturity

Date	 	WART
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	

    There is no historical Specially Serviced Loan activity.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 
	 	Workout Strategy (1)	 	 
	 	 	 	 
	 	1. Modification	 	7. REO	 	13. Other or TBD
	 	2. Foreclosure	 	8. Resolved	 	98. Not Provided By Servicer
	 	3. Bankruptcy	 	9. Pending Return to Master Servicer	 	 
	 	4. Extension	 	10. Deed In Lieu of Foreclosure	 	 
	 	5. Note Sale	 	11. Full Payoff	 	 
	 	6. DPO	 	12. Reps and Warranties	 	 

 

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	Distribution Date:		
	Determination Date:	

    

    Unscheduled Principal
    Detail

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan Number	 	OMCR	 	Liquidation /

Prepayment Date	 	Liquidation /

Prepayment Code	 	Unscheduled

Principal Collections	 	Unscheduled

Principal Adjustments	 	Other

Interest Adjustment	 	Prepayment Interest

Excess (Shortfall)	 	Prepayment

Penalties	 	Yield Maintenance

Charges
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Totals	 	There
    is no unscheduled principal activity for the current distribution period.
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 
	 	Liquidation / Prepayment Code
(1)	 	 
	 	 	 	 	 	 
	 	1. Partial Liquidation (Curtailment)	 	7. Not Used	 	 
	 	2. Payoff Prior To Maturity	 	8. Payoff With Penalty	 	 
	 	3. Disposition / Liquidation	 	9. Payoff With Yield Maintenance	 	 
	 	4. Repurchase / Substitution	 	10. Curtailment With Penalty	 	 
	 	5. Full Payoff At Maturity	 	11. Curtailment With Yield	 	 
	 	6. DPO	 	Maintenance	 	 

 

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	Distribution Date:		
	Determination Date:	

    

    Historical Unscheduled
    Principal Detail

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Distribution

Date	 	   Loan

Number       OMCR	 	Liquidation /

Prepayment Date	 	Liquidation /

Prepayment Code	 	Unscheduled

Principal Collections	 	Unscheduled

Principal Adjustments	 	Other

Interest Adjustment	 	Prepayment Interest

Excess (Shortfall)	 	Prepayment

Penality	 	Yield Maintenance

Premium
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals   	 	There
    is no historical unscheduled principal activity.
		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 
	 	Liquidation / Prepayment Code (1)	 	 
	 	 	 	 
	 	1. Partial Liquidation (Curtailment)	 	7. Not Used	 	 
	 	2. Payoff Prior To Maturity	 	8. Payoff With Penalty	 	 
	 	3. Disposition / Liquidation	 	9. Payoff With Yield Maintenance	 	 
	 	4. Repurchase / Substitution	 	10. Curtailment With Penalty	 	 
	 	5. Full Payoff At Maturity	 	11. Curtailment With Yield	 	 
	 	6. DPO	 	Maintenance	 	 

 

    	Reports Available at sf.citidirect.com	 Page 22 of 24	 

     

    

	Distribution Date:		
	Determination Date:	

    

    Liquidated Loan Detail

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Loan

Number	 	OMCR	 	Final Recovery

Determ Date	 	Most Recent

Appraisal Date	 	Most Recent

Appraisal Value	 	Actual

Balance	 	Gross

Proceeds	 	Proceeds

as a % of Act Bal	 	Liquidation

Expenses	 	Net Liquidation

Proceeds	 	Net Proceeds

as a % of Act Bal	 	Realized

Loss	 	Repurchased by

Seller (Y/N)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	There
    is no Liquidated Loan activity for the current distribution period.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Reports Available at sf.citidirect.com	 Page 23 of 24	 

     

    

 

	Distribution Date:		
	Determination Date:	

                                                    
 Historical Liquidated Loan Detail

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Distribution

Date	 	Loan

Number	 	OMCR	 	Final Recovery

Determ Date	 	Most Recent

Appraisal Date	 	Most Recent

Appraisal Value	 	Actual

Balance	 	Gross

Proceeds	 	Gross Proceeds

as a % of Act Bal	 	Liquidation

Expenses	 	Net 

Liquidation

Proceeds	 	Net Proceeds

as a % of Act Bal	 	Realized

Loss	 	Repurchased by

Seller (Y/N)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	There
    is no historical Liquidated Loan activity.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	Reports Available at sf.citidirect.com	 Page 24 of 24	 

     

    

 

EXHIBIT
Q

FORM OF RECOMMENDATION OF SPECIAL SERVICER TERMINATION

 

Wilmington
Trust, National Association, as Trustee 

1100
North Market Street 

Wilmington,
Delaware 19890

Attention: CMBS Trustee – CGCMT 2020-420K

 

Citibank,
N.A., as Certificate Administrator 

388
Greenwich Street 

New
York, New York 10013 

Attention: Global
Transaction Services – CGCMT 2020-420K

 

Situs
Holdings, LLC, as Special Servicer 

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

 

Citigroup
Commercial Mortgage Trust 2020-420K, Commercial Mortgage Pass-Through Certificates, Series 2020-420K 

 

Ladies
and Gentlemen:

 

This
letter is delivered pursuant to Section 7.1(e) of the Trust and Servicing Agreement, dated as of November 6, 2020 (the “Trust
and Servicing Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National Association,
as Servicer, Situs Holdings, LLC, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor, Citibank, N.A., as Certificate
Administrator, and Wilmington Trust, National Association, as Trustee, on behalf of the holders Citigroup Commercial Mortgage
Trust 2020-420K, Commercial Mortgage Pass-Through Certificates, Series 2020-420K (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 operational practices of [_______], in its current capacity as Special Servicer, conducted pursuant to
and in accordance with the Trust and Servicing Agreement, it is our determination, in our sole discretion exercised in good faith,
that

 

    Exhibit Q-1 

     

    

 

(1) [________], in its current capacity as Special Servicer, is not performing its duties as required under the Trust and
Servicing Agreement or has failed to comply with Accepted Servicing Practices and (2) a replacement of the Special Servicer would
be in the best interest of the Certificateholders as a collective whole. The following factors support our determination: [________].

 

    Exhibit Q-2 

     

    

Based
upon such determination, we further hereby recommend that [_______] 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 Q-3 

     

    

EXHIBIT
R

 

FORM
OF CERTIFICATE ADMINISTRATOR RECEIPT IN RESPECT OF THE CREDIT RISK RETENTION CERTIFICATES

 

[Date]

 

[Name
and Address of Retaining Party]

 

		Re:	Citigroup
                                         Commercial Mortgage Trust 2020-420K, Commercial Mortgage Pass-Through Certificates, Series
                                         2020-420K (Citigroup Commercial Mortgage Securities Inc., as Depositor)

 

In
accordance with Section 5.2(f) of the Trust and Servicing Agreement, dated as of November 6, 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 shall hereafter hold in the Credit Risk Retention Certificate Safekeeping Account, the Certificates identified on Schedule
I attached hereto (the “Subject Certificates”), which constitute some or all of the HRR Interest, for the benefit
of [Name of Retaining Party], the registered holder of the Subject Certificates, pursuant to the Agreement. Payments on the Subject
Certificates shall 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 shall not be released from the Credit Risk Retention Certificate Safekeeping
Account except in accordance with, the Agreement.

 

Capitalized
terms used but not defined herein shall the respective meanings set forth in the Agreement.

 

	 	Citibank,
    n.a.,

    not in its individual capacity

    but solely as Certificate Administrator	 
	 	 	 	 
	 	By:	 
	 	 	Name:

    Title:	 

 

     Exhibit R-1

     

    

Schedule
I

 

Certificates
Registered in the Name of [Retaining Party]

 

	Class

(CUSIP)
	Certificate

No.
	Initial

Certificate Balance

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

     Exhibit R-2

     

    

EXHIBIT
S

 

[RESERVED]

 

    Exhibit S-1 

     

    

EXHIBIT
T-1

 

FORM
OF TRANSFEROR CERTIFICATE FOR TRANSFER OF

THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

	Citigroup
                           Commercial Mortgage Securities Inc.

        

        388
        Greenwich Street, 6th Floor

        New York, New York 10013

        Attention: Richard Simpson

         

        with
        electronic copy to richard.simpson@citi.com

        

        Citigroup
        Commercial Mortgage Securities Inc.

        

        390
        Greenwich Street, 5th Floor

        

        New
        York, New York 10013

        

        Attention:
        Raul Orozco

         

        Citigroup
        Commercial Mortgage Securities Inc.

        

        388
        Greenwich Street, 17th Floor

        

        New
        York, New York 10013

        

        Attention:
        Ryan M. O’Connor

        

        with
        electronic copy to: ryan.m.oconnor@citi.com

         
	KeyBank
                           National Association

        

        11501
        Outlook Street, Suite 300

        

        Overland
        Park, Kansas 66211

        

        Attention:
        Michael A. Tilden

        

        Facsimile
        number: (877) 379-1625

        

        Email:
        michael_a_tilden@keybank.com

         

        with
        copies to:

         

        Polsinelli

        

        900
        West 48th Place, Suite 900

        

        Kansas
        City, Missouri 64112

        

        Attention:
        Kraig Kohring

        

        Facsimile
        number: (816) 753-1536

        

        Email:
        kkohring@polsinelli.com

        

		Re:	Citigroup
                                         Commercial Mortgage Trust 2020-420K,

                                         Commercial Mortgage Pass-Through Certificates, Series 2020-420K

 

Ladies
and Gentlemen:

 

This
letter is delivered to you in connection with the transfer by [_________________] (the “Transferor”) to [_________________]
(the “Transferee”) of the Excess Servicing Fee Right (as defined below) established under the Trust and Servicing
Agreement, dated as of November 6, 2020 (the “Trust and Servicing Agreement”), by and among Citigroup Commercial
Mortgage Securities Inc., as Depositor, KeyBank National Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wilmington
Trust, National Association, as Trustee, Citibank, N.A., as Certificate Administrator, and Pentalpha Surveillance LLC, as Operating
Advisor. All capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Trust
and Servicing Agreement. The Transferor hereby certifies, represents and warrants to you, as Depositor, that:

 

1.       The
Transferor is the lawful owner of the right to receive the Excess Servicing Fees (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.

    Exhibit T-1-1 

     

    

 

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.

 

	 	Very
truly yours,	 
	 	 	 	 
	 	By:	 
	 	 	Name:

    Title:	 

 

 

    Exhibit T-1-2 

     

    

EXHIBIT
T-2

 

FORM
OF TRANSFEREE CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

Citigroup
Commercial Mortgage Securities Inc.

388
Greenwich Street, 6th Floor

New York, New York 10013

Attention:
Richard Simpson

 

KeyBank
National Association, as Servicer

11501
Outlook Street, Suite 300

Overland
Park, Kansas 66211

Attention:
Michael A. Tilden

 

		Re:	Citigroup
                                         Commercial Mortgage Trust 2020-420K,

                                         Commercial Mortgage Pass-Through Certificates, Series 2020-420K

 

Ladies
and Gentlemen:

 

This
letter is delivered to you in connection with the transfer by [_________________] (the “Transferor”) to [_________________]
(the “Transferee”) of the Excess Servicing Fee Right established under the Trust and Servicing Agreement, dated
as of November 6, 2020 (the “Trust and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities
Inc., as Depositor, KeyBank National Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wilmington Trust, National
Association, as Trustee, Citibank, N.A., as Certificate Administrator, and Pentalpha Surveillance LLC, as Operating Advisor. All
capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Trust and Servicing
Agreement. The Transferee hereby certifies, represents and warrants to you, as the Depositor and the Servicer, that:

 

1.       The
Transferee is acquiring the right to receive Excess Servicing Fees (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 Operating Advisor, 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

 

    Exhibit T-2-1 

     

    

 

prospective transferor
substantially in the form attached as Exhibit T-1 to the Trust and Servicing Agreement, and (B) each of KeyBank National
Association and the Depositor has received a certificate from the prospective transferee substantially in the form attached as
Exhibit T-2 to the Trust and Servicing Agreement.

 

3.       The
Transferee understands that it may not sell or otherwise transfer the Excess Servicing Fee Right or any interest therein except
in compliance with the provisions of Section 3.17 of the Trust and Servicing Agreement, which provisions it has carefully
reviewed.

 

4.       Neither
the Transferee nor anyone acting on its behalf has (a) offered, pledged, sold, disposed of or otherwise transferred the Excess
Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security to any Person in any manner,
(b) solicited any offer to buy or accept a pledge, disposition or other transfer of the Excess Servicing Fee Right, any interest
in the Excess Servicing Fee Right or any other similar security from any Person in any manner, (c) otherwise approached or negotiated
with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with
any Person in any manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the
Excess Servicing Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken
any other action with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar
security, which (in the case of any of the acts described in clauses (a) through (e) above) would constitute a distribution of
the Excess Servicing Fee Right under the Securities Act, would render the disposition of the Excess Servicing Fee Right a violation
of Section 5 of the Securities Act or any state securities law or would require registration or qualification of the Excess Servicing
Fee Right pursuant thereto. The Transferee will not act, nor has it authorized or will it authorize any Person to act, in any
manner set forth in the foregoing sentence with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security.

 

5.       The
Transferee has been furnished with all information regarding (a) the Depositor, (b) the Excess Servicing Fee Right and any payments
thereon, (c) the Trust and Servicing Agreement and the Trust Fund created pursuant thereto, (d) the nature, performance and servicing
of the Mortgage Loan, and (e) all related matters that it has requested.

 

6.       The
Transferee is (a) a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act or (b)
an “accredited investor” as defined in any of paragraphs (1), (2), (3) and (7) of Rule 501(a) under the Securities
Act or an entity in which all of the equity owners come within such paragraphs. The Transferee has such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Excess Servicing
Fee Right; the Transferee has sought such accounting, legal and tax advice as it has considered necessary to make an informed
investment decision; and the Transferee is able to bear the economic risks of such investment and can afford a complete loss of
such investment.

 

7.       The
Transferee agrees (i) to keep all information relating to the Trust, the Trust Fund and the parties to the Trust and Servicing
Agreement, and made available to it, confidential, (ii) not to use or disclose such information in any manner which could result
in a

 

    Exhibit T-2-2 

     

    

 

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 (collectively, “Representatives”) not to disclose such information, in any manner
whatsoever, in whole or in part, to any other Person other than the Transferee’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 Person or has become generally available to the public other than as
a result of disclosure by such Person; provided, however, that the Transferee or any of its Representatives 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 other 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 other Person’s
auditors, legal counsel and regulators.

 

8.       The
Transferee acknowledges that the holder of the Excess Servicing Fee Right shall not have any rights under the Trust and Servicing
Agreement except as set forth in Section 3.17 of the Trust and Servicing Agreement, and that the Excess Servicing Fee Rate
may be reduced to the extent provided in the Trust and Servicing Agreement.

 

	 	Very truly yours,
	 	 
	 	 	 
	 	By: 

    Name:

    Title:	 

  

    Exhibit T-2-3 

     

    

EXHIBIT
U

 

LOAN
SELLER SUB-SERVICERS

 

[None]

 

    Exhibit U-1 

     

    

EXHIBIT
V

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
13.4 of the Trust and Servicing Agreement to disclose to each Other Depositor and each Other Exchange Act Reporting Party to which
such Additional Form 10-D Disclosure is relevant for Exchange Act reporting purposes, any information described in the corresponding
Form 10-D Item described in the “Item on Form 10-D” column to the extent such party has actual knowledge (and in the
case of net operating income, financial statements, budgets and/or rent rolls required to be provided in connection with Item
6 below, possession) (in each case, after complying with its affirmative obligations, if any, under the Trust and Servicing Agreement
to obtain such information) of such information (other than information as to such party itself which such party is obligated
to provide). Each of the Certificate Administrator, the Trustee, the Custodian, the Operating Advisor, the Servicer and the Special
Servicer 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 applicable Other Depositor or the
Loan Seller. Each of the Certificate Administrator, the Trustee, the Custodian, the Operating Advisor, the Servicer and the Special
Servicer (in its capacity as such) shall be entitled to conclusively assume that there is no “significant obligor”
other than a party identified as such in the offering materials with respect to any related Other Securitization Trust. For any
related Other Pooling and Servicing Agreement, each of the Certificate Administrator, the Trustee, the Custodian, the Operating
Advisor, the Servicer and the Special Servicer (in its capacity as such) shall be entitled to assume that there is no provider
of credit enhancement, liquidity or derivative instruments within the meaning of Items 1114 or 1115 of Regulation AB other than
a party identified as such in the offering materials with respect to the related Other Securitization Trust.

 

	Item
    on Form 10-D	Party
    Responsible 
	 

                                                                                                            Item
                                         1: Distribution and Pool Performance Information

                                                                                                             

        

        Any
        information required by Item 1121 of Regulation AB which is NOT included on the Distribution Date Statement

         
	 

                                                                              Certificate
Administrator 

        Servicer
        (only with respect to Item 1121(a)(12) of Regulation AB and only if no Special Servicing Loan Event has occurred and is
        continuing)

        

        Special
        Servicer (only with respect to Item 1121(a)(12) of Regulation AB and only if a Special Servicing Loan Event has occurred
        and is continuing)

         

        

 

    Exhibit V-1 

     

    

 

	Item
    on Form 10-D	Party
    Responsible 
	Item
                                         2: Legal Proceedings

                                                                                                             

        

        per
Item 1117 of Regulation AB
	

                                                                                 

                                                                                (i) The Trustee, the Certificate Administrator, the Custodian, the Operating Advisor, the Servicer and the Special Servicer(as to themselves), (ii) any other Reporting Servicer (as to itself), and (iii) the Trustee, the Certificate Administrator, the Custodian, the Servicer and the Special Servicer, in each case as to the Trust (in the case of the Servicer and the Special Servicer, to be reported by the party controlling such litigation)

                                                                                 

	

                                                                                 

                                                                                Item 6:  Significant Obligors of Pool Assets
	 

                                                                              Servicer
                                         (excluding information for which the Special Servicer is the “Party Responsible”)

        

        Special
        Servicer (as to Foreclosed Properties)

         

        
	 

                                                                                                            Item
9: Other Information 
	

                                                                                 

                                                                                Any party responsible for disclosure items on Form 8-K to the extent of such items

                                                                                 

	

                                                                                 

                                                                                Item 10:  Exhibits
	

                                                                                 

                                                                                Certificate Administrator

                                                                                 

 

    Exhibit V-2 

     

    

EXHIBIT
W

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
13.5 of the Trust and Servicing Agreement to disclose to each Other Depositor and each Other Exchange Act Reporting Party to which
such Additional Form 10-K Disclosure is relevant for Exchange Act reporting purposes, any information described in the corresponding
Form 10-K Item described in the “Item on Form 10-K” column to the extent such party has actual knowledge (and in the
case of net operating income, financial statements, budgets and/or rent rolls required to be provided in connection with the Additional
Item below consisting of disclosure per Item 1112(b) of Regulation AB, possession) (in each case, after complying with its affirmative
obligations, if any, under the Trust and Servicing Agreement to obtain such information) of such information (other than information
as to such party itself which such party is obligated to provide). Each of the Certificate Administrator, the Trustee, the Custodian,
the Operating Advisor, the Servicer and the Special Servicer 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 applicable Other Depositor or the Loan Seller. Each of the Certificate Administrator, the Trustee, the
Custodian, the Operating Advisor, the Servicer and the Special Servicer (in its capacity as such) shall be entitled to conclusively
assume that there is no “significant obligor” other than a party identified as such in the offering materials with
respect to any related Other Securitization Trust. For any related Other Pooling and Servicing Agreement, each of the Certificate
Administrator, the Trustee, the Operating Advisor, the Custodian, the Servicer and the Special Servicer (in its capacity as such)
shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative instruments within the meaning
of Items 1114 or 1115 of Regulation AB other than a party identified as such in the offering materials with respect to the related
Other Securitization Trust.

 

	Item
    on Form 10-K	Party
    Responsible 
	Item
    9B:  Other Information	Any
    party responsible for disclosure items on Form 8-K to the extent of such items
	Item
    15:  Exhibits, Financial Statement Schedules	Certificate
    Administrator

 

    Exhibit W-1 

     

    

 

	Item
    on Form 10-K	Party
    Responsible 
	Additional
                                         Item:

        

        Disclosure
        per Item 1117 of Regulation AB

         
	(i)
    the Trustee, the Certificate Administrator, the Custodian, the Operating Advisor, the Servicer and the Special Servicer (as
    to themselves), (ii) any other Reporting Servicer (as to itself), (iii) the Trustee, the Certificate Administrator, the Custodian,
    the Servicer and the Special Servicer, in each case as to the Trust (in the case of the Servicer and the Special Servicer,
    to be reported by the party controlling such litigation)
	Additional
                                         Item:

        

        Disclosure
        per Item 1119 of Regulation AB

         
	The
    Trustee, the Certificate Administrator, the Custodian, the Operating Advisor, the Servicer and the Special Servicer (as to
    themselves) (in the case of the Servicer, only as to 1119(a) affiliations with “significant obligors” identified
    in the related Other Pooling and Servicing Agreement, the Trustee, the Certificate Administrator, the Custodian, the Special
    Servicer or a sub-servicer described in 1108(a)(3) and, in the case of the Special Servicer, only as to 1119(a) affiliations
    with “significant obligors” identified in the related Other Pooling and Servicing Agreement, the Trustee, the
    Certificate Administrator, the Custodian, the Servicer or a sub-servicer described in 1108(a)(3))
	Additional
                                         Item:

        

        Disclosure
        per Item 1112(b) of Regulation AB

         
	Servicer
(excluding information for which the Special Servicer is the “Party Responsible”)

        Special
        Servicer (as to Foreclosed Property)

         

 

    Exhibit W-2 

     

    

 

EXHIBIT
X

FORM OF ADDITIONAL DISCLOSURE NOTIFICATION

 

**SEND
VIA FAX TO [________] AND VIA EMAIL TO [________ ] AND VIA OVERNIGHT MAIL TO THE ADDRESS IMMEDIATELY BELOW**

 

[OTHER
EXCHANGE ACT REPORTING PARTY]

 

[OTHER
DEPOSITOR]

 

Citigroup
Commercial Mortgage Securities Inc.

388
Greenwich Street, 6th Floor

New
York, New York 10013

Attention:
Richard Simpson

Fax
number: (646) 328-2943

 

with
a copy to:

 

Citigroup
Commercial Mortgage Securities Inc.

390
Greenwich Street, 5th Floor

New
York, New York 10013

Attention:
Raul Orozco

Fax
number: (347) 394-0898

 

with
a copy to:

 

Citigroup
Commercial Mortgage Securities Inc.

388
Greenwich Street, 17th Floor

New
York, New York 10013

Attention:
Ryan M. O’Connor

Fax
number: (646) 862-8988

 

with
electronic copies e-mailed to:

 

Richard
Simpson at

richard.simpson@citi.com
and

Ryan
M. O’Connor at

ryan.m.oconnor@citi.com

 

RE:
**Additional Form [10-D][10-K][8-K] Disclosure** Required

 

Ladies
and Gentlemen:

 

    Exhibit X-1 

     

    

 

In
accordance with Section [  ] of the Trust and Servicing Agreement, dated as of November 6, 2020 (the “Trust
and Servicing Agreement”), by and among Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National
Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wilmington Trust, National Association, as Trustee, Citibank,
N.A., as Certificate Administrator, and Pentalpha Surveillance LLC, as Operating Advisor, the undersigned, as [          ],
hereby notifies you that certain events have come to our attention that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

 

Description
of Additional Form [10-D][10-K][8-K] Disclosure:

 

List
of any Attachments hereto to be included in the Additional Form [10-D][10-K][8-K] Disclosure:

 

Any
inquiries related to this notification should be directed to [    ], phone number: [    ]; email address: [     ].

 

[NAME
OF PARTY],

as [role]

 

By: _____________
 Name:

 

    Exhibit 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
13.6 of the Trust and Servicing Agreement to disclose to each Other Exchange Act Reporting Party and each Other Depositor to which
such Form 8-K Disclosure Information is relevant for Exchange Act reporting purposes, the occurrence of any event described in
the corresponding Form 8-K Item described in the “Item on Form 8-K” column to the extent such party has actual knowledge
(after complying with its affirmative obligations, if any, under the Trust and Servicing Agreement to obtain such information)
of such information (other than information as to such party itself which such party is obligated to provide). Each of the Certificate
Administrator, the Trustee, the Operating Advisor, the Custodian, the Servicer and the Special Servicer 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 applicable Other Depositor or the Loan Seller. Each of the
Certificate Administrator, the Trustee, the Operating Advisor, the Custodian, the Servicer and the Special Servicer (in its capacity
as such) shall be entitled to conclusively assume that there is no “significant obligor” other than a party identified
as such in the offering materials with respect to any related Other Securitization Trust. For any related Other Pooling and Servicing
Agreement, each of the Certificate Administrator, the Trustee, the Custodian, the Operating Advisor, the Servicer and the Special
Servicer (in its capacity as such) shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative
instruments within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as such in the offering materials
with respect to the related Other Securitization Trust.

 

	Item
    on Form 8-K	Party
    Responsible 
	Item
    1.01- Entry into a Material Definitive Agreement	Servicer,
    Special Servicer, Custodian and the Trustee (in the case of the Servicer, Special Servicer, Custodian and the Trustee, only
    as to agreements it is a party to or entered into on behalf of the Trust)

    Certificate Administrator

    (other than as to agreements to which the Depositor (and no other party to the Trust and Servicing Agreement) is a party)  

 

    Exhibit Y-1 

     

    

 

	Item
    on Form 8-K	Party
    Responsible 
	Item
    1.02- Termination of a Material Definitive Agreement	Servicer,
Special Servicer, Custodian and the Trustee (in the case of the Servicer, Special Servicer, Custodian and the Trustee, only as
to agreements it is a party to or entered into on behalf of the Trust) 

        Certificate
        Administrator

        (other than as to agreements to which the Depositor (and no other party to the Trust and Servicing Agreement) is a party)

         

	Item
    1.03- Bankruptcy or Receivership	The
    Trustee, the Certificate Administrator, the Custodian, the Operating Advisor, the Servicer and the Special Servicer (each
    as to itself)
	Item
    2.04- Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
    Arrangement	Certificate
    Administrator
	Item
    3.03- Material Modification to Rights of Security Holders	Certificate
    Administrator
	Item
    6.02- Change of Servicer, Special Servicer or Trustee	Servicer
                                         (as to itself or a servicer retained by it)

        

        Special
        Servicer (as to itself or a servicer retained by it)

        

        Trustee

        Certificate Administrator

        Custodian

         

	Item
    6.04- Failure to Make a Required Distribution	Certificate
    Administrator

 

    Exhibit Y-2 

     

    

 

EXHIBIT
Z-1

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY THE CERTIFICATE ADMINISTRATOR

 

		Re:	[NAME
                                         OF OTHER SECURITIZATION TRUST] (the “Trust”)

 

		Re:	Trust
                                         and Servicing Agreement, dated as of November 6, 2020 (the “Trust and Servicing
                                         Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor,
                                         KeyBank National Association, as Servicer, Situs Holdings, LLC, as Special Servicer,
                                         Wilmington Trust, National Association, as Trustee, Citibank, N.A., as Certificate Administrator
                                         (the “Certificate Administrator”), and Pentalpha Surveillance LLC,
                                         as Operating Advisor 

 

I,
[identifying the certifying individual], a [title] of [CERTIFICATE ADMINISTRATOR], certify to [INDIVIDUAL SIGNING THE SARBANES-OXLEY
CERTIFICATION] [OTHER DEPOSITOR] and their officers, directors and affiliates, and with the knowledge and intent that they will
rely upon this certification in delivering the certification required by the Other Pooling and Servicing Agreement relating to
the Companion Loan[s] evidenced by the Companion Loan Note[s] identified as Promissory Note[s] [A-2] [and A-[_]] (capitalized
terms used herein without definition shall have the meanings assigned to such terms in the Trust and Servicing Agreement), that:

 

1.           Based on my knowledge, the information required by the Trust and Servicing Agreement to be provided to the applicable Other Depositor
and the applicable Other Exchange Act Reporting Party by the Certificate Administrator covering the fiscal year 20__ (the “Relevant
Period”), 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 Relevant Period.

 

2.           Based on my knowledge, the information required to be provided to the applicable Other Depositor and the applicable Other Exchange
Act Reporting Party by the Certificate Administrator under the Trust and Servicing Agreement for inclusion in the Exchange Act
reports with respect to the Trust to be filed by the applicable Other Exchange Act Reporting Party is included in the reports
delivered by the Certificate Administrator to the applicable Other Depositor and the applicable Other Exchange Act Reporting Party.

 

3.           I am, or an officer under my supervision is, responsible for reviewing the activities performed by the Certificate Administrator
under the Trust and Servicing Agreement and based upon my knowledge the Certificate Administrator has, except as described in
any information provided to the applicable Other Depositor and the applicable Other Exchange Act Reporting Party by the Certificate
Administrator covering the fiscal year 20[__], fulfilled its obligations under the Trust and Servicing Agreement in all material
respects in the year to which such review applies; and

 

    Exhibit Z-1-1 

     

    

 

4.           The report on assessment of compliance with servicing criteria for asset-backed securities and the related attestation report
on assessment of compliance with servicing criteria required to be delivered by the Certificate Administrator in accordance with
Section 13.8 and Section 13.9 of the Trust and Servicing Agreement have been provided to the applicable Other Depositor and the
applicable Other Exchange Act Reporting Party and such reports disclose all material instances of noncompliance with the Applicable
Servicing Criteria.

 

In
giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties:
[list applicable transaction parties].

 

	Date:	 	 

  

[                          ] 

	By:	 	 

 

    Exhibit Z-1-2 

     

    

EXHIBIT
Z-2

 

FORM
OF CERTIFICATION TO BE PROVIDED BY THE SERVICER

 

		Re:	[NAME
OF OTHER SECURITIZATION TRUST] (The “Trust”)

 

		Re:	Citigroup
                                         Commercial Mortgage Trust 2020-420K, Commercial Mortgage Pass-Through Certificates, Series
                                         2020-420K (the “Certificates”) issued pursuant to the Trust and Servicing
                                         Agreement, dated as of November 6, 2020 (the “Trust and Servicing Agreement”),
                                         between Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National
                                         Association, as Servicer (the “Servicer”), Situs Holdings, LLC, as
                                         Special Servicer (the “Special Servicer”), Citibank, N.A., as Certificate
                                         Administrator, Wilmington Trust, National Association, as Trustee, and Pentalpha Surveillance
                                         LLC, as Operating Advisor 

 

I,
[identify the certifying individual], a [title] of [SERVICER], certify to [INDIVIDUAL SIGNING THE SARBANES-OXLEY CERTIFICATION]
[OTHER DEPOSITOR] and their officers, directors and affiliates, and with the knowledge and intent that they will rely upon this
certification in delivering the certification required by the Other Pooling and Servicing Agreement relating to the Companion
Loan[s] evidenced by the Companion Loan Note[s] identified as Promissory Note[s] [A-2] [and A-[_]] (capitalized terms used herein
without definition shall have the meanings assigned to such terms in the Trust and Servicing Agreement), that:

 

		(1)	I
have (or a Servicing Officer under my supervision has) reviewed the servicing reports covering the fiscal year 20___ delivered
by the Servicer to the Certificate Administrator, the applicable Other Depositor and the applicable Other Exchange Act Reporting
Party in accordance with the Trust and Servicing Agreement;

 

		(2)	Based
on my knowledge, and assuming the accuracy of the statements required to be made in the corresponding certificate of the Special
Servicer (to the extent such statements are relevant to the statements made in this certification by the Servicer), the servicing
information in these reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading
with respect to the period covered by these servicing reports;

 

		(3)	Based
on my knowledge, and assuming the accuracy of the statements required to be made in the corresponding certificate of the Special
Servicer (to the extent such statements are relevant to the statements made in this certification by the Servicer), the servicing
information required to be provided in these servicing reports to the Certificate Administrator, the applicable Other Depositor
and the applicable Other Exchange Act Reporting Party by the Servicer under the Trust and Servicing Agreement is included in the
servicing reports delivered by the Servicer to the Certificate Administrator and each applicable Other Exchange Act Reporting
Party;

 

    Exhibit Z-2-1 

     

    

 

		(4)	I
am, or an employee under my supervision is, responsible for reviewing the activities performed by the Servicer under the Trust
and Servicing Agreement and based upon my knowledge and the compliance review conducted in preparing the servicer compliance statement
required under Section 13.7 of the Trust and Servicing Agreement with respect to the Servicer, and except as disclosed in such
compliance statement delivered by the Servicer under Section 13.7 of the Trust and Servicing Agreement, the Servicer has fulfilled
its obligations under the Trust and Servicing Agreement in all material respects in the year to which such review applies; and

 

		(5)	The
report on assessment of compliance with servicing criteria for asset-backed securities and the related attestation report on assessment
of compliance with servicing criteria for asset-backed securities required to be delivered in accordance with Section 13.8 and
Section 13.9 of the Trust and Servicing Agreement discloses all material instances of noncompliance with the Applicable Servicing
Criteria.

 

Further,
notwithstanding the foregoing certifications, the Servicer does not make any certification under the foregoing clauses (1) through
(5) that is in turn dependent upon information required to be provided by any sub-servicer acting under a sub-servicing agreement
that the Servicer entered into in connection with the Mortgage Loan, or upon the performance by any such sub-servicer of its obligations
pursuant to any such sub-servicing agreement, in each case beyond the respective backup certifications actually provided by such
sub-servicer to the Servicer with respect to the information that is subject of such certification.

 

	Date:	 	 

 

[                              ]

 

	By:	 	 

[Name]

 

    Exhibit Z-2-2 

     

    

EXHIBIT
Z-3

 

FORM
OF CERTIFICATION TO BE PROVIDED

BY THE SPECIAL SERVICER

 

		Re:	[NAME
                                         OF OTHER SECURITIZATION TRUST] (the “Trust”)

 

		Re:	Citigroup
                                         Commercial Mortgage Trust 2020-420K, Commercial Mortgage Pass-Through Certificates, Series
                                         2020-420K (the “Certificates”) issued pursuant to the Trust and Servicing
                                         Agreement, dated as of November 6, 2020 (the “Trust and Servicing Agreement”),
                                         between Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National
                                         Association, as Servicer (the “Servicer”), Situs Holdings, LLC, as
                                         Special Servicer (the “Special Servicer”), Citibank, N.A., as Certificate
                                         Administrator, Wilmington Trust, National Association, as Trustee, and Pentalpha Surveillance
                                         LLC, as Operating Advisor 

 

I,
[identify the certifying individual], a [title] of [SPECIAL SERVICER], certify to [INDIVIDUAL SIGNING THE SARBANES-OXLEY CERTIFICATION]
[OTHER DEPOSITOR] and their officers, directors and affiliates, and with the knowledge and intent that they will rely upon this
certification in delivering the certification required by the Other Pooling and Servicing Agreement relating to the Companion
Loan[s] evidenced by the Companion Loan Note[s] identified as Promissory Note[s] [A-2] [and A-[_]] (capitalized terms used herein
without definition shall have the meanings assigned to such terms in the Trust and Servicing Agreement), that:

 

1.     
Based on my knowledge, the servicing information in the servicing reports or information covering the fiscal year 20___ delivered
by the Special Servicer to the Servicer, the applicable Other Depositor and the applicable Other Exchange Act Reporting Party
under the Trust and Servicing Agreement, taken as a whole, does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made,
not misleading with respect to the period covered by these servicing reports;

 

2.     
Based on my knowledge, the servicing information required to be provided to the Servicer, the applicable Other Depositor and the
applicable Other Exchange Act Reporting Party by the Special Servicer under the Trust and Servicing Agreement for inclusion in
the reports to be filed by the applicable Other Exchange Act Reporting Party is included in the servicing reports delivered by
the Special Servicer to the Servicer, the applicable Other Depositor and the applicable Other Exchange Act Reporting Party;

 

3.     
I am, or an employee under my supervision is, responsible for reviewing the activities performed by the Special Servicer under
the Trust and Servicing Agreement and based upon my knowledge and the compliance review conducted in preparing the servicer compliance
statement required under Section 13.7 of the Trust and Servicing Agreement with respect to the Special Servicer, and except as
disclosed in such compliance statement delivered by the Special Servicer under Section 13.7 of the Trust and Servicing Agreement,
the Special Servicer has

 

    Exhibit Z-3-1 

     

    

 

fulfilled its obligations under the Trust and Servicing Agreement in all material respects in the year
to which such review applies; and

 

4.     
The report on assessment of compliance with servicing criteria for asset-backed securities and the related attestation report
on assessment of compliance with servicing criteria for asset-backed securities required to be delivered in accordance with Section
13.8 and Section 13.9 of the Trust and Servicing Agreement discloses all material instances of noncompliance with the Applicable
Servicing Criteria.

 

	Date:	 	 

 

[                           ]

 

	By:	 	 

[Name]

[Title]

 

    Exhibit Z-3-2 

     

    

EXHIBIT
Z-4

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY THE CUSTODIAN

 

		Re:	[NAME
                                         OF OTHER SECURITIZATION TRUST] (the “Trust”)

 

		Re:	Trust
                                         and Servicing Agreement, dated as of November 6, 2020 (the “Trust and Servicing
                                         Agreement”), between Citigroup Commercial Mortgage Securities Inc., as Depositor,
                                         KeyBank National Association, as Servicer, Situs Holdings, LLC, as Special Servicer,
                                         Citibank, N.A., as Certificate Administrator, Wilmington Trust, National Association,
                                         as Trustee, and Pentalpha Surveillance LLC, as Operating Advisor 

 

I,
[identify the certifying individual], a [title] of [CUSTODIAN], certify to [INDIVIDUAL SIGNING THE SARBANES-OXLEY CERTIFICATION]
[OTHER DEPOSITOR] and their officers, directors and affiliates, and with the knowledge and intent that they will rely upon this
certification in delivering the certification required by the Other Pooling and Servicing Agreement relating to the Companion
Loan[s] evidenced by the Companion Loan Note[s] identified as Promissory Note[s] [A-2] [and A-[_]] (capitalized terms used herein
without definition shall have the meanings assigned to such terms in the Trust and Servicing Agreement), that:

 

1.        
Based on my knowledge, the information required by the Trust and Servicing Agreement to be provided to the applicable Other Depositor
and the applicable Other Exchange Act Reporting Party by the Custodian covering the fiscal year 20__ (the “Relevant Period”),
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 Relevant
Period.

 

2.       
Based on my knowledge, the information required to be provided to the applicable Other Depositor and the applicable Other Exchange
Act Reporting Party by the Custodian under the Trust and Servicing Agreement for inclusion in the Exchange Act reports to be filed
by the applicable Other Exchange Act Reporting Party is included in the reports delivered by the Custodian to the applicable Other
Depositor and the applicable Other Exchange Act Reporting Party.

 

3.        
I am, or an officer under my supervision is, responsible for reviewing the activities performed by the Custodian under the Trust
and Servicing Agreement and based upon my knowledge the Custodian has, except as described in any information provided to the
applicable Other Depositor and the applicable Other Exchange Act Reporting Party by the Custodian covering the fiscal year 20[__],
fulfilled its obligations under the Trust and Servicing Agreement in all material respects in the year to which such review applies;
and

 

4.       
The report on assessment of compliance with servicing criteria for asset-backed securities and the related attestation report
on assessment of compliance with servicing criteria required to be delivered by the Custodian in accordance with Section 13.8
and Section

 

    Exhibit Z-4-1 

     

    

 

13.9 of the Trust and Servicing Agreement have been provided to the applicable Other Depositor and the applicable
Other Exchange Act Reporting Party and such reports disclose all material instances of noncompliance with the Applicable Servicing
Criteria.

 

In
giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties:
[list applicable transaction parties].

 

	Date:	 	 

 

[                          ] 

	By:	 	 

 

    Exhibit Z-4-2 

     

    

EXHIBIT
Z-5

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY THE TRUSTEE

 

		Re:	[NAME
OF OTHER SECURITIZATION TRUST] (the “Trust”)

 

		Re:	Citigroup
                                         Commercial Mortgage Trust 2020-420K, Commercial Mortgage Pass-Through Certificates, Series
                                         2020-420K (the “Certificates”) issued pursuant to the Trust and Servicing
                                         Agreement, dated as of November 6, 2020 (the “Trust and Servicing Agreement”),
                                         between Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National
                                         Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Citibank, N.A., as
                                         Certificate Administrator, Wilmington Trust, National Association, as Trustee (the “Trustee”),
                                         and Pentalpha Surveillance LLC, as Operating Advisor 

 

I,
[identify the certifying individual], a [title] of [TRUSTEE], certify to [INDIVIDUAL SIGNING THE SARBANES-OXLEY CERTIFICATION]
[OTHER DEPOSITOR] and their officers, directors and affiliates, and with the knowledge and intent that they will rely upon this
certification in delivering the certification required by the Other Pooling and Servicing Agreement relating to the Companion
Loan[s] evidenced by the Companion Loan Note[s] identified as Promissory Note[s] [A-2] [and A-[_]] (capitalized terms used herein
without definition shall have the meanings assigned to such terms in the Trust and Servicing Agreement), that:

 

1.       
Based on my knowledge, the information required by the Trust and Servicing Agreement to be provided to the applicable Other Depositor
and the applicable Other Exchange Act Reporting Party by the Trustee covering the fiscal year 20__ (the “Relevant Period”),
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 Relevant
Period.

 

2.   
    Based on my knowledge, the information required to be provided to the applicable Other Depositor and the
applicable Other Exchange Act Reporting Party by the Trustee under the Trust and Servicing Agreement for inclusion in the
Exchange Act reports to be filed by the applicable Other Exchange Act Reporting Party is included in the reports delivered by
the Trustee to the applicable Other Depositor and the applicable Other Exchange Act Reporting Party.

 

3.        
I am, or an officer under my supervision is, responsible for reviewing the activities performed by the Trustee under the Trust
and Servicing Agreement and based upon my knowledge the Trustee has, except as described in any information provided to the applicable
Other Depositor and the applicable Other Exchange Act Reporting Party by the Trustee covering the fiscal year 20[__], fulfilled
its obligations under the Trust and Servicing Agreement in all material respects in the year to which such review applies; and

 

    Exhibit Z-5-1 

     

    

 

4.     
  The report on assessment of compliance with servicing criteria for asset-backed securities and the related attestation
report on assessment of compliance with servicing criteria required to be delivered by the Trustee in accordance with Section
13.8 and Section 13.9 of the Trust and Servicing Agreement have been provided to the applicable Other Depositor and the
applicable Other Exchange Act Reporting Party and such reports disclose all material instances of noncompliance with the
Applicable Servicing Criteria.

 

In
giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties:
[list applicable transaction parties].

 

	Date:	 	 

 

[                          ] 

	By:	 	 

 

    Exhibit Z-5-2 

     

    

EXHIBIT
Z-6

FORM OF CERTIFICATION TO BE PROVIDED

TO DEPOSITOR BY THE OPERATING ADVISOR

 

		Re:	[NAME
                                         OF OTHER SECURITIZATION TRUST] (the “Trust”)

 

		Re:	Citigroup
                                         Commercial Mortgage Trust 2020-420K, Commercial Mortgage Pass-Through Certificates, Series
                                         2020-420K (the “Certificates”) issued pursuant to the Trust and Servicing
                                         Agreement, dated as of November 6, 2020 (the “Trust and Servicing Agreement”),
                                         between Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National
                                         Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Citibank, N.A., as
                                         Certificate Administrator, Wilmington Trust, National Association, as Trustee, and Pentalpha
                                         Surveillance LLC, as Operating Advisor (the “Operating Advisor”) 

 

I,
[identify the certifying individual], a [title] of [OPERATING ADVISOR], certify to [INDIVIDUAL SIGNING THE SARBANES-OXLEY CERTIFICATION]
[OTHER DEPOSITOR] and their officers, directors and affiliates, and with the knowledge and intent that they will rely upon this
certification in delivering the certification required by the Other Pooling and Servicing Agreement relating to the Companion
Loan[s] evidenced by the Companion Loan Note[s] identified as Promissory Note[s] [A-2] [and A-[_]] (capitalized terms used herein
without definition shall have the meanings assigned to such terms in the Trust and Servicing Agreement), that:

 

1.       
Based on my knowledge, the information required by the Trust and Servicing Agreement to be provided to the applicable Other Depositor
and the applicable Other Exchange Act Reporting Party by the Operating Advisor covering the fiscal year 20__ (the “Relevant
Period”), 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 Relevant Period.

 

2.        
Based on my knowledge, the information required to be provided to the applicable Other Depositor and the applicable Other Exchange
Act Reporting Party by the Operating Advisor under the Trust and Servicing Agreement for inclusion in the Exchange Act reports
to be filed by the applicable Other Exchange Act Reporting Party is included in the reports delivered by the Operating Advisor
to the applicable Other Depositor and the applicable Other Exchange Act Reporting Party.

 

3.       
I am, or an officer under my supervision is, responsible for reviewing the activities performed by the Operating Advisor under
the Trust and Servicing Agreement and based upon my knowledge the Operating Advisor has, except as described in any information
provided to the applicable Other Depositor and the applicable Other Exchange Act Reporting Party by the Operating Advisor covering
the fiscal year 20[__], fulfilled its obligations under the Trust and Servicing Agreement in all material respects in the year
to which such review applies; and

 

    Exhibit Z-6-1 

     

    

 

4.       
The report on assessment of compliance with servicing criteria for asset-backed securities and the related attestation report
on assessment of compliance with servicing criteria required to be delivered by the Operating Advisor in accordance with Section
13.8 and Section 13.9 of the Trust and Servicing Agreement have been provided to the applicable Other Depositor and the applicable
Other Exchange Act Reporting Party and such reports disclose all material instances of noncompliance with the Applicable Servicing
Criteria.

 

In
giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties:
[list applicable transaction parties].

 

	Date:	 	 

 

[                          ] 

	By:	 	 

 

    Exhibit Z-6-2 

     

    

EXHIBIT
Z-7

 

FORM
OF CERTIFICATION TO BE PROVIDED BY A SUB-SERVICER

 

		Re:	[NAME
                                         OF OTHER SECURITIZATION TRUST] (The “Trust”)

 

		Re:	Citigroup
                                         Commercial Mortgage Trust 2020-420K, Commercial Mortgage Pass-Through Certificates, Series
                                         2020-420K (the “Certificates”) issued pursuant to the Trust and Servicing
                                         Agreement, dated as of November 6, 2020 (the “Trust and Servicing Agreement”),
                                         between Citigroup Commercial Mortgage Securities Inc., as Depositor, KeyBank National
                                         Association, as Servicer (the “Servicer”), Situs Holdings, LLC, as
                                         Special Servicer (the “Special Servicer”), Citibank, N.A., as Certificate
                                         Administrator (the “Certificate Administrator”), Wilmington Trust,
                                         National Association, as Trustee, and Pentalpha Surveillance LLC, as Operating Advisor
                                         

 

and

Sub-servicing agreement, dated as of [______], 20[__] (the “Sub-Servicing Agreement”) between [_____________]
and [SUB-SERVICER], as sub-servicer (the “Sub-Servicer”),

 

I,
[identify the certifying individual], a [title] of [SUB-SERVICER], certify to [INDIVIDUAL SIGNING THE SARBANES-OXLEY CERTIFICATION]
[OTHER DEPOSITOR] and their officers, directors and affiliates, and with the knowledge and intent that they will rely upon this
certification in delivering the certification required by the Other Pooling and Servicing Agreement relating to the Companion
Loan[s] evidenced by the Companion Loan Note[s] identified as Promissory Note[s] [A-2] [and A-[_]] (capitalized terms used herein
without definition shall have the meanings assigned to such terms in the Trust and Servicing Agreement), that:

 

		(1)	I
                                         have (or a Servicing Officer under my supervision has) reviewed the servicing reports
                                         (the “Sub-Servicer Reports”) covering the fiscal year 20___ delivered
                                         by the Sub-Servicer to the Servicer, the Certificate Administrator, the applicable Other
                                         Depositor and the applicable Other Exchange Act Reporting Party in accordance with the
                                         Sub-Servicing Agreement;

 

		(2)	Based
                                         on my knowledge, and assuming the accuracy of the statements required to be made in the
                                         corresponding certificate of the Special Servicer (to the extent such statements are
                                         relevant to the statements made in this certification by the Sub-Servicer), the servicing
                                         information in the Sub-Servicer Reports, taken as a whole, does not contain any untrue
                                         statement of a material fact or omit to state a material fact necessary to make the statements
                                         made, in light of the circumstances under which such statements were made, not misleading
                                         with respect to the period covered by the Sub-Servicer Reports;

 

		(3)	Based
                                         on my knowledge, and assuming the accuracy of the statements required to be made in the
                                         corresponding certificate of the Special Servicer (to the extent such 

 

    Exhibit Z-7-1 

     

    

 

			statements are
                                         relevant to the statements made in this certification by the Sub-Servicer), the servicing
                                         information required to be provided in the Sub-Servicer Reports to the Servicer, the
                                         Certificate Administrator, the applicable Other Depositor and the applicable Other Exchange
                                         Act Reporting Party by the Sub-Servicer under the Sub-Servicing Agreement is included
                                         in the Sub-Servicer Reports delivered by the Sub-Servicer to the Servicer, the Certificate
                                         Administrator, the applicable Other Depositor and the applicable Other Exchange Act Reporting
                                         Party;

 

		(4)	I
                                         am, or an employee under my supervision is, responsible for reviewing the activities
                                         performed by the Sub-Servicer under the Sub-Servicing Agreement and based upon my knowledge
                                         and the compliance review conducted in preparing the servicer compliance statement required
                                         under Section 13.7 of the Trust and Servicing Agreement with respect to the Sub-Servicer,
                                         and except as disclosed in such compliance statement delivered by the Sub-Servicer under
                                         Section 13.7 of the Trust and Servicing Agreement, the Sub-Servicer has fulfilled its
                                         obligations under the Sub-Servicing Agreement in all material respects in the year to
                                         which such review applies; and

 

		(5)	The
                                         report on assessment of compliance with servicing criteria for asset-backed securities
                                         and the related attestation report on assessment of compliance with servicing criteria
                                         for asset-backed securities required to be delivered in accordance with Section 13.8
                                         and Section 13.9 of the Trust and Servicing Agreement discloses all material instances
                                         of noncompliance with the Applicable Servicing Criteria.

 

	Date:	 	 

 

[                              ]

 

	By:	 	 

[Name]

 

    Exhibit Z-7-2Exhibit 4.5

 

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.

 

    -1-

     

    

 

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.

 

 

    -2-

     

    

 

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.

 

 

    -3-

     

    

 

	
(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 

 

 

    -4-

     

    

 

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.

 

 

    -5-

     

    

 

“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 

 

 

    -6-

     

    

 

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.

 

 

    -7-

     

    

 

“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).

 

 

    -8-

     

    

 

“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

 

    -9-

     

    

 

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 

 

 

    -10-

     

    

 

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 

 

 

    -11-

     

    

 

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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